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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-10258 
Tredegar Corporation
(Exact Name of Registrant as Specified in Its Charter)
 
Virginia 54-1497771
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
1100 Boulders Parkway
Richmond,Virginia 23225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (804) 330-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valueTGNew York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filerxSmaller reporting company
Non-accelerated filer
¨ 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x
The number of shares of Common Stock, no par value, outstanding as of July 29, 2022: 33,982,479



Tredegar Corporation
Table of Contents
 
  Page



PART I - FINANCIAL INFORMATION 

Item 1.    Financial Statements.
Tredegar Corporation
Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
(Unaudited)
June 30,December 31,
20222021
Assets
Current assets:
Cash and cash equivalents$27,462 $30,521 
Accounts and other receivables, net127,995 103,312 
Income taxes recoverable641 2,558 
Inventories121,369 88,569 
Prepaid expenses and other8,180 11,275 
Current assets of discontinued operations151 178 
Total current assets285,798 236,413 
Property, plant and equipment, at cost510,596 498,311 
Less: accumulated depreciation(336,821)(327,930)
Net property, plant and equipment173,775 170,381 
Right-of-use leased assets13,111 13,847 
Identifiable intangible assets, net12,879 14,152 
Goodwill70,608 70,608 
Deferred income taxes12,220 15,723 
Other assets3,423 2,460 
Total assets$571,814 $523,584 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$174,646 $123,760 
Accrued expenses32,680 33,104 
Lease liability, short-term2,205 2,158 
Income taxes payable1,362 9,333 
Current liabilities of discontinued operations71 193 
Total current liabilities210,964 168,548 
Lease liability, long-term11,954 12,831 
Long-term debt101,500 73,000 
Pension and other postretirement benefit obligations, net28,415 78,265 
Other non-current liabilities7,196 6,218 
Total liabilities360,029 338,862 
Shareholders’ equity:
Common stock, no par value (issued and outstanding 33,965,478 shares at June 30, 2022 and 33,736,629 shares at December 31, 2021)
56,911 55,174 
Common stock held in trust for savings restoration plan (110,564 shares at June 30, 2022 and 108,433 shares at December 31, 2021)
(2,161)(2,135)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment(85,486)(85,792)
Gain (loss) on derivative financial instruments(2,330)901 
Pension and other postretirement benefit adjustments(59,519)(64,613)
Retained earnings304,370 281,187 
Total shareholders’ equity211,785 184,722 
Total liabilities and shareholders’ equity$571,814 $523,584 
See accompanying notes to financial statements.
2


Tredegar Corporation
Condensed Consolidated Statements of Income (Loss)
(In Thousands, Except Per Share Data)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Revenues and other items:
Sales$274,363 $211,129 $510,929 $395,951 
Other income (expense), net1,261 8,122 994 8,882 
275,624 219,251 511,923 404,833 
Costs and expenses:
Cost of goods sold218,088 158,692 401,348 299,977 
Freight11,036 7,044 19,118 13,267 
Selling, general and administrative18,862 20,275 40,143 38,659 
Research and development1,754 1,436 3,278 3,157 
Amortization of identifiable intangibles666 723 1,329 1,446 
Pension and postretirement benefits3,506 3,540 6,982 7,080 
Interest expense1,234 891 2,020 1,713 
Asset impairments and costs associated with exit and disposal activities, net of adjustments134 199 126 368 
Total255,280 192,800 474,344 365,667 
Income (loss) from continuing operations before income taxes20,344 26,451 37,579 39,166 
Income tax expense (benefit)5,556 5,723 6,334 8,820 
Net income (loss) from continuing operations14,788 20,728 31,245 30,346 
Income (loss) from discontinued operations, net of tax81 508 47 (79)
Net income (loss)$14,869 $21,236 $31,292 $30,267 
Earnings (loss) per share:
Basic:
Continuing operations$0.44 $0.62 $0.93 $0.91 
Discontinued operations 0.02   
Basic earnings (loss) per share$0.44 $0.64 $0.93 $0.91 
Diluted:
Continuing operations$0.44 $0.61 $0.93 $0.90 
Discontinued operations 0.02   
Diluted earnings (loss) per share$0.44 $0.63 $0.93 $0.90 
Shares used to compute earnings (loss) per share:
Basic33,814 33,594 33,734 33,500 
Diluted33,854 33,740 33,776 33,692 
See accompanying notes to financial statements.

3


Tredegar Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
Three Months Ended June 30,
 20222021
Net income (loss)$14,869 $21,236 
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $482 in 2022 and net of tax expense of $463 in 2021)
(5,230)3,993 
Derivative financial instruments adjustment (net of tax benefit of $3,359 in 2022 and net of tax expense of $547 in 2021)
(9,161)1,468 
Amortization of prior service costs and net gains or losses (net of tax expense of $712 in 2022 and net of tax expense of $922 in 2021)
2,556 3,318 
Other comprehensive income (loss)(11,835)8,779 
Comprehensive income (loss)$3,034 $30,015 

Six Months Ended June 30,
 20222021
Net income (loss)$31,292 $30,267 
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax expense of $246 in 2022 and net of tax expense of $191 in 2021)
306 1,345 
Derivative financial instruments adjustment (net of tax benefit of $443 in 2022 and net of tax expense of $359 in 2021)
(3,231)1,232 
Amortization of prior service costs and net gains or losses (net of tax expense of $1,424 in 2022 and net of tax expense of $1,846 in 2021)
5,094 6,637 
Other comprehensive income (loss)2,169 9,214 
Comprehensive income (loss)$33,461 $39,481 
See accompanying notes to financial statements.

4


Tredegar Corporation
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net income (loss)$31,292 $30,267 
Adjustments for noncash items:
Depreciation11,536 10,875 
Amortization of identifiable intangibles1,329 1,446 
Reduction of right-of-use lease asset1,072 1,066 
Deferred income taxes2,516 2,477 
Accrued pension and post-retirement benefits7,013 7,080 
Stock-based compensation expense1,842 2,444 
Gain on investment in kaléo(1,406)(600)
Changes in assets and liabilities:
Accounts and other receivables(24,172)(12,840)
Inventories(31,495)(14,020)
Income taxes recoverable/payable(6,129)2,680 
Prepaid expenses and other(516)7,267 
Accounts payable and accrued expenses47,388 8,040 
Lease liability(1,166)(1,051)
Pension and postretirement benefit plan contributions(50,314)(4,020)
Other, net1,781 396 
Net cash (used in) provided by operating activities(9,429)41,507 
Cash flows from investing activities:
Capital expenditures(13,514)(11,324)
Proceeds from the sale of kaléo1,406  
Net cash used in investing activities(12,108)(11,324)
Cash flows from financing activities:
Borrowings221,250 34,000 
Debt principal payments(192,750)(51,000)
Dividends paid(8,135)(8,070)
Debt financing costs(1,245) 
Other(396)915 
Net cash provided by (used in) financing activities18,724 (24,155)
Effect of exchange rate changes on cash(246)424 
Increase (decrease) in cash & cash equivalents(3,059)6,452 
Cash and cash equivalents at beginning of period30,521 11,846 
Cash and cash equivalents at end of period$27,462 $18,298 
See accompanying notes to financial statements.

5


Tredegar Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(In Thousands, Except Share and Per Share Data)
(Unaudited)

The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2022:
Common StockRetained EarningsTrust for Savings Restoration PlanAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance April 1, 2022
$55,953 $293,563 $(2,148)$(135,500)$211,868 
Net income (loss)— 14,869 — — 14,869 
Foreign currency translation adjustment — — — (5,230)(5,230)
Derivative financial instruments adjustment — — — (9,161)(9,161)
Amortization of prior service costs and net gains or losses— — — 2,556 2,556 
Cash dividends declared ($0.12 per share)
— (4,075)— — (4,075)
Stock-based compensation expense958 — — — 958 
Tredegar common stock purchased by trust for savings restoration plan— 13 (13)— — 
Balance June 30, 2022
$56,911 $304,370 $(2,161)$(147,335)$211,785 
The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2022:
Common StockRetained EarningsTrust for Savings Restoration PlanAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance January 1, 2022
$55,174 $281,187 $(2,135)$(149,504)$184,722 
Net income (loss)— 31,292 — — 31,292 
Foreign currency translation adjustment — — — 306 306 
Derivative financial instruments adjustment — — — (3,231)(3,231)
Amortization of prior service costs and net gains or losses— — — 5,094 5,094 
Cash dividends declared ($0.24 per share)
— (8,135)— — (8,135)
Stock-based compensation expense2,133 — — — 2,133 
Repurchase of employee common stock for tax
withholdings
(396)— — — (396)
Tredegar common stock purchased by trust for savings restoration plan— 26 (26)— — 
Balance June 30, 2022
$56,911 $304,370 $(2,161)$(147,335)$211,785 
6


The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2021:
 Common
Stock
Retained
Earnings
Trust for
Savings
Restoration
Plan
Accumulated Other
Comprehensive Income (Loss)
Total
Shareholders’
Equity
Balance at April 1, 2021$51,557 $244,496 $(2,097)$(177,969)$115,987 
Net income (loss)— 21,236 — — 21,236 
Foreign currency translation adjustment — — — 3,993 3,993 
Derivative financial instruments adjustment — — — 1,468 1,468 
Amortization of prior service costs and net gains or losses — — — 3,318 3,318 
Cash dividends declared ($0.12 per share)
— (4,045)— — (4,045)
Stock-based compensation expense1,383 — — — 1,383 
Tredegar common stock purchased by trust for savings restoration plan— 12 (12)— — 
Balance at June 30, 2021$52,940 $261,699 $(2,109)$(169,190)$143,340 
The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2021:
 Common
Stock
Retained
Earnings
Trust for
Savings
Restoration
Plan
Accumulated Other
Comprehensive Income (Loss)
Total
Shareholders’
Equity
Balance at January 1, 2021$50,066 $239,480 $(2,087)$(178,404)$109,055 
Net income (loss)— 30,267 — — 30,267 
Foreign currency translation adjustment — — — 1,345 1,345 
Derivative financial instruments adjustment — — — 1,232 1,232 
Amortization of prior service costs and net gains or losses — — — 6,637 6,637 
Cash dividends declared ($0.24 per share)
— (8,070)— — (8,070)
Stock-based compensation expense1,959 — — — 1,959 
Shares issued upon exercise of stock options915 — — — 915 
Tredegar common stock purchased by trust for savings restoration plan— 22 (22)— — 
Balance at June 30, 2021$52,940 $261,699 $(2,109)$(169,190)$143,340 
See accompanying notes to financial statements.

7


TREDEGAR CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1. BASIS OF PRESENTATION
In the opinion of management, the accompanying condensed consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of June 30, 2022, the condensed consolidated results of operations for the three and six months ended June 30, 2022 and 2021, the condensed consolidated cash flows for the six months ended June 30, 2022 and 2021, and the condensed consolidated changes in shareholders’ equity for the six months ended June 30, 2022 and 2021, in accordance with U.S. generally accepted accounting principles (“GAAP”). All such adjustments, unless otherwise detailed in the notes to the condensed consolidated financial statements, are deemed to be of a normal, recurring nature.
The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis.  As such, the fiscal second quarter for 2022 and 2021 for this segment references 13-week periods ended June 26, 2022 and June 27, 2021.  The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results. The Company may fund or receive cash from the Aluminum Extrusions segment based on Aluminum Extrusion’s cash flows from operations during the intervening period from Aluminum Extrusion’s fiscal quarter end and the Company’s fiscal quarter end. There was no intercompany funding with Aluminum Extrusions between June 26, 2022 and June 30, 2022.
The financial position data as of December 31, 2021 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”) but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2021 Form 10-K.
The results of operations for the three and six months ended June 30, 2022, are not necessarily indicative of the results to be expected for the full year.
Accounting Standards 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. In the second quarter of 2022, the Company adopted ASU 2020-04, which did not have a material impact on the Company’s consolidated financial statements.
2. ACCOUNTS AND OTHER RECEIVABLES
As of June 30, 2022 and December 31, 2021, accounts receivable and other receivables, net include the following:
June 30,December 31,
(In thousands)20222021
Customer receivables$126,441 $102,090 
Other receivables3,583 2,958 
      Total accounts and other receivables130,024 105,048 
Less: Allowance for bad debts(2,029)(1,736)
Total accounts and other receivables, net$127,995 $103,312 

8


3. INVENTORIES
The components of inventories are as follows:
(In thousands)June 30, 2022December 31, 2021
Finished goods$30,486 $25,199 
Work-in-process16,284 11,955 
Raw materials54,294 32,958 
Stores, supplies and other20,305 18,457 
Total$121,369 $88,569 
4. PENSION AND OTHER POSTRETIREMENT BENEFITS
Tredegar sponsors a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. As of January 31, 2018, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing all future benefits under the plan. On February 10, 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan, which could take up to 24 months to complete. In connection therewith, on February 9, 2022, the Company contributed $50 million to the pension plan (the “Special Contribution”). The Company estimates that, with the Special Contribution, there will be no required minimum contributions to the pension plan until final settlement.
Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. Pension expense recognized for this plan was immaterial in the second quarter of 2022 and 2021, respectively. This information has been included in the pension benefit table below.
The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the condensed consolidated statements of income for the three and six months ended June 30, 2022 and 2021, are shown below:
Pension BenefitsOther Post-Retirement Benefits
 Three Months Ended June 30,Three Months Ended June 30,
(In thousands)2022202120222021
Service cost$ $ $5 $8 
Interest cost2,225 2,102 51 51 
Expected return on plan assets(2,043)(2,863)  
Amortization of prior service costs, (gains) losses and net transition asset3,302 4,266 (34)(24)
Net periodic benefit cost$3,484 $3,505 $22 $35 
Pension BenefitsOther Post-Retirement Benefits
 Six Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Service cost$ $ $10 $17 
Interest cost4,450 4,204 102 101 
Expected return on plan assets(4,098)(5,725)  
Amortization of prior service costs, (gains) losses and net transition asset6,586 8,531 (68)(48)
Net periodic benefit cost$6,938 $7,010 $44 $70 
Pension and other postretirement liabilities were $29.1 million and $78.9 million at June 30, 2022 and December 31, 2021, respectively ($0.7 million included in “Accrued expenses” at June 30, 2022 and December 31, 2021, respectively, with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets).
Tredegar funds its other postretirement benefits on a claims-made basis; for 2022, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2021, or approximately $0.5 million.
9


5. OTHER INCOME (EXPENSE), NET
Other income (expense), net consists of the following:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2022202120222021
Gain on investment in kaléo(a)
$1,406 $200 $1,406 $918 
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  8,486 
Transition service fees, net of corporate costs associated with the divested Personal Care business(16)267 (48)571 
COVID-19-related expenses, net of relief (b)
(96)(415)(308)(435)
Write-down of investment in Harbinger Capital Partners Special Situations Fund(c)
 (363)(7)(511)
Other(33)(53)(49)(147)
Total$1,261 $8,122 $994 $8,882 
(a) In May 2022, additional cash consideration of $1.4 million was received related to customary post-closing adjustments. See Note 12 for additional information.
(b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance.
(c) Represents the unrealized loss on the Company’s investment in Harbinger Capital Partners Special Situations Fund L.P. that had a fair value of $0.2 million as of June 30, 2022 and $0.2 million as of December 31, 2021 reported in "Other assets" in the condensed consolidated balance sheet.
In May 2021, the Brazil Supreme Court ruled in a leading case related to the amount of Brazilian value-added tax to exclude from the calculation of unemployment/social security insurance non-income taxes ("PIS/COFINS"). As a result, in the second quarter of 2021, the Company recorded a pre-tax gain of $8.5 million for certain excess PIS/COFINS paid from 2003 to 2021, plus applicable interest, which the Company applied to required Brazilian federal tax payments during 2021.
6. EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income (loss) from continuing and discontinued operations by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:
Three Months EndedSix Months Ended
 June 30,June 30,
(In thousands)2022202120222021
Weighted average shares outstanding used to compute basic earnings per share33,814 33,594 33,734 33,500 
Incremental dilutive shares attributable to stock options and restricted stock40 146 42 192 
Shares used to compute diluted earnings per share33,854 33,740 33,776 33,692 
Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period. The 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 2,525,104 and 2,501,406 for the three and six months ended June 30, 2022, respectively, and 996,400 and 703,958 for the three and six months ended June 30, 2021, respectively.
10


7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in accumulated other comprehensive income (loss) by component for the three months ended June 30, 2022.
(In thousands)Foreign Currency TranslationGain (Loss) on Derivative Financial InstrumentsPension & Other Postretirement Benefit AdjustTotal Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2022$(80,256)$6,831 $(62,075)$(135,500)
Other comprehensive income (loss)(5,712)(11,681) (17,393)
Income tax (expense) benefit482 3,110  3,592 
Other comprehensive income (loss), net of tax(5,230)(8,571) (13,801)
Reclassification adjustment to net income (loss) (840)3,268 2,428 
Income tax (expense) benefit 250 (712)(462)
Reclassification adjustment to net income (loss), net of tax (590)2,556 1,966 
Other comprehensive income (loss), net of tax(5,230)(9,161)2,556 (11,835)
Balance at June 30, 2022$(85,486)$(2,330)$(59,519)$(147,335)
The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2022.
(In thousands)Foreign Currency TranslationGain (Loss) on Derivative Financial InstrumentsPension & Other Postretirement Benefit AdjustTotal Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2022$(85,792)$901 $(64,613)$(149,504)
Other comprehensive income (loss)552 (1,678) (1,126)
Income tax (expense) benefit(246)(80) (326)
Other comprehensive income (loss), net of tax306 (1,758) (1,452)
Reclassification adjustment to net income (loss) (1,997)6,518 4,521 
Income tax (expense) benefit 524 (1,424)(900)
Reclassification adjustment to net income (loss), net of tax (1,473)5,094 3,621 
Other comprehensive income (loss), net of tax306 (3,231)5,094 2,169 
Balance at June 30, 2022$(85,486)$(2,330)$(59,519)$(147,335)
11


The changes in accumulated other comprehensive income (loss) by component for the three months ended June 30, 2021.
(In thousands)Foreign Currency TranslationGain (Loss) on Derivative Financial InstrumentsPension & Other Postretirement Benefit AdjustTotal Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2021$(86,797)$2,028 $(93,200)$(177,969)
Other comprehensive income (loss)4,456 3,257  7,713 
Income tax (expense) benefit(463)(808) (1,271)
Other comprehensive income (loss), net of tax3,993 2,449  6,442 
Reclassification adjustment to net income (loss) (1,241)4,240 2,999 
Income tax (expense) benefit 260 (922)(662)
Reclassification adjustment to net income (loss), net of tax (981)3,318 2,337 
Other comprehensive income (loss), net of tax3,993 1,468 3,318 8,779 
Balance at June 30, 2021$(82,804)$3,496 $(89,882)$(169,190)
The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2021.
(In thousands)Foreign Currency TranslationGain (Loss) on Derivative Financial InstrumentsPension & Other Postretirement Benefit AdjustTotal Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2021$(84,149)$2,264 $(96,519)$(178,404)
Other comprehensive income (loss)1,536 3,488  5,024 
Income tax (expense) benefit(191)(766) (957)
Other comprehensive income (loss), net of tax1,345 2,722  4,067 
Reclassification adjustment to net income (loss) (1,896)8,483 6,587 
Income tax (expense) benefit 406 (1,846)(1,440)
Reclassification adjustment to net income (loss), net of tax (1,490)6,637 5,147 
Other comprehensive income (loss), net of tax1,345 1,232 6,637 9,214 
Balance at June 30, 2021$(82,804)$3,496 $(89,882)$(