Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 12, 2021 | |
Cover [Abstract] | |||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-10258 | ||
Document Type | 10-K | ||
Entity Address, State or Province | VA | ||
Entity Tax Identification Number | 54-1497771 | ||
Entity Address, Address Line One | 1100 Boulders Parkway, | ||
Entity Address, Postal Zip Code | 23225 | ||
Entity Address, State or Province | VA | ||
Entity Address, City or Town | Richmond, | ||
City Area Code | 804 | ||
Local Phone Number | 330-1000 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | TG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 365,890,037 | ||
Entity Common Stock, Shares Outstanding | 33,743,617 | ||
Documents Incorporated by Reference | Documents Incorporated By Reference Portions of the Tredegar Corporation Proxy Statement for the 2022 Annual Meeting of Shareholders (the “Proxy Statement”) are incorporated by reference into Part III of this Form 10-K. |
Document And Entity Information
Document And Entity Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Cover [Abstract] | |
Entity Registrant Name | TREDEGAR CORPORATION |
Amendment Flag | false |
Entity Central Index Key | 0000850429 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Auditor Firm ID | 185 |
Auditor Location | Richmond, Virginia |
Auditor Name | KPMG LLP |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets | |||
Cash and cash equivalents | $ 30,521 | $ 11,846 | |
Accounts Receivable, after Allowance for Credit Loss | 103,312 | 86,327 | |
Income taxes recoverable | 2,558 | 2,807 | |
Inventories | 88,569 | 66,437 | |
Prepaid expenses and other | 11,275 | 19,679 | |
Disposal Group, Including Discontinued Operation, Assets, Current | 178 | 1,339 | |
Total current assets | 236,413 | 188,435 | |
Property, plant and equipment, at cost: | |||
Land and land improvements | 4,537 | 4,544 | |
Buildings | 69,406 | 66,406 | |
Machinery and equipment | 424,368 | 404,669 | |
Total property, plant and equipment | 498,311 | 475,619 | |
Less accumulated depreciation | (327,930) | (309,074) | |
Net property, plant and equipment | 170,381 | 166,545 | |
Operating Lease, Right-of-Use Asset | 13,847 | 16,037 | |
Investment in kaleo | 0 | 34,600 | |
Intangible Assets, Net (Excluding Goodwill) | 14,152 | 18,820 | |
Goodwill | 70,608 | 67,708 | |
Deferred Tax Assets, Net, Noncurrent | 15,723 | 19,068 | |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 46,923 | 53,974 | |
Other assets | 2,460 | 3,506 | |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 151 | |
Identifiable Assets, Total | [1] | 523,584 | 514,870 |
Current liabilities: | |||
Accounts payable | 123,760 | 89,702 | |
Accrued expenses | 33,104 | 40,741 | |
Operating Lease, Liability, Current | 2,158 | 2,082 | |
Taxes Payable | 9,333 | 706 | |
Disposal Group, Including Discontinued Operation, Liabilities, Current | 193 | 7,521 | |
Total current liabilities | 168,548 | 140,752 | |
Operating Lease, Liability, Noncurrent | 12,831 | 14,949 | |
Long-term debt | 73,000 | 134,000 | |
Liability, Pension and Other Postretirement and Postemployment Benefits, Noncurrent | 78,265 | 110,585 | |
Deferred income tax liabilities (noncurrent) | 0 | 0 | |
Deferred Tax Liabilities, Gross | 31,200 | 34,906 | |
Other non-current liabilities | 6,218 | 5,529 | |
Total liabilities | 338,862 | 405,815 | |
Accumulated other comprehensive income (loss): | |||
Foreign currency translation adjustment | (85,792) | (84,149) | |
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 901 | 2,264 | |
Pension and other postretirement benefit adjustments | 64,613 | 96,519 | |
Issued and outstanding— 33,736,629 shares in 2021 and 33,457,176 in 2020 (including restricted stock) | 55,174 | 50,066 | |
Common stock held in trust for savings restoration plan (108,433 shares in 2021 and 105,067 in 2020) | 2,135 | 2,087 | |
Retained earnings | 281,187 | 239,480 | |
Total shareholders’ equity | 184,722 | 109,055 | |
Total liabilities and shareholders’ equity | $ 523,584 | $ 514,870 | |
Common stock, shares, issued (shares) | 33,736,629 | 33,457,176 | |
Common stock, shares, outstanding (shares) | 33,736,629 | 33,457,176 | |
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts and other receivables, allowance for doubtful accounts and sales returns | $ 1,736 | $ 2,797 |
Common stock, shares authorized (shares) | 150,000,000 | |
Common stock, shares, issued (shares) | 33,736,629 | 33,457,176 |
Common stock, shares, outstanding (shares) | 33,736,629 | 33,457,176 |
Common stock held in trust for savings restoration plan (shares) | 108,433 | 105,067 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenues and other: | ||||
Sales | $ 826,455 | $ 755,290 | $ 826,324 | |
Nonoperating Income (Expense) | 20,376 | (67,294) | 28,371 | |
Total revenues, net of other expenses | 846,831 | 687,996 | 854,695 | |
Costs and expenses: | ||||
Cost of Goods and Services Sold | 649,690 | 558,967 | 641,140 | |
Selling, general and administrative | 74,964 | 84,246 | 76,598 | |
Research and development | 6,347 | 8,398 | 7,893 | |
Amortization of identifiable intangibles | 1,704 | 3,017 | 13,601 | |
Accrued pension and postretirement benefits | 14,160 | 14,720 | 9,642 | |
Interest expense | 3,386 | 2,587 | 4,051 | |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | 1,127 | 1,725 | 784 | |
Goodwill, Impairment Loss | 0 | 13,696 | 0 | |
Total | 779,610 | 713,042 | 782,689 | |
Income (loss) from continuing operations before income taxes | 67,221 | (25,046) | 72,006 | |
Income tax expense (benefit) | [1] | 9,284 | (8,213) | 13,545 |
Net income (loss) from continuing operations | 57,937 | (16,833) | 58,461 | |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (111) | (58,611) | (10,202) | |
Net income (loss) | $ 57,826 | $ (75,444) | $ 48,259 | |
Basic: | ||||
Continuing operations (in usd per share) | $ 1.72 | $ (0.51) | $ 1.76 | |
Discontinued operations (in usd per share) | 0 | (1.75) | (0.31) | |
Net income (in usd per share) | 1.72 | (2.26) | 1.45 | |
Diluted: | ||||
Continuing operations (in usd per share) | 1.72 | (0.51) | 1.76 | |
Discontinued operations (in usd per share) | 0 | (1.75) | (0.31) | |
Net income (in usd per share) | $ 1.72 | $ (2.26) | $ 1.45 | |
Weighted Average Number of Shares Issued, Basic | 33,563 | 33,402 | 33,236 | |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 33,670 | 33,402 | 33,258 | |
Shipping and Handling [Member] | ||||
Costs and expenses: | ||||
Cost of Goods and Services Sold | $ 28,232 | $ 25,686 | $ 28,980 | |
Other Cost of Operating Revenue | $ 28,232 | |||
[1] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 57,826 | $ (75,444) | $ 48,259 |
Unrealized foreign currency translation adjustment (net of tax benefit of $365 in 2021, net of tax benefit of $897 in 2020 and net of tax benefit of $623 in 2019) | (1,643) | (8,781) | (3,723) |
Reclassification of foreign currency translation loss realized on the sale of Personal Care Films | 0 | 25,295 | 0 |
Other comprehensive income (loss): | |||
Other comprehensive income (loss) | 28,900 | 19,247 | (17,664) |
Comprehensive income (loss) | 86,726 | (56,197) | 30,595 |
Net gains (losses) and prior service costs (net of tax of $5,212 in 2021, net of tax benefit of $4,228 in 2020 and net of tax benefit of $6,417 in 2019) | 18,720 | (12,197) | (22,508) |
Amortization of prior service costs and net gains or losses (net of tax of $3,676 in 2021, net of tax of $3,937 in 2020 and net of tax of $2,359 in 2019) | 13,186 | 11,359 | 8,273 |
Other Comprehensive Income (Loss), Net of Tax | 28,900 | 19,247 | (17,664) |
Derivative financial instruments adjustment | $ (1,363) | $ 3,571 | $ 294 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ (365) | $ (897) | $ (623) |
Reclassification adjustment of foreign currency translation gain included in income, tax | 0 | 0 | 0 |
Derivative financial instruments adjustment, tax (benefit) | (351) | 790 | 71 |
Net gains or losses and prior service costs, tax (benefit) | (5,212) | 4,228 | 6,417 |
Amortization of prior service costs and net gains or losses, tax | $ (3,676) | $ (3,937) | $ (2,359) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | ||||
Cash flows from operating activities: | ||||||
Net income (loss) | $ 57,826 | $ (75,444) | $ 48,259 | |||
Adjustments for noncash items: | ||||||
Depreciation | 22,080 | 28,940 | 30,683 | |||
Amortization of identifiable intangibles | 1,704 | 3,017 | 13,601 | |||
Goodwill and Intangible Asset Impairment | 0 | 13,696 | 0 | |||
Amortization of Leased Asset | 2,086 | 2,753 | 2,588 | |||
Deferred income taxes | (4,944) | (16,892) | 5,856 | |||
Accrued pension and postretirement benefits | 14,160 | 14,720 | 9,642 | |||
(Gain) loss on investment in kaléo | 14,160 | 14,720 | 9,642 | |||
Employee Benefits and Share-based Compensation | 5,167 | 5,402 | 7,293 | |||
Loss on sale of divested businesses | 0 | 52,326 | 0 | |||
Gain (Loss) on Disposition of Assets | 0 | 0 | (6,334) | |||
Changes in assets and liabilities: | ||||||
Accounts and other receivables | (16,993) | (335) | 16,471 | |||
Inventories | (23,132) | (4,366) | 11,315 | |||
Income taxes recoverable/payable | 8,956 | 1,617 | 2,644 | |||
Prepaid expenses and other | 3,612 | (2,203) | 795 | |||
Accounts payable and accrued expenses | 19,835 | 4,045 | (2,937) | |||
Short-term Lease Payments | (1,935) | (3,049) | (2,723) | |||
Payment for Pension and Other Postretirement Benefits | 5,687 | 12,681 | 8,614 | |||
Other, net | 310 | 1,927 | (1,776) | |||
Net cash provided by operating activities | 70,583 | 74,373 | 115,863 | |||
Cash flows from investing activities: | ||||||
Capital expenditures | (27,361) | (23,355) | (50,864) | |||
Proceeds from Sale of Investment Projects | 47,062 | 0 | 0 | |||
Proceeds from Divestiture of Businesses | 0 | 56,236 | 0 | |||
Proceeds from Sale of Other Assets, Investing Activities | 4,749 | 0 | 10,936 | |||
Payments of Financing Costs | 693 | 1,817 | ||||
Net cash provided by (used in) investing activities | 24,450 | 32,881 | (39,928) | |||
Cash flows from financing activities: | ||||||
Debt principal payments | 75,500 | 162,250 | 65,500 | |||
Repayments of Long-term Lines of Credit | 136,500 | 70,250 | 125,000 | |||
Dividends paid | (16,167) | (216,049) | (15,325) | |||
Other | 325 | (850) | (670) | |||
Net cash used in financing activities: | (76,842) | (125,592) | (77,312) | |||
Effect of exchange rate changes on cash | 484 | (1,238) | (1,598) | |||
Increase (decrease) in cash and cash equivalents | 18,675 | (19,576) | (2,975) | |||
Cash and cash equivalents at beginning of period | 11,846 | 31,422 | 34,397 | |||
Cash and cash equivalents at end of period | 30,521 | 11,846 | 31,422 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 30,521 | [1] | 11,846 | [1] | 31,422 | |
Supplemental cash flow information: | ||||||
Interest payments | 2,923 | 1,679 | 4,358 | |||
Income tax payments (refunds), net | 4,706 | 1,670 | 2,595 | |||
kaleo | ||||||
Adjustments for noncash items: | ||||||
(Gain) loss on investment in kaléo | (12,780) | [2] | 60,900 | [2] | (28,482) | [2] |
Gain (Loss) on Investments | 12,462 | (60,900) | 10,900 | |||
Gain (Loss) on Investments | $ 12,462 | $ (60,900) | $ 10,900 | |||
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. | |||||
[2] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Trust For Savings Restoration Plan | Foreign Currency Translation | Gain (Loss) On Derivative Financial Instruments | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] |
Balance at Dec. 31, 2018 | $ 354,857 | $ 38,892 | $ 497,511 | $ (1,559) | $ (96,940) | $ (1,601) | $ (81,446) |
Balance, shares at Dec. 31, 2018 | 33,176,024 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 48,259 | 48,259 | |||||
Foreign currency translation adjustment | (3,723) | (3,723) | |||||
Derivative financial instruments adjustment | 294 | 294 | |||||
Net actuarial gains (losses) and prior service costs | (22,508) | (22,508) | |||||
Amortization of prior service costs and net gains or losses | 8,273 | 8,273 | |||||
Cash dividends declared | (15,325) | (15,325) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 228,959 | ||||||
Share Based Compensation Expense, Value | 7,292 | $ 7,292 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (49,444) | ||||||
Issued upon exercise of stock options & other | 184 | $ 184 | |||||
Issued upon exercise of stock options (including related income tax benefits) & other, shares | 9,500 | ||||||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 33 | (33) | ||||
Balance at Dec. 31, 2019 | 376,749 | $ 45,514 | 530,478 | (1,592) | (100,663) | (1,307) | (95,681) |
Balance, shares at Dec. 31, 2019 | 33,365,039 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (854) | $ (854) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | ||||||
Net income (loss) | (75,444) | (75,444) | |||||
Foreign currency translation adjustment | (8,781) | (8,781) | |||||
Derivative financial instruments adjustment | 3,571 | 3,571 | |||||
Net actuarial gains (losses) and prior service costs | (12,197) | (12,197) | |||||
Amortization of prior service costs and net gains or losses | 11,359 | 11,359 | |||||
Cash dividends declared | (216,049) | (216,049) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 131,354 | ||||||
Share Based Compensation Expense, Value | 5,402 | $ 5,402 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (39,217) | ||||||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 495 | (495) | ||||
Balance at Dec. 31, 2020 | 109,055 | $ 50,066 | 239,480 | (2,087) | (84,149) | 2,264 | (96,519) |
Balance, shares at Dec. 31, 2020 | 33,457,176 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (850) | $ (850) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 25,295 | ||||||
Net income (loss) | 57,826 | 57,826 | |||||
Foreign currency translation adjustment | (1,643) | (1,643) | |||||
Derivative financial instruments adjustment | (1,363) | (1,363) | |||||
Net actuarial gains (losses) and prior service costs | 18,720 | 18,720 | |||||
Amortization of prior service costs and net gains or losses | 13,186 | 13,186 | |||||
Cash dividends declared | (16,167) | (16,167) | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 229,014 | ||||||
Share Based Compensation Expense, Value | 4,783 | $ 4,783 | |||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (17,266) | ||||||
Tredegar common stock purchased by trust for savings restoration plan | 0 | 48 | (48) | ||||
Balance at Dec. 31, 2021 | 184,722 | $ 55,174 | $ 281,187 | $ (2,135) | $ (85,792) | $ 901 | $ (64,613) |
Balance, shares at Dec. 31, 2021 | 33,736,629 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (590) | $ (590) | |||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | $ 0 |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustment, tax (benefit) | $ 365 | $ 897 | $ 623 |
Derivative financial instruments adjustment, tax (benefit) | (351) | 790 | 71 |
Net gains or losses and prior service costs, tax (benefit) | (5,212) | 4,228 | 6,417 |
Amortization of prior service costs and net gains or losses, tax | $ (3,676) | $ (3,937) | $ (2,359) |
Cash dividends declared (in usd per share) | $ 0.48 | $ 6.45 | $ 0.46 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 19. SELECTED QUARTERLY FINANCIAL DATA Tredegar Corporation and Subsidiaries (In Thousands, Except Per-Share Amounts) (Unaudited) First Second Third Fourth For the year ended December 31, 2021 Sales $ 184,822 $ 211,129 $ 209,517 $ 220,986 Gross profit 37,313 45,394 31,497 34,328 Income (loss) from continuing operations, net of tax 9,618 20,728 6,229 21,358 Income (loss) from discontinued operations, net of tax (587) 508 (26) (6) Net income (loss) $ 9,031 $ 21,236 $ 6,203 $ 21,352 Earnings (loss) per share: Basic: Continuing operations $ 0.29 $ 0.62 $ 0.19 $ 0.64 Discontinued operations (0.02) 0.02 — — Basic $ 0.27 $ 0.64 $ 0.19 $ 0.64 Diluted: Continuing operations $ 0.29 $ 0.61 $ 0.19 $ 0.63 Discontinued operations (0.02) 0.02 — — Diluted $ 0.27 $ 0.63 $ 0.19 $ 0.63 For the year ended December 31, 2020 Sales $ 192,136 $ 186,260 $ 184,370 $ 192,524 Gross profit 40,092 46,331 41,909 42,305 Income (loss) from continuing operations, net of tax (20,663) 14,332 (16,976) 6,475 Income (loss) from discontinued operations, net of tax (1,658) (3,136) (48,237) (5,580) Net income $ (22,321) $ 11,196 $ (65,213) $ 895 Earnings per share: Basic: Continuing operations $ (0.62) $ 0.43 $ (0.51) $ 0.19 Discontinued operations (0.05) (0.10) (1.44) (0.17) Basic $ (0.67) $ 0.33 $ (1.95) $ 0.02 Diluted: Continuing operations $ (0.62) $ 0.43 $ (0.51) $ 0.19 Discontinued operations (0.05) (0.10) (1.44) (0.17) Diluted $ (0.67) $ 0.33 $ (1.95) $ 0.02 Due to rounding, the sum of quarterly amounts presented in the table above may not add up precisely to the corresponding full year amounts. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Selected Quarterly Financial Data | Tredegar Corporation and Subsidiaries (In Thousands, Except Per-Share Amounts) (Unaudited) First Second Third Fourth For the year ended December 31, 2021 Sales $ 184,822 $ 211,129 $ 209,517 $ 220,986 Gross profit 37,313 45,394 31,497 34,328 Income (loss) from continuing operations, net of tax 9,618 20,728 6,229 21,358 Income (loss) from discontinued operations, net of tax (587) 508 (26) (6) Net income (loss) $ 9,031 $ 21,236 $ 6,203 $ 21,352 Earnings (loss) per share: Basic: Continuing operations $ 0.29 $ 0.62 $ 0.19 $ 0.64 Discontinued operations (0.02) 0.02 — — Basic $ 0.27 $ 0.64 $ 0.19 $ 0.64 Diluted: Continuing operations $ 0.29 $ 0.61 $ 0.19 $ 0.63 Discontinued operations (0.02) 0.02 — — Diluted $ 0.27 $ 0.63 $ 0.19 $ 0.63 For the year ended December 31, 2020 Sales $ 192,136 $ 186,260 $ 184,370 $ 192,524 Gross profit 40,092 46,331 41,909 42,305 Income (loss) from continuing operations, net of tax (20,663) 14,332 (16,976) 6,475 Income (loss) from discontinued operations, net of tax (1,658) (3,136) (48,237) (5,580) Net income $ (22,321) $ 11,196 $ (65,213) $ 895 Earnings per share: Basic: Continuing operations $ (0.62) $ 0.43 $ (0.51) $ 0.19 Discontinued operations (0.05) (0.10) (1.44) (0.17) Basic $ (0.67) $ 0.33 $ (1.95) $ 0.02 Diluted: Continuing operations $ (0.62) $ 0.43 $ (0.51) $ 0.19 Discontinued operations (0.05) (0.10) (1.44) (0.17) Diluted $ (0.67) $ 0.33 $ (1.95) $ 0.02 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Sales | $ 220,986 | $ 209,517 | $ 211,129 | $ 184,822 | $ 192,524 | $ 184,370 | $ 186,260 | $ 192,136 |
Gross profit | 34,328 | 31,497 | 45,394 | 37,313 | 42,305 | 41,909 | 46,331 | 40,092 |
Income (loss) from continuing operations | 21,358 | 6,229 | 20,728 | 9,618 | 6,475 | (16,976) | 14,332 | (20,663) |
Net income (loss) | $ 21,352 | $ 6,203 | $ 21,236 | $ 9,031 | $ 895 | $ (65,213) | $ 11,196 | $ (22,321) |
Basic: | ||||||||
Continuing operations | $ 0.64 | $ 0.19 | $ 0.62 | $ 0.29 | $ 0.19 | $ (0.51) | $ 0.43 | $ (0.62) |
Discontinued operations | 0 | 0 | 0.02 | (0.02) | (0.17) | (1.44) | (0.10) | (0.05) |
Basic | 0.64 | 0.19 | 0.64 | 0.27 | 0.02 | (1.95) | 0.33 | (0.67) |
Diluted: | ||||||||
Continuing operations (in usd per share) | 0.63 | 0.19 | 0.61 | 0.29 | 0.19 | (0.51) | 0.43 | (0.62) |
Discontinued operations (in usd per share) | 0 | 0 | 0.02 | (0.02) | (0.17) | (1.44) | (0.10) | (0.05) |
Net income (in usd per share) | $ 0.63 | $ 0.19 | $ 0.63 | $ 0.27 | $ 0.02 | $ (1.95) | $ 0.33 | $ (0.67) |
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | $ (6) | $ (26) | $ 508 | $ (587) | $ (5,580) | $ (48,237) | $ (3,136) | $ (1,658) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations. Tredegar Corporation and subsidiaries (collectively “Tredegar,” “the Company,” “we,” “us” or “our”) is an industrial manufacturer with three primary businesses: custom aluminum extrusions for the North American building & construction, automotive and specialty end-use markets; surface protection films for high-technology applications in the global electronics industry and polyethylene overwrap films used in bathroom tissue and paper towels; and polyester-based films for use in packaging applications that have specialized properties primarily for the Latin American and the United States (“U.S.”) flexible packaging markets. The Company’s business segments are Aluminum Extrusions (also referred to as Bonnell Aluminum), PE Films, and Flexible Packaging Films (also referred to as Terphane). More information on the Company’s business segments is provided in Note 13. On October 30, 2020, the Company completed the sale of its personal care films business (“Personal Care Films”), which was part of its PE Films segment. The transaction excluded the packaging film lines and related operations located at the Pottsville, Pennsylvania manufacturing site (“Pottsville Packaging”), which are now being reported within the Surface Protection component of PE Films. Commencing in the third quarter of 2020, all historical results for Personal Care Films have been presented as discontinued operations. In December 2020, the Company entered into a definitive agreement to sell Bright View Technologies (“Bright View”). The sale did not represent a strategic shift nor did it have a major effect on the Company’s historical and ongoing operations, thus all financial information for Bright View has been presented as continuing operations in the PE Films segment. For more information on these transactions, see Note 15 in the Notes to Financial Statements Basis of Presentation and Principles of Consolidation. The consolidated financial statements include the accounts and operations of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. Certain amounts for the prior years have been reclassified to conform to current year presentation. Fiscal Year End. The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. References to Aluminum Extrusions for 2021, 2020 and 2019 relate to the 52-week fiscal year ended December 26, 2021, the 52-week fiscal year ended December 27, 2020 and the 52-week fiscal year ended December 29, 2019, respectively. The Company does not believe the impact of reporting the results of this segment in this manner is material to the consolidated financial results. The Company may fund or receive cash from the Aluminum Extrusions segment based on Aluminum Extrusion’s cash flows from operations during the intervening period from Aluminum Extrusion’s fiscal year end to the Company’s calendar year end. There was no intercompany funding with Aluminum Extrusions between December 27, 2021 and December 31, 2021. As of December 31, 2020, the Company’s cash and cash equivalents declined by $3.8 million since the Company made payments to the Aluminum Extrusions segment to fund its working capital during the intervening period. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses and disclosure of contingent assets and liabilities (if any). On an ongoing basis, the Company evaluates its estimates, including those related to provisions for transaction and credit losses, income taxes, pension, and the valuation of goodwill and intangible assets, among others. Tredegar bases its estimates on historical experience and various other assumptions which the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates. Risk and Uncertainties. While it is not possible to estimate the impact that the coronavirus pandemic (“COVID-19”) may have on the Company’s business, estimates related to the accounting for impairment of long-lived assets and goodwill, pension benefits and income taxes could be materially adversely affected in future periods. Due to the uncertainty with respect to the magnitude of the impact and duration of COVID-19, future developments associated with COVID-19 may adversely affect the Company's financial condition, results of operations and cash flows. The Company continues to monitor the impact of COVID-19 on the business and its effect on the consolidated financial statements. Foreign Currency Translation. The financial statements of subsidiaries located outside the U.S., where the local currency is the functional currency, are translated into U.S. Dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from the translation of these financial statements are reflected as a separate component of shareholders’ equity. There are no operating subsidiaries located outside the U.S. where the U.S. Dollar is the functional currency. Transaction and remeasurement gains or losses included in income were losses of $0.5 million, gains of $0.6 million and losses of $0.6 million in 2021, 2020 and 2019, respectively. These amounts do not include the effects between reporting periods that exchange rate changes have on income of the locations outside the U.S. that result from translation into U.S. Dollars. Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand in excess of daily operating requirements and highly liquid investments with original maturities of three months or less. At December 31, 2021 and 2020, Tredegar had cash and cash equivalents of $30.5 million and $11.8 million, respectively, including funds held in locations outside the U.S. of $16.4 million and $9.4 million, respectively. The Company’s policy permits investment of excess cash in marketable securities that have the highest credit ratings and maturities of less than one year. The primary objectives of the policy are safety of principal and liquidity. Accounts and Other Receivables, net. Accounts receivable are stated at the amount invoiced to customers less allowances for doubtful accounts. Accounts receivable are non-interest bearing and arise from the sale of product to customers under typical industry trade terms. Notes receivable are immaterial. Past due amounts are determined based on established terms and charged-off when deemed uncollectible. The allowance for doubtful accounts is determined based on an assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions. For receivables that do not have a specific allowance, the loss rate is computed by segment to apply to the remaining receivables balance, using each segment’s historic loss rate. Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year. For certain customers, the Company has arrangements in place with financial institutions whereby certain customer receivables are sold to the financial institution at a discount and without recourse. Upon sale, the associated receivable is unrecognized and the discount is recognized as a reduction of sales. For more information on accounts receivable and other receivables, net, see Note 2. Inventories. Inventories are stated at the lower of cost or market, with cost determined using the last in, first out (“LIFO”), the weighted average cost or the first in, first out method. Cost elements included in work-in-process and finished goods inventories are raw materials, direct labor and manufacturing overhead. Finished goods, work-in-process, raw materials and supplies, stores and other inventory are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. Property, Plant and Equipment. Accounts include costs of assets constructed or purchased, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for repairs and maintenance are expensed as incurred. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income. Capital expenditures for property, plant and equipment include capitalized interest. Capitalized interest included in capital expenditures for property, plant and equipment was $0.1 million, $0.1 million and $0.3 million in 2021, 2020 and 2019, respectively. Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that generally range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment. Goodwill and Identifiable Intangibles. The excess of the purchase price over the fair value of identifiable net assets of acquired companies is allocated to goodwill. The Company assesses goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable or, at a minimum, on an annual basis (December 1st of each year). When assessing goodwill for impairment, accounting guidance allows the Company to first perform a qualitative assessment about the likelihood of the carrying value of a reporting unit exceeding its fair value, referred to as the "Step 0" assessment. The Step 0 assessment requires the evaluation of certain qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as company and reporting unit factors. If the Company's Step 0 analysis indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, then the Company would perform a quantitative impairment test that estimates the fair value of its reporting units using discounted cash flow analyses and comparative enterprise value-to-EBITDA (earnings before interest, taxes, depreciation and amortization) multiples. During the first three months of 2020, the Company performed goodwill impairment tests and recognized a goodwill impairment charge of $13.7 million ($10.5 million after taxes), which represented the entire amount of goodwill associated with Aluminum Extrusions’ AACOA reporting unit. The operations of the AACOA reporting unit, which includes the Niles, Michigan and Elkhart, Indiana facilities, were expected to be severely impacted by COVID-19, with over 80% of the aluminum extrusions manufactured at these facilities sold to customers that make consumer durable products, such as recreational boating and power sports vehicles, and to customers serving the building and construction and automotive markets. As of December 1, 2021, the Company’s reporting units with goodwill were Surface Protection in PE Films and Futura in Aluminum Extrusions. Both of these reporting units have separately identifiable operating net assets (operating assets including goodwill and identifiable intangible assets net of operating liabilities). In addition, the Company applied the Step 0 goodwill assessment to Surface Protection and Futura; both had fair values significantly in excess of their carrying amounts when last tested using the quantitative impairment test. The Company's Step 0 analyses in 2021 of these reporting units concluded that it is not more likely than not that the fair values of each reporting unit was less than its carrying amount. Therefore, the quantitative goodwill impairment tests for these reporting units were not necessary in 2021. The Surface Protection and Futura reporting units had goodwill in the amounts of $57.3 million and $13.3 million, respectively, at December 31, 2021. For more information on goodwill and identifiable intangibles, see Note 5. Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows. If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset group, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. As of December 31, 2021 and 2020, no events were identified that indicated long-lived assets may be impaired. Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required. Pension Costs and Postretirement Benefit Costs Other than Pensions. Pension costs and postretirement benefit costs other than pensions have been accrued over the period employees provided service to Tredegar. Liabilities and expenses for pension plans and other postretirement benefits are determined using actuarial methodologies and incorporate significant assumptions, including the rate used to discount the future estimated liability, the long-term rate of return on plan assets, and several assumptions relating to the employee workforce. The Company recognizes the funded status of its pension and other postretirement plans in the accompanying consolidated balance sheets. Tredegar’s policy is to fund its pension plans at amounts not less than the minimum requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and to fund postretirement benefits other than pensions when claims are incurred. On February 10, 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan, which could take up to 24 months to complete. In connection therewith, on February 9, 2022, the Company contributed $50 million to the pension plan (the “Special Contribution”). The Company estimates that, with the Special Contribution, there will be no required minimum contributions to the pension plan until final settlement. As of December 31, 2021, no adjustment to the consolidated financial statements has been recognized as a result of this announcement and Special Contribution made in 2022. As the settlement process occurs, the Company expects to recognize a non-cash reclassification adjustment to net income or loss of other comprehensive net actuarial losses associated with the pension plan currently reflected directly in shareholders’ equity. Other comprehensive net actuarial losses associated with the pension plan were approximately $109 million on a pretax basis as of December 31, 2021. Additional disclosure regarding Tredegar’s pension costs and postretirement benefit costs other than pensions is included in Note 8. Revenue Recognition. The Company’s revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at the point in time when control of the product is transferred to customers, along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is made available or delivered at the destination specified in the agreement with the customer. Sales revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that finished product. The Company offers various discounts, rebates and allowances to customers, (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as sales returns and customer sales volume, thus represents variable consideration. Amounts billed to customers related to freight are classified as sales revenue and the cost of freight is classified as a separate line in the accompanying consolidated statements of income. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction between Tredegar and its customers (such as value-added taxes) are accounted for on a net basis and therefore excluded from revenues. See Note 13 for disaggregation of revenue by segment and type. See Note 2 for a table showing accounts and other receivables, net of allowance for bad debts. Revenue expected to be recognized in any future period related to remaining performance obligations, excluding i) revenue pertaining to contracts that have an original expected duration of one year or less, ii) contracts where revenue is recognized as invoiced and iii) variable consideration related to unsatisfied performance obligations, is not expected to materially impact the Company’s financial results. Research & Development (“R&D”) Costs. R&D costs are expensed as incurred and include primarily salaries, wages, employee benefits, equipment depreciation, facility costs and the cost of materials consumed relating to R&D efforts. R&D costs include a reasonable allocation of indirect costs. Leases. At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. The Company has elected to not record short-term leases with an original lease term of one year or less in the consolidated balance sheet. To the extent such leases contain renewal options that the Company intends to exercise, the related Right-of-Use (“ROU”) asset and lease liability are included in the consolidated balance sheet. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for the lease and non-lease components as a single lease component. Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating leases are included in “Right-of-use lease assets”, “Lease liabilities - short-term” and “Lease liabilities - long-term” on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates, adjusted for term and geographic location using country-based swap rates. As a result of the Company’s review of new and existing lease contracts, there were no instances where the Company could readily determine a rate implicit in the lease. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Depending upon the specific use of the ROU asset, lease expense is included in the “Cost of goods sold”, “Freight”, “Selling, general and administrative”, and “Research and development” line items on the consolidated statements of income. Lease income is not material to the results of operations for the years ended December 31, 2021 and 2020, respectively. Additional disclosure regarding Tredegar’s leases is included in Note 4. Income Taxes. Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 12). Tredegar’s policy is to accrue U.S. federal income taxes to the extent required under GAAP on unremitted earnings of all foreign subsidiaries where required. However, due to changes in the taxation of dividends under the Tax Cuts and Jobs Act (the “TCJA”) enacted by the U.S. government in December 2017, Tredegar only records U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. Because of the accumulation of significant losses related to foreign currency translations at Terphane Limitada, there were no unrecorded deferred income tax liabilities associated with U.S. federal income taxes and foreign withholding taxes on Terphane Limitada’s undistributed earnings as of December 31, 2021 and December 31, 2020. A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred income tax assets may not be realized. The establishment and removal of a valuation allowance requires the Company to consider all positive and negative evidence and make a judgmental decision regarding the amount of valuation allowance required as of a reporting date. The benefit of an uncertain tax position is included in the accompanying financial statements when the Company determines that it is more likely than not that the position will be sustained, based on the technical merits of the position, if the taxing authority examines the position and the dispute is litigated. This determination is made on the basis of all the facts, circumstances and information available as of the reporting date. Earnings Per Share. Basic earnings per share is computed using the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: 2021 2020 2019 Weighted average shares outstanding used to compute basic earnings per share 33,562,684 33,402,147 33,236,115 Incremental shares attributable to stock options and restricted stock 107,566 — 22,022 Shares used to compute diluted earnings per share 33,670,250 33,402,147 33,258,137 Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. For the year ended December 31, 2021, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,582,222. The Company had a net loss from continuing operations for the year ended December 31, 2020, so there is no dilutive impact for such shares. If the Company had reported net income from continuing operations for the year ended December 31, 2020, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,212,375. For the year ended December 31, 2019, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 209,592. Stock-Based Employee Compensation Plans. The cost of all share-based payments is recognized using the calculated fair value at the grant date, or the date of any later modification, over the requisite service period under the graded-vesting method. See Note 11 for additional information. Financial Instruments. Tredegar uses derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of transactions associated with ongoing business operations. The Company’s derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the accompanying balance sheet at fair value. A change in the fair value of the derivative that is highly effective and that is designated and qualifies as a cash flow hedge is recorded in other comprehensive income. Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported in the same line as the underlying hedged item, and the cash flows related to financial instruments are classified in the consolidated statements of cash flows in a manner consistent with those of the transactions being hedged. The Company’s policy requires that it formally document all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Company also uses regression analysis, unless the hedge qualifies for other methods of assessing effectiveness, to formally assess (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively. As a policy, Tredegar does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. Additional disclosure of the utilization of derivative hedging instruments is included in Note 10. Comprehensive Income (Loss). Comprehensive income (loss) is defined as net income or loss as adjusted by other comprehensive income or loss items. Other comprehensive income (loss) includes changes in foreign currency translation adjustments, unrealized gains and losses on derivative financial instruments, prior service costs and net gains or losses from pension and other postretirement benefit plans arising during the period and amortization of these prior service costs and net gain or loss adjustments, all recorded net of deferred income taxes. The changes in accumulated other comprehensive income (loss) by component are summarized as follows: Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2019 $ (96,940) $ (1,601) $ (81,446) $ (179,987) Other comprehensive income (loss) (4,346) (3,214) (28,925) (36,485) Income tax (expense) benefit 623 528 6,417 7,568 Other comprehensive income (loss), net of tax (3,723) (2,686) (22,508) (28,917) Reclassification adjustment to net income (loss) — 3,578 10,632 14,210 Income tax (expense) benefit — (598) (2,359) (2,957) Reclassification adjustment to net income (loss), net of tax — 2,980 8,273 11,253 Other comprehensive income (loss), net of tax (3,723) 294 (14,235) (17,664) Balance at December 31, 2019 (100,663) (1,307) (95,681) (197,651) Other comprehensive income (loss) (9,678) (4,362) (16,425) (30,465) Income tax (expense) benefit 897 1,077 4,228 6,202 Other comprehensive income (loss), net of tax (8,781) (3,285) (12,197) (24,263) Reclassification adjustment to net income (loss) 25,295 8,724 15,296 49,315 Income tax (expense) benefit — (1,868) (3,937) (5,805) Reclassification adjustment to net income (loss), net of tax 25,295 6,856 11,359 43,510 Other comprehensive income (loss), net of tax 16,514 3,571 (838) 19,247 Balance at December 31, 2020 (84,149) 2,264 (96,519) (178,404) Other comprehensive income (loss) (2,008) 3,800 23,932 25,724 Income tax (expense) benefit 365 (842) (5,212) (5,689) Other comprehensive income (loss), net of tax (1,643) 2,958 18,720 20,035 Reclassification adjustment to net income (loss) — (5,513) 16,862 11,349 Income tax (expense) benefit — 1,192 (3,676) (2,484) Reclassification adjustment to net income (loss), net of tax — (4,321) 13,186 8,865 Other comprehensive income (loss), net of tax (1,643) (1,363) 31,906 28,900 Balance at December 31, 2021 $ (85,792) $ 901 $ (64,613) $ (149,504) The amounts reclassified out of accumulated other comprehensive income (loss) related to pension and other postretirement benefits is included in the computation of net periodic pension costs, see Note 8 for additional details. Accounting Standards Adopted . In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, which simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. In the first quarter of 2021, the Company adopted ASU 2019-12, which did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Not Yet Adopted . In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, which clarified the scope and application of the original guidance. The Company is currently evaluating the potential impact of adopting this guidance, but does not expect it to have a material impact on the consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Other income (expense), net consists of the following: (In thousands) 2021 2020 2019 Gain (loss) on investment in kaléo (a) $ 12,780 $ (60,900) $ 28,482 One-time tax credit in Brazil for unemployment/social security insurance non-income taxes resulting from a favorable decision by Brazil’s Supreme Court regarding the calculation of such tax 8,486 — — Transition service fees, net of corporate costs associated with the divested Personal Care business 297 (851) — COVID-19-related expenses (b) (624) (2,231) — Loss on sale of Bright View Technologies — (2,299) — Write-down of investment in Harbinger Capital Partners Special Situations Fund (c) (517) — — Gain associated with the sale of Lake Zurich manufacturing facility assets 378 — — Other (424) (1,013) (111) Total $ 20,376 $ (67,294) $ 28,371 (a) The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. The gain in 2019 includes a $17.6 million dividend received from kaléo. (b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (c) Represents the unrealized loss on the Company’s investment in Harbinger Capital Partners Special Situations Funds L.P. that had a fair value of $0.2 million, $0.7 million and $1.1 million as of December 31, 2021, 2020 and 2019, respectively, reported in “Other assets” in the consolidated balance sheet. |
Mergers, Acquisitions and Dispositions Disclosures | Divestitures Personal Care Films In 2020, the Company completed the sale of Personal Care Films for an aggregate purchase price of $60.5 million, subject to customary adjustments. The Company agreed to provide certain transition services related to finance, human resources and information technology (“IT”) that ended during the second quarter of 2021, resulting in final cash proceeds of $64.1 million. Personal Care Films was previously reported in the PE Films segment. The following table summarizes the financial results of discontinued operations reflected in the Consolidated Statements of Income for the year ended December 31, 2021, 2020 and 2019: Years Ended December 31 (In thousands) 2021 2020 2019 Revenues and other items: Sales $ — $ 110,246 $ 146,034 Other income (expense), net — (333) 6,424 — 109,913 152,458 Costs and expenses: Cost of goods sold — 92,079 126,371 Freight — 5,229 7,083 Selling, general and administrative 739 16,824 17,754 Research and development — 8,863 11,743 Asset impairments and costs associated with exit and disposal activities, net of adjustments — 1,529 3,341 Adjustment to the fair value estimates used in the disposal of Personal Care Films (a) (1,118) — — Loss on sale of business — 50,027 — Total (379) 174,551 166,292 Income (loss) from discontinued operations before income taxes 379 (64,638) (13,834) Income tax expense (benefit) 490 (6,027) (3,632) Income (loss) from discontinued operations, net of tax $ (111) $ (58,611) $ (10,202) (a) Represents a net increase to the estimated fair value of Personal Care Films primarily due to lower costs associated with IT transition-related services to provide the seller developed assets, which did not exist at the time of the sale, to support the seller’s IT infrastructure. The assets and liabilities of the discontinued operations reflected in the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively were as follows: December 31 (In thousands) 2021 2020 Assets Prepaid expenses and other (a) $ 178 $ 1,339 Other assets — 151 Total assets of discontinued operations $ 178 $ 1,490 Liabilities Accrued expenses (a) $ 193 $ 7,521 (a) The consolidated balance sheet of discontinued operations as of December 31, 2021 includes $0.2 million of other receivables related to the settlement of customary post-closing adjustments and other miscellaneous accrued expenses of $0.2 million. The consolidated balance sheet of discontinued operations as of December 31, 2020 includes $0.4 million of other receivables related to the settlement of customary post-closing adjustments, deferred assets of $0.9 million and deferred obligations of $5.3 million related to transition services, accrued severance of $2.1 million, and other miscellaneous accrued expenses of $0.2 million. The following table provides significant operating and investing cash flow information for discontinued operations: Year Ended December 31, (In thousands) 2021 2020 2019 Operating activities: Depreciation and amortization $ — $ 5,511 $ 9,962 Gain from the sale of the Shanghai manufacturing facility assets — — (6,316) Loss on sale of Personal Care Films — 50,027 — Other (1,118) — — Total (1,118) 55,538 3,646 Investing activities: Net proceeds on sale of Personal Care Films $ — $ 55,115 $ — Proceeds from the sale of the Shanghai manufacturing facility assets — — 10,936 Capital expenditures — (1,912) (15,353) Total $ — $ 53,203 $ (4,417) Bright View In December 2020, the Company entered into a definitive agreement and completed the sale of Bright View, which resulted in the recognition of a pre-tax loss of $2.3 million ($1.8 million after-tax) included in “Other income (expense), net” in the consolidated statements of income for the year ended December 31, 2020. The sale did not represent a strategic shift nor did it have a major effect on the Company’s historical and ongoing operations, thus all financial information for Bright View has been presented as continuing operations within the PE Films segment. Assets Held For Sale |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | 16. INVESTMENTSIn August 2007 and December 2008, the Company made an aggregate investment of $7.5 million in kaleo, Inc. (“kaléo”), a privately held specialty pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions. Tredegar historically accounted for its investment in kaléo under the fair value option. At the time of the initial investment, the Company elected the fair value option of accounting since its investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests. kaléo’s stock is not publicly traded.On December 27, 2021, the Company completed the sale of its investment interests in kaléo (Series A-3 Preferred Stock, Series B Preferred Stock and common stock) that, taken together, represented on a fully-diluted basis an approximate 18% interest in kaléo. Tredegar received closing cash proceeds of $47.1 million. A pre-tax gain of $12.8 million on the Company’s investment in kaléo was recognized in the full year ended December 31, 2021 compared to a pre-tax loss of $60.9 million and pre-tax gain of $28.5 million in the full years ended December 31, 2020 and 2019, respectively, which are reported in “Other income (expense), net” in the consolidated statements of income. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | 13. BUSINESS SEGMENTS The Company's business segments are Aluminum Extrusions, PE Films and Flexible Packaging Films. Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft-alloy and medium-strength custom fabricated and finished aluminum extrusions for the building and construction, automotive and transportation, consumer durables, machinery and equipment, electrical and renewable energy, and distribution markets. PE Films is composed of surface protection films, polyethylene overwrap films and films for other markets. Flexible Packaging Films is comprised of the Company’s polyester films business, Terphane Holdings LLC (“Terphane”). The Company’s reportable segments are based on its method of internal reporting, which is generally segregated by differences in products. Accounting standards for presentation of segments require an approach based on the way the Company organizes the segments for making operating decisions and how the chief operating decision maker (“CODM”) assesses performance. EBITDA from ongoing operations is the key profitability measure used by the CODM (Tredegar’s President and Chief Executive Officer) for purposes of assessing financial performance. The Company uses sales less freight (“net sales”) from continuing operations as its measure of revenues from external customers at the segment level. This measure is separately included in the financial information regularly provided to the CODM. Information by business segment and geographic area for the last three years is provided in the segment tables below. There were no accounting transactions between segments and no allocations to segments. Net Sales (In thousands) 2021 2020 2019 Aluminum Extrusions $ 539,325 $ 455,711 $ 529,602 PE Films 118,920 139,288 133,807 Flexible Packaging Films 139,978 134,605 133,935 Total net sales 798,223 729,604 797,344 Add back freight 28,232 25,686 28,980 Sales as shown in consolidated statements of income $ 826,455 $ 755,290 $ 826,324 Refer to Notes to Financial Tables that follow these tables. EBITDA from Ongoing Operations (In thousands) 2021 2020 2019 Aluminum Extrusions: Ongoing operations: EBITDA $ 55,948 $ 55,137 $ 65,683 Depreciation & amortization (d) (16,272) (17,403) (16,719) EBIT 39,676 37,734 48,964 Plant shutdowns, asset impairments, restructurings and other (a) 3,237 (3,506) (561) Goodwill impairment charge — (13,696) — Trade name accelerated amortization (d) — — (10,040) PE Films: Ongoing operations: EBITDA 27,694 45,107 41,133 Depreciation & amortization (6,263) (6,762) (5,860) EBIT 21,431 38,345 35,273 Plant shutdowns, asset impairments, restructurings and other (a) (371) (1,974) (733) Flexible Packaging Films: Ongoing operations: EBITDA 31,684 30,645 14,737 Depreciation & amortization (1,988) (1,761) (1,517) EBIT 29,696 28,884 13,220 Plant shutdowns, asset impairments, restructurings and other (a) 8,439 (18) — Total 102,108 85,769 86,123 Interest income 73 44 66 Interest expense 3,386 2,587 4,051 Gain (loss) on investment in kaléo (a) 12,780 (60,900) 28,482 Loss on sale of Bright View (f) — (2,299) — Stock option-based compensation expense 2,495 2,161 4,132 Corporate expenses, net (a) 41,859 42,912 34,482 Income (loss) from continuing operations before income taxes 67,221 (25,046) 72,006 Income tax expense (benefit) (a) 9,284 (8,213) 13,545 Income (loss) from continuing operations 57,937 (16,833) 58,461 Income (loss) from discontinued operations, net of tax (a) (111) (58,611) (10,202) Net income (loss) $ 57,826 $ (75,444) $ 48,259 Refer to Notes to Financial Tables that follow these tables. Identifiable Assets (In thousands) 2021 2020 Aluminum Extrusions $ 280,521 $ 244,560 PE Films 113,613 119,013 Flexible Packaging Films 75,269 66,453 Subtotal 469,403 430,026 General corporate 23,482 71,508 Cash and cash equivalents (b) 30,521 11,846 Discontinued operations 178 1,490 Total $ 523,584 $ 514,870 Depreciation and Amortization Capital Expenditures (In thousands) 2021 2020 2019 2021 2020 2019 Aluminum Extrusions $ 15,326 $ 17,403 $ 26,759 $ 18,914 $ 10,260 $ 17,855 PE Films 6,263 6,762 5,860 2,997 6,024 8,567 Flexible Packaging Films 1,988 1,761 1,517 5,603 4,959 8,866 Subtotal 23,577 25,926 34,136 27,514 21,243 35,288 General corporate (e) 207 520 186 (153) 200 223 Discontinued operations — 5,511 9,962 — 1,912 15,353 Total $ 23,784 $ 31,957 $ 44,284 $ 27,361 $ 23,355 $ 50,864 Net Sales by Geographic Area (c) (In thousands) 2021 2020 2019 United States $ 614,987 $ 530,243 $ 593,599 Exports from the United States to: Asia 59,242 80,217 82,342 Canada 17,776 18,024 15,022 Europe 4,489 5,440 5,752 Latin America 4,937 2,169 4,135 Operations outside the United States: Brazil 96,792 93,511 96,274 China — — 220 Total $ 798,223 $ 729,604 $ 797,344 Identifiable Assets Property, Plant & Equipment, (In thousands) 2021 2020 2021 2020 United States $ 398,749 $ 363,106 $ 135,310 $ 132,268 Operations outside the United States: Brazil 54,299 49,157 18,615 15,588 China 16,355 17,763 14,889 16,245 General corporate 23,482 71,508 1,567 2,444 Cash and cash equivalents (b) 30,521 11,846 n/a n/a Discontinued operations 178 1,490 — — Total $ 523,584 $ 514,870 $ 170,381 $ 166,545 Refer to Notes to Financial Tables that follow these tables. The Company’s facilities in Pottsville, PA (“PV”) and Guangzhou, China (“GZ”) have a tolling arrangement whereby certain surface protection films are manufactured in GZ for a fee with raw materials supplied from PV that are then shipped by GZ directly to customers principally in the Asian market but paid by customers directly to PV. Amounts associated with this intercompany tolling arrangement are reported in the table above as export sales from the U.S. to Asia, and include net sales of $32.7 million in 2021, $35.1 million in 2020 and $32.1 million in 2019. Net Sales by Product Group (In thousands) 2021 2020 2019 Aluminum Extrusions: Nonresidential building & construction $ 269,252 $ 253,126 $ 272,729 Consumer durables 53,578 44,167 57,607 Automotive 43,256 35,895 46,461 Machinery & equipment 42,721 30,649 38,657 Distribution 45,639 28,339 34,753 Residential building & construction 52,236 40,049 43,554 Electrical 32,643 23,486 35,841 Subtotal 539,325 455,711 529,602 PE Films: Surface protection films 88,436 109,097 103,893 Packaging 30,484 22,700 22,542 LED-based products — 7,491 7,372 Subtotal 118,920 139,288 133,807 Flexible Packaging Films 139,978 134,605 133,935 Total $ 798,223 $ 729,604 $ 797,344 (a) See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. (b) Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. (d) Depreciation and amortization for Aluminum Extrusions in 2019 excludes $10.0 million for accelerated amortization of trade names as a result of a rebranding initiative (see Note 5 for more information) (e) Corporate depreciation and amortization are included in Corporate expenses, net, on the EBITDA from ongoing operations table above. |
Accounts And Other Receivables
Accounts And Other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts And Other Receivables | 2. ACCOUNTS AND OTHER RECEIVABLES As of December 31, 2021 and 2020, accounts receivable and other receivables, net, were $103.3 million and $86.3 million, respectively, made up of the following: (In thousands) 2021 2020 Customer receivables $ 102,090 $ 85,274 Other accounts and notes receivable 2,958 3,850 Total accounts and other receivables 105,048 89,124 Less: Allowance for bad debts (a) (1,736) (2,797) Total accounts and other receivables, net $ 103,312 $ 86,327 (a) As of December 31, 2021, the Company recorded a reclassification of $0.8 million from accounts receivable, net to accrued expenses to account for the Company’s estimated obligation to customers for product returns that may result in either a customer credit or refund. Prior to December 31, 2021, the Company presented estimated sales returns as a reduction to accounts receivable. A reconciliation of the beginning and ending balances of the allowance for doubtful accounts for the three years ended December 31, 2021 is as follows: (In thousands) 2021 2020 2019 Balance, beginning of year $ 2,797 $ 1,904 $ 2,054 Charges to expense 1,440 1,901 715 Recoveries 35 (90) (38) Write-offs and settlements (1,246) (709) (756) Foreign exchange and other (515) (209) (71) Reclassification to accrued expenses for estimated sales returns (775) — — Balance, end of year $ 1,736 $ 2,797 $ 1,904 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Inventories | 3. INVENTORIES Inventories consist of the following: (In thousands) 2021 2020 Finished goods $ 25,199 $ 15,251 Work-in-process 11,955 9,098 Raw materials 32,958 25,913 Stores, supplies and other 18,457 16,175 Total $ 88,569 $ 66,437 |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | 5. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS The components of goodwill and identifiable intangibles at December 31, 2021 and 2020, and related amortization periods are as follows: (In thousands) 2021 2020 Amortization Periods Goodwill $ 70,608 $ 67,708 Not amortized Identifiable intangible assets, net: Customer relationships (cost basis of $26,526 in 2021 and $29,450 in 2020) 13,259 17,551 10-12 years Proprietary technology (cost basis of $3,721 in 2021 and $3,726 in 2020) 118 194 Not more than 15 years Trade names (cost basis of $13,338 in 2021 and $13,397 in 2020) 775 1,075 5 - 13 years Total carrying value of identifiable intangibles 14,152 18,820 Total carrying value of goodwill and identifiable intangible assets $ 84,760 $ 86,528 A reconciliation of goodwill at December 31, 2021 and 2020 is as follows: (In thousands) Aluminum Extrusions (a) PE Films (a) Total Net carrying value of goodwill at December 31, 2019 $ 24,066 $ 57,338 $ 81,404 Goodwill impairment charge (13,696) — (13,696) Net carrying value of goodwill at December 31, 2020 10,370 57,338 67,708 Out-of-period adjustment 2,900 — 2,900 Net carrying value of goodwill at December 31, 2021 $ 13,270 $ 57,338 $ 70,608 (a) The goodwill of Aluminum Extrusions and PE Films is carried by the Futura and Surface Protection reporting units, respectively. During the fourth quarter of 2021, the Company recorded an out-of-period adjustment in connection with the original valuation of intangible assets and goodwill related to the acquisition of Futura in February 2017. This adjustment resulted in a reclassification of $2.9 million from acquired customer relationship intangible assets to goodwill and a $0.9 million decrease to accumulated amortization and amortization expense as of and for the period ended December 31, 2021. A reconciliation of identifiable intangibles at December 31, 2021 and 2020 is as follows: (In thousands) Customer Relationships Proprietary Technology Trade Names Total Aluminum Extrusions: Net carrying value at December 31, 2019 $ 19,644 $ 55 $ — $ 19,699 Amortization expense (2,480) (20) — (2,500) Net carrying value at December 31, 2020 17,164 35 — 17,199 Amortization expense (a) (2,239) (20) — (2,259) Out-of-period Adjustment (b) (1,953) — — (1,953) Net carrying value at December 31, 2021 $ 12,972 $ 15 $ — $ 12,987 PE Films: Net carrying value at December 31, 2019 $ — $ 610 $ — $ 610 Amortization expense — (120) — (120) Bright View disposal — (490) — (490) Net carrying value at December 31, 2020 — — — — Amortization expense — — — — Net carrying value at December 31, 2021 $ — $ — $ — $ — Flexible Packaging Films: Net carrying value at December 31, 2019 $ 554 $ 230 $ 1,543 $ 2,327 Amortization expense (84) (53) (260) (397) Increase (decrease) due to foreign currency translation (83) (18) (208) (309) Net carrying value at December 31, 2020 387 159 1,075 1,621 Amortization expense (82) (53) (257) (392) Increase (decrease) due to foreign currency translation (18) (3) (43) (64) Net carrying value at December 31, 2021 $ 287 $ 103 $ 775 $ 1,165 Total net carrying value of identifiable intangibles at December 31, 2021 $ 13,259 $ 118 $ 775 $ 14,152 (a) Excludes a reduction of $0.9 million to amortization expense related to the out-of-period adjustment. (b) Represents a $2.9 million gross reclassification from customer relationship intangible assets to goodwill offset by a $0.9 million decrease to accumulated amortization as a result of the out-of-period adjustment. Amortization expense over the next five years is expected to be as follows: Year Amount 2022 $ 2,579 2023 1,953 2024 1,913 2025 1,913 2026 1,913 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Summary of Derivative Instruments [Abstract] | |
Financial Instruments | Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and exposure from currency volatility that exist as part of ongoing business operations (primarily in Flexible Packaging Films). These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability. In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $22.1 million (14.9 million pounds of aluminum) at December 31, 2021 and $12.1 million (13.0 million pounds of aluminum) at December 31, 2020. The table below summarizes the location and gross amounts of aluminum derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses & other $ 2,085 Prepaid expenses & other $ 1,560 Liability derivatives: Liability derivatives: Accrued expenses (119) Accrued expenses (22) Net asset (liability) $ 1,966 $ 1,538 In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation. The Company's earnings are exposed to foreign currency exchange risk primarily through the translation of the financial statements of subsidiaries that have a functional currency other than the U.S. Dollar. The Company estimates that the net mismatch translation exposure for the Flexible Packaging Film's business unit in Brazil (“Terphane Ltda.”) of its sales and raw materials quoted or priced in U.S. Dollars and its variable conversion, fixed conversion and sales, general and administrative costs (before depreciation and amortization) quoted or priced in Brazilian Real is annual net costs of R$150 million Brazilian Real ("R$"). Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $1,677 5.3360 R$8,948 Jan-22 72% $1,751 5.3631 R$9,391 Feb-22 75% $1,662 5.3905 R$8,959 Mar-22 72% $1,615 5.4247 R$8,761 Apr-22 70% $1,647 5.4545 R$8,984 May-22 72% $1,596 5.4890 R$8,760 Jun-22 70% $1,719 5.5200 R$9,489 Jul-22 76% $1,708 5.5560 R$9,490 Aug-22 76% $1,780 5.5915 R$9,953 Sep-22 80% $1,793 5.6264 R$10,088 Oct-22 81% $1,784 5.6597 R$10,097 Nov-22 81% $1,659 5.6962 R$9,450 Dec-22 76% $20,391 5.5108 R$112,370 75% These foreign currency exchange contracts have been designated and qualify as cash flow hedges of Terphane Ltda.’s forecasted sales to customers quoted or priced in U.S. Dollars over that period. By changing the currency risk associated with these U.S. Dollar sales, the derivatives have the effect of offsetting operating costs quoted or priced in Brazilian Real and decreasing the net exposure to Brazilian Real in the consolidated statements of income. The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses and other $ — Prepaid expenses and other $ 853 Liability derivatives: Accrued expenses (1,255) Accrued expenses (466) Net asset (liability) $ (1,255) $ 387 These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to the best and most credit-worthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions. The pretax effect on net income (loss) from continuing operations and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for years ended December 31, 2021, 2020, and 2019 is summarized in the tables below: (In thousands) Cash Flow Derivative Hedges Aluminum Futures Contracts Years Ended December 31, 2021 2020 2019 Amount of pre-tax gain (loss) recognized in other comprehensive income $ 6,215 $ 74 $ (2,359) Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Cost of Cost of Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 5,787 $ (2,717) $ (2,736) (In thousands) Cash Flow Derivative Hedges Foreign Currency Forward Contracts Years Ended December 31, 2021 2020 2019 Amount of pre-tax gain (loss) recognized in other comprehensive income $ — $ (2,415) $ — $ (4,437) $ — $ (856) Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Selling, general & admin Cost of Selling, general & admin Cost of Selling, general & admin Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 63 $ (337) $ 62 $ (6,069) $ 62 $ (904) As of December 31, 2021, the Company expects $0.7 million of unrealized after-tax net gains on aluminum and foreign currency derivative contracts reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the years ended December 31, 2021, 2020 and 2019, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | 6. ACCRUED EXPENSES Accrued expenses consist of the following: (In thousands) 2021 2020 Incentive compensation $ 7,016 $ 8,138 Payrolls, related taxes and medical and other benefits 6,903 9,571 Vacation 3,452 7,283 Workers’ compensation and disabilities 2,422 2,986 Accrued freight 2,337 1,397 Accrued utilities 1,938 1,460 Customer rebates 1,857 1,398 Environmental liabilities (current) 1,634 2,066 Derivative contract liability 1,254 487 Accrued severance 445 1,894 Other 3,846 4,061 Total $ 33,104 $ 40,741 |
Debt And Credit Agreements
Debt And Credit Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt And Credit Agreements | 7. DEBT AND CREDIT AGREEMENTS Tredegar has a five-year secured revolving credit agreement (the “Credit Agreement”) providing for aggregate borrowings in an amount of $375 million, which matures in June 2024. Borrowings under the Credit Agreement bear an interest rate of LIBOR plus a credit spread and commitment fees charged on the unused amount under the Credit Agreement at various indebtedness-to-Credit EBITDA levels as follows: Pricing Under Credit Agreement (Basis Points) Indebtedness-to-Credit EBITDA Ratio Credit Spread Commitment > 3.5x but <= 4.0x 200.0 40 > 3.0x but <= 3.5x 187.5 35 > 2.0x but <= 3.0x 175.0 30 > 1.0x but <= 2.0x 162.5 25 <= 1.0x 150.0 20 At December 31, 2021, the interest cost on debt borrowed under the Credit Agreement was priced at one-month LIBOR plus the applicable credit spread of 150.0 basis points. The most restrictive covenants in the Credit Agreement include: • Maximum indebtedness-to-Credit EBITDA (“Leverage Ratio”) of 4.00x; • Minimum Credit EBITDA-to-interest expense of 3.00x; and • Maximum aggregate distributions to shareholders over the remaining term of the Credit Agreement of $75 million; provided, that if the Leverage Ratio of equal to or greater than 3.00x, a limitation on such payments for the succeeding quarter at the greater of (i) $4.75 million and (ii) 50% of consolidated net income for the most recent fiscal quarter. The Credit Agreement is secured by substantially all of the Company’s and its domestic subsidiaries’ assets, including equity in certain material first-tier foreign subsidiaries. At December 31, 2021, based upon the most restrictive covenant within the Credit Agreement, available credit under the Credit Agreement was approximately $287 million. Total debt outstanding was $73 million and $134 million as of December 31, 2021 and 2020, respectively. |
Stock Option And Stock Award Pl
Stock Option And Stock Award Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option And Stock Award Plans | 11. STOCK OPTION AND STOCK AWARD PLANS As of December 31, 2021, the Company had one stock-based compensation plan that permits the grants of stock options, stock appreciation rights (“SARs”), stock, restricted stock, and stock unit awards. Awards available for grant totaled 910,420 shares at December 31, 2021. Stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. Stock options granted by the Company in 2021, 2020 and 2019 vest after 2 years and have a 7-year life or vest after 3 years and have a 5-year life. Stock options exercisable totaled 1,762,190 and 1,287,792 shares at December 31, 2021 and 2020, respectively. On December 1, 2020, Tredegar’s Board of Directors declared a special cash dividend of $200 million, or $5.97 per share, on the Company’s common stock (the “Special Dividend”). The Special Dividend was payable on December 18, 2020 and had an ex-dividend date of December 21, 2020. All stock option awards that were outstanding at the time of the Special Dividend were modified pursuant to the nondiscretionary anti-dilution provisions in the related stock-based compensation plan. SARs that were outstanding at the time of the Special Dividend were also modified pursuant to the nondiscretionary anti-dilution provisions in the related SARs grant agreements. The modifications included increasing the number of outstanding stock options and SARs as well as reducing the exercise prices of all outstanding stock options and SARS. The modification did not result in additional stock-based compensation expense. No other terms or conditions of outstanding awards were modified. A summary of stock options outstanding at December 31, 2021, 2020 and 2019, and changes during those years, is presented below: Option Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2019 890,116 $ 15.65 to $ 24.84 $ 19.69 Granted 758,287 18.48 to 18.48 18.48 Forfeited and expired (10,000) 19.40 to 19.40 19.40 Exercised (9,500) 19.40 to 19.40 19.40 Outstanding at December 31, 2019 1,628,903 15.65 to 24.84 19.13 Granted 638,074 10.75 to 14.62 11.90 Modification for special cash dividend (a) 701,535 10.75 to 14.62 11.90 Forfeited and expired (a) (141,074) 10.75 to 24.84 11.87 Outstanding at December 31, 2020 (a) 2,827,438 10.75 to 22.49 13.55 Granted 388,822 16.37 to 16.37 16.37 Forfeited and expired (22,611) 14.47 to 19.64 18.14 Exercised (67,705) 10.75 to 17.29 13.51 Outstanding at December 31, 2021 3,125,944 $ 10.75 to $ 22.49 $ 13.82 (a) The option exercise price per share reflects the reduction to the exercise prices of outstanding stock options impacted by the modification due to the anti-dilution provisions in the stock-based compensation plan. The assumptions used in the Black-Scholes options-pricing model for valuing Tredegar stock options originally granted in 2021, 2020 and 2019, and the related estimated fair values at the date of grant, were as follows: 2021 2020 2019 Dividend yield 2.6 % 2.5 % 2.4 % Weighted average volatility percentage 48.3 % 43.8 % 38.3 % Weighted average risk-free interest rate 0.9 % 0.8 % 2.4 % Holding period (years) 5 5 5 Weighted average exercise price at date of grant (also weighted average market price at date of grant) (a) $ 16.37 $ 14.41 $ 18.48 Estimated weighted average fair value of options per share at date of grant $ 5.57 $ 4.44 $ 5.43 Total estimated fair value of stock options granted (in thousands) $ 2,165 $ 2,833 $ 4,117 (a) In December 2020, the weighted average exercise price for outstanding stock option awards granted in 2020 and 2019 were modified to $10.75 and $13.78, respectively. As the anti-dilution provisions in the stock-based compensation plan were structured to equitably adjust the award’s fair value before and after the modification, there is no resulting incremental fair value. The dividend yield is the actual dividend yield on Tredegar’s common stock at the date of grant, which the Company believes is a reasonable estimate of the expected yield during the holding period. The expected volatility is based on the historical volatility of Tredegar’s common stock using a sequential period of historical data equal to the expected holding period of the option. The Company has no reason to believe that future volatility for this period is likely to differ from the past. The assumed risk-free interest rate is based on observed interest rates for U.S. Treasury debt securities appropriate for the expected holding period. The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2021: Options Outstanding at December 31, 2021 Options Exercisable at December 31, 2021 Weighted Average Aggregate Intrinsic Value Aggregate Intrinsic Value Range of Shares Remaining Contractual Life Exercise Shares Weighted Average Exercise Price $ 10.75 to $ 16.37 2,953,052 4.4 years $ 13.48 $ 792,082 1,589,298 $ 13.78 $ 41,076 17.29 to 25.94 172,892 1.6 years 19.71 — 172,892 19.71 — Total 3,125,944 4.2 years $ 13.82 $ 792,082 1,762,190 $ 14.36 $ 41,076 The total intrinsic value of stock options exercised is $0.2 million in 2021 and $0.1 million in 2019. There were no stock options exercised in 2020. The grant-date fair value of stock option-based awards vested was $3.5 million, $3.0 million, and $0.5 million in 2021, 2020, and 2019, respectively. As of December 31, 2021, the unrecognized compensation cost for continuing operations related to stock option-based awards was $1.7 million. This cost is expected to be recognized over the remaining weighted average period of 0.6 years. Commencing in 2019, stock option award grants include a retirement provision that allow for the immediate vesting of options held by a participant that ceases to provide service, including service as a member of the board of directors, with the Company, subsequent to reaching the age of 65. As a result of this provision, the Company recognized accelerated stock compensation expense for continuing operations of $0.1 million and $1.3 million in 2020 and 2019, respectively. There was no accelerated stock compensation expense in 2021. Restricted stock grants ordinarily vest three years from the date of grant based upon continued employment. The fair value of restricted stock awards is estimated as of the grant date using the closing stock price on that date. Stock unit awards vest upon the achievement of certain performance targets. The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2021, 2020 and 2019: Unvested Restricted Stock Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria Number Weighted Avg. Grant Date Fair Value/Share Grant Date Number Weighted Avg. Grant Date Fair Value/Share Grant Date Outstanding at January 1, 2019 244,736 $ 16.20 $ 3,965 184,709 $ 16.97 $ 3,134 Granted 185,422 18.46 3,423 57,442 18.34 1,053 Vested (117,834) 14.76 (1,739) (69,926) 10.96 (766) Forfeited (26,389) 16.11 (425) (24,562) 11.51 (283) Outstanding at December 31, 2019 285,935 18.27 5,224 147,663 21.25 3,138 Granted 155,138 14.55 2,257 34,275 15.25 523 Vested (148,709) 17.39 (2,586) (37,370) 17.38 (649) Forfeited (57,385) 17.00 (976) (32,066) 17.36 (557) Outstanding at December 31, 2020 234,979 16.68 3,919 112,502 21.82 2,455 Granted 200,073 15.63 3,127 14,669 15.24 224 Vested (87,636) 15.78 (1,383) (73,930) 17.17 (1,269) Forfeited (11,616) 16.38 (190) (2,523) 17.63 (44) Outstanding at December 31, 2021 335,800 $ 16.30 $ 5,473 50,718 $ 17.63 $ 1,366 As of December 31, 2021, the unrecognized compensation cost for continuing operations related to non-vested restricted stock awards was $2.6 million. This cost is expected to be recognized over the remaining weighted average period of 1.5 years. SARs granted by the Company in 2021 and 2020 vest after 2 years and have a 7-year life. No SARs were granted prior to January 1, 2020 since 1992. SARs may be settled in cash upon exercise and therefore are classified as liabilities and included in accrued expenses in the consolidated balance sheet. The fair value of these liability awards is remeasured at each reporting period until the date of settlement. Increases and decreases in stock-based compensation expense is recognized over the vesting period, or immediately, for vested awards. A summary of SARs outstanding at December 31, 2021 and 2020, and changes during those years, is presented below: Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2020 — $ — to $ — $ — Granted (a) 387,252 10.75 to 19.64 11.60 Modification for special cash dividend 71,402 10.75 to 19.64 11.60 Forfeited and expired (82,214) 10.75 to 19.64 11.39 Outstanding at December 31, 2020 376,440 10.75 to 19.64 11.64 Granted 164,464 16.37 to 16.37 16.37 Forfeited and expired (10,043) 10.75 to 16.37 13.01 Exercised (9,260) 10.75 to 15.25 13.87 Outstanding at December 31, 2021 521,601 $ 10.75 to $ 16.37 $ 13.55 (a) The SARs exercise price per share reflects the reduction to the exercise prices of outstanding SARs as a results of the modification to the awards pursuant to the nondiscretionary anti-dilution provisions in the related SAR s grant agreements. The grant-date fair value of SARs awards vested was $0.1 million and $0.6 million in 2021 and 2020, respectively. As of December 31, 2021, the unrecognized compensation cost for continuing operations was $0.4 million. This cost is expected to be recognized over the remaining weighted average period of 0.6 years. |
Retirement Plans And Other Post
Retirement Plans And Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Plans And Other Postretirement Benefits | 8. RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS Tredegar sponsors a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. The plan for salaried and hourly employees currently in effect is based on a formula using the participant’s years of service and compensation or using the participant’s years of service and a dollar amount. The plan is closed to new participants and pay for active plan participants for benefit calculations was frozen as of December 31, 2007. As of January 31, 2018, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing all future benefits under the plan. Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. The plan was designed to restore all or a part of the pension benefits that would have been payable to designated participants from the principal pension plans if it were not for limitations imposed by income tax regulations. The projected benefit obligation relating to this unfunded plan was $2.1 million and $2.2 million at December 31, 2021 and December 31, 2020, respectively. Pension expense recognized for this plan was $0.1 million in 2021, 2020, and 2019. This information has been included in the pension benefit tables below. In addition to providing pension benefits, the Company provides postretirement life insurance and health care benefits for certain groups of employees. Tredegar and retirees share in the cost of postretirement health care benefits, with employees hired on or before January 1, 1993, receiving a fixed subsidy to cover a portion of their health care premiums. The Company eliminated prescription drug coverage for Medicare-eligible retirees as of January 1, 2006. Consequently, Tredegar is not eligible for any federal subsidies. Pension and other postretirement benefit liabilities related to Personal Care Films have been retained by the Company. Pension expense recognized for participation by these former employees in the Company’s plans is not material for the years ended December 31, 2021, 2020, and 2019. The following tables reconcile the changes in benefit obligations and plan assets in 2021 and 2020, and reconcile the funded status to prepaid or accrued cost at December 31, 2021 and 2020: Pension Benefits Other Post- (In thousands) 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation, beginning of year $ 336,159 $ 318,763 $ 8,164 $ 7,650 Service cost — — 21 29 Interest cost 8,398 10,156 195 243 Effect of actuarial (gains) losses related to the following: Discount rate change (12,512) 26,887 (272) 644 Retirement rate assumptions and mortality table adjustments 1,028 (3,446) (1) 13 Other (101) 69 (274) 55 Plan participant contributions — — 613 606 Benefits paid (16,803) (16,270) (1,076) (1,076) Benefit obligation, end of year $ 316,169 $ 336,159 $ 7,370 $ 8,164 Change in plan assets: Plan assets at fair value, beginning of year $ 233,075 $ 218,329 $ — $ — Actual return on plan assets 23,131 18,800 — — Employer contributions 5,209 12,216 463 470 Plan participant contributions — — 613 606 Benefits paid (16,803) (16,270) (1,076) (1,076) Plan assets at fair value, end of year $ 244,612 $ 233,075 $ — $ — Funded status of the plans $ (71,557) $ (103,084) $ (7,370) $ (8,164) Amounts recognized in the consolidated balance sheets: Accrued expenses (current) $ 181 $ 181 $ 478 $ 481 Pension and other postretirement benefit obligations, net 71,376 102,903 6,892 7,683 Net amount recognized $ 71,557 $ 103,084 $ 7,370 $ 8,164 The following table sets forth the assumptions used in accounting for the pension and other post-retirement benefits, and the components of net periodic benefit cost: Pension Benefits Other Post- (In thousands, except percentages) 2021 2020 2019 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations: Discount rate 2.90 % 2.57 % 3.27 % 2.86 % 2.54 % 3.25 % Expected long-term return on plan assets 3.05 % 5.00 % 5.00 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.57 % 3.27 % 4.40 % 2.54 % 3.25 % 4.37 % Expected long-term return on plan assets 5.00 % 5.00 % 6.00 % n/a n/a n/a Components of net periodic benefit cost: Service cost $ — $ — $ — $ 21 $ 29 $ 26 Interest cost 8,398 10,156 12,222 195 243 290 Expected return on plan assets (11,316) (11,004) (13,528) — — — Amortization of prior service costs and gains or losses 17,003 15,494 10,891 (141) (198) (258) Net periodic benefit cost $ 14,085 $ 14,646 $ 9,585 $ 75 $ 74 $ 58 Net periodic benefit cost is determined using assumptions at the beginning of each year. Funded status is determined using assumptions at the end of each year. The amount of the accumulated benefit obligation is the same as the projected benefit obligation. At December 31, 2021, the effect of a 1% change in the health care cost trend rate assumptions would not impact the post-retirement obligation. Expected benefit payments over the next five years and in the aggregate for 2027—2031 are as follows: (In thousands) Pension Other Post- 2022 $ 18,256 $ 478 2023 18,380 472 2024 18,591 465 2025 18,615 456 2026 18,574 447 2027—2031 89,722 2,081 The average remaining duration of benefit payments for the pension plan is about 11.1 years. The pre-tax amounts recorded in 2021, 2020 and 2019 in accumulated other comprehensive income consist of: Pension Other Post-Retirement (In thousands) 2021 2020 2019 2021 2020 2019 Net actuarial (gain) loss $ 109,893 $ 150,267 $ 150,047 $ (320) $ 86 $ (824) Pension expense is expected to be $13.9 million in 2022. The amounts in accumulated other comprehensive income, before related deferred income taxes, that are expected to be recognized as components of net periodic cost during 2022 are $13.2 million of cost for the pension plan and $0.1 million of benefit for other post-retirement plans. The percentage composition of assets held by pension plans at December 31, 2021, 2020 and 2019 are as follows: % Composition of Plan Assets 2021 2020 2019 Pension plans: Fixed income securities 25.3 % 7.7 % 8.7 % Large/mid-capitalization equity securities 28.1 27.1 21.3 Small-capitalization equity securities 6.8 8.6 7.8 International and emerging market equity securities 19.9 20.6 19.7 Total equity securities 54.8 56.3 48.8 Private equity and hedge funds 10.4 12.1 35.0 Cash and cash equivalents 2.8 17.5 1.4 Other assets 6.7 6.4 6.1 Total 100.0 % 100.0 % 100.0 % Prior to commencing plans to terminate and settle the frozen defined benefit pension plan, the Company’s primary investment objective was to maximize total return with a strong emphasis on the preservation of capital, which it expected to achieve through a diversified portfolio with both a higher risk profile and anticipated long-term returns via fixed income securities, equity securities, hedge funds and private equity funds. Concurrent with the Company’s decision to commence the termination and settlement of the plan, the Company began transitioning to a liability-driven investment strategy aimed at reducing funded status volatility. The new strategy contemplates an increase of the fixed income securities allocation from 25.3% as of December 31, 2021 to an ultimate target of 100% and decreases to the asset allocations currently invested in equity securities, commodity funds, private equity and hedge funds, from 71.9% to zero over the next 18 months. The expected long-term rate of return developed through consultation with the Company’s investment advisors as of December 31, 2021 contemplates the impact of this strategy which included consideration of several factors, including prevailing and planned strategic asset allocations, current and expected future market conditions, inflation-adjusted historical returns, volatilities, risk premiums and managed asset premiums. Estimates of the fair value of assets held by the Company’s pension plan are provided by unaffiliated third parties. Investments in private equity, hedge funds and certain international equity securities are measured at net asset value, which is a practical expedient for measuring fair value. These assets are therefore excluded from the fair value hierarchy for each of the years presented. At December 31, 2021 and 2020, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows: (In thousands) Total Quoted Prices Significant Significant Balances at December 31, 2021 Cash and cash equivalents $ 6,943 $ 6,943 $ — $ — Large/mid-capitalization equity securities 68,739 68,739 — — Small-capitalization equity securities 16,588 16,588 — — International and emerging market equity securities 25,174 25,174 — — Fixed income securities 61,845 9,306 52,539 — Contracts with insurance companies 9,438 — — 9,438 Other assets (a) 6,868 6,868 — — Total plan assets at fair value $ 195,595 $ 133,618 $ 52,539 $ 9,438 Investments measured at net asset value 49,017 Total plan assets, December 31, 2021 $ 244,612 Balances at December 31, 2020 Cash and cash equivalents $ 40,890 $ 40,890 $ — $ — Large/mid-capitalization equity securities 63,146 63,146 — — Small-capitalization equity securities 19,932 19,932 — — International and emerging market equity securities 24,325 24,325 — — Fixed income securities 18,008 6,690 11,318 — Contracts with insurance companies 9,118 — — 9,118 Other assets (a) 5,629 5,629 — — Total plan assets at fair value $ 181,048 $ 160,612 $ 11,318 $ 9,118 Investments measured at net asset value 52,027 Total plan assets, December 31, 2020 $ 233,075 (a) Represents investments in certain commodity funds measured using quoted market prices. |
Savings Plan
Savings Plan | 12 Months Ended |
Dec. 31, 2021 | |
Savings Plan [Abstract] | |
Savings Plan | 14. SAVINGS PLAN Tredegar has a savings plan that allows eligible employees to voluntarily contribute a percentage of their compensation, up to Internal Revenue Service (“IRS”) limitations. The provisions of the savings plan provided the following benefits for salaried and certain hourly employees: • The Company makes matching contributions to the savings plan of $1 for every $1 an employee contributes per pay period up to a maximum of 5% of eligible compensation. • The savings plan includes immediate vesting of matching contributions and automatic enrollment at 3% of eligible compensation unless the employee opts out or elects a different percentage. The Company also has a non-qualified plan that restores matching benefits for employees suspended from the savings plan due to certain limitations imposed by income tax regulations (“restoration plan”). Charges recognized for these plans were $3.3 million in 2021, $4.0 million in 2020 and $3.9 million in 2019. The Company’s liability under the restoration plan was $0.7 million at December 31, 2021 (consisting of 56,570 phantom shares of common stock) and $1.0 million at December 31, 2020 (consisting of 61,394 phantom shares of common stock) and valued at the closing market price on those dates. |
Rental Expense And Contractual
Rental Expense And Contractual Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Leases, Operating [Abstract] | |
Rental Expense And Contractual Commitments | Tredegar has various operating lease agreements with remaining terms up to 9 years, including leases of real estate, office equipment and vehicles. As of December 31, 2021 and 2020, the Company had no finance lease agreements. Some leases include options to purchase the leased asset, terminate the agreement or extend the term of the agreement for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of December 31, 2021: (In thousands) Future Lease Payments 2022 $ 2,594 2023 2,478 2024 2,417 2025 2,417 2026 2,079 Thereafter 5,326 Total undiscounted operating lease payments 17,311 Less: Imputed interest 2,322 Present value of operating lease liabilities $ 14,989 The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2021 and 2020. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases. (In thousands) 2021 2020 Operating lease expense $ 2,752 $ 3,260 Right-of-use assets recognized as non-cash additions from the execution of new operating leases $ — $ 529 Other Information: Weighted-average remaining lease term for operating leases 7 years 8 years Weighted-average discount rate for operating leases 4.22 % 4.21 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES Income (loss) from continuing operations before income taxes and income tax expense (benefit) for continuing operations are as follows: (In thousands) 2021 2020 2019 Income (loss) from continuing operations before income taxes: Domestic $ 22,885 $ (58,033) $ 52,536 Foreign 44,336 32,987 19,470 Total $ 67,221 $ (25,046) $ 72,006 Current income tax expense (benefit): Federal $ 1,232 $ 4,777 $ 7,551 State 764 136 1,558 Foreign 13,521 2,374 579 Total 15,517 7,287 9,688 Deferred income tax expense (benefit): Federal (7,862) (18,191) 15,298 State 125 (640) 187 Foreign 1,504 3,331 (11,628) Total (6,233) (15,500) 3,857 Total income tax expense (benefit) $ 9,284 $ (8,213) $ 13,545 The significant differences between the U.S. federal statutory rate and the effective income tax rate related to continuing operations are as follows: 2021 2020 2019 (In thousands, except percentages) Amount % Amount % Amount % Income tax expense (benefit) at federal statutory rate $ 14,116 21.0 $ (5,260) 21.0 $ 15,121 21.0 Foreign rate differences 8,269 12.3 4,554 (18.2) 2,247 2.9 Tax on Prodepe tax incentive 2,858 4.3 (801) 3.2 (714) (1.0) Foreign currency translation variation on intercompany loans 1,374 2.0 — — — — Non-deductible other 1,053 1.6 208 (0.8) 637 0.9 State taxes, net of federal income tax benefit 933 1.4 (373) 1.5 1,050 1.5 Tax contingency accruals and tax settlements 202 0.3 (58) 0.2 (2,543) (3.5) Foreign derived intangible income deduction — — — — (319) (0.4) Valuation allowance due to foreign losses and impairments — — — — (14,350) (19.9) Dividend received deduction net of foreign withholding tax (109) (0.2) (52) 0.2 (1,016) (1.4) Changes in estimates related to prior year tax provision (383) (0.6) (2,472) 9.9 (135) (0.2) Research and development tax credit (928) (1.4) (633) 2.5 (523) (0.7) Valuation allowance for capital loss carryforwards (5,415) (8.1) 52 (0.2) 60 0.1 U.S. tax on foreign branch income (5,667) (8.4) 1,409 (5.6) 16,029 22.3 Brazilian tax incentive (7,019) (10.4) (4,787) 19.1 (1,999) (2.8) Income tax expense (benefit) at effective income tax rate $ 9,284 13.8 $ (8,213) 32.8 $ 13,545 18.8 Income taxes in 2021 are primarily due to the strong earnings of Terphane Ltda, which are included in Tredegar’s U.S. consolidated tax return and, the tax impact of the local statutory tax rates of Tredegar’s foreign subsidiaries being higher than the current U.S. tax rate of 21%, the benefit of tax incentives in Brazil and the release of the valuation allowance for capital loss carryforwards. Income taxes in 2020 were primarily impacted by the tax impact of Terphane Ltda. being included in Tredegar’s U.S. consolidated tax return as a foreign branch, the tax impact of the local statutory tax rates of Tredegar’s foreign subsidiaries being higher than the current US tax rate of 21%, the benefit of tax incentives in Brazil, and by claims for prior years’ U.S. research and development tax credits. During 2019, due to favorable earnings trends, the Company released a $12.4 million valuation allowance on the net deferred tax assets of its Brazilian subsidiary Terphane Ltda. Because Terphane Ltda. is taxed as a foreign branch for U.S. tax purposes, Tredegar also recorded a related deferred tax liability of $12.4 million for the reduction in foreign tax credits that would result from Terphane Ltda. realizing this net deferred tax asset. Tredegar accrues U.S. federal income taxes on unremitted earnings of all foreign subsidiaries where required. However, due to changes in the taxation of dividends under TCJA, Tredegar will only record U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. Because of the accumulation of significant losses related to foreign currency translations at Terphane Ltda., there were no deferred income tax liabilities associated with the U.S. federal income taxes and foreign withholding taxes on Terphane Ltda.’s undistributed earnings as of December 31, 2021 and 2020. The Brazilian federal statutory income tax rate is a composite of 34.0% (25.0% of income tax and 9.0% of social contribution on income). Terphane’s manufacturing facility in Brazil is the beneficiary of certain income tax incentives that allow for a reduction in the statutory Brazilian federal income tax rate levied on the operating profit of its products. These incentives produce a current tax rate of 15.25% for Terphane (6.25% of income tax and 9.0% social contribution on income). The incentives were originally granted for a 10-year period commencing January 1, 2015 and expiring at the end of 2024. Terphane Brazil has been granted an additional three years of tax incentives through the end of 2027. The benefit from the tax incentives was $7.0 million, $4.8 million and $2.0 million in 2021, 2020 and 2019, respectively. Deferred income tax liabilities and deferred income tax assets at December 31, 2021 and 2020, are as follows: (In thousands) 2021 2020 Deferred income tax liabilities: Amortization of goodwill and identifiable intangibles $ 10,215 $ 9,520 Depreciation 12,902 10,844 Foregone tax credits on foreign branch income 4,796 5,714 Excess of carrying value over tax basis of investment in kaléo — 4,905 Right-of-use leased assets 2,767 2,979 Other 520 944 Total deferred income tax liabilities 31,200 34,906 Deferred income tax assets: Pensions 5,632 25,576 Employee benefits 7,791 9,757 Excess capital losses 1,097 7,462 Inventory 3,775 2,613 Asset write-offs, divestitures and environmental accruals 1,173 2,904 Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards 33,922 18,305 Other 146 275 Lease liabilities 2,977 3,144 Tax basis remaining for installment sale - kaléo 1,092 — Foreign currency translation gain adjustment 1,970 1,423 Deferred income tax assets before valuation allowance 59,575 71,459 Less: Valuation allowance 12,652 17,485 Total deferred income tax assets 46,923 53,974 Net deferred income tax (assets) liabilities $ (15,723) $ (19,068) Amounts recognized in the consolidated balance sheets: Deferred income tax assets (noncurrent) $ 15,723 $ 19,068 Deferred income tax liabilities (noncurrent) — — Net deferred income tax assets (liabilities) $ 15,723 $ 19,068 Except as noted below, the Company believes that it is more likely than not that future taxable income will exceed future tax-deductible amounts thereby resulting in the realization of deferred income tax assets. The Company has estimated gross federal, state and foreign tax credits and net operating loss carryforwards of $33.9 million and $18.3 million at December 31, 2021 and 2020, respectively. The U.S. federal foreign tax credits will expire between 2027-2031 and the U.S. federal research and development tax credits will expire by 2041. The U.S. state carryforwards expire at different points over the next 20 years. Valuation allowances of $9.4 million, $5.5 million and $2.5 million at December 31, 2021, 2020 and 2019, respectively, are recorded against the tax benefit on U.S. federal, state and foreign tax credits and net operating loss carryforwards generated by certain foreign and domestic subsidiaries that may not be recoverable in the carryforward period. The valuation allowance for excess capital losses from investments and other related items was $0.7 million, $7.1 million and $1.3 million at December 31, 2021, 2020 and 2019, respectively. The 2021 balance decreased primarily due to utilization of capital losses as a result of the sale of the Company’s investment in kaléo. The amount of the deferred income tax asset considered realizable, however, could be adjusted in the near term if estimates of the fair value of certain investments during the carryforward period change. As circumstances and events warrant, allowances will be reversed when it is more likely than not that future taxable income will exceed deductible amounts, thereby resulting in the realization of deferred income tax assets. Valuation allowances of $2.5 million, $4.9 million and $0 million at December 31, 2021, 2020 and 2019, respectively, were recorded against certain deferred state tax assets. In 2019, the Company reversed a $12.4 million valuation allowance on the net deferred tax assets of its Brazilian subsidiary Terphane Ltda due to favorable earnings trends. Since Terphane Ltda. is taxed as a foreign branch for US tax purposes, Tredegar also recorded a related deferred tax liability of $12.4 million for the reduction in foreign tax credits that would result from Terphane Ltda. realizing this net deferred tax asset. A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2019, is shown below: Years Ended December 31, (In thousands) 2021 2020 2019 Balance at beginning of period $ 628 $ 881 $ 3,361 Increase (decrease) due to tax positions taken in: Current period — 12 12 Prior period 40 — 49 Increase (decrease) due to settlements with taxing authorities — — (151) Reductions due to lapse of statute of limitations (20) (265) (2,390) Balance at end of period $ 648 $ 628 $ 881 Additional information related to unrecognized uncertain tax positions since January 1, 2019 is summarized below: Years Ended December 31, (In thousands) 2021 2020 2019 Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax, other noncurrent liability accounts, or deferred tax assets in the balance sheet) $ 648 $ 628 $ 881 Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) 48 (110) (163) Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized 696 518 718 Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $26, $2 and $(144) reflected in income tax expense in the income statement in 2021, 2020 and 2019, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) 133 102 100 Related deferred income tax assets recognized on interest and penalties (31) (24) (23) Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized 102 78 77 Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized $ 798 $ 596 $ 795 Tredegar, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction, various states and jurisdictions outside the U.S. With few exceptions, Tredegar is no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2018. The Company anticipates that it is reasonably possible that Federal and state income tax audits or statutes may settle or close within the next 12 months, which could result in the recognition of up to approximately $0.5 million of the balance of unrecognized tax positions, including any payments that may be made. |
Losses Associated With Plant Sh
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | ||
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items | In connection with the anticipated customer product transitions in Surface Protection, the Company recognized severance and other employee-related expenses of $1.6 million in the fourth quarter of 2020. The Company recognizes termination benefits that are covered by a contract or an ongoing benefit arrangement when it is probable that employees will be entitled to benefits and the amount can be reasonably estimated. Other accrued expenses and losses related to asset impairments and costs associated with exit and disposal activities for continuing operations were not material for the years ended December 31, 2021, 2020 and 2019, respectively. | |
Accrued Severance Liability | $ 445 | $ 1,894 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 18. CONTINGENCIES Tredegar is involved in various stages of investigation and remediation relating to environmental matters at certain current and former plant locations. Where the Company has determined the nature and scope of any required environmental remediation activity, estimates of cleanup costs have been obtained and accrued. As efforts continue to maintain compliance with applicable environmental laws and regulations, additional contingencies may be identified. If additional contingencies are identified in the future, the Company’s practice is to determine at that time the nature and scope of those contingencies, obtain and accrue estimates of the cost of remediation, and perform remediation. While the Company believes it is currently adequately accrued for known environmental issues, it is possible that unexpected future costs for known or unknown environmental issues could have a material adverse effect on its financial condition, results of operations and cash flows at that time. The Company is involved in various other legal actions arising in the normal course of business. After taking into consideration the relevant information, the Company believes that it has sufficiently accrued for probable losses and that the actions will not have a material adverse effect on its financial position. From time to time, the Company enters into transactions with third parties in connection with the sale of assets or businesses in which it agrees to indemnify the buyers or third parties involved in the transaction, or in which the sellers or third parties involved in the transaction agree to indemnify Tredegar, for certain liabilities or risks related to the assets or business. Also, in the ordinary course of its business, the Company may enter into agreements with third parties for the sale of goods or services that may contain indemnification provisions. In the event that an indemnification claim is asserted, liability for indemnification would be subject to an assessment of the underlying facts and circumstances under the terms of the applicable agreement. For these reasons, Tredegar is unable to estimate the maximum amount of the potential future liability under the indemnity provisions of these agreements. The Company does, however, accrue for losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable and the amount is reasonably estimable. The Company discloses contingent liabilities if the probability of loss is reasonably possible and material. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Rental Expense And Contractual Commitments | Tredegar has various operating lease agreements with remaining terms up to 9 years, including leases of real estate, office equipment and vehicles. As of December 31, 2021 and 2020, the Company had no finance lease agreements. Some leases include options to purchase the leased asset, terminate the agreement or extend the term of the agreement for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of December 31, 2021: (In thousands) Future Lease Payments 2022 $ 2,594 2023 2,478 2024 2,417 2025 2,417 2026 2,079 Thereafter 5,326 Total undiscounted operating lease payments 17,311 Less: Imputed interest 2,322 Present value of operating lease liabilities $ 14,989 The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2021 and 2020. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases. (In thousands) 2021 2020 Operating lease expense $ 2,752 $ 3,260 Right-of-use assets recognized as non-cash additions from the execution of new operating leases $ — $ 529 Other Information: Weighted-average remaining lease term for operating leases 7 years 8 years Weighted-average discount rate for operating leases 4.22 % 4.21 % |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis Of Presentation | Basis of Presentation and Principles of Consolidation. The consolidated financial statements include the accounts and operations of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. Certain amounts for the prior years have been reclassified to conform to current year presentation. |
Foreign Currency Translation | Foreign Currency Translation. The financial statements of subsidiaries located outside the U.S., where the local currency is the functional currency, are translated into U.S. Dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from the translation of these financial statements are reflected as a separate component of shareholders’ equity. There are no operating subsidiaries located outside the U.S. where the U.S. Dollar is the functional currency. Transaction and remeasurement gains or losses included in income were losses of $0.5 million, gains of $0.6 million and losses of $0.6 million in 2021, 2020 and 2019, respectively. These amounts do not include the effects between reporting periods that exchange rate changes have on income of the locations outside the U.S. that result from translation into U.S. Dollars. |
Cash And Cash Equivalents | Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand in excess of daily operating requirements and highly liquid investments with original maturities of three months or less. At December 31, 2021 and 2020, Tredegar had cash and cash equivalents of $30.5 million and $11.8 million, respectively, including funds held in locations outside the U.S. of $16.4 million and $9.4 million, respectively. |
Accounts And Other Receivables | Accounts and Other Receivables, net. Accounts receivable are stated at the amount invoiced to customers less allowances for doubtful accounts. Accounts receivable are non-interest bearing and arise from the sale of product to customers under typical industry trade terms. Notes receivable are immaterial. Past due amounts are determined based on established terms and charged-off when deemed uncollectible. The allowance for doubtful accounts is determined based on an assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions. For receivables that do not have a specific allowance, the loss rate is computed by segment to apply to the remaining receivables balance, using each segment’s historic loss rate. Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year. For certain customers, the Company has arrangements in place with financial institutions whereby certain customer receivables are sold to the financial institution at a discount and without recourse. Upon sale, the associated receivable is unrecognized and the discount is recognized as a reduction of sales. For more information on accounts receivable and other receivables, net, see Note 2. |
Inventories | Inventories. Inventories are stated at the lower of cost or market, with cost determined using the last in, first out (“LIFO”), the weighted average cost or the first in, first out method. Cost elements included in work-in-process and finished goods inventories are raw materials, direct labor and manufacturing overhead. Finished goods, work-in-process, raw materials and supplies, stores and other inventory are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete. |
Property, Plant And Equipment | Property, Plant and Equipment. Accounts include costs of assets constructed or purchased, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for repairs and maintenance are expensed as incurred. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income. Capital expenditures for property, plant and equipment include capitalized interest. Capitalized interest included in capital expenditures for property, plant and equipment was $0.1 million, $0.1 million and $0.3 million in 2021, 2020 and 2019, respectively. Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that generally range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment. |
Goodwill And Other Intangibles | Goodwill and Identifiable Intangibles. The excess of the purchase price over the fair value of identifiable net assets of acquired companies is allocated to goodwill. The Company assesses goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable or, at a minimum, on an annual basis (December 1st of each year). When assessing goodwill for impairment, accounting guidance allows the Company to first perform a qualitative assessment about the likelihood of the carrying value of a reporting unit exceeding its fair value, referred to as the "Step 0" assessment. The Step 0 assessment requires the evaluation of certain qualitative factors, including macroeconomic conditions, industry and market considerations, cost factors and overall financial performance, as well as company and reporting unit factors. If the Company's Step 0 analysis indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, then the Company would perform a quantitative impairment test that estimates the fair value of its reporting units using discounted cash flow analyses and comparative enterprise value-to-EBITDA (earnings before interest, taxes, depreciation and amortization) multiples. During the first three months of 2020, the Company performed goodwill impairment tests and recognized a goodwill impairment charge of $13.7 million ($10.5 million after taxes), which represented the entire amount of goodwill associated with Aluminum Extrusions’ AACOA reporting unit. The operations of the AACOA reporting unit, which includes the Niles, Michigan and Elkhart, Indiana facilities, were expected to be severely impacted by COVID-19, with over 80% of the aluminum extrusions manufactured at these facilities sold to customers that make consumer durable products, such as recreational boating and power sports vehicles, and to customers serving the building and construction and automotive markets. As of December 1, 2021, the Company’s reporting units with goodwill were Surface Protection in PE Films and Futura in Aluminum Extrusions. Both of these reporting units have separately identifiable operating net assets (operating assets including goodwill and identifiable intangible assets net of operating liabilities). In addition, the Company applied the Step 0 goodwill assessment to Surface Protection and Futura; both had fair values significantly in excess of their carrying amounts when last tested using the quantitative impairment test. The Company's Step 0 analyses in 2021 of these reporting units concluded that it is not more likely than not that the fair values of each reporting unit was less than its carrying amount. Therefore, the quantitative goodwill impairment tests for these reporting units were not necessary in 2021. The Surface |
Impairment Of Long-Lived Assets | Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows. If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset group, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. As of December 31, 2021 and 2020, no events were identified that indicated long-lived assets may be impaired. Assets that are held for sale are reported at the lower of their carrying amount or estimated fair value less cost to sell, with an impairment loss recognized for any write-down required. |
Pension Costs And Postretirement Benefit Costs Other Than Pensions | Pension Costs and Postretirement Benefit Costs Other than Pensions. Pension costs and postretirement benefit costs other than pensions have been accrued over the period employees provided service to Tredegar. Liabilities and expenses for pension plans and other postretirement benefits are determined using actuarial methodologies and incorporate significant assumptions, including the rate used to discount the future estimated liability, the long-term rate of return on plan assets, and several assumptions relating to the employee workforce. The Company recognizes the funded status of its pension and other postretirement plans in the accompanying consolidated balance sheets. Tredegar’s policy is to fund its pension plans at amounts not less than the minimum requirements of the Employee Retirement Income Security Act (“ERISA”) of 1974 and to fund postretirement benefits other than pensions when claims are incurred. |
Revenue Recognition | Revenue Recognition. The Company’s revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at the point in time when control of the product is transferred to customers, along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is made available or delivered at the destination specified in the agreement with the customer. Sales revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that finished product. The Company offers various discounts, rebates and allowances to customers, (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as sales returns and customer sales volume, thus represents variable consideration. Amounts billed to customers related to freight are classified as sales revenue and the cost of freight is classified as a separate line in the accompanying consolidated statements of income. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction between Tredegar and its customers (such as value-added taxes) are accounted for on a net basis and therefore excluded from revenues. See Note 13 for disaggregation of revenue by segment and type. See Note 2 for a table showing accounts and other receivables, net of allowance for bad debts. |
Research & Development ("R&D") Costs | Research & Development (“R&D”) Costs. R&D costs are expensed as incurred and include primarily salaries, wages, employee benefits, equipment depreciation, facility costs and the cost of materials consumed relating to R&D efforts. R&D costs include a reasonable allocation of indirect costs. |
Income Taxes | Income Taxes. Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 12). Tredegar’s policy is to accrue U.S. federal income taxes to the extent required under GAAP on unremitted earnings of all foreign subsidiaries where required. However, due to changes in the taxation of dividends under the Tax Cuts and Jobs Act (the “TCJA”) enacted by the U.S. government in December 2017, Tredegar only records U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. Because of the accumulation of significant losses related to foreign currency translations at Terphane Limitada, there were no unrecorded deferred income tax liabilities associated with U.S. federal income taxes and foreign withholding taxes on Terphane Limitada’s undistributed earnings as of December 31, 2021 and December 31, 2020. A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred income tax assets may not be realized. The establishment and removal of a valuation allowance requires the Company to consider all positive and negative evidence and make a judgmental decision regarding the amount of valuation allowance required as of a reporting date. The benefit of an uncertain tax position is included in the accompanying financial statements when the Company determines that it is more likely than not that the position will be sustained, based on the technical merits of the position, if the taxing authority examines the position and the dispute is litigated. This determination is made on the basis of all the facts, circumstances and information available as of the reporting date. |
Earnings Per Share | Earnings Per Share. Basic earnings per share is computed using the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: 2021 2020 2019 Weighted average shares outstanding used to compute basic earnings per share 33,562,684 33,402,147 33,236,115 Incremental shares attributable to stock options and restricted stock 107,566 — 22,022 Shares used to compute diluted earnings per share 33,670,250 33,402,147 33,258,137 Incremental shares attributable to stock options and restricted stock are computed using the average market price during the related period. For the year ended December 31, 2021, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,582,222. The Company had a net loss from continuing operations for the year ended December 31, 2020, so there is no dilutive impact for such shares. If the Company had reported net income from continuing operations for the year ended December 31, 2020, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,212,375. For the year ended December 31, 2019, average out-of-the-money options |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans. The cost of all share-based payments is recognized using the calculated fair value at the grant date, or the date of any later modification, over the requisite service period under the graded-vesting method. See Note 11 for additional information. |
Financial Instruments | Financial Instruments. Tredegar uses derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of transactions associated with ongoing business operations. The Company’s derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the accompanying balance sheet at fair value. A change in the fair value of the derivative that is highly effective and that is designated and qualifies as a cash flow hedge is recorded in other comprehensive income. Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported in the same line as the underlying hedged item, and the cash flows related to financial instruments are classified in the consolidated statements of cash flows in a manner consistent with those of the transactions being hedged. The Company’s policy requires that it formally document all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Company also uses regression analysis, unless the hedge qualifies for other methods of assessing effectiveness, to formally assess (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively. As a policy, Tredegar does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. Additional disclosure of the utilization of derivative hedging instruments is included in Note 10. |
Comprehensive Income (Loss) | Comprehensive Income (Loss). Comprehensive income (loss) is defined as net income or loss as adjusted by other comprehensive income or loss items. Other comprehensive income (loss) includes changes in foreign currency translation adjustments, unrealized gains and losses on derivative financial instruments, prior service costs and net gains or losses from pension and other postretirement benefit plans arising during the period and amortization of these prior service costs and net gain or loss adjustments, all recorded net of deferred income taxes. |
Recently Issued Accounting Standards | Accounting Standards Adopted . In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, which simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. In the first quarter of 2021, the Company adopted ASU 2019-12, which did not have a material impact on the Company’s consolidated financial statements. Accounting Standards Not Yet Adopted . In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by the discontinuation of the London Interbank Offered Rate or by another reference rate expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, which clarified the scope and application of the original guidance. The Company is currently evaluating the potential impact of adopting this guidance, but does not expect it to have a material impact on the consolidated financial statements. |
Lessee, Leases | Leases. At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. The Company has elected to not record short-term leases with an original lease term of one year or less in the consolidated balance sheet. To the extent such leases contain renewal options that the Company intends to exercise, the related Right-of-Use (“ROU”) asset and lease liability are included in the consolidated balance sheet. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for the lease and non-lease components as a single lease component. Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating leases are included in “Right-of-use lease assets”, “Lease liabilities - short-term” and “Lease liabilities - long-term” on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates, adjusted for term and geographic location using country-based swap rates. As a result of the Company’s review of new and existing lease contracts, there were no instances where the Company could readily determine a rate implicit in the lease. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Schedule Of Diluted Earnings Per Share Computed Using Weighted Average Common And Potentially Dilutive Common Equivalent Shares Outstanding | Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: 2021 2020 2019 Weighted average shares outstanding used to compute basic earnings per share 33,562,684 33,402,147 33,236,115 Incremental shares attributable to stock options and restricted stock 107,566 — 22,022 Shares used to compute diluted earnings per share 33,670,250 33,402,147 33,258,137 | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive income (loss) by component are summarized as follows: Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2019 $ (96,940) $ (1,601) $ (81,446) $ (179,987) Other comprehensive income (loss) (4,346) (3,214) (28,925) (36,485) Income tax (expense) benefit 623 528 6,417 7,568 Other comprehensive income (loss), net of tax (3,723) (2,686) (22,508) (28,917) Reclassification adjustment to net income (loss) — 3,578 10,632 14,210 Income tax (expense) benefit — (598) (2,359) (2,957) Reclassification adjustment to net income (loss), net of tax — 2,980 8,273 11,253 Other comprehensive income (loss), net of tax (3,723) 294 (14,235) (17,664) Balance at December 31, 2019 (100,663) (1,307) (95,681) (197,651) Other comprehensive income (loss) (9,678) (4,362) (16,425) (30,465) Income tax (expense) benefit 897 1,077 4,228 6,202 Other comprehensive income (loss), net of tax (8,781) (3,285) (12,197) (24,263) Reclassification adjustment to net income (loss) 25,295 8,724 15,296 49,315 Income tax (expense) benefit — (1,868) (3,937) (5,805) Reclassification adjustment to net income (loss), net of tax 25,295 6,856 11,359 43,510 Other comprehensive income (loss), net of tax 16,514 3,571 (838) 19,247 Balance at December 31, 2020 (84,149) 2,264 (96,519) (178,404) Other comprehensive income (loss) (2,008) 3,800 23,932 25,724 Income tax (expense) benefit 365 (842) (5,212) (5,689) Other comprehensive income (loss), net of tax (1,643) 2,958 18,720 20,035 Reclassification adjustment to net income (loss) — (5,513) 16,862 11,349 Income tax (expense) benefit — 1,192 (3,676) (2,484) Reclassification adjustment to net income (loss), net of tax — (4,321) 13,186 8,865 Other comprehensive income (loss), net of tax (1,643) (1,363) 31,906 28,900 Balance at December 31, 2021 $ (85,792) $ 901 $ (64,613) $ (149,504) | |
Reclassification out of Accumulated Other Comprehensive Income |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information By Segment | Net Sales (In thousands) 2021 2020 2019 Aluminum Extrusions $ 539,325 $ 455,711 $ 529,602 PE Films 118,920 139,288 133,807 Flexible Packaging Films 139,978 134,605 133,935 Total net sales 798,223 729,604 797,344 Add back freight 28,232 25,686 28,980 Sales as shown in consolidated statements of income $ 826,455 $ 755,290 $ 826,324 Refer to Notes to Financial Tables that follow these tables. EBITDA from Ongoing Operations (In thousands) 2021 2020 2019 Aluminum Extrusions: Ongoing operations: EBITDA $ 55,948 $ 55,137 $ 65,683 Depreciation & amortization (d) (16,272) (17,403) (16,719) EBIT 39,676 37,734 48,964 Plant shutdowns, asset impairments, restructurings and other (a) 3,237 (3,506) (561) Goodwill impairment charge — (13,696) — Trade name accelerated amortization (d) — — (10,040) PE Films: Ongoing operations: EBITDA 27,694 45,107 41,133 Depreciation & amortization (6,263) (6,762) (5,860) EBIT 21,431 38,345 35,273 Plant shutdowns, asset impairments, restructurings and other (a) (371) (1,974) (733) Flexible Packaging Films: Ongoing operations: EBITDA 31,684 30,645 14,737 Depreciation & amortization (1,988) (1,761) (1,517) EBIT 29,696 28,884 13,220 Plant shutdowns, asset impairments, restructurings and other (a) 8,439 (18) — Total 102,108 85,769 86,123 Interest income 73 44 66 Interest expense 3,386 2,587 4,051 Gain (loss) on investment in kaléo (a) 12,780 (60,900) 28,482 Loss on sale of Bright View (f) — (2,299) — Stock option-based compensation expense 2,495 2,161 4,132 Corporate expenses, net (a) 41,859 42,912 34,482 Income (loss) from continuing operations before income taxes 67,221 (25,046) 72,006 Income tax expense (benefit) (a) 9,284 (8,213) 13,545 Income (loss) from continuing operations 57,937 (16,833) 58,461 Income (loss) from discontinued operations, net of tax (a) (111) (58,611) (10,202) Net income (loss) $ 57,826 $ (75,444) $ 48,259 |
Schedule Of Identifiable Assets | Identifiable Assets (In thousands) 2021 2020 Aluminum Extrusions $ 280,521 $ 244,560 PE Films 113,613 119,013 Flexible Packaging Films 75,269 66,453 Subtotal 469,403 430,026 General corporate 23,482 71,508 Cash and cash equivalents (b) 30,521 11,846 Discontinued operations 178 1,490 Total $ 523,584 $ 514,870 |
Schedule Of Depreciation And Amortization, Capital Expenditures | Depreciation and Amortization Capital Expenditures (In thousands) 2021 2020 2019 2021 2020 2019 Aluminum Extrusions $ 15,326 $ 17,403 $ 26,759 $ 18,914 $ 10,260 $ 17,855 PE Films 6,263 6,762 5,860 2,997 6,024 8,567 Flexible Packaging Films 1,988 1,761 1,517 5,603 4,959 8,866 Subtotal 23,577 25,926 34,136 27,514 21,243 35,288 General corporate (e) 207 520 186 (153) 200 223 Discontinued operations — 5,511 9,962 — 1,912 15,353 Total $ 23,784 $ 31,957 $ 44,284 $ 27,361 $ 23,355 $ 50,864 |
Schedule Of Net Sales By Geographic Area | Net Sales by Geographic Area (c) (In thousands) 2021 2020 2019 United States $ 614,987 $ 530,243 $ 593,599 Exports from the United States to: Asia 59,242 80,217 82,342 Canada 17,776 18,024 15,022 Europe 4,489 5,440 5,752 Latin America 4,937 2,169 4,135 Operations outside the United States: Brazil 96,792 93,511 96,274 China — — 220 Total $ 798,223 $ 729,604 $ 797,344 |
Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area | Identifiable Assets Property, Plant & Equipment, (In thousands) 2021 2020 2021 2020 United States $ 398,749 $ 363,106 $ 135,310 $ 132,268 Operations outside the United States: Brazil 54,299 49,157 18,615 15,588 China 16,355 17,763 14,889 16,245 General corporate 23,482 71,508 1,567 2,444 Cash and cash equivalents (b) 30,521 11,846 n/a n/a Discontinued operations 178 1,490 — — Total $ 523,584 $ 514,870 $ 170,381 $ 166,545 |
Schedule Of Net Sales By Product Group | Net Sales by Product Group (In thousands) 2021 2020 2019 Aluminum Extrusions: Nonresidential building & construction $ 269,252 $ 253,126 $ 272,729 Consumer durables 53,578 44,167 57,607 Automotive 43,256 35,895 46,461 Machinery & equipment 42,721 30,649 38,657 Distribution 45,639 28,339 34,753 Residential building & construction 52,236 40,049 43,554 Electrical 32,643 23,486 35,841 Subtotal 539,325 455,711 529,602 PE Films: Surface protection films 88,436 109,097 103,893 Packaging 30,484 22,700 22,542 LED-based products — 7,491 7,372 Subtotal 118,920 139,288 133,807 Flexible Packaging Films 139,978 134,605 133,935 Total $ 798,223 $ 729,604 $ 797,344 |
Accounts And Other Receivables
Accounts And Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule Of Accounts And Other Receivable | As of December 31, 2021 and 2020, accounts receivable and other receivables, net, were $103.3 million and $86.3 million, respectively, made up of the following: (In thousands) 2021 2020 Customer receivables $ 102,090 $ 85,274 Other accounts and notes receivable 2,958 3,850 Total accounts and other receivables 105,048 89,124 Less: Allowance for bad debts (a) (1,736) (2,797) Total accounts and other receivables, net $ 103,312 $ 86,327 (a) As of December 31, 2021, the Company recorded a reclassification of $0.8 million from accounts receivable, net to accrued expenses to account for the Company’s estimated obligation to customers for product returns that may result in either a customer credit or refund. Prior to December 31, 2021, the Company presented estimated sales returns as a reduction to accounts receivable. |
Schedule Of Reconciliation Of The Beginning And Ending Balances Of The Allowance For Doubtful Accounts And Sales Returns | A reconciliation of the beginning and ending balances of the allowance for doubtful accounts for the three years ended December 31, 2021 is as follows: (In thousands) 2021 2020 2019 Balance, beginning of year $ 2,797 $ 1,904 $ 2,054 Charges to expense 1,440 1,901 715 Recoveries 35 (90) (38) Write-offs and settlements (1,246) (709) (756) Foreign exchange and other (515) (209) (71) Reclassification to accrued expenses for estimated sales returns (775) — — Balance, end of year $ 1,736 $ 2,797 $ 1,904 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory, Net [Abstract] | |
Schedule Of Inventories | Inventories consist of the following: (In thousands) 2021 2020 Finished goods $ 25,199 $ 15,251 Work-in-process 11,955 9,098 Raw materials 32,958 25,913 Stores, supplies and other 18,457 16,175 Total $ 88,569 $ 66,437 |
Goodwill And Other Intangible_2
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill And Other Intangibles | The components of goodwill and identifiable intangibles at December 31, 2021 and 2020, and related amortization periods are as follows: (In thousands) 2021 2020 Amortization Periods Goodwill $ 70,608 $ 67,708 Not amortized Identifiable intangible assets, net: Customer relationships (cost basis of $26,526 in 2021 and $29,450 in 2020) 13,259 17,551 10-12 years Proprietary technology (cost basis of $3,721 in 2021 and $3,726 in 2020) 118 194 Not more than 15 years Trade names (cost basis of $13,338 in 2021 and $13,397 in 2020) 775 1,075 5 - 13 years Total carrying value of identifiable intangibles 14,152 18,820 Total carrying value of goodwill and identifiable intangible assets $ 84,760 $ 86,528 (In thousands) Customer Relationships Proprietary Technology Trade Names Total Aluminum Extrusions: Net carrying value at December 31, 2019 $ 19,644 $ 55 $ — $ 19,699 Amortization expense (2,480) (20) — (2,500) Net carrying value at December 31, 2020 17,164 35 — 17,199 Amortization expense (a) (2,239) (20) — (2,259) Out-of-period Adjustment (b) (1,953) — — (1,953) Net carrying value at December 31, 2021 $ 12,972 $ 15 $ — $ 12,987 PE Films: Net carrying value at December 31, 2019 $ — $ 610 $ — $ 610 Amortization expense — (120) — (120) Bright View disposal — (490) — (490) Net carrying value at December 31, 2020 — — — — Amortization expense — — — — Net carrying value at December 31, 2021 $ — $ — $ — $ — Flexible Packaging Films: Net carrying value at December 31, 2019 $ 554 $ 230 $ 1,543 $ 2,327 Amortization expense (84) (53) (260) (397) Increase (decrease) due to foreign currency translation (83) (18) (208) (309) Net carrying value at December 31, 2020 387 159 1,075 1,621 Amortization expense (82) (53) (257) (392) Increase (decrease) due to foreign currency translation (18) (3) (43) (64) Net carrying value at December 31, 2021 $ 287 $ 103 $ 775 $ 1,165 Total net carrying value of identifiable intangibles at December 31, 2021 $ 13,259 $ 118 $ 775 $ 14,152 (a) Excludes a reduction of $0.9 million to amortization expense related to the out-of-period adjustment. (b) Represents a $2.9 million gross reclassification from customer relationship intangible assets to goodwill offset by a $0.9 million decrease to accumulated amortization as a result of the out-of-period adjustment. |
Schedule Of Expected Amortization Expense | Amortization expense over the next five years is expected to be as follows: Year Amount 2022 $ 2,579 2023 1,953 2024 1,913 2025 1,913 2026 1,913 |
Goodwill And Other Intangible_3
Goodwill And Other Intangible Assets Reconciliation of Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | The components of goodwill and identifiable intangibles at December 31, 2021 and 2020, and related amortization periods are as follows: (In thousands) 2021 2020 Amortization Periods Goodwill $ 70,608 $ 67,708 Not amortized Identifiable intangible assets, net: Customer relationships (cost basis of $26,526 in 2021 and $29,450 in 2020) 13,259 17,551 10-12 years Proprietary technology (cost basis of $3,721 in 2021 and $3,726 in 2020) 118 194 Not more than 15 years Trade names (cost basis of $13,338 in 2021 and $13,397 in 2020) 775 1,075 5 - 13 years Total carrying value of identifiable intangibles 14,152 18,820 Total carrying value of goodwill and identifiable intangible assets $ 84,760 $ 86,528 (In thousands) Customer Relationships Proprietary Technology Trade Names Total Aluminum Extrusions: Net carrying value at December 31, 2019 $ 19,644 $ 55 $ — $ 19,699 Amortization expense (2,480) (20) — (2,500) Net carrying value at December 31, 2020 17,164 35 — 17,199 Amortization expense (a) (2,239) (20) — (2,259) Out-of-period Adjustment (b) (1,953) — — (1,953) Net carrying value at December 31, 2021 $ 12,972 $ 15 $ — $ 12,987 PE Films: Net carrying value at December 31, 2019 $ — $ 610 $ — $ 610 Amortization expense — (120) — (120) Bright View disposal — (490) — (490) Net carrying value at December 31, 2020 — — — — Amortization expense — — — — Net carrying value at December 31, 2021 $ — $ — $ — $ — Flexible Packaging Films: Net carrying value at December 31, 2019 $ 554 $ 230 $ 1,543 $ 2,327 Amortization expense (84) (53) (260) (397) Increase (decrease) due to foreign currency translation (83) (18) (208) (309) Net carrying value at December 31, 2020 387 159 1,075 1,621 Amortization expense (82) (53) (257) (392) Increase (decrease) due to foreign currency translation (18) (3) (43) (64) Net carrying value at December 31, 2021 $ 287 $ 103 $ 775 $ 1,165 Total net carrying value of identifiable intangibles at December 31, 2021 $ 13,259 $ 118 $ 775 $ 14,152 (a) Excludes a reduction of $0.9 million to amortization expense related to the out-of-period adjustment. (b) Represents a $2.9 million gross reclassification from customer relationship intangible assets to goodwill offset by a $0.9 million decrease to accumulated amortization as a result of the out-of-period adjustment. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |
Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges | The pretax effect on net income (loss) from continuing operations and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for years ended December 31, 2021, 2020, and 2019 is summarized in the tables below: (In thousands) Cash Flow Derivative Hedges Aluminum Futures Contracts Years Ended December 31, 2021 2020 2019 Amount of pre-tax gain (loss) recognized in other comprehensive income $ 6,215 $ 74 $ (2,359) Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Cost of Cost of Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 5,787 $ (2,717) $ (2,736) (In thousands) Cash Flow Derivative Hedges Foreign Currency Forward Contracts Years Ended December 31, 2021 2020 2019 Amount of pre-tax gain (loss) recognized in other comprehensive income $ — $ (2,415) $ — $ (4,437) $ — $ (856) Location of gain (loss) reclassified from accumulated other comprehensive income into net income (effective portion) Cost of Selling, general & admin Cost of Selling, general & admin Cost of Selling, general & admin Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) $ 63 $ (337) $ 62 $ (6,069) $ 62 $ (904) |
Aluminum Futures Contracts | |
Derivatives, Fair Value [Line Items] | |
Summary Of Location And Fair Value Of Derivative Financial Instruments | The table below summarizes the location and gross amounts of aluminum derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Prepaid expenses & other $ 2,085 Prepaid expenses & other $ 1,560 Liability derivatives: Liability derivatives: Accrued expenses (119) Accrued expenses (22) Net asset (liability) $ 1,966 $ 1,538 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities [Abstract] | |
Schedule Of Accrued Expenses | Accrued expenses consist of the following: (In thousands) 2021 2020 Incentive compensation $ 7,016 $ 8,138 Payrolls, related taxes and medical and other benefits 6,903 9,571 Vacation 3,452 7,283 Workers’ compensation and disabilities 2,422 2,986 Accrued freight 2,337 1,397 Accrued utilities 1,938 1,460 Customer rebates 1,857 1,398 Environmental liabilities (current) 1,634 2,066 Derivative contract liability 1,254 487 Accrued severance 445 1,894 Other 3,846 4,061 Total $ 33,104 $ 40,741 |
Debt And Credit Agreements (Tab
Debt And Credit Agreements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |
Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels | Borrowings under the Credit Agreement bear an interest rate of LIBOR plus a credit spread and commitment fees charged on the unused amount under the Credit Agreement at various indebtedness-to-Credit EBITDA levels as follows: Pricing Under Credit Agreement (Basis Points) Indebtedness-to-Credit EBITDA Ratio Credit Spread Commitment > 3.5x but <= 4.0x 200.0 40 > 3.0x but <= 3.5x 187.5 35 > 2.0x but <= 3.0x 175.0 30 > 1.0x but <= 2.0x 162.5 25 <= 1.0x 150.0 20 |
Summary Of Total Debt Due And Outstanding | At December 31, 2021, based upon the most restrictive covenant within the Credit Agreement, available credit under the Credit Agreement was approximately $287 million. Total debt outstanding was $73 million and $134 million as of December 31, 2021 and 2020, respectively. |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Commitment Fee Amount | 40 |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | 20000.00% |
Stock Option And Stock Award _2
Stock Option And Stock Award Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary Of Stock Options Outstanding | summary of stock options outstanding at December 31, 2021, 2020 and 2019, and changes during those years, is presented below: Option Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2019 890,116 $ 15.65 to $ 24.84 $ 19.69 Granted 758,287 18.48 to 18.48 18.48 Forfeited and expired (10,000) 19.40 to 19.40 19.40 Exercised (9,500) 19.40 to 19.40 19.40 Outstanding at December 31, 2019 1,628,903 15.65 to 24.84 19.13 Granted 638,074 10.75 to 14.62 11.90 Modification for special cash dividend (a) 701,535 10.75 to 14.62 11.90 Forfeited and expired (a) (141,074) 10.75 to 24.84 11.87 Outstanding at December 31, 2020 (a) 2,827,438 10.75 to 22.49 13.55 Granted 388,822 16.37 to 16.37 16.37 Forfeited and expired (22,611) 14.47 to 19.64 18.14 Exercised (67,705) 10.75 to 17.29 13.51 Outstanding at December 31, 2021 3,125,944 $ 10.75 to $ 22.49 $ 13.82 (a) The option exercise price per share reflects the reduction to the exercise prices of outstanding stock options impacted by the modification due to the anti-dilution provisions in the stock-based compensation plan. |
Summary Of Additional Information On Stock Options Outstanding And Exercisable | The following table summarizes additional information about stock options outstanding and exercisable at December 31, 2021: Options Outstanding at December 31, 2021 Options Exercisable at December 31, 2021 Weighted Average Aggregate Intrinsic Value Aggregate Intrinsic Value Range of Shares Remaining Contractual Life Exercise Shares Weighted Average Exercise Price $ 10.75 to $ 16.37 2,953,052 4.4 years $ 13.48 $ 792,082 1,589,298 $ 13.78 $ 41,076 17.29 to 25.94 172,892 1.6 years 19.71 — 172,892 19.71 — Total 3,125,944 4.2 years $ 13.82 $ 792,082 1,762,190 $ 14.36 $ 41,076 |
Summary Of Additional Information On Non-Vested Restricted Stock Outstanding | The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2021, 2020 and 2019: Unvested Restricted Stock Maximum Unvested Restricted Stock Units Issuable Upon Satisfaction of Certain Performance Criteria Number Weighted Avg. Grant Date Fair Value/Share Grant Date Number Weighted Avg. Grant Date Fair Value/Share Grant Date Outstanding at January 1, 2019 244,736 $ 16.20 $ 3,965 184,709 $ 16.97 $ 3,134 Granted 185,422 18.46 3,423 57,442 18.34 1,053 Vested (117,834) 14.76 (1,739) (69,926) 10.96 (766) Forfeited (26,389) 16.11 (425) (24,562) 11.51 (283) Outstanding at December 31, 2019 285,935 18.27 5,224 147,663 21.25 3,138 Granted 155,138 14.55 2,257 34,275 15.25 523 Vested (148,709) 17.39 (2,586) (37,370) 17.38 (649) Forfeited (57,385) 17.00 (976) (32,066) 17.36 (557) Outstanding at December 31, 2020 234,979 16.68 3,919 112,502 21.82 2,455 Granted 200,073 15.63 3,127 14,669 15.24 224 Vested (87,636) 15.78 (1,383) (73,930) 17.17 (1,269) Forfeited (11,616) 16.38 (190) (2,523) 17.63 (44) Outstanding at December 31, 2021 335,800 $ 16.30 $ 5,473 50,718 $ 17.63 $ 1,366 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity | Exercise Price/Share Number of Range Weighted Outstanding at January 1, 2020 — $ — to $ — $ — Granted (a) 387,252 10.75 to 19.64 11.60 Modification for special cash dividend 71,402 10.75 to 19.64 11.60 Forfeited and expired (82,214) 10.75 to 19.64 11.39 Outstanding at December 31, 2020 376,440 10.75 to 19.64 11.64 Granted 164,464 16.37 to 16.37 16.37 Forfeited and expired (10,043) 10.75 to 16.37 13.01 Exercised (9,260) 10.75 to 15.25 13.87 Outstanding at December 31, 2021 521,601 $ 10.75 to $ 16.37 $ 13.55 (a) The SARs exercise price per share reflects the reduction to the exercise prices of outstanding SARs as a results of the modification to the awards pursuant to the nondiscretionary anti-dilution provisions in the related SAR s grant agreements. |
Retirement Plans And Other Po_2
Retirement Plans And Other Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Reconciliation Of Changes In Benefit Obligations And Plan Assets | The following tables reconcile the changes in benefit obligations and plan assets in 2021 and 2020, and reconcile the funded status to prepaid or accrued cost at December 31, 2021 and 2020: Pension Benefits Other Post- (In thousands) 2021 2020 2021 2020 Change in benefit obligation: Benefit obligation, beginning of year $ 336,159 $ 318,763 $ 8,164 $ 7,650 Service cost — — 21 29 Interest cost 8,398 10,156 195 243 Effect of actuarial (gains) losses related to the following: Discount rate change (12,512) 26,887 (272) 644 Retirement rate assumptions and mortality table adjustments 1,028 (3,446) (1) 13 Other (101) 69 (274) 55 Plan participant contributions — — 613 606 Benefits paid (16,803) (16,270) (1,076) (1,076) Benefit obligation, end of year $ 316,169 $ 336,159 $ 7,370 $ 8,164 Change in plan assets: Plan assets at fair value, beginning of year $ 233,075 $ 218,329 $ — $ — Actual return on plan assets 23,131 18,800 — — Employer contributions 5,209 12,216 463 470 Plan participant contributions — — 613 606 Benefits paid (16,803) (16,270) (1,076) (1,076) Plan assets at fair value, end of year $ 244,612 $ 233,075 $ — $ — Funded status of the plans $ (71,557) $ (103,084) $ (7,370) $ (8,164) Amounts recognized in the consolidated balance sheets: Accrued expenses (current) $ 181 $ 181 $ 478 $ 481 Pension and other postretirement benefit obligations, net 71,376 102,903 6,892 7,683 Net amount recognized $ 71,557 $ 103,084 $ 7,370 $ 8,164 |
Components Of Net Periodic Benefit Income Or Cost For Continuing Operations | The following table sets forth the assumptions used in accounting for the pension and other post-retirement benefits, and the components of net periodic benefit cost: Pension Benefits Other Post- (In thousands, except percentages) 2021 2020 2019 2021 2020 2019 Weighted-average assumptions used to determine benefit obligations: Discount rate 2.90 % 2.57 % 3.27 % 2.86 % 2.54 % 3.25 % Expected long-term return on plan assets 3.05 % 5.00 % 5.00 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost: Discount rate 2.57 % 3.27 % 4.40 % 2.54 % 3.25 % 4.37 % Expected long-term return on plan assets 5.00 % 5.00 % 6.00 % n/a n/a n/a Components of net periodic benefit cost: Service cost $ — $ — $ — $ 21 $ 29 $ 26 Interest cost 8,398 10,156 12,222 195 243 290 Expected return on plan assets (11,316) (11,004) (13,528) — — — Amortization of prior service costs and gains or losses 17,003 15,494 10,891 (141) (198) (258) Net periodic benefit cost $ 14,085 $ 14,646 $ 9,585 $ 75 $ 74 $ 58 |
Schedule Of Expected Benefit Payments For Continuing Operations | Expected benefit payments over the next five years and in the aggregate for 2027—2031 are as follows: (In thousands) Pension Other Post- 2022 $ 18,256 $ 478 2023 18,380 472 2024 18,591 465 2025 18,615 456 2026 18,574 447 2027—2031 89,722 2,081 |
Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income | mounts recorded in 2021, 2020 and 2019 in accumulated other comprehensive income consist of: Pension Other Post-Retirement (In thousands) 2021 2020 2019 2021 2020 2019 Net actuarial (gain) loss $ 109,893 $ 150,267 $ 150,047 $ (320) $ 86 $ (824) |
Schedule Of Percentage Composition Of Assets Held By Pension Plans | The percentage composition of assets held by pension plans at December 31, 2021, 2020 and 2019 are as follows: % Composition of Plan Assets 2021 2020 2019 Pension plans: Fixed income securities 25.3 % 7.7 % 8.7 % Large/mid-capitalization equity securities 28.1 27.1 21.3 Small-capitalization equity securities 6.8 8.6 7.8 International and emerging market equity securities 19.9 20.6 19.7 Total equity securities 54.8 56.3 48.8 Private equity and hedge funds 10.4 12.1 35.0 Cash and cash equivalents 2.8 17.5 1.4 Other assets 6.7 6.4 6.1 Total 100.0 % 100.0 % 100.0 % Prior to commencing plans to terminate and settle the frozen defined benefit pension plan, the Company’s primary investment objective was to maximize total return with a strong emphasis on the preservation of capital, which it expected to achieve through a diversified portfolio with both a higher risk profile and anticipated long-term returns via fixed income securities, equity securities, hedge funds and private equity funds. Concurrent with the Company’s decision to commence the termination and settlement of the plan, the Company began transitioning to a liability-driven investment strategy aimed at reducing funded status volatility. The new strategy contemplates an increase of the fixed income securities allocation from 25.3% as of December 31, 2021 to an ultimate target of 100% and decreases to the asset allocations currently invested in equity securities, commodity funds, private equity and hedge funds, from 71.9% to zero over the next 18 months. The expected long-term rate of return developed through consultation with the Company’s investment advisors as of December 31, 2021 contemplates the impact of this strategy which included consideration of several factors, including prevailing and planned strategic asset allocations, current and expected future market conditions, inflation-adjusted historical returns, volatilities, risk premiums and managed asset premiums. |
Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy | At December 31, 2021 and 2020, the pension plan assets are categorized by level within the fair value measurement hierarchy as follows: (In thousands) Total Quoted Prices Significant Significant Balances at December 31, 2021 Cash and cash equivalents $ 6,943 $ 6,943 $ — $ — Large/mid-capitalization equity securities 68,739 68,739 — — Small-capitalization equity securities 16,588 16,588 — — International and emerging market equity securities 25,174 25,174 — — Fixed income securities 61,845 9,306 52,539 — Contracts with insurance companies 9,438 — — 9,438 Other assets (a) 6,868 6,868 — — Total plan assets at fair value $ 195,595 $ 133,618 $ 52,539 $ 9,438 Investments measured at net asset value 49,017 Total plan assets, December 31, 2021 $ 244,612 Balances at December 31, 2020 Cash and cash equivalents $ 40,890 $ 40,890 $ — $ — Large/mid-capitalization equity securities 63,146 63,146 — — Small-capitalization equity securities 19,932 19,932 — — International and emerging market equity securities 24,325 24,325 — — Fixed income securities 18,008 6,690 11,318 — Contracts with insurance companies 9,118 — — 9,118 Other assets (a) 5,629 5,629 — — Total plan assets at fair value $ 181,048 $ 160,612 $ 11,318 $ 9,118 Investments measured at net asset value 52,027 Total plan assets, December 31, 2020 $ 233,075 (a) Represents investments in certain commodity funds measured using quoted market prices. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Income From Continuing Operations Before Income Taxes | Income (loss) from continuing operations before income taxes and income tax expense (benefit) for continuing operations are as follows: (In thousands) 2021 2020 2019 Income (loss) from continuing operations before income taxes: Domestic $ 22,885 $ (58,033) $ 52,536 Foreign 44,336 32,987 19,470 Total $ 67,221 $ (25,046) $ 72,006 Current income tax expense (benefit): Federal $ 1,232 $ 4,777 $ 7,551 State 764 136 1,558 Foreign 13,521 2,374 579 Total 15,517 7,287 9,688 Deferred income tax expense (benefit): Federal (7,862) (18,191) 15,298 State 125 (640) 187 Foreign 1,504 3,331 (11,628) Total (6,233) (15,500) 3,857 Total income tax expense (benefit) $ 9,284 $ (8,213) $ 13,545 |
Summary Of Effective Income Tax Rate For Continuing Operations | 2021 2020 2019 (In thousands, except percentages) Amount % Amount % Amount % Income tax expense (benefit) at federal statutory rate $ 14,116 21.0 $ (5,260) 21.0 $ 15,121 21.0 Foreign rate differences 8,269 12.3 4,554 (18.2) 2,247 2.9 Tax on Prodepe tax incentive 2,858 4.3 (801) 3.2 (714) (1.0) Foreign currency translation variation on intercompany loans 1,374 2.0 — — — — Non-deductible other 1,053 1.6 208 (0.8) 637 0.9 State taxes, net of federal income tax benefit 933 1.4 (373) 1.5 1,050 1.5 Tax contingency accruals and tax settlements 202 0.3 (58) 0.2 (2,543) (3.5) Foreign derived intangible income deduction — — — — (319) (0.4) Valuation allowance due to foreign losses and impairments — — — — (14,350) (19.9) Dividend received deduction net of foreign withholding tax (109) (0.2) (52) 0.2 (1,016) (1.4) Changes in estimates related to prior year tax provision (383) (0.6) (2,472) 9.9 (135) (0.2) Research and development tax credit (928) (1.4) (633) 2.5 (523) (0.7) Valuation allowance for capital loss carryforwards (5,415) (8.1) 52 (0.2) 60 0.1 U.S. tax on foreign branch income (5,667) (8.4) 1,409 (5.6) 16,029 22.3 Brazilian tax incentive (7,019) (10.4) (4,787) 19.1 (1,999) (2.8) Income tax expense (benefit) at effective income tax rate $ 9,284 13.8 $ (8,213) 32.8 $ 13,545 18.8 |
Schedule Of Deferred Tax Liabilities And Assets | liabilities and deferred income tax assets at December 31, 2021 and 2020, are as follows: (In thousands) 2021 2020 Deferred income tax liabilities: Amortization of goodwill and identifiable intangibles $ 10,215 $ 9,520 Depreciation 12,902 10,844 Foregone tax credits on foreign branch income 4,796 5,714 Excess of carrying value over tax basis of investment in kaléo — 4,905 Right-of-use leased assets 2,767 2,979 Other 520 944 Total deferred income tax liabilities 31,200 34,906 Deferred income tax assets: Pensions 5,632 25,576 Employee benefits 7,791 9,757 Excess capital losses 1,097 7,462 Inventory 3,775 2,613 Asset write-offs, divestitures and environmental accruals 1,173 2,904 Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards 33,922 18,305 Other 146 275 Lease liabilities 2,977 3,144 Tax basis remaining for installment sale - kaléo 1,092 — Foreign currency translation gain adjustment 1,970 1,423 Deferred income tax assets before valuation allowance 59,575 71,459 Less: Valuation allowance 12,652 17,485 Total deferred income tax assets 46,923 53,974 Net deferred income tax (assets) liabilities $ (15,723) $ (19,068) Amounts recognized in the consolidated balance sheets: Deferred income tax assets (noncurrent) $ 15,723 $ 19,068 Deferred income tax liabilities (noncurrent) — — Net deferred income tax assets (liabilities) $ 15,723 $ 19,068 |
Schedule Of Unrecognized Uncertain Tax Positions | A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2019, is shown below: Years Ended December 31, (In thousands) 2021 2020 2019 Balance at beginning of period $ 628 $ 881 $ 3,361 Increase (decrease) due to tax positions taken in: Current period — 12 12 Prior period 40 — 49 Increase (decrease) due to settlements with taxing authorities — — (151) Reductions due to lapse of statute of limitations (20) (265) (2,390) Balance at end of period $ 648 $ 628 $ 881 |
Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions | Additional information related to unrecognized uncertain tax positions since January 1, 2019 is summarized below: Years Ended December 31, (In thousands) 2021 2020 2019 Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax, other noncurrent liability accounts, or deferred tax assets in the balance sheet) $ 648 $ 628 $ 881 Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) 48 (110) (163) Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized 696 518 718 Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $26, $2 and $(144) reflected in income tax expense in the income statement in 2021, 2020 and 2019, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) 133 102 100 Related deferred income tax assets recognized on interest and penalties (31) (24) (23) Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized 102 78 77 Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized $ 798 $ 596 $ 795 |
Other Income and Expenses (Tabl
Other Income and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other income (expense), net consists of the following: (In thousands) 2021 2020 2019 Gain (loss) on investment in kaléo (a) $ 12,780 $ (60,900) $ 28,482 One-time tax credit in Brazil for unemployment/social security insurance non-income taxes resulting from a favorable decision by Brazil’s Supreme Court regarding the calculation of such tax 8,486 — — Transition service fees, net of corporate costs associated with the divested Personal Care business 297 (851) — COVID-19-related expenses (b) (624) (2,231) — Loss on sale of Bright View Technologies — (2,299) — Write-down of investment in Harbinger Capital Partners Special Situations Fund (c) (517) — — Gain associated with the sale of Lake Zurich manufacturing facility assets 378 — — Other (424) (1,013) (111) Total $ 20,376 $ (67,294) $ 28,371 (a) The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. The gain in 2019 includes a $17.6 million dividend received from kaléo. (b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (c) Represents the unrealized loss on the Company’s investment in Harbinger Capital Partners Special Situations Funds L.P. that had a fair value of $0.2 million, $0.7 million and $1.1 million as of December 31, 2021, 2020 and 2019, respectively, reported in “Other assets” in the consolidated balance sheet. |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company’s operating leases as of December 31, 2021: (In thousands) Future Lease Payments 2022 $ 2,594 2023 2,478 2024 2,417 2025 2,417 2026 2,079 Thereafter 5,326 Total undiscounted operating lease payments 17,311 Less: Imputed interest 2,322 Present value of operating lease liabilities $ 14,989 |
Lessee, Operating Lease, Disclosure | The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2021 and 2020. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases. (In thousands) 2021 2020 Operating lease expense $ 2,752 $ 3,260 Right-of-use assets recognized as non-cash additions from the execution of new operating leases $ — $ 529 Other Information: Weighted-average remaining lease term for operating leases 7 years 8 years Weighted-average discount rate for operating leases 4.22 % 4.21 % |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details). - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Interest Costs Capitalized | $ 100 | $ 100 | $ 300 | |
Foreign Currency Transaction Gain (Loss), before Tax | 500 | 600 | 600 | |
Cash and cash equivalents | 30,521 | 11,846 | 31,422 | $ 34,397 |
Goodwill, Impairment Loss | 0 | 13,696 | 0 | |
Goodwill, Impairment Loss, Net of Tax | 10,500 | |||
Goodwill | $ 70,608 | $ 67,708 | $ 81,404 | |
Incremental shares excluded from the calculation of incremental shares attributable to stock options and restricted stock | 1,582,222 | 1,212,375 | 209,592 | |
Asset Impairment Charges | $ 0 | $ 52,326 | $ 0 | |
Cash | 30,500 | 11,800 | ||
Cash, Period Increase (Decrease) | 3,800 | |||
Defined benefit plan estimated required future employer contributions in next fiscal year | 50,000 | |||
Foreign Country | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 16,400 | 9,400 | ||
Minimum | Buildings And Land Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life | 5 years | |||
Minimum | Machinery and Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life | 2 years | |||
Maximum | Buildings And Land Improvements | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life | 40 years | |||
Maximum | Machinery and Equipment | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Average useful life | 20 years | |||
Aluminum Extrusions | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Goodwill, Impairment Loss | $ 0 | 13,696 | 0 | |
Goodwill | $ 13,270 | 10,370 | $ 24,066 | |
Asset Impairment Charges | $ (10,000) |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Schedule Of Diluted Earnings Per Share Computed Using Weighted Average Common And Potentially Dilutive Common Equivalent Shares Outstanding) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Weighted average shares outstanding used to compute basic earnings per share | 33,562,684 | 33,402,147 | 33,236,115 |
Incremental shares attributable to stock options and restricted stock | 107,566 | 0 | 22,022 |
Shares used to compute diluted earnings per share | 33,670,250 | 33,402,147 | 33,258,137 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Schedule Of Assumptions For Valuing Stock Options Granted) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.60% | 2.50% | 2.40% |
Weighted average volatility percentage | 48.30% | 43.80% | 38.30% |
Weighted average risk-free interest rate | 0.90% | 0.80% | 2.40% |
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | $ 16.37 | $ 11.90 | $ 18.48 |
Officers | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Holding period (years): | 5 years | 5 years | 5 years |
Weighted average exercise price at date of grant (also weighted average market price at date of grant): | $ 16.37 | $ 14.41 | $ 18.48 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Income (loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Goods and Services Sold | $ 649,690 | $ 558,967 | $ 641,140 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (178,404) | (197,651) | (179,987) |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 20,035 | (24,263) | (28,917) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (8,865) | (43,510) | (11,253) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (1,643) | 16,514 | (3,723) |
Other comprehensive income (loss) | 28,900 | 19,247 | (17,664) |
Ending balance | $ (149,504) | $ (178,404) | $ (197,651) |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Schedule of Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 16,862 | $ 15,296 | $ 10,632 | ||
Income tax expense (benefit) | [1] | 9,284 | (8,213) | 13,545 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | 0 | 25,295 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (149,504) | (178,404) | (197,651) | $ (179,987) | |
Equity | 184,722 | 109,055 | 376,749 | 354,857 | |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, beforeTax | 3,800 | (4,362) | (3,214) | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, Tax | (842) | 1,077 | 528 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 23,932 | (16,425) | (28,925) | ||
Net gains or losses and prior service costs, tax (benefit) | (5,212) | 4,228 | 6,417 | ||
Foreign currency translation adjustment, tax (benefit) | 365 | 897 | 623 | ||
Unrealized foreign currency translation adjustment (net of tax benefit of $365 in 2021, net of tax benefit of $897 in 2020 and net of tax benefit of $623 in 2019) | (1,643) | (8,781) | (3,723) | ||
Derivative financial instruments adjustment | (1,363) | 3,571 | 294 | ||
Net gains (losses) and prior service costs (net of tax of $5,212 in 2021, net of tax benefit of $4,228 in 2020 and net of tax benefit of $6,417 in 2019) | 18,720 | (12,197) | (22,508) | ||
Reclassification of foreign currency translation loss realized on the sale of Personal Care Films | 0 | 25,295 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (5,513) | 8,724 | 3,578 | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | 0 | 0 | 0 | ||
Amortization of prior service costs and net gains or losses, tax | (3,676) | (3,937) | (2,359) | ||
Reclassification from AOCI, Current Period, Tax | 1,192 | (1,868) | (598) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4,321) | 6,856 | 2,980 | ||
Amortization of prior service costs and net gains or losses (net of tax of $3,676 in 2021, net of tax of $3,937 in 2020 and net of tax of $2,359 in 2019) | 13,186 | 11,359 | 8,273 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 31,906 | (838) | (14,235) | ||
Other Comprehensive Income (Loss), Net of Tax | 28,900 | 19,247 | (17,664) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 25,724 | (30,465) | (36,485) | ||
Other Comprehensive Income (Loss) before Reclassifications, Tax | (5,689) | 6,202 | 7,568 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, afterTax | 2,958 | (3,285) | (2,686) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8,865 | 43,510 | 11,253 | ||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 20,035 | (24,263) | (28,917) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 11,349 | 49,315 | 14,210 | ||
Other Comprehensive Income (Loss) Reclassifications, Tax | (2,484) | (5,805) | (2,957) | ||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (2,008) | (9,678) | (4,346) | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (1,643) | 16,514 | (3,723) | ||
Foreign Currency Translation | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Equity | (85,792) | (84,149) | (100,663) | (96,940) | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Equity | 901 | 2,264 | (1,307) | (1,601) | |
Derivative financial instruments adjustment | (1,363) | 3,571 | 294 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Equity | (64,613) | (96,519) | (95,681) | $ (81,446) | |
Net gains (losses) and prior service costs (net of tax of $5,212 in 2021, net of tax benefit of $4,228 in 2020 and net of tax benefit of $6,417 in 2019) | 18,720 | (12,197) | (22,508) | ||
Amortization of prior service costs and net gains or losses (net of tax of $3,676 in 2021, net of tax of $3,937 in 2020 and net of tax of $2,359 in 2019) | $ 13,186 | $ 11,359 | $ 8,273 | ||
[1] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Acquisitions (Narratives) (Deta
Acquisitions (Narratives) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||||||||||
Net income from continuing operations | $ 21,358 | $ 6,229 | $ 20,728 | $ 9,618 | $ 6,475 | $ (16,976) | $ 14,332 | $ (20,663) | $ 57,937 | $ (16,833) | $ 58,461 |
Sales | 220,986 | $ 209,517 | $ 211,129 | $ 184,822 | 192,524 | $ 184,370 | $ 186,260 | $ 192,136 | 826,455 | 755,290 | 826,324 |
Goodwill, Purchase Accounting Adjustments | (2,900) | ||||||||||
Goodwill | $ 70,608 | $ 67,708 | 70,608 | 67,708 | 81,404 | ||||||
Payments to Acquire Property, Plant, and Equipment | $ 27,361 | $ 23,355 | $ 50,864 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 24, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Proceeds from sale of business | $ 0 | $ 56,236 | $ 0 | |||||||||
Sales reclassified to discontinued operations | 0 | 110,246 | 146,034 | |||||||||
Disposal Group, Including Discontinued Operation, Other Income | 0 | (333) | 6,424 | |||||||||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0 | 109,913 | 152,458 | |||||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 92,079 | 126,371 | |||||||||
Disposal Group, Including Discontinued Operation, Freight | 0 | 5,229 | 7,083 | |||||||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 739 | 16,824 | 17,754 | |||||||||
Disposal Group, Including Discontinued Operation, Research and Develpoment | 0 | 8,863 | 11,743 | |||||||||
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 1,529 | 3,341 | |||||||||
Disposal Group, Including Discontinued Operation, Goodwill Impairment | (1,118) | 0 | 0 | |||||||||
Gain on divestiture of business | 0 | (50,027) | 0 | |||||||||
Disposal Group, Including Discontinued Operation, adjustment to fair value | (1,118) | 0 | 0 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (1,118) | 55,538 | 3,646 | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | 0 | 55,115 | 0 | |||||||||
Proceeds from Sale of Other Asset, Discontinued Operations | 0 | 0 | 10,936 | |||||||||
Capital Expenditure, Discontinued Operations | 0 | (1,912) | (15,353) | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 53,203 | (4,417) | |||||||||
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 0 | 0 | (6,316) | |||||||||
Disposal Group, Including Discontinued Operation, Operating Expense | (379) | 174,551 | 166,292 | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 379 | (64,638) | (13,834) | |||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 490 | (6,027) | (3,632) | |||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | $ (6) | $ (26) | $ 508 | $ (587) | $ (5,580) | $ (48,237) | $ (3,136) | $ (1,658) | (111) | (58,611) | (10,202) | |
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets | 178 | 1,339 | 178 | 1,339 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Current | 178 | 1,339 | 178 | 1,339 | ||||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 0 | 0 | 0 | 0 | ||||||||
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent | 0 | 151 | 0 | 151 | ||||||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 151 | 0 | 151 | ||||||||
Disposal Group, Including Discontinued Operation, Assets | 178 | 1,490 | 178 | 1,490 | ||||||||
Disposal Group, Including Discontinued Operation, Accrued Expenses | 193 | 7,521 | 193 | 7,521 | ||||||||
Disposal Group, Including Discontinued Operation, Liabilities, Current | 193 | 7,521 | 193 | 7,521 | ||||||||
Disposal Group, Including Discontinued Operation, Other Accrued Expense | 200 | 200 | 200 | 200 | ||||||||
Disposal Group, Including Discontinued Operation, Accrued Severance | 2,100 | 2,100 | ||||||||||
Disposal Group, Including Discontinued Operation, Deferred Obligation | 5,300 | 5,300 | ||||||||||
Disposal Group, Including Discontinued Operation, Deferred Assets | 900 | 900 | ||||||||||
Disposal Group, Including Discontinued Operation, Other Receivable | 200 | $ 400 | 200 | 400 | ||||||||
Depreciation and Amortization, Discontinued Operations | 0 | 5,511 | 9,962 | |||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 60,500 | |||||||||||
Gain on divestiture of business | 0 | 50,027 | 0 | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | $ (2,299) | $ 0 | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, net of tax | 1,800 | |||||||||||
Assets Held-for-sale, Not Part of Disposal Group | $ 4,600 | 4,600 | ||||||||||
Disposal Group Not Discontinued Operation Gain Loss On Disposal, gross | 2,300 | |||||||||||
Disposal Group Including Discontinued Operation Cash Proceeds | 64,100 | |||||||||||
Proceeds from Sale of Productive Assets | $ 4,700 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2008 | ||
Investments, Other Investments [Line Items] | |||||
Goodwill, Impairment Loss | $ 0 | $ 13,696 | $ 0 | ||
Gain (loss) on investment accounted for under the fair value method | 14,160 | 14,720 | 9,642 | ||
Proceeds from Sale of Investment Projects | 47,062 | 0 | 0 | ||
kaleo | |||||
Investments, Other Investments [Line Items] | |||||
Gain (loss) on investment accounted for under the fair value method | [1] | (12,780) | 60,900 | (28,482) | |
Other Interest and Dividend Income | 17,600 | ||||
Gain (Loss) on Investments | 12,462 | (60,900) | 10,900 | ||
Cost Method Investments, Original Cost | $ 7,500 | ||||
Other Interest and Dividend Income | 17,600 | ||||
Gain (Loss) on Investments | $ 12,462 | $ (60,900) | $ 10,900 | ||
[1] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Investments (Schedule Of Fair V
Investments (Schedule Of Fair Value Method Investments, Balance Sheets And Income Statements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets | |||||||||||||
Cash and cash equivalents | $ 30,521 | $ 11,846 | $ 30,521 | $ 11,846 | $ 31,422 | $ 34,397 | |||||||
Net property, plant and equipment | 170,381 | 166,545 | 170,381 | 166,545 | |||||||||
Patents | 14,152 | 18,820 | 14,152 | 18,820 | |||||||||
Other assets | 2,460 | 3,506 | 2,460 | 3,506 | |||||||||
Total assets | [1] | 523,584 | 514,870 | 523,584 | 514,870 | ||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Other noncurrent liabilities | 73,000 | 134,000 | 73,000 | 134,000 | |||||||||
Equity | 184,722 | 109,055 | 184,722 | 109,055 | 376,749 | $ 354,857 | |||||||
Total liabilities and shareholders’ equity | 523,584 | 514,870 | 523,584 | 514,870 | |||||||||
Revenues & Expenses: | |||||||||||||
Cost of goods sold | (649,690) | (558,967) | (641,140) | ||||||||||
Income tax (expense) benefit | [2] | (9,284) | 8,213 | (13,545) | |||||||||
Net income (loss) | $ 21,352 | $ 6,203 | $ 21,236 | $ 9,031 | $ 895 | $ (65,213) | $ 11,196 | $ (22,321) | $ 57,826 | $ (75,444) | $ 48,259 | ||
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. | ||||||||||||
[2] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Cost of Goods and Services Sold | $ 649,690 | $ 558,967 | $ 641,140 | |
Net Sales | [1] | 798,223 | 729,604 | 797,344 |
Loss on sale of divested businesses | 0 | 52,326 | 0 | |
PE Films [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales | 118,920 | 139,288 | 133,807 | |
Shipping and Handling [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cost of Goods and Services Sold | $ 28,232 | $ 25,686 | $ 28,980 | |
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. |
Business Segments (Schedule Of
Business Segments (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue from External Customer [Line Items] | |||||||||||||
Total net sales | [1] | $ 798,223 | $ 729,604 | $ 797,344 | |||||||||
Goodwill, Impairment Loss | 0 | (13,696) | 0 | ||||||||||
Total | 102,108 | 85,769 | 86,123 | ||||||||||
Interest income | 73 | 44 | 66 | ||||||||||
Interest expense | 3,386 | 2,587 | 4,051 | ||||||||||
Gain (loss) on investment accounted for under the fair value method | (14,160) | (14,720) | (9,642) | ||||||||||
Gain (Loss) on Disposition of Assets | 0 | 0 | (6,334) | ||||||||||
Stock option-based compensation expense | 2,495 | 2,161 | 4,132 | ||||||||||
Corporate expenses, net | [2] | 41,859 | 42,912 | 34,482 | |||||||||
Income (loss) from continuing operations before income taxes | 67,221 | (25,046) | 72,006 | ||||||||||
Income tax expense (benefit) | [2] | 9,284 | (8,213) | 13,545 | |||||||||
Income (loss) from continuing operations | $ 21,358 | $ 6,229 | $ 20,728 | $ 9,618 | $ 6,475 | $ (16,976) | $ 14,332 | $ (20,663) | 57,937 | (16,833) | 58,461 | ||
Net income (loss) | 21,352 | 6,203 | 21,236 | 9,031 | 895 | (65,213) | 11,196 | (22,321) | 57,826 | (75,444) | 48,259 | ||
Cash and cash equivalents | 30,521 | 11,846 | 30,521 | 11,846 | 31,422 | $ 34,397 | |||||||
Cost of Goods and Services Sold | 649,690 | 558,967 | 641,140 | ||||||||||
Sales | 220,986 | 209,517 | 211,129 | 184,822 | 192,524 | 184,370 | 186,260 | 192,136 | 826,455 | 755,290 | 826,324 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 2,299 | 0 | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax | (6) | $ (26) | $ 508 | $ (587) | (5,580) | $ (48,237) | $ (3,136) | $ (1,658) | $ (111) | (58,611) | (10,202) | ||
Schedule Of Segment Reporting Information By Segment | Net Sales (In thousands) 2021 2020 2019 Aluminum Extrusions $ 539,325 $ 455,711 $ 529,602 PE Films 118,920 139,288 133,807 Flexible Packaging Films 139,978 134,605 133,935 Total net sales 798,223 729,604 797,344 Add back freight 28,232 25,686 28,980 Sales as shown in consolidated statements of income $ 826,455 $ 755,290 $ 826,324 Refer to Notes to Financial Tables that follow these tables. EBITDA from Ongoing Operations (In thousands) 2021 2020 2019 Aluminum Extrusions: Ongoing operations: EBITDA $ 55,948 $ 55,137 $ 65,683 Depreciation & amortization (d) (16,272) (17,403) (16,719) EBIT 39,676 37,734 48,964 Plant shutdowns, asset impairments, restructurings and other (a) 3,237 (3,506) (561) Goodwill impairment charge — (13,696) — Trade name accelerated amortization (d) — — (10,040) PE Films: Ongoing operations: EBITDA 27,694 45,107 41,133 Depreciation & amortization (6,263) (6,762) (5,860) EBIT 21,431 38,345 35,273 Plant shutdowns, asset impairments, restructurings and other (a) (371) (1,974) (733) Flexible Packaging Films: Ongoing operations: EBITDA 31,684 30,645 14,737 Depreciation & amortization (1,988) (1,761) (1,517) EBIT 29,696 28,884 13,220 Plant shutdowns, asset impairments, restructurings and other (a) 8,439 (18) — Total 102,108 85,769 86,123 Interest income 73 44 66 Interest expense 3,386 2,587 4,051 Gain (loss) on investment in kaléo (a) 12,780 (60,900) 28,482 Loss on sale of Bright View (f) — (2,299) — Stock option-based compensation expense 2,495 2,161 4,132 Corporate expenses, net (a) 41,859 42,912 34,482 Income (loss) from continuing operations before income taxes 67,221 (25,046) 72,006 Income tax expense (benefit) (a) 9,284 (8,213) 13,545 Income (loss) from continuing operations 57,937 (16,833) 58,461 Income (loss) from discontinued operations, net of tax (a) (111) (58,611) (10,202) Net income (loss) $ 57,826 $ (75,444) $ 48,259 | ||||||||||||
Foreign Country | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Cash and cash equivalents | 16,400 | 9,400 | $ 16,400 | 9,400 | |||||||||
Pension Benefits | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Defined benefit pension plan net liability | $ (71,557) | $ (103,084) | (71,557) | (103,084) | |||||||||
kaleo | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Gain (loss) on investment accounted for under the fair value method | [2] | 12,780 | (60,900) | 28,482 | |||||||||
Alleghany and Bath County, Virginia | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | (2,299) | ||||||||||||
PE Films [Member] | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Total net sales | 118,920 | 139,288 | 133,807 | ||||||||||
Plant shutdowns, asset impairments, restructurings and other | [2] | (371) | (1,974) | (733) | |||||||||
Goodwill, Impairment Loss | 0 | 0 | |||||||||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 27,694 | 45,107 | 41,133 | ||||||||||
Cost, Depreciation and Amortization | 6,263 | 6,762 | 5,860 | ||||||||||
Earnings before interest and taxes (EBIT) | 21,431 | 38,345 | 35,273 | ||||||||||
Aluminum Extrusions | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Total net sales | 539,325 | 455,711 | 529,602 | ||||||||||
Plant shutdowns, asset impairments, restructurings and other | [2] | 3,237 | (3,506) | (561) | |||||||||
Goodwill, Impairment Loss | 0 | (13,696) | 0 | ||||||||||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | (10,040) | ||||||||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 55,948 | 55,137 | 65,683 | ||||||||||
Cost, Depreciation and Amortization | 16,272 | 17,403 | 16,719 | ||||||||||
Earnings before interest and taxes (EBIT) | 39,676 | 37,734 | 48,964 | ||||||||||
Flexible Packaging Films [Member] [Domain] | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Total net sales | 139,978 | 134,605 | 133,935 | ||||||||||
Plant shutdowns, asset impairments, restructurings and other | [2] | 8,439 | (18) | 0 | |||||||||
PET Films | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 31,684 | 30,645 | 14,737 | ||||||||||
Cost, Depreciation and Amortization | 1,988 | 1,761 | 1,517 | ||||||||||
Earnings before interest and taxes (EBIT) | 29,696 | 28,884 | 13,220 | ||||||||||
Shipping and Handling [Member] | |||||||||||||
Revenue from External Customer [Line Items] | |||||||||||||
Other Cost of Operating Revenue | 28,232 | ||||||||||||
Cost of Goods and Services Sold | $ 28,232 | $ 25,686 | $ 28,980 | ||||||||||
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. | ||||||||||||
[2] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Business Segments (Schedule O_2
Business Segments (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | [1] | $ 523,584 | $ 514,870 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 30,521 | [1] | 11,846 | [1] | $ 31,422 | |
Disposal Group, Including Discontinued Operation, Assets | 178 | 1,490 | ||||
PE Films [Member] | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | 113,613 | 119,013 | ||||
Flexible Packaging Films [Member] [Domain] | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | 75,269 | 66,453 | ||||
General Corporate | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | [1] | 23,482 | 71,508 | |||
Subtotal | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | 469,403 | 430,026 | ||||
Aluminum Extrusions | ||||||
Revenue from External Customer [Line Items] | ||||||
Identifiable Assets, Total | $ 280,521 | $ 244,560 | ||||
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. |
Business Segments (Schedule O_3
Business Segments (Schedule Of Depreciation And Amortization, Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | $ 23,784 | $ 31,957 | $ 44,284 |
Capital Expenditures | 27,361 | 23,355 | 50,864 |
Capital Expenditure, Discontinued Operations | 0 | 1,912 | 15,353 |
PE Films [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 6,263 | 6,762 | 5,860 |
Capital Expenditures | 2,997 | 6,024 | 8,567 |
Flexible Packaging Films [Member] [Domain] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 1,988 | 1,761 | 1,517 |
Capital Expenditures | 5,603 | 4,959 | 8,866 |
Aluminum Extrusions | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 15,326 | 17,403 | 26,759 |
Capital Expenditures | 18,914 | 10,260 | 17,855 |
Subtotal | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 23,577 | 25,926 | 34,136 |
Capital Expenditures | 27,514 | 21,243 | 35,288 |
General Corporate | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization | 207 | 520 | 186 |
Capital Expenditures | $ (153) | $ 200 | $ 223 |
Business Segments (Schedule O_4
Business Segments (Schedule Of Net Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | $ 798,223 | $ 729,604 | $ 797,344 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | 614,987 | 530,243 | 593,599 |
Exports From The United States | Asia | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | 59,242 | 80,217 | 82,342 |
Revenues | 32,700 | 35,100 | 32,100 | |
Exports From The United States | Canada | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | 17,776 | 18,024 | 15,022 |
Exports From The United States | Europe | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | 4,489 | 5,440 | 5,752 |
Exports From The United States | Latin America | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | 4,937 | 2,169 | 4,135 |
Operations Outside The United States | Brazil | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | 96,792 | 93,511 | 96,274 |
Operations Outside The United States | China | ||||
Segment Reporting Information [Line Items] | ||||
Net Sales by Geographic Area, Total | [1] | $ 0 | $ 0 | $ 220 |
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. |
Business Segments (Schedule O_5
Business Segments (Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Identifiable Assets by Geographic Area, Total | [1] | $ 523,584 | $ 514,870 |
Property, Plant & Equipment, Net by Geographic Area, Total | 170,381 | 166,545 | |
Cash, Cash Equivalents, and Federal Funds Sold | [1] | 30,521 | 11,846 |
Property, Plant & Equipment, Net of Discontinued operations by Geographic Area, Total | [1] | 170,381 | 166,545 |
Disposal Group, Including Discontinued Operation, Assets | 178 | 1,490 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 0 | 0 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Identifiable Assets by Geographic Area, Total | [1] | 398,749 | 363,106 |
Property, Plant & Equipment, Net by Geographic Area, Total | [1] | 135,310 | 132,268 |
General Corporate | |||
Segment Reporting Information [Line Items] | |||
Identifiable Assets by Geographic Area, Total | [1] | 23,482 | 71,508 |
Property, Plant & Equipment, Net by Geographic Area, Total | [1] | 1,567 | 2,444 |
Operations Outside The United States | Brazil | |||
Segment Reporting Information [Line Items] | |||
Identifiable Assets by Geographic Area, Total | [1] | 54,299 | 49,157 |
Property, Plant & Equipment, Net by Geographic Area, Total | [1] | 18,615 | 15,588 |
Operations Outside The United States | China | |||
Segment Reporting Information [Line Items] | |||
Identifiable Assets by Geographic Area, Total | [1] | 16,355 | 17,763 |
Property, Plant & Equipment, Net by Geographic Area, Total | [1] | $ 14,889 | $ 16,245 |
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. |
Business Segments (Schedule O_6
Business Segments (Schedule Of Net Sales By Product Group) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | [1] | $ 798,223 | $ 729,604 | $ 797,344 |
PE Films [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 118,920 | 139,288 | 133,807 | |
Flexible Packaging Films [Member] [Domain] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 139,978 | 134,605 | 133,935 | |
Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 539,325 | 455,711 | 529,602 | |
Personal Care Materials [Member] | PE Films [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 30,484 | 22,700 | 22,542 | |
Surface protection films | PE Films [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 88,436 | 109,097 | 103,893 | |
LED lighting products & other films | PE Films [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 0 | 7,491 | 7,372 | |
Subtotal | PE Films [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 118,920 | 139,288 | 133,807 | |
Nonresidential building & construction | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 269,252 | 253,126 | 272,729 | |
Consumer durables | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 53,578 | 44,167 | 57,607 | |
Residential building & construction | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 52,236 | 40,049 | 43,554 | |
Machinery and Equipment | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 42,721 | 30,649 | 38,657 | |
Automotive | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 43,256 | 35,895 | 46,461 | |
Distribution | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 45,639 | 28,339 | 34,753 | |
Electrical | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | 32,643 | 23,486 | 35,841 | |
Subtotal | Aluminum Extrusions | ||||
Revenue from External Customer [Line Items] | ||||
Net Sales by Product Group | $ 539,325 | $ 455,711 | $ 529,602 | |
[1] | Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively. (c) Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films. |
Accounts And Other Receivable_2
Accounts And Other Receivables (Schedule Of Accounts And Other Receivable) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |||
Accounts Receivable, Gross, Current | $ 102,090 | $ 85,274 | |
Customer receivables | 105,048 | 89,124 | |
Other accounts and notes receivable | 2,958 | 3,850 | |
Total accounts and other receivables | 103,312 | 86,327 | |
Reclassification to accrued expenses for estimated sales returns | (775) | 0 | $ 0 |
Allowance for Doubtful Accounts and Sales Returns | 1,736 | 2,797 | |
Accounts Receivable, after Allowance for Credit Loss | $ 103,312 | $ 86,327 |
Accounts And Other Receivable_3
Accounts And Other Receivables (Schedule Of Reconciliation Of The Beginning And Ending Balances Of The Allowance For Doubtful Accounts And Sales Returns) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Customer receivables | $ 105,048 | $ 89,124 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Reclassification to accrued expenses for estimated sales returns | (775) | 0 | $ 0 |
Allowance For Doubtful Accounts | |||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Balance, beginning of year | 2,797 | 1,904 | 2,054 |
Charges to expense | 1,440 | 1,901 | 715 |
Recoveries | 35 | (90) | (38) |
Write-offs and settlements | (1,246) | (709) | (756) |
Foreign exchange and other | (515) | (209) | (71) |
Balance, end of year | $ 1,736 | $ 2,797 | $ 1,904 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories [Line Items] | ||
Inventories stated on the LIFO basis | $ 18.8 | $ 14.4 |
Inventories stated value below replacement costs | 27.5 | 12.1 |
Weighted Average Cost Inventory Amount | 30.9 | 33.6 |
FIFO Inventory Amount | $ 38.9 | $ 18.4 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Finished goods | $ 25,199 | $ 15,251 |
Work-in-process | 11,955 | 9,098 |
Raw materials | 32,958 | 25,913 |
Stores, supplies and other | 18,457 | 16,175 |
Total | $ 88,569 | $ 66,437 |
Goodwill And Other Intangible_4
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Goodwill impairment charge | $ 0 | $ 13,696 | $ 0 |
Goodwill, Impairment Loss, Net of Tax | 10,500 | ||
Goodwill | 70,608 | 67,708 | 81,404 |
Loss on sale of divested businesses | 0 | 52,326 | 0 |
Flexible Packaging Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | (392) | (397) | |
PE Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | 0 | (120) | |
Goodwill impairment charge | 0 | 0 | |
Goodwill | 57,338 | 57,338 | 57,338 |
Aluminum Extrusions | |||
Goodwill [Line Items] | |||
Amortization | (2,259) | (2,500) | |
Goodwill impairment charge | 0 | 13,696 | 0 |
Goodwill | 13,270 | 10,370 | 24,066 |
Loss on sale of divested businesses | (10,000) | ||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | $ 10,040 |
Adjustment to accumulated amortization of customer relationship intangible | (900) | ||
Reclassification from customer relationship intangibles to goodwill | (2,900) | ||
Reclassification from customer relationship intangibles to goodwill | 2,900 | ||
Adjustment to accumulated amortization of customer relationship intangible | (900) | ||
Customer Relationships [Member] | Flexible Packaging Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | (82) | (84) | |
Customer Relationships [Member] | PE Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | 0 | 0 | |
Customer Relationships [Member] | Aluminum Extrusions | |||
Goodwill [Line Items] | |||
Amortization | (2,239) | (2,480) | |
Proprietary Technology [Member] | Flexible Packaging Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | (53) | (53) | |
Proprietary Technology [Member] | PE Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | 0 | (120) | |
Proprietary Technology [Member] | Aluminum Extrusions | |||
Goodwill [Line Items] | |||
Amortization | (20) | (20) | |
Trade Names [Member] | Flexible Packaging Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | (257) | (260) | |
Trade Names [Member] | PE Films [Member] | |||
Goodwill [Line Items] | |||
Amortization | 0 | 0 | |
Trade Names [Member] | Aluminum Extrusions | |||
Goodwill [Line Items] | |||
Amortization | $ 0 | $ 0 |
Goodwill And Other Intangible_5
Goodwill And Other Intangible Assets (Schedule Of Goodwill And Other Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 13,696 | $ 0 |
Goodwill | 70,608 | 67,708 | 81,404 |
Goodwill, Purchase Accounting Adjustments | (2,900) | ||
Finite-Lived Intangible Assets, Net | 14,152 | ||
Identifiable intangible assets: | |||
Total carrying value of identifiable intangibles | 14,152 | 18,820 | |
Intangible Assets, Net (Including Goodwill) | 84,760 | 86,528 | |
Goodwill, Impairment Loss, Net of Tax | 10,500 | ||
Customer relationships | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 13,259 | 17,551 | |
Identifiable intangible assets: | |||
Finite-Lived Intangible Assets, Gross | 26,526 | 29,450 | |
Proprietary technology | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 118 | 194 | |
Identifiable intangible assets: | |||
Finite-Lived Intangible Assets, Gross | 3,721 | 3,726 | |
Trade Names [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 775 | 1,075 | |
Identifiable intangible assets: | |||
Finite-Lived Intangible Assets, Gross | 13,338 | 13,397 | |
Aluminum Extrusions | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill, Impairment Loss | 0 | 13,696 | 0 |
Goodwill | 13,270 | 10,370 | 24,066 |
Reclassification from customer relationship intangibles to goodwill | (2,900) | ||
Finite-Lived Intangible Assets, Net | 12,987 | 17,199 | 19,699 |
Aluminum Extrusions | Customer relationships | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 12,972 | 17,164 | 19,644 |
Aluminum Extrusions | Proprietary technology | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 15 | 35 | 55 |
Aluminum Extrusions | Trade Names [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | 0 |
PE Films [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill, Impairment Loss | 0 | 0 | |
Goodwill | 57,338 | 57,338 | 57,338 |
Finite-Lived Intangible Assets, Net | 0 | 0 | 610 |
PE Films [Member] | Customer relationships | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | 0 |
PE Films [Member] | Proprietary technology | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | 610 |
PE Films [Member] | Trade Names [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | $ 0 | $ 0 | $ 0 |
Goodwill And Other Intangible_6
Goodwill And Other Intangible Assets (Reconciliation Of The Beginning And Ending Balance Of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Goodwill, Impairment Loss | $ 0 | $ (13,696) | $ 0 |
Net carrying value of goodwill, beginning of period | 67,708 | 81,404 | |
Net carrying value of goodwill, end of period | 70,608 | 67,708 | 81,404 |
Aluminum Extrusions | |||
Goodwill [Roll Forward] | |||
Goodwill, Impairment Loss | 0 | (13,696) | 0 |
Net carrying value of goodwill, beginning of period | 10,370 | 24,066 | |
Net carrying value of goodwill, end of period | 13,270 | 10,370 | 24,066 |
PE Films [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Impairment Loss | 0 | 0 | |
Net carrying value of goodwill, beginning of period | 57,338 | 57,338 | |
Net carrying value of goodwill, end of period | $ 57,338 | $ 57,338 | $ 57,338 |
Goodwill And Other Intangible_7
Goodwill And Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2017 | $ 2,579 |
2018 | 1,953 |
2019 | 1,913 |
2020 | 1,913 |
2021 | $ 1,913 |
Goodwill And Other Intangible_8
Goodwill And Other Intangible Assets Goodwill and Other Intangible Assets (Rollforward Schedule of Identifiable Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | $ 14,152 | ||
Disposal Group, Including Discontinued Operation, Intangible Assets | $ (490) | ||
PE Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | $ 610 |
Amortization | 0 | (120) | |
Flexible Packaging Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 1,165 | 1,621 | 2,327 |
Amortization | (392) | (397) | |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (64) | (309) | |
Aluminum Extrusions [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 12,987 | 17,199 | 19,699 |
Amortization | (2,259) | (2,500) | |
Reclassification from customer relationship intangibles to goodwill | (2,900) | ||
Impairment of Intangible Assets, Finite-lived | 0 | 0 | (10,040) |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 13,259 | 17,551 | |
Customer Relationships [Member] | PE Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | 0 |
Amortization | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Intangible Assets | 0 | ||
Customer Relationships [Member] | Flexible Packaging Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 287 | 387 | 554 |
Amortization | (82) | (84) | |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (18) | (83) | |
Customer Relationships [Member] | Aluminum Extrusions [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 12,972 | 17,164 | 19,644 |
Amortization | (2,239) | (2,480) | |
Reclassification from customer relationships to goodwill, net amortization | (1,953) | ||
Proprietary Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 118 | 194 | |
Proprietary Technology [Member] | PE Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | 610 |
Amortization | 0 | (120) | |
Disposal Group, Including Discontinued Operation, Intangible Assets | (490) | ||
Proprietary Technology [Member] | Flexible Packaging Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 103 | 159 | 230 |
Amortization | (53) | (53) | |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (3) | (18) | |
Proprietary Technology [Member] | Aluminum Extrusions [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 15 | 35 | 55 |
Amortization | (20) | (20) | |
Trade Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 775 | 1,075 | |
Trade Names [Member] | PE Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | 0 |
Amortization | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Intangible Assets | 0 | ||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (43) | ||
Trade Names [Member] | Flexible Packaging Films [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 775 | 1,075 | 1,543 |
Amortization | (257) | (260) | |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (208) | ||
Trade Names [Member] | Aluminum Extrusions [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 0 | 0 | $ 0 |
Amortization | $ 0 | $ 0 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Thousands, lb in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)lb | Dec. 31, 2020USD ($)lb | |
Derivative [Line Items] | ||
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar | $ 150,000 | |
Net asset (liability) | $ (1,254) | $ (487) |
Weight of aluminum that hedged future purchase of aluminum to meet fixed-price forward sales contract obligations, lbs | lb | 14.9 | 13 |
Amounts of unrealized after-tax gains on derivative instruments | $ 700 | |
Aluminum Futures Contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Net | 22,100 | $ 12,100 |
Prepaid Expenses and Other Current Assets [Member] | Aluminum Futures Contracts | ||
Derivative [Line Items] | ||
Net asset (liability) | $ 1,966 |
Financial Instruments (Summary
Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Net asset (liability) | $ (1,254) | $ (487) | |
Cost of Goods and Services Sold | 649,690 | 558,967 | $ 641,140 |
Flexible Packaging Films [Member] [Domain] | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 |
Flexible Packaging Films [Member] [Domain] | Designated as Hedging Instrument | Accrued Expenses | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 0 | 853 | |
Liability derivatives: Aluminum futures contracts | 1,255 | 466 | |
Aluminum Futures Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 6,215 | 74 | (2,359) |
Aluminum Futures Contracts | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net asset (liability) | 1,966 | ||
Aluminum Futures Contracts | Prepaid Expenses And Other [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net asset (liability) | 1,538 | ||
Aluminum Futures Contracts | Designated as Hedging Instrument | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 2,085 | ||
Liability derivatives: Aluminum futures contracts | (119) | ||
Aluminum Futures Contracts | Designated as Hedging Instrument | Accrued Expenses | |||
Derivatives, Fair Value [Line Items] | |||
Asset derivatives | 1,560 | ||
Liability derivatives: Aluminum futures contracts | (22) | ||
Flexible Packaging Films [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net asset (liability) | (1,255) | 387 | |
Selling, General and Administrative Expenses [Member] | Flexible Packaging Films [Member] [Domain] | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2,415) | (4,437) | (856) |
Cost of Sales [Member] | Flexible Packaging Films [Member] [Domain] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 63 | 62 | 62 |
Cost of Sales [Member] | Aluminum Futures Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 5,787 | (2,717) | (2,736) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Selling, General and Administrative Expenses [Member] | Foreign Currency Forward Contracts | |||
Derivatives, Fair Value [Line Items] | |||
Cost of Goods and Services Sold | $ (337) | $ (6,069) | $ (904) |
Financial Instruments (Schedule
Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) - Aluminum Futures Contracts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 6,215 | $ 74 | $ (2,359) |
Cost of Sales [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 5,787 | $ (2,717) | $ (2,736) |
Financial Instruments Financial
Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Net asset (liability) | $ (1,254) | $ (487) | |
Cost of Goods and Services Sold | 649,690 | 558,967 | $ 641,140 |
Aluminum Futures Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 6,215 | 74 | (2,359) |
Aluminum Futures Contracts [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Net asset (liability) | 1,966 | ||
Aluminum Futures Contracts [Member] | Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 2,085 | ||
Derivative Liability, Fair Value, Gross Liability | 119 | ||
Aluminum Futures Contracts [Member] | Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 1,560 | ||
Derivative Liability, Fair Value, Gross Liability | 22 | ||
Flexible Packaging Films [Member] [Domain] | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 0 | 0 | 0 |
Flexible Packaging Films [Member] [Domain] | Selling, General and Administrative Expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2,415) | (4,437) | (856) |
Flexible Packaging Films [Member] [Domain] | Designated as Hedging Instrument [Member] | Accrued Expenses [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 0 | 853 | |
Derivative Liability, Fair Value, Gross Liability | (1,255) | (466) | |
Foreign Currency Forward Contracts | Selling, General and Administrative Expenses [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Cost of Goods and Services Sold | $ (337) | $ (6,069) | $ (904) |
Financial Instruments Financi_2
Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments - Terphane (Details). R$ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021BRL (R$) | |
Derivatives, Fair Value [Line Items] | ||||
Cost of Goods and Services Sold | $ 649,690 | $ 558,967 | $ 641,140 | |
Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.5108 | 5.5108 | ||
Percentage of Coverage Using Cash Flow Hedges | 75.00% | 75.00% | ||
Derivative, Notional Amount | $ 20,391 | R$ 112370 | ||
Flexible Packaging Films [Member] [Domain] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | 0 | 0 | 0 | |
Aluminum Futures Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | 6,215 | 74 | (2,359) | |
Derivative, Notional Amount, Net | 22,100 | 12,100 | ||
Selling, General and Administrative Expenses [Member] | Flexible Packaging Films [Member] [Domain] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of pre-tax gain (loss) recognized in other comprehensive income | (2,415) | (4,437) | (856) | |
Cost of Sales [Member] | Flexible Packaging Films [Member] [Domain] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | 63 | 62 | 62 | |
Cost of Sales [Member] | Aluminum Futures Contracts [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income to net income (effective portion) | $ 5,787 | $ (2,717) | $ (2,736) | |
Jan-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.3360 | 5.3360 | ||
Percentage of Coverage Using Cash Flow Hedges | 72.00% | 72.00% | ||
Derivative, Notional Amount | $ 1,677 | R$ 8948 | ||
Feb-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.3631 | 5.3631 | ||
Percentage of Coverage Using Cash Flow Hedges | 75.00% | 75.00% | ||
Derivative, Notional Amount | $ 1,751 | R$ 9391 | ||
Mar-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.3905 | 5.3905 | ||
Percentage of Coverage Using Cash Flow Hedges | 72.00% | 72.00% | ||
Derivative, Notional Amount | $ 1,662 | R$ 8959 | ||
Apr-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.4247 | 5.4247 | ||
Percentage of Coverage Using Cash Flow Hedges | 70.00% | 70.00% | ||
Derivative, Notional Amount | $ 1,615 | R$ 8761 | ||
May-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.4545 | 5.4545 | ||
Percentage of Coverage Using Cash Flow Hedges | 72.00% | 72.00% | ||
Derivative, Notional Amount | $ 1,647 | R$ 8984 | ||
Jun-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.4890 | 5.4890 | ||
Percentage of Coverage Using Cash Flow Hedges | 70.00% | 70.00% | ||
Derivative, Notional Amount | $ 1,596 | R$ 8760 | ||
Jul-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.5200 | 5.5200 | ||
Percentage of Coverage Using Cash Flow Hedges | 76.00% | 76.00% | ||
Derivative, Notional Amount | $ 1,719 | R$ 9489 | ||
Aug-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.5560 | 5.5560 | ||
Percentage of Coverage Using Cash Flow Hedges | 76.00% | 76.00% | ||
Derivative, Notional Amount | $ 1,708 | R$ 9490 | ||
Sep-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.5915 | 5.5915 | ||
Percentage of Coverage Using Cash Flow Hedges | 80.00% | 80.00% | ||
Derivative, Notional Amount | $ 1,780 | R$ 9953 | ||
Oct-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.6264 | 5.6264 | ||
Percentage of Coverage Using Cash Flow Hedges | 81.00% | 81.00% | ||
Derivative, Notional Amount | $ 1,793 | R$ 10088 | ||
Nov-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.6597 | 5.6597 | ||
Percentage of Coverage Using Cash Flow Hedges | 81.00% | 81.00% | ||
Derivative, Notional Amount | $ 1,784 | R$ 10097 | ||
Dec-19 [Member] | Terphane Ltda [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Foreign Currency Exchange Rate, Translation | 5.6962 | 5.6962 | ||
Percentage of Coverage Using Cash Flow Hedges | 76.00% | 76.00% | ||
Derivative, Notional Amount | $ 1,659 | R$ 9450 |
Accrued Expenses (Schedule Of A
Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accrued Liabilities [Abstract] | ||
Accrued Environmental Loss Contingencies, Current | $ 1,634 | $ 2,066 |
Vacation | 3,452 | 7,283 |
Payrolls, related taxes and medical and other benefits | 6,903 | 9,571 |
Incentive compensation | 7,016 | 8,138 |
Workers’ compensation and disabilities | 2,422 | 2,986 |
Accrued Utilities, Current | 1,938 | 1,460 |
Accrued Customer Rebates | 1,857 | 1,398 |
Other | 3,846 | 4,061 |
Accrued expenses | 33,104 | 40,741 |
Accrued Severance Liability | 445 | 1,894 |
Accrued Freight | 2,337 | 1,397 |
Derivative Assets (Liabilities), at Fair Value, Net | 1,254 | $ 487 |
Vacation accrual policy change | 3,900 | |
Vacation accrual policy change in SG&A | 1,300 | |
Vacation accrual policy change in cost of sales | $ 2,600 |
Accrued Expenses (Schedule Of R
Accrued Expenses (Schedule Of Reconciliation Of Beginning And Ending Balances Of Accrued Expenses Associated With Asset Impairments And Costs Associated With Exit And Disposal Activities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Accrued Freight | $ 2,337 | $ 1,397 |
Accrued Severance Liability | $ 445 | $ 1,894 |
Debt And Credit Agreements (Nar
Debt And Credit Agreements (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Available credit under the Credit Agreement | $ 287,000,000 |
Payments of Dividends | $ 200,000,000 |
Secured Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of credit facility, covenant terms, maximum debt to EBITDA ratio | 4 |
Line of credit facility, covenant terms, minimum adjusted EBIT-to-interest expense ratio | 3 |
Line of credit facility, covenant terms, maximum aggregate distributions | $ 75,000,000 |
Credit Facility covenant leverage ratio three times limitation | 3 |
Credit Facility limitation on dividend payments at leverage ratio greater than 3.00x | $ 4,750,000 |
Credit Facility, covenants, 50% of net income limitation when leverage ratio exceeds 3.00x | 50.00% |
Debt And Credit Agreements (Sch
Debt And Credit Agreements (Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | 20000.00% |
Line of Credit Facility, Commitment Fee Amount | 40 |
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | 17500.00% |
Line of Credit Facility, Commitment Fee Amount | 30 |
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | 16250.00% |
Line of Credit Facility, Commitment Fee Amount | 25 |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | 18750.00% |
Line of Credit Facility, Commitment Fee Amount | 35 |
Indebtedness To Adjusted Ebitda Ratio Less Than Or Equal To One [Member] | |
Line of Credit Facility [Line Items] | |
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member] | 15000.00% |
Line of Credit Facility, Commitment Fee Amount | 20 |
Debt And Credit Agreements (Sum
Debt And Credit Agreements (Summary Of Total Debt Due And Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Secured Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, covenant terms, maximum debt to EBITDA ratio | 4 |
Stock Option And Stock Award _3
Stock Option And Stock Award Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,125,944 | 2,827,438 | 1,628,903 | 890,116 |
Options may be granted to purchase specified number of common shares under stock option plan, maximum term | 10 years | |||
The total intrinsic value of stock options exercised | $ 0.2 | $ 0.1 | ||
The grant-date fair value of stock option-based awards vested | $ 3.5 | $ 3 | 0.5 | |
Stock options exercisable | 1,762,190 | 1,287,792 | ||
Total stock options available for grant | 910,420 | |||
Share-based Payment Arrangement, Expense | $ 0.1 | $ 1.3 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | (521,601) | 376,440 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 164,464 | 387,252 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modification | (10,043) | 71,402 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (9,260) | (82,214) | ||
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Weighted AverageExercise Price | $ 13.55 | $ 11.64 | $ 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, Grants in Period, Weighted Average Exercise Price | 16.37 | 11.60 | ||
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, modification, Weighted Average Exercise Price | 13.01 | 11.60 | ||
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, forfeited and expired, Weighted Average Exercise Price | $ 13.87 | $ 11.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 0.1 | $ 0.6 | ||
Payments of Dividends | $ 200 | |||
Dividends Payable, Amount Per Share | $ 5.97 | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 0.4 | |||
Stock Option Based Awards [Member] | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Unrecognized compensation cost | $ 1.7 | |||
Weighted average period for the cost expected to be recognized | 7 months 6 days | |||
Non-Vested Restricted Stock And Other Stock-Based Awards | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Unrecognized compensation cost | $ 2.6 | |||
Weighted average period for the cost expected to be recognized | 1 year 6 months | |||
Minimum | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Outstanding, Exercise Price | $ 10.75 | $ 10.75 | 15.65 | $ 15.65 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Exercise Price | 10.75 | 10.75 | 0 | |
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, Grants In Period, Exercise Price | 16.37 | 10.75 | ||
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, modification, Exercise Price | 10.75 | 10.75 | ||
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, forfeited and expired, Exercise Price | 10.75 | 10.75 | ||
Maximum | ||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, Options, Outstanding, Exercise Price | 22.49 | 22.49 | 24.84 | $ 24.84 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Exercise Price | 16.37 | 19.64 | $ 0 | |
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, Grants In Period, Exercise Price | 16.37 | 19.64 | ||
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, modification, Exercise Price | 16.37 | 19.64 | ||
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, forfeited and expired, Exercise Price | $ 15.25 | $ 19.64 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 11,616 | 57,385 | 26,389 |
Stock Option And Stock Award _4
Stock Option And Stock Award Plans (Summary Of Stock Options Outstanding) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Options | |||
Number of Options, Outstanding, Beginning Balance | 2,827,438 | 1,628,903 | 890,116 |
Number of Options, Granted | 388,822 | 638,074 | 758,287 |
Number of Options, Forfeited and Expired | (22,611) | 701,535 | (10,000) |
Number of Options, Exercised | (67,705) | (141,074) | (9,500) |
Number of Options, Outstanding, Ending Balance | 3,125,944 | 2,827,438 | 1,628,903 |
Weighted Average | |||
Weighted Average Option Exercise Price/Share, Outstanding, Beginning Balance | $ 13.55 | $ 19.13 | $ 19.69 |
Weighted Average Option Exercise Price/Share, Granted | 16.37 | 11.90 | 18.48 |
Weighted Average Option Exercise Price/Share, Forfeited and Expired | 18.14 | 11.90 | 19.40 |
Weighted Average Option Exercise Price/Share, Exercised | 13.51 | 11.87 | 19.40 |
Weighted Average Option Exercise Price/Share, Outstanding, Ending Balance | 13.82 | 13.55 | 19.13 |
Minimum | |||
Option Exercise Price/Share Range | |||
Exercise Price, Outstanding, Beginning Balance | 10.75 | 15.65 | 15.65 |
Exercise Price, Granted | 16.37 | 10.75 | 18.48 |
Exercise Price, Forfeited and Expired | 14.47 | 10.75 | 19.40 |
Exercise Price, Exercised | 10.75 | 10.75 | 19.40 |
Exercise Price, Outstanding, Ending Balance | 10.75 | 10.75 | 15.65 |
Maximum | |||
Option Exercise Price/Share Range | |||
Exercise Price, Outstanding, Beginning Balance | 22.49 | 24.84 | 24.84 |
Exercise Price, Granted | 16.37 | 14.62 | 18.48 |
Exercise Price, Forfeited and Expired | 19.64 | 14.62 | 19.40 |
Exercise Price, Exercised | 17.29 | 24.84 | 19.40 |
Exercise Price, Outstanding, Ending Balance | $ 22.49 | $ 22.49 | $ 24.84 |
Stock Option And Stock Award _5
Stock Option And Stock Award Plans (Summary Of Additional Information On Stock Options Outstanding And Exercisable) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Shares | 3,125,944 | |||
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 4 years 2 months 12 days | |||
Options Outstanding, Weighted Average, Exercise Price | $ 13.82 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 792,082 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,762,190 | 1,287,792 | ||
Options Exercisable, Weighted Average Exercise Price | $ 14.36 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 41,076 | |||
Dividend yield | 2.60% | 2.50% | 2.40% | |
Weighted average volatility percentage | 48.30% | 43.80% | 38.30% | |
Weighted average risk-free interest rate | 0.90% | 0.80% | 2.40% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 10.75 | $ 13.78 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,125,944 | 2,827,438 | 1,628,903 | 890,116 |
Estimated weighted average fair value of options per share at date of grant | $ 5.57 | $ 4.44 | $ 5.43 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period, Fair Value | $ 2,165 | $ 2,833 | $ 4,117 | |
Officers | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Holding period (years): | 5 years | 5 years | 5 years | |
- To 15.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, Minimum | $ 10.75 | |||
Range of Exercise Prices, Maximum | $ 16.37 | |||
Options Outstanding, Shares | 2,953,052 | |||
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 4 years 4 months 24 days | |||
Options Outstanding, Weighted Average, Exercise Price | $ 13.48 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 792,082 | |||
Options Exercisable, Shares | 1,589,298 | |||
Options Exercisable, Weighted Average Exercise Price | $ 13.78 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 41,076 | |||
15.01 To 17.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices, Minimum | $ 17.29 | |||
Range of Exercise Prices, Maximum | $ 25.94 | |||
Options Outstanding, Shares | 172,892 | |||
Options Outstanding, Weighted Average, Remaining Contractual Life (Years) | 1 year 7 months 6 days | |||
Options Outstanding, Weighted Average, Exercise Price | $ 19.71 | |||
Options Outstanding, Aggregate Intrinsic Value | $ 0 | |||
Options Exercisable, Shares | 172,892 | |||
Options Exercisable, Weighted Average Exercise Price | $ 19.71 | |||
Options Exercisable, Aggregate Intrinsic Value | $ 0 |
Stock Option And Stock Award _6
Stock Option And Stock Award Plans (Summary Of Additional Information On Non-Vested Restricted Stock Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Forfeited | 9,260 | 82,214 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Outstanding, Beginning Balance | 234,979 | 285,935 | 244,736 |
Number of Shares, Granted | 200,073 | 155,138 | 185,422 |
Number of Shares, Vested | (87,636) | (148,709) | (117,834) |
Number of Shares, Forfeited | (11,616) | (57,385) | (26,389) |
Number of Shares, Outstanding, Ending Balance | 335,800 | 234,979 | 285,935 |
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance | $ 16.68 | $ 18.27 | $ 16.20 |
Wgtd. Ave. Grant Date Fair Value/Sh., Granted | 15.63 | 14.55 | 18.46 |
Wgtd. Ave. Grant Date Fair Value/Sh., Vested | 15.78 | 17.39 | 14.76 |
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited | 16.38 | 17 | 16.11 |
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance | $ 16.30 | $ 16.68 | $ 18.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value, Outstanding, Beginning Balance | $ 3,919 | $ 5,224 | $ 3,965 |
Grant Date Fair Value, Granted | 3,127 | 2,257 | 3,423 |
Grant Date Fair Value, Vested | (1,383) | (2,586) | (1,739) |
Grant Date Fair Value, Forfeited | (190) | (976) | (425) |
Grant Date Fair Value, Outstanding, Ending Balance | $ 5,473 | $ 3,919 | $ 5,224 |
Maximum Non Vested Restricted Stock Units Issuable Upon Satisfaction Of Certain Performance Criteria [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Outstanding, Beginning Balance | 112,502 | 147,663 | 184,709 |
Number of Shares, Granted | 14,669 | 34,275 | 57,442 |
Number of Shares, Vested | (73,930) | (37,370) | (69,926) |
Number of Shares, Forfeited | (2,523) | (32,066) | (24,562) |
Number of Shares, Outstanding, Ending Balance | 50,718 | 112,502 | 147,663 |
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance | $ 21.82 | $ 21.25 | $ 16.97 |
Wgtd. Ave. Grant Date Fair Value/Sh., Granted | 15.24 | 15.25 | 18.34 |
Wgtd. Ave. Grant Date Fair Value/Sh., Vested | 17.17 | 17.38 | 10.96 |
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited | 17.63 | 17.36 | 11.51 |
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance | $ 17.63 | $ 21.82 | $ 21.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Grant Date Fair Value, Outstanding, Beginning Balance | $ 2,455 | $ 3,138 | $ 3,134 |
Grant Date Fair Value, Granted | 224 | 523 | 1,053 |
Grant Date Fair Value, Vested | (1,269) | (649) | (766) |
Grant Date Fair Value, Forfeited | (44) | (557) | (283) |
Grant Date Fair Value, Outstanding, Ending Balance | $ 1,366 | $ 2,455 | $ 3,138 |
Retirement Plans And Other Po_3
Retirement Plans And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and other postretirement liabilities | $ 78,265 | $ 110,585 | |
Percentage of change in health care cost trend rate assumptions would be immaterial | 1.00% | ||
Expected pension expense for next twelve months | $ 13,900 | ||
Defined benefit, average remaining duration of benefit payments for pension plans | 11 years 1 month 6 days | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | 100.00% | 100.00% |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation to unfunded plan | $ 316,169 | $ 336,159 | $ 318,763 |
Multi-employer pension plan, pension expenses | 14,085 | 14,646 | $ 9,585 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | (13,200) | ||
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 13,200 | ||
Unfunded Non-Qualified Supplemental Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation to unfunded plan | 2,100 | $ 2,200 | |
Pension Cost (Reversal of Cost) | $ 100 |
Retirement Plans And Other Po_4
Retirement Plans And Other Postretirement Benefits (Reconciliation Of Changes In Benefit Obligations And Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End | 3.05% | 5.00% | 5.00% |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | $ 336,159 | $ 318,763 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 8,398 | 10,156 | 12,222 |
Effect of actuarial (gains) losses related to the following: | |||
Discount rate change | (12,512) | 26,887 | |
Retirement rate assumptions and mortality table adjustments | 1,028 | (3,446) | |
Other | (101) | 69 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | 16,803 | 16,270 | |
Benefit obligation, end of year | 316,169 | 336,159 | 318,763 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, beginning of year | 233,075 | 218,329 | |
Actual return on plan assets | 23,131 | 18,800 | |
Employer contributions | 5,209 | 12,216 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | 16,803 | 16,270 | |
Plan assets at fair value, end of year | 244,612 | 233,075 | 218,329 |
Funded status of the plans | (71,557) | (103,084) | |
Amounts recognized in the consolidated balance sheets: | |||
Net amount recognized | 71,557 | 103,084 | |
Plan participant contributions | 0 | 0 | |
Plan participant contributions | 0 | 0 | |
Benefits paid | 16,803 | 16,270 | |
Benefits paid | 16,803 | 16,270 | |
Other Post-Retirement Benefits | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation, beginning of year | 8,164 | 7,650 | |
Service cost | 21 | 29 | 26 |
Interest cost | 195 | 243 | 290 |
Effect of actuarial (gains) losses related to the following: | |||
Discount rate change | (272) | 644 | |
Retirement rate assumptions and mortality table adjustments | (1) | 13 | |
Other | (274) | 55 | |
Plan participant contributions | 613 | 606 | |
Benefits paid | 1,076 | 1,076 | |
Benefit obligation, end of year | 7,370 | 8,164 | 7,650 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Plan assets at fair value, beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 463 | 470 | |
Plan participant contributions | 613 | 606 | |
Benefits paid | 1,076 | 1,076 | |
Plan assets at fair value, end of year | 0 | 0 | $ 0 |
Funded status of the plans | (7,370) | (8,164) | |
Amounts recognized in the consolidated balance sheets: | |||
Net amount recognized | 7,370 | 8,164 | |
Plan participant contributions | 613 | 606 | |
Plan participant contributions | 613 | 606 | |
Benefits paid | 1,076 | 1,076 | |
Benefits paid | 1,076 | 1,076 | |
Accrued Expenses | Pension Benefits | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Liability, Defined Benefit Plan, Current | 181 | 181 | |
Accrued Expenses | Other Post-Retirement Benefits | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Liability, Defined Benefit Plan, Current | 478 | 481 | |
Amounts recognized in the consolidated balance sheets: | |||
Liability, Defined Benefit Plan, Noncurrent | 6,892 | 7,683 | |
Other Noncurrent Liabilities [Member] | Pension Benefits | |||
Amounts recognized in the consolidated balance sheets: | |||
Liability, Defined Benefit Plan, Noncurrent | $ 71,376 | $ 102,903 |
Retirement Plans And Other Po_5
Retirement Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Income Or Cost For Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 2.90% | 2.57% | 3.27% |
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End | 3.05% | 5.00% | 5.00% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 2.57% | 3.27% | 4.40% |
Expected long-term return on plan assets | 5.00% | 5.00% | 6.00% |
Components of net periodic benefit cost: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 8,398 | 10,156 | 12,222 |
Expected return on plan assets | (11,316) | (11,004) | (13,528) |
Amortization of prior service costs and gains or losses | 17,003 | 15,494 | 10,891 |
Net periodic benefit cost | $ 14,085 | $ 14,646 | $ 9,585 |
Other Post-Retirement Benefits | |||
Weighted-average assumptions used to determine benefit obligations: | |||
Discount rate | 2.86% | 2.54% | 3.25% |
Weighted-average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 2.54% | 3.25% | 4.37% |
Components of net periodic benefit cost: | |||
Service cost | $ 21 | $ 29 | $ 26 |
Interest cost | 195 | 243 | 290 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service costs and gains or losses | (141) | (198) | (258) |
Net periodic benefit cost | $ 75 | $ 74 | $ 58 |
Retirement Plans And Other Po_6
Retirement Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments For Continuing Operations) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | $ 18,256 |
2018 | 18,380 |
2019 | 18,591 |
2020 | 18,615 |
2021 | 18,574 |
2022-2026 | 89,722 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 13,200 |
Other Post-Retirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2017 | 478 |
2018 | 472 |
2019 | 465 |
2020 | 456 |
2021 | 447 |
2022-2026 | 2,081 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | $ (100) |
Retirement Plans And Other Po_7
Retirement Plans And Other Postretirement Benefits (Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (gain) loss | $ 109,893 | $ 150,267 | $ 150,047 |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial (gain) loss | $ (320) | $ 86 | $ (824) |
Retirement Plans And Other Po_8
Retirement Plans And Other Postretirement Benefits (Schedule Of Percentage Composition Of Assets Held By Pension Plans) (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 100.00% | 100.00% | 100.00% |
Fixed income securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 25.30% | 7.70% | 8.70% |
Large/mid-capitalization equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 28.10% | 27.10% | 21.30% |
Small-capitalization equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 6.80% | 8.60% | 7.80% |
International and emerging market equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 19.90% | 20.60% | 19.70% |
Total equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 54.80% | 56.30% | 48.80% |
Private equity and hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 10.40% | 12.10% | 35.00% |
Other assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 6.70% | 6.40% | 6.10% |
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Composition of Plan Assets at December 31, Total for continuing operations | 2.80% | 17.50% | 1.40% |
Retirement Plans And Other Po_9
Retirement Plans And Other Postretirement Benefits (Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | $ 244,612 | $ 233,075 |
Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 68,739 | 63,146 |
Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 16,588 | 19,932 |
International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 25,174 | 24,325 |
Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 61,845 | 18,008 |
Private equity and hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 49,017 | 52,027 |
Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 6,868 | 5,629 |
Total Plan Assets at Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 195,595 | 181,048 |
Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 6,943 | 40,890 |
Contracts with Insurance Companies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 9,438 | 9,118 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 133,618 | 160,612 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 68,739 | 63,146 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 16,588 | 19,932 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 25,174 | 24,325 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 9,306 | 6,690 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 6,868 | 5,629 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 6,943 | 40,890 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Contracts with Insurance Companies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 52,539 | 11,318 |
Significant Other Observable Inputs (Level 2) | Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 52,539 | 11,318 |
Significant Other Observable Inputs (Level 2) | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Contracts with Insurance Companies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 9,438 | 9,118 |
Significant Unobservable Inputs (Level 3) | Large/mid-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Small-capitalization equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | International and emerging market equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Other assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Cash and Cash Equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Contracts with Insurance Companies | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets at fair value | $ 9,438 | $ 9,118 |
Savings Plan (Details)
Savings Plan (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 1998 | Dec. 31, 1997 | |
Savings Plan [Line Items] | |||||
Charges recognized | $ 3,300,000 | $ 4,000,000 | $ 3,900,000 | ||
Number of common stock purchased | 7,200 | 46,671 | |||
Amount of common stock purchased | $ 200,000 | $ 1,000,000 | |||
Savings Plan | |||||
Savings Plan [Line Items] | |||||
Employee contribution to savings plan | 1 | ||||
Defined Contribution Plan Employer Employee Contribution | $ 1 | ||||
Maximum matching contribution | 5.00% | ||||
Percentage of enrollment of base pay | 3.00% | ||||
Nonqualified Plan [Member] | |||||
Savings Plan [Line Items] | |||||
Liability under the restoration plan | $ 700,000 | $ 1,000,000 | |||
Liability under the restoration plan, shares | 56,570 | 61,394 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 12.30% | (18.20%) | 2.90% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 1.40% | 1.50% | 1.50% |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | (0.60%) | 9.90% | (0.20%) |
Changes in estimates related to prior year tax provision | $ (383) | $ (2,472) | $ (135) |
Effective Income Tax Rate Reconciliation Capital Loss Carryforwards Valuation Allowance, Amount | $ (5,415) | $ 52 | $ 60 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent | 1.60% | (0.80%) | 0.90% |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 1,053 | $ 208 | $ 637 |
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Percent | 0.30% | 0.20% | (3.50%) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Valuation allowance | $ 12,652 | $ 17,485 | |
Balance of unrecognized state tax positions | 500 | ||
Income tax expense (benefit) at federal statutory rate | 14,116 | (5,260) | $ 15,121 |
State taxes, net of federal income tax benefit | 933 | (373) | 1,050 |
Foreign rate differences | $ 8,269 | $ 4,554 | $ 2,247 |
Valuation allowance due to foreign losses and impairments | 0.00% | 0.00% | (19.90%) |
Income tax expense (benefit) at effective income tax rate | $ 9,284 | $ (8,213) | $ 13,545 |
Foreign Tax Credit - Brazil | 7,000 | 4,800 | 2,000 |
Deferred Tax Assets, State Taxes | 2,500 | 4,900 | 0 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 12,400 | 12,400 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | (7,019) | (4,787) | 1,999 |
Deferred Tax Assets, State Taxes | 2,500 | 4,900 | 0 |
State And Foreign Net Operating Loss Carryforwards | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | 33,900 | 18,300 | |
Valuation allowance | 9,400 | 5,500 | 2,500 |
Excess Capital Losses From Investments And Other Related Items | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 7,100 | $ 700 | $ 1,300 |
Terphane Ltda [Member] | |||
Income Taxes [Line Items] | |||
Income tax rate | 6.25% | ||
Current effective tax rate | 15.25% | ||
Percentage of social contribution on income included in current effective tax rate | 9.00% | ||
Brazilian | |||
Income Taxes [Line Items] | |||
Federal statutory income tax rate | 34.00% | ||
Income tax rate | 25.00% | ||
Percentage of social contribution on income included in federal statutory income tax rate | 9.00% | ||
Maximum | |||
Income Taxes [Line Items] | |||
Net Operating Loss Carrforward Expiration Period | 20 years |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Income (loss) from continuing operations before income taxes: | ||||
Domestic | $ 22,885 | $ (58,033) | $ 52,536 | |
Foreign | 44,336 | 32,987 | 19,470 | |
Income (loss) from continuing operations before income taxes | 67,221 | (25,046) | 72,006 | |
Current income tax expense (benefit): | ||||
Federal | 1,232 | 4,777 | 7,551 | |
State | 764 | 136 | 1,558 | |
Foreign | 13,521 | 2,374 | 579 | |
Current income taxes, Total | 15,517 | 7,287 | 9,688 | |
Deferred income tax expense (benefit): | ||||
Federal | (7,862) | (18,191) | 15,298 | |
State | 125 | (640) | 187 | |
Foreign | 1,504 | 3,331 | (11,628) | |
Deferred income taxes, Total | (6,233) | (15,500) | 3,857 | |
Total income tax expense (benefit) | [1] | $ 9,284 | $ (8,213) | $ 13,545 |
[1] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Income Taxes (Summary of Effect
Income Taxes (Summary of Effective Income Tax Rate For Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) at federal statutory rate | $ 14,116 | $ (5,260) | $ 15,121 |
Federal statutory rate | 21.00% | 21.00% | 21.00% |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income | $ (5,667) | $ 1,409 | $ 16,029 |
Effective Income Tax Rate Reconciliation - U.S. Tax on Foreign Branch Income - Percentage | (8.40%) | (5.60%) | 22.30% |
State taxes, net of federal income tax benefit | 1.40% | 1.50% | 1.50% |
Non-deductible expenses | 1.60% | (0.80%) | 0.90% |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | $ 7,019 | $ 4,787 | $ (1,999) |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | (10.40%) | 19.10% | (2.80%) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Amount | $ 1,053 | $ 208 | $ 637 |
Foreign rate differences | 12.30% | (18.20%) | 2.90% |
effective income tax rate reconciliation, valuation allowance due to foreign losses | $ 0 | $ 0 | $ (14,350) |
Effective Income Tax Rate Reconciliation, Valuation Allowance Due To Foreign Losses And Impairments, Percentage | 0.00% | 0.00% | (19.90%) |
Effective Income Tax Rate Reconciliation Amount - FDII | $ 0 | $ 0 | $ (319) |
Effective Income Tax Rate Reconciliation Percent - FDII | 0.00% | 0.00% | (0.40%) |
Effective Income Tax Rate Reconciliation, Valuation Allowance Due To Foreign Losses, Percentage | (8.10%) | (0.20%) | 0.10% |
Research and development tax credit | (1.40%) | 2.50% | (0.70%) |
Changes in estimates related to prior year tax provision | (0.60%) | 9.90% | (0.20%) |
Effective Income Tax Rate Reconciliation Capital Loss Carryforwards Valuation Allowance, Amount | $ (5,415) | $ 52 | $ 60 |
Effective Income Tax Rate Reconciliation, Tax Settlement, Other, Amount | $ 202 | $ (58) | $ (2,543) |
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Percent | 0.30% | 0.20% | (3.50%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ (928) | $ (633) | $ (523) |
Changes in estimates related to prior year tax provision | (383) | (2,472) | (135) |
State taxes, net of federal income tax benefit | 933 | (373) | 1,050 |
Foreign rate differences | 8,269 | 4,554 | 2,247 |
Income tax expense (benefit) at effective income tax rate | (9,284) | 8,213 | (13,545) |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | $ (109) | $ (52) | $ (1,016) |
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent | (0.20%) | 0.20% | (1.40%) |
Income tax expense (benefit) at effective income tax rate | $ 9,284 | $ (8,213) | $ 13,545 |
Effective Income Tax Rate Reconciliation, Deduction, Percent | 13.80% | 32.80% | 18.80% |
Income Taxes [Line Items] | |||
Effective Income Tax Rate Reconciliation, Tax on Prodepe tax incentive | $ 2,858 | $ (801) | $ (714) |
Effective Income Tax Rate Reconciliation, Tax on Prodepe tax incentive, percent | 4.30% | 3.20% | (1.00%) |
Income tax rate reconciliation, Foreign currency translation variation on intercompany loans, percent | 2.00% | 0.00% | 0.00% |
Income tax rate reconciliation, Foreign currency translation variation on intercompany loans, amount | $ 1,374 | $ 0 | $ 0 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred income tax liabilities: | ||
Amortization of goodwill and identifiable intangibles | $ 10,215 | $ 9,520 |
deferred tax liabilities, depreciation | 12,902 | 10,844 |
deferred tax liabilites, foreign tax credit on froeign branch income | 4,796 | 5,714 |
Deferred Tax Liabilities, Investments | 0 | 4,905 |
deferred tax liabilites, right-of-use asset | 2,767 | 2,979 |
Deferred Tax Liabilities, Other | 520 | 944 |
Total deferred income tax liabilities | 31,200 | 34,906 |
Deferred income tax assets: | ||
Pensions | 5,632 | 25,576 |
Employee benefits | 7,791 | 9,757 |
Inventory | 3,775 | 2,613 |
Excess capital losses | 1,097 | 7,462 |
Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards | 33,922 | 18,305 |
Asset write-offs, divestitures and environmental accruals | 1,173 | 2,904 |
Other | 146 | 275 |
deferred tax asset, lease liabilities | 2,977 | 3,144 |
Tax basis remaining for installment sale - kaléo | 1,092 | 0 |
Foreign currency translation gain adjustment | 1,970 | 1,423 |
Deferred income tax assets before valuation allowance | 59,575 | 71,459 |
Less: Valuation allowance | 12,652 | 17,485 |
Net deferred income tax (assets) liabilities | 15,723 | 19,068 |
Deferred Tax Assets, Net, Noncurrent | 15,723 | 19,068 |
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent | 46,923 | 53,974 |
Deferred income tax liabilities (noncurrent) | $ 0 | $ 0 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of period | $ 628 | $ 881 | $ 3,361 |
Increase (decrease) due to tax positions taken in, Current period | 0 | 12 | 12 |
Increase (decrease) due to tax positions taken in, Prior period | 40 | 0 | 49 |
Increase (decrease) due to settlements with taxing authorities | 0 | 0 | (151) |
Reductions due to lapse of statute of limitations | (20) | (265) | (2,390) |
Balance at end of period | $ 648 | $ 628 | $ 881 |
Income Taxes (Schedule Of Addit
Income Taxes (Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Gross unrecognized tax benefits on uncertain tax positions (reflected in current income tax, other noncurrent liability accounts, or deferred tax assets in the balance sheet) | $ 648 | $ 628 | $ 881 | $ 3,361 |
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet) | 48 | (110) | (163) | |
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized | 696 | 518 | 718 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 133 | 102 | 100 | |
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $26, $2 and $(144) reflected in income tax expense in the income statement in 2021, 2020 and 2019, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet) | 26 | 2 | (144) | |
Related deferred income tax assets recognized on interest and penalties | (31) | (24) | (23) | |
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized | 102 | 78 | 77 | |
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized | $ 798 | $ 596 | $ 795 |
Losses Associated With Plant _2
Losses Associated With Plant Shutdowns, Asset Impairments And Restructurings, Unusual Items, Gains From Sale Of Assets And Other Items (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Property, Plant and Equipment [Abstract] | |
Severance and other employee expenses | $ 1.6 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Brazil one-time tax credit PIS/COFINS | $ 8,486 | $ 0 | $ 0 | |
Unrealized gain (loss) on investments under fair value method | (14,160) | (14,720) | (9,642) | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | (2,299) | 0 | |
Gain (Loss) on Disposition of Other Assets | 378 | 0 | 0 | |
Other Nonrecurring Expense | 297 | (851) | 0 | |
Other Nonoperating Expense | (624) | (2,231) | 0 | |
Other Nonoperating Income (Expense) | (424) | (1,013) | (111) | |
Other Nonoperating Income (Expense), Net - Total | 20,376 | (67,294) | 28,371 | |
Investment Income, Dividend | (300) | |||
kaleo [Member] | ||||
Unrealized Gain (Loss) on Investments - kaleo | 12,780 | (60,900) | 28,482 | |
Unrealized gain (loss) on investments under fair value method | [1] | 12,780 | (60,900) | 28,482 |
Gain (Loss) on Investments | 12,462 | (60,900) | 10,900 | |
Other Interest and Dividend Income | 17,600 | |||
Harbinger Capital Partners Special Situations | ||||
Gain (Loss) on Investments | (517) | 0 | 0 | |
Investment Owned, at Fair Value | $ 200 | $ 700 | $ 1,100 | |
[1] | See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items. |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Payments | $ 5,326 | |
Lessee, Operating Lease, Liability, Payments, Due | 17,311 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 2,322 | |
Operating Lease, Liability | 14,989 | |
Operating Leases, Future Minimum Payments Due | 2,594 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2,478 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2,417 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2,417 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2,079 | |
Operating Lease, Expense | 2,752 | $ 3,260 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 | $ 529 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years | 8 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.22% | 4.21% |
Operating Lease, Right-of-Use Asset | $ 13,847 | $ 16,037 |
Lessee, Operating Lease, Term of Contract | 9 years |