0000850429-22-000007 | 10-K | XBRL Viewer

Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, beforeTax

184,722

109,055

376,749

354,857

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

25,295

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

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]

Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]

(85,792)

(84,149)

(100,663)

(96,940)

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

Derivative financial instruments adjustment

901

2,264

(1,307)

(1,601)

(1,363)

3,571

294

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]

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)

(64,613)

(96,519)

(95,681)

$ (81,446)

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.

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

Other Income (Expense), Net (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Unrealized Gain (Loss) on Investments - kaleo

$ 12,780

$ (60,900)

$ 28,482

Brazil one-time tax credit PIS/COFINS

8,486

Unrealized gain (loss) on investments under fair value method

^[1]

12,780

(60,900)

28,482

Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal

(2,299)

Gain (Loss) on Investments

(517)

Gain (Loss) on Disposition of Other Assets

378

Other Nonrecurring Expense

297

(851)

Other Nonoperating Expense

(624)

(2,231)

Other Nonoperating Income (Expense)

(424)

(1,013)

(111)

Other Nonoperating Income (Expense), Net - Total

20,376

(67,294)

28,371

Investment Owned, at Fair Value

200

700

$ 1,100

Investment Income, Dividend

$ (300)

Other Interest and Dividend Income

$ 17,600

[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 (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.

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	4.00

Contingencies	12 Months Ended
Contingencies	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.

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 Over LIBOR	Commitment Fee
> 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

Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]

20000.00%

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

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, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2021 BRL (R$)
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$ 112,370
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$ 8,948
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$ 9,391
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$ 8,959
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$ 8,761
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$ 8,984
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$ 8,760
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$ 9,489
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$ 9,490
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$ 9,953
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$ 10,088
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$ 10,097
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$ 9,450

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 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- Retirement Benefits
(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- Retirement Benefits
(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 Benefits		Other Post- Retirement Benefits
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 at December 31,
	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 in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
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.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Derivatives, Fair Value [Line Items]

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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 goods sold		Cost of goods sold		Cost of goods sold
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 goods sold		Selling, general & admin		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 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
Account

Fair
Value

Balance Sheet
Account

Fair
Value

Derivatives Designated as Hedging Instruments

Asset derivatives:
Aluminum futures contracts

Prepaid expenses & other

2,085

Prepaid expenses & other

1,560

Liability derivatives:

Liability derivatives:
Aluminum futures contracts

Accrued expenses

(119)

Accrued expenses

(22)

Net asset (liability)

1,966

1,538

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

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

Debt And Credit Agreements (Narrative) (Details)	12 Months Ended
Debt And Credit Agreements (Narrative) (Details)	Dec. 31, 2021 USD ($)
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	4.00
Line of credit facility, covenant terms, minimum adjusted EBIT-to-interest expense ratio	3.00
Line of credit facility, covenant terms, maximum aggregate distributions	$ 75,000,000
Credit Facility covenant leverage ratio three times limitation	3.00
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%

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 Quarter		Second Quarter		Third Quarter		Fourth Quarter
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.

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

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	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

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

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	17.00	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

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

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

Business Segments (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Loss on sale of divested businesses

$ 649,690

$ 558,967

$ 641,140

Net Sales

^[1]

798,223

729,604

797,344

52,326

Shipping and Handling [Member]

Net Sales

118,920

139,288

133,807

$ 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.

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.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Share-based Payment Arrangement [Abstract]

Stock Option And Stock Award Plans

12 Months Ended

Dec. 31, 2021

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 Options	Range					Weighted Average
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 Exercise Prices					Shares	Remaining Contractual Life	Exercise Price				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 of Shares	Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)		Number of Shares	Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)
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 SARs	Range					Weighted Average
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 SARs 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.

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

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.

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.

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

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 (In thousands)
2022	$	2,579
2023	1,953
2024	1,913
2025	1,913
2026	1,913

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

^[1]

$ 798,223

$ 729,604

$ 797,344

United States

Exports From The United States | Asia

^[1]

614,987

530,243

593,599

Exports From The United States | Canada

^[1]

59,242

80,217

82,342

Revenues

32,700

35,100

32,100

Exports From The United States | Europe

^[1]

17,776

18,024

15,022

Exports From The United States | Latin America

^[1]

4,489

5,440

5,752

Operations Outside The United States | Brazil

^[1]

4,937

2,169

4,135

Operations Outside The United States | China

^[1]

96,792

93,511

96,274

Investments, Other Investments [Line Items]

^[1]

$ 0

$ 220

[1]

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

Savings Plan	12 Months Ended
Savings Plan	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. The Tredegar Corporation Benefits Plan Trust (the “Trust”) purchased 7,200 shares of the Company’s common stock in 1998 for $0.2 million and 46,671 shares of its common stock in 1997 for $1.0 million, which were intended as a hedge against the phantom shares held in the restoration plan. There have been no shares purchased since 1998 except for re-invested dividends. The cost of the shares held by the Trust is shown as a reduction to shareholders’ equity in the consolidated balance sheets.

Investments (Narrative) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2008

Gain (loss) on investment accounted for under the fair value method

$ 0

$ 13,696

$ 0

^[1]

(12,780)

60,900

(28,482)

Carrying value

200

700

1,100

Other Interest and Dividend Income

17,600

Gain (Loss) on Investments

(517)

Cost Method Investments, Original Cost

$ 7,500

Other Interest and Dividend Income

17,600

Gain (Loss) on Investments

(517)

Proceeds from Sale of Investment Projects

$ 47,062

$ 0

[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.

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. 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

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

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

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.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.

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.

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

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

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

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.

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 (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

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)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Amount after tax and reclassification adjustments of other comprehensive income (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Discontinued Operations and Disposal Groups [Abstract]

Retirement Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments For Continuing Operations) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
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)

Discontinued Operations

12 Months Ended

Dec. 31, 2021

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

In July 2019, the Company committed to a plan to close its manufacturing facility in Lake Zurich, Illinois, which historically was reported within the personal care component of its PE Films segment. As of December 31, 2020, the disposal group carrying value of $4.6 million

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

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

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 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

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.

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.

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.

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.


	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

to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 209,592.

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.

Accounting Standards Not Yet Adopted.

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)

Consolidated Balance Sheets - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Assets

Accounts Receivable, after Allowance for Credit Loss

$ 30,521

$ 11,846

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

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

151

Operating Lease, Liability, Current

^[1]

523,584

514,870

Current liabilities:

Accounts payable

123,760

89,702

Accrued expenses

33,104

40,741

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)

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]

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)

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	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 (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

Net property, plant and equipment

$ 30,521

$ 11,846

$ 30,521

$ 11,846

$ 31,422

$ 34,397

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

Total liabilities and shareholders’ equity

184,722

109,055

184,722

109,055

376,749

$ 354,857

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 (Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area) (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

$ 523,584

$ 514,870

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

United States

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

398,749

363,106

^[1]

135,310

132,268

General Corporate

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

23,482

71,508

^[1]

1,567

2,444

Operations Outside The United States | Brazil

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

54,299

49,157

^[1]

18,615

15,588

Operations Outside The United States | China

Property, Plant & Equipment, Net by Geographic Area, Total

^[1]

16,355

17,763

^[1]

$ 14,889

$ 16,245

[1]

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

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

Financial Instruments (Narrative) (Details) $ in Thousands, lb in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) lb	Dec. 31, 2020 USD ($) 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	13.0
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

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:

Selling, general and administrative

649,690

558,967

641,140

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

Income (loss) from continuing operations before income taxes

13,696

Total

779,610

713,042

782,689

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)

(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)

(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:

Other Cost of Operating Revenue

$ 28,232

$ 25,686

$ 28,980

$ 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.

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

Inventories stated on the LIFO basis amounted to $18.8 million at December 31, 2021 and $14.4 million at December 31, 2020, which were below replacement costs by $27.5 million at December 31, 2021 and $12.1 million at December 31, 2020. Inventories stated on the weighted average cost basis were $30.9 million and $33.6 million at December 31, 2021 and 2020, respectively, while inventories stated on the first in, first out method amounted to $38.9 million and $18.4 million at December 31, 2021 and 2020, respective

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- Retirement Benefits
(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- Retirement Benefits
(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 Benefits		Other Post- Retirement Benefits
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 at December 31,
	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	%

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 in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
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.

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
Account

Fair
Value

Balance Sheet
Account

Fair
Value

Derivatives Designated as Hedging Instruments

Asset derivatives:
Aluminum futures contracts

Prepaid expenses & other

2,085

Prepaid expenses & other

1,560

Liability derivatives:

Liability derivatives:
Aluminum futures contracts

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 Account	Fair Value		Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Foreign currency forward contracts	Prepaid expenses and other	$	—	Prepaid expenses and other	$	853
Liability derivatives: Foreign currency forward contracts	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.


(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 goods sold		Cost of goods sold		Cost of goods sold
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 goods sold		Selling, general & admin		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 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.

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 by Geographic Area (c)				Property, Plant & Equipment, Net by Geographic Area (c)
(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

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

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

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

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

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)

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, 2021 USD ($)
Property, Plant and Equipment [Abstract]
Severance and other employee expenses	$ 1.6

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

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

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

^[1]

$ 798,223

$ 729,604

$ 797,344

Gain (loss) on investment accounted for under the fair value method

(13,696)

Total

102,108

85,769

86,123

Interest income

Interest expense

3,386

2,587

4,051

^[2]

12,780

(60,900)

28,482

Gain (Loss) on Disposition of Assets

(2,299)

(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

30,521

11,846

30,521

11,846

31,422

$ 34,397

Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal

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

2,299

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

16,400

9,400

$ 16,400

9,400

Pension Benefits

Defined benefit pension plan net liability

$ (71,557)

$ (103,084)

(71,557)

(103,084)

Plant shutdowns, asset impairments, restructurings and other

118,920

139,288

133,807

^[2]

(371)

(1,974)

(733)

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

Plant shutdowns, asset impairments, restructurings and other

539,325

455,711

529,602

^[2]

3,237

(3,506)

(561)

Impairment of Intangible Assets, Finite-lived

(13,696)

(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]

Plant shutdowns, asset impairments, restructurings and other

139,978

134,605

133,935

^[2]

8,439

(18)

PET Films

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]

Other Cost of Operating Revenue

28,232

Debt And Credit Agreements

$ 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.

Debt And Credit Agreements

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

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.


Pricing Under Credit Agreement (Basis Points)
Indebtedness-to-Credit EBITDA Ratio	Credit Spread Over LIBOR	Commitment Fee
> 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.

Tredegar was in compliance with all of its debt covenants as of December 31, 2021. Noncompliance with any of the debt covenants may have a material adverse effect on its financial condition or liquidity, in the event such noncompliance cannot be cured or should the Company be unable to obtain a waiver from the lenders. Renegotiation of the covenant through an amendment to the Credit Agreement may effectively cure the noncompliance, but may have an effect on its financial condition or liquidity depending upon how the covenant is renegotiated.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Lessee, Operating Lease, Liability, Maturity

Leases, Codification Topic 842 (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

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


(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		%

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

Investments	12 Months Ended
Investments	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.

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 Options	Range					Weighted Average
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 Exercise Prices					Shares	Remaining Contractual Life	Exercise Price				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 of Shares	Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)		Number of Shares	Weighted Avg. Grant Date Fair Value/Share		Grant Date Fair Value (In thousands)
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 SARs	Range					Weighted Average
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 SARs grant agreements.

Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Rental Expense And Contractual Commitments

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


(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		%

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

^[1]

$ 798,223

$ 729,604

$ 797,344

Flexible Packaging Films [Member] [Domain]

118,920

139,288

133,807

139,978

134,605

133,935

Aluminum Extrusions

Personal Care Materials [Member] | PE Films [Member]

539,325

455,711

529,602

Surface protection films | PE Films [Member]

30,484

22,700

22,542

LED lighting products & other films | PE Films [Member]

88,436

109,097

103,893

Subtotal | PE Films [Member]

7,491

7,372

Nonresidential building & construction | Aluminum Extrusions

118,920

139,288

133,807

Consumer durables | Aluminum Extrusions

269,252

253,126

272,729

Residential building & construction | Aluminum Extrusions

53,578

44,167

57,607

Machinery and Equipment | Aluminum Extrusions

52,236

40,049

43,554

Automotive | Aluminum Extrusions

42,721

30,649

38,657

Distribution | Aluminum Extrusions

43,256

35,895

46,461

Electrical | Aluminum Extrusions

45,639

28,339

34,753

Subtotal | Aluminum Extrusions

32,643

23,486

35,841

Goodwill and Intangible Assets Disclosure [Abstract]

$ 539,325

$ 455,711

$ 529,602

[1]

Goodwill And Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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 (In thousands)
2022	$	2,579
2023	1,953
2024	1,913
2025	1,913
2026	1,913

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

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 Quarter		Second Quarter		Third Quarter		Fourth Quarter
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

Goodwill And Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2017	$ 2,579
2018	1,953
2019	1,913
2020	1,913
2021	$ 1,913

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

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)

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

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

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]
Investment Owned, at Fair Value	$ 200				$ 700				$ 200	$ 700	$ 1,100
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

Amount after tax of income (loss) from continuing operations attributable to the parent.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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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

Business Segments (Schedule Of Identifiable Assets) (Details) - USD ($)
$ in Thousands

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

^[1]

$ 523,584

$ 514,870

30,521

^[1]

11,846

^[1]

$ 31,422

Disposal Group, Including Discontinued Operation, Assets

178

1,490

Flexible Packaging Films [Member] [Domain]

113,613

119,013

75,269

66,453

General Corporate

^[1]

23,482

71,508

Subtotal

469,403

430,026

Aluminum Extrusions

$ 280,521

$ 244,560

[1]

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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Savings Plan (Details) - USD ($)	12 Months Ended
Savings Plan (Details) - USD ($)	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

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

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

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

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

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

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

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)

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	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	$ 200.0
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

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 by Geographic Area (c)				Property, Plant & Equipment, Net by Geographic Area (c)
(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.

(f)In December 2020, the Company completed the sale of Bright View. See Note 15 for more details.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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