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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 September 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 November 4, 2022: 34,000,642



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)
September 30,December 31,
20222021
Assets
Current assets:
Cash and cash equivalents$19,250 $30,521 
Accounts and other receivables, net110,077 103,312 
Income taxes recoverable1,834 2,558 
Inventories114,103 88,569 
Prepaid expenses and other9,601 11,275 
Current assets of discontinued operations151 178 
Total current assets255,016 236,413 
Property, plant and equipment, at cost520,371 498,311 
Less: accumulated depreciation(340,868)(327,930)
Net property, plant and equipment179,503 170,381 
Right-of-use leased assets14,356 13,847 
Identifiable intangible assets, net12,200 14,152 
Goodwill70,608 70,608 
Deferred income taxes11,820 15,723 
Other assets3,155 2,460 
Total assets$546,658 $523,584 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$126,848 $123,760 
Accrued expenses36,894 33,104 
Lease liability, short-term2,003 2,158 
Income taxes payable1,391 9,333 
Current liabilities of discontinued operations71 193 
Total current liabilities167,207 168,548 
Lease liability, long-term13,160 12,831 
Long-term debt124,000 73,000 
Pension and other postretirement benefit obligations, net28,464 78,265 
Other non-current liabilities6,769 6,218 
Total liabilities339,600 338,862 
Shareholders’ equity:
Common stock, no par value (issued and outstanding 33,982,479 shares at September 30, 2022 and 33,736,629 shares at December 31, 2021)
57,902 55,174 
Common stock held in trust for savings restoration plan (111,861 shares at September 30, 2022 and 108,433 shares at December 31, 2021)
(2,174)(2,135)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment(87,826)(85,792)
Gain (loss) on derivative financial instruments(4,877)901 
Pension and other postretirement benefit adjustments(56,963)(64,613)
Retained earnings300,996 281,187 
Total shareholders’ equity207,058 184,722 
Total liabilities and shareholders’ equity$546,658 $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 September 30,Nine Months Ended September 30,
 2022202120222021
Revenues and other items:
Sales$238,486 $209,517 $749,415 $605,468 
Other income (expense), net119 391 1,113 9,272 
238,605 209,908 750,528 614,740 
Costs and expenses:
Cost of goods sold200,582 170,756 601,930 470,733 
Freight9,500 7,264 28,619 20,531 
Selling, general and administrative19,018 16,767 59,160 55,422 
Research and development1,576 1,613 4,855 4,770 
Amortization of identifiable intangibles653 724 1,982 2,170 
Pension and postretirement benefits3,506 3,540 10,489 10,622 
Interest expense1,138 842 3,158 2,555 
Asset impairments and costs associated with exit and disposal activities, net of adjustments495 265 621 633 
Total236,468 201,771 710,814 567,436 
Income (loss) from continuing operations before income taxes2,137 8,137 39,714 47,304 
Income tax expense (benefit)1,125 1,908 7,460 10,728 
Net income (loss) from continuing operations1,012 6,229 32,254 36,576 
Income (loss) from discontinued operations, net of tax21 (26)68 (104)
Net income (loss)$1,033 $6,203 $32,322 $36,472 
Earnings (loss) per share:
Basic:
Continuing operations$0.03 $0.19 $0.96 $1.09 
Discontinued operations    
Basic earnings (loss) per share$0.03 $0.19 $0.96 $1.09 
Diluted:
Continuing operations$0.03 $0.19 $0.96 $1.09 
Discontinued operations    
Diluted earnings (loss) per share$0.03 $0.19 $0.96 $1.09 
Shares used to compute earnings (loss) per share:
Basic33,870 33,620 33,780 33,541 
Diluted33,871 33,649 33,808 33,678 
See accompanying notes to financial statements.

3


Tredegar Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
Three Months Ended September 30,
 20222021
Net income (loss)$1,033 $6,203 
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $148 in 2022 and net of tax benefit of $294 in 2021)
(2,340)(2,788)
Derivative financial instruments adjustment (net of tax benefit of $818 in 2022 and net of tax benefit of $174 in 2021)
(2,547)(717)
Amortization of prior service costs and net gains or losses (net of tax expense of $712 in 2022 and net of tax expense of $927 in 2021)
2,556 3,317 
Other comprehensive income (loss)(2,331)(188)
Comprehensive income (loss)$(1,298)$6,015 

Nine Months Ended September 30,
 20222021
Net income (loss)$32,322 $36,472 
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax expense of $98 in 2022 and net of tax benefit of $103 in 2021)
(2,034)(1,443)
Derivative financial instruments adjustment (net of tax benefit of $1,261 in 2022 and net of tax expense of $185 in 2021)
(5,778)515 
Amortization of prior service costs and net gains or losses (net of tax expense of $2,136 in 2022 and net of tax expense of $2,773 in 2021)
7,650 9,954 
Other comprehensive income (loss)(162)9,026 
Comprehensive income (loss)$32,160 $45,498 
See accompanying notes to financial statements.

4


Tredegar Corporation
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income (loss)$32,322 $36,472 
Adjustments for noncash items:
Depreciation17,538 16,169 
Amortization of identifiable intangibles1,982 2,170 
Reduction of right-of-use lease asset1,590 1,582 
Deferred income taxes3,078 4,120 
Accrued pension and post-retirement benefits10,519 10,622 
Stock-based compensation expense2,575 3,227 
Gain on investment in kaléo(1,406)(879)
Changes in assets and liabilities:
Accounts and other receivables(7,222)(11,379)
Inventories(24,855)(19,902)
Income taxes recoverable/payable(7,227)111 
Prepaid expenses and other(5,365)3,422 
Accounts payable and accrued expenses3,624 12,078 
Lease liability(1,737)(1,566)
Pension and postretirement benefit plan contributions(50,503)(5,510)
Other, net1,935 750 
Net cash (used in) provided by operating activities(23,152)51,487 
Cash flows from investing activities:
Capital expenditures(25,527)(19,576)
Proceeds from the sale of kaléo1,406  
Proceeds from the sale of assets 4,749 
Net cash used in investing activities(24,121)(14,827)
Cash flows from financing activities:
Borrowings279,250 69,250 
Debt principal payments(228,250)(76,250)
Dividends paid(12,552)(12,114)
Debt financing costs(1,245) 
Other(396)915 
Net cash provided by (used in) financing activities36,807 (18,199)
Effect of exchange rate changes on cash(805)(54)
Increase (decrease) in cash & cash equivalents(11,271)18,407 
Cash and cash equivalents at beginning of period30,521 11,846 
Cash and cash equivalents at end of period$19,250 $30,253 
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 September 30, 2022:
Common StockRetained EarningsTrust for Savings Restoration PlanAccumulated Other Comprehensive Income (Loss)Total Shareholders’ Equity
Balance July 1, 2022
$56,911 $304,370 $(2,161)$(147,335)$211,785 
Net income (loss)— 1,033 — — 1,033 
Foreign currency translation adjustment — — — (2,340)(2,340)
Derivative financial instruments adjustment — — — (2,547)(2,547)
Amortization of prior service costs and net gains or losses— — — 2,556 2,556 
Cash dividends declared ($0.13 per share)
— (4,420)— — (4,420)
Stock-based compensation expense991 — — — 991 
Tredegar common stock purchased by trust for savings restoration plan— 13 (13)— — 
Balance September 30, 2022
$57,902 $300,996 $(2,174)$(149,666)$207,058 
The following summarizes the changes in shareholders’ equity for the nine month period ended September 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)— 32,322 — — 32,322 
Foreign currency translation adjustment — — — (2,034)(2,034)
Derivative financial instruments adjustment — — — (5,778)(5,778)
Amortization of prior service costs and net gains or losses— — — 7,650 7,650 
Cash dividends declared ($0.37 per share)
— (12,552)— — (12,552)
Stock-based compensation expense3,124 — — — 3,124 
Repurchase of employee common stock for tax
withholdings
(396)— — — (396)
Tredegar common stock purchased by trust for savings restoration plan— 39 (39)— — 
Balance September 30, 2022
$57,902 $300,996 $(2,174)$(149,666)$207,058 
6


The following summarizes the changes in shareholders’ equity for the three month period ended September 30, 2021:
 Common
Stock
Retained
Earnings
Trust for
Savings
Restoration
Plan
Accumulated Other
Comprehensive Income (Loss)
Total
Shareholders’
Equity
Balance at July 1, 2021$52,940 $261,699 $(2,109)$(169,190)$143,340 
Net income (loss)— 6,203 — — 6,203 
Foreign currency translation adjustment — — — (2,788)(2,788)
Derivative financial instruments adjustment — — — (717)(717)
Amortization of prior service costs and net gains or losses — — — 3,317 3,317 
Cash dividends declared ($0.12 per share)
— (4,042)— — (4,042)
Stock-based compensation expense966 — — — 966 
Tredegar common stock purchased by trust for savings restoration plan— 13 (13)— — 
Balance at September 30, 2021$53,906 $263,873 $(2,122)$(169,378)$146,279 
The following summarizes the changes in shareholders’ equity for the nine month period ended September 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)— 36,472 — — 36,472 
Foreign currency translation adjustment — — — (1,443)(1,443)
Derivative financial instruments adjustment — — — 515 515 
Amortization of prior service costs and net gains or losses — — — 9,954 9,954 
Cash dividends declared ($0.36 per share)
— (12,114)— — (12,114)
Stock-based compensation expense2,925 — — — 2,925 
Shares issued upon exercise of stock options915 — — — 915 
Tredegar common stock purchased by trust for savings restoration plan— 35 (35)— — 
Balance at September 30, 2021$53,906 $263,873 $(2,122)$(169,378)$146,279 
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 September 30, 2022, the condensed consolidated results of operations for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated cash flows for the nine months ended September 30, 2022 and 2021, and the condensed consolidated changes in shareholders’ equity for the nine months ended September 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 third quarter for 2022 and 2021 for this segment references 13-week periods ended September 25, 2022 and September 26, 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 September 25, 2022 and September 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 nine months ended September 30, 2022, are not necessarily indicative of the results to be expected for the full year.
Risks and Uncertainties
During the three months ended September 30, 2022, events and circumstances indicated that the Surface Protection reporting unit ("Surface Protection"), which is also the asset group, might be impaired. The Company performed a goodwill and long-lived impairment analysis for Surface Protection and determined that the fair value of Surface Protection exceeded its carrying value. Given the uncertain demand for Surface Protections products, it is reasonably possible that the cash flow estimates used in deriving such fair value measurements may change in the future.
As of September 30, 2022, the Surface Protection reporting unit had goodwill of $57.3 million and long-lived identifiable assets of $29.5 million.
Accounting Standards Adopted
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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.
Accounting Standards Not Yet Adopted
In September 2022, the FASB issued ASU 2022-04, which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The guidance is effective for annual periods beginning after December 15, 2022, with early adoption permitted. 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.
8


2. ACCOUNTS AND OTHER RECEIVABLES
As of September 30, 2022 and December 31, 2021, accounts receivable and other receivables, net include the following:
September 30,December 31,
(In thousands)20222021
Customer receivables$108,438 $102,090 
Other receivables3,959 2,958 
      Total accounts and other receivables112,397 105,048 
Less: Allowance for bad debts(2,320)(1,736)
Total accounts and other receivables, net$110,077 $103,312 

3. INVENTORIES
The components of inventories are as follows:
(In thousands)September 30, 2022December 31, 2021
Finished goods$30,025 $25,199 
Work-in-process17,201 11,955 
Raw materials49,212 32,958 
Stores, supplies and other17,665 18,457 
Total$114,103 $88,569 
9


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 $50 million to the pension plan (the “Special Contribution”). The Company estimates that, with the Special Contribution, there will be no required minimum contributions to the pension plan until final settlement.
Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. Pension expense recognized for this plan was immaterial in the third quarter of 2022 and 2021, respectively. This information has been included in the pension benefit table below.
The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the condensed consolidated statements of income for the three and nine months ended September 30, 2022 and 2021, are shown below:
Pension BenefitsOther Post-Retirement Benefits
 Three Months Ended September 30,Three Months Ended September 30,
(In thousands)2022202120222021
Service cost$ $ $5 $9 
Interest cost2,226 2,101 51 50 
Expected return on plan assets(2,044)(2,862)  
Amortization of prior service costs, (gains) losses and net transition asset3,301 4,268 (33)(24)
Net periodic benefit cost$3,483 $3,507 $23 $35 
Pension BenefitsOther Post-Retirement Benefits
 Nine Months Ended September 30,Nine Months Ended September 30,
(In thousands)2022202120222021
Service cost$ $ $15 $26 
Interest cost6,676 6,305 153 151 
Expected return on plan assets(6,141)(8,587)  
Amortization of prior service costs, (gains) losses and net transition asset9,887 12,799 (101)(72)
Net periodic benefit cost$10,422 $10,517 $67 $105 
Pension and other postretirement liabilities were $29.1 million and $78.9 million at September 30, 2022 and December 31, 2021, respectively ($0.7 million included in “Accrued expenses” at September 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.
10


5. OTHER INCOME (EXPENSE), NET
Other income (expense), net consists of the following:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2022202120222021
Gain on investment in kaléo(a)
$ $279 $1,406 $1,197 
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 
Other119 112 (293)(411)
Total$119 $391 $1,113 $9,272 
(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 on the sale of the investment in kaléo.
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 EndedNine Months Ended
 September 30,September 30,
(In thousands)2022202120222021
Weighted average shares outstanding used to compute basic earnings per share33,870 33,620 33,780 33,541 
Incremental dilutive shares attributable to stock options and restricted stock1 29 28 137 
Shares used to compute diluted earnings per share33,871 33,649 33,808 33,678 
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 2,932,378 and 2,645,063 for the three and nine months ended September 30, 2022, respectively, and 2,433,213 and 1,280,376 for the three and nine months ended September 30, 2021, respectively.
11


7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2022.
(In thousands)Foreign Currency TranslationGain (Loss) on Derivative Financial InstrumentsPension & Other Postretirement Benefit AdjustTotal Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2022$(85,486)$(2,330)$(59,519)$(147,335)
Other comprehensive income (loss)(2,488)(2,205) (4,693)
Income tax (expense) benefit148 522  670 
Other comprehensive income (loss), net of tax(2,340)(1,683) (4,023)
Reclassification adjustment to net income (loss) (1,159)3,268 2,109 
Income tax (expense) benefit 295 (712)(417)
Reclassification adjustment to net income (loss), net of tax (864)2,556 1,692 
Other comprehensive income (loss), net of tax(2,340)(2,547)2,556 (2,331)
Balance at September 30, 2022
$(87,826)$(4,877)$(56,963)$(149,666)
The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 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)(1,936)(3,883) (5,819)
Income tax (expense) benefit(98)442  344 
Other comprehensive income (loss), net of tax(2,034)(3,441) (5,475)
Reclassification adjustment to net income (loss) (3,156)9,786 6,630 
Income tax (expense) benefit 819 (2,136)(1,317)
Reclassification adjustment to net income (loss), net of tax (2,337)7,650 5,313 
Other comprehensive income (loss), net of tax(2,034)(5,778)7,650 (162)
Balance at September 30, 2022
$(87,826)$(4,877)$(56,963)$(149,666)
12


The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2021.
(In thousands)Foreign Currency TranslationGain (Loss) on Derivative Financial InstrumentsPension & Other Postretirement Benefit AdjustTotal Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2021$(82,804)$3,496 $(89,882)$(169,190)
Other comprehensive income (loss)(3,082)1,245  (1,837)
Income tax (expense) benefit294 (297) (3)
Other comprehensive income (loss), net of tax(2,788)948  (1,840)
Reclassification adjustment to net income (loss) (2,141)4,244 2,103 
Income tax (expense) benefit 476 (927)(451)
Reclassification adjustment to net income (loss), net of tax (1,665)3,317 1,652 
Other comprehensive income (loss), net of tax(2,788)(717)3,317 (188)
Balance at September 30, 2021
$(85,592)$2,779 $(86,565)$(169,378)
The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 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)(1,546)4,736  3,190 
Income tax (expense) benefit103 (1,064) (961)
Other comprehensive income (loss), net of tax(1,443)3,672  2,229 
Reclassification adjustment to net income (loss) (4,037)12,727 8,690 
Income tax (expense) benefit 880 (2,773)