0000850429-23-000004 | 10-K | XBRL Viewer

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Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Richmond, Virginia
Auditor Firm ID	185

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Mar. 10, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	1-10258
Entity Registrant Name	TREDEGAR CORPORATION
Entity Address, State or Province	VA
Entity Tax Identification Number	54-1497771
Entity Address, Address Line One	1100 Boulders Parkway,
Entity Address, City or Town	Richmond,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23225
City Area Code	804
Local Phone Number	330-1000
Title of 12(b) Security	Common Stock
Trading Symbol	TG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 266,141,470
Entity Common Stock, Shares Outstanding		34,016,689
Documents Incorporated by Reference	Portions of the Tredegar Corporation Proxy Statement for the 2023 Annual Meeting of Shareholders (the “Proxy Statement”) are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Entity Central Index Key	0000850429
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 19,232	$ 30,521
Accounts Receivable, after Allowance for Credit Loss	84,544	103,312
Income taxes recoverable	733	2,558
Inventories	127,771	88,569
Prepaid expenses and other	10,304	11,275
Current assets of discontinued operations	0	178
Total current assets	242,584	236,413
Property, plant and equipment, at cost:
Land and land improvements	4,832	4,537
Buildings	71,129	69,406
Machinery and equipment	455,960	424,368
Total property, plant and equipment	531,921	498,311
Less accumulated depreciation	(345,510)	(327,930)
Net property, plant and equipment	186,411	170,381
Right-of-use leased assets	14,021	13,847
Identifiable intangible assets, net	11,690	14,152
Goodwill	70,608	70,608
Deferred income tax assets	13,900	15,723
Other assets	2,879	2,460
Total assets	542,093	523,584
Current liabilities:
Accounts payable	114,938	123,760
Accrued expenses	31,603	33,104
Lease liability, short-term	2,035	2,158
Income taxes payable	1,137	9,333
Current liabilities of discontinued operations	0	193
Total current liabilities	149,713	168,548
Lease liability, long-term	12,738	12,831
Long-term debt	137,000	73,000
Pension and other postretirement benefit obligations, net	35,046	78,265
Other non-current liabilities	5,834	6,218
Total liabilities	340,331	338,862
Contingencies (Note 18)
Shareholders’ equity:
Issued and outstanding— 34,000,642 shares in 2022 and 33,736,629 in 2021 (including restricted stock)	58,824	55,174
Common stock held in trust for savings restoration plan (113,316 shares in 2022 and 108,433 in 2021)	(2,188)	(2,135)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment	(86,079)	(85,792)
Gain (loss) on derivative financial instruments	(2,480)	901
Pension and other postretirement benefit adjustments	(59,036)	(64,613)
Retained earnings	292,721	281,187
Total shareholders’ equity	201,762	184,722
Total liabilities and shareholders’ equity	$ 542,093	$ 523,584

Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, shares authorized (shares)	150,000,000
Common stock, shares, issued (shares)	34,000,642	33,736,629
Common stock, shares, outstanding (shares)	34,000,642	33,736,629
Common stock held in trust for savings restoration plan (shares)	113,316	108,433

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues and other:
Sales	$ 938,564	$ 826,455	$ 755,290
Other income (expense), net	935	20,376	(67,294)
Total revenues, net of other expenses	939,499	846,831	687,996
Costs and expenses:
Selling, general and administrative	78,790	74,964	84,246
Research and development	6,214	6,347	8,398
Amortization of identifiable intangibles	2,520	1,704	3,017
Accrued pension and postretirement benefits	14,569	14,160	14,720
Interest expense	4,990	3,386	2,587
Asset impairments and costs associated with exit and disposal activities, net of adjustments	622	1,127	1,725
Goodwill impairment	0	0	13,696
Total	906,729	779,610	713,042
Income (loss) from continuing operations before income taxes	32,770	67,221	(25,046)
Income tax expense (benefit)	4,389	9,284	(8,213)
Net income (loss) from continuing operations	28,381	57,937	(16,833)
Income (loss) from discontinued operations, net of tax	74	(111)	(58,611)
Net income (loss)	$ 28,455	$ 57,826	$ (75,444)
Earnings Per Share, Basic [Abstract]
Continuing operations (in usd per share)	$ 0.84	$ 1.72	$ (0.51)
Discontinued operations (in usd per share)	0	0	(1.75)
Net income (in usd per share)	0.84	1.72	(2.26)
Diluted:
Continuing operations (in usd per share)	0.84	1.72	(0.51)
Discontinued operations (in usd per share)	0	0	(1.75)
Net income (in usd per share)	$ 0.84	$ 1.72	$ (2.26)
Weighted Average Number of Shares Issued, Basic	33,806	33,563	33,402
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	33,826	33,670	33,402
Product and Service, Other
Costs and expenses:
Cost of Goods and Services Sold	$ 764,042	$ 649,690	$ 558,967
Freight
Costs and expenses:
Cost of Goods and Services Sold	$ 34,982	$ 28,232	$ 25,686

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 28,455	$ 57,826	$ (75,444)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax expense of $290 in 2022, net of tax benefit of $365 in 2021 and net of tax benefit of $897 in 2020)	(287)	(1,643)	(8,781)
Reclassification of foreign currency translation loss realized on the sale of Personal Care Films	0	0	(25,295)
Derivative financial instruments adjustment (net of tax benefit of $336 in 2022, net of tax benefit of $351 in 2021 and net of tax expense of $790 in 2020)	(3,381)
Derivative financial instruments adjustment (net of tax benefit of $336 in 2022, net of tax benefit of $351 in 2021 and net of tax expense of $790 in 2020)		(1,363)	3,571
Net gains (losses) and prior service costs (net of tax benefit of $1,400 in 2022, net of tax expense of $5,212 in 2021 and net of tax benefit of $4,228 in 2020)	(5,064)	18,720	(12,197)
Amortization of prior service costs and net gains or losses (net of tax expense of $2,965 in 2022, net of tax expense of $3,676 in 2021 and net of tax expense of $3,937 in 2020)	10,641	13,186	11,359
Other comprehensive income (loss)	1,909	28,900	19,247
Comprehensive income (loss)	$ 30,364	$ 86,726	$ (56,197)

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 290	$ (365)	$ (897)
Derivative financial instruments adjustment, tax (benefit)	(336)	(351)	790
Net gains or losses and prior service costs, tax (benefit)	1,400	(5,212)	4,228
Amortization of prior service costs and net gains or losses, tax	$ (2,965)	$ (3,676)	$ (3,937)

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 28,455	$ 57,826	$ (75,444)
Adjustments for noncash items:
Depreciation	23,882	22,080	28,940
Amortization of identifiable intangibles	2,520	1,704	3,017
Goodwill impairment	0	0	13,696
Reduction of right-of-use lease asset	2,098	2,086	2,753
Deferred income taxes	544	(4,944)	(16,892)
Accrued pension and postretirement benefits	14,602	14,160	14,720
Stock-based compensation expense	3,619	5,167	5,402
Loss on sale of divested businesses	0	0	52,326
Changes in assets and liabilities:
Accounts and other receivables	18,569	(16,993)	(335)
Inventories	(37,771)	(23,132)	(4,366)
Income taxes recoverable/payable	(6,423)	8,956	1,617
Prepaid expenses and other	(2,526)	3,612	(2,203)
Accounts payable and accrued expenses	(14,916)	19,835	4,045
Lease liability	(2,301)	(1,935)	(3,049)
Pension and postretirement benefit plan contributions	(50,660)	(5,687)	(12,681)
Other, net	870	310	1,927
Net cash (used in) provided by operating activities	(20,844)	70,583	74,373
Cash flows from investing activities:
Capital expenditures	(36,875)	(27,361)	(23,355)
Proceeds from the sale of kaléo	1,406	47,062	0
Net proceeds on sale of divested businesses	0	0	56,236
Proceeds from the sale of assets and other	10	4,749	0
Net cash (used in) provided by investing activities	(35,459)	24,450	32,881
Cash flows from financing activities:
Borrowings	313,500	75,500	162,250
Debt principal payments	249,500	136,500	70,250
Dividends paid	(16,974)	(16,167)	(216,049)
Debt financing costs	(1,245)	0	(693)
Other	(396)	325	(850)
Net cash provided by (used in) financing activities:	45,385	(76,842)	(125,592)
Effect of exchange rate changes on cash	(371)	484	(1,238)
(Decrease) increase in cash and cash equivalents	(11,289)	18,675	(19,576)
Cash and cash equivalents at beginning of period	30,521	11,846	31,422
Cash and cash equivalents at end of period	19,232	30,521	11,846
Supplemental cash flow information:
Income tax payments, net	10,814	4,706	1,670
Interest payments	4,423	2,923	1,679
kaleo
Adjustments for noncash items:
Accrued pension and postretirement benefits	(1,406)	(12,780)	60,900
(Gain) loss on investment in kaléo	1,406	12,462	$ (60,900)
Cash flows from investing activities:
Proceeds from the sale of kaléo	$ 1,400	$ 47,100

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Retained Earnings	Trust for Savings Restoration Plan	Accumulated Other Comprehensive Income (Loss)
Beginning balance at Dec. 31, 2019	$ 376,749	$ 45,514	$ 530,478	$ (1,592)	$ (197,651)
Beginning balance (in shares) at Dec. 31, 2019		33,365,039
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(75,444)		(75,444)
Foreign currency translation adjustment	(8,781)				(8,781)
Reclassification of foreign currency translation loss realized on the sale of Personal Care Films	(25,295)				(25,295)
Derivative financial instruments adjustment	3,571				3,571
Net gains or (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-based compensation expense (in shares)		131,354
Stock-based compensation expense	5,402	$ 5,402
Repurchase of employee common stock for tax withholdings	$ (850)	$ (850)
Repurchase of employee common stock for tax withholdings (in shares)	141,074	(39,217)
Tredegar common stock purchased by trust for savings restoration plan	$ 0		495	(495)
Ending balance at Dec. 31, 2020	109,055	$ 50,066	239,480	(2,087)	(178,404)
Ending balance (in shares) at Dec. 31, 2020		33,457,176
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	57,826		57,826
Foreign currency translation adjustment	(1,643)				(1,643)
Reclassification of foreign currency translation loss realized on the sale of Personal Care Films	0
Derivative financial instruments adjustment	(1,363)				(1,363)
Net gains or (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-based compensation expense (in shares)		229,014
Stock-based compensation expense	4,783	$ 4,783
Repurchase of employee common stock for tax withholdings	$ (590)	$ (590)
Repurchase of employee common stock for tax withholdings (in shares)	67,705	(17,266)
Issued upon exercise of stock options	$ 915	$ 915
Issued upon exercise of stock options (in shares)		67,705
Tredegar common stock purchased by trust for savings restoration plan	0		48	(48)
Ending balance at Dec. 31, 2021	184,722	$ 55,174	281,187	(2,135)	(149,504)
Ending balance (in shares) at Dec. 31, 2021		33,736,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,455		28,455
Foreign currency translation adjustment	(287)				(287)
Reclassification of foreign currency translation loss realized on the sale of Personal Care Films	0
Derivative financial instruments adjustment	(3,381)				(3,381)
Net gains or (losses) and prior service costs	(5,064)				(5,064)
Amortization of prior service costs and net gains or losses	10,641				10,641
Cash dividends declared	(16,974)		(16,974)
Stock-based compensation expense (in shares)		294,764
Stock-based compensation expense	4,046	$ 4,046
Repurchase of employee common stock for tax withholdings	(396)	$ (396)
Repurchase of employee common stock for tax withholdings (in shares)		(30,751)
Tredegar common stock purchased by trust for savings restoration plan	0		53	(53)
Ending balance at Dec. 31, 2022	$ 201,762	$ 58,824	$ 292,721	$ (2,188)	$ (147,595)
Ending balance (in shares) at Dec. 31, 2022		34,000,642

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.50	$ 0.48	$ 6.45

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

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 with 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.

For more information on this transaction, see Note 15.

Basis of Presentation and Principles of Consolidation. The consolidated financial statements include the accounts and operations of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. Certain amounts for the prior years have been reclassified to conform to current year presentation.

Fiscal Year End. The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. References to Aluminum Extrusions for 2022, 2021 and 2020 relate to the 52-week fiscal years ended December 25, 2022, December 26, 2021 and December 27, 2020, 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 25, 2022 and December 31, 2022 nor between December 27, 2021 and December 31, 2021.

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.

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 $0.4 million, losses of $0.5 million and gains of $0.6 million in 2022, 2021 and 2020, 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.

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.

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. For more information on accounts receivable and other receivables, net, see Note 2.

Inventories. Inventories are stated at the lower of cost or market, with cost determined using the last in, first out (“LIFO”) method, the weighted average cost or the first in, first out (“FIFO”) method. Cost elements included in work-in-process and finished goods inventories are raw materials, direct labor and manufacturing overhead. Finished goods, work-in-process, raw materials and supplies, stores and other inventory are reviewed to determine if inventory quantities are in excess of forecasted usage or if they have become obsolete.

Property, Plant and Equipment. Accounts include costs of assets constructed or purchased, related delivery and installation costs and interest incurred on significant capital projects during their construction periods. Expenditures for renewals and betterments also are capitalized, but expenditures for repairs and maintenance are expensed as incurred. The cost and accumulated depreciation applicable to assets retired or sold are removed from the respective accounts, and gains or losses thereon are included in income. Capital expenditures for property, plant and equipment include capitalized interest. Capitalized interest included in capital expenditures for property, plant and equipment was immaterial. Depreciation is computed primarily by the straight-line method based on the estimated useful lives of the assets that generally range from 5 to 40 years for buildings and land improvements and 2 to 20 years for machinery and equipment.

Goodwill and Identifiable Intangibles. The excess of the purchase price over the fair value of identifiable net assets of acquired companies is allocated to goodwill. The Company assesses goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1st of each year). When assessing goodwill for impairment, accounting guidance allows the Company to first perform a qualitative assessment (“Step 0 analysis”), which evaluates 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 its carrying amount, then the Company would perform a quantitative impairment test (“Step 1 analysis”).

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 Step 1 analysis and long-lived impairment analysis for Surface Protection and determined that the fair value of Surface Protection exceeded its carrying value by 18.6%. Customer demand for electronics has continued to deteriorate since the third quarter of 2022, causing manufacturers in the supply chain to experience reduced capacity utilization and inventory corrections. In addition, these depressed market conditions, which are expected to continue through the first half of 2023, are adversely impacting mix through reduced sales to our highest value-added customers and products. 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 December 1, 2022, 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). The Company's Step 0 analyses as of December 1, 2022 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 Step 1 quantitative goodwill impairment tests for these reporting units were not necessary as of December 1, 2022.

As of December 31, 2022, Surface Protection had goodwill of $57.3 million and long-lived identifiable assets of $29.3 million.

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.

For more information on goodwill and identifiable intangibles, see Note 5.

Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows.

If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset group, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. As of December 31, 2022 and 2021, 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.

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”). As a result, the Company expects there will be no required minimum contributions to the pension plan until final settlement. 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 $104 million on a pre-tax basis as of December 31, 2022.

Additional disclosure regarding Tredegar’s pension costs and postretirement benefit costs other than pensions is included in Note 8.

Revenue Recognition. The Company’s revenue is primarily generated from the sale of finished products to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at the point in time when control of the product is transferred to customers, along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is made available or delivered at the destination specified in the agreement with the customer.

Sales revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that finished product. The Company offers various discounts, rebates and allowances to customers, (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as sales returns and customer sales volume, thus represents variable consideration.

Amounts billed to customers related to freight are classified as sales revenue and the cost of freight is classified as a separate line in the accompanying consolidated statements of income. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction between Tredegar and its customers (such as value-added taxes) are accounted for on a net basis and therefore excluded from revenues. See Note 13 for disaggregation of revenue by segment and type. See Note 2 for a table showing accounts and other receivables, net of allowance for bad debts.

Revenue expected to be recognized in any future period related to remaining performance obligations, excluding i) revenue pertaining to contracts that have an original expected duration of one year or less, ii) contracts where revenue is recognized as invoiced and iii) variable consideration related to unsatisfied performance obligations, is not expected to materially impact the Company’s financial results.

Research & Development (“R&D”) Costs. R&D costs are expensed as incurred and include primarily salaries, wages, employee benefits, equipment depreciation, facility costs and the cost of materials consumed relating to R&D efforts. R&D costs include a reasonable allocation of indirect costs.

Leases. At inception, the Company determines if an arrangement contains a lease and whether that lease meets the classification criteria of a finance or operating lease. The Company has elected to not record short-term leases with an original lease term of one year or less in the consolidated balance sheet. To the extent such leases contain renewal options that the Company intends to exercise, the related Right-of-Use (“ROU”) asset and lease liability are included in the consolidated balance sheet. Some of the Company’s lease arrangements contain lease components (e.g., minimum rent payments) and non-lease components (e.g., maintenance, labor charges, etc.). The Company generally accounts for the lease and non-lease components as a single lease component.

Certain of the Company’s lease agreements include rental payments that are adjusted periodically for an index or rate. The leases are initially measured using the projected payments adjusted for the index or rate in effect at the commencement date. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating leases are included in “Right-of-use lease assets”, “Lease liabilities - short-term” and “Lease liabilities - long-term” on the consolidated balance sheets. These assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term using the Company’s secured incremental borrowing rates, adjusted for term and geographic location using country-based swap rates. As a result of the Company’s review of new and existing lease contracts, there were no instances where the Company could readily determine a rate implicit in the lease.

Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Depending upon the specific use of the ROU asset, lease expense is included in the “Cost of goods sold”, “Freight”, “Selling, general and administrative”, and “Research and development” line items on the consolidated statements of income. Lease income is not material to the results of operations for the years ended December 31, 2022 and 2021, respectively. Additional disclosure regarding Tredegar’s leases is included in Note 4.

Income Taxes. Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 12). Tredegar’s policy is to accrue U.S. federal income taxes to the extent required under GAAP on unremitted earnings of all foreign subsidiaries where required. However, due to changes in the taxation of dividends under the Tax Cuts and Jobs Act (the “TCJA”) enacted by the U.S. government in December 2017, Tredegar only records U.S. federal income taxes on unremitted earnings of its foreign subsidiaries where Tredegar cannot take steps to eliminate any potential tax on future distributions from its foreign subsidiaries. Because of the accumulation of significant losses related to foreign currency translations at Terphane Limitada, there were no unrecorded deferred income tax liabilities associated with U.S. federal income taxes and foreign withholding taxes on Terphane Limitada’s undistributed earnings as of December 31, 2022 and December 31, 2021.

A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred income tax assets may not be realized. The establishment and removal of a valuation allowance requires the Company to consider all positive and negative evidence and make a judgmental decision regarding the amount of valuation allowance required as of a reporting date. The benefit of an uncertain tax position is included in the accompanying financial statements when the Company determines that it is more likely than not that the position will be sustained, based on the technical merits of the position, if the taxing authority examines the position and the dispute is litigated. This determination is made on the basis of all the facts, circumstances and information available as of the reporting date.

Earnings Per Share. Basic earnings per share is computed using the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed using the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:


	2022	2021	2020
Weighted average shares outstanding used to compute basic earnings per share	33,805,530	33,562,684	33,402,147
Incremental shares attributable to stock options and restricted stock	20,900	107,566	—
Shares used to compute diluted earnings per share	33,826,430	33,670,250	33,402,147

Incremental shares attributable to stock options and restricted stock are computed 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 2,760,983 and 1,582,222 for the year ended December 31, 2022 and 2021, respectively. 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.

Stock-Based Employee Compensation Plans. The cost of all share-based payments is recognized using the calculated fair value at the grant date, or the date of any later modification, over the requisite service period under the graded-vesting method. See Note 11 for additional information.

Financial Instruments. Tredegar uses derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of transactions associated with ongoing business operations. The Company’s derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the accompanying balance sheet at fair value. A change in the fair value of the derivative that is highly effective and that is designated and qualifies as a cash flow hedge is recorded in other comprehensive income. Gains and losses reported in other

comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported in the same line as the underlying hedged item, and the cash flows related to financial instruments are classified in the consolidated statements of cash flows in a manner consistent with those of the transactions being hedged.

The Company’s policy requires that it formally document all relationships between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions. The Company also uses regression analysis, unless the hedge qualifies for other methods of assessing effectiveness, to formally assess (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in the fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative is not (or has ceased to be) highly effective as a hedge, the Company discontinues hedge accounting prospectively.

As a policy, Tredegar does not engage in speculative or leveraged transactions, nor does it hold or issue financial instruments for trading purposes. Additional disclosure of the utilization of derivative hedging instruments is included in Note 10.

Comprehensive Income (Loss). Comprehensive income (loss) is defined as net income or loss as adjusted by other comprehensive income or loss items. Other comprehensive income (loss) includes changes in foreign currency translation adjustments, unrealized gains and losses on derivative financial instruments, prior service costs and net gains or losses from pension and other postretirement benefit plans arising during the period and amortization of these prior service costs and net gain or loss adjustments, all recorded net of deferred income taxes.

The changes in accumulated other comprehensive income (loss) by component are summarized as follows:


	Foreign Currency Translation		Gain (Loss) on Derivative Financial Instruments		Pension & Other Postretirement Benefit Adjust		Total Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2020	$	(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)
Other comprehensive income (loss)	3		(1,256)		(6,464)		(7,717)
Income tax (expense) benefit	(290)		(374)		1,400		736
Other comprehensive income (loss), net of tax	(287)		(1,630)		(5,064)		(6,981)
Reclassification adjustment to net income (loss)	—		(2,461)		13,606		11,145
Income tax (expense) benefit	—		710		(2,965)		(2,255)
Reclassification adjustment to net income (loss), net of tax	—		(1,751)		10,641		8,890
Other comprehensive income (loss), net of tax	(287)		(3,381)		5,577		1,909
Balance at December 31, 2022	$	(86,079)	$	(2,480)	$	(59,036)	$	(147,595)

The amounts reclassified out of accumulated other comprehensive income (loss) related to pension and other postretirement benefits is included in the computation of net periodic pension costs, see Note 8 for additional details.

Accounting Standards Adopted.

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04 “Reference Rate Reform (Topic 848)”, 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, 2024. 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.

In September 2022, the FASB issued ASU 2022-04 “Liabilities - Supplier Finance Programs (Subtopic 405-50)”, which requires that a buyer in a supplier finance program disclose sufficient information about the program to allow users of the 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 fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on roll forward information, which is effective for fiscal years beginning after December 15, 2023. In the fourth quarter of 2022, the Company adopted ASU 2022-04, which did not have a material impact on the Company’s consolidated financial statements. See Note 17 for more details.

Accounts And Other Receivables

12 Months Ended

Dec. 31, 2022

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Accounts And Other Receivables

2. ACCOUNTS AND OTHER RECEIVABLES

As of December 31, 2022 and 2021, accounts receivable and other receivables, net, include the following:


(In thousands)	2022		2021
Customer receivables	$	83,667	$	102,090
Other accounts and notes receivable	3,874		2,958
Total accounts and other receivables	87,541		105,048
Less: Allowance for bad debts	(2,997)		(1,736)
Total accounts and other receivables, net	$	84,544	$	103,312

A reconciliation of the beginning and ending balances of the allowance for doubtful accounts for the three years ended December 31, 2022 is as follows:


(In thousands)	2022		2021		2020
Balance, beginning of year	$	1,736	$	2,797	$	1,904
Charges to expense	1,926		1,440		1,901
Recoveries	2		35		(90)
Write-offs and settlements	(639)		(1,246)		(709)
Foreign exchange and other	(28)		(1,290)		(209)
Balance, end of year	$	2,997	$	1,736	$	2,797

Inventories

12 Months Ended

Dec. 31, 2022

Inventory, Net [Abstract]

Inventories

3. INVENTORIES

Inventories consist of the following:


(In thousands)	2022		2021
Finished goods	$	34,686	$	25,199
Work-in-process	15,604		11,955
Raw materials	58,262		32,958
Stores, supplies and other	19,219		18,457
Total	$	127,771	$	88,569

Inventories stated on the LIFO basis amounted to $25.3 million at December 31, 2022 and $18.8 million at December 31, 2021, which were below replacement costs by $15.6 million at December 31, 2022 and $27.5 million at December 31, 2021. Inventories stated on the weighted average cost basis were $62.9 million and $30.9 million at December 31, 2022 and 2021, respectively, while inventories stated on the FIFO method amounted to $39.5 million and $38.9 million at December 31, 2022 and 2021, respective

Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lessee, Operating Leases

Tredegar has various operating lease agreements with remaining terms up to 10 years, including leases of real estate, office equipment and vehicles. As of December 31, 2022 and 2021, the Company had no finance lease agreements. Some leases include options to purchase the leased asset, terminate the agreement or extend the term of the agreement for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised.

The following table presents a maturity analysis of the Company’s operating leases as of December 31, 2022:


(In thousands)
	Future Lease Payments
2023		$	2,616
2024		2,423
2025		2,383
2026		2,047
2027		1,726
Thereafter		6,158
Total undiscounted operating lease payments		17,353
Less: Imputed interest		2,580
Present value of operating lease liabilities		$	14,773

The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2022 and 2021. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases.


(In thousands)	2022			2021
Operating lease expense	$	2,718		$	2,752




Other Information:
Weighted-average remaining lease term for operating leases	8 years			7 years
Weighted-average discount rate for operating leases	4.27		%	4.22		%

Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

5. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

A reconciliation of goodwill at December 31, 2022 and 2021 is as follows:


(In thousands)	Aluminum Extrusions(a)		PE Films(a)		Total
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

Net carrying value of goodwill at December 31, 2022	$	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, 2022 and 2021 is as follows:


(In thousands)	Customer Relationships		Proprietary Technology		Trade Names		Total
Gross carrying value at December 31, 2022	$	26,549	$	3,726	$	13,394	$	43,669
Accumulated amortization	(15,467)		(3,672)		(12,840)		(31,979)
Net carrying value at December 31, 2022	$	11,082	$	54	$	554	$	11,690

Gross carrying value at December 31, 2021(a)	$	26,526	$	3,721	$	13,338	$	43,585
Accumulated amortization	(13,267)		(3,603)		(12,563)		(29,433)
Net carrying value at December 31, 2021	$	13,259	$	118	$	775	$	14,152
(a) Includes 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)
2023	$	1,894
2024	1,854
2025	1,854
2026	1,854
2027	1,854

Accrued Expenses

12 Months Ended

Dec. 31, 2022

Accrued Liabilities [Abstract]

Accrued Expenses

6. ACCRUED EXPENSES

Accrued expenses consist of the following:


(In thousands)	2022		2021
Incentive compensation	$	6,103	$	7,016
Payrolls, related taxes and medical and other benefits	5,916		7,558
Vacation	3,502		3,452
Derivative contract liability	3,260		1,254
Accrued freight	2,298		2,337
Accrued utilities	2,099		1,938
Workers’ compensation and disabilities	2,051		2,422
Environmental liabilities	1,627		1,634
Customer rebates	1,154		1,857
Other	3,593		3,636
Total	$	31,603	$	33,104

In the fourth quarter of 2021, the Company changed its vacation policy such that effective January 1, 2022 substantially all U.S. employees earn their vacation for the current year on a monthly basis throughout the year and forfeit any unused vacation at the end of the year, with the exception of a partial rollover allowance subject to a cap or where forfeiture is prohibited by applicable state or local law or a collective bargaining agreement. Under the previous policy, vacation was granted at the beginning of the year in advance of work being performed for the subsequent year. As a result of this policy change, the Company recorded in the fourth quarter of 2021 a reduction of $3.9 million to accrued expenses and a decrease to selling, general, and administrative expense ($1.3 million) and cost of goods sold ($2.6 million) within the consolidated statements of income.

Debt And Credit Agreements

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt And Credit Agreements

7. DEBT AND CREDIT AGREEMENTS

On June 29, 2022, Tredegar entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) that replaced its existing $375 million five-year, secured revolving credit facility that was due to expire on June 28, 2024. The Credit Agreement is a five-year, revolving, secured credit facility that permits aggregate borrowings of $375 million and matures on June 29, 2027.

Borrowings under the Credit Agreement bear an interest rate equal to Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 10 basis points ("Adjusted Term SOFR Rate") and an amount depending on the type of borrowing and commitment fees charged on the unused amount under the Credit Agreement at various Total Net Leverage Ratio levels as follows:


Pricing Under the Credit Agreement (Basis Points)
Total Net Leverage Ratio	Term Benchmark Spread	Commitment Fee
<= 1.0x	150.0	20
>1.0x but <=2.0x	162.5	25
>2.0x but <=3.0x	175.0	30
>3.0x but <=3.5x	187.5	35
>3.5x	200.0	40

At December 31, 2022, $137.0 million of the outstanding debt was principally priced at an interest rate equal to the Adjusted Term SOFR Rate plus the applicable credit spread of 162.5 basis points. Prior to the Credit Agreement, the interest rate on borrowings was based on London Inter-Bank Offered Rate plus an applicable credit spread.

The primary restrictive covenants in the Credit Agreement include:

•Total Net Leverage Ratio of 4.00x;

•Interest Coverage Ratio of 3.00x; and

•Unlimited payments for dividends and stock repurchases during the term of the Credit Agreement so long as the Total Net Leverage Ratio is equal to or less than 2.00x, and otherwise restrictions on payments for dividends and stock repurchases for the term of the Credit Agreement at $75 million (provided that the $75 million basket will reset at the end of each fiscal quarter when the Total Net Leverage ratio is less than or equal to 2.00x).

Under the Credit Agreement:

•Total Net Leverage Ratio is defined as the ratio of (a)(i) total indebtedness minus (ii) liquidity (the lesser of $50,000,000 and the aggregate amount of cash and cash equivalents) to (b) EBITDA (as defined in Credit Agreement "Credit EBITDA"); and

•Interest Coverage Ratio is defined as the ratio of Credit EBITDA to interest expense.

The Credit Agreement is secured by substantially all assets of the Company and its domestic subsidiaries, including equity in certain material first-tier foreign subsidiaries. At December 31, 2022, based upon the most restrictive covenant within the Credit Agreement, available credit under the Credit Agreement was approximately $201 million. Tredegar was in compliance with all of its debt covenants as of December 31, 2022.

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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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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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Retirement Plans And Other Postretirement Benefits

12 Months Ended

Dec. 31, 2022

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 $1.7 million and $2.1 million at December 31, 2022 and December 31, 2021, respectively. Pension expense recognized for this plan was $0.1 million in 2022, 2021 and 2020. 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, 2022, 2021, and 2020.

The following tables reconcile the changes in benefit obligations and plan assets in 2022 and 2021, and reconcile the funded status to prepaid or accrued cost at December 31, 2022 and 2021:


	Pension Benefits				Other Post- Retirement Benefits
(In thousands)	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation, beginning of year	$	316,169	$	336,159	$	7,370	$	8,164
Service cost	—		—		18		21
Interest cost	8,945		8,398		207		195
Effect of actuarial (gains) losses related to the following:
Discount rate change	(61,519)		(12,512)		(1,483)		(272)
Retirement rate assumptions and mortality table adjustments	—		1,028		—		(1)
Other	1,513		(101)		90		(274)
Plan participant contributions	—		—		554		613
Benefits paid	(16,994)		(16,803)		(1,030)		(1,076)
Benefit obligation, end of year	$	248,114	$	316,169	$	5,726	$	7,370
Change in plan assets:
Plan assets at fair value, beginning of year	$	244,612	$	233,075	$	—	$	—
Actual return on plan assets	(59,683)		23,131		—		—
Employer contributions	50,184		5,209		476		463
Plan participant contributions	—		—		554		613
Benefits paid	(16,994)		(16,803)		(1,030)		(1,076)
Plan assets at fair value, end of year	$	218,119	$	244,612	$	—	$	—
Funded status of the plans	$	(29,995)	$	(71,557)	$	(5,726)	$	(7,370)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)	$	180	$	181	$	489	$	478
Pension and other postretirement benefit obligations, net	29,815		71,376		5,237		6,892
Net amount recognized	$	29,995	$	71,557	$	5,726	$	7,370

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)	2022			2021			2020			2022			2021			2020
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.07		%	2.90		%	2.57		%	5.17		%	2.86		%	2.54		%
Expected long-term return on plan assets	4.99		%	3.05		%	5.00		%	n/a			n/a			n/a
Weighted-average assumptions used to determine net periodic benefit cost:
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
Components of net periodic benefit cost:
Service cost	$	—		$	—		$	—		$	18		$	21		$	29
Interest cost	8,945			8,398			10,156			207			195			243
Expected return on plan assets	(8,174)			(11,316)			(11,004)			—			—			—
Amortization of prior service costs and gains or losses	13,746			17,003			15,494			(140)			(141)			(198)
Net periodic benefit cost	$	14,517		$	14,085		$	14,646		$	85		$	75		$	74

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, 2022, 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 2028—2032 are as follows:


(In thousands)	Pension Benefits		Other Post- Retirement Benefits
2023	$	18,701	$	489
2024	18,971		480
2025	19,047		469
2026	18,666		458
2027	18,600		446
2028—2032	88,847		2,051

The average remaining duration of benefit payments for the pension plan is about 9.6 years.

The pre-tax amounts recorded in 2022, 2021 and 2020 in accumulated other comprehensive income consist of:


	Pension Benefits						Other Post-Retirement Benefits
(In thousands)	2022		2021		2020		2022		2021		2020
Net actuarial (gain) loss	$	103,998	$	109,893	$	150,267	$	(1,574)	$	(320)	$	86

Pension expense is expected to be approximately $14 million in 2023. 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 2023 are approximately $12 million of cost for the pension plan and approximately $0.2 million of benefit for other post-retirement plans.

The percentage composition of assets held by pension plans at December 31, 2022, 2021 and 2020 are as follows:


	% Composition of Plan Assets at December 31,
	2022		2021		2020
Pension plans:
Fixed income mutual fund	13.9	%	—		—
Fixed income securities	—		25.3	%	7.7	%
Large/mid-capitalization equity securities	—		28.1		27.1
Small-capitalization equity securities	—		6.8		8.6
International and emerging market equity securities	—		19.9		20.6
Total equity securities	—		54.8		56.3
Private equity and hedge funds	4.8		10.4		12.1
Collective investment trust	69.9		—		—
Cash and cash equivalents	11.4		2.8		17.5
Other assets	—		6.7		6.4
Total	100.0	%	100.0	%	100.0	%

Following the announcement to terminate and settle the pension plan, the Company contributed $50 million to the pension plan and implemented (through consultation with its investment advisors) a liability-matching bond portfolio investment strategy (including a derivative overlay) that hedged the estimated settlement funding gap, which was approximately $24 million (before plan administration costs) at that time. The overall objective of this hedging program is to minimize the volatility of the estimated settlement funding gap such that, as applicable interest rates move up or down causing a decrease or increase in the estimated value of the settlement liability, the value of the matching bond portfolio and derivative overlay decreases or increases by a similar amount.

A lower expected return on plan assets increases the amount of expense and vice versa. Decreases in the level of actual plan assets will also serve to increase the amount of pension expense. The total return on plan assets (net of fees and plan expenses), which is primarily affected by the change in fair value of plan assets, current year contributions and current year payments to participants, was approximately negative 15.1% in 2022, positive 10.4% in 2021 and positive 10.9% in 2020.

The expected long-term rate return of 5.00% used in both 2021 and 2020 were determined at the end of 2020 and 2019 and therefore did not contemplate the liability-driven investment strategy discussed above, however, the expected long-term rate return of 3.05% used in 2022 and 4.99% for 2023 does contemplate the liability-driven investment strategy discussed above.

Estimates of the fair value of assets held by the Company’s pension plan are provided by unaffiliated third parties. Investments in collective investment trusts, 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, 2022 and 2021, 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, 2022
Cash and cash equivalents(a)	$	24,796	$	24,796	$	—	$	—
Fixed income mutual fund	30,284		30,284		—		—
Private equity and hedge funds(b)	10,250		—		—		10,250
Total plan assets at fair value	$	65,330	$	55,080	$	—	$	10,250
Investments measured at net asset value:
Collective investment trust(c)	152,389
Private equity and hedge funds	141
Total investments measured at net asset value	$	152,530
Securities sold and interest receivable	259
Total plan assets, December 31, 2022	$	218,119
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(d)	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
(a) This category represents investments in cash and cash equivalents, which includes: 1.) cash held in the plan used for investments in U.S. Treasury futures which are entered into to minimize the volatility of the estimated settlement funding gap; and 2.) short term money market fund in which the amortized cost approximates fair value. These investments are highly liquid and therefore are classified as level 1 securities. (b) Represents the estimated fair market value of the Company’s ownership in private equity and hedge funds which are probable of being sold for an amount different from the net asset value per share in connection with the expected termination of the pension plan. (c) The collective investment trust contains liability hedging fixed income investments and are valued at the net asset value of the collective investment trust. The net asset value is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. (d) Represents investments in certain commodity funds measured using quoted market prices.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 715
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-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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
-Publisher FASB
-Name Accounting Standards Codification
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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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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Income (Expense), Net (Notes)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Other Income (Expense), Net

9. OTHER INCOME (EXPENSE), NET

Other income (expense), net consists of the following:


(In thousands)	2022		2021		2020
Gain (loss) on investment in kaléo(a)	$	1,406	$	12,780	$	(60,900)
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		—
COVID-19-related expenses(b)	(350)		(624)		(2,231)
Loss on sale of Bright View Technologies	—		—		(2,299)
Other	(121)		(266)		(1,864)
Total	$	935	$	20,376	$	(67,294)
(a) In May 2022, additional cash consideration of $1.4 million was received related to customary post-closing adjustments. The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. See Note 16 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.

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, that included applicable interest, which the Company applied to required Brazilian federal tax payments during 2021. The pre-tax gain was recorded in “Other income (expense), net” in the consolidated statements of income.

In December 2020, the Company entered into a definitive agreement and completed the sale of Bright View Technologies, which resulted in the recognition of a pre-tax loss of $2.3 million ($1.8 million after-tax).

Financial Instruments

12 Months Ended

Dec. 31, 2022

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 $30.7 million (20.3 million pounds of aluminum) at December 31, 2022 and $22.1 million (14.9 million pounds of aluminum) at December 31, 2021.

The table below summarizes the location and gross amounts of aluminum derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2022 and 2021:


	December 31, 2022			December 31, 2021
(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	$	48	Prepaid expenses & other	$	2,085
Liability derivatives: Aluminum futures contracts	Accrued expenses	(3,260)		Accrued expenses	(119)
Aluminum futures contracts	Other non-current liabilities	(369)		Other non-current liabilities	—
Net asset (liability)		$	(3,581)		$	1,966

In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation.

The Company's earnings are exposed to foreign currency exchange risk primarily through the translation of the financial statements of subsidiaries that have a functional currency other than the U.S. Dollar. The Company estimates that the net mismatch translation exposure for the Flexible Packaging Film's business unit in Brazil (“Terphane Ltda.”) of its sales and raw materials quoted or priced in U.S. Dollars and its variable conversion, fixed conversion and sales, general and administrative costs (before depreciation and amortization) quoted or priced in Brazilian Real is annual net costs of R$177 million Brazilian Real ("R$").

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
$1,728	5.4310	R$9,385	Jan-23	64%
$1,822	5.4657	R$9,959	Feb-23	68%
$1,921	5.4995	R$10,565	Mar-23	72%
$1,903	5.5379	R$10,539	Apr-23	72%
$1,873	5.5753	R$10,443	May-23	71%
$1,928	5.6118	R$10,820	Jun-23	74%
$2,154	5.6378	R$12,144	Jul-23	83%
$2,020	5.6831	R$11,480	Aug-23	78%
$2,071	5.7174	R$11,841	Sep-23	80%
$2,013	5.7556	R$11,586	Oct-23	79%
$2,018	5.7836	R$11,671	Nov-23	79%
$1,786	5.8312	R$10,414	Dec-23	71%
$659	5.7360	R$3,780	Jan-24	23%
$659	5.7562	R$3,793	Feb-24	23%
$659	5.7774	R$3,807	Mar-24	23%
$659	5.8000	R$3,822	Apr-24	23%
$659	5.8207	R$3,836	May-24	24%
$659	5.8419	R$3,850	Jun-24	24%
$659	5.8636	R$3,864	Jul-24	24%
$659	5.8872	R$3,880	Aug-24	24%
$659	5.9118	R$3,896	Sep-24	24%
$659	5.9350	R$3,911	Oct-24	24%
$659	5.9581	R$3,926	Nov-24	24%
$659	5.9813	R$3,942	Dec-24	24%
$31,145	5.6880	R$177,154		48%

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, 2022 and 2021:


	December 31, 2022			December 31, 2021
(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	$	781	Prepaid expenses and other	$	—
Foreign currency forward contracts	Other non-current assets	33		Other non-current assets	—
Liability derivatives: Foreign currency forward contracts	Accrued expenses	—		Accrued expenses	(1,255)
Foreign currency forward contracts	Other non-current liabilities	(3)		Other non-current liabilities	—
Net asset (liability)		$	811		$	(1,255)

These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available to the best and most credit-worthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions.

The pre-tax 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, 2022, 2021, and 2020 is summarized in the tables below:


(In thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts
Years Ended December 31,	2022		2021		2020
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	(4,525)	$	6,215	$	74
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)	$	1,022	$	5,787	$	(2,717)


(In thousands)	Cash Flow Derivative Hedges
	Foreign Currency Forward Contracts
Years Ended December 31,	2022				2021				2020
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	—	$	3,269	$	—	$	(2,415)	$	—	$	(4,437)
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)	$	61	$	1,378	$	63	$	(337)	$	62	$	(6,069)

As of December 31, 2022, the Company expects $2.0 million of unrealized after-tax net losses 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, 2022, 2021 and 2020, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

Stock Option And Stock Award Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Option And Stock Award Plans

11. STOCK OPTION AND STOCK AWARD PLANS As of December 31, 2022, 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 681,479 shares at December 31, 2022. 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 2022, 2021 and 2020 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 2,719,919 and 1,762,190 shares at December 31, 2022 and 2021, 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, 2022, 2021 and 2020, and changes during those years, is presented below:


		Option Exercise Price/Share
	Number of Options	Range					Weighted Average
Outstanding at January 1, 2020	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

Forfeited and expired	(17,203)	14.47		to	19.64		15.33

Outstanding at December 31, 2022	3,108,741	$	10.75	to	$	22.49	$	13.81
(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 and 2020, and the related estimated fair values at the date of grant, were as follows, no options were granted in 2022:


	2021			2020
Dividend yield	2.6		%	2.5		%
Weighted average volatility percentage	48.3		%	43.8		%
Weighted average risk-free interest rate	0.9		%	0.8		%
Holding period (years)	5			5
Weighted average exercise price at date of grant (also weighted average market price at date of grant)(a)	$	16.37		$	14.41
Estimated weighted average fair value of options per share at date of grant	$	5.57		$	4.44
Total estimated fair value of stock options granted (in thousands)	$	2,165		$	2,833
(a) In December 2020, the weighted average exercise price for outstanding stock option awards granted in 2020 were modified to $10.75. 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, 2022:


					Options Outstanding at December 31, 2022						Options Exercisable at December 31, 2022
						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	2,939,509	3.4 years	$	13.47	$	—	2,550,687	$	13.03	$	—
17.29		to	25.94		169,232	0.7 years	19.74		—		169,232	19.74		—
Total					3,108,741	3.3 years	$	13.82	$	—	2,719,919	$	13.45	$	—

The total intrinsic value of stock options exercised was $0.2 million in 2021. There were no stock options exercised in 2022 and 2020. The grant-date fair value of stock option-based awards vested in 2022, 2021, and 2020 was $5.4 million, $3.5 million, and $3.0 million, respectively. As of December 31, 2022, the unrecognized compensation cost for continuing operations related to stock option-based awards was $0.2 million. This cost is expected to be recognized over the remaining weighted average period of 0.2 years.

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, 2022, 2021 and 2020:


	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, 2020	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
Granted	301,969	11.88		3,587		—	—		—
Vested	(144,317)	15.10		(2,179)		—	—		—
Forfeited	(18,474)	14.94		(276)		(50,718)	17.63		1,366
Outstanding at December 31, 2022	474,978	$	13.82	$	6,564	—	$	—	$	—

As of December 31, 2022, the unrecognized compensation cost for continuing operations related to non-vested restricted stock awards was $3.2 million. This cost is expected to be recognized over the remaining weighted average period of 1.6 years.

SARs granted by the Company in 2021 and 2020 vest after 2 years and have a 7-year life. There were no SARs granted in 2022. 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, 2022, 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

Forfeited and expired	(22,914)	10.75		to	16.37		14.83

Outstanding at December 31, 2022	498,687	$	10.75	to	$	16.37	$	13.49
(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 in 2022, 2021 and 2020 was $0.5 million, $0.1 million and $0.6 million, respectively. As of December 31, 2022, the unrecognized compensation cost for continuing operations was immaterial. This cost is expected to be recognized over the remaining weighted average period of 0.2 years.

Income Taxes

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Income (loss) from continuing operations before income taxes:
Domestic	$	3,185	$	22,885	$	(58,033)
Foreign	29,585		44,336		32,987
Total	$	32,770	$	67,221	$	(25,046)
Current income tax expense (benefit):
Federal	$	2	$	1,232	$	4,777
State	772		764		136
Foreign	3,071		13,521		2,374
Total	3,845		15,517		7,287
Deferred income tax expense (benefit):
Federal	24		(7,862)		(18,191)
State	(537)		125		(640)
Foreign	1,057		1,504		3,331
Total	544		(6,233)		(15,500)
Total income tax expense (benefit)	$	4,389	$	9,284	$	(8,213)

The significant differences between the U.S. federal statutory rate and the effective income tax rate related to continuing operations are as follows:


	2022			2021			2020
(In thousands, except percentages)	Amount		%	Amount		%	Amount		%
Income tax expense (benefit) at federal statutory rate	$	6,882	21.0	$	14,116	21.0	$	(5,260)	21.0
Foreign rate differences	2,924		8.9	8,269		12.3	4,554		(18.2)
U.S. tax on foreign branch income	1,390		4.1	(5,667)		(8.4)	1,409		(5.6)
Non-deductible other	381		1.2	1,053		1.6	208		(0.8)
Tax contingency accruals and tax settlements	88		0.3	202		0.3	(58)		0.2
State taxes, net of federal income tax benefit	48		0.1	933		1.4	(373)		1.5
Valuation allowance for capital loss carryforwards	—		—	(5,415)		(8.1)	52		(0.2)
Foreign currency translation variation on intercompany loans	—		—	1,374		2.0	—		—
Dividend received deduction net of foreign withholding tax	—		—	(109)		(0.2)	(52)		0.2
Changes in estimates related to prior year tax provision	(175)		(0.5)	(383)		(0.6)	(2,472)		9.9
Foreign derived intangible income deduction	(763)		(2.3)	—		—	—		—
Tax on Prodepe tax incentive	(1,024)		(3.1)	2,858		4.3	(801)		3.2
Research and development tax credit	(1,489)		(4.5)	(928)		(1.4)	(633)		2.5
Brazilian tax incentive	(3,873)		(11.8)	(7,019)		(10.4)	(4,787)		19.1
Income tax expense (benefit) at effective income tax rate	$	4,389	13.4	$	9,284	13.8	$	(8,213)	32.8

Provision for income taxes for the year ended December 31, 2022 was $4.4 million compared to $9.3 million for the year ended December 31, 2021. The effective tax rates for the years ended December 31, 2022 and 2021 were 13.4% and 13.8%, respectively. The change in effective tax rate is primarily attributed to a discrete tax benefit recorded in the first quarter of 2022 resulting from the implementation of new U.S. tax regulations associated with foreign tax credits published by the U.S. Treasury and Internal Revenue Service (“IRS”) on January 4, 2022. These regulations overhaul various components of the foreign tax credit regime including the determination of creditable foreign taxes and limit the amount of foreign taxes that are creditable against U.S. income taxes. This discrete benefit was partially offset by an increase to the effective tax rate as the result of the Brazilian income tax no longer being creditable in the U.S. for the foreseeable future. Lastly, the effective tax rate changed due to foreign rate differences pertaining to the Company’s foreign operations and the benefit from tax incentives in Brazil.

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.

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, 2022 and 2021. Beginning January 1, 2022, the TCJA eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to capitalize such expenses as a result of amendments to Internal Revenue Code (“IRC”) Section 174. As a result of this provision of the TCJA, deferred tax assets related to capitalized research expenses pursuant to the amended IRC Section 174 increased by a net $4.8 million.

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 $3.9 million, $7.0 million and $4.8 million in 2022, 2021 and 2020, respectively.

Deferred income tax liabilities and deferred income tax assets at December 31, 2022 and 2021, are as follows:


(In thousands)	2022		2021
Deferred income tax liabilities:
Amortization of goodwill and identifiable intangibles	$	10,533	$	10,215
Depreciation	14,950		12,902
Foregone tax credits on foreign branch income	719		4,796


Right-of-use leased assets	3,147		2,767
Other	722		520
Total deferred income tax liabilities	30,071		31,200
Deferred income tax assets:
Pensions	7,535		5,632
Employee benefits	7,558		7,791
Excess capital losses	1,099		1,097
Inventory	3,952		3,775
Asset write-offs, divestitures and environmental accruals	1,075		1,173
Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards	24,914		33,922
Section 174 Capitalized R&D expenditures	4,874		—
Other	1,220		146
Lease liabilities	3,328		2,977
Tax basis remaining for installment sale - kaléo	999		1,092
Foreign currency translation gain adjustment	1,224		1,970
Deferred income tax assets before valuation allowance	57,778		59,575
Less: Valuation allowance	13,807		12,652
Total deferred income tax assets	43,971		46,923
Net deferred income tax (assets) liabilities	$	(13,900)	$	(15,723)
Amounts recognized in the consolidated balance sheets:
Deferred income tax assets (noncurrent)	$	13,900	$	15,723
Deferred income tax liabilities (noncurrent)	—		—
Net deferred income tax assets (liabilities)	$	13,900	$	15,723

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 $24.9 million and $33.9 million at December 31, 2022 and 2021, 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 2043. The U.S. state carryforwards expire at different points over the next 20 years.

Valuation allowances of $10.3 million, $9.4 million and $5.5 million at December 31, 2022, 2021 and 2020, respectively, are recorded against the tax benefit on U.S. federal, state and foreign tax credits and net operating loss carryforwards generated by 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, $0.7 million and $7.1 million at December 31, 2022, 2021 and 2020, respectively. 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 $2.8 million, $2.5 million and $4.9 million at December 31, 2022, 2021 and 2020, respectively, were recorded against certain deferred state tax assets.

A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2020, is shown below:


	Years Ended December 31,
(In thousands)	2022		2021		2020
Balance at beginning of period	$	648	$	628	$	881
Increase (decrease) due to tax positions taken in:
Current period	2		—		12
Prior period	44		40		—
Reductions due to lapse of statute of limitations	(66)		(20)		(265)
Balance at end of period	$	628	$	648	$	628

Additional information related to unrecognized uncertain tax positions since January 1, 2020 is summarized below:


	Years Ended December 31,
(In thousands)	2022		2021		2020
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)	$	628	$	648	$	628
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet)	143		48		(110)
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	771		696		518
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $16, $26 and $2 reflected in income tax expense in the income statement in 2022, 2021 and 2020, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	149		133		102
Related deferred income tax assets recognized on interest and penalties	(34)		(31)		(24)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	115		102		78
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$	886	$	798	$	596

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 2019. 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 and are not expected to result in a material changes in unrecognized tax positions, including any payments that may be made.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Business Segments

12 Months Ended

Dec. 31, 2022

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 and medium strength alloyed aluminum extrusions, custom fabricated and finished, for the building and construction, automotive and transportation, consumer durables goods, machinery and equipment, electrical and renewable energy, and distribution markets. PE Films produces surface protection films, polyethylene overwrap films and films for other markets. Flexible Packaging Films produces polyester based films for use in packaging applications that have specialized properties, such as heat resistance, strength, barrier protection and the ability to accept high-quality print graphics.

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. Earnings before interest and taxes ("EBIT") from ongoing operations is a non-GAAP financial measure included in the reconciliation of segment financial information to consolidated results for the Company below.

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)	2022		2021		2020
Aluminum Extrusions	$	637,872	$	539,325	$	455,711
PE Films	97,571		118,920		139,288
Flexible Packaging Films	168,139		139,978		134,605
Total net sales	903,582		798,223		729,604
Add back freight	34,982		28,232		25,686
Sales as shown in consolidated statements of income	$	938,564	$	826,455	$	755,290

Refer to Notes to Financial Tables that follow these tables.


EBITDA from Ongoing Operations
(In thousands)	2022		2021		2020
Aluminum Extrusions:
Ongoing operations:
EBITDA	$	66,800	$	55,948	$	55,137
Depreciation & amortization	(17,414)		(16,272)		(17,403)
EBIT	49,386		39,676		37,734
Plant shutdowns, asset impairments, restructurings and other (a)	(310)		3,237		(3,506)
Goodwill impairment charge	—		—		(13,696)
PE Films:
Ongoing operations:
EBITDA	11,949		27,694		45,107
Depreciation & amortization	(6,280)		(6,263)		(6,762)
EBIT	5,669		21,431		38,345
Plant shutdowns, asset impairments, restructurings and other (a)	(646)		(371)		(1,974)
Flexible Packaging Films:
Ongoing operations:
EBITDA	27,452		31,684		30,645
Depreciation & amortization	(2,444)		(1,988)		(1,761)
EBIT	25,008		29,696		28,884
Plant shutdowns, asset impairments, restructurings and other (a)	(91)		8,439		(18)
Total	79,016		102,108		85,769
Interest income	57		73		44
Interest expense	4,990		3,386		2,587
Gain (loss) on investment in kaléo (a)	1,406		12,780		(60,900)
Loss on sale of Bright View (a)	—		—		(2,299)
Stock option-based compensation expense	1,424		2,495		2,161
Corporate expenses, net (a)	41,295		41,859		42,912
Income (loss) from continuing operations before income taxes	32,770		67,221		(25,046)
Income tax expense (benefit) (a)	4,389		9,284		(8,213)
Income (loss) from continuing operations	28,381		57,937		(16,833)
Income (loss) from discontinued operations, net of tax (a)	74		(111)		(58,611)
Net income (loss)	$	28,455	$	57,826	$	(75,444)

Refer to Notes to Financial Tables that follow these tables.


Identifiable Assets
(In thousands)	2022		2021
Aluminum Extrusions	$	293,308	$	280,521
PE Films	102,431		113,613
Flexible Packaging Films	103,448		75,269
Subtotal	499,187		469,403
General corporate	23,674		23,482
Cash and cash equivalents (b)	19,232		30,521
Discontinued operations	—		178
Total	$	542,093	$	523,584


	Depreciation and Amortization						Capital Expenditures
(In thousands)	2022		2021		2020		2022		2021		2020
Aluminum Extrusions	$	17,414	$	15,326	$	17,403	$	23,664	$	18,914	$	10,260
PE Films	6,280		6,263		6,762		3,289		2,997		6,024
Flexible Packaging Films	2,444		1,988		1,761		8,151		5,603		4,959
Subtotal	26,138		23,577		25,926		35,104		27,514		21,243
General corporate (d)	264		207		520		1,771		(153)		200
Discontinued operations	—		—		5,511		—		—		1,912
Total	$	26,402	$	23,784	$	31,957	$	36,875	$	27,361	$	23,355


Net Sales by Geographic Area (c)
(In thousands)	2022		2021		2020
United States	$	717,049	$	614,987	$	530,243
Exports from the United States to:
Asia	41,995		59,242		80,217
Canada	15,264		17,776		18,024
Europe	3,885		4,489		5,440
Latin America	6,867		4,937		2,169
Operations outside the United States:
Brazil	117,896		96,792		93,511
Asia	626		—		—
Total	$	903,582	$	798,223	$	729,604


	Identifiable Assets by Geographic Area (c)				Property, Plant & Equipment, Net by Geographic Area (c)
(In thousands)	2022		2021		2022		2021
United States	$	413,512	$	398,749	$	146,437	$	135,310
Operations outside the United States:
Brazil	72,725		54,299		25,385		18,615
China	12,950		16,355		11,903		14,889
General corporate	23,674		23,482		2,686		1,567
Cash and cash equivalents (b)	19,232		30,521		n/a		n/a
Discontinued operations	—		178		—		—
Total	$	542,093	$	523,584	$	186,411	$	170,381

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 $20.1 million in 2022, $32.7 million in 2021 and $35.1 million in 2020.


Net Sales by Product Group
(In thousands)	2022		2021		2020
Aluminum Extrusions:
Nonresidential building & construction	$	338,981	$	269,252	$	253,126
Consumer durables	62,541		53,578		44,167
Automotive	51,286		43,256		35,895
Machinery & equipment	63,326		42,721		30,649
Distribution	29,732		45,639		28,339
Residential building & construction	64,268		52,236		40,049
Electrical	27,738		32,643		23,486
Subtotal	637,872		539,325		455,711
PE Films:
Surface protection films	68,140		88,436		109,097
Packaging	29,431		30,484		22,700
LED-based products	—		—		7,491
Subtotal	97,571		118,920		139,288
Flexible Packaging Films	168,139		139,978		134,605
Total	$	903,582	$	798,223	$	729,604

(a)See Notes 5, 9, 12 and 15 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 $10.3 million and $16.4 million at December 31, 2022 and 2021, respectively.

(c)Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films.

(d)Corporate depreciation and amortization are included in Corporate expenses, net, on the EBITDA from ongoing operations table above.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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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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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2022
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 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 $3.9 million in 2022, $3.3 million in 2021 and $4.0 million in 2020. The Company’s liability under the restoration plan was $0.7 million at December 31, 2022 (consisting of 70,266 phantom shares of common stock) and $0.7 million at December 31, 2021 (consisting of 56,570 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. 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.

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Assets Held for Sale

15. DIVESTITURES AND ASSETS HELD FOR SALE

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 2020. Net income (loss) from discontinued operations for the years ended December 31, 2022 and 2021 were immaterial.


	Year Ended December 31,
(In thousands)	2020
Revenues and other items:
Sales	$	110,246
Other income (expense), net	(333)
	109,913
Costs and expenses:
Cost of goods sold	92,079
Freight	5,229
Selling, general and administrative	16,824
Research and development	8,863
Asset impairments and costs associated with exit and disposal activities, net of adjustments	1,529
Loss on sale of business	50,027
Total	174,551
Income (loss) from discontinued operations before income taxes	(64,638)
Income tax expense (benefit)	(6,027)
Income (loss) from discontinued operations, net of tax	$	(58,611)

The following table provides significant operating and investing cash flow information for discontinued operations for the year ended December 31, 2020. There was no significant operating and investing cash flow information for the years ended December 31, 2022 and 2021.


	Year Ended December 31,
(In thousands)	2020
Operating activities:
Depreciation and amortization	$	5,511
Loss on sale of Personal Care Films	50,027
Total	55,538
Investing activities:
Net proceeds on sale of Personal Care Films	$	55,115
Capital expenditures	(1,912)
Total	$	53,203

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 was reported in "Prepaid expenses and other" in the consolidated balance sheet as the held for sale criteria was met. During the third quarter of 2021, the Company completed the sale of the remaining assets in Lake Zurich, Illinois resulting in total cash proceeds of $4.7 million.

Investments	12 Months Ended
Investments	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments	16. INVESTMENTS In August 2007 and December 2008, the Company made an aggregate investment of $7.5 million in kaleo, Inc. (“kaléo”), a privately held specialty pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions. Tredegar historically accounted for its investment in kaléo under the fair value option. At the time of the initial investment, the Company elected the fair value option of accounting since its investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests. kaléo’s stock is not publicly traded. On December 27, 2021, the Company completed the sale of its investment interests in kaléo (Series A-3 Preferred Stock, Series B Preferred Stock and common stock) that, taken together, represented on a fully-diluted basis an approximate 18% interest in kaléo. Tredegar received closing cash proceeds of $47.1 million. Subsequently, in May 2022, additional cash consideration of $1.4 million was received related to customary post-closing adjustments, which is reported in “Other income (expense), net” in the consolidated statements of income.

Supply Chain Financing	12 Months Ended
Supply Chain Financing	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Supply Chain Financing	17. SUPPLY CHAIN FINANCING The Company has supply chain finance service agreements with third-party financial institutions to provide platforms that facilitate the ability of participating suppliers to finance payment obligations from the Company with the third-party financial institution. The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not affected by suppliers’ decisions to finance amounts under the supply chain finance agreements. As of December 31, 2022 and 2021, $25.9 million and $30.7 million, respectively, of the Company’s accounts payable were financed by participating suppliers through third-party financial institutions.

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2022
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 to maintain compliance with applicable environmental laws and regulations, additional contingencies may be identified continue. 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 considered to be material.

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis Of Presentation

Foreign Currency Translation

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, 2022 and 2021, Tredegar had cash and cash equivalents of $19.2 million and $30.5 million, respectively, including funds held in locations outside the U.S. of $10.3 million and $16.4 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. For more information on accounts receivable and other receivables, net, see Note 2.

Inventories

Property, Plant And Equipment

Goodwill And Other Intangibles

As of December 31, 2022, Surface Protection had goodwill of $57.3 million and long-lived identifiable assets of $29.3 million.

For more information on goodwill and identifiable intangibles, see Note 5.

Impairment Of Long-Lived Assets

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”). As a result, the Company expects there will be no required minimum contributions to the pension plan until final settlement. 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 $104 million on a pre-tax basis as of December 31, 2022.

Revenue Recognition

Research & Development ("R&D") Costs

Lessee, Leases

Income Taxes

Earnings Per Share


	2022	2021	2020
Weighted average shares outstanding used to compute basic earnings per share	33,805,530	33,562,684	33,402,147
Incremental shares attributable to stock options and restricted stock	20,900	107,566	—
Shares used to compute diluted earnings per share	33,826,430	33,670,250	33,402,147

Stock-Based Employee Compensation Plans

Financial Instruments

Comprehensive Income (Loss)

Recently Issued Accounting Standards

Accounting Standards Adopted.

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

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:


	2022	2021	2020
Weighted average shares outstanding used to compute basic earnings per share	33,805,530	33,562,684	33,402,147
Incremental shares attributable to stock options and restricted stock	20,900	107,566	—
Shares used to compute diluted earnings per share	33,826,430	33,670,250	33,402,147

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, 2020	$	(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)
Other comprehensive income (loss)	3		(1,256)		(6,464)		(7,717)
Income tax (expense) benefit	(290)		(374)		1,400		736
Other comprehensive income (loss), net of tax	(287)		(1,630)		(5,064)		(6,981)
Reclassification adjustment to net income (loss)	—		(2,461)		13,606		11,145
Income tax (expense) benefit	—		710		(2,965)		(2,255)
Reclassification adjustment to net income (loss), net of tax	—		(1,751)		10,641		8,890
Other comprehensive income (loss), net of tax	(287)		(3,381)		5,577		1,909
Balance at December 31, 2022	$	(86,079)	$	(2,480)	$	(59,036)	$	(147,595)

Accounts And Other Receivables (Tables)

12 Months Ended

Dec. 31, 2022

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Schedule Of Accounts And Other Receivable

As of December 31, 2022 and 2021, accounts receivable and other receivables, net, include the following:


(In thousands)	2022		2021
Customer receivables	$	83,667	$	102,090
Other accounts and notes receivable	3,874		2,958
Total accounts and other receivables	87,541		105,048
Less: Allowance for bad debts	(2,997)		(1,736)
Total accounts and other receivables, net	$	84,544	$	103,312

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, 2022 is as follows:


(In thousands)	2022		2021		2020
Balance, beginning of year	$	1,736	$	2,797	$	1,904
Charges to expense	1,926		1,440		1,901
Recoveries	2		35		(90)
Write-offs and settlements	(639)		(1,246)		(709)
Foreign exchange and other	(28)		(1,290)		(209)
Balance, end of year	$	2,997	$	1,736	$	2,797

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory, Net [Abstract]

Schedule Of Inventories

Inventories consist of the following:


(In thousands)	2022		2021
Finished goods	$	34,686	$	25,199
Work-in-process	15,604		11,955
Raw materials	58,262		32,958
Stores, supplies and other	19,219		18,457
Total	$	127,771	$	88,569

Leases, Codification Topic 842 (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The following table presents a maturity analysis of the Company’s operating leases as of December 31, 2022:


(In thousands)
	Future Lease Payments
2023		$	2,616
2024		2,423
2025		2,383
2026		2,047
2027		1,726
Thereafter		6,158
Total undiscounted operating lease payments		17,353
Less: Imputed interest		2,580
Present value of operating lease liabilities		$	14,773

Lease, Cost


(In thousands)	2022			2021
Operating lease expense	$	2,718		$	2,752




Other Information:
Weighted-average remaining lease term for operating leases	8 years			7 years
Weighted-average discount rate for operating leases	4.27		%	4.22		%

Goodwill And Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation Of The Beginning And Ending Balance Of Goodwill

A reconciliation of goodwill at December 31, 2022 and 2021 is as follows:


(In thousands)	Aluminum Extrusions(a)		PE Films(a)		Total
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

Net carrying value of goodwill at December 31, 2022	$	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.

Schedule Of Goodwill And Other Intangibles


(In thousands)	Customer Relationships		Proprietary Technology		Trade Names		Total
Gross carrying value at December 31, 2022	$	26,549	$	3,726	$	13,394	$	43,669
Accumulated amortization	(15,467)		(3,672)		(12,840)		(31,979)
Net carrying value at December 31, 2022	$	11,082	$	54	$	554	$	11,690

Gross carrying value at December 31, 2021(a)	$	26,526	$	3,721	$	13,338	$	43,585
Accumulated amortization	(13,267)		(3,603)		(12,563)		(29,433)
Net carrying value at December 31, 2021	$	13,259	$	118	$	775	$	14,152
(a) Includes 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)
2023	$	1,894
2024	1,854
2025	1,854
2026	1,854
2027	1,854

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1A
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 350
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Liabilities [Abstract]

Schedule Of Accrued Expenses

Accrued expenses consist of the following:


(In thousands)	2022		2021
Incentive compensation	$	6,103	$	7,016
Payrolls, related taxes and medical and other benefits	5,916		7,558
Vacation	3,502		3,452
Derivative contract liability	3,260		1,254
Accrued freight	2,298		2,337
Accrued utilities	2,099		1,938
Workers’ compensation and disabilities	2,051		2,422
Environmental liabilities	1,627		1,634
Customer rebates	1,154		1,857
Other	3,593		3,636
Total	$	31,603	$	33,104

Debt And Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels


Pricing Under the Credit Agreement (Basis Points)
Total Net Leverage Ratio	Term Benchmark Spread	Commitment Fee
<= 1.0x	150.0	20
>1.0x but <=2.0x	162.5	25
>2.0x but <=3.0x	175.0	30
>3.0x but <=3.5x	187.5	35
>3.5x	200.0	40

Retirement Plans And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

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 2022 and 2021, and reconcile the funded status to prepaid or accrued cost at December 31, 2022 and 2021:


	Pension Benefits				Other Post- Retirement Benefits
(In thousands)	2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation, beginning of year	$	316,169	$	336,159	$	7,370	$	8,164
Service cost	—		—		18		21
Interest cost	8,945		8,398		207		195
Effect of actuarial (gains) losses related to the following:
Discount rate change	(61,519)		(12,512)		(1,483)		(272)
Retirement rate assumptions and mortality table adjustments	—		1,028		—		(1)
Other	1,513		(101)		90		(274)
Plan participant contributions	—		—		554		613
Benefits paid	(16,994)		(16,803)		(1,030)		(1,076)
Benefit obligation, end of year	$	248,114	$	316,169	$	5,726	$	7,370
Change in plan assets:
Plan assets at fair value, beginning of year	$	244,612	$	233,075	$	—	$	—
Actual return on plan assets	(59,683)		23,131		—		—
Employer contributions	50,184		5,209		476		463
Plan participant contributions	—		—		554		613
Benefits paid	(16,994)		(16,803)		(1,030)		(1,076)
Plan assets at fair value, end of year	$	218,119	$	244,612	$	—	$	—
Funded status of the plans	$	(29,995)	$	(71,557)	$	(5,726)	$	(7,370)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)	$	180	$	181	$	489	$	478
Pension and other postretirement benefit obligations, net	29,815		71,376		5,237		6,892
Net amount recognized	$	29,995	$	71,557	$	5,726	$	7,370

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)	2022			2021			2020			2022			2021			2020
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.07		%	2.90		%	2.57		%	5.17		%	2.86		%	2.54		%
Expected long-term return on plan assets	4.99		%	3.05		%	5.00		%	n/a			n/a			n/a
Weighted-average assumptions used to determine net periodic benefit cost:
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
Components of net periodic benefit cost:
Service cost	$	—		$	—		$	—		$	18		$	21		$	29
Interest cost	8,945			8,398			10,156			207			195			243
Expected return on plan assets	(8,174)			(11,316)			(11,004)			—			—			—
Amortization of prior service costs and gains or losses	13,746			17,003			15,494			(140)			(141)			(198)
Net periodic benefit cost	$	14,517		$	14,085		$	14,646		$	85		$	75		$	74

Schedule Of Expected Benefit Payments For Continuing Operations

Expected benefit payments over the next five years and in the aggregate for 2028—2032 are as follows:


(In thousands)	Pension Benefits		Other Post- Retirement Benefits
2023	$	18,701	$	489
2024	18,971		480
2025	19,047		469
2026	18,666		458
2027	18,600		446
2028—2032	88,847		2,051

Schedule Of Amounts Recognized Before Related Deferred Income Taxes In Accumulated Other Comprehensive Income

mounts recorded in 2022, 2021 and 2020 in accumulated other comprehensive income consist of:


	Pension Benefits						Other Post-Retirement Benefits
(In thousands)	2022		2021		2020		2022		2021		2020
Net actuarial (gain) loss	$	103,998	$	109,893	$	150,267	$	(1,574)	$	(320)	$	86

Schedule Of Percentage Composition Of Assets Held By Pension Plans

The percentage composition of assets held by pension plans at December 31, 2022, 2021 and 2020 are as follows:


	% Composition of Plan Assets at December 31,
	2022		2021		2020
Pension plans:
Fixed income mutual fund	13.9	%	—		—
Fixed income securities	—		25.3	%	7.7	%
Large/mid-capitalization equity securities	—		28.1		27.1
Small-capitalization equity securities	—		6.8		8.6
International and emerging market equity securities	—		19.9		20.6
Total equity securities	—		54.8		56.3
Private equity and hedge funds	4.8		10.4		12.1
Collective investment trust	69.9		—		—
Cash and cash equivalents	11.4		2.8		17.5
Other assets	—		6.7		6.4
Total	100.0	%	100.0	%	100.0	%

Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy

At December 31, 2022 and 2021, 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, 2022
Cash and cash equivalents(a)	$	24,796	$	24,796	$	—	$	—
Fixed income mutual fund	30,284		30,284		—		—
Private equity and hedge funds(b)	10,250		—		—		10,250
Total plan assets at fair value	$	65,330	$	55,080	$	—	$	10,250
Investments measured at net asset value:
Collective investment trust(c)	152,389
Private equity and hedge funds	141
Total investments measured at net asset value	$	152,530
Securities sold and interest receivable	259
Total plan assets, December 31, 2022	$	218,119
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(d)	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
(a) This category represents investments in cash and cash equivalents, which includes: 1.) cash held in the plan used for investments in U.S. Treasury futures which are entered into to minimize the volatility of the estimated settlement funding gap; and 2.) short term money market fund in which the amortized cost approximates fair value. These investments are highly liquid and therefore are classified as level 1 securities. (b) Represents the estimated fair market value of the Company’s ownership in private equity and hedge funds which are probable of being sold for an amount different from the net asset value per share in connection with the expected termination of the pension plan. (c) The collective investment trust contains liability hedging fixed income investments and are valued at the net asset value of the collective investment trust. The net asset value is used as a practical expedient to estimate fair value. The net asset value is based on the fair value of the underlying investments held by the fund less its liabilities. (d) Represents investments in certain commodity funds measured using quoted market prices.

Other Income and Expenses (Tables)

12 Months Ended

Dec. 31, 2022

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

Other income (expense), net consists of the following:


(In thousands)	2022		2021		2020
Gain (loss) on investment in kaléo(a)	$	1,406	$	12,780	$	(60,900)
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		—
COVID-19-related expenses(b)	(350)		(624)		(2,231)
Loss on sale of Bright View Technologies	—		—		(2,299)
Other	(121)		(266)		(1,864)
Total	$	935	$	20,376	$	(67,294)
(a) In May 2022, additional cash consideration of $1.4 million was received related to customary post-closing adjustments. The gain in 2021 includes a $0.3 million dividend received from kaléo in the first quarter of 2021. See Note 16 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.

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Derivative Instruments [Abstract]

Summary Of Location And Fair Value Of Derivative Financial Instruments

The table below summarizes the location and gross amounts of aluminum derivative contract fair values (Level 2) in the consolidated balance sheets as of December 31, 2022 and 2021:


	December 31, 2022			December 31, 2021
(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	$	48	Prepaid expenses & other	$	2,085
Liability derivatives: Aluminum futures contracts	Accrued expenses	(3,260)		Accrued expenses	(119)
Aluminum futures contracts	Other non-current liabilities	(369)		Other non-current liabilities	—
Net asset (liability)		$	(3,581)		$	1,966

Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges


(In thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts
Years Ended December 31,	2022		2021		2020
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	(4,525)	$	6,215	$	74
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)	$	1,022	$	5,787	$	(2,717)


(In thousands)	Cash Flow Derivative Hedges
	Foreign Currency Forward Contracts
Years Ended December 31,	2022				2021				2020
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	—	$	3,269	$	—	$	(2,415)	$	—	$	(4,437)
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)	$	61	$	1,378	$	63	$	(337)	$	62	$	(6,069)

Stock Option And Stock Award Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary Of Stock Options Outstanding

summary of stock options outstanding at December 31, 2022, 2021 and 2020, and changes during those years, is presented below:


		Option Exercise Price/Share
	Number of Options	Range					Weighted Average
Outstanding at January 1, 2020	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

Forfeited and expired	(17,203)	14.47		to	19.64		15.33

Outstanding at December 31, 2022	3,108,741	$	10.75	to	$	22.49	$	13.81
(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, 2022:


					Options Outstanding at December 31, 2022						Options Exercisable at December 31, 2022
						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	2,939,509	3.4 years	$	13.47	$	—	2,550,687	$	13.03	$	—
17.29		to	25.94		169,232	0.7 years	19.74		—		169,232	19.74		—
Total					3,108,741	3.3 years	$	13.82	$	—	2,719,919	$	13.45	$	—

Summary Of Additional Information On Non-Vested Restricted Stock Outstanding

The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2022, 2021 and 2020:


	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, 2020	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
Granted	301,969	11.88		3,587		—	—		—
Vested	(144,317)	15.10		(2,179)		—	—		—
Forfeited	(18,474)	14.94		(276)		(50,718)	17.63		1,366
Outstanding at December 31, 2022	474,978	$	13.82	$	6,564	—	$	—	$	—

Share-based Payment Arrangement, Stock Appreciation Right, Activity

A summary of SARs outstanding at December 31, 2022, 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

Forfeited and expired	(22,914)	10.75		to	16.37		14.83

Outstanding at December 31, 2022	498,687	$	10.75	to	$	16.37	$	13.49
(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.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Income (loss) from continuing operations before income taxes:
Domestic	$	3,185	$	22,885	$	(58,033)
Foreign	29,585		44,336		32,987
Total	$	32,770	$	67,221	$	(25,046)
Current income tax expense (benefit):
Federal	$	2	$	1,232	$	4,777
State	772		764		136
Foreign	3,071		13,521		2,374
Total	3,845		15,517		7,287
Deferred income tax expense (benefit):
Federal	24		(7,862)		(18,191)
State	(537)		125		(640)
Foreign	1,057		1,504		3,331
Total	544		(6,233)		(15,500)
Total income tax expense (benefit)	$	4,389	$	9,284	$	(8,213)

Summary Of Effective Income Tax Rate For Continuing Operations


	2022			2021			2020
(In thousands, except percentages)	Amount		%	Amount		%	Amount		%
Income tax expense (benefit) at federal statutory rate	$	6,882	21.0	$	14,116	21.0	$	(5,260)	21.0
Foreign rate differences	2,924		8.9	8,269		12.3	4,554		(18.2)
U.S. tax on foreign branch income	1,390		4.1	(5,667)		(8.4)	1,409		(5.6)
Non-deductible other	381		1.2	1,053		1.6	208		(0.8)
Tax contingency accruals and tax settlements	88		0.3	202		0.3	(58)		0.2
State taxes, net of federal income tax benefit	48		0.1	933		1.4	(373)		1.5
Valuation allowance for capital loss carryforwards	—		—	(5,415)		(8.1)	52		(0.2)
Foreign currency translation variation on intercompany loans	—		—	1,374		2.0	—		—
Dividend received deduction net of foreign withholding tax	—		—	(109)		(0.2)	(52)		0.2
Changes in estimates related to prior year tax provision	(175)		(0.5)	(383)		(0.6)	(2,472)		9.9
Foreign derived intangible income deduction	(763)		(2.3)	—		—	—		—
Tax on Prodepe tax incentive	(1,024)		(3.1)	2,858		4.3	(801)		3.2
Research and development tax credit	(1,489)		(4.5)	(928)		(1.4)	(633)		2.5
Brazilian tax incentive	(3,873)		(11.8)	(7,019)		(10.4)	(4,787)		19.1
Income tax expense (benefit) at effective income tax rate	$	4,389	13.4	$	9,284	13.8	$	(8,213)	32.8

Schedule Of Deferred Tax Liabilities And Assets

Deferred income tax liabilities and deferred income tax assets at December 31, 2022 and 2021, are as follows:


(In thousands)	2022		2021
Deferred income tax liabilities:
Amortization of goodwill and identifiable intangibles	$	10,533	$	10,215
Depreciation	14,950		12,902
Foregone tax credits on foreign branch income	719		4,796


Right-of-use leased assets	3,147		2,767
Other	722		520
Total deferred income tax liabilities	30,071		31,200
Deferred income tax assets:
Pensions	7,535		5,632
Employee benefits	7,558		7,791
Excess capital losses	1,099		1,097
Inventory	3,952		3,775
Asset write-offs, divestitures and environmental accruals	1,075		1,173
Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards	24,914		33,922
Section 174 Capitalized R&D expenditures	4,874		—
Other	1,220		146
Lease liabilities	3,328		2,977
Tax basis remaining for installment sale - kaléo	999		1,092
Foreign currency translation gain adjustment	1,224		1,970
Deferred income tax assets before valuation allowance	57,778		59,575
Less: Valuation allowance	13,807		12,652
Total deferred income tax assets	43,971		46,923
Net deferred income tax (assets) liabilities	$	(13,900)	$	(15,723)
Amounts recognized in the consolidated balance sheets:
Deferred income tax assets (noncurrent)	$	13,900	$	15,723
Deferred income tax liabilities (noncurrent)	—		—
Net deferred income tax assets (liabilities)	$	13,900	$	15,723

Schedule Of Unrecognized Uncertain Tax Positions

A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2020, is shown below:


	Years Ended December 31,
(In thousands)	2022		2021		2020
Balance at beginning of period	$	648	$	628	$	881
Increase (decrease) due to tax positions taken in:
Current period	2		—		12
Prior period	44		40		—
Reductions due to lapse of statute of limitations	(66)		(20)		(265)
Balance at end of period	$	628	$	648	$	628

Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions

Additional information related to unrecognized uncertain tax positions since January 1, 2020 is summarized below:


	Years Ended December 31,
(In thousands)	2022		2021		2020
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)	$	628	$	648	$	628
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet)	143		48		(110)
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	771		696		518
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $16, $26 and $2 reflected in income tax expense in the income statement in 2022, 2021 and 2020, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	149		133		102
Related deferred income tax assets recognized on interest and penalties	(34)		(31)		(24)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	115		102		78
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$	886	$	798	$	596

Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information By Segment


Net Sales
(In thousands)	2022		2021		2020
Aluminum Extrusions	$	637,872	$	539,325	$	455,711
PE Films	97,571		118,920		139,288
Flexible Packaging Films	168,139		139,978		134,605
Total net sales	903,582		798,223		729,604
Add back freight	34,982		28,232		25,686
Sales as shown in consolidated statements of income	$	938,564	$	826,455	$	755,290

Refer to Notes to Financial Tables that follow these tables.


EBITDA from Ongoing Operations
(In thousands)	2022		2021		2020
Aluminum Extrusions:
Ongoing operations:
EBITDA	$	66,800	$	55,948	$	55,137
Depreciation & amortization	(17,414)		(16,272)		(17,403)
EBIT	49,386		39,676		37,734
Plant shutdowns, asset impairments, restructurings and other (a)	(310)		3,237		(3,506)
Goodwill impairment charge	—		—		(13,696)
PE Films:
Ongoing operations:
EBITDA	11,949		27,694		45,107
Depreciation & amortization	(6,280)		(6,263)		(6,762)
EBIT	5,669		21,431		38,345
Plant shutdowns, asset impairments, restructurings and other (a)	(646)		(371)		(1,974)
Flexible Packaging Films:
Ongoing operations:
EBITDA	27,452		31,684		30,645
Depreciation & amortization	(2,444)		(1,988)		(1,761)
EBIT	25,008		29,696		28,884
Plant shutdowns, asset impairments, restructurings and other (a)	(91)		8,439		(18)
Total	79,016		102,108		85,769
Interest income	57		73		44
Interest expense	4,990		3,386		2,587
Gain (loss) on investment in kaléo (a)	1,406		12,780		(60,900)
Loss on sale of Bright View (a)	—		—		(2,299)
Stock option-based compensation expense	1,424		2,495		2,161
Corporate expenses, net (a)	41,295		41,859		42,912
Income (loss) from continuing operations before income taxes	32,770		67,221		(25,046)
Income tax expense (benefit) (a)	4,389		9,284		(8,213)
Income (loss) from continuing operations	28,381		57,937		(16,833)
Income (loss) from discontinued operations, net of tax (a)	74		(111)		(58,611)
Net income (loss)	$	28,455	$	57,826	$	(75,444)

Schedule Of Identifiable Assets


Identifiable Assets
(In thousands)	2022		2021
Aluminum Extrusions	$	293,308	$	280,521
PE Films	102,431		113,613
Flexible Packaging Films	103,448		75,269
Subtotal	499,187		469,403
General corporate	23,674		23,482
Cash and cash equivalents (b)	19,232		30,521
Discontinued operations	—		178
Total	$	542,093	$	523,584

Schedule Of Depreciation And Amortization, Capital Expenditures


	Depreciation and Amortization						Capital Expenditures
(In thousands)	2022		2021		2020		2022		2021		2020
Aluminum Extrusions	$	17,414	$	15,326	$	17,403	$	23,664	$	18,914	$	10,260
PE Films	6,280		6,263		6,762		3,289		2,997		6,024
Flexible Packaging Films	2,444		1,988		1,761		8,151		5,603		4,959
Subtotal	26,138		23,577		25,926		35,104		27,514		21,243
General corporate (d)	264		207		520		1,771		(153)		200
Discontinued operations	—		—		5,511		—		—		1,912
Total	$	26,402	$	23,784	$	31,957	$	36,875	$	27,361	$	23,355

Schedule Of Net Sales By Geographic Area


Net Sales by Geographic Area (c)
(In thousands)	2022		2021		2020
United States	$	717,049	$	614,987	$	530,243
Exports from the United States to:
Asia	41,995		59,242		80,217
Canada	15,264		17,776		18,024
Europe	3,885		4,489		5,440
Latin America	6,867		4,937		2,169
Operations outside the United States:
Brazil	117,896		96,792		93,511
Asia	626		—		—
Total	$	903,582	$	798,223	$	729,604

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)	2022		2021		2022		2021
United States	$	413,512	$	398,749	$	146,437	$	135,310
Operations outside the United States:
Brazil	72,725		54,299		25,385		18,615
China	12,950		16,355		11,903		14,889
General corporate	23,674		23,482		2,686		1,567
Cash and cash equivalents (b)	19,232		30,521		n/a		n/a
Discontinued operations	—		178		—		—
Total	$	542,093	$	523,584	$	186,411	$	170,381

Schedule Of Net Sales By Product Group


Net Sales by Product Group
(In thousands)	2022		2021		2020
Aluminum Extrusions:
Nonresidential building & construction	$	338,981	$	269,252	$	253,126
Consumer durables	62,541		53,578		44,167
Automotive	51,286		43,256		35,895
Machinery & equipment	63,326		42,721		30,649
Distribution	29,732		45,639		28,339
Residential building & construction	64,268		52,236		40,049
Electrical	27,738		32,643		23,486
Subtotal	637,872		539,325		455,711
PE Films:
Surface protection films	68,140		88,436		109,097
Packaging	29,431		30,484		22,700
LED-based products	—		—		7,491
Subtotal	97,571		118,920		139,288
Flexible Packaging Films	168,139		139,978		134,605
Total	$	903,582	$	798,223	$	729,604

(b)Cash and cash equivalents includes funds held in locations outside the U.S. of $10.3 million and $16.4 million at December 31, 2022 and 2021, respectively.

(c)Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films.

(d)Corporate depreciation and amortization are included in Corporate expenses, net, on the EBITDA from ongoing operations table above.

Discontinued Operations and Disposal Groups (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations


	Year Ended December 31,
(In thousands)	2020
Revenues and other items:
Sales	$	110,246
Other income (expense), net	(333)
	109,913
Costs and expenses:
Cost of goods sold	92,079
Freight	5,229
Selling, general and administrative	16,824
Research and development	8,863
Asset impairments and costs associated with exit and disposal activities, net of adjustments	1,529
Loss on sale of business	50,027
Total	174,551
Income (loss) from discontinued operations before income taxes	(64,638)
Income tax expense (benefit)	(6,027)
Income (loss) from discontinued operations, net of tax	$	(58,611)


	Year Ended December 31,
(In thousands)	2020
Operating activities:
Depreciation and amortization	$	5,511
Loss on sale of Personal Care Films	50,027
Total	55,538
Investing activities:
Net proceeds on sale of Personal Care Films	$	55,115
Capital expenditures	(1,912)
Total	$	53,203

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Summary Of Significant Accounting Policies (Narrative) (Details). - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022
Summary Of Significant Accounting Policies [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 400	$ 500	$ 600
Cash	19,200	30,500
Cash and cash equivalents	19,232	30,521
Goodwill	70,608	70,608	67,708
Goodwill impairment	0	$ 0	$ 13,696
Defined benefit plan estimated required future employer contributions in next fiscal year	$ 50,000
Incremental shares excluded from the calculation of incremental shares attributable to stock options and restricted stock	2,760,983	1,582,222	1,212,375
Pension Benefits
Summary Of Significant Accounting Policies [Line Items]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Reclassification Adjustment, before Tax	$ 103,998	$ 109,893	$ 150,267
Surface protection films
Summary Of Significant Accounting Policies [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount				18.60%
Goodwill	57,300
Long-Lived Assets	$ 29,300
Aacoa [Member]
Summary Of Significant Accounting Policies [Line Items]
Goodwill impairment		13,700
Goodwill, Impairment Loss, Net of Tax		10,500
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
Foreign Country
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 10,300	$ 16,400

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Weighted average shares outstanding used to compute basic earnings per share	33,805,530	33,562,684	33,402,147
Incremental shares attributable to stock options and restricted stock	20,900	107,566	0
Shares used to compute diluted earnings per share	33,826,430	33,670,250	33,402,147

Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Income (loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	$ (6,981)	$ 20,035	$ (24,263)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(8,890)	(8,865)	(43,510)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	(287)	(1,643)	16,514
Other comprehensive income (loss)	1,909	28,900	19,247
Equity	201,762	184,722	109,055	$ 376,749
Other Comprehensive Income (Loss), before Reclassifications, before Tax	3	(2,008)	(9,678)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, beforeTax	(1,256)	3,800	(4,362)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	(6,464)	23,932	(16,425)
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(7,717)	25,724	(30,465)
Foreign currency translation adjustment, tax (benefit)	(290)	365	897
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, Tax	(374)	(842)	1,077
Net gains or losses and prior service costs, tax (benefit)	1,400	(5,212)	4,228
Other Comprehensive Income (Loss) before Reclassifications, Tax	736	(5,689)	6,202
Unrealized foreign currency translation adjustment (net of tax expense of $290 in 2022, net of tax benefit of $365 in 2021 and net of tax benefit of $897 in 2020)	(287)	(1,643)	(8,781)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, afterTax	(1,630)	2,958	(3,285)
Net gains (losses) and prior service costs (net of tax benefit of $1,400 in 2022, net of tax expense of $5,212 in 2021 and net of tax benefit of $4,228 in 2020)	(5,064)	18,720	(12,197)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0	0	25,295
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(2,461)	(5,513)	8,724
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax	13,606	16,862	15,296
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	11,145	11,349	49,315
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Income Tax (Expense) Benefit, Tax	710
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	0	0	0
Reclassification from AOCI, Current Period, Tax		1,192	(1,868)
Amortization of prior service costs and net gains or losses, tax	(2,965)	(3,676)	(3,937)
Other Comprehensive Income (Loss) Reclassifications, Tax	(2,255)	(2,484)	(5,805)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	0	0	25,295
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(1,751)	(4,321)	6,856
Amortization of prior service costs and net gains or losses (net of tax expense of $2,965 in 2022, net of tax expense of $3,676 in 2021 and net of tax expense of $3,937 in 2020)	10,641	13,186	11,359
Other Comprehensive Income (Loss), Derivatives, Net of Tax	(3,381)
Derivative financial instruments adjustment (net of tax benefit of $336 in 2022, net of tax benefit of $351 in 2021 and net of tax expense of $790 in 2020)		(1,363)	3,571
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	5,577	31,906	(838)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Equity	(86,079)	(85,792)	(84,149)	(100,663)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Equity	(2,480)	901	2,264	(1,307)
Pension And Other Postretirement Benefit Adjust
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Equity	(59,036)	(64,613)	(96,519)	(95,681)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(149,504)	(178,404)	(197,651)
Equity	(147,595)	(149,504)	(178,404)	$ (197,651)
Net gains (losses) and prior service costs (net of tax benefit of $1,400 in 2022, net of tax expense of $5,212 in 2021 and net of tax benefit of $4,228 in 2020)	(5,064)	18,720	(12,197)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			25,295
Amortization of prior service costs and net gains or losses (net of tax expense of $2,965 in 2022, net of tax expense of $3,676 in 2021 and net of tax expense of $3,937 in 2020)	10,641	13,186	11,359
Ending balance	$ (147,595)	$ (149,504)	$ (178,404)

Accounts And Other Receivables (Schedule Of Accounts And Other Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, Gross, Current	$ 83,667	$ 102,090
Customer receivables	87,541	105,048
Other accounts and notes receivable	3,874	2,958
Receivables, Net, Current	84,544	103,312
Allowance for Doubtful Accounts and Sales Returns	2,997	1,736
Accounts Receivable, after Allowance for Credit Loss	$ 84,544	$ 103,312

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, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Customer receivables	$ 87,541	$ 105,048
Allowance For Doubtful Accounts
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of year	1,736	2,797	$ 1,904
Charges to expense	1,926	1,440	1,901
Recoveries	(2)	(35)	(90)
Write-offs and settlements	(639)	(1,246)	(709)
Foreign exchange and other	(28)	(1,290)	(209)
Balance, end of year	$ 2,997	$ 1,736	$ 2,797

Inventories (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories [Line Items]
Inventories stated on the LIFO basis	$ 25.3	$ 18.8
Inventories stated value below replacement costs	15.6	27.5
Weighted Average Cost Inventory Amount	62.9	30.9
FIFO Inventory Amount	$ 39.5	$ 38.9

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished goods	$ 34,686	$ 25,199
Work-in-process	15,604	11,955
Raw materials	58,262	32,958
Stores, supplies and other	19,219	18,457
Total	$ 127,771	$ 88,569

Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, Payments	$ 6,158
Lessee, Operating Lease, Liability, Payments, Due	17,353
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	2,580
Operating Lease, Liability	14,773
Operating Leases, Future Minimum Payments Due	2,616
Lessee, Operating Lease, Liability, Payments, Due Year Two	2,423
Lessee, Operating Lease, Liability, Payments, Due Year Three	2,383
Lessee, Operating Lease, Liability, Payments, Due Year Four	2,047
Lessee, Operating Lease, Liability, Payments, Due Year Five	1,726
Operating Lease, Expense	$ 2,718	$ 2,752
Operating Lease, Weighted Average Remaining Lease Term	8 years	7 years
Operating Lease, Weighted Average Discount Rate, Percent	4.27%	4.22%
Lessee, Operating Lease, Term of Contract	10 years

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Reclassification from customer relationship intangibles to goodwill	$ 2,900
Aluminum Extrusions
Goodwill [Line Items]
Reclassification from customer relationship intangibles to goodwill	$ 2,900
Reclassification from customer relationships to goodwill, net amortization		$ (900)

Goodwill And Other Intangible Assets (Schedule Of Goodwill And Other Intangibles) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Other Intangible Assets [Line Items]
Goodwill	$ 70,608	$ 70,608	$ 67,708
Goodwill impairment	0	0	13,696
Reclassification from customer relationship intangibles to goodwill	2,900
Aluminum Extrusions
Goodwill And Other Intangible Assets [Line Items]
Goodwill	13,270	13,270	10,370
Goodwill impairment	0	0	13,696
Reclassification from customer relationship intangibles to goodwill	2,900
PE Films
Goodwill And Other Intangible Assets [Line Items]
Goodwill	$ 57,338	57,338	$ 57,338
Goodwill impairment		$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill And Other Intangible Assets (Reconciliation Of The Beginning And Ending Balance Of Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 43,669	$ 43,585
Finite-Lived Intangible Assets, Accumulated Amortization	(31,979)	(29,433)
Finite-Lived Intangible Assets, Net	11,690	14,152
Reclassification from customer relationship intangibles to goodwill	(2,900)
Customer-Related Intangible Assets
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	26,549	26,526
Finite-Lived Intangible Assets, Accumulated Amortization	(15,467)	(13,267)
Finite-Lived Intangible Assets, Net	11,082	13,259
Technology-Based Intangible Assets
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	3,726	3,721
Finite-Lived Intangible Assets, Accumulated Amortization	(3,672)	(3,603)
Finite-Lived Intangible Assets, Net	54	118
Trade Names [Member]
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	13,394	13,338
Finite-Lived Intangible Assets, Accumulated Amortization	(12,840)	(12,563)
Finite-Lived Intangible Assets, Net	554	775
Aluminum Extrusions
Goodwill [Roll Forward]
Reclassification from customer relationship intangibles to goodwill	$ (2,900)
Reclassification from customer relationships to goodwill, net amortization		$ (900)

Goodwill And Other Intangible Assets (Schedule of Expected Amortization Expense) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 1,894
2024	1,854
2025	1,854
2026	1,854
2027	$ 1,854

Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022
Accrued Liabilities [Abstract]
Incentive compensation	$ 7,016	$ 6,103
Payrolls, related taxes and medical and other benefits	7,558	5,916
Vacation	3,452	3,502
Derivative Assets (Liabilities), at Fair Value, Net	1,254	3,260
Accrued Freight	2,337	2,298
Accrued Utilities, Current	1,938	2,099
Workers’ compensation and disabilities	2,422	2,051
Accrued Environmental Liabilities, Current	1,634	1,627
Accrued Customer Rebates	1,857	1,154
Other	3,636	3,593
Accrued expenses	33,104	$ 31,603
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

Debt And Credit Agreements (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 375.0	$ 375.0
Long-term Debt	137.0
Available credit under the Credit Agreement	$ 201.0
Secured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Spread Over Secured Overnight Financing Rate Basis Points	16250.00%
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
Credit Facility covenant leverage ratio two times limitation	2.00
Line Of Credit Facility, Covenant Terms, Maximum Aggregate Dividends	$ 75.0
Credit Facility covenant maximum liquidity	$ 50.0

Debt And Credit Agreements (Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels) (Details)	12 Months Ended
	Dec. 31, 2022
Indebtedness To Adjusted Ebitda Ratio Less Than Or Equal To One [Member]
Line of Credit Facility [Line Items]
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]	15000.00%
Line of Credit Facility, Commitment Fee Amount	20
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 1.0x But Less Than Or Equal To 2.0x [Member]
Line of Credit Facility [Line Items]
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]	16250.00%
Line of Credit Facility, Commitment Fee Amount	25
Indebtedness-To-Adjusted EBITDA Ratio Greater Than 2.0x But Less Than Or Equal To 3.0x [Member]
Line of Credit Facility [Line Items]
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]	17500.00%
Line of Credit Facility, Commitment Fee Amount	30
Indebtedness To Adjusted Ebitda Ratio Greater Than Three But Less Than Or Equal To Three Point Five [Member]
Line of Credit Facility [Line Items]
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]	18750.00%
Line of Credit Facility, Commitment Fee Amount	35
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]
Line of Credit Facility [Line Items]
Indebtedness To Adjusted Ebitda Ratio Greater Than Three Point Five But Less Than Or Equal To Four [Member]	20000.00%
Line of Credit Facility, Commitment Fee Amount	40

Retirement Plans And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 09, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Percentage of change in health care cost trend rate assumptions would be immaterial		1.00%
Defined Benefit Average Remaining Duration Of Benefit Payments For Pension Plan		9 years 7 months 6 days
Defined Benefit Plan, Expected Future Pension Expense, Next Twelve Months		$ 14,000
Expected long-term return on plan assets		15.10%	10.40%	10.90%
Unfunded Non-Qualified Supplemental Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation to unfunded plan		$ 1,700	$ 2,100
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation to unfunded plan		248,114	$ 316,169	$ 336,159
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year		$ 12,000
Expected long-term return on plan assets		3.05%	5.00%	5.00%
Employer contributions	$ 50,000	$ 50,184	$ 5,209
Settlement Funding Gap	$ 24,000
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End		4.99%	3.05%	5.00%
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation to unfunded plan		$ 5,726	$ 7,370	$ 8,164
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year		200
Employer contributions		$ 476	$ 463

Retirement Plans And Other Postretirement Benefits (Reconciliation Of Changes In Benefit Obligations And Plan Assets) (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 09, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year		$ 316,169	$ 336,159
Service cost		0	0	$ 0
Interest cost		8,945	8,398	10,156
Effect of actuarial (gains) losses related to the following:
Discount rate change		(61,519)	(12,512)
Retirement rate assumptions and mortality table adjustments			1,028
Other		1,513	(101)
Plan participant contributions		0	0
Benefits paid		16,994	16,803
Benefit obligation, end of year		248,114	316,169	336,159
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at fair value, beginning of year		244,612	233,075
Actual return on plan assets		(59,683)	23,131
Employer contributions	$ 50,000	50,184	5,209
Plan participant contributions		0	0
Benefits paid		16,994	16,803
Plan assets at fair value, end of year		218,119	244,612	233,075
Funded status of the plans		(29,995)	(71,557)
Amounts recognized in the consolidated balance sheets:
Net amount recognized		29,995	71,557
Other Post-Retirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year		7,370	8,164
Service cost		18	21	29
Interest cost		207	195	243
Effect of actuarial (gains) losses related to the following:
Discount rate change		(1,483)	(272)
Retirement rate assumptions and mortality table adjustments			(1)
Other		90	(274)
Plan participant contributions		554	613
Benefits paid		1,030	1,076
Benefit obligation, end of year		5,726	7,370	8,164
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		476	463
Plan participant contributions		554	613
Benefits paid		1,030	1,076
Plan assets at fair value, end of year		0	0	$ 0
Funded status of the plans		(5,726)	(7,370)
Amounts recognized in the consolidated balance sheets:
Net amount recognized		5,726	7,370
Accrued Expenses \| Pension Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Liability, Defined Benefit Plan, Current		180	181
Accrued Expenses \| Other Post-Retirement Benefits
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Liability, Defined Benefit Plan, Current		489	478
Other Noncurrent Liabilities [Member] \| Pension Benefits
Amounts recognized in the consolidated balance sheets:
Liability, Defined Benefit Plan, Noncurrent		29,815	71,376
Other Noncurrent Liabilities [Member] \| Other Post-Retirement Benefits
Amounts recognized in the consolidated balance sheets:
Liability, Defined Benefit Plan, Noncurrent		$ 5,237	$ 6,892

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average assumptions used to determine net periodic benefit cost:
Expected long-term return on plan assets	15.10%	10.40%	10.90%
Pension Benefits
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.07%	2.90%	2.57%
Defined Benefit Plan Assumption Expected Long Term Return On Assets At Year End	4.99%	3.05%	5.00%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	2.90%	2.57%	3.27%
Expected long-term return on plan assets	3.05%	5.00%	5.00%
Components of net periodic benefit cost:
Service cost	$ 0	$ 0	$ 0
Interest cost	8,945	8,398	10,156
Expected return on plan assets	(8,174)	(11,316)	(11,004)
Amortization of prior service costs and gains or losses	13,746	17,003	15,494
Net periodic benefit cost	$ 14,517	$ 14,085	$ 14,646
Other Post-Retirement Benefits
Weighted-average assumptions used to determine benefit obligations:
Discount rate	5.17%	2.86%	2.54%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate	2.86%	2.54%	3.25%
Components of net periodic benefit cost:
Service cost	$ 18	$ 21	$ 29
Interest cost	207	195	243
Expected return on plan assets	0	0	0
Amortization of prior service costs and gains or losses	(140)	(141)	(198)
Net periodic benefit cost	$ 85	$ 75	$ 74

Retirement Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments For Continuing Operations) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	$ 18,701
2024	18,971
2025	19,047
2026	18,666
2027	18,600
2028—2032	88,847
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	489
2024	480
2025	469
2026	458
2027	446
2028—2032	$ 2,051

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ 103,998	$ 109,893	$ 150,267
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ (1,574)	$ (320)	$ 86

Retirement Plans And Other Postretirement Benefits (Schedule Of Percentage Composition Of Assets Held By Pension Plans) (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	13.90%	25.30%	7.70%
Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	0.00%	28.10%	27.10%
Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	0.00%	6.80%	8.60%
International and emerging market equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	0.00%	19.90%	20.60%
Total equity securities
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	0.00%	54.80%	56.30%
Collective Investment Trust
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	69.90%	0.00%	0.00%
Private equity and hedge funds
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	4.80%	10.40%	12.10%
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	11.40%	2.80%	17.50%
Other assets
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	0.00%	6.70%	6.40%

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, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Securities Sold And Interest Receivable	$ 259
Total plan assets	218,119	$ 244,612
Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		68,739
Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		16,588
International and emerging market equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		25,174
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	30,284	61,845
Private equity and hedge funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	141	49,017
Other assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	10,250	6,868
Total Plan Assets at Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	65,330	195,595
Cash and Cash Equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	24,796	6,943
Contracts with Insurance Companies
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		9,438
Defined Benefit Plan, Common Collective Trust
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	152,389
Total investments measured at net asset value
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	152,530
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	55,080	133,618
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
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
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
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	30,284	9,306
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Other assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	6,868
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	24,796	6,943
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
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	52,539
Significant Other Observable Inputs (Level 2) \| Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		0
Significant Other Observable Inputs (Level 2) \| Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		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
Significant Other Observable Inputs (Level 2) \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	52,539
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
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	10,250	9,438
Significant Unobservable Inputs (Level 3) \| Large/mid-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		0
Significant Unobservable Inputs (Level 3) \| Small-capitalization equity securities
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value		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
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	10,250	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

Other Income (Expense), Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Brazil one-time tax credit PIS/COFINS	$ 0	$ 8,486	$ 0
Other Nonoperating Expense	(350)	(624)	(2,231)
Loss on sale of divested businesses	0	0	52,326
Other Nonoperating Income (Expense)	(121)	(266)	(1,864)
Other Nonoperating Income (Expense), Net - Total	935	20,376	(67,294)
Proceeds from the sale of kaléo	1,406	47,062	0
Investment Income, Dividend		(300)
Disposal Group Not Discontinued Operation Gain Loss On Disposal, gross			2,300
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, net of tax			1,800
kaleo [Member]
Unrealized Gain (Loss) on Investments - kaleo	1,406	12,780	(60,900)
Proceeds from the sale of kaléo	1,400	47,100
Bright View Technologies
Loss on sale of divested businesses	$ 0	$ 0	$ (2,299)

Financial Instruments (Narrative) (Details) lb in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) lb	Dec. 31, 2021 USD ($) lb
Derivative [Line Items]
Weight of aluminum that hedged future purchase of aluminum to meet fixed-price forward sales contract obligations, lbs \| lb	20.3	14.9
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar	$ 177.0
Amounts of unrealized after-tax gains on derivative instruments	(2.0)
Aluminum Futures Contracts
Derivative [Line Items]
Derivative, Notional Amount, Net	$ 30.7	$ 22.1

Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Net asset (liability)	$ (3,260)	$ (1,254)
Aluminum Futures Contracts
Derivatives, Fair Value [Line Items]
Net asset (liability)	(3,581)	1,966
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives	48	2,085
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Accrued Expenses
Derivatives, Fair Value [Line Items]
Liability derivatives: Aluminum futures contracts	(3,260)	(119)
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives: Aluminum futures contracts	$ (369)	$ 0

Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments - Terphane (Details). - Terphane Ltda [Member] R$ in Thousands, $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2022 BRL (R$)
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 31,145	R$ 177,154
Foreign Currency Exchange Rate, Translation	5.6880	5.6880
Percentage of Coverage Using Cash Flow Hedges	48.00%	48.00%
Jan-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,728	R$ 9,385
Foreign Currency Exchange Rate, Translation	5.4310	5.4310
Percentage of Coverage Using Cash Flow Hedges	64.00%	64.00%
Feb-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,822	R$ 9,959
Foreign Currency Exchange Rate, Translation	5.4657	5.4657
Percentage of Coverage Using Cash Flow Hedges	68.00%	68.00%
Mar-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,921	R$ 10,565
Foreign Currency Exchange Rate, Translation	5.4995	5.4995
Percentage of Coverage Using Cash Flow Hedges	72.00%	72.00%
Apr-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,903	R$ 10,539
Foreign Currency Exchange Rate, Translation	5.5379	5.5379
Percentage of Coverage Using Cash Flow Hedges	72.00%	72.00%
May-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,873	R$ 10,443
Foreign Currency Exchange Rate, Translation	5.5753	5.5753
Percentage of Coverage Using Cash Flow Hedges	71.00%	71.00%
Jun-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,928	R$ 10,820
Foreign Currency Exchange Rate, Translation	5.6118	5.6118
Percentage of Coverage Using Cash Flow Hedges	74.00%	74.00%
Jul-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 2,154	R$ 12,144
Foreign Currency Exchange Rate, Translation	5.6378	5.6378
Percentage of Coverage Using Cash Flow Hedges	83.00%	83.00%
Aug-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 2,020	R$ 11,480
Foreign Currency Exchange Rate, Translation	5.6831	5.6831
Percentage of Coverage Using Cash Flow Hedges	78.00%	78.00%
Sep-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 2,071	R$ 11,841
Foreign Currency Exchange Rate, Translation	5.7174	5.7174
Percentage of Coverage Using Cash Flow Hedges	80.00%	80.00%
Oct-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 2,013	R$ 11,586
Foreign Currency Exchange Rate, Translation	5.7556	5.7556
Percentage of Coverage Using Cash Flow Hedges	79.00%	79.00%
Nov-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 2,018	R$ 11,671
Foreign Currency Exchange Rate, Translation	5.7836	5.7836
Percentage of Coverage Using Cash Flow Hedges	79.00%	79.00%
Dec-19 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,786	R$ 10,414
Foreign Currency Exchange Rate, Translation	5.8312	5.8312
Percentage of Coverage Using Cash Flow Hedges	71.00%	71.00%
Jan-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,780
Foreign Currency Exchange Rate, Translation	5.7360	5.7360
Percentage of Coverage Using Cash Flow Hedges	23.00%	23.00%
Feb-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,793
Foreign Currency Exchange Rate, Translation	5.7562	5.7562
Percentage of Coverage Using Cash Flow Hedges	23.00%	23.00%
Mar-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,807
Foreign Currency Exchange Rate, Translation	5.7774	5.7774
Percentage of Coverage Using Cash Flow Hedges	23.00%	23.00%
Apr-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,822
Foreign Currency Exchange Rate, Translation	5.8000	5.8000
Percentage of Coverage Using Cash Flow Hedges	23.00%	23.00%
May-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,836
Foreign Currency Exchange Rate, Translation	5.8207	5.8207
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%
Jun-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,850
Foreign Currency Exchange Rate, Translation	5.8419	5.8419
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%
Jul-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,864
Foreign Currency Exchange Rate, Translation	5.8636	5.8636
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%
Aug-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,880
Foreign Currency Exchange Rate, Translation	5.8872	5.8872
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%
Sep-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,896
Foreign Currency Exchange Rate, Translation	5.9118	5.9118
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%
Oct-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,911
Foreign Currency Exchange Rate, Translation	5.9350	5.9350
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%
Nov-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,926
Foreign Currency Exchange Rate, Translation	5.9581	5.9581
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%
Dec-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 659	R$ 3,942
Foreign Currency Exchange Rate, Translation	5.9813	5.9813
Percentage of Coverage Using Cash Flow Hedges	24.00%	24.00%

Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Net asset (liability)	$ (3,260)	$ (1,254)
Flexible Packaging Films
Derivatives, Fair Value [Line Items]
Net asset (liability)	811	(1,255)
Flexible Packaging Films \| Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	781	0
Flexible Packaging Films \| Designated as Hedging Instrument [Member] \| Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	33	0
Flexible Packaging Films \| Designated as Hedging Instrument [Member] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	0	(1,255)
Flexible Packaging Films \| Designated as Hedging Instrument [Member] \| Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ (3)	$ 0

Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Aluminum Futures Contracts [Member]
Derivatives, Fair Value [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ (4,525)	$ 6,215	$ 74
Flexible Packaging Films
Derivatives, Fair Value [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0	0
Cost of Sales [Member] \| Aluminum Futures Contracts [Member]
Derivatives, Fair Value [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	1,022	5,787	(2,717)
Cost of Sales [Member] \| Flexible Packaging Films
Derivatives, Fair Value [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	61	63	62
Selling, General and Administrative Expenses [Member] \| Flexible Packaging Films
Derivatives, Fair Value [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	3,269	(2,415)	(4,437)
Selling, General and Administrative Expenses [Member] \| Foreign Currency Forward Contracts \| 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]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 1,378	$ (337)	$ (6,069)

Stock Option And Stock Award Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Total stock options available for grant	681,479
Options may be granted to purchase specified number of common shares under stock option plan, maximum term	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	2,719,919	1,762,190
Payments of Dividends	$ 200.0
Dividends Payable, Amount Per Share	$ 5.97
The grant-date fair value of stock option-based awards vested	$ 5.4	$ 3.5	$ 3.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested	0.5	0.1	$ 0.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value		$ 0.2
Stock Option Based Awards [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 0.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 months 12 days
Non-Vested Restricted Stock And Other Stock-Based Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 3.2
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 7 months 6 days

Stock Option And Stock Award Plans (Summary Of Stock Options Outstanding) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Number of Options, Outstanding, Beginning Balance	3,125,944	2,827,438	1,628,903
Number of Options, Granted		388,822	638,074
Number of Options, Forfeited and Expired	17,203	22,611	701,535
Number of Options, Exercised		(67,705)	(141,074)
Number of Options, Outstanding, Ending Balance	3,108,741	3,125,944	2,827,438
Weighted Average
Weighted Average Option Exercise Price/Share, Outstanding, Beginning Balance	$ 13.82	$ 13.55	$ 19.13
Weighted Average Option Exercise Price/Share, Granted		16.37	11.90
Weighted Average Option Exercise Price/Share, Forfeited and Expired	15.33	18.14	11.90
Weighted Average Option Exercise Price/Share, Exercised		13.51	11.87
Weighted Average Option Exercise Price/Share, Outstanding, Ending Balance	13.81	13.82	13.55
Minimum
Option Exercise Price/Share Range
Exercise Price, Outstanding, Beginning Balance	10.75	10.75	15.65
Exercise Price, Granted		16.37	10.75
Exercise Price, Forfeited and Expired	14.47	14.47	10.75
Exercise Price, Exercised		10.75	10.75
Exercise Price, Outstanding, Ending Balance	10.75	10.75	10.75
Maximum
Option Exercise Price/Share Range
Exercise Price, Outstanding, Beginning Balance	22.49	22.49	24.84
Exercise Price, Granted		16.37	14.62
Exercise Price, Forfeited and Expired	19.64	19.64	14.62
Exercise Price, Exercised		17.29	24.84
Exercise Price, Outstanding, Ending Balance	$ 22.49	$ 22.49	$ 22.49

Stock Option And Stock Award Plans (Summary of Assumptions) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Dividend yield	2.60%	2.50%
Weighted average volatility percentage	48.30%	43.80%
Weighted average risk-free interest rate	0.90%	0.80%
Weighted average exercise price at date of grant (also weighted average market price at date of grant):	$ 16.37	$ 11.90
Estimated weighted average fair value of options per share at date of grant	$ 5.57	$ 4.44
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period, Fair Value	$ 2,165	$ 2,833
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price		$ 10.75
Officers
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Holding period (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

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, 2022	Dec. 31, 2021
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares	3,108,741
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	3 years 3 months 18 days
Options Outstanding, Weighted Average, Exercise Price	$ 13.82
Options Outstanding, Aggregate Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	2,719,919	1,762,190
Options Exercisable, Weighted Average Exercise Price	$ 13.45
Options Exercisable, Aggregate Intrinsic Value	$ 0
- 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	2,939,509
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	3 years 4 months 24 days
Options Outstanding, Weighted Average, Exercise Price	$ 13.47
Options Outstanding, Aggregate Intrinsic Value	$ 0
Options Exercisable, Shares	2,550,687
Options Exercisable, Weighted Average Exercise Price	$ 13.03
Options Exercisable, Aggregate Intrinsic Value	$ 0
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	169,232
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	8 months 12 days
Options Outstanding, Weighted Average, Exercise Price	$ 19.74
Options Outstanding, Aggregate Intrinsic Value	$ 0
Options Exercisable, Shares	169,232
Options Exercisable, Weighted Average Exercise Price	$ 19.74
Options Exercisable, Aggregate Intrinsic Value	$ 0

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, 2022	Dec. 31, 2021	Dec. 31, 2020
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	335,800	234,979	285,935
Number of Shares, Granted	301,969	200,073	155,138
Number of Shares, Vested	(144,317)	(87,636)	(148,709)
Number of Shares, Forfeited	(18,474)	(11,616)	(57,385)
Number of Shares, Outstanding, Ending Balance	474,978	335,800	234,979
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance	$ 16.30	$ 16.68	$ 18.27
Wgtd. Ave. Grant Date Fair Value/Sh., Granted	11.88	15.63	14.55
Wgtd. Ave. Grant Date Fair Value/Sh., Vested	15.10	15.78	17.39
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited	14.94	16.38	17.00
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance	$ 13.82	$ 16.30	$ 16.68
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	$ 5,473	$ 3,919	$ 5,224
Grant Date Fair Value, Granted	3,587	3,127	2,257
Grant Date Fair Value, Vested	(2,179)	(1,383)	(2,586)
Grant Date Fair Value, Forfeited	(276)	(190)	(976)
Grant Date Fair Value, Outstanding, Ending Balance	$ 6,564	$ 5,473	$ 3,919
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	50,718	112,502	147,663
Number of Shares, Granted	0	14,669	34,275
Number of Shares, Vested	0	(73,930)	(37,370)
Number of Shares, Forfeited	(50,718)	(2,523)	(32,066)
Number of Shares, Outstanding, Ending Balance	0	50,718	112,502
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance	$ 17.63	$ 21.82	$ 21.25
Wgtd. Ave. Grant Date Fair Value/Sh., Granted	0	15.24	15.25
Wgtd. Ave. Grant Date Fair Value/Sh., Vested	0	17.17	17.38
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited	17.63	17.63	17.36
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance	$ 0	$ 17.63	$ 21.82
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	$ 1,366	$ 2,455	$ 3,138
Grant Date Fair Value, Granted	0	224	523
Grant Date Fair Value, Vested	0	(1,269)	(649)
Grant Date Fair Value, Forfeited	1,366	(44)	(557)
Grant Date Fair Value, Outstanding, Ending Balance	$ 0	$ 1,366	$ 2,455

Stock Option And Stock Award Plans (Summary of SARs) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number	498,687	521,601	376,440	0
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Weighted AverageExercise Price	$ 13.49	$ 13.55	$ 11.64	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted		164,464	387,252
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 Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modification	(22,914)	(10,043)	(71,402)
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, modification, Weighted Average Exercise Price	$ 14.83	$ 13.01	$ 11.60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period		(9,260)	(82,214)
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, forfeited and expired, Weighted Average Exercise Price		$ 13.87	$ 11.39
Minimum
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Exercise Price	10.75	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	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, non-option equity awards, Outstanding, Exercise Price	16.37	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	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

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Income tax expense (benefit)	$ 4,389	$ 9,284	$ (8,213)
Income tax expense (benefit) at effective income tax rate	13.40%	13.80%	32.80%
Foreign Tax Credit - Brazil	$ 3,900	$ 7,000	$ 4,800
Less: Valuation allowance	13,807	12,652
Deferred Tax Assets, State Taxes	2,800	2,500	4,900
Deferred Tax Assets, in Process Research and Development	4,800
State And Foreign Net Operating Loss Carryforwards
Income Taxes [Line Items]
Operating Loss Carryforwards	24,900	33,900
Less: Valuation allowance	10,300	9,400	5,500
Excess Capital Losses From Investments And Other Related Items
Income Taxes [Line Items]
Less: Valuation allowance	$ 700	$ 700	$ 7,100
Terphane Ltda [Member]
Income Taxes [Line Items]
Income tax rate	6.25%
Current effective tax rate	15.25%
Percentage of social contribution on income included in current effective tax rate	9.00%
Brazilian
Income Taxes [Line Items]
Federal statutory income tax rate	34.00%
Income tax rate	25.00%
Percentage of social contribution on income included in federal statutory income tax rate	9.00%
Maximum
Income Taxes [Line Items]
Net Operating Loss Carrforward Expiration Period	20 years

Income Taxes (Schedule Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (loss) from continuing operations before income taxes:
Domestic	$ 3,185	$ 22,885	$ (58,033)
Foreign	29,585	44,336	32,987
Income (loss) from continuing operations before income taxes	32,770	67,221	(25,046)
Current income tax expense (benefit):
Federal	2	1,232	4,777
State	772	764	136
Foreign	3,071	13,521	2,374
Current income taxes, Total	3,845	15,517	7,287
Deferred income tax expense (benefit):
Federal	24	(7,862)	(18,191)
State	(537)	125	(640)
Foreign	1,057	1,504	3,331
Deferred income taxes, Total	544	(6,233)	(15,500)
Total income tax expense (benefit)	$ 4,389	$ 9,284	$ (8,213)

Income Taxes (Summary of Effective Income Tax Rate For Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at federal statutory rate	$ 6,882	$ 14,116	$ (5,260)
Income tax expense (benefit) at federal statutory rate	21.00%	21.00%	21.00%
Foreign rate differences	$ 2,924	$ 8,269	$ 4,554
Foreign rate differences	8.90%	12.30%	(18.20%)
U.S. tax on foreign branch income	$ 1,390	$ (5,667)	$ 1,409
U.S. tax on foreign branch income	4.10%	(8.40%)	(5.60%)
Non-deductible other	$ 381	$ 1,053	$ 208
Non-deductible other	1.20%	1.60%	(0.80%)
Tax contingency accruals and tax settlements	$ 88	$ 202	$ (58)
Tax contingency accruals and tax settlements	0.30%	0.30%	0.20%
State taxes, net of federal income tax benefit	$ 48	$ 933	$ (373)
State taxes, net of federal income tax benefit	0.10%	1.40%	1.50%
Valuation allowance for capital loss carryforwards	$ 0	$ (5,415)	$ 52
Valuation allowance for capital loss carryforwards	0.00%	(8.10%)	(0.20%)
Foreign currency translation variation on intercompany loans	$ 0	$ 1,374	$ 0
Foreign currency translation variation on intercompany loans	0.00%	2.00%	0.00%
Dividend received deduction net of foreign withholding tax	$ 0	$ 109	$ 52
Dividend received deduction net of foreign withholding tax	0.00%	0.20%	(0.20%)
Changes in estimates related to prior year tax provision	$ (175)	$ (383)	$ (2,472)
Changes in estimates related to prior year tax provision	(0.50%)	(0.60%)	9.90%
Foreign derived intangible income deduction	$ 763	$ 0	$ 0
Foreign derived intangible income deduction	2.30%	0.00%	0.00%
Tax on Prodepe tax incentive	$ (1,024)	$ 2,858	$ (801)
Tax on Prodepe tax incentive	(3.10%)	4.30%	3.20%
Research and development tax credit	$ (1,489)	$ (928)	$ (633)
Research and development tax credit	4.50%	1.40%	(2.50%)
Brazilian tax incentive	$ (3,873)	$ (7,019)	$ (4,787)
Brazilian tax incentive	11.80%	10.40%	19.10%
Income tax expense (benefit) at effective income tax rate	13.40%	13.80%	32.80%
Income tax expense (benefit) at effective income tax rate	$ (4,389)	$ (9,284)	$ (8,213)

Income Taxes (Schedule Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax liabilities:
Amortization of goodwill and identifiable intangibles	$ 10,533	$ 10,215
deferred tax liabilities, depreciation	14,950	12,902
deferred tax liabilites, foreign tax credit on froeign branch income	719	4,796
deferred tax liabilites, right-of-use asset	3,147	2,767
Deferred Tax Liabilities, Other	722	520
Total deferred income tax liabilities	30,071	31,200
Deferred income tax assets:
Pensions	7,535	5,632
Employee benefits	7,558	7,791
Excess capital losses	1,099	1,097
Inventory	3,952	3,775
Asset write-offs, divestitures and environmental accruals	1,075	1,173
Tax benefit on U.S. federal, state and foreign NOL and credit carryforwards	24,914	33,922
Section 174 Capitalized R&D expenditures	4,874	0
Other	1,220	146
deferred tax asset, lease liabilities	3,328	2,977
Tax basis remaining for installment sale - kaléo	999	1,092
Foreign currency translation gain adjustment	1,224	1,970
Deferred income tax assets before valuation allowance	57,778	59,575
Less: Valuation allowance	13,807	12,652
Deferred Income Taxes and Other Assets, Noncurrent	43,971	46,923
Deferred income tax assets	13,900	15,723
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	0	0
Net deferred income tax (assets) liabilities	$ 13,900	$ 15,723

Income Taxes (Schedule Of Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 648	$ 628	$ 881
Increase (decrease) due to tax positions taken in, Current period	2	0	12
Increase (decrease) due to tax positions taken in, Prior period	44	40	0
Reductions due to lapse of statute of limitations	(66)	(20)	(265)
Balance at end of period	$ 628	$ 648	$ 628

Income Taxes (Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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)	$ 628	$ 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)	143	48	(110)
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	771	696	518
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	149	133	102
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $16, $26 and $2 reflected in income tax expense in the income statement in 2022, 2021 and 2020, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	16	26	2
Related deferred income tax assets recognized on interest and penalties	(34)	(31)	(24)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	115	102	78
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$ 886	$ 798	$ 596

Business Segments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Exports From The United States \| Asia
Segment Reporting Information [Line Items]
Revenues	$ 20.1	$ 32.7	$ 35.1

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Business Segments (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Net Sales	$ 903,582	$ 798,223	$ 729,604
Sales	938,564	826,455	755,290
Goodwill, Impairment Loss	0	0	(13,696)
Total	79,016	102,108	85,769
Interest income	57	73	44
Interest expense	4,990	3,386	2,587
Gain (loss) on investment accounted for under the fair value method	(14,602)	(14,160)	(14,720)
Loss on sale of business			50,027
Stock option-based compensation expense	1,424	2,495	2,161
Corporate expenses, net	41,295	41,859	42,912
Income (loss) from continuing operations before income taxes	32,770	67,221	(25,046)
Income tax expense (benefit)	4,389	9,284	(8,213)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent	28,381	57,937	(16,833)
Income (loss) from discontinued operations, net of tax	74	(111)	(58,611)
Net income (loss)	28,455	57,826	(75,444)
kaleo
Revenue from External Customer [Line Items]
Gain (loss) on investment accounted for under the fair value method	1,406	12,780	(60,900)
Bright View Technologies
Revenue from External Customer [Line Items]
Loss on sale of business	0	0	2,299
PE Films
Revenue from External Customer [Line Items]
Net Sales	97,571	118,920	139,288
Earnings before interest, taxes, depreciation and amortization (EBITDA)	11,949	27,694	45,107
Cost, Depreciation and Amortization	6,280	6,263	6,762
Earnings before interest and taxes (EBIT)	5,669	21,431	38,345
Plant shutdowns, asset impairments, restructurings and other	(646)	(371)	(1,974)
Goodwill, Impairment Loss		0
Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales	637,872	539,325	455,711
Earnings before interest, taxes, depreciation and amortization (EBITDA)	66,800	55,948	55,137
Cost, Depreciation and Amortization	17,414	16,272	17,403
Earnings before interest and taxes (EBIT)	49,386	39,676	37,734
Plant shutdowns, asset impairments, restructurings and other	(310)	3,237	(3,506)
Goodwill, Impairment Loss	0	0	(13,696)
PET Films
Revenue from External Customer [Line Items]
Earnings before interest, taxes, depreciation and amortization (EBITDA)	27,452	31,684	30,645
Cost, Depreciation and Amortization	2,444	1,988	1,761
Earnings before interest and taxes (EBIT)	25,008	29,696	28,884
Flexible Packaging Films
Revenue from External Customer [Line Items]
Net Sales	168,139	139,978	134,605
Plant shutdowns, asset impairments, restructurings and other	(91)	8,439	(18)
Freight
Revenue from External Customer [Line Items]
Cost of Goods and Services Sold	$ 34,982	$ 28,232	$ 25,686

Business Segments (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from External Customer [Line Items]
Total assets	$ 542,093	$ 523,584
Cash and cash equivalents	19,232	30,521	$ 11,846	$ 31,422
Discontinued operations	0	178
PE Films
Revenue from External Customer [Line Items]
Total assets	102,431	113,613
General corporate
Revenue from External Customer [Line Items]
Total assets	23,674	23,482
Subtotal
Revenue from External Customer [Line Items]
Total assets	499,187	469,403
Aluminum Extrusions
Revenue from External Customer [Line Items]
Total assets	293,308	280,521
Flexible Packaging Films
Revenue from External Customer [Line Items]
Total assets	$ 103,448	$ 75,269

- Definition

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.

+ References

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

Business Segments (Schedule Of Depreciation And Amortization, Capital Expenditures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Depreciation and Amortization	$ 26,402	$ 23,784	$ 31,957
Capital Expenditures	36,875	27,361	23,355
Depreciation and Amortization, Discontinued Operations	0	0	5,511
Capital Expenditure, Discontinued Operations	0	0	1,912
PE Films
Segment Reporting Information [Line Items]
Depreciation and Amortization	6,280	6,263	6,762
Capital Expenditures	3,289	2,997	6,024
Aluminum Extrusions
Segment Reporting Information [Line Items]
Depreciation and Amortization	17,414	15,326	17,403
Capital Expenditures	23,664	18,914	10,260
Subtotal
Segment Reporting Information [Line Items]
Depreciation and Amortization	26,138	23,577	25,926
Capital Expenditures	35,104	27,514	21,243
General corporate
Segment Reporting Information [Line Items]
Depreciation and Amortization	264	207	520
Capital Expenditures	1,771	(153)	200
Flexible Packaging Films
Segment Reporting Information [Line Items]
Depreciation and Amortization	2,444	1,988	1,761
Capital Expenditures	$ 8,151	$ 5,603	$ 4,959

Business Segments (Schedule Of Net Sales By Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	$ 903,582	$ 798,223	$ 729,604
United States
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	717,049	614,987	530,243
Exports From The United States \| Asia
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	41,995	59,242	80,217
Exports From The United States \| Canada
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	15,264	17,776	18,024
Exports From The United States \| Europe
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	3,885	4,489	5,440
Exports From The United States \| Latin America
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	6,867	4,937	2,169
Operations Outside The United States \| Asia
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	626
Operations Outside The United States \| Brazil
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	$ 117,896	$ 96,792	$ 93,511

Business Segments (Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	$ 542,093	$ 523,584
Property, Plant & Equipment, Net by Geographic Area, Total	186,411	170,381
Cash, Cash Equivalents, and Federal Funds Sold	19,232	30,521
Property, Plant & Equipment, Net of Discontinued operations by Geographic Area, Total	186,411	170,381
Discontinued operations	0	178
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	0	0
United States
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	413,512	398,749
Property, Plant & Equipment, Net by Geographic Area, Total	146,437	135,310
General corporate
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	23,674	23,482
Property, Plant & Equipment, Net by Geographic Area, Total	2,686	1,567
Operations Outside The United States \| Brazil
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	72,725	54,299
Property, Plant & Equipment, Net by Geographic Area, Total	25,385	18,615
Operations Outside The United States \| China
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	12,950	16,355
Property, Plant & Equipment, Net by Geographic Area, Total	$ 11,903	$ 14,889

Business Segments (Schedule Of Net Sales By Product Group) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Net Sales by Product Group	$ 903,582	$ 798,223	$ 729,604
Cash and cash equivalents	19,232	30,521
Foreign Country
Revenue from External Customer [Line Items]
Cash and cash equivalents	10,300	16,400
PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	97,571	118,920	139,288
Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	637,872	539,325	455,711
Flexible Packaging Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	168,139	139,978	134,605
Personal Care Materials \| PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	29,431	30,484	22,700
Surface protection films \| PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	68,140	88,436	109,097
LED lighting products & other films \| PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	0	0	7,491
Subtotal \| PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	97,571	118,920	139,288
Nonresidential building & construction \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	338,981	269,252	253,126
Consumer durables \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	62,541	53,578	44,167
Residential building & construction \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	64,268	52,236	40,049
Machinery and Equipment \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	63,326	42,721	30,649
Automotive \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	51,286	43,256	35,895
Distribution \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	29,732	45,639	28,339
Electrical \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	27,738	32,643	23,486
Subtotal \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	$ 637,872	$ 539,325	$ 455,711

Savings Plan (Details) - USD ($)	12 Months Ended
Savings Plan (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 1998	Dec. 31, 1997
Savings Plan [Line Items]
Charges recognized	$ 3,900,000	$ 3,300,000	$ 4,000,000
Number of common stock purchased				7,200	46,671
Amount of common stock purchased				$ 200,000	$ 1,000,000
Nonqualified Plan [Member]
Savings Plan [Line Items]
Liability under the restoration plan	$ 700,000	$ 700,000
Liability under the restoration plan, shares	70,266	56,570
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%

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Group, Including Discontinued Operation, Consideration				$ 60,500
Disposal Group Including Discontinued Operation Cash Proceeds		$ 64,100
Sales				110,246
Other income (expense), net				(333)
Revenues and other items				109,913
Cost of goods sold				92,079
Freight				5,229
Selling, general and administrative				16,824
Research and development				8,863
Asset impairments and costs associated with exit and disposal activities, net of adjustments				1,529
Loss on sale of business				50,027
Total				174,551
Income (loss) from discontinued operations before income taxes				(64,638)
Income tax expense (benefit)				(6,027)
Income (loss) from discontinued operations, net of tax		74	$ (111)	(58,611)
Depreciation and Amortization, Discontinued Operations		0	0	5,511
Total				55,538
Net proceeds on sale of Personal Care Films				55,115
Capital expenditures		$ 0	$ 0	(1,912)
Total				53,203
Assets Held-for-sale, Not Part of Disposal Group				$ 4,600
Proceeds from Sale of Productive Assets	$ 4,700

Investments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2008
Schedule of Investments, Other Investments [Line Items]
Proceeds from the sale of kaléo	$ 1,406	$ 47,062	$ 0
kaleo
Schedule of Investments, Other Investments [Line Items]
Cost Method Investments, Original Cost				$ 7,500
Proceeds from the sale of kaléo	$ 1,400	$ 47,100

Supply Chain Financing - (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Third-Party Financial Institutions
Impaired Long-Lived Assets Held and Used [Line Items]
Accounts payable	$ 25.9	$ 30.7