0000850429-24-000004 | 10-K | XBRL Viewer

Stock Option And Stock Award Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

summary of stock options outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below:


		Option Exercise Price/Share
	Number of Options	Range					Weighted Average
Outstanding at January 1, 2021	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

Forfeited and expired	(89,408)	13.78		to	19.64		19.60

Outstanding at December 31, 2023	3,019,333	$	10.75	to	$	22.49	$	13.64

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, 2023:


					Options Outstanding at December 31, 2023						Options Exercisable at December 31, 2023
						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	1.9 years	$	13.47	$	—	2,939,509	$	13.47	$	—
17.29		to	25.94		79,824	0.2 years	19.90		—		79,824	19.90		—
Total					3,019,333	1.9 years	$	13.64	$	—	3,019,333	$	13.64	$	—

Summary Of Additional Information On Non-Vested Restricted Stock Outstanding

The following table summarizes additional information about unvested restricted stock outstanding at December 31, 2023, 2022 and 2021:


	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, 2021	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		—	—		—
Granted	454,623	7.67		3,487		—	—		—
Vested	(167,077)	11.29		(1,886)		—	—		—
Forfeited	(26,445)	11.60		(307)		—	—		—
Outstanding at December 31, 2023	736,079	$	10.68	$	7,861	—	$	—	$	—

Share-based Payment Arrangement, Stock Appreciation Right, Activity

A summary of SARs outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below:


		Exercise Price/Share
	Number of SARs	Range					Weighted Average
Outstanding at January 1, 2021	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

Forfeited and expired	(53,969)	10.75		to	16.37		12.78

Outstanding at December 31, 2023	444,718	$	10.75	to	$	16.37	$	13.57

Business Segments (Schedule Of Identifiable Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from External Customer [Line Items]
Total assets	$ 446,461	$ 542,093
Cash and cash equivalents	13,455	19,232	$ 30,521	$ 11,846
Operating Segments
Revenue from External Customer [Line Items]
Total assets	446,461	542,093
Cash and cash equivalents	13,455	19,232
PE Films \| Operating Segments
Revenue from External Customer [Line Items]
Total assets	56,536	102,431
General corporate
Revenue from External Customer [Line Items]
Total assets	36,652	23,674
General corporate \| Operating Segments
Revenue from External Customer [Line Items]
Total assets	36,652	23,674
Subtotal \| Operating Segments
Revenue from External Customer [Line Items]
Total assets	396,354	499,187
Aluminum Extrusions \| Operating Segments
Revenue from External Customer [Line Items]
Total assets	255,756	293,308
Flexible Packaging Films \| Operating Segments
Revenue from External Customer [Line Items]
Total assets	$ 84,062	$ 103,448

- 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

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+ Details

Stock Option And Stock Award Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Total stock options available for grant	342,709
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	3,019,333	2,719,919
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value			$ 0.2
The grant-date fair value of stock option-based awards vested	$ 2.2	$ 5.4	3.5
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested		$ 0.5	$ 0.1
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	$ 3.6
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	1 year 10 months 24 days

Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares authorized (shares)	150,000,000	150,000,000
Common stock, shares, issued (shares)	34,408,638	34,000,642
Common stock, shares, outstanding (shares)	34,408,638	34,000,642
Common stock held in trust for savings restoration plan (shares)	118,543	113,316

Inventories

12 Months Ended

Dec. 31, 2023

Inventory, Net [Abstract]

Inventories

3. INVENTORIES

Inventories consist of the following:


(In thousands)	2023		2022
Finished goods	$	29,821	$	34,686
Work-in-process	7,830		15,604
Raw materials	21,939		58,262
Stores, supplies and other	22,447		19,219
Total	$	82,037	$	127,771

Inventories stated on the LIFO basis amounted to $7.2 million at December 31, 2023 and $25.3 million at December 31, 2022, which were below replacement costs by $13.2 million at December 31, 2023 and $15.6 million at December 31, 2022. Inventories stated on the weighted average cost basis were $45.3 million and $62.9 million at December 31, 2023 and 2022, respectively, while inventories stated on the FIFO method amounted to $29.6 million and $39.5 million at December 31, 2023 and 2022, respective

Business Segments (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Net Sales			$ 677,892	$ 903,582	$ 798,223
Sales			704,825	938,564	826,455
Total			(17,271)	79,016	102,108
Interest income			522	57	73
Interest expense			11,607	4,990	3,386
Stock option-based compensation expense			231	1,424	2,495
Pension settlement loss	$ 66,700	$ 25,600	92,291	0	0
Corporate expenses, net			39,414	41,221	41,970
Income (loss) before income taxes			(160,030)	32,844	67,110
Income tax expense (benefit)			(54,125)	4,389	9,284
Net income (loss)			(105,905)	28,455	57,826
kaleo
Revenue from External Customer [Line Items]
Gain (loss) on investment accounted for under the fair value method			262	1,406	12,780
PE Films
Revenue from External Customer [Line Items]
Net Sales			76,763	97,571	118,920
Earnings before interest, taxes, depreciation and amortization (EBITDA)			11,217	11,949	27,694
Cost, Depreciation and Amortization			6,522	6,280	6,263
Earnings before interest and taxes (EBIT)			4,695	5,669	21,431
Plant shutdowns, asset impairments, restructurings and other			(4,972)	(646)	(371)
Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales			474,803	637,872	539,325
Earnings before interest, taxes, depreciation and amortization (EBITDA)			37,976	66,800	55,948
Cost, Depreciation and Amortization			17,927	17,414	16,272
Earnings before interest and taxes (EBIT)			20,049	49,386	39,676
Plant shutdowns, asset impairments, restructurings and other			(3,557)	(310)	3,237
Flexible Packaging Films
Revenue from External Customer [Line Items]
Net Sales			126,326	168,139	139,978
Plant shutdowns, asset impairments, restructurings and other			(113)	(91)	8,439
PET Films
Revenue from External Customer [Line Items]
Earnings before interest, taxes, depreciation and amortization (EBITDA)			4,383	27,452	31,684
Cost, Depreciation and Amortization			2,865	2,444	1,988
Earnings before interest and taxes (EBIT)			1,518	25,008	29,696
Freight
Revenue from External Customer [Line Items]
Cost of Goods and Services Sold			$ 26,933	$ 34,982	$ 28,232

Savings Plan (Details) - USD ($)	12 Months Ended
Savings Plan (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 1998	Dec. 31, 1997
Savings Plan [Line Items]
Charges recognized	$ 4,000,000	$ 3,900,000	$ 3,300,000
Liability under the restoration plan	$ 400,000	$ 700,000
Liability under the restoration plan, shares	79,124	70,266
Number of common stock purchased				7,200	46,671
Amount of common stock purchased				$ 200,000	$ 1,000,000
Savings Plan
Savings Plan [Line Items]
Employee contribution to savings plan	$ 1
Defined Contribution Plan Employer Employee Contribution	$ 1
Maximum matching contribution	5.00%
Percentage of enrollment of base pay	3.00%

Income Taxes (Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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)	$ 659	$ 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)	98	143	48
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	757	771	696
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	169	149	133
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $20, $16 and $26 reflected in income tax expense in the income statement in 2023, 2022 and 2021, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	20	16	26
Related deferred income tax assets recognized on interest and penalties	(39)	(34)	(31)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	130	115	102
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$ 887	$ 886	$ 798

Leases, Codification Topic 842 (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The following table presents a maturity analysis of the Company’s operating leases as of December 31, 2023:


(In thousands)
	Future Lease Payments
2024		$	2,635
2025		2,458
2026		2,078
2027		1,786
2028		1,557
Thereafter		4,600
Total undiscounted operating lease payments		15,114
Less: Imputed interest		2,065
Present value of operating lease liabilities		$	13,049

Lease, Cost

The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2023 and 2022. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases.


(In thousands)	2023			2022
Operating lease expense	$	2,882		$	2,718




Other Information:
Weighted-average remaining lease term for operating leases	7 years			8 years
Weighted-average discount rate for operating leases	4.46		%	4.27		%

Supply Chain Financing - (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Supplier Finance Program, Obligation	$ 79,630
Supplier Finance Program, Obligation, Settlement	(90,365)
Supplier Finance Program, Obligation, Period Increase (Decrease)	588
Third-Party Financial Institutions
Impaired Long-Lived Assets Held and Used [Line Items]
Accounts payable	$ 15,780	$ 25,927

Retirement Plans And Other Postretirement Benefits (Reconciliation Of Changes In Benefit Obligations And Plan Assets) (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 31, 2023	Feb. 09, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year			$ 248,114	$ 316,169
Service cost			0	0	$ 0
Interest cost			9,623	8,945	8,398
Effect of actuarial (gains) losses related to the following:
Discount rate change			(10,751)	(61,519)
Other			(6,459)	1,513
Plan participant contributions			0	0
Benefits paid			16,957	16,994
Settlement payments and annuity purchase			(221,970)	0
Benefit obligation, end of year			1,600	248,114	316,169
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at fair value, beginning of year			218,119	244,612
Actual return on plan assets			(7,053)	(59,683)
Employer contributions	$ 27,700	$ 50,000	27,861	50,184
Plan participant contributions			0	0
Benefits paid			16,957	16,994
Settlement payments and annuity purchase			(221,970)	0
Plan assets at fair value, end of year			0	218,119	244,612
Funded status of the plans			(1,600)	(29,995)
Amounts recognized in the consolidated balance sheets:
Net amount recognized			1,600	29,995
Other Post-Retirement Benefits
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation, beginning of year			5,726	7,370
Service cost			10	18	21
Interest cost			288	207	195
Effect of actuarial (gains) losses related to the following:
Discount rate change			99	(1,483)
Other			12	90
Plan participant contributions			490	554
Benefits paid			913	1,030
Settlement payments and annuity purchase			0	0
Benefit obligation, end of year			5,712	5,726	7,370
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			423	476
Plan participant contributions			490	554
Benefits paid			913	1,030
Settlement payments and annuity purchase			0	0
Plan assets at fair value, end of year			0	0	$ 0
Funded status of the plans			(5,712)	(5,726)
Amounts recognized in the consolidated balance sheets:
Net amount recognized			5,712	5,726
Accrued Expenses \| Pension Benefits
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)			180	180
Accrued Expenses \| Other Post-Retirement Benefits
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)			489	489
Other Noncurrent Liabilities [Member] \| Pension Benefits
Amounts recognized in the consolidated balance sheets:
Pension and other postretirement benefit obligations, net			1,420	29,815
Other Noncurrent Liabilities [Member] \| Other Post-Retirement Benefits
Amounts recognized in the consolidated balance sheets:
Pension and other postretirement benefit obligations, net			$ 5,223	$ 5,237

Summary Of Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 13,455	$ 19,232	$ 30,521	$ 11,846
Cash and cash equivalents	9,660	19,232
Cash and cash equivalents	$ 3,795	$ 0

Goodwill And Other Intangible Assets (Narrative) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	$ 1,900

Business Segments (Schedule Of Identifiable Assets By Geographic Area, Property, Plant & Equipment, Net By Geographic Area) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	$ 446,461	$ 542,093
Property, Plant & Equipment, Net by Geographic Area, Total	183,455	186,411
Cash, Cash Equivalents, and Federal Funds Sold	13,455	19,232
Property, Plant & Equipment, Net of Discontinued operations by Geographic Area, Total	183,455	186,411
United States
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	320,604	413,512
Property, Plant & Equipment, Net by Geographic Area, Total	143,729	146,437
General corporate
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	36,652	23,674
Property, Plant & Equipment, Net by Geographic Area, Total	2,244	2,686
Operations Outside The United States \| Brazil
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	65,495	72,725
Property, Plant & Equipment, Net by Geographic Area, Total	28,121	25,385
Operations Outside The United States \| China
Segment Reporting Information [Line Items]
Identifiable Assets by Geographic Area, Total	10,255	12,950
Property, Plant & Equipment, Net by Geographic Area, Total	$ 9,361	$ 11,903

Debt And Credit Agreements (Schedule Of Borrowings Under Credit Agreement At Various Indebtedness To Adjusted EBITDA Levels) (Details)	12 Months Ended
	Dec. 31, 2023 Rate
over 66% of $125 million aggregate commitment
Line of Credit Facility [Line Items]
Credit Spread Over Secured Overnight Financing Rate Basis Points	22500.00%
Credit Spread over Alternate Base Rate Basis Points	12500.00%
Line of Credit Facility, Commitment Fee Amount	40
less than 66% but over 33% of $125 million aggregate commitment
Line of Credit Facility [Line Items]
Credit Spread Over Secured Overnight Financing Rate Basis Points	25000.00%
Credit Spread over Alternate Base Rate Basis Points	15000.00%
Line of Credit Facility, Commitment Fee Amount	40
less then 33% of $125 million aggregate commitment
Line of Credit Facility [Line Items]
Credit Spread Over Secured Overnight Financing Rate Basis Points	27500.00%
Credit Spread over Alternate Base Rate Basis Points	17500.00%
Line of Credit Facility, Commitment Fee Amount	40

Stock Option And Stock Award Plans (Summary Of Stock Options Outstanding) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Number of Options, Outstanding, Beginning Balance	3,108,741	3,125,944	2,827,438
Number of Options, Granted			388,822
Number of Options, Forfeited and Expired	(89,408)	(17,203)	(22,611)
Number of Options, Exercised			(67,705)
Number of Options, Outstanding, Ending Balance	3,019,333	3,108,741	3,125,944
Weighted Average
Weighted Average Option Exercise Price/Share, Outstanding, Beginning Balance	$ 13.81	$ 13.82	$ 13.55
Weighted Average Option Exercise Price/Share, Granted			16.37
Weighted Average Option Exercise Price/Share, Forfeited and Expired	19.60	15.33	18.14
Weighted Average Option Exercise Price/Share, Exercised			13.51
Weighted Average Option Exercise Price/Share, Outstanding, Ending Balance	13.64	13.81	13.82
Minimum
Option Exercise Price/Share Range
Exercise Price, Outstanding, Beginning Balance	10.75	10.75	10.75
Exercise Price, Granted			16.37
Exercise Price, Forfeited and Expired	13.78	14.47	14.47
Exercise Price, Exercised			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	22.49
Exercise Price, Granted			16.37
Exercise Price, Forfeited and Expired	19.64	19.64	19.64
Exercise Price, Exercised			17.29
Exercise Price, Outstanding, Ending Balance	$ 22.49	$ 22.49	$ 22.49

Other Income and Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

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


(In thousands)	2023		2022		2021
Gain on investment in kaléo(a)	$	262	$	1,406	$	12,780
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)	(9)		(350)		(624)
Group annuity contract premium expense(c)	(2,000)		—		—
Other	(400)		(47)		(377)
Total	$	(2,147)	$	1,009	$	20,265
(a) In January 2023 and May 2022, additional cash consideration of $0.3 million and $1.4 million, respectively 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. (b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (c) See Note 8 for more information.

Retirement Plans And Other Postretirement Benefits (Schedule Of Expected Benefit Payments For Continuing Operations) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	$ 180
2025	172
2026	165
2027	157
2028	148
2028—2032	620
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	481
2025	470
2026	456
2027	445
2028	433
2028—2032	$ 1,998

Retirement Plans And Other Postretirement Benefits (Narrative) (Details) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Oct. 31, 2023	Feb. 09, 2022	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss			$ 66,700	$ 25,600	$ 92,291	$ 0	$ 0
Pension lump sum distribution				64,500
Pension Settlement Borrowings				$ 30,000
Group annuity contract premium liability			$ 2,000		2,000	0
Charges recognized					$ 4,000	$ 3,900	$ 3,300
Percentage of change in health care cost trend rate assumptions would be immaterial			1.00%		1.00%
Expected long-term return on plan assets						15.10%	10.40%
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	$ 27,700	$ 50,000			$ 27,861	$ 50,184
Pension settlement loss					92,291	0	$ 0
Defined Benefit Plan, Group Annuity Contract To Transfer Projected Benefit Obligations, Purchase Amount	$ 157,500
Projected benefit obligation to unfunded plan			$ 1,600		1,600	$ 248,114	$ 316,169
Settlement Funding Gap		$ 24,000
Expected long-term return on plan assets						3.05%	5.00%
Unfunded Non-Qualified Supplemental Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation to unfunded plan			1,600		1,600	$ 1,700
Charges recognized					100	100	$ 100
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Employer contributions					423	476
Pension settlement loss					0	0	0
Projected benefit obligation to unfunded plan			5,712		5,712	$ 5,726	$ 7,370
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year			$ 100		$ 100

Accrued Expenses (Schedule Of Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Incentive compensation	$ 612	$ 6,103
Payrolls, related taxes and medical and other benefits	6,261	5,916
Vacation	2,602	3,502
Derivative Assets (Liabilities), at Fair Value, Net	483	3,260
Accrued Freight	440	2,298
Accrued Utilities, Current	1,321	2,099
Interest Receivable, Current	1,236	407
Workers’ compensation and disabilities	2,178	2,051
Group annuity contract premium liability	2,000	0
Accrued Environmental Liabilities, Current	1,563	1,627
Accrued Customer Rebates	1,891	1,154
Other	3,855	3,186
Accrued expenses	$ 24,442	$ 31,603

Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

4. LEASES

Tredegar has various operating lease agreements with remaining terms up to 9 years, including leases of real estate, office equipment and vehicles. As of December 31, 2023 and 2022, 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, 2023:


(In thousands)
	Future Lease Payments
2024		$	2,635
2025		2,458
2026		2,078
2027		1,786
2028		1,557
Thereafter		4,600
Total undiscounted operating lease payments		15,114
Less: Imputed interest		2,065
Present value of operating lease liabilities		$	13,049


(In thousands)	2023			2022
Operating lease expense	$	2,882		$	2,718




Other Information:
Weighted-average remaining lease term for operating leases	7 years			8 years
Weighted-average discount rate for operating leases	4.46		%	4.27		%

Summary of Significant Accounting Policies (Schedule of Accumulated Other Comprehensive Income (loss)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	$ 13,372	$ (6,981)	$ 20,035
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(52,526)	(8,890)	(8,865)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	3,042	(287)	(1,643)
Other comprehensive income (loss)	65,898	1,909	28,900
Equity	155,653	201,762	184,722	$ 109,055
Other Comprehensive Income (Loss), before Reclassifications, before Tax	3,511	3	(2,008)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, beforeTax	11,794	(1,256)	3,800
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax	1,935	(6,464)	23,932
Other Comprehensive Income (Loss), before Reclassifications, before Tax	17,240	(7,717)	25,724
OCI, Foreign Currency Transaction and Translation Gain (Loss), Arising During Period, Tax	(469)	(290)	365
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, Tax	(2,977)	(374)	(842)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax	(422)	1,400	(5,212)
Other Comprehensive Income (Loss) before Reclassifications, Tax	(3,868)	736	(5,689)
Unrealized foreign currency translation adjustment (net of tax expense of $469 in 2023, net of tax expense of $290 in 2022 and net of tax benefit of $365 in 2021)	3,042	(287)	(1,643)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Before reclassification, afterTax	8,817	(1,630)	2,958
Net gains (losses) and prior service costs (net of tax expense of $422 in 2023, net of tax benefit of $1,400 in 2022 and net of tax expense of $5,212 in 2021)	1,513	(5,064)	18,720
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	(7,580)	(2,461)	(5,513)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax	101,323	13,606	16,862
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax	93,743	11,145	11,349
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI Including Earnings Of Actuarial Loss For Pension Settlement, Tax	(43,261)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Income Tax (Expense) Benefit, Tax	2,044
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		710	1,192
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	(1,968)	(2,965)	(3,676)
Other Comprehensive Income (Loss) Reclassifications, Tax	(41,217)	(2,255)	(2,484)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Including Earnings Of Actuarial Loss For Pension Settlement, after Tax	58,062
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax	0	0	0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(5,536)	(1,751)	(4,321)
Amortization of prior service costs and net gains or losses (net of tax expense of $1,968 in 2023, net of tax expense of $2,965 in 2022 and net of tax expense of $3,676 in 2021)	7,065	10,641	13,186
Other Comprehensive Income (Loss), Derivatives, Net of Tax	3,281
Derivative financial instruments adjustment (net of tax expense of $933 in 2023, net of tax benefit of $336 in 2022 and net of tax benefit of $351 in 2021)		(3,381)	(1,363)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	59,575	5,577	31,906
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Equity	(83,037)	(86,079)	(85,792)	(84,149)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Equity	801	(2,480)	901	2,264
Pension And Other Postretirement Benefit Adjust
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Equity	539	(59,036)	(64,613)	(96,519)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(147,595)	(149,504)	(178,404)
Equity	(81,697)	(147,595)	(149,504)	$ (178,404)
Net gains (losses) and prior service costs (net of tax expense of $422 in 2023, net of tax benefit of $1,400 in 2022 and net of tax expense of $5,212 in 2021)		(5,064)	18,720
Amortization of prior service costs and net gains or losses (net of tax expense of $1,968 in 2023, net of tax expense of $2,965 in 2022 and net of tax expense of $3,676 in 2021)	7,065	10,641	13,186
Ending balance	$ (81,697)	$ (147,595)	$ (149,504)

Stock Option And Stock Award Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock Option And Stock Award Plans

11. STOCK OPTION AND STOCK AWARD PLANS

As of December 31, 2023, 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 342,709 shares at December 31, 2023. Stock options may be granted to purchase a specified number of shares of common stock at a price no lower than the fair market value on the date of grant and for a term not to exceed 10 years. Stock options granted by the Company in 2021 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 3,019,333 and 2,719,919 shares at December 31, 2023 and 2022, respectively.

A summary of stock options outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below:


		Option Exercise Price/Share
	Number of Options	Range					Weighted Average
Outstanding at January 1, 2021	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

Forfeited and expired	(89,408)	13.78		to	19.64		19.60

Outstanding at December 31, 2023	3,019,333	$	10.75	to	$	22.49	$	13.64

No options were granted in 2023 nor 2022. The assumptions used in the Black-Scholes options-pricing model for valuing Tredegar stock options originally granted in 2021, and the related estimated fair values at the date of grant, were as follows:


	2021
Dividend yield	2.6		%
Weighted average volatility percentage	48.3		%
Weighted average risk-free interest rate	0.9		%
Holding period (years)	5
Weighted average exercise price at date of grant (also weighted average market price at date of grant)	$	16.37
Estimated weighted average fair value of options per share at date of grant	$	5.57
Total estimated fair value of stock options granted (in thousands)	$	2,165

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, 2023:


					Options Outstanding at December 31, 2023						Options Exercisable at December 31, 2023
						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	1.9 years	$	13.47	$	—	2,939,509	$	13.47	$	—
17.29		to	25.94		79,824	0.2 years	19.90		—		79,824	19.90		—
Total					3,019,333	1.9 years	$	13.64	$	—	3,019,333	$	13.64	$	—

The total intrinsic value of stock options exercised was $0.2 million in 2021. There were no stock options exercised in 2023 and 2022. The grant-date fair value of stock option-based awards vested in 2023, 2022 and 2021 was $2.2 million, $5.4 million, and $3.5 million, respectively. As of December 31, 2023, there was no unrecognized compensation cost related to stock option-based awards.

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, 2023, 2022 and 2021:


	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, 2021	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		—	—		—
Granted	454,623	7.67		3,487		—	—		—
Vested	(167,077)	11.29		(1,886)		—	—		—
Forfeited	(26,445)	11.60		(307)		—	—		—
Outstanding at December 31, 2023	736,079	$	10.68	$	7,861	—	$	—	$	—

As of December 31, 2023, the unrecognized compensation cost related to non-vested restricted stock awards was $3.6 million. This cost is expected to be recognized over the remaining weighted average period of 1.9 years.

SARs granted by the Company in 2021 vest after 2 years and have a 7-year life. There were no SARs granted in 2023 or 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 are recognized over the vesting period, or immediately, for vested awards.

A summary of SARs outstanding at December 31, 2023, 2022 and 2021, and changes during those years, is presented below:


		Exercise Price/Share
	Number of SARs	Range					Weighted Average
Outstanding at January 1, 2021	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

Forfeited and expired	(53,969)	10.75		to	16.37		12.78

Outstanding at December 31, 2023	444,718	$	10.75	to	$	16.37	$	13.57

The grant-date fair value of SARs awards vested in 2022 and 2021 was $0.5 million and $0.1 million, respectively. The grant-date fair value of SARs awards vested in 2023 was immaterial. As of December 31, 2023, there was no unrecognized compensation cost related to SARs

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	$ 469	$ 290	$ (365)
Derivative financial instruments adjustment, tax (benefit)	933	(336)	(351)
Tax on Actuarial Loss for Pension Settlement	41,294
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax	422	(1,400)	5,212
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax	$ 1,968	$ 2,965	$ 3,676

Goodwill And Other Intangible Assets (Schedule Of Goodwill And Other Intangibles) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Other Intangible Assets [Line Items]
Goodwill	$ 35,717	$ 70,608	$ 70,608
Goodwill impairment	(34,891)	0	0
Aluminum Extrusions
Goodwill And Other Intangible Assets [Line Items]
Goodwill	13,270	13,270	13,270
Goodwill impairment	0
PE Films
Goodwill And Other Intangible Assets [Line Items]
Goodwill	22,447	$ 57,338	$ 57,338
Goodwill impairment	$ (34,891)

- 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

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Schedule Of Accrued Expenses

Accrued expenses consist of the following:


(In thousands)	2023		2022
Payrolls, related taxes and medical and other benefits	6,261		5,916
Vacation	2,602		3,502
Workers’ compensation and disabilities	2,178		2,051
Group annuity contract premium liability	2,000		—
Customer rebates	1,891		1,154
Environmental liabilities	1,563		1,627
Accrued utilities	1,321		2,099
Accrued interest	1,236		407
Incentive compensation	612		6,103
Derivative contract liability	483		3,260
Accrued freight	440		2,298
Other	3,855		3,186
Total	$	24,442	$	31,603

Stock Option And Stock Award Plans (Summary of Assumptions) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Dividend yield	2.60%
Weighted average volatility percentage	48.30%
Weighted average risk-free interest rate	0.90%
Weighted average exercise price at date of grant (also weighted average market price at date of grant):	$ 16.37
Estimated weighted average fair value of options per share at date of grant	$ 5.57
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period, Fair Value \| $	$ 2,165
Officers
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Holding period (years):	5 years
Weighted average exercise price at date of grant (also weighted average market price at date of grant):	$ 16.37

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (105,905)	$ 28,455	$ 57,826
Adjustments for noncash items:
Depreciation	25,786	23,882	22,080
Amortization of identifiable intangibles	1,897	2,520	1,704
Goodwill impairment	34,891	0	0
Reduction of right-of-use lease asset	2,220	2,098	2,086
Deferred income taxes	(56,098)	544	(4,944)
Accrued pension and postretirement benefits	10,844	14,602	14,160
Pension settlement loss	92,291	0	0
Stock-based compensation expense	1,978	3,619	5,167
Gain (Loss) on Investments	(262)	(1,406)	(12,462)
Impairment of Richmond, Virginia Technical Center assets	3,454	0	0
Changes in assets and liabilities:
Accounts and other receivables	17,400	18,569	(16,993)
Inventories	47,607	(37,771)	(23,132)
Income taxes recoverable/payable	(406)	(6,423)	8,956
Prepaid expenses and other	1,204	(2,526)	3,612
Accounts payable and accrued expenses	(25,165)	(14,916)	19,835
Lease liability	(2,299)	(2,301)	(1,935)
Pension and postretirement benefit plan contributions	(28,269)	(50,660)	(5,687)
Other, net	2,827	870	310
Net cash provided by (used in) operating activities	23,995	(20,844)	70,583
Cash flows from investing activities:
Capital expenditures	(26,446)	(36,875)	(27,361)
Proceeds from the sale of kaléo	262	1,406	47,062
Proceeds from the sale of assets and other	0	10	4,749
Net cash provided by (used in) investing activities	(26,184)	(35,459)	24,450
Cash flows from financing activities:
Borrowings	116,134	313,500	75,500
Repayments of Long-Term Lines of Credit	(107,713)	(249,500)	(136,500)
Dividends paid	(8,884)	(16,974)	(16,167)
Debt financing costs	(4,021)	(1,245)	0
Other	0	(396)	325
Net cash provided by (used in) financing activities:	(4,484)	45,385	(76,842)
Effect of exchange rate changes on cash	896	(371)	484
Increase (decrease) in cash, cash equivalents and restricted cash	(5,777)	(11,289)	18,675
Cash, cash equivalents and restricted cash at beginning of period	19,232	30,521	11,846
Cash, cash equivalents and restricted cash at end of period	13,455	19,232	30,521
Supplemental cash flow information:
Interest payments	10,499	4,423	2,923
Income tax payments, net	$ 2,282	$ 10,814	$ 4,706

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in usd per share)	$ 0.26	$ 0.50	$ 0.48

Supply Chain Financing

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

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, 2023 and 2022, $15.8 million and $25.9 million, respectively, of the Company’s accounts payable were financed by participating suppliers through third-party financial institutions.

A reconciliation of the beginning and ending balances of the supply chain financing for the year ended December 31, 2023 is as follows:


(In thousands)	2023
Balance, beginning of year	$	25,927
New obligations entered	79,630
Less payments made	(90,365)
Foreign exchange	588
Balance, end of year	$	15,780

Goodwill And Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Reconciliation Of The Beginning And Ending Balance Of Goodwill

A reconciliation of goodwill at December 31, 2023 and 2022 is as follows:


(In thousands)	Aluminum Extrusions(a)		PE Films(a)		Total
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
Goodwill impairment	—		(34,891)		(34,891)
Net carrying value of goodwill at December 31, 2023	$	13,270	$	22,447	$	35,717
(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, 2023	$	26,575	$	3,732	$	13,460	$	43,767
Accumulated amortization	(17,270)		(3,687)		(12,959)		(33,916)
Net carrying value at December 31, 2023	$	9,305	$	45	$	501	$	9,851

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Income tax expense (benefit)	$ (54,125)	$ 4,389	$ 9,284
Income tax expense (benefit) at effective income tax rate	33.80%	13.40%	13.80%
Foreign Tax Credit - Brazil	$ 900	$ 3,900	$ 7,000
Deferred Tax Assets, Tax Credit Carryforwards	16,700	15,300
Operating Loss Carryforwards	16,500	9,600
Deferred Tax Asset, Interest Carryforward	2,600
Less: Valuation allowance	15,078	13,807
Deferred Tax Assets, State Taxes	2,200	2,800	2,500
State And Foreign Net Operating Loss Carryforwards
Income Taxes [Line Items]
Less: Valuation allowance	12,900	$ 10,300	$ 9,400
Excess Capital Losses From Investments And Other Related Items
Income Taxes [Line Items]
Less: Valuation allowance	$ 700
Maximum
Income Taxes [Line Items]
Net Operating Loss Carrforward Expiration Period	20 years
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%

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Weighted average shares outstanding used to compute basic earnings per share	34,133,078	33,805,530	33,562,684
Incremental shares attributable to stock options and restricted stock	0	20,900	107,566
Shares used to compute diluted earnings per share	34,133,078	33,826,430	33,670,250

Accrued Expenses

12 Months Ended

Dec. 31, 2023

Accrued Liabilities [Abstract]

Accrued Expenses

6. ACCRUED EXPENSES

Accrued expenses consist of the following:


(In thousands)	2023		2022
Payrolls, related taxes and medical and other benefits	6,261		5,916
Vacation	2,602		3,502
Workers’ compensation and disabilities	2,178		2,051
Group annuity contract premium liability	2,000		—
Customer rebates	1,891		1,154
Environmental liabilities	1,563		1,627
Accrued utilities	1,321		2,099
Accrued interest	1,236		407
Incentive compensation	612		6,103
Derivative contract liability	483		3,260
Accrued freight	440		2,298
Other	3,855		3,186
Total	$	24,442	$	31,603

Business Segments (Schedule Of Depreciation And Amortization, Capital Expenditures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Capital Expenditures	$ 26,446	$ 36,875	$ 27,361
Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	27,683	26,402	23,784
Capital Expenditures	26,446	36,875	27,361
PE Films \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	6,522	6,280	6,263
Capital Expenditures	1,772	3,289	2,997
Aluminum Extrusions \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	17,927	17,414	15,326
Capital Expenditures	20,339	23,664	18,914
Subtotal \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	27,314	26,138	23,577
Capital Expenditures	26,434	35,104	27,514
General corporate \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	369	264	207
Capital Expenditures	12	1,771	(153)
Flexible Packaging Films \| Operating Segments
Segment Reporting Information [Line Items]
Depreciation and Amortization	2,865	2,444	1,988
Capital Expenditures	$ 4,323	$ 8,151	$ 5,603

Summary Of Significant Accounting Policies (Narrative) (Details). - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Foreign Currency Transaction Gain (Loss), before Tax	$ 200	$ (400)	$ (500)
Cash	13,500	19,200
Cash and cash equivalents	9,660	19,232
Goodwill	35,717	70,608	70,608
Goodwill impairment	$ 34,891	$ 0	$ 0
Incremental shares excluded from the calculation of incremental shares attributable to stock options and restricted stock	2,925,091	2,760,983	1,582,222
Business Exit Costs	$ 1,300
Impairment of Richmond, Virginia Technical Center assets	3,500
Restructuring and Related Cost, Accelerated Depreciation	300
Gain (Loss) on Termination of Lease	100
Restructuring Reserve	513	$ 0
Charges	4,977
Payments for Restructuring	822
Restructuring Reserve, Charges Against Assets	3,642
Aluminum Extrusions
Summary Of Significant Accounting Policies [Line Items]
Goodwill	13,270	13,270	$ 13,270
Goodwill impairment	0
Closure of PE Films Technical Center
Summary Of Significant Accounting Policies [Line Items]
Restructuring Reserve		4,977
Employee Severance [Member]
Summary Of Significant Accounting Policies [Line Items]
Restructuring Reserve	385	0
Charges	895
Payments for Restructuring	510
Restructuring Reserve, Charges Against Assets	0
Employee Severance [Member] \| Closure of PE Films Technical Center
Summary Of Significant Accounting Policies [Line Items]
Restructuring Reserve		895
Asset Impairment
Summary Of Significant Accounting Policies [Line Items]
Restructuring Reserve	0	0
Charges	3,454
Payments for Restructuring	0
Restructuring Reserve, Charges Against Assets	3,454
Asset Impairment \| Closure of PE Films Technical Center
Summary Of Significant Accounting Policies [Line Items]
Restructuring Reserve		3,454
Other Restructuring [Member]
Summary Of Significant Accounting Policies [Line Items]
Restructuring Reserve	128	0
Charges	628
Payments for Restructuring	312
Restructuring Reserve, Charges Against Assets	188
Other Restructuring [Member] \| Closure of PE Films Technical Center
Summary Of Significant Accounting Policies [Line Items]
Restructuring Reserve		628
Employee Severance [Member]
Summary Of Significant Accounting Policies [Line Items]
Business Exit Costs	900
Other Expense
Summary Of Significant Accounting Policies [Line Items]
Business Exit Costs	400
Surface protection films
Summary Of Significant Accounting Policies [Line Items]
Goodwill impairment	34,900
Goodwill, Impairment Loss, Net of Tax	27,000
Surface protection films
Summary Of Significant Accounting Policies [Line Items]
Goodwill	$ 22,400
Minimum \| Buildings And Land Improvements
Summary Of Significant Accounting Policies [Line Items]
Average useful life	5 years
Minimum \| Machinery and Equipment
Summary Of Significant Accounting Policies [Line Items]
Average useful life	2 years
Maximum \| Buildings And Land Improvements
Summary Of Significant Accounting Policies [Line Items]
Average useful life	40 years
Maximum \| Machinery and Equipment
Summary Of Significant Accounting Policies [Line Items]
Average useful life	20 years
Foreign Country
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 9,800	$ 10,300

Retirement Plans And Other Postretirement Benefits (Components Of Net Periodic Benefit Income Or Cost For Continuing Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average assumptions used to determine net periodic benefit cost:
Expected long-term return on plan assets				15.10%	10.40%
Components of net periodic benefit cost:
Pension settlement loss	$ 66,700	$ 25,600	$ 92,291	$ 0	$ 0
Pension Benefits
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.89%		4.89%	5.07%	2.90%
Expected long-term return on plan assets				4.99%	3.05%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate(a)				2.90%	2.57%
Expected long-term return on plan assets				3.05%	5.00%
Components of net periodic benefit cost:
Service cost			$ 0	$ 0	$ 0
Interest cost			9,623	8,945	8,398
Expected return on plan assets			(8,109)	(8,174)	(11,316)
Amortization of prior service costs and gains or losses			9,245	13,746	17,003
Net periodic benefit cost			10,759	14,517	14,085
Pension settlement loss			92,291	0	0
Total benefit cost			$ 103,050	$ 14,517	$ 14,085
Pension Benefits \| Minimum
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate(a)			507.00%
Pension Benefits \| Maximum
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate(a)			537.00%
Other Post-Retirement Benefits
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.98%		4.98%	5.17%	2.86%
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate(a)			5.17%	2.86%	2.54%
Components of net periodic benefit cost:
Service cost			$ 10	$ 18	$ 21
Interest cost			288	207	195
Expected return on plan assets			0	0	0
Amortization of prior service costs and gains or losses			(213)	(140)	(141)
Net periodic benefit cost			85	85	75
Pension settlement loss			0	0	0
Total benefit cost			$ 85	$ 85	$ 75

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, 2023	Dec. 31, 2022
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Options Outstanding, Shares	3,019,333
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	1 year 10 months 24 days
Options Outstanding, Weighted Average, Exercise Price	$ 13.64
Options Outstanding, Aggregate Intrinsic Value	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	3,019,333	2,719,919
Options Exercisable, Weighted Average Exercise Price	$ 13.64
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)	1 year 10 months 24 days
Options Outstanding, Weighted Average, Exercise Price	$ 13.47
Options Outstanding, Aggregate Intrinsic Value	$ 0
Options Exercisable, Shares	2,939,509
Options Exercisable, Weighted Average Exercise Price	$ 13.47
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	79,824
Options Outstanding, Weighted Average, Remaining Contractual Life (Years)	2 months 12 days
Options Outstanding, Weighted Average, Exercise Price	$ 19.90
Options Outstanding, Aggregate Intrinsic Value	$ 0
Options Exercisable, Shares	79,824
Options Exercisable, Weighted Average Exercise Price	$ 19.90
Options Exercisable, Aggregate Intrinsic Value	$ 0

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
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			$ 278,307,771
Entity Common Stock, Shares Outstanding		34,430,769
Documents Incorporated by Reference	Portions of the Tredegar Corporation Proxy Statement for the 2024 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	2023
Entity Small Business	false
Entity Emerging Growth Company	false
Document Fiscal Period Focus (Q1,Q2,Q3,FY)	FY

Debt And Credit Agreements

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt And Credit Agreements

7. DEBT AND CREDIT AGREEMENTS

ABL Facility

On August 3, 2023, the Company entered into Amendment No. 2 to the Second Amended and Restated Credit Agreement (collectively the “Prior Credit Agreement”), which amended the financial covenants and decreased aggregate borrowings from $375 million to $200 million.

On December 27, 2023, the Company entered into Amendment No. 3 (the “ABL Facility”) to the Prior Credit Agreement, which provides the Company with $180 million senior secured asset-based revolving credit facility that will expire on June 30, 2026. The ABL Facility is secured by substantially all assets of the Company and its domestic subsidiaries, including equity in certain material first-tier foreign subsidiaries. Availability for borrowings under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including a portion of trade accounts receivable, inventory, cash and cash equivalents, owned real properties, and owned machinery and equipment. Upon the earlier of March 31, 2025 or the date the Company receives the proceeds from the sale of Terphane (the “ABL Adjustment Date”), the $180 million ABL Facility will be reduced to $125 million. As of December 31, 2023, availability under the ABL Facility was $22.9 million, after reducing the availability by the aggregate outstanding borrowings of $126.3 million, standby letters of credit of $13.1 million, and the Minimum Liquidity (as defined in the ABL Facility) financial covenant. The Company incurred $2.6 million of debt issuance costs in conjunction with the ABL Facility, which are being amortized on a straight-line basis over the remaining term of the ABL Facility.

Outstanding borrowings accrue interest at the rates elected by the Company depending on the type of loan and denomination of such borrowing. With respect to revolving loans denominated in U.S. Dollars, the Company may elect interest rates at:

•Alternate Base Rate (“ABR”) plus 2.50% before the ABL Adjustment Date and the applicable ABR Spread (as defined in the ABL Facility) after the ABL Adjustment Date are determined in accordance with an excess availability-based pricing grid. ABR is defined, in part, as the greater of (a) the Prime Rate in effect on such day, (b) the Federal Reserve Bank of New York Rate in effect on such day plus ½ of 1% and (c) the Adjusted Term SOFR Rate (defined below) for a one-month period plus 1%; or

•The Adjusted Term SOFR Rate plus 3.50% before the ABL Adjustment Date and the applicable Term Benchmark Spread (as defined in the ABL Facility) are determined in accordance with an excess availability-based pricing grid after the ABL Adjustment Date. Adjusted Term SOFR Rate is defined as the Term SOFR Rate plus 0.10%, subject to an initial Floor (as defined in the ABL Facility) of 0%.

Interest rate indices for select non-U.S. dollar borrowings, including borrowings denominated in Euro, Pounds Sterling, Swiss Francs and Japanese Yen, remain consistent with the terms of the Prior Credit Agreement.

Based upon the quarterly average of daily availability under the ABL Facility, the interest rate pricing grid applicable after the ABL Adjustment Date will be as follows:


Pricing under the ABL Facility (Basis Points)
Quarter Average of Daily Availability	Term Benchmark Spread	ABR Spread	Commitment Fee*
> 66% of $125 million aggregate commitment	225.0	125.0	40.0
≤ 66% but > 33% of $125 million aggregate commitment	250.0	150.0	40.0
≤ 33% of $125 million aggregate commitment	275.0	175.0	40.0
*The Commitment Fee before the ABL Adjustment Date and after the ABL Adjustment Date remain the same as reflected in this table.

Under the terms of the ABL Facility, certain domestic bank accounts are subject to blocked account agreements, each of which contains a springing feature whereby the lenders may exercise control over those accounts during a cash dominion period (any such period, a “Cash Dominion Period”). A Cash Dominion Period was implemented on the date of the closing of the ABL Facility and will remain in effect at all times prior to the ABL Adjustment Date. After the ABL Adjustment Date, a Cash Dominion Period goes into effect if availability under the ABL Facility falls below 12.5% or an Event of Default (as defined in the ABL Facility) occurs. The Company would then be subject to the Cash Dominion Period until the Event of Default is waived or ABL Facility availability is above 12.5% of the $125 million aggregate commitment for 30 consecutive days. Receipts that have not yet been applied to the ABL Facility are classified as restricted cash in the Company’s consolidated balance sheets.

The financial covenants in the ABL Facility, which are reported to lenders on a monthly basis, include:

•Until the ABL Adjustment Date, the Company is required to maintain (i) minimum Credit EBITDA (as defined in the ABL Facility), as of the end of each fiscal month for the 12-month period then ended (presented below) and (ii) a Minimum Liquidity (as defined in the ABL Facility) of $10.0 million.


Minimum Credit EBITDA (In thousands)
December 2023	$	21,070
January 2024	21,110
February 2024	18,750
March 2024	16,640
April 2024	19,780
May 2024	19,660
June 2024	19,450
July 2024	21,860
August 2024	22,830
September 2024	25,370
October 2024	26,070
November 2024	27,640
December 2024	29,640
January 2025	29,740
February 2025	29,850
March 2025	$	29,980

•Following the ABL Adjustment Date, the foregoing financial covenants will cease to exist and will be replaced with a minimum fixed charge coverage ratio of 1.00:1.00 that will be triggered in the event that availability is less than 10% of $125 million commitment amount and continuing thereafter until availability is greater than 10% of the $125 million commitment amount for 30 consecutive days.

In addition to the financial covenants, the ABL Facility contains restrictive covenants, including covenants that restrict the Company’s ability to pay dividends and repurchase shares of its common stock.

If at any time the availability under the ABL facility is less than 10% (but on and after the ABL Adjustment Date, 20%) of the maximum aggregate principal amount in effect at such time or an Event of Default occurs, the Company’s current monthly reporting requirements to lenders changes to a weekly cadence until the Event of Default is waived, cured or the availability under the ABL facility is above 10% (but on and after the ABL Adjustment Date, 20%) of the maximum aggregate principal amount for 30 consecutive days.

The ABL Facility has customary representations and warranties including, as a condition to each borrowing, that all such representations and warranties are true and correct in all material respects (including a representation that no Material

Adverse Effect (as defined in the ABL Facility) has occurred since December 31, 2022). In the event that the Company cannot certify that all conditions to the borrowing have been met, the lenders can restrict the Company’s future borrowings under the ABL Facility. Because a Cash Dominion Period is currently in effect and the Company is required to represent that no Material Adverse Effect has occurred as a condition to borrowing, the outstanding debt under the ABL Facility (all contractual payments due on June 30, 2026) is classified as a current liability in the consolidated balance sheets.

In accordance with the ABL Facility, the lenders have been provided with the Company’s financial statements, covenant compliance certificates and projections to facilitate their ongoing assessment of the Company. Accordingly, the Company believes the likelihood that lenders would exercise the subjective acceleration clause whereby prohibiting future borrowings is remote. As of December 31, 2023, the Company was in compliance with all debt covenants.

Terphane Brazil Loan

On October 26, 2023, Flexible Packaging Film's business unit in Brazil (“Terphane Ltda.”), the Company’s wholly owned subsidiary in Brazil, borrowed $20 million secured by certain of its assets (“Terphane Brazil Loan”). This U.S. Dollar borrowing matures on October 30, 2028, with interest payable quarterly at an annual floating interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 5.99%. The SOFR rate was 5.36% as of December 31, 2023. Quarterly principal payments of $1.7 million begin starting in year 3 of the loan. There are no prepayment penalties. The Company expects that the Terphane Brazil Loan will be repaid (and collateral released) upon the closing of the Contingent Terphane Sale. On October 26, 2023, the Company borrowed $20 million from Terphane Brazil (the “Intercompany Loan”) at the same interest rate as the Terphane Brazil Loan, thereby transferring the funds to the U.S. The Company will repay the Intercompany Loan in conjunction with the closing of the Contingent Terphane Sale.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes (Summary of Effective Income Tax Rate For Continuing Operations) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at federal statutory rate	$ (33,622)	$ 6,882	$ 14,116
Income tax expense (benefit) at federal statutory rate	21.00%	21.00%	21.00%
Foreign rate differences	$ 1,746	$ 2,924	$ 8,269
Foreign rate differences	(1.10%)	8.90%	12.30%
U.S. tax on foreign branch income	$ 2,720	$ 1,390	$ (5,667)
U.S. tax on foreign branch income	(1.70%)	4.10%	(8.40%)
Non-deductible other	$ 594	$ 381	$ 1,053
Non-deductible other	(0.40%)	1.20%	1.60%
Tax contingency accruals and tax settlements	$ 1	$ 88	$ 202
Tax contingency accruals and tax settlements	0.00%	0.30%	0.30%
Changes in federal valuation allowance	$ 237	$ 0	$ (5,415)
Changes in federal valuation allowance	(0.10%)	0.00%	(8.10%)
Foreign currency translation variation on intercompany loans	$ 0	$ 0	$ 1,374
Foreign currency translation variation on intercompany loans	0.00%	0.00%	2.00%
Dividend received deduction net of foreign withholding tax	$ 0	$ 0	$ 109
Dividend received deduction net of foreign withholding tax	0.00%	0.00%	0.20%
Changes in estimates related to prior year tax provision	$ (1,322)	$ (175)	$ (383)
Changes in estimates related to prior year tax provision	0.80%	(0.50%)	(0.60%)
Foreign derived intangible income deduction	$ 0	$ 763	$ 0
Foreign derived intangible income deduction	0.00%	2.30%	0.00%
Tax on Prodepe tax incentive	$ (488)	$ (1,024)	$ 2,858
Tax on Prodepe tax incentive	0.30%	(3.10%)	4.30%
State taxes, net of federal income tax benefit	0.30%	0.10%	1.40%
State taxes, net of federal income tax benefit	$ (437)	$ 48	$ 933
Research and development tax credit	$ (766)	$ (1,489)	$ (928)
Research and development tax credit	(0.50%)	4.50%	1.40%
Brazilian tax incentive	$ (876)	$ (3,873)	$ (7,019)
Brazilian tax incentive	0.50%	(11.80%)	(10.40%)
Effective Income Tax Rate Reconciliation, pension settlement, Amount	$ (21,912)	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Pension settlement, percent	13.70%	0.00%	0.00%
Income tax expense (benefit) at effective income tax rate	33.80%	13.40%	13.80%
Total income tax expense (benefit)	$ (54,125)	$ 4,389	$ 9,284

Financial Instruments (Narrative) (Details) lb in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) lb	Dec. 31, 2022 USD ($) lb
Derivative [Line Items]
Weight of aluminum that hedged future purchase of aluminum to meet fixed-price forward sales contract obligations, lbs \| lb	5.6	20.3
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar	$ 139.0
Amounts of unrealized after-tax gains on derivative instruments	0.8
Aluminum Futures Contracts
Derivative [Line Items]
Derivative, Notional Amount, Net	$ 7.7	$ 30.7

Business Segments (Schedule Of Net Sales By Geographic Area) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	$ 677,892	$ 903,582	$ 798,223
United States
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	537,818	717,049	614,987
Exports From The United States \| Asia
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	26,239	41,995	59,242
Exports From The United States \| Canada
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	15,597	15,264	17,776
Exports From The United States \| Europe
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	1,905	3,885	4,489
Exports From The United States \| Latin America
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	6,704	6,867	4,937
Operations Outside The United States \| Asia
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	552	626	0
Operations Outside The United States \| Brazil
Segment Reporting Information [Line Items]
Net Sales by Geographic Area, Total	$ 89,077	$ 117,896	$ 96,792

Savings Plan	12 Months Ended
Savings Plan	Dec. 31, 2023
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. Charges recognized for the savings plan were $4.0 million in 2023, $3.9 million in 2022 and $3.3 million in 2021. 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”). The Company’s liability under the restoration plan was $0.4 million at December 31, 2023 (consisting of 79,124 phantom shares of common stock) and $0.7 million at December 31, 2022 (consisting of 70,266 phantom shares of common stock) and valued at the closing market price on those dates. Charges recognized for the restoration plan were immaterial for the years 2023, 2022 and 2021. 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.

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and other:
Sales	$ 704,825	$ 938,564	$ 826,455
Other income (expense), net	(2,147)	1,009	20,265
Total revenues, net of other expenses	702,678	939,573	846,720
Costs and expenses:
Selling, general and administrative	76,207	78,790	74,964
Research and development	3,761	6,214	6,347
Amortization of identifiable intangibles	1,897	2,520	1,704
Accrued pension and postretirement benefits	10,844	14,569	14,160
Interest expense	11,607	4,990	3,386
Asset impairments and costs associated with exit and disposal activities, net of adjustments	5,167	622	1,127
Pension settlement loss	92,291	0	0
Goodwill impairment	34,891	0	0
Total	862,708	906,729	779,610
Income (loss) before income taxes	(160,030)	32,844	67,110
Income tax expense (benefit)	(54,125)	4,389	9,284
Net income (loss)	$ (105,905)	$ 28,455	$ 57,826
Earnings (loss) per share:
Continuing operations (in usd per share)	$ (3.10)	$ 0.84	$ 1.72
Continuing operations (in usd per share)	$ (3.10)	$ 0.84	$ 1.72
Diluted:
Weighted Average Number of Shares Issued, Basic	34,133	33,806	33,563
Weighted Average Number of Shares Outstanding, Diluted, Adjustment	34,133	33,826	33,670
Product and Service, Other
Costs and expenses:
Cost of Goods and Services Sold	$ 599,110	$ 764,042	$ 649,690
Freight
Costs and expenses:
Cost of Goods and Services Sold	$ 26,933	$ 34,982	$ 28,232

Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Net asset (liability)	$ (483)	$ (3,260)
Aluminum Futures Contracts
Derivatives, Fair Value [Line Items]
Net asset (liability)	(492)	(3,581)
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives	0	48
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Accrued Expenses
Derivatives, Fair Value [Line Items]
Liability derivatives: Aluminum futures contracts	(483)	(3,260)
Aluminum Futures Contracts \| Designated as Hedging Instrument \| Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives: Aluminum futures contracts	$ (9)	$ (369)

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 9,660	$ 19,232
Cash and cash equivalents	3,795	0
Accounts Receivable, after Allowance for Credit Loss	67,938	84,544
Income taxes recoverable	1,182	733
Inventories	82,037	127,771
Prepaid expenses and other	12,065	10,304
Total current assets	176,677	242,584
Property, plant and equipment, at cost:
Land and land improvements	4,867	4,832
Buildings	73,160	71,129
Machinery and equipment	463,019	455,960
Total property, plant and equipment	541,046	531,921
Less: accumulated depreciation	(357,591)	(345,510)
Net property, plant and equipment	183,455	186,411
Right-of-use leased assets	11,848	14,021
Identifiable intangible assets, net	9,851	11,690
Goodwill	35,717	70,608
Deferred income tax assets	25,034	13,900
Other assets	3,879	2,879
Total assets	446,461	542,093
Current liabilities:
Accounts payable	95,023	114,938
Accrued expenses	24,442	31,603
Lease liability, short-term	2,107	2,035
Short-Term Debt	126,322	0
Income taxes payable	1,210	1,137
Total current liabilities	249,104	149,713
Lease liability, long-term	10,942	12,738
Long-term debt	20,000	137,000
Pension and other postretirement benefit obligations, net	6,643	35,046
Other non-current liabilities	4,119	5,834
Total liabilities	290,808	340,331
Contingencies (Note 16)
Shareholders’ equity:
Common stock, no par value (authorized 150,000,000 shares, issued and outstanding— 34,408,638 shares at December 31, 2023 and 34,000,642 at December 31, 2022)	61,606	58,824
Common stock held in trust for savings restoration plan (118,543 shares at December 31, 2023 and 113,316 at December 31, 2022)	(2,233)	(2,188)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment	(83,037)	(86,079)
Gain (loss) on derivative financial instruments	801	(2,480)
Pension and other postretirement benefit adjustments	539	(59,036)
Retained earnings	177,977	292,721
Total shareholders’ equity	155,653	201,762
Total liabilities and shareholders’ equity	$ 446,461	$ 542,093

Debt And Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

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

Based upon the quarterly average of daily availability under the ABL Facility, the interest rate pricing grid applicable after the ABL Adjustment Date will be as follows:


Pricing under the ABL Facility (Basis Points)
Quarter Average of Daily Availability	Term Benchmark Spread	ABR Spread	Commitment Fee*
> 66% of $125 million aggregate commitment	225.0	125.0	40.0
≤ 66% but > 33% of $125 million aggregate commitment	250.0	150.0	40.0
≤ 33% of $125 million aggregate commitment	275.0	175.0	40.0
*The Commitment Fee before the ABL Adjustment Date and after the ABL Adjustment Date remain the same as reflected in this table.

Schedule Of Minimum Credit EBITDA

The financial covenants in the ABL Facility, which are reported to lenders on a monthly basis, include:


Minimum Credit EBITDA (In thousands)
December 2023	$	21,070
January 2024	21,110
February 2024	18,750
March 2024	16,640
April 2024	19,780
May 2024	19,660
June 2024	19,450
July 2024	21,860
August 2024	22,830
September 2024	25,370
October 2024	26,070
November 2024	27,640
December 2024	29,640
January 2025	29,740
February 2025	29,850
March 2025	$	29,980

Financial Instruments

12 Months Ended

Dec. 31, 2023

Summary of Derivative Instruments [Abstract]

Financial Instruments

10. DERIVATIVES

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 is 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 $7.7 million (5.6 million pounds of aluminum) at December 31, 2023 and $30.7 million (20.3 million pounds of aluminum) at December 31, 2022.

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, 2023 and 2022:


	December 31, 2023			December 31, 2022
(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	$	—	Prepaid expenses & other	$	48
Liability derivatives: Aluminum futures contracts	Accrued expenses	(483)		Accrued expenses	(3,260)
Aluminum futures contracts	Other non-current liabilities	(9)		Other non-current liabilities	(369)
Net asset (liability)		$	(492)		$	(3,581)

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 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$139 million Brazilian Real ("R$").

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
$1,784	5.2993	R$9,454	Jan-24	82%
$1,766	5.3188	R$9,393	Feb-24	81%
$1,781	5.3346	R$9,501	Mar-24	82%
$1,827	5.3373	R$9,751	Apr-24	84%
$1,798	5.3588	R$9,635	May-24	83%
$1,812	5.3708	R$9,732	Jun-24	84%
$1,804	5.3848	R$9,714	Jul-24	84%
$1,806	5.4014	R$9,755	Aug-24	84%
$1,857	5.4107	R$10,048	Sep-24	87%
$1,851	5.4225	R$10,037	Oct-24	87%
$1,837	5.4403	R$9,994	Nov-24	86%
$1,801	5.4580	R$9,830	Dec-24	85%
$21,724	5.3786	R$116,844		84%

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, 2023 and 2022:


	December 31, 2023			December 31, 2022
(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	$	2,050	Prepaid expenses and other	$	781
Foreign currency forward contracts	Other non-current assets	146		Other non-current assets	33

Liability derivatives: Foreign currency forward contracts	Other non-current liabilities	—		Other non-current liabilities	(3)
Net asset (liability)		$	2,196		$	811

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 creditworthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions.

The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for years ended December 31, 2023, 2022, and 2021 is summarized in the tables below:


(In thousands)	Cash Flow Derivative Hedges
	Aluminum Futures Contracts
Years Ended December 31,	2023		2022		2021
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	7,598	$	(4,525)	$	6,215
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)	$	4,508	$	1,022	$	5,787


(In thousands)	Cash Flow Derivative Hedges
	Foreign Currency Forward Contracts
Years Ended December 31,	2023				2022				2021
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	—	$	4,196	$	—	$	3,269	$	—	$	(2,415)
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	$	3,011	$	61	$	1,378	$	63	$	(337)

As of December 31, 2023, the Company expects $0.8 million of unrealized after-tax net gains on aluminum and foreign currency derivative contracts reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the years ended December 31, 2023, 2022 and 2021, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

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, 2023 USD ($)	Dec. 31, 2023 BRL (R$)
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 21,724	R$ 116,844
Foreign Currency Exchange Rate, Translation	5.3786	5.3786
Percentage of Coverage Using Cash Flow Hedges	84.00%	84.00%
Jan-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,784	R$ 9,454
Foreign Currency Exchange Rate, Translation	5.2993	5.2993
Percentage of Coverage Using Cash Flow Hedges	82.00%	82.00%
Feb-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,766	R$ 9,393
Foreign Currency Exchange Rate, Translation	5.3188	5.3188
Percentage of Coverage Using Cash Flow Hedges	81.00%	81.00%
Mar-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,781	R$ 9,501
Foreign Currency Exchange Rate, Translation	5.3346	5.3346
Percentage of Coverage Using Cash Flow Hedges	82.00%	82.00%
Apr-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,827	R$ 9,751
Foreign Currency Exchange Rate, Translation	5.3373	5.3373
Percentage of Coverage Using Cash Flow Hedges	84.00%	84.00%
May-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,798	R$ 9,635
Foreign Currency Exchange Rate, Translation	5.3588	5.3588
Percentage of Coverage Using Cash Flow Hedges	83.00%	83.00%
Jun-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,812	R$ 9,732
Foreign Currency Exchange Rate, Translation	5.3708	5.3708
Percentage of Coverage Using Cash Flow Hedges	84.00%	84.00%
Jul-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,804	R$ 9,714
Foreign Currency Exchange Rate, Translation	5.3848	5.3848
Percentage of Coverage Using Cash Flow Hedges	84.00%	84.00%
Aug-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,806	R$ 9,755
Foreign Currency Exchange Rate, Translation	5.4014	5.4014
Percentage of Coverage Using Cash Flow Hedges	84.00%	84.00%
Sep-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,857	R$ 10,048
Foreign Currency Exchange Rate, Translation	5.4107	5.4107
Percentage of Coverage Using Cash Flow Hedges	87.00%	87.00%
Oct-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,851	R$ 10,037
Foreign Currency Exchange Rate, Translation	5.4225	5.4225
Percentage of Coverage Using Cash Flow Hedges	87.00%	87.00%
Nov-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,837	R$ 9,994
Foreign Currency Exchange Rate, Translation	5.4403	5.4403
Percentage of Coverage Using Cash Flow Hedges	86.00%	86.00%
Dec-24
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 1,801	R$ 9,830
Foreign Currency Exchange Rate, Translation	5.4580	5.4580
Percentage of Coverage Using Cash Flow Hedges	85.00%	85.00%

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 (in shares) at Dec. 31, 2020		33,457,176
Beginning balance at Dec. 31, 2020	$ 109,055	$ 50,066	$ 239,480	$ (2,087)	$ (178,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	57,826		57,826
Foreign currency translation adjustment	(1,643)				(1,643)
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
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294)	0
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 (in shares)	67,705	(17,266)
Repurchase of employee common stock for tax withholdings	$ (590)	$ (590)
Issued upon exercise of stock options (in shares)		67,705
Issued upon exercise of stock options	915	$ 915
Tredegar common stock purchased by trust for savings restoration plan	0		48	(48)
Ending balance (in shares) at Dec. 31, 2021		33,736,629
Ending balance at Dec. 31, 2021	184,722	$ 55,174	281,187	(2,135)	(149,504)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	28,455		28,455
Foreign currency translation adjustment	(287)				(287)
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
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294)	0
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 (in shares)		(30,751)
Repurchase of employee common stock for tax withholdings	(396)	$ (396)
Tredegar common stock purchased by trust for savings restoration plan	0		53	(53)
Ending balance (in shares) at Dec. 31, 2022		34,000,642
Ending balance at Dec. 31, 2022	201,762	$ 58,824	292,721	(2,188)	(147,595)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(105,905)		(105,905)
Foreign currency translation adjustment	3,042				3,042
Derivative financial instruments adjustment	3,281				3,281
Net gains or (losses) and prior service costs	1,513
Amortization of prior service costs and net gains or losses	7,065				7,065
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294)	50,997				50,997
Cash dividends declared	(8,884)		(8,884)
Stock-based compensation expense (in shares)		407,996
Stock-based compensation expense	3,036	$ 3,036
Repurchase of employee common stock for tax withholdings (in shares)		0
Repurchase of employee common stock for tax withholdings	(254)	$ (254)
Tredegar common stock purchased by trust for savings restoration plan	0		45	(45)
Ending balance (in shares) at Dec. 31, 2023		34,408,638
Ending balance at Dec. 31, 2023	$ 155,653	$ 61,606	$ 177,977	$ (2,233)	$ (81,697)

Income Taxes (Schedule Of Deferred Tax Liabilities And Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred income tax liabilities:
Goodwill and identifiable intangibles	$ 3,392	$ 10,533
deferred tax liabilities, depreciation	10,330	14,950
deferred tax liabilites, foreign tax credit on froeign branch income	1,880	719
deferred tax liabilites, right-of-use asset	2,409	3,147
Deferred Tax Liabilities, Other	1,545	722
Total deferred income tax liabilities	19,556	30,071
Deferred income tax assets:
Pension and other postretirement obligations	0	7,535
Employee benefits	5,821	7,558
Basis difference in capital assets	2,131	2,098
Inventory	2,643	3,952
Asset write-offs, divestitures and environmental accruals	1,025	1,075
U.S. federal and state NOL and credit carryforwards	33,247	24,914
Capitalized R&D expenditures	6,543	4,874
Other	2,364	1,220
deferred tax asset, lease liabilities	2,711	3,328
deferred tax asset, Interest expense limitation	2,592	0
Foreign currency translation gain adjustment	591	1,224
Deferred income tax assets before valuation allowance	59,668	57,778
Less: Valuation allowance	15,078	13,807
Deferred Income Taxes and Other Assets, Noncurrent	44,590	43,971
Deferred income tax assets	25,034	13,900
Deferred Income Taxes and Other Tax Liabilities, Noncurrent	0	0
Net deferred income tax assets (liabilities)	$ 25,034	$ 13,900

Retirement Plans And Other Postretirement Benefits (Schedule Of Pension Plan Assets Categorized By Level Within Fair Value Measurement Hierarchy) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Securities Sold And Interest Receivable	$ 259
Total plan assets	218,119
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	24,796
Fixed income mutual fund
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	30,284
Defined Benefit Plan, Common Collective Trust
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	152,389
Private equity and hedge funds
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	141
Other Assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	10,250
Total investments measured at net asset value
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	152,530
Total Plan Assets at Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	65,330
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	24,796
Level 1 \| Fixed income mutual fund
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	30,284
Level 1 \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0
Level 1 \| Total Plan Assets at Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	55,080
Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0
Level 2 \| Fixed income mutual fund
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0
Level 2 \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0
Level 2 \| Total Plan Assets at Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0
Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0
Level 3 \| Fixed income mutual fund
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0
Level 3 \| Other Assets
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	10,250
Level 3 \| Total Plan Assets at Fair Value [Member]
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	$ 10,250

Retirement Plans And Other Postretirement Benefits

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Retirement Plans And Other Postretirement Benefits

8. RETIREMENT PLANS AND OTHER POSTRETIREMENT BENEFITS

Tredegar sponsored a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. The plan for salaried and hourly employees was 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. On February 10, 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan through lump sum distributions and the purchase of annuity contracts. In connection therewith, on February 9, 2022, the Company contributed $50 million to the pension plan.

During the third quarter of 2023, the Company remeasured the pension plan, which resulted in a pre-tax pension settlement loss in the consolidated results of operation of $25.6 million. The remeasurement of the pension benefit obligation and plan assets was triggered by $64.5 million of lump sum distributions from the pension plan assets which exceeded the pension plan's service and interest cost.

On September 27, 2023, the Company borrowed $30 million under the Prior Credit Agreement in anticipation of the final funding expected for terminating its defined benefit pension plan obligation. On October 31, 2023, the Company used this cash to contribute $27.7 million to fully fund the pension plan with the amount necessary to purchase from Massachusetts Mutual Life Insurance Company a nonparticipating single premium group annuity contract for $157.5 million. On November 3, 2023, the pension plan termination and settlement process was completed, and the Company’s relevant pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company. This completed the pension plan termination process that began in February 2022. As a result of the routine administrative process to transition the pension plan, the Company recognized a $2.0 million charge to adjust the initial purchase price of the nonparticipating single premium group annuity contract. During the fourth quarter of 2023, the Company recognized a pre-tax pension settlement loss of $66.7 million.

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 $1.6 million and $1.7 million at December 31, 2023 and December 31, 2022, respectively. Pension expense recognized for this plan was $0.1 million in 2023, 2022 and 2021. 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.

The following tables reconcile the changes in benefit obligations and plan assets in 2023 and 2022, and reconcile the funded status to prepaid or accrued cost at December 31, 2023 and 2022:


	Pension Benefits				Other Post- Retirement Benefits
(In thousands)	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation, beginning of year	$	248,114	$	316,169	$	5,726	$	7,370
Service cost	—		—		10		18
Interest cost	9,623		8,945		288		207
Effect of actuarial (gains) losses related to the following:
Discount rate change	(10,751)		(61,519)		99		(1,483)

Other	(6,459)		1,513		12		90
Plan participant contributions	—		—		490		554
Benefits paid	(16,957)		(16,994)		(913)		(1,030)
Settlement payments and annuity purchase	(221,970)		—		—		—
Benefit obligation, end of year	$	1,600	$	248,114	$	5,712	$	5,726
Change in plan assets:
Plan assets at fair value, beginning of year	$	218,119	$	244,612	$	—	$	—
Actual return on plan assets	(7,053)		(59,683)		—		—
Employer contributions	27,861		50,184		423		476
Plan participant contributions	—		—		490		554
Benefits paid	(16,957)		(16,994)		(913)		(1,030)
Settlement payments and annuity purchase	(221,970)		—		—		—
Plan assets at fair value, end of year	$	—	$	218,119	$	—	$	—
Funded status of the plans	$	(1,600)	$	(29,995)	$	(5,712)	$	(5,726)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)	$	180	$	180	$	489	$	489
Pension and other postretirement benefit obligations, net	1,420		29,815		5,223		5,237
Net amount recognized	$	1,600	$	29,995	$	5,712	$	5,726

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)	2023			2022			2021			2023			2022			2021
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.89		%	5.07		%	2.90		%	4.98		%	5.17		%	2.86		%
Expected long-term return on plan assets	n/a			4.99		%	3.05		%	n/a			n/a			n/a
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate(a)	5.07%/5.37%			2.90		%	2.57		%	5.17		%	2.86		%	2.54		%
Expected long-term return on plan assets	n/a			3.05		%	5.00		%	n/a			n/a			n/a
Components of net periodic benefit cost:
Service cost	$	—		$	—		$	—		$	10		$	18		$	21
Interest cost	9,623			8,945			8,398			288			207			195
Expected return on plan assets	(8,109)			(8,174)			(11,316)			—			—			—
Amortization of prior service costs and gains or losses	9,245			13,746			17,003			(213)			(140)			(141)
Net periodic benefit cost	$	10,759		$	14,517		$	14,085		$	85		$	85		$	75
Pension settlement loss	92,291			—			—			—			—			—
Total benefit cost	$	103,050		$	14,517		$	14,085		$	85		$	85		$	75
(a) Prior to the pension lump sum distributions in August 2023, a discount rate of 5.07% was used to determine the net periodic benefit cost. Subsequent to August 2023, a discount rate of 5.37% was used to determine the net periodic benefit cost until the Company purchased a nonparticipating single premium group annuity contract in October 2023.

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, 2023, 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
2024	$	180	$	481
2025	172		470
2026	165		456
2027	157		445
2028	148		433
2028—2032	620		1,998

The pre-tax amounts recorded in 2023, 2022 and 2021 in accumulated other comprehensive income (loss) consist of:


	Pension Benefits						Other Post-Retirement Benefits
(In thousands)	2023		2022		2021		2023		2022		2021
Net actuarial (gain) loss	$	415	$	103,998	$	109,893	$	(1,250)	$	(1,574)	$	(320)

The amounts in accumulated other comprehensive income, before related deferred income taxes, which are expected to be recognized as components of net periodic cost during 2024 are approximately $0.1 million of benefit for other post-retirement plans.

There were no plan assets as of December 31, 2023. The percentage composition of assets held by the pension plan at December 31, 2022 was as follows:


	% Composition of Plan Assets at December 31,
	2022
Pension plan:
Fixed income mutual fund	13.9	%
Private equity and hedge funds	4.8
Collective investment trust	69.9
Cash and cash equivalents	11.4
Total	100.0	%

Following the announcement to terminate and settle the pension plan in 2022, 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 was to minimize the volatility of the estimated settlement funding gap such that, as applicable interest rates moved 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 decreased or increased by a similar amount. Accordingly, the expected long-term rate return of 3.05% used in 2022 and 4.99% used in 2023 contemplated the liability-driven investment strategy.

A lower expected return on plan assets increased the amount of expense and vice versa. Decreases in the level of actual plan assets would also serve to increase the amount of pension expense. The total return on plan assets (net of fees and plan expenses), which was 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 and positive 10.4% in 2021.

Estimates of the fair value of assets held by the Company’s pension plan were provided by unaffiliated third parties. Investments in collective investment trusts, private equity, hedge funds and certain international equity securities were measured at net asset value, which was a practical expedient for measuring fair value. These assets were therefore excluded from the fair value hierarchy for each of the year presented. At December 31, 2022, 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
(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 were 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 were highly liquid and therefore were classified as Level 1 securities. (b) Represents the estimated fair market value of the Company’s ownership in private equity and hedge funds which were 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 were valued at the net asset value of the collective investment trust. The net asset value was used as a practical expedient to estimate fair value. The net asset value was 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/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Business Segments

12 Months Ended

Dec. 31, 2023

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”) 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)	2023		2022		2021
Aluminum Extrusions	$	474,803	$	637,872	$	539,325
PE Films	76,763		97,571		118,920
Flexible Packaging Films	126,326		168,139		139,978
Total net sales	677,892		903,582		798,223
Add back freight	26,933		34,982		28,232
Sales as shown in consolidated statements of income (loss)	$	704,825	$	938,564	$	826,455

Refer to Notes to Financial Tables that follow these tables.


EBITDA from Ongoing Operations
(In thousands)	2023		2022		2021
Aluminum Extrusions:
Ongoing operations:
EBITDA	$	37,976	$	66,800	$	55,948
Depreciation & amortization	(17,927)		(17,414)		(16,272)
EBIT	20,049		49,386		39,676
Plant shutdowns, asset impairments, restructurings and other (a)	(3,557)		(310)		3,237

PE Films:
Ongoing operations:
EBITDA	11,217		11,949		27,694
Depreciation & amortization	(6,522)		(6,280)		(6,263)
EBIT	4,695		5,669		21,431
Plant shutdowns, asset impairments, restructurings and other (a)	(4,972)		(646)		(371)
Goodwill impairment	(34,891)		—		—
Flexible Packaging Films:
Ongoing operations:
EBITDA	4,383		27,452		31,684
Depreciation & amortization	(2,865)		(2,444)		(1,988)
EBIT	1,518		25,008		29,696
Plant shutdowns, asset impairments, restructurings and other (a)	(113)		(91)		8,439
Total	(17,271)		79,016		102,108
Interest income	522		57		73
Interest expense	11,607		4,990		3,386
Gain on investment in kaléo (a)	262		1,406		12,780
Stock option-based compensation expense	231		1,424		2,495
Pension settlement loss	92,291		—		—
Corporate expenses, net (a)	39,414		41,221		41,970
Income (loss) before income taxes	(160,030)		32,844		67,110
Income tax expense (benefit) (a)	(54,125)		4,389		9,284


Net income (loss)	$	(105,905)	$	28,455	$	57,826

Refer to Notes to Financial Tables that follow these tables.


Identifiable Assets
(In thousands)	2023		2022
Aluminum Extrusions	$	255,756	$	293,308
PE Films	56,536		102,431
Flexible Packaging Films	84,062		103,448
Subtotal	396,354		499,187
General corporate	36,652		23,674
Cash, cash equivalents and restricted cash (b)	13,455		19,232

Total	$	446,461	$	542,093


	Depreciation and Amortization						Capital Expenditures
(In thousands)	2023		2022		2021		2023		2022		2021
Aluminum Extrusions	$	17,927	$	17,414	$	15,326	$	20,339	$	23,664	$	18,914
PE Films	6,522		6,280		6,263		1,772		3,289		2,997
Flexible Packaging Films	2,865		2,444		1,988		4,323		8,151		5,603
Subtotal	27,314		26,138		23,577		26,434		35,104		27,514
General corporate (d)	369		264		207		12		1,771		(153)

Total	$	27,683	$	26,402	$	23,784	$	26,446	$	36,875	$	27,361


Net Sales by Geographic Area (c)
(In thousands)	2023		2022		2021
United States	$	537,818	$	717,049	$	614,987
Exports from the United States to:
Asia	26,239		41,995		59,242
Canada	15,597		15,264		17,776
Europe	1,905		3,885		4,489
Latin America	6,704		6,867		4,937
Operations outside the United States:
Brazil	89,077		117,896		96,792
Asia	552		626		—
Total	$	677,892	$	903,582	$	798,223


	Identifiable Assets by Geographic Area (c)				Property, Plant & Equipment, Net by Geographic Area (c)
(In thousands)	2023		2022		2023		2022
United States	$	320,604	$	413,512	$	143,729	$	146,437
Operations outside the United States:
Brazil	65,495		72,725		28,121		25,385
China	10,255		12,950		9,361		11,903
General corporate	36,652		23,674		2,244		2,686
Cash, cash equivalents and restricted cash (b)	13,455		19,232		n/a		n/a

Total	$	446,461	$	542,093	$	183,455	$	186,411

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 $15.9 million in 2023, $20.1 million in 2022 and $32.7 million in 2021.


Net Sales by Product Group
(In thousands)	2023		2022		2021
Aluminum Extrusions:
Nonresidential building & construction	$	264,780	$	338,981	$	269,252
Consumer durables	38,897		62,541		53,578
Automotive	48,046		51,286		43,256
Machinery & equipment	43,759		63,326		42,721
Distribution	14,331		29,732		45,639
Residential building & construction	38,388		64,268		52,236
Electrical	26,602		27,738		32,643
Subtotal	474,803		637,872		539,325
PE Films:
Surface protection films	47,463		68,140		88,436
Packaging	29,300		29,431		30,484

Subtotal	76,763		97,571		118,920
Flexible Packaging Films	126,326		168,139		139,978
Total	$	677,892	$	903,582	$	798,223

(a)See Notes 1, 5, 9 and 12 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, cash equivalents and restricted cash includes funds held in locations outside the U.S. of $9.8 million and $10.3 million at December 31, 2023 and 2022, 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Accounts And Other Receivables (Schedule Of Accounts And Other Receivable) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Accounts Receivable, Gross, Current	$ 67,183	$ 83,667
Customer receivables	70,239	87,541
Accounts Receivable, Allowance for Credit Loss, Current	(2,301)	(2,997)
Other receivables	3,056	3,874
Receivables, Net, Current	$ 67,938	$ 84,544

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ 415	$ 103,998	$ 109,893
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Net actuarial (gain) loss	$ (1,250)	$ (1,574)	$ (320)

Goodwill And Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

5. GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

A reconciliation of goodwill at December 31, 2023 and 2022 is as follows:


(In thousands)	Aluminum Extrusions(a)		PE Films(a)		Total
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
Goodwill impairment	—		(34,891)		(34,891)
Net carrying value of goodwill at December 31, 2023	$	13,270	$	22,447	$	35,717
(a) The goodwill of Aluminum Extrusions and PE Films is carried by the Futura and Surface Protection reporting units, respectively.

A reconciliation of identifiable intangibles at December 31, 2023 and 2022 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, 2023	$	26,575	$	3,732	$	13,460	$	43,767
Accumulated amortization	(17,270)		(3,687)		(12,959)		(33,916)
Net carrying value at December 31, 2023	$	9,305	$	45	$	501	$	9,851

Amortization expense over the next five years is expected to be as $1.9 million per year.

Stock Option And Stock Award Plans (Summary of SARs) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	444,718	498,687	521,601	376,440
Share Based Compensation Arrangement By Share Based Payment Award, non-option equity awards, Outstanding, Weighted AverageExercise Price	$ 13.57	$ 13.49	$ 13.55	$ 11.64
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted			164,464
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, Grants in Period, Weighted Average Exercise Price			$ 16.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Modification	(53,969)	(22,914)	10,043
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, modification, Weighted Average Exercise Price	$ 12.78	$ 14.83	$ 13.01
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			(9,260)
Share-based Compensation Arrangements by Share-based Payment Award, non-option equity awards, forfeited and expired, Weighted Average Exercise Price			$ 13.87
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	10.75
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, Grants In Period, Exercise Price			16.37
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
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	16.37	$ 19.64
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, Grants In Period, Exercise Price			16.37
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, modification, Exercise Price	$ 16.37	$ 16.37	16.37
Share Based Compensation Arrangements By Share Based Payment Award, non-option equity award, forfeited and expired, Exercise Price			$ 15.25

Debt And Credit Agreements (Summary Of Total Debt Due And Outstanding) (Details) $ in Thousands	Dec. 31, 2023 USD ($)
December 2023
Debt Instrument [Line Items]
Minimum EBITDA	$ 21,070
January 2024
Debt Instrument [Line Items]
Minimum EBITDA	21,110
February 2024
Debt Instrument [Line Items]
Minimum EBITDA	18,750
March 2024
Debt Instrument [Line Items]
Minimum EBITDA	16,640
April 2024
Debt Instrument [Line Items]
Minimum EBITDA	19,780
May 2024
Debt Instrument [Line Items]
Minimum EBITDA	19,660
June 2024
Debt Instrument [Line Items]
Minimum EBITDA	19,450
July 2024
Debt Instrument [Line Items]
Minimum EBITDA	21,860
August 2024
Debt Instrument [Line Items]
Minimum EBITDA	22,830
September 2024
Debt Instrument [Line Items]
Minimum EBITDA	25,370
October 2024
Debt Instrument [Line Items]
Minimum EBITDA	26,070
November 2024
Debt Instrument [Line Items]
Minimum EBITDA	27,640
December 2024
Debt Instrument [Line Items]
Minimum EBITDA	29,640
January 2025
Debt Instrument [Line Items]
Minimum EBITDA	29,740
February 2025
Debt Instrument [Line Items]
Minimum EBITDA	29,850
March 2025
Debt Instrument [Line Items]
Minimum EBITDA	$ 29,980

Financial Instruments Financial Instruments (Summary of Location and Fair Value of Currency Forward Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Net asset (liability)	$ (483)	$ (3,260)
Flexible Packaging Films
Derivatives, Fair Value [Line Items]
Net asset (liability)	2,196	811
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	2,050	781
Flexible Packaging Films \| Designated as Hedging Instrument [Member] \| Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	146	33
Flexible Packaging Films \| Designated as Hedging Instrument [Member] \| Other Noncurrent Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative Liability, Fair Value, Gross Liability	$ 0	$ (3)

Income Taxes (Schedule Of Income From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (loss) before income taxes:
Domestic	$ (175,510)	$ 3,259	$ 22,774
Foreign	15,480	29,585	44,336
Income (loss) before income taxes	(160,030)	32,844	67,110
Current income tax expense (benefit):
Federal	19	2	1,232
State	0	772	764
Foreign	1,954	3,071	13,521
Current income taxes, Total	1,973	3,845	15,517
Deferred income tax expense (benefit):
Federal	(57,220)	24	(7,862)
State	(280)	(537)	125
Foreign	1,402	1,057	1,504
Deferred income taxes, Total	(56,098)	544	(6,233)
Total income tax expense (benefit)	$ (54,125)	$ 4,389	$ 9,284

Retirement Plans And Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

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 2023 and 2022, and reconcile the funded status to prepaid or accrued cost at December 31, 2023 and 2022:


	Pension Benefits				Other Post- Retirement Benefits
(In thousands)	2023		2022		2023		2022
Change in benefit obligation:
Benefit obligation, beginning of year	$	248,114	$	316,169	$	5,726	$	7,370
Service cost	—		—		10		18
Interest cost	9,623		8,945		288		207
Effect of actuarial (gains) losses related to the following:
Discount rate change	(10,751)		(61,519)		99		(1,483)

Other	(6,459)		1,513		12		90
Plan participant contributions	—		—		490		554
Benefits paid	(16,957)		(16,994)		(913)		(1,030)
Settlement payments and annuity purchase	(221,970)		—		—		—
Benefit obligation, end of year	$	1,600	$	248,114	$	5,712	$	5,726
Change in plan assets:
Plan assets at fair value, beginning of year	$	218,119	$	244,612	$	—	$	—
Actual return on plan assets	(7,053)		(59,683)		—		—
Employer contributions	27,861		50,184		423		476
Plan participant contributions	—		—		490		554
Benefits paid	(16,957)		(16,994)		(913)		(1,030)
Settlement payments and annuity purchase	(221,970)		—		—		—
Plan assets at fair value, end of year	$	—	$	218,119	$	—	$	—
Funded status of the plans	$	(1,600)	$	(29,995)	$	(5,712)	$	(5,726)
Amounts recognized in the consolidated balance sheets:
Accrued expenses (current)	$	180	$	180	$	489	$	489
Pension and other postretirement benefit obligations, net	1,420		29,815		5,223		5,237
Net amount recognized	$	1,600	$	29,995	$	5,712	$	5,726

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)	2023			2022			2021			2023			2022			2021
Weighted-average assumptions used to determine benefit obligations:
Discount rate	4.89		%	5.07		%	2.90		%	4.98		%	5.17		%	2.86		%
Expected long-term return on plan assets	n/a			4.99		%	3.05		%	n/a			n/a			n/a
Weighted-average assumptions used to determine net periodic benefit cost:
Discount rate(a)	5.07%/5.37%			2.90		%	2.57		%	5.17		%	2.86		%	2.54		%
Expected long-term return on plan assets	n/a			3.05		%	5.00		%	n/a			n/a			n/a
Components of net periodic benefit cost:
Service cost	$	—		$	—		$	—		$	10		$	18		$	21
Interest cost	9,623			8,945			8,398			288			207			195
Expected return on plan assets	(8,109)			(8,174)			(11,316)			—			—			—
Amortization of prior service costs and gains or losses	9,245			13,746			17,003			(213)			(140)			(141)
Net periodic benefit cost	$	10,759		$	14,517		$	14,085		$	85		$	85		$	75
Pension settlement loss	92,291			—			—			—			—			—
Total benefit cost	$	103,050		$	14,517		$	14,085		$	85		$	85		$	75
(a) Prior to the pension lump sum distributions in August 2023, a discount rate of 5.07% was used to determine the net periodic benefit cost. Subsequent to August 2023, a discount rate of 5.37% was used to determine the net periodic benefit cost until the Company purchased a nonparticipating single premium group annuity contract in October 2023.

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
2024	$	180	$	481
2025	172		470
2026	165		456
2027	157		445
2028	148		433
2028—2032	620		1,998

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

The pre-tax amounts recorded in 2023, 2022 and 2021 in accumulated other comprehensive income (loss) consist of:


	Pension Benefits						Other Post-Retirement Benefits
(In thousands)	2023		2022		2021		2023		2022		2021
Net actuarial (gain) loss	$	415	$	103,998	$	109,893	$	(1,250)	$	(1,574)	$	(320)

Schedule Of Percentage Composition Of Assets Held By Pension Plans

The percentage composition of assets held by the pension plan at December 31, 2022 was as follows:


	% Composition of Plan Assets at December 31,
	2022
Pension plan:
Fixed income mutual fund	13.9	%
Private equity and hedge funds	4.8
Collective investment trust	69.9
Cash and cash equivalents	11.4
Total	100.0	%

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

At December 31, 2022, 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
(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 were 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 were highly liquid and therefore were classified as Level 1 securities. (b) Represents the estimated fair market value of the Company’s ownership in private equity and hedge funds which were 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 were valued at the net asset value of the collective investment trust. The net asset value was used as a practical expedient to estimate fair value. The net asset value was 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.

Debt And Credit Agreements (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 06, 2021	Dec. 31, 2023	Dec. 27, 2023	Aug. 03, 2023	Aug. 02, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 180,000		$ 375,000
Line of Credit, Maximum Borrowing Capacity after Modification		$ 180,000		$ 200,000
Line of Credit, Maximum Borrowing Capacity after ABL Adjustment Date		125,000
Available credit under the Credit Agreement		22,900
Short-Term Debt		126,322				$ 0
Letters of Credit Outstanding, Amount		13,100
Debt Issuance Costs, Gross		$ 2,600
Debt Instrument, Basis Spread on Variable Rate		5.99%
Cash Dominion Availability after ABL Adjustment Date		12.50%
Minimum Liquidity under ABL Facility		$ 10,000
Minimum Availability before ABL Adjustment Date		10.00%
Minimum Availability after ABL Adjustment Date		20.00%
Debt Instrument, Interest Rate, Stated Percentage		5.36%
Debt Instrument, Periodic Payment, Principal		$ 1,700
Terphane Brazil Loan
Line of Credit Facility [Line Items]
Other Borrowings		20,000
Tredegar Intercompany
Line of Credit Facility [Line Items]
Other Borrowings		$ 20,000
Line of Credit \| Adjusted Base Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%
Line of Credit \| Alternate Base Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

12. INCOME TAXES

Income (loss) before income taxes and income tax expense (benefit) are as follows:


(In thousands)	2023		2022		2021
Income (loss) before income taxes:
Domestic	$	(175,510)	$	3,259	$	22,774
Foreign	15,480		29,585		44,336
Total	$	(160,030)	$	32,844	$	67,110
Current income tax expense (benefit):
Federal	$	19	$	2	$	1,232
State	—		772		764
Foreign	1,954		3,071		13,521
Total	1,973		3,845		15,517
Deferred income tax expense (benefit):
Federal	(57,220)		24		(7,862)
State	(280)		(537)		125
Foreign	1,402		1,057		1,504
Total	(56,098)		544		(6,233)
Total income tax expense (benefit)	$	(54,125)	$	4,389	$	9,284

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


	2023			2022			2021
(In thousands, except percentages)	Amount		%	Amount		%	Amount		%
Income tax expense (benefit) at federal statutory rate	$	(33,622)	21.0	$	6,882	21.0	$	14,116	21.0
Stranded taxes released with termination of pension	(21,912)		13.7	—		—	—		—
Changes in estimates related to prior year tax provision	(1,322)		0.8	(175)		(0.5)	(383)		(0.6)
Brazilian tax incentive	(876)		0.5	(3,873)		(11.8)	(7,019)		(10.4)
Research and development tax credit	(766)		0.5	(1,489)		(4.5)	(928)		(1.4)
Tax on Prodepe tax incentive	(488)		0.3	(1,024)		(3.1)	2,858		4.3
State taxes, net of federal income tax benefit	(437)		0.3	48		0.1	933		1.4
Foreign currency translation variation on intercompany loans	—		—	—		—	1,374		2.0
Dividend received deduction net of foreign withholding tax	—		—	—		—	(109)		(0.2)
Foreign derived intangible income deduction	—		—	(763)		(2.3)	—		—
Tax contingency accruals and tax settlements	1		—	88		0.3	202		0.3
Changes in federal valuation allowance	237		(0.1)	—		—	(5,415)		(8.1)
Non-deductible other	594		(0.4)	381		1.2	1,053		1.6
Foreign rate differences	1,746		(1.1)	2,924		8.9	8,269		12.3
U.S. tax on foreign branch income	2,720		(1.7)	1,390		4.1	(5,667)		(8.4)
Income tax expense (benefit) at effective income tax rate	$	(54,125)	33.8	$	4,389	13.4	$	9,284	13.8

Provision (benefit) for income taxes for the year ended December 31, 2023 was $(54.1) million compared to $4.4 million for the year ended December 31, 2022. The effective tax rates for the years ended December 31, 2023 and 2022 were 33.8% and 13.4%, respectively. The change in effective tax rate is primarily attributed to tax benefits previously recorded in other comprehensive income (loss) that were released as a result of the pension plan termination, partially offset by a reduction in Brazilian tax incentives as a percentage of income. The stranded taxes released with the termination of the pension plan represent the effect of the change in federal and state tax rates on pension-related deferred tax items initially recorded in other comprehensive income. The related stranded taxes were released in full in 2023.

The effective tax rate in 2022 was impacted by a large discrete benefit recorded in the first quarter of 2022, resulting from the implementation of new U.S. tax regulations associated with foreign tax credits published by the U.S. Treasury and Internal Revenue Service (“IRS”) on January 4, 2022. These regulations overhauled various components of the foreign tax credit regime including the determination of creditable foreign taxes and limit the amount of foreign taxes that are creditable against U.S. income taxes. As the result of these regulations, future Brazilian income tax under Brazil tax law in place at that time

would have been deductible, but not creditable, in the U.S. The accounting rules require a reduction of the U.S. deferred tax liability previously established related to anticipated future income from Brazil. The IRS released guidance in 2023 that provides temporary relief for tax years after 2021 from the regulations published by the U.S. Treasury and Internal Revenue Service on January 4, 2022. As a result of the IRS guidance released in 2023, the reduction in the first quarter of 2022 of the U.S. deferred tax liability previously established related to anticipated future income from Brazil was reversed in 2023.

The effective tax rate in 2021 was impacted by 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.

Tredegar accrues U.S. federal income taxes on unremitted earnings of all foreign subsidiaries where required. However; 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, 2023 and 2022.

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 $0.9 million, $3.9 million and $7.0 million in 2023, 2022 and 2021, respectively.

Deferred income tax assets and deferred income tax liabilities at December 31, 2023 and 2022, are as follows:


(In thousands)	2023		2022
Deferred income tax assets:
Pension and other postretirement obligations	$	—	$	7,535
Employee benefits	5,821		7,558
Basis difference in capital assets	2,131		2,098
Inventory	2,643		3,952
Asset write-offs, divestitures and environmental accruals	1,025		1,075
U.S. federal and state NOL and credit carryforwards	33,247		24,914
Capitalized R&D expenditures	6,543		4,874
Other	2,364		1,220
Lease liabilities	2,711		3,328
Interest expense limitation	2,592		—
Foreign currency translation gain adjustment	591		1,224
Deferred income tax assets before valuation allowance	59,668		57,778
Less: Valuation allowance	15,078		13,807
Total deferred income tax assets	44,590		43,971
Deferred income tax liabilities:
Goodwill and identifiable intangibles	$	3,392	$	10,533
Property, plant and equipment	10,330		14,950
Foregone tax credits on foreign branch income	1,880		719


Right-of-use leased assets	2,409		3,147
Other	1,545		722
Total deferred income tax liabilities	19,556		30,071
Net deferred income tax assets (liabilities)	$	25,034	$	13,900
Amounts recognized in the consolidated balance sheets:
Deferred income tax assets (noncurrent)	$	25,034	$	13,900
Deferred income tax liabilities (noncurrent)	—		—
Net deferred income tax assets (liabilities)	$	25,034	$	13,900

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 had U.S. federal and state tax credits of $16.7 million, net operating loss carryforwards of $16.5 million and a deferred interest limitation of $2.6 million at December 31, 2023. The Company had U.S. federal and state tax credits of $15.3 million and net operating loss carryforwards of $9.6 million at December 31, 2022. The U.S. federal net operating loss and deferred interest limitation can be carried forward indefinitely. The U.S. federal foreign tax credits will expire between 2027-2033 and the U.S. federal research and development tax credits will expire by 2044. The U.S. state carryforwards expire at different points over the next 20 years.

Valuation allowances of $12.9 million, $10.3 million and $9.4 million at December 31, 2023, 2022 and 2021, respectively, are recorded against the tax benefit on U.S. federal and state tax credits and net operating loss carryforwards generated by domestic subsidiaries that may not be recoverable in the carryforward period. The valuation allowance for unrealized capital losses from investments and other related items was $0.7 million at December 31, 2022 and 2021. 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 carry-forward 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 $2.2 million, $2.8 million and $2.5 million at December 31, 2023, 2022 and 2021, respectively, were recorded against certain deferred state tax assets.

A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2021, is shown below:


	Years Ended December 31,
(In thousands)	2023		2022		2021
Balance at beginning of period	$	628	$	648	$	628
Increase (decrease) due to tax positions taken in:
Current period	25		2		—
Prior period	23		44		40
Reductions due to lapse of statute of limitations	(17)		(66)		(20)
Balance at end of period	$	659	$	628	$	648

Additional information related to unrecognized uncertain tax positions since January 1, 2021 is summarized below:


	Years Ended December 31,
(In thousands)	2023		2022		2021
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)	$	659	$	628	$	648
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet)	98		143		48
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	757		771		696
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $20, $16 and $26 reflected in income tax expense in the income statement in 2023, 2022 and 2021, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	169		149		133
Related deferred income tax assets recognized on interest and penalties	(39)		(34)		(31)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	130		115		102
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$	887	$	886	$	798

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 2020. 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 change 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Business Segments (Schedule Of Net Sales By Product Group) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from External Customer [Line Items]
Net Sales by Product Group	$ 677,892	$ 903,582	$ 798,223
Cash and cash equivalents	9,660	19,232
Foreign Country
Revenue from External Customer [Line Items]
Cash and cash equivalents	9,800	10,300
PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	76,763	97,571	118,920
Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	474,803	637,872	539,325
Flexible Packaging Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	126,326	168,139	139,978
Personal Care Materials \| PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	29,300	29,431	30,484
Surface protection films \| PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	47,463	68,140	88,436
Subtotal \| PE Films
Revenue from External Customer [Line Items]
Net Sales by Product Group	76,763	97,571	118,920
Nonresidential building & construction \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	264,780	338,981	269,252
Consumer durables \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	38,897	62,541	53,578
Residential building & construction \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	38,388	64,268	52,236
Machinery and Equipment \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	43,759	63,326	42,721
Automotive \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	48,046	51,286	43,256
Distribution \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	14,331	29,732	45,639
Electrical \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	26,602	27,738	32,643
Subtotal \| Aluminum Extrusions
Revenue from External Customer [Line Items]
Net Sales by Product Group	$ 474,803	$ 637,872	$ 539,325

Document And Entity Information (Details)	12 Months Ended
Document And Entity Information (Details)	Dec. 31, 2023
Cover [Abstract]
Document Financial Statement Error Correction [Flag]	false

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Richmond, Virginia
Auditor Firm ID	185

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022:


	December 31, 2023			December 31, 2022
(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	$	—	Prepaid expenses & other	$	48
Liability derivatives: Aluminum futures contracts	Accrued expenses	(483)		Accrued expenses	(3,260)
Aluminum futures contracts	Other non-current liabilities	(9)		Other non-current liabilities	(369)
Net asset (liability)		$	(492)		$	(3,581)

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, 2023 and 2022:


	December 31, 2023			December 31, 2022
(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	$	2,050	Prepaid expenses and other	$	781
Foreign currency forward contracts	Other non-current assets	146		Other non-current assets	33

Liability derivatives: Foreign currency forward contracts	Other non-current liabilities	—		Other non-current liabilities	(3)
Net asset (liability)		$	2,196		$	811

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,	2023		2022		2021
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	7,598	$	(4,525)	$	6,215
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)	$	4,508	$	1,022	$	5,787


(In thousands)	Cash Flow Derivative Hedges
	Foreign Currency Forward Contracts
Years Ended December 31,	2023				2022				2021
Amount of pre-tax gain (loss) recognized in other comprehensive income	$	—	$	4,196	$	—	$	3,269	$	—	$	(2,415)
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	$	3,011	$	61	$	1,378	$	63	$	(337)

Schedule of Derivative Instruments [Table Text Block]

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
$1,784	5.2993	R$9,454	Jan-24	82%
$1,766	5.3188	R$9,393	Feb-24	81%
$1,781	5.3346	R$9,501	Mar-24	82%
$1,827	5.3373	R$9,751	Apr-24	84%
$1,798	5.3588	R$9,635	May-24	83%
$1,812	5.3708	R$9,732	Jun-24	84%
$1,804	5.3848	R$9,714	Jul-24	84%
$1,806	5.4014	R$9,755	Aug-24	84%
$1,857	5.4107	R$10,048	Sep-24	87%
$1,851	5.4225	R$10,037	Oct-24	87%
$1,837	5.4403	R$9,994	Nov-24	86%
$1,801	5.4580	R$9,830	Dec-24	85%
$21,724	5.3786	R$116,844		84%

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Business Segments (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Exports From The United States \| Asia
Segment Reporting Information [Line Items]
Revenues	$ 15.9	$ 20.1	$ 32.7

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts And Other Receivables

12 Months Ended

Dec. 31, 2023

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

Accounts And Other Receivables

2. ACCOUNTS AND OTHER RECEIVABLES

As of December 31, 2023 and 2022, accounts receivable and other receivables, net, include the following:


(In thousands)	2023		2022
Customer receivables	$	67,183	$	83,667
Other receivables	3,056		3,874
Total accounts and other receivables	70,239		87,541
Less: Allowance for bad debts	(2,301)		(2,997)
Total accounts and other receivables, net	$	67,938	$	84,544

A reconciliation of the beginning and ending balances of the allowance for doubtful accounts for the three years ended December 31, 2023 is as follows:


(In thousands)	2023		2022		2021
Balance, beginning of year	$	2,997	$	1,736	$	2,797
Charges to expense	882		1,926		1,440
Recoveries	102		2		35
Write-offs and settlements	(1,734)		(639)		(1,246)
Foreign exchange and other	54		(28)		(1,290)
Balance, end of year	$	2,301	$	2,997	$	1,736

Goodwill And Other Intangible Assets (Reconciliation Of The Beginning And Ending Balance Of Goodwill) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	$ 43,767	$ 43,669
Finite-Lived Intangible Assets, Accumulated Amortization	(33,916)	(31,979)
Finite-Lived Intangible Assets, Net	9,851	11,690
Customer-Related Intangible Assets
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	26,575	26,549
Finite-Lived Intangible Assets, Accumulated Amortization	(17,270)	(15,467)
Finite-Lived Intangible Assets, Net	9,305	11,082
Technology-Based Intangible Assets
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	3,732	3,726
Finite-Lived Intangible Assets, Accumulated Amortization	(3,687)	(3,672)
Finite-Lived Intangible Assets, Net	45	54
Trade Names [Member]
Goodwill [Roll Forward]
Finite-Lived Intangible Assets, Gross	13,460	13,394
Finite-Lived Intangible Assets, Accumulated Amortization	(12,959)	(12,840)
Finite-Lived Intangible Assets, Net	$ 501	$ 554

Summary Of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis Of Presentation

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

Foreign Currency Translation

Foreign Currency Translation. The financial statements of subsidiaries located outside the U.S., where the local currency is the functional currency, are translated into U.S. Dollars using exchange rates in effect at the period end for assets and liabilities and average exchange rates during each reporting period for results of operations. Adjustments resulting from the translation of these financial statements are reflected as a separate component of shareholders’ equity. There are no operating subsidiaries located outside the U.S. where the U.S. Dollar is the functional currency. Transaction and remeasurement gains or losses included in income were gains of $0.2 million, losses of $0.4 million and losses of $0.5 million in 2023, 2022 and 2021, respectively. These amounts do not include the effects between reporting periods that exchange rate changes have on income of the locations outside the U.S. that result from translation into U.S. Dollars.

Cash And Cash Equivalents

Cash, Cash Equivalents and Restricted cash. Cash, cash equivalents and restricted cash 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, 2023 and 2022, Tredegar had cash, cash equivalents and restricted cash of $13.5 million and $19.2 million, respectively, including funds held in locations outside the U.S. of $9.8 million and $10.3 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.

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the consolidated statements of cash flows:


	December 31,		December 31,
(In thousands)	2023		2022
Cash and cash equivalents	$	9,660	$	19,232
Restricted cash	3,795		—
Total cash, cash equivalents and restricted cash	$	13,455	$	19,232

Restricted cash as of December 31, 2023 consists of $3.4 million of receipts that have not yet been applied to the ABL Facility (defined below). See Note 7 for additional information.

Accounts And Other Receivables

Accounts and Other Receivables, net. Accounts receivables are stated at the amount invoiced to customers less allowances for doubtful accounts. Accounts receivables are non-interest bearing and arise from the sale of products to customers under typical industry trade terms. Notes receivables 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 and other receivables, net, see Note 2.

Inventories

Inventories. Inventories are stated at the lower of cost or market, with cost determined using the last in, first out (“LIFO”) 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

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 Other Intangibles

Goodwill and Identifiable Intangibles. The excess of the purchase price over the fair value of identifiable net assets of acquired companies is allocated to goodwill. The Company assesses goodwill for impairment when events or circumstances indicate that the carrying value may not be recoverable, or, at a minimum, on an annual basis (December 1st of each year). When assessing goodwill for impairment, accounting guidance allows the Company to first perform a qualitative assessment (“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 2023, uncertainty about the timing of a recovery in the consumer electronics market persisted, and manufacturers in the supply chain for consumer electronics continued to experience reduced capacity utilization and inventory corrections. In light of the limited visibility on the timing of a recovery and the expected adverse future impact to the Surface Protection business, coupled with a cautious outlook on new product development opportunities, the Company performed a Step 1 goodwill impairment analysis, as of June 30, 2023 and September 30, 2023, of the Surface Protection component of PE Films. The analyses concluded that the fair value of Surface Protection was less than its carrying value, thus a non-cash partial goodwill impairment of $34.9 million ($27.0 million after deferred income tax benefits) was recognized during 2023.

The Company estimated the fair value of Surface Protection by: (i) computing an estimated enterprise value (“EV”) utilizing the discounted cash flow method (the “DCF Method”), (ii) applying adjustments for any surplus or deficient working capital, (iii) adding cash and cash equivalents, and (iv) subtracting interest-bearing debt. The DCF Method was used, incorporating Surface Protection’s latest projections, which reflect updated expected market recovery levels, feasibility of

launching new product applications, competitive pricing and cash flows associated with production efficiencies, as well as consideration of cost savings and inventory corrections.

As of December 1, 2023, 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 analysis of these reporting units concluded that it is more likely than not that the fair value of each reporting unit was greater than its carrying value. Therefore, the Step 1 quantitative goodwill impairment tests for these reporting units were not necessary. The Surface Protection and Futura reporting units had goodwill in the amounts of $22.4 million and $13.3 million, respectively, at December 31, 2023.

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

Impairment Of Long-Lived Assets

Impairment of Long-Lived Assets. The Company reviews long-lived assets for possible impairment when events indicate that an impairment may exist. For assets that are held and used in operations, if events indicate that an asset may be impaired, the Company estimates the future unlevered pre-tax cash flows expected to result from the use of the asset and its eventual disposition. Assets are grouped for this purpose at the lowest level for which there are identifiable and independent cash flows. If the sum of these undiscounted pre-tax cash flows is less than the carrying amount of the asset group, an impairment loss is calculated. Measurement of the impairment loss is the amount by which the carrying amount exceeds the estimated fair value of the asset group. 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.

As of December 31, 2023 and 2022, no events, other than the Richmond Technical Center assets that went held for sale in the third quarter of 2023, were identified that indicated long-lived assets may be impaired.

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 has been 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.

In February 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan through lump sum distributions and the purchase of annuity contracts. On November 3, 2023, the pension plan termination and settlement process for the Company was completed. For more information, see Note 8.

Revenue Recognition

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

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

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

Research & Development ("R&D") Costs

Research and 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.

In August 2023, the Company adopted a plan to close the PE Films technical center in Richmond, VA and reduce its efforts to develop and sell films supporting the semiconductor market. Future research and development activities for PE Films will be performed at the facility in Pottsville, PA. PE Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays. The Company anticipates all activities to cease at the PE Films technical center in Richmond, VA, by the end of the first quarter of 2024. The Company recognized total expense incurred through December 31, 2023 associated with exit activities of $1.3 million for: (i) severance and related costs ($0.9 million) and (ii) building closure costs ($0.4 million). In addition, the Company recognized a non-cash asset impairment ($3.5 million), accelerated depreciation ($0.3 million) and a gain on the lease modification ($0.1 million).

A reconciliation of the beginning and ending balances of accrued expense associated with exit and disposal activities and charges associated with asset impairments reported as "Asset impairments and costs associated with exit and disposal activities, net of adjustments" in the consolidated statements of income for the year ended December 31, 2023 is shown below.


(In thousands)	Severance		Asset impairment		Other		Total
Balance at January 1, 2023	$	—	$	—	$	—	$	—
Richmond Technical Center	895		3,454		628		4,977
Charges	895		3,454		628		4,977
Cash Spend	510		—		312		822
Charges against assets	—		3,454		188		3,642
Balance at December 31, 2023	$	385	$	—	$	128	$	513

Lessee, Leases

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

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

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

Lease expense for operating leases is recognized on a straight-line basis over the lease term. Variable lease expense is recognized in the period in which the obligation for those payments is incurred. Depending upon the specific use of the ROU asset, lease expense is included in the “Cost of goods sold”, “Freight”, “Selling, general and administrative”, and “Research and development” line items on the consolidated statements of income. Lease income is not material to the results of operations for the years ended December 31, 2023 and 2022, respectively. Additional disclosure regarding Tredegar’s leases is included in Note 4.

Income Taxes

Income Taxes. Income taxes are recognized during the period in which transactions enter into the determination of income for financial reporting purposes, with deferred income taxes being provided at enacted statutory tax rates on the differences between the financial reporting and tax bases of assets and liabilities (see Note 12). Tredegar’s policy is to accrue U.S. federal income taxes to the extent required under GAAP on unremitted earnings of all foreign subsidiaries where required. However, 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, 2023 and December 31, 2022.

A valuation allowance is recorded in the period when the Company determines that it is more likely than not that all or a portion of deferred income tax assets may not be realized. The establishment and removal of a valuation allowance requires the Company to consider all positive and negative evidence and make a judgmental decision regarding the amount of valuation allowance required as of a reporting date. The benefit of an uncertain tax position is included in the accompanying financial statements when the Company determines that it is more likely than not that the position will be sustained, based on the

technical merits of the position, if the taxing authority examines the position and the dispute is litigated. This determination is made on the basis of all the facts, circumstances and information available as of the reporting date.

Earnings Per Share

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


	2023	2022	2021
Weighted average shares outstanding used to compute basic earnings per share	34,133,078	33,805,530	33,562,684
Incremental shares attributable to stock options and restricted stock	—	20,900	107,566
Shares used to compute diluted earnings per share	34,133,078	33,826,430	33,670,250

Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period. The Company had a net loss for the year ended December 31, 2023, so there is no dilutive impact for such shares. If the Company had reported net income for the year ended December 31, 2023, 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 would have been 2,925,091. 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 years ended December 31, 2022 and 2021, respectively.

Stock-Based Employee Compensation Plans

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

Financial Instruments

Financial Instruments. Tredegar uses derivative financial instruments for the purpose of hedging aluminum price volatility and currency exchange rate exposures that exist as part of transactions associated with ongoing business operations. The Company’s derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the accompanying balance sheet at fair value. A change in the fair value of the derivative that is highly effective and that is designated and qualifies as a cash flow hedge is recorded in other comprehensive income. Gains and losses reported in other comprehensive income (loss) are reclassified to earnings in the periods in which earnings are affected by the variability of cash flows of the hedged transaction. Such gains and losses are reported in the same line as the underlying hedged item, and the cash flows related to financial instruments are classified in the consolidated statements of cash flows in a manner consistent with those of the transactions being hedged.

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

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

Comprehensive Income (Loss)

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

Recently Issued Accounting Standards

Income Taxes (Schedule Of Unrecognized Uncertain Tax Positions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 628	$ 648	$ 628
Increase (decrease) due to tax positions taken in, Current period	25	2	0
Increase (decrease) due to tax positions taken in, Prior period	23	44	40
Reductions due to lapse of statute of limitations	(17)	(66)	(20)
Balance at end of period	$ 659	$ 628	$ 648

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (105,905)	$ 28,455	$ 57,826
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax expense of $469 in 2023, net of tax expense of $290 in 2022 and net of tax benefit of $365 in 2021)	3,042	(287)	(1,643)
Derivative financial instruments adjustment (net of tax expense of $933 in 2023, net of tax benefit of $336 in 2022 and net of tax benefit of $351 in 2021)	3,281
Derivative financial instruments adjustment (net of tax expense of $933 in 2023, net of tax benefit of $336 in 2022 and net of tax benefit of $351 in 2021)		(3,381)	(1,363)
Recognition in earnings of actuarial loss for pension settlement (net of tax expense of $41,294)	(50,997)	0	0
Net gains (losses) and prior service costs (net of tax expense of $422 in 2023, net of tax benefit of $1,400 in 2022 and net of tax expense of $5,212 in 2021)	1,513	(5,064)	18,720
Amortization of prior service costs and net gains or losses (net of tax expense of $1,968 in 2023, net of tax expense of $2,965 in 2022 and net of tax expense of $3,676 in 2021)	7,065	10,641	13,186
Other comprehensive income (loss)	65,898	1,909	28,900
Comprehensive income (loss)	$ (40,007)	$ 30,364	$ 86,726

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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 for 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 September 1, 2023, the Company announced that it had entered into a definitive agreement to sell Terphane to Oben Group (the “Contingent Terphane Sale”). Completion of the sale is contingent upon the satisfaction of customary closing conditions, including the receipt of certain competition filing approvals by authorities in Brazil and Colombia. On October 27, 2023, the Company filed the requisite competition forms with the Administrative Council for Economic Defense (“CADE”) in Brazil. The regulatory review process is ongoing and in line with the Company’s expectations. CADE’s maximum deadline for completing its review is no later than November 18, 2024. The merger review regarding the transaction was cleared by the Colombian authority in early February 2024.

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 2023, 2022 and 2021 relate to the 53-week fiscal years ended December 31, 2023 and 52-week fiscal years ended December 25, 2022 and December 26, 2021, 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.

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.

The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts shown in the consolidated statements of cash flows:


	December 31,		December 31,
(In thousands)	2023		2022
Cash and cash equivalents	$	9,660	$	19,232
Restricted cash	3,795		—
Total cash, cash equivalents and restricted cash	$	13,455	$	19,232

Restricted cash as of December 31, 2023 consists of $3.4 million of receipts that have not yet been applied to the ABL Facility (defined below). See Note 7 for additional information.

launching new product applications, competitive pricing and cash flows associated with production efficiencies, as well as consideration of cost savings and inventory corrections.

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


(In thousands)	Severance		Asset impairment		Other		Total
Balance at January 1, 2023	$	—	$	—	$	—	$	—
Richmond Technical Center	895		3,454		628		4,977
Charges	895		3,454		628		4,977
Cash Spend	510		—		312		822
Charges against assets	—		3,454		188		3,642
Balance at December 31, 2023	$	385	$	—	$	128	$	513


	2023	2022	2021
Weighted average shares outstanding used to compute basic earnings per share	34,133,078	33,805,530	33,562,684
Incremental shares attributable to stock options and restricted stock	—	20,900	107,566
Shares used to compute diluted earnings per share	34,133,078	33,826,430	33,670,250

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


(In thousands)	Foreign Currency Translation		Gain (Loss) on Derivative Financial Instruments		Pension & Other Postretirement Benefit Adjust		Total Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2021	$	(84,149)	$	2,264	$	(96,519)	$	(178,404)
Other comprehensive income (loss)	(2,008)		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)
Other comprehensive income (loss)	3,511		11,794		1,935		17,240
Income tax (expense) benefit	(469)		(2,977)		(422)		(3,868)
Other comprehensive income (loss), net of tax	3,042		8,817		1,513		13,372
Reclassification adjustment to net income (loss)	—		(7,580)		101,323		93,743
Income tax (expense) benefit	—		2,044		(43,261)		(41,217)
Reclassification adjustment to net income (loss), net of tax	—		(5,536)		58,062		52,526
Other comprehensive income (loss), net of tax	3,042		3,281		59,575		65,898
Balance at December 31, 2023	$	(83,037)	$	801	$	539	$	(81,697)

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

Recently Issued Accounting Standards.

New accounting pronouncements adopted in 2023:

Contingencies	12 Months Ended
Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
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.

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Aluminum Futures Contracts [Member]
Derivatives, Fair Value [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	$ 7,598	$ (4,525)	$ 6,215
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	4,508	1,022	5,787
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	61	63
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	4,196	3,269	(2,415)
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	$ 3,011	$ 1,378	$ (337)

Retirement Plans And Other Postretirement Benefits (Schedule Of Percentage Composition Of Assets Held By Pension Plans) (Details)	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	100.00%
Fixed income mutual fund
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	13.90%
Collective investment trust
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	69.90%
Private equity and hedge funds
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	4.80%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
% Composition of Plan Assets at December 31, Total for continuing operations	11.40%

Accounts And Other Receivables (Schedule Of Reconciliation Of The Beginning And Ending Balances Of The Allowance For Doubtful Accounts And Sales Returns) (Details) - Allowance For Doubtful Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance, beginning of year	$ 2,997	$ 1,736	$ 2,797
Charges to expense	882	1,926	1,440
Recoveries	102	2	35
Write-offs and settlements	(1,734)	(639)	(1,246)
Foreign exchange and other	54	(28)	(1,290)
Balance, end of year	$ 2,301	$ 2,997	$ 1,736

Summary Of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

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:


	2023	2022	2021
Weighted average shares outstanding used to compute basic earnings per share	34,133,078	33,805,530	33,562,684
Incremental shares attributable to stock options and restricted stock	—	20,900	107,566
Shares used to compute diluted earnings per share	34,133,078	33,826,430	33,670,250

Schedule of Accumulated Other Comprehensive Income (Loss)

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


(In thousands)	Foreign Currency Translation		Gain (Loss) on Derivative Financial Instruments		Pension & Other Postretirement Benefit Adjust		Total Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2021	$	(84,149)	$	2,264	$	(96,519)	$	(178,404)
Other comprehensive income (loss)	(2,008)		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)
Other comprehensive income (loss)	3,511		11,794		1,935		17,240
Income tax (expense) benefit	(469)		(2,977)		(422)		(3,868)
Other comprehensive income (loss), net of tax	3,042		8,817		1,513		13,372
Reclassification adjustment to net income (loss)	—		(7,580)		101,323		93,743
Income tax (expense) benefit	—		2,044		(43,261)		(41,217)
Reclassification adjustment to net income (loss), net of tax	—		(5,536)		58,062		52,526
Other comprehensive income (loss), net of tax	3,042		3,281		59,575		65,898
Balance at December 31, 2023	$	(83,037)	$	801	$	539	$	(81,697)

Other Income (Expense), Net (Notes)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Income (Expense), Net

9. OTHER INCOME (EXPENSE), NET

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


(In thousands)	2023		2022		2021
Gain on investment in kaléo(a)	$	262	$	1,406	$	12,780
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)	(9)		(350)		(624)
Group annuity contract premium expense(c)	(2,000)		—		—
Other	(400)		(47)		(377)
Total	$	(2,147)	$	1,009	$	20,265
(a) In January 2023 and May 2022, additional cash consideration of $0.3 million and $1.4 million, respectively 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. (b) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism, personal protective equipment supplies and facility maintenance. (c) See Note 8 for more information.

On December 27, 2021, the Company completed the sale of its investment interests in kaleo, Inc. (“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.

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.

Inventories (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Inventories stated on the LIFO basis	$ 7.2	$ 25.3
Inventories stated value below replacement costs	13.2	15.6
Weighted Average Cost Inventory Amount	45.3	62.9
FIFO Inventory Amount	$ 29.6	$ 39.5

Leases, Codification Topic 842 (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Payments	$ 4,600
Lessee, Operating Lease, Liability, Payments, Due	15,114
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	2,065
Operating Lease, Liability	13,049
Operating Leases, Future Minimum Payments Due	2,635
Lessee, Operating Lease, Liability, Payments, Due Year Two	2,458
Lessee, Operating Lease, Liability, Payments, Due Year Three	2,078
Lessee, Operating Lease, Liability, Payments, Due Year Four	1,786
Lessee, Operating Lease, Liability, Payments, Due Year Five	1,557
Operating Lease, Expense	$ 2,882	$ 2,718
Operating Lease, Weighted Average Remaining Lease Term	7 years	8 years
Operating Lease, Weighted Average Discount Rate, Percent	4.46%	4.27%
Lessee, Operating Lease, Term of Contract	9 years

Accounts And Other Receivables (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule Of Accounts And Other Receivable

As of December 31, 2023 and 2022, accounts receivable and other receivables, net, include the following:


(In thousands)	2023		2022
Customer receivables	$	67,183	$	83,667
Other receivables	3,056		3,874
Total accounts and other receivables	70,239		87,541
Less: Allowance for bad debts	(2,301)		(2,997)
Total accounts and other receivables, net	$	67,938	$	84,544

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, 2023 is as follows:


(In thousands)	2023		2022		2021
Balance, beginning of year	$	2,997	$	1,736	$	2,797
Charges to expense	882		1,926		1,440
Recoveries	102		2		35
Write-offs and settlements	(1,734)		(639)		(1,246)
Foreign exchange and other	54		(28)		(1,290)
Balance, end of year	$	2,301	$	2,997	$	1,736

Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information By Segment


Net Sales
(In thousands)	2023		2022		2021
Aluminum Extrusions	$	474,803	$	637,872	$	539,325
PE Films	76,763		97,571		118,920
Flexible Packaging Films	126,326		168,139		139,978
Total net sales	677,892		903,582		798,223
Add back freight	26,933		34,982		28,232
Sales as shown in consolidated statements of income (loss)	$	704,825	$	938,564	$	826,455

Refer to Notes to Financial Tables that follow these tables.


EBITDA from Ongoing Operations
(In thousands)	2023		2022		2021
Aluminum Extrusions:
Ongoing operations:
EBITDA	$	37,976	$	66,800	$	55,948
Depreciation & amortization	(17,927)		(17,414)		(16,272)
EBIT	20,049		49,386		39,676
Plant shutdowns, asset impairments, restructurings and other (a)	(3,557)		(310)		3,237

PE Films:
Ongoing operations:
EBITDA	11,217		11,949		27,694
Depreciation & amortization	(6,522)		(6,280)		(6,263)
EBIT	4,695		5,669		21,431
Plant shutdowns, asset impairments, restructurings and other (a)	(4,972)		(646)		(371)
Goodwill impairment	(34,891)		—		—
Flexible Packaging Films:
Ongoing operations:
EBITDA	4,383		27,452		31,684
Depreciation & amortization	(2,865)		(2,444)		(1,988)
EBIT	1,518		25,008		29,696
Plant shutdowns, asset impairments, restructurings and other (a)	(113)		(91)		8,439
Total	(17,271)		79,016		102,108
Interest income	522		57		73
Interest expense	11,607		4,990		3,386
Gain on investment in kaléo (a)	262		1,406		12,780
Stock option-based compensation expense	231		1,424		2,495
Pension settlement loss	92,291		—		—
Corporate expenses, net (a)	39,414		41,221		41,970
Income (loss) before income taxes	(160,030)		32,844		67,110
Income tax expense (benefit) (a)	(54,125)		4,389		9,284


Net income (loss)	$	(105,905)	$	28,455	$	57,826

Schedule Of Identifiable Assets


Identifiable Assets
(In thousands)	2023		2022
Aluminum Extrusions	$	255,756	$	293,308
PE Films	56,536		102,431
Flexible Packaging Films	84,062		103,448
Subtotal	396,354		499,187
General corporate	36,652		23,674
Cash, cash equivalents and restricted cash (b)	13,455		19,232

Total	$	446,461	$	542,093

Schedule Of Depreciation And Amortization, Capital Expenditures


	Depreciation and Amortization						Capital Expenditures
(In thousands)	2023		2022		2021		2023		2022		2021
Aluminum Extrusions	$	17,927	$	17,414	$	15,326	$	20,339	$	23,664	$	18,914
PE Films	6,522		6,280		6,263		1,772		3,289		2,997
Flexible Packaging Films	2,865		2,444		1,988		4,323		8,151		5,603
Subtotal	27,314		26,138		23,577		26,434		35,104		27,514
General corporate (d)	369		264		207		12		1,771		(153)

Total	$	27,683	$	26,402	$	23,784	$	26,446	$	36,875	$	27,361

Schedule Of Net Sales By Geographic Area


Net Sales by Geographic Area (c)
(In thousands)	2023		2022		2021
United States	$	537,818	$	717,049	$	614,987
Exports from the United States to:
Asia	26,239		41,995		59,242
Canada	15,597		15,264		17,776
Europe	1,905		3,885		4,489
Latin America	6,704		6,867		4,937
Operations outside the United States:
Brazil	89,077		117,896		96,792
Asia	552		626		—
Total	$	677,892	$	903,582	$	798,223

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)	2023		2022		2023		2022
United States	$	320,604	$	413,512	$	143,729	$	146,437
Operations outside the United States:
Brazil	65,495		72,725		28,121		25,385
China	10,255		12,950		9,361		11,903
General corporate	36,652		23,674		2,244		2,686
Cash, cash equivalents and restricted cash (b)	13,455		19,232		n/a		n/a

Total	$	446,461	$	542,093	$	183,455	$	186,411

Schedule Of Net Sales By Product Group


Net Sales by Product Group
(In thousands)	2023		2022		2021
Aluminum Extrusions:
Nonresidential building & construction	$	264,780	$	338,981	$	269,252
Consumer durables	38,897		62,541		53,578
Automotive	48,046		51,286		43,256
Machinery & equipment	43,759		63,326		42,721
Distribution	14,331		29,732		45,639
Residential building & construction	38,388		64,268		52,236
Electrical	26,602		27,738		32,643
Subtotal	474,803		637,872		539,325
PE Films:
Surface protection films	47,463		68,140		88,436
Packaging	29,300		29,431		30,484

Subtotal	76,763		97,571		118,920
Flexible Packaging Films	126,326		168,139		139,978
Total	$	677,892	$	903,582	$	798,223

(b)Cash, cash equivalents and restricted cash includes funds held in locations outside the U.S. of $9.8 million and $10.3 million at December 31, 2023 and 2022, 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.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory, Net [Abstract]

Schedule Of Inventories

Inventories consist of the following:


(In thousands)	2023		2022
Finished goods	$	29,821	$	34,686
Work-in-process	7,830		15,604
Raw materials	21,939		58,262
Stores, supplies and other	22,447		19,219
Total	$	82,037	$	127,771

Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Finished goods	$ 29,821	$ 34,686
Work-in-process	7,830	15,604
Raw materials	21,939	58,262
Stores, supplies and other	22,447	19,219
Total	$ 82,037	$ 127,771

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Income From Continuing Operations Before Income Taxes

Income (loss) before income taxes and income tax expense (benefit) are as follows:


(In thousands)	2023		2022		2021
Income (loss) before income taxes:
Domestic	$	(175,510)	$	3,259	$	22,774
Foreign	15,480		29,585		44,336
Total	$	(160,030)	$	32,844	$	67,110
Current income tax expense (benefit):
Federal	$	19	$	2	$	1,232
State	—		772		764
Foreign	1,954		3,071		13,521
Total	1,973		3,845		15,517
Deferred income tax expense (benefit):
Federal	(57,220)		24		(7,862)
State	(280)		(537)		125
Foreign	1,402		1,057		1,504
Total	(56,098)		544		(6,233)
Total income tax expense (benefit)	$	(54,125)	$	4,389	$	9,284

Summary Of Effective Income Tax Rate For Continuing Operations


	2023			2022			2021
(In thousands, except percentages)	Amount		%	Amount		%	Amount		%
Income tax expense (benefit) at federal statutory rate	$	(33,622)	21.0	$	6,882	21.0	$	14,116	21.0
Stranded taxes released with termination of pension	(21,912)		13.7	—		—	—		—
Changes in estimates related to prior year tax provision	(1,322)		0.8	(175)		(0.5)	(383)		(0.6)
Brazilian tax incentive	(876)		0.5	(3,873)		(11.8)	(7,019)		(10.4)
Research and development tax credit	(766)		0.5	(1,489)		(4.5)	(928)		(1.4)
Tax on Prodepe tax incentive	(488)		0.3	(1,024)		(3.1)	2,858		4.3
State taxes, net of federal income tax benefit	(437)		0.3	48		0.1	933		1.4
Foreign currency translation variation on intercompany loans	—		—	—		—	1,374		2.0
Dividend received deduction net of foreign withholding tax	—		—	—		—	(109)		(0.2)
Foreign derived intangible income deduction	—		—	(763)		(2.3)	—		—
Tax contingency accruals and tax settlements	1		—	88		0.3	202		0.3
Changes in federal valuation allowance	237		(0.1)	—		—	(5,415)		(8.1)
Non-deductible other	594		(0.4)	381		1.2	1,053		1.6
Foreign rate differences	1,746		(1.1)	2,924		8.9	8,269		12.3
U.S. tax on foreign branch income	2,720		(1.7)	1,390		4.1	(5,667)		(8.4)
Income tax expense (benefit) at effective income tax rate	$	(54,125)	33.8	$	4,389	13.4	$	9,284	13.8

Schedule Of Deferred Tax Liabilities And Assets

Deferred income tax assets and deferred income tax liabilities at December 31, 2023 and 2022, are as follows:


(In thousands)	2023		2022
Deferred income tax assets:
Pension and other postretirement obligations	$	—	$	7,535
Employee benefits	5,821		7,558
Basis difference in capital assets	2,131		2,098
Inventory	2,643		3,952
Asset write-offs, divestitures and environmental accruals	1,025		1,075
U.S. federal and state NOL and credit carryforwards	33,247		24,914
Capitalized R&D expenditures	6,543		4,874
Other	2,364		1,220
Lease liabilities	2,711		3,328
Interest expense limitation	2,592		—
Foreign currency translation gain adjustment	591		1,224
Deferred income tax assets before valuation allowance	59,668		57,778
Less: Valuation allowance	15,078		13,807
Total deferred income tax assets	44,590		43,971
Deferred income tax liabilities:
Goodwill and identifiable intangibles	$	3,392	$	10,533
Property, plant and equipment	10,330		14,950
Foregone tax credits on foreign branch income	1,880		719


Right-of-use leased assets	2,409		3,147
Other	1,545		722
Total deferred income tax liabilities	19,556		30,071
Net deferred income tax assets (liabilities)	$	25,034	$	13,900
Amounts recognized in the consolidated balance sheets:
Deferred income tax assets (noncurrent)	$	25,034	$	13,900
Deferred income tax liabilities (noncurrent)	—		—
Net deferred income tax assets (liabilities)	$	25,034	$	13,900

Schedule Of Unrecognized Uncertain Tax Positions

A reconciliation of the Company’s unrecognized uncertain tax positions since January 1, 2021, is shown below:


	Years Ended December 31,
(In thousands)	2023		2022		2021
Balance at beginning of period	$	628	$	648	$	628
Increase (decrease) due to tax positions taken in:
Current period	25		2		—
Prior period	23		44		40
Reductions due to lapse of statute of limitations	(17)		(66)		(20)
Balance at end of period	$	659	$	628	$	648

Schedule Of Additional Information Related To Unrecognized Uncertain Tax Positions

Additional information related to unrecognized uncertain tax positions since January 1, 2021 is summarized below:


	Years Ended December 31,
(In thousands)	2023		2022		2021
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)	$	659	$	628	$	648
Deferred income tax assets related to unrecognized tax benefits on uncertain tax positions (reflected in deferred income tax accounts in the balance sheet)	98		143		48
Net unrecognized tax benefits on uncertain tax positions, which would impact the effective tax rate if recognized	757		771		696
Interest and penalties accrued on deductions taken relating to uncertain tax positions (approximately $20, $16 and $26 reflected in income tax expense in the income statement in 2023, 2022 and 2021, respectively, with the balance shown in current income tax and other noncurrent liability accounts in the balance sheet)	169		149		133
Related deferred income tax assets recognized on interest and penalties	(39)		(34)		(31)
Interest and penalties accrued on uncertain tax positions net of related deferred income tax benefits, which would impact the effective tax rate if recognized	130		115		102
Total net unrecognized tax benefits on uncertain tax positions reflected in the balance sheet, which would impact the effective tax rate if recognized	$	887	$	886	$	798

Other Income (Expense), Net (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 27, 2021	Jan. 31, 2023	May 31, 2022	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Brazil one-time tax credit PIS/COFINS				$ 8,500	$ 0	$ 0	$ 8,486
Other Nonoperating Expense					(9)	(350)	(624)
Impairment of Richmond, Virginia Technical Center assets					(2,000)	0	0
Other Nonoperating Income (Expense)					(400)	(47)	(377)
Other Nonoperating Income (Expense), Net - Total					(2,147)	1,009	20,265
Investment Income, Dividend							(300)
Proceeds from the sale of kaléo					262	1,406	47,062
kaleo [Member]
Unrealized Gain (Loss) on Investments - kaleo		$ (300)	$ (1,400)		$ 262	$ 1,406	$ 12,780
Proceeds from the sale of kaléo	$ 47,100

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, 2023	Dec. 31, 2022	Dec. 31, 2021
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)
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	474,978	335,800	234,979
Number of Shares, Granted	454,623	301,969	200,073
Number of Shares, Vested	(167,077)	(144,317)	(87,636)
Number of Shares, Forfeited	(26,445)	(18,474)	(11,616)
Number of Shares, Outstanding, Ending Balance	736,079	474,978	335,800
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance	$ 13.82	$ 16.30	$ 16.68
Wgtd. Ave. Grant Date Fair Value/Sh., Granted	7.67	11.88	15.63
Wgtd. Ave. Grant Date Fair Value/Sh., Vested	11.29	15.10	15.78
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited	11.60	14.94	16.38
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance	$ 10.68	$ 13.82	$ 16.30
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	$ 6,564	$ 5,473	$ 3,919
Grant Date Fair Value, Granted	3,487	3,587	3,127
Grant Date Fair Value, Vested	(1,886)	(2,179)	(1,383)
Grant Date Fair Value, Forfeited	(307)	(276)	(190)
Grant Date Fair Value, Outstanding, Ending Balance	$ 7,861	$ 6,564	$ 5,473
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	0	50,718	112,502
Number of Shares, Granted	0	0	14,669
Number of Shares, Vested	0	0	(73,930)
Number of Shares, Forfeited		(50,718)	(2,523)
Number of Shares, Outstanding, Ending Balance	0	0	50,718
Wgtd. Ave. Grant Date Fair Value/Sh., Beginning Balance	$ 0	$ 17.63	$ 21.82
Wgtd. Ave. Grant Date Fair Value/Sh., Granted	0	0	15.24
Wgtd. Ave. Grant Date Fair Value/Sh., Vested	0	0	17.17
Wgtd. Ave. Grant Date Fair Value/Sh., Forfeited	0	17.63	17.63
Wgtd. Ave. Grant Date Fair Value/Sh., Ending Balance	$ 0	$ 0	$ 17.63
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	$ 0	$ 1,366	$ 2,455
Grant Date Fair Value, Granted	0	0	224
Grant Date Fair Value, Vested	0	0	(1,269)
Grant Date Fair Value, Forfeited	0	1,366	(44)
Grant Date Fair Value, Outstanding, Ending Balance	$ 0	$ 0	$ 1,366