Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-10258 | |
Entity Registrant Name | Tredegar Corporation | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1497771 | |
Entity Address, Address Line One | 1100 Boulders Parkway | |
Entity Address, City or Town | Richmond, | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23225 | |
City Area Code | (804) | |
Local Phone Number | 330-1000 | |
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | TG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000850429 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 33,853,082 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 25,648 | $ 30,521 |
Accounts and other receivables, net | 129,559 | 103,312 |
Income taxes recoverable | 2,512 | 2,558 |
Inventories | 104,560 | 88,569 |
Prepaid expenses and other | 17,183 | 11,275 |
Current assets of discontinued operations | 151 | 178 |
Total current assets | 279,613 | 236,413 |
Property, plant and equipment, at cost | 506,511 | 498,311 |
Less: accumulated depreciation | (333,944) | (327,930) |
Net property, plant and equipment | 172,567 | 170,381 |
Right-of-use leased assets | 13,385 | 13,847 |
Identifiable intangible assets, net | 13,632 | 14,152 |
Goodwill | 70,608 | 70,608 |
Deferred Income Tax Assets, Net | 11,409 | 15,723 |
Other assets | 3,457 | 2,460 |
Total assets | 564,671 | 523,584 |
Current liabilities: | ||
Accounts payable | 144,585 | 123,760 |
Accrued expenses | 27,012 | 33,104 |
Lease liability, short-term | 2,119 | 2,158 |
Income taxes payable | 643 | 9,333 |
Current liabilities of discontinued operations | 178 | 193 |
Total current liabilities | 174,537 | 168,548 |
Lease liability, long-term | 12,361 | 12,831 |
Long-term debt | 131,250 | 73,000 |
Pension and other postretirement benefit obligations, net | 28,333 | 78,265 |
Other non-current liabilities | 6,322 | 6,218 |
Total liabilities | 352,803 | 338,862 |
Shareholders’ equity: | ||
Common stock, no par value (issued and outstanding 33,837,815 shares at March 31, 2022 and 33,736,629 shares at December 31, 2021) | 55,953 | 55,174 |
Common stock held in trust for savings restoration plan (109,494 shares at March 31, 2022 and 108,433 shares at December 31, 2021) | (2,148) | (2,135) |
Foreign currency translation adjustment | (80,256) | (85,792) |
Gain (loss) on derivative financial instruments | 6,831 | 901 |
Pension and other postretirement benefit adjustments | (62,075) | (64,613) |
Retained earnings | 293,563 | 281,187 |
Total shareholders’ equity | 211,868 | 184,722 |
Total liabilities and shareholders’ equity | $ 564,671 | $ 523,584 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares, Outstanding | 33,837,815 | 33,736,629 |
Common Stock, Shares, Issued | 33,837,815 | 33,736,629 |
Common Stock, Shares Held in Employee Trust, Shares | 109,494 | 108,433 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues and other items: | ||
Gross Sales | $ 236,566 | $ 184,822 |
Other income (expense), net | (267) | 760 |
Total revenues, net of other expenses | 236,299 | 185,582 |
Costs and expenses: | ||
Selling, general and administrative | 21,282 | 18,384 |
Research and development | 1,525 | 1,721 |
Amortization of identifiable intangibles | 663 | 723 |
Accrued pension and post-retirement benefits | 3,476 | 3,540 |
Interest expense | 786 | 822 |
Asset impairments and costs associated with exit and disposal activities, net of adjustments | (9) | 169 |
Total | 219,064 | 172,867 |
Income (loss) from continuing operations before income taxes | 17,235 | 12,715 |
Income tax expense (benefit) | 778 | 3,097 |
Net income (loss) from continuing operations | 16,457 | 9,618 |
Income (loss) from discontinued operations, net of tax | (35) | (587) |
Net income (loss) | $ 16,422 | $ 9,031 |
Basic: | ||
Continuing operations | $ 0.49 | $ 0.29 |
Discontinued operations | 0 | (0.02) |
Earnings Per Share, Basic | 0.49 | 0.27 |
Diluted: | ||
Continuing operations | 0.49 | 0.29 |
Discontinued operations (in USD per share) | 0 | (0.02) |
Earnings Per Share, Diluted | $ 0.49 | $ 0.27 |
Shares used to compute earnings (loss) per share: | ||
Basic | 33,654 | 33,406 |
Diluted | 33,696 | 33,644 |
Product [Member] | ||
Costs and expenses: | ||
Cost of Goods and Services Sold | $ 183,260 | $ 141,285 |
Shipping and Handling [Member] | ||
Costs and expenses: | ||
Cost of Goods and Services Sold | $ 8,081 | $ 6,223 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ 16,422 | $ 9,031 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 5,536 | (2,648) |
Derivative financial instruments adjustment | 5,930 | (236) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 2,538 | 3,319 |
Other comprehensive income (loss), net of tax | 14,004 | 435 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 30,426 | $ 9,466 |
Consolidated Statements Of Co_2
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustment, tax (benefit) | $ (728) | $ (272) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | 2,916 | (188) |
Amortization of prior service costs and net gains or losses, tax | $ 712 | $ 924 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net Income (Loss) Attributable to Parent | $ 16,422 | $ 9,031 |
Adjustments for noncash items: | ||
Depreciation | 5,829 | 5,463 |
Amortization of identifiable intangibles | 663 | 723 |
Reduction of right-of-use lease asset | 500 | 549 |
Deferred income taxes | 552 | 1,017 |
Accrued pension and post-retirement benefits | 3,506 | 3,540 |
Stock-based compensation expense | 1,295 | 576 |
Gain on investment in kaléo | 0 | (400) |
Changes in assets and liabilities: | ||
Accounts and other receivables | (24,351) | (2,126) |
Inventories | (12,622) | (5,442) |
Income taxes recoverable/payable | (8,791) | 1,102 |
Prepaid expenses and other | 3,323 | 2,798 |
Accounts payable and accrued expenses | 10,384 | (2,517) |
Lease liability | (547) | (535) |
Pension and postretirement benefit plan contributions | (50,158) | (3,886) |
Other, net | (742) | (23) |
Net Cash Provided by (Used in) Operating Activities | (54,737) | 9,870 |
Cash flows from investing activities: | ||
Capital expenditures | (5,086) | (5,259) |
Net cash used in investing activities | (5,086) | (5,259) |
Cash flows from financing activities: | ||
Borrowings | 109,500 | 32,000 |
Debt principal payments | (51,250) | (23,000) |
Dividends paid | (4,059) | (4,025) |
Other | (396) | 915 |
Net cash provided by financing activities | 53,795 | 5,890 |
Effect of exchange rate changes on cash | 1,155 | (488) |
Increase (decrease) in cash & cash equivalents | (4,873) | 10,013 |
Cash, cash equivalents, and restricted cash at beginning of period | 30,521 | 11,846 |
Cash, cash equivalents, and restricted cash at end of period | $ 25,648 | $ 21,859 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2020 | $ 109,055 | $ 50,066 | $ 239,480 | $ (2,087) | $ (178,404) |
Net income (loss) | 9,031 | 9,031 | |||
Foreign currency translation adjustment | (2,648) | (2,648) | |||
Derivative financial instruments adjustment | (236) | (236) | |||
Amortization of prior service costs and net gains or losses | 3,319 | 3,319 | |||
Cash dividends declared ($0.12 per share) | (4,025) | (4,025) | |||
Stock-based compensation expense | 576 | 576 | |||
Shares issued upon exercise of stock options | 915 | 915 | |||
Tredegar common stock purchased by trust for savings restoration plan | 10 | (10) | |||
Ending Balance at Mar. 31, 2021 | 115,987 | 51,557 | 244,496 | (2,097) | (177,969) |
Beginning Balance at Dec. 31, 2021 | 184,722 | 55,174 | 281,187 | (2,135) | (149,504) |
Net income (loss) | 16,422 | 16,422 | |||
Foreign currency translation adjustment | 5,536 | 5,536 | |||
Derivative financial instruments adjustment | 5,930 | 5,930 | |||
Amortization of prior service costs and net gains or losses | 2,538 | 2,538 | |||
Cash dividends declared ($0.12 per share) | (4,059) | (4,059) | |||
Stock-based compensation expense | 1,175 | 1,175 | |||
Repurchase of employee common stock for tax withholdings | (396) | (396) | |||
Tredegar common stock purchased by trust for savings restoration plan | (13) | 13 | |||
Ending Balance at Mar. 31, 2022 | $ 211,868 | $ 55,953 | $ 293,563 | $ (2,148) | $ (135,500) |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared, per share | $ 0.12 | $ 0.12 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | In the opinion of management, the accompanying condensed consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of March 31, 2022, the condensed consolidated results of operations for the three months ended March 31, 2022 and 2021, the condensed consolidated cash flows for the three months ended March 31, 2022 and 2021, and the condensed consolidated changes in shareholders’ equity for the three months ended March 31, 2022 and 2021, in accordance with U.S. generally accepted accounting principles (“GAAP”). All such adjustments, unless otherwise detailed in the notes to the condensed consolidated financial statements, are deemed to be of a normal, recurring nature. The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. As such, the fiscal first quarter for 2022 and 2021 for this segment references 13-week periods ended March 27, 2022 and March 28, 2021. The Company does not believe the impact of reporting the results of this segment as stated above 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 quarter end and the Company’s fiscal quarter end. There was no intercompany funding with Aluminum Extrusions between March 27, 2022 and March 31, 2022. The financial position data as of December 31, 2021 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”) but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2021 Form 10-K. The results of operations for the three months ended March 31, 2022, are not necessarily indicative of the results to be expected for the full year. 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. |
Accounts and Other Receivables
Accounts and Other Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Accounts and Other Receivables | As of March 31, 2022 and December 31, 2021, accounts receivable and other receivables, net include the following: March 31, December 31, (In thousands) 2022 2021 Customer receivables $ 128,930 $ 102,090 Other receivables 2,517 2,958 Total accounts and other receivables 131,447 105,048 Less: Allowance for bad debts (1,888) (1,736) Total accounts and other receivables, net $ 129,559 $ 103,312 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory, Net [Abstract] | |
Inventories | The components of inventories are as follows: (In thousands) March 31, 2022 December 31, 2021 Finished goods $ 26,796 $ 25,199 Work-in-process 18,122 11,955 Raw materials 39,481 32,958 Stores, supplies and other 20,161 18,457 Total $ 104,560 $ 88,569 |
Pension And Other Post-Retireme
Pension And Other Post-Retirement Benefits | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Pension And Other Post-Retirement Benefits | Tredegar sponsors a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. 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. 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. 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. Pension expense recognized for this plan was immaterial in the first quarter of 2022 and 2021, respectively. This information has been included in the pension benefit table below. The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the condensed consolidated statements of income for the three months ended March 31, 2022 and 2021, are shown below: Pension Benefits Other Post-Retirement Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2022 2021 2022 2021 Service cost $ — $ — $ 5 $ 9 Interest cost 2,225 2,102 51 50 Expected return on plan assets (2,055) (2,862) — — Amortization of prior service costs, (gains) losses and net transition asset 3,284 4,265 (34) (24) Net periodic benefit cost $ 3,454 $ 3,505 $ 22 $ 35 Pension and other postretirement liabilities were $29.0 million and $78.9 million at March 31, 2022 and December 31, 2021, respectively ($0.7 million included in “Accrued expenses” at March 31, 2022 and December 31, 2021, respectively, with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets). Tredegar funds its other postretirement benefits on a claims-made basis; for 2022, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2021, or approximately $0.5 million. |
Other Income (Expense), Net (No
Other Income (Expense), Net (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | Other income (expense), net consists of the following: Three Months Ended March 31, (In thousands) 2022 2021 Gain on investment in kaléo (a) $ — $ 718 Transition service fees, net of corporate costs associated with the divested Personal Care business (32) 304 COVID-19-related expenses, net of relief (b) (212) (19) Write-down of investment in Harbinger Capital Partners Special Situations Fund (c) (7) (148) Other (16) (95) Total $ (267) $ 760 (a) The gain in the first three months of 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. See Note 12. (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 Fund L.P. that had a fair value of $0.2 million as of March 31, 2022 and $0.2 million as of December 31, 2021 reported in "Other assets" in the condensed consolidated balance sheet. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Basic earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: Three Months Ended March 31, (In thousands) 2022 2021 Weighted average shares outstanding used to compute basic earnings per share 33,654 33,406 Incremental dilutive shares attributable to stock options and restricted stock 42 238 Shares used to compute diluted earnings per share 33,696 33,644 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2021 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | 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, 2022 (85,792) 901 (64,613) (149,504) Other comprehensive income (loss) 6,264 10,003 — 16,267 Income tax (expense) benefit (728) (3,190) — (3,918) Other comprehensive income (loss), net of tax 5,536 6,813 — 12,349 Reclassification adjustment to net income (loss) — (1,157) 3,250 2,093 Income tax (expense) benefit — 274 (712) (438) Reclassification adjustment to net income (loss), net of tax — (883) 2,538 1,655 Other comprehensive income (loss), net of tax 5,536 5,930 2,538 14,004 Balance at March 31, 2022 $ (80,256) $ 6,831 $ (62,075) $ (135,500) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2021 (84,149) 2,264 (96,519) (178,404) Other comprehensive income (loss) (2,920) 231 — (2,689) Income tax (expense) benefit 272 42 — 314 Other comprehensive income (loss), net of tax (2,648) 273 — (2,375) Reclassification adjustment to net income (loss) — (655) 4,243 3,588 Income tax (expense) benefit — 146 (924) (778) Reclassification adjustment to net income (loss), net of tax — (509) 3,319 2,810 Other comprehensive income (loss), net of tax (2,648) (236) 3,319 435 Balance at March 31, 2021 $ (86,797) $ 2,028 $ (93,200) $ (177,969) |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Derivative Instruments [Abstract] | |
Derivative 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 exists as part of ongoing business operations in Flexible Packaging Films. These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the condensed consolidated balance sheet at fair value. 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. The notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $24.2 million (14.3 million pounds of aluminum) at March 31, 2022 and $22.1 million (14.9 million pounds of aluminum) at December 31, 2021. The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Aluminum futures contracts Prepaid expenses and other $ 6,665 Prepaid expenses and other $ 2,085 Aluminum futures contracts Other assets 521 Other assets — Liability derivatives: Aluminum futures contracts Accrued expenses (43) Accrued expenses (119) Net asset $ 7,143 $ 1,966 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 ("R$") is annual net costs of R$150 million for the full year of 2022. Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars: USD Notional Amount (000s) Average Forward Rate Contracted on USD/BRL R$ Equivalent Amount (000s) Applicable Month Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged $1,615 5.4247 R$8,761 Apr-22 68% $1,647 5.4545 R$8,984 May-22 70% $1,596 5.4890 R$8,760 Jun-22 68% $1,719 5.5200 R$9,489 Jul-22 74% $1,708 5.5560 R$9,490 Aug-22 74% $1,780 5.5915 R$9,953 Sep-22 77% $1,793 5.6264 R$10,088 Oct-22 78% $1,784 5.6597 R$10,097 Nov-22 78% $1,659 5.6962 R$9,450 Dec-22 73% $625 5.5145 R$3,447 Jan-23 24% $625 5.5581 R$3,474 Feb-23 24% $625 5.6014 R$3,501 Mar-23 24% $625 5.6446 R$3,528 Apr-23 24% $625 5.6866 R$3,554 May-23 24% $625 5.7323 R$3,583 Jun-23 24% $625 5.7756 R$3,610 Jul-23 25% $625 5.8197 R$3,637 Aug-23 25% $625 5.8627 R$3,664 Sep-23 25% $625 5.9028 R$3,689 Oct-23 25% $625 5.9414 R$3,713 Nov-23 25% $625 5.9800 R$3,738 Dec-23 25% $22,801 5.6230 R$128,210 39% 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 condensed consolidated statements of income. The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Foreign currency forward contracts Prepaid expenses and other $ 2,127 Prepaid expenses and other $ — Foreign currency forward contracts Other assets 481 Other assets — Liability derivatives: Foreign currency forward contracts Accrued expenses — Accrued expenses (1,255) Net asset (liability) $ 2,608 $ (1,255) These derivative contracts involve elements of market risk that are not reflected on the condensed 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 pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2022 and 2021 is summarized in the table below: Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards 2022 2021 2022 2021 Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) $ 6,182 $ 1,515 $ — $ 3,821 $ — $ (1,283) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of goods sold Cost of goods sold Cost of goods sold Selling, general & admin Cost of goods sold Selling, general & admin Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ (1,005) $ 640 $ (15) $ (137) $ 17 $ (2) As of March 31, 2022, the Company expects $3.5 million of unrealized after-tax gains on aluminum and foreign currency derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three month periods ended March 31, 2022 and 2021, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Tredegar recorded tax expense of $0.8 million on pre-tax income from continuing operations of $17.2 million in the first three months of 2022. Therefore, the effective tax rate in the first three months of 2022 was 4.5%, compared to 24.4% in the first three months of 2021. The decrease in the effective tax rate for continuing operations is primarily due to a discrete benefit recorded in the first quarter of 2022 resulting from the implementation of new U.S. tax regulations associated with foreign tax credits published by the U.S. Treasury and Internal Revenue Service on January 4, 2022. These regulations overhaul various components of the foreign tax credit regime including the determination of creditable foreign taxes and limit the amount of foreign taxes that are creditable against U.S. income taxes. As the result of these regulations, future Brazilian income tax will be deductible, but not creditable, in the U.S. The accounting rules require a reduction of the U.S. deferred tax liability previously established related to anticipated future income from Brazil. The tax effect of the reduction of the U.S. deferred tax liability resulted in the discrete tax benefit described above. This one-time discrete benefit is expected to reduce the effective tax rate for the remainder of 2022, which will be offset by an expected increase to the effective tax rate as the result of Brazilian income tax no longer being creditable in the U.S. for the foreseeable future. Total deferred tax assets declined during the first quarter of 2022 compared to December 31, 2021 primarily due to changes in other comprehensive income and the projected utilization of foreign tax credits partially offset by the change in the deferred tax liability discussed above. Tredegar accrues U.S. federal income taxes on unremitted earnings of foreign subsidiaries where required. However, due to changes in the taxation of dividends under the U.S. Tax Cuts and Jobs Act of 2017, 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. 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 Ltda.’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 to 15.25% levied on the operating profit on certain of its products. The incentives have been granted for a 13-year period, from the commencement date of January 1, 2015. The benefit from the tax incentives was $1.5 million in the first three months of 2022 and 2021. Tredegar and its subsidiaries file income tax returns in the U.S., various states, and jurisdictions outside the U.S. With exceptions for some U.S. states and non-U.S. jurisdictions, Tredegar and its subsidiaries are no longer subject to U.S. federal, state or non-U.S. income tax examinations by tax authorities for years before 2018. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | The Company’s business segments are Aluminum Extrusions, PE Films, and Flexible Packaging Films. Information by business segment is reported below. There are no accounting transactions between segments and no allocations to segments. 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. The following table presents net sales and EBITDA from ongoing operations by segment for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands) 2022 2021 Net Sales Aluminum Extrusions $ 158,110 $ 118,125 PE Films 31,131 27,953 Flexible Packaging Films 39,244 32,521 Total net sales 228,485 178,599 Add back freight 8,081 6,223 Sales as shown in the condensed consolidated statements of income $ 236,566 $ 184,822 EBITDA from Ongoing Operations Aluminum Extrusions: Ongoing operations: EBITDA $ 23,919 $ 13,302 Depreciation & amortization (4,261) (4,130) EBIT 19,658 9,172 Plant shutdowns, asset impairments, restructurings and other (105) 183 PE Films: Ongoing operations: EBITDA 7,047 7,213 Depreciation & amortization (1,595) (1,420) EBIT 5,452 5,793 Plant shutdowns, asset impairments, restructurings and other (102) (124) Flexible Packaging Films: Ongoing operations: EBITDA 5,035 9,623 Depreciation & amortization (550) (466) EBIT 4,485 9,157 Plant shutdowns, asset impairments, restructurings and other (43) (38) Total 29,345 24,143 Interest income 29 7 Interest expense 786 822 Gain on investment in kaléo — 718 Stock option-based compensation costs 631 468 Corporate expenses, net 10,722 10,863 Income (loss) from continuing operations before income taxes 17,235 12,715 Income tax expense (benefit) 778 3,097 Income (loss) from continuing operations 16,457 9,618 Income (loss) from discontinued operations, net of tax (35) (587) Net income (loss) $ 16,422 $ 9,031 The following table presents identifiable assets by segment at March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Aluminum Extrusions $ 311,971 $ 280,521 PE Films 115,307 113,613 Flexible Packaging Films 92,852 75,269 Subtotal 520,130 469,403 General corporate 18,742 23,482 Cash and cash equivalents 25,648 30,521 Discontinued operations 151 178 Total $ 564,671 $ 523,584 The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2022 and 2021: Net Sales by Geographic Area (a) Three Months Ended March 31, (In thousands) 2022 2021 United States $ 182,138 $ 132,897 Exports from the United States to: Asia 12,465 13,362 Latin America 1,441 1,102 Canada 4,193 5,434 Europe 1,363 955 Operations outside the United States: Brazil 26,885 24,849 Total $ 228,485 $ 178,599 (a) Export sales relate entirely to PE Films. Operations in Brazil relate entirely to Flexible Packaging Films. 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 $6.5 million and $6.9 million in the first three months of 2022 and 2021, respectively. Net Sales by Product Group Three Months Ended March 31, (In thousands) 2022 2021 Aluminum Extrusions: Nonresidential building & construction $ 80,921 $ 57,229 Consumer durables 16,891 13,152 Automotive 13,841 11,415 Residential building & construction 16,465 12,708 Electrical 7,287 7,180 Machinery & equipment 12,945 8,925 Distribution 9,760 7,516 Subtotal 158,110 118,125 PE Films: Surface protection films 22,148 20,601 Packaging 8,983 7,352 Subtotal 31,131 27,953 Flexible Packaging Films 39,244 32,521 Total $ 228,485 $ 178,599 |
Divestitures and Assets Held fo
Divestitures and Assets Held for Sale | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures and Assets Held for Sale | 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 condensed consolidated statements of income for the three and three months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands) 2022 2021 Costs and expenses: Selling, general and administrative 45 1,050 Adjustment to the fair value estimates used in the disposal of Personal Care Films (a) — (299) Total 45 751 Income (loss) from discontinued operations before income taxes (45) (751) Income tax expense (benefit) (10) (164) Income (loss) from discontinued operations, net of tax $ (35) $ (587) (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 condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively, were as follows: March 31, December 31, (In thousands) 2022 2021 Assets Prepaid expenses and other (a) $ 151 $ 178 Liabilities Accrued expenses (a) $ 178 $ 193 (a) The condensed consolidated balance sheet of discontinued operations as of March 31, 2022 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 condensed 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 following table provides significant operating and investing cash flow information for discontinued operations: Three Months Ended March 31, (In thousands) 2022 2021 Operating activities Other — (299) |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments and Other Noncurrent Assets | In 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 $0.7 million on the Company’s investment in kaléo was recognized in the first quarter ended March 31, 2021 which is reported in “Other income (expense), net” in the condensed consolidated statements of income. The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. |
Accounts and Other Receivables
Accounts and Other Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of March 31, 2022 and December 31, 2021, accounts receivable and other receivables, net include the following: March 31, December 31, (In thousands) 2022 2021 Customer receivables $ 128,930 $ 102,090 Other receivables 2,517 2,958 Total accounts and other receivables 131,447 105,048 Less: Allowance for bad debts (1,888) (1,736) Total accounts and other receivables, net $ 129,559 $ 103,312 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current | The components of inventories are as follows: (In thousands) March 31, 2022 December 31, 2021 Finished goods $ 26,796 $ 25,199 Work-in-process 18,122 11,955 Raw materials 39,481 32,958 Stores, supplies and other 20,161 18,457 Total $ 104,560 $ 88,569 |
Pension And Other Post-Retire_2
Pension And Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs | The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the condensed consolidated statements of income for the three months ended March 31, 2022 and 2021, are shown below: Pension Benefits Other Post-Retirement Benefits Three Months Ended March 31, Three Months Ended March 31, (In thousands) 2022 2021 2022 2021 Service cost $ — $ — $ 5 $ 9 Interest cost 2,225 2,102 51 50 Expected return on plan assets (2,055) (2,862) — — Amortization of prior service costs, (gains) losses and net transition asset 3,284 4,265 (34) (24) Net periodic benefit cost $ 3,454 $ 3,505 $ 22 $ 35 |
Other Income (Expense), Net Oth
Other Income (Expense), Net Other Income (Expense), Net Summary Table (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, (In thousands) 2022 2021 Gain on investment in kaléo (a) $ — $ 718 Transition service fees, net of corporate costs associated with the divested Personal Care business (32) 304 COVID-19-related expenses, net of relief (b) (212) (19) Write-down of investment in Harbinger Capital Partners Special Situations Fund (c) (7) (148) Other (16) (95) Total $ (267) $ 760 (a) The gain in the first three months of 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. See Note 12. (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 Fund L.P. that had a fair value of $0.2 million as of March 31, 2022 and $0.2 million as of December 31, 2021 reported in "Other assets" in the condensed consolidated balance sheet. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Diluted earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows: Three Months Ended March 31, (In thousands) 2022 2021 Weighted average shares outstanding used to compute basic earnings per share 33,654 33,406 Incremental dilutive shares attributable to stock options and restricted stock 42 238 Shares used to compute diluted earnings per share 33,696 33,644 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income | Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2022 (85,792) 901 (64,613) (149,504) Other comprehensive income (loss) 6,264 10,003 — 16,267 Income tax (expense) benefit (728) (3,190) — (3,918) Other comprehensive income (loss), net of tax 5,536 6,813 — 12,349 Reclassification adjustment to net income (loss) — (1,157) 3,250 2,093 Income tax (expense) benefit — 274 (712) (438) Reclassification adjustment to net income (loss), net of tax — (883) 2,538 1,655 Other comprehensive income (loss), net of tax 5,536 5,930 2,538 14,004 Balance at March 31, 2022 $ (80,256) $ 6,831 $ (62,075) $ (135,500) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2021 (84,149) 2,264 (96,519) (178,404) Other comprehensive income (loss) (2,920) 231 — (2,689) Income tax (expense) benefit 272 42 — 314 Other comprehensive income (loss), net of tax (2,648) 273 — (2,375) Reclassification adjustment to net income (loss) — (655) 4,243 3,588 Income tax (expense) benefit — 146 (924) (778) Reclassification adjustment to net income (loss), net of tax — (509) 3,319 2,810 Other comprehensive income (loss), net of tax (2,648) (236) 3,319 435 Balance at March 31, 2021 $ (86,797) $ 2,028 $ (93,200) $ (177,969) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Summary of Derivative Instruments [Abstract] | |
Summary Of Location And Fair Value Of Derivative Financial Instruments | The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Aluminum futures contracts Prepaid expenses and other $ 6,665 Prepaid expenses and other $ 2,085 Aluminum futures contracts Other assets 521 Other assets — Liability derivatives: Aluminum futures contracts Accrued expenses (43) Accrued expenses (119) Net asset $ 7,143 $ 1,966 The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Foreign currency forward contracts Prepaid expenses and other $ 2,127 Prepaid expenses and other $ — Foreign currency forward contracts Other assets 481 Other assets — Liability derivatives: Foreign currency forward contracts Accrued expenses — Accrued expenses (1,255) Net asset (liability) $ 2,608 $ (1,255) |
Derivative, Description of Hedged Item | 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 $1,615 5.4247 R$8,761 Apr-22 68% $1,647 5.4545 R$8,984 May-22 70% $1,596 5.4890 R$8,760 Jun-22 68% $1,719 5.5200 R$9,489 Jul-22 74% $1,708 5.5560 R$9,490 Aug-22 74% $1,780 5.5915 R$9,953 Sep-22 77% $1,793 5.6264 R$10,088 Oct-22 78% $1,784 5.6597 R$10,097 Nov-22 78% $1,659 5.6962 R$9,450 Dec-22 73% $625 5.5145 R$3,447 Jan-23 24% $625 5.5581 R$3,474 Feb-23 24% $625 5.6014 R$3,501 Mar-23 24% $625 5.6446 R$3,528 Apr-23 24% $625 5.6866 R$3,554 May-23 24% $625 5.7323 R$3,583 Jun-23 24% $625 5.7756 R$3,610 Jul-23 25% $625 5.8197 R$3,637 Aug-23 25% $625 5.8627 R$3,664 Sep-23 25% $625 5.9028 R$3,689 Oct-23 25% $625 5.9414 R$3,713 Nov-23 25% $625 5.9800 R$3,738 Dec-23 25% $22,801 5.6230 R$128,210 39% |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Aluminum futures contracts Prepaid expenses and other $ 6,665 Prepaid expenses and other $ 2,085 Aluminum futures contracts Other assets 521 Other assets — Liability derivatives: Aluminum futures contracts Accrued expenses (43) Accrued expenses (119) Net asset $ 7,143 $ 1,966 The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (In thousands) Balance Sheet Fair Balance Sheet Fair Derivatives Designated as Hedging Instruments Asset derivatives: Foreign currency forward contracts Prepaid expenses and other $ 2,127 Prepaid expenses and other $ — Foreign currency forward contracts Other assets 481 Other assets — Liability derivatives: Foreign currency forward contracts Accrued expenses — Accrued expenses (1,255) Net asset (liability) $ 2,608 $ (1,255) |
Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges | The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three month periods ended March 31, 2022 and 2021 is summarized in the table below: Cash Flow Derivative Hedges Three Months Ended March 31, Aluminum Futures Contracts Foreign Currency Forwards 2022 2021 2022 2021 Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) $ 6,182 $ 1,515 $ — $ 3,821 $ — $ (1,283) Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of goods sold Cost of goods sold Cost of goods sold Selling, general & admin Cost of goods sold Selling, general & admin Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ (1,005) $ 640 $ (15) $ (137) $ 17 $ (2) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information By Segment | The following table presents net sales and EBITDA from ongoing operations by segment for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands) 2022 2021 Net Sales Aluminum Extrusions $ 158,110 $ 118,125 PE Films 31,131 27,953 Flexible Packaging Films 39,244 32,521 Total net sales 228,485 178,599 Add back freight 8,081 6,223 Sales as shown in the condensed consolidated statements of income $ 236,566 $ 184,822 EBITDA from Ongoing Operations Aluminum Extrusions: Ongoing operations: EBITDA $ 23,919 $ 13,302 Depreciation & amortization (4,261) (4,130) EBIT 19,658 9,172 Plant shutdowns, asset impairments, restructurings and other (105) 183 PE Films: Ongoing operations: EBITDA 7,047 7,213 Depreciation & amortization (1,595) (1,420) EBIT 5,452 5,793 Plant shutdowns, asset impairments, restructurings and other (102) (124) Flexible Packaging Films: Ongoing operations: EBITDA 5,035 9,623 Depreciation & amortization (550) (466) EBIT 4,485 9,157 Plant shutdowns, asset impairments, restructurings and other (43) (38) Total 29,345 24,143 Interest income 29 7 Interest expense 786 822 Gain on investment in kaléo — 718 Stock option-based compensation costs 631 468 Corporate expenses, net 10,722 10,863 Income (loss) from continuing operations before income taxes 17,235 12,715 Income tax expense (benefit) 778 3,097 Income (loss) from continuing operations 16,457 9,618 Income (loss) from discontinued operations, net of tax (35) (587) Net income (loss) $ 16,422 $ 9,031 |
Schedule Of Identifiable Assets By Segment | The following table presents identifiable assets by segment at March 31, 2022 and December 31, 2021: (In thousands) March 31, 2022 December 31, 2021 Aluminum Extrusions $ 311,971 $ 280,521 PE Films 115,307 113,613 Flexible Packaging Films 92,852 75,269 Subtotal 520,130 469,403 General corporate 18,742 23,482 Cash and cash equivalents 25,648 30,521 Discontinued operations 151 178 Total $ 564,671 $ 523,584 |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2022 and 2021: Net Sales by Geographic Area (a) Three Months Ended March 31, (In thousands) 2022 2021 United States $ 182,138 $ 132,897 Exports from the United States to: Asia 12,465 13,362 Latin America 1,441 1,102 Canada 4,193 5,434 Europe 1,363 955 Operations outside the United States: Brazil 26,885 24,849 Total $ 228,485 $ 178,599 (a) Export sales relate entirely to PE Films. Operations in Brazil relate entirely to Flexible Packaging Films. 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 $6.5 million and $6.9 million in the first three months of 2022 and 2021, respectively. Net Sales by Product Group Three Months Ended March 31, (In thousands) 2022 2021 Aluminum Extrusions: Nonresidential building & construction $ 80,921 $ 57,229 Consumer durables 16,891 13,152 Automotive 13,841 11,415 Residential building & construction 16,465 12,708 Electrical 7,287 7,180 Machinery & equipment 12,945 8,925 Distribution 9,760 7,516 Subtotal 158,110 118,125 PE Films: Surface protection films 22,148 20,601 Packaging 8,983 7,352 Subtotal 31,131 27,953 Flexible Packaging Films 39,244 32,521 Total $ 228,485 $ 178,599 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table summarizes the financial results of discontinued operations reflected in the condensed consolidated statements of income for the three and three months ended March 31, 2022 and 2021: Three Months Ended March 31, (In thousands) 2022 2021 Costs and expenses: Selling, general and administrative 45 1,050 Adjustment to the fair value estimates used in the disposal of Personal Care Films (a) — (299) Total 45 751 Income (loss) from discontinued operations before income taxes (45) (751) Income tax expense (benefit) (10) (164) Income (loss) from discontinued operations, net of tax $ (35) $ (587) (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 condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021, respectively, were as follows: March 31, December 31, (In thousands) 2022 2021 Assets Prepaid expenses and other (a) $ 151 $ 178 Liabilities Accrued expenses (a) $ 178 $ 193 (a) The condensed consolidated balance sheet of discontinued operations as of March 31, 2022 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 condensed 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 $0.2 million. The following table provides significant operating and investing cash flow information for discontinued operations: Three Months Ended March 31, (In thousands) 2022 2021 Operating activities Other — (299) |
Accounts and Other Receivable_2
Accounts and Other Receivables (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 128,930 | $ 102,090 |
Other Receivables, Gross, Current | 2,517 | 2,958 |
Accounts Receivable, before Allowance for Credit Loss | 131,447 | 105,048 |
Accounts Receivable, Allowance for Credit Loss | (1,888) | (1,736) |
Accounts and other receivables, net | $ 129,559 | $ 103,312 |
Inventories (Schedule Of Compon
Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory, Net [Abstract] | ||
Finished goods | $ 26,796 | $ 25,199 |
Work-in-process | 18,122 | 11,955 |
Raw materials | 39,481 | 32,958 |
Stores, supplies and other | 20,161 | 18,457 |
Inventories | $ 104,560 | $ 88,569 |
Pension And Other Post-Retire_3
Pension And Other Post-Retirement Benefits (Narrative) (Details) - USD ($) $ in Millions | Feb. 09, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $ 29 | $ 78.9 | |
Other Post-Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected required contributions | 0.5 | ||
Pension Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution to pension plans for continuing operations | $ 50 | ||
Accrued Expenses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Liability, Defined Benefit Plan, Current | $ 0.7 |
Pension And Other Post-Retire_4
Pension And Other Post-Retirement Benefits (Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,225 | 2,102 |
Expected return on plan assets | (2,055) | (2,862) |
Amortization of prior service costs, (gains) losses and net transition asset | 3,284 | 4,265 |
Net periodic benefit cost | 3,454 | 3,505 |
Other Post-Retirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 5 | 9 |
Interest cost | 51 | 50 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service costs, (gains) losses and net transition asset | (34) | (24) |
Net periodic benefit cost | $ 22 | $ 35 |
Other Income (Expense), Net (De
Other Income (Expense), Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of Investments [Line Items] | |||
Other Nonrecurring Expense | $ (32) | $ 304 | |
Other Nonoperating Expense | (212) | (19) | |
Other Nonoperating Income (Expense), Net - Other | (16) | (95) | |
Other income (expense), net | (267) | 760 | |
Investment Income, Dividend | 300 | ||
kaleo [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Gain (Loss) on Investments - kaleo | 0 | 718 | |
Gain (Loss) on Investments | 700 | ||
Investment Income, Dividend | 300 | ||
Harbinger Capital Partners Special Situations Fund | |||
Schedule of Investments [Line Items] | |||
Gain (Loss) on Investments | (7) | $ (148) | |
Carrying value | $ 200 | $ 200 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,477,708 | 411,516 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted average shares outstanding used to compute basic earnings per share | 33,654 | 33,406 |
Incremental dilutive shares attributable to stock options and restricted stock | 42 | 238 |
Shares used to compute diluted earnings per share | 33,696 | 33,644 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | $ 184,722 | $ 109,055 |
Other comprehensive income (loss) | 16,267 | (2,689) |
Other comprehensive income (loss), net of tax | (3,918) | 314 |
Other comprehensive income (loss), net of tax | 12,349 | (2,375) |
Reclassification adjustment to net income (loss) | 2,093 | 3,588 |
Income tax (expense) benefit | (438) | (778) |
Reclassification adjustment to net income (loss), net of tax | 1,655 | 2,810 |
Other comprehensive income (loss), net of tax | 14,004 | 435 |
Ending Balance | 211,868 | 115,987 |
Accumulated Other Comprehensive Income (Loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (149,504) | (178,404) |
Ending Balance | (135,500) | (177,969) |
Foreign Currency Translation | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (85,792) | (84,149) |
Other comprehensive income (loss) | 6,264 | (2,920) |
Other comprehensive income (loss), net of tax | (728) | 272 |
Other comprehensive income (loss), net of tax | 5,536 | (2,648) |
Reclassification adjustment to net income (loss) | 0 | 0 |
Income tax (expense) benefit | 0 | 0 |
Reclassification adjustment to net income (loss), net of tax | 0 | 0 |
Other comprehensive income (loss), net of tax | 5,536 | (2,648) |
Ending Balance | (80,256) | (86,797) |
Gain (Loss) on Derivative Financial Instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | 901 | 2,264 |
Other comprehensive income (loss) | 10,003 | 231 |
Other comprehensive income (loss), net of tax | (3,190) | 42 |
Other comprehensive income (loss), net of tax | 6,813 | 273 |
Reclassification adjustment to net income (loss) | (1,157) | (655) |
Income tax (expense) benefit | 274 | 146 |
Reclassification adjustment to net income (loss), net of tax | (883) | (509) |
Other comprehensive income (loss), net of tax | 5,930 | (236) |
Ending Balance | 6,831 | 2,028 |
Pension & Other Postretirement Benefit Adjust | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Beginning Balance | (64,613) | (96,519) |
Other comprehensive income (loss) | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 0 |
Other comprehensive income (loss), net of tax | 0 | 0 |
Reclassification adjustment to net income (loss) | 3,250 | 4,243 |
Income tax (expense) benefit | (712) | (924) |
Reclassification adjustment to net income (loss), net of tax | 2,538 | 3,319 |
Other comprehensive income (loss), net of tax | 2,538 | 3,319 |
Ending Balance | $ (62,075) | $ (93,200) |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) R$ in Thousands, $ in Thousands, lbs in Millions | 3 Months Ended | |||
Mar. 31, 2022USD ($)lbs | Mar. 31, 2022BRL (R$) | Mar. 31, 2022BRL (R$)lbs | Dec. 31, 2021USD ($)lbs | |
Derivative [Line Items] | ||||
Amounts of unrealized after tax gains (losses) to be Reclassified within Twelve Months | $ (3,500) | |||
Aluminum Futures Contracts | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 24,200 | $ 22,100 | ||
Commitment Under Cash Flow Hedges, Mass | lbs | 14.3 | 14.3 | 14.9 | |
Terphane Ltda [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 22,801 | R$ 128210 | ||
Terphane Ltda [Member] | Oct-2018 [Member] | ||||
Derivative [Line Items] | ||||
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar | R$ | R$ 150000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 2,608 | |
Derivative Asset, Fair Value, Gross Liability | $ (1,255) | |
Aluminum Futures Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 7,143 | 1,966 |
Derivatives Designated As Hedging Instruments [Member] | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives: Fair Value | 0 | 1,255 |
Derivatives Designated As Hedging Instruments [Member] | Prepaid Expenses and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 2,127 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Other Noncurrent Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 481 | 0 |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives: Fair Value | (43) | (119) |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | Prepaid Expenses and Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 6,665 | 2,085 |
Derivatives Designated As Hedging Instruments [Member] | Aluminum Futures Contracts | Other Noncurrent Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 521 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments Terphane Future Cash Flow Hedges (Details) - Terphane Ltda [Member] R$ in Thousands, $ in Thousands | Mar. 31, 2022USD ($) | Mar. 31, 2022BRL (R$) |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 22,801 | R$ 128210 |
Foreign Currency Exchange Rate, Translation | 5.6230 | 5.6230 |
Percentage of Coverage Using Cash Flow Hedges | 39.00% | 39.00% |
Apr-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,615 | R$ 8761 |
Foreign Currency Exchange Rate, Translation | 5.4247 | 5.4247 |
Percentage of Coverage Using Cash Flow Hedges | 68.00% | 68.00% |
May-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,647 | R$ 8984 |
Foreign Currency Exchange Rate, Translation | 5.4545 | 5.4545 |
Percentage of Coverage Using Cash Flow Hedges | 70.00% | 70.00% |
Jun-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,596 | R$ 8760 |
Foreign Currency Exchange Rate, Translation | 5.4890 | 5.4890 |
Percentage of Coverage Using Cash Flow Hedges | 68.00% | 68.00% |
Jul-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,719 | R$ 9489 |
Foreign Currency Exchange Rate, Translation | 5.5200 | 5.5200 |
Percentage of Coverage Using Cash Flow Hedges | 74.00% | 74.00% |
Aug-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,708 | R$ 9490 |
Foreign Currency Exchange Rate, Translation | 5.5560 | 5.5560 |
Percentage of Coverage Using Cash Flow Hedges | 74.00% | 74.00% |
Sep-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,780 | R$ 9953 |
Foreign Currency Exchange Rate, Translation | 5.5915 | 5.5915 |
Percentage of Coverage Using Cash Flow Hedges | 77.00% | 77.00% |
Oct-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,793 | R$ 10088 |
Foreign Currency Exchange Rate, Translation | 5.6264 | 5.6264 |
Percentage of Coverage Using Cash Flow Hedges | 78.00% | 78.00% |
Nov-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,784 | R$ 10097 |
Foreign Currency Exchange Rate, Translation | 5.6597 | 5.6597 |
Percentage of Coverage Using Cash Flow Hedges | 78.00% | 78.00% |
Dec-22 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 1,659 | R$ 9450 |
Foreign Currency Exchange Rate, Translation | 5.6962 | 5.6962 |
Percentage of Coverage Using Cash Flow Hedges | 73.00% | 73.00% |
Jan-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3447 |
Foreign Currency Exchange Rate, Translation | 5.5145 | 5.5145 |
Percentage of Coverage Using Cash Flow Hedges | 24.00% | 24.00% |
Feb-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3474 |
Foreign Currency Exchange Rate, Translation | 5.5581 | 5.5581 |
Percentage of Coverage Using Cash Flow Hedges | 24.00% | 24.00% |
Mar-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3501 |
Foreign Currency Exchange Rate, Translation | 5.6014 | 5.6014 |
Percentage of Coverage Using Cash Flow Hedges | 24.00% | 24.00% |
Apr-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3528 |
Foreign Currency Exchange Rate, Translation | 5.6446 | 5.6446 |
Percentage of Coverage Using Cash Flow Hedges | 24.00% | 24.00% |
May-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3554 |
Foreign Currency Exchange Rate, Translation | 5.6866 | 5.6866 |
Percentage of Coverage Using Cash Flow Hedges | 24.00% | 24.00% |
Jun-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3583 |
Foreign Currency Exchange Rate, Translation | 5.7323 | 5.7323 |
Percentage of Coverage Using Cash Flow Hedges | 24.00% | 24.00% |
Jul-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3610 |
Foreign Currency Exchange Rate, Translation | 5.7756 | 5.7756 |
Percentage of Coverage Using Cash Flow Hedges | 25.00% | 25.00% |
Aug-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3637 |
Foreign Currency Exchange Rate, Translation | 5.8197 | 5.8197 |
Percentage of Coverage Using Cash Flow Hedges | 25.00% | 25.00% |
Sep-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3664 |
Foreign Currency Exchange Rate, Translation | 5.8627 | 5.8627 |
Percentage of Coverage Using Cash Flow Hedges | 25.00% | 25.00% |
Oct-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3689 |
Foreign Currency Exchange Rate, Translation | 5.9028 | 5.9028 |
Percentage of Coverage Using Cash Flow Hedges | 25.00% | 25.00% |
Nov-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3713 |
Foreign Currency Exchange Rate, Translation | 5.9414 | 5.9414 |
Percentage of Coverage Using Cash Flow Hedges | 25.00% | 25.00% |
Dec-23 | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 625 | R$ 3738 |
Foreign Currency Exchange Rate, Translation | 5.9800 | 5.9800 |
Percentage of Coverage Using Cash Flow Hedges | 25.00% | 25.00% |
Derivative Financial Instrume_6
Derivative Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) - Cash Flow Derivative Hedges - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Aluminum Futures Contracts | Cost of goods sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) | $ 6,182 | $ 1,515 |
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | (1,005) | 640 |
Foreign Currency Forwards | Cost of goods sold | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) | 0 | 0 |
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | (15) | 17 |
Foreign Currency Forwards | Selling, general & admin | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) | 3,821 | (1,283) |
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | $ (137) | $ (2) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes [Line Items] | ||
Income Tax Expense (Benefit) | $ 778 | $ 3,097 |
Income (loss) from continuing operations before income taxes | $ 17,235 | $ 12,715 |
Effective Income Tax Rate Reconciliation, Percent | 4.50% | 24.40% |
Foreign Tax Credit - Brazil | $ 1,500 | |
Terphane Ltda [Member] | ||
Income Taxes [Line Items] | ||
Current Effective Tax Rate Including Social Contribution On Income | 15.25% | |
Brazilian | ||
Income Taxes [Line Items] | ||
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Including Social Contribution On Income | 34.00% | |
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Excluding Social Contribution On Income | 25.00% | |
Effective income tax rate reconciliation social contribution on income | 9.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Sales | $ 228,485 | $ 178,599 |
Sales as shown in the condensed consolidated statements of income | 236,566 | 184,822 |
Total Segment Income (Loss) | 29,345 | 24,143 |
Interest income | 29 | 7 |
Interest expense | 786 | 822 |
Gain on investment in kaléo | 0 | (400) |
Stock option-based compensation costs | 631 | 468 |
Corporate expenses, net | 10,722 | 10,863 |
Income (loss) from continuing operations before income taxes | 17,235 | 12,715 |
Income Tax Expense (Benefit) | 778 | 3,097 |
Income from continuing operations | 16,457 | 9,618 |
Income (loss) from discontinued operations, net of tax | (35) | (587) |
Net income (loss) | 16,422 | 9,031 |
kaleo [Member] | ||
Segment Reporting Information [Line Items] | ||
Gain on investment in kaléo | 0 | 718 |
Shipping and Handling [Member] | ||
Segment Reporting Information [Line Items] | ||
Cost of Goods and Services Sold | 8,081 | 6,223 |
Aluminum Extrusions [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 158,110 | 118,125 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 23,919 | 13,302 |
Depreciation, Depletion and Amortization | (4,261) | (4,130) |
Earnings before interest and taxes (EBIT) | 19,658 | 9,172 |
EBITDA | (105) | 183 |
PE Films [Member] | ||
Segment Reporting Information [Line Items] | ||
Sales | 31,131 | 27,953 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 7,047 | 7,213 |
Depreciation, Depletion and Amortization | (1,595) | (1,420) |
Earnings before interest and taxes (EBIT) | 5,452 | 5,793 |
EBITDA | (102) | (124) |
Flexible Packaging Films [Member] [Domain] | ||
Segment Reporting Information [Line Items] | ||
Sales | 39,244 | 32,521 |
Flexible Packaging Films [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 5,035 | 9,623 |
Depreciation, Depletion and Amortization | (550) | (466) |
Earnings before interest and taxes (EBIT) | 4,485 | 9,157 |
EBITDA | $ (43) | $ (38) |
Segment Reporting (Schedule O_2
Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | $ 564,671 | $ 523,584 | ||
Cash and cash equivalents | 25,648 | 30,521 | $ 21,859 | $ 11,846 |
Disposal Group, Including Discontinued Operation, Assets | 151 | 178 | ||
Aluminum Extrusions [Member] | ||||
Assets | 311,971 | 280,521 | ||
PE Films [Member] | ||||
Assets | 115,307 | 113,613 | ||
Flexible Packaging Films [Member] | ||||
Assets | 92,852 | 75,269 | ||
Subtotal | ||||
Assets | 520,130 | 469,403 | ||
General Corporate | ||||
Assets | $ 18,742 | $ 23,482 |
Segment Reporting Schedule of R
Segment Reporting Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Sales | $ 228,485 | $ 178,599 |
Aluminum Extrusions [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 158,110 | 118,125 |
Aluminum Extrusions [Member] | Nonresidential Building And Construction [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 80,921 | 57,229 |
Aluminum Extrusions [Member] | Consumer Durables [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 16,891 | 13,152 |
Aluminum Extrusions [Member] | Automotive [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 13,841 | 11,415 |
Aluminum Extrusions [Member] | Residential Building And Construction [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 16,465 | 12,708 |
Aluminum Extrusions [Member] | Electrical [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 7,287 | 7,180 |
Aluminum Extrusions [Member] | Machinery and Equipment BNL [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 12,945 | 8,925 |
Aluminum Extrusions [Member] | Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 9,760 | 7,516 |
Aluminum Extrusions [Member] | Aluminum Extrusions Subtotal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 158,110 | 118,125 |
PE Films [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 31,131 | 27,953 |
PE Films [Member] | Surface Protection Films [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 22,148 | 20,601 |
PE Films [Member] | Personal Care Materials | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 8,983 | 7,352 |
PE Films [Member] | Film Products Subtotal [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 31,131 | 27,953 |
Flexible Packaging Films [Member] [Domain] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 39,244 | 32,521 |
UNITED STATES | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 182,138 | 132,897 |
Asia [Member] | Exports From United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 12,465 | 13,362 |
Revenues | 6,500 | 6,900 |
Latin America [Member] | Exports From United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 1,441 | 1,102 |
CANADA | Exports From United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 4,193 | 5,434 |
Europe [Member] | Exports From United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 1,363 | 955 |
Brazil | Operations Outside United States [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Sales | $ 26,885 | $ 24,849 |
Divestitures and Assets Held _2
Divestitures and Assets Held for Sale - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Aug. 24, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 60.5 | |
Disposal Group Including Discontinued Operation Cash Proceeds | $ 64.1 |
Divestitures and Assets Held _3
Divestitures and Assets Held for Sale - Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | $ 45 | $ 1,050 | |
Disposal Group, Including Discontinued Operation, adjustment to fair value | 0 | (299) | |
Disposal Group, Including Discontinued Operation, Operating Expense | 45 | 751 | |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | (45) | (751) | |
Discontinued Operation, Tax Effect of Discontinued Operation | (10) | (164) | |
Income (loss) from discontinued operations, net of tax | (35) | $ (587) | |
Disposal Group, Including Discontinued Operation, Prepaid and Other Assets | 151 | $ 178 | |
Disposal Group, Including Discontinued Operation, Accrued Expenses | 178 | 193 | |
Disposal Group, Including Discontinued Operation, Other Receivable | 200 | 200 | |
Disposal Group, Including Discontinued Operation, Other Accrued Expense | $ 200 | $ 200 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) 1 - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2008 | |
Net Investment Income [Line Items] | |||
Proceeds from Sale of Investment Projects | $ 47,100 | ||
Investment Income, Dividend | $ 300 | ||
kaleo [Member] | |||
Net Investment Income [Line Items] | |||
Cost Method Investments, Original Cost | $ 7,500 | ||
Gain (Loss) on Investments | $ (700) | ||
Investment Income, Dividend | $ 300 |