0000850429-24-000027 | 10-Q | XBRL Viewer

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2023

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2024.


(In thousands)	Foreign Currency Translation		Gain (Loss) on Derivative Financial Instruments		Pension & Other Postretirement Benefit Adjust		Total Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2024	$	(90,273)	$	(564)	$	484	$	(90,353)
Other comprehensive income (loss)	1,500		262		—		1,762
Income tax (expense) benefit	(4)		(41)		—		(45)
Other comprehensive income (loss), net of tax	1,496		221		—		1,717
Reclassification adjustment to net income (loss)	—		281		(34)		247
Income tax (expense) benefit	—		(79)		7		(72)
Reclassification adjustment to net income (loss), net of tax	—		202		(27)		175
Other comprehensive income (loss), net of tax	1,496		423		(27)		1,892
Balance at September 30, 2024	$	(88,777)	$	(141)	$	457	$	(88,461)

The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2024.


(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, 2024	$	(83,037)	$	801	$	539	$	(81,697)
Other comprehensive income (loss)	(6,206)		(1,435)		—		(7,641)
Income tax (expense) benefit	466		275		—		741
Other comprehensive income (loss), net of tax	(5,740)		(1,160)		—		(6,900)
Reclassification adjustment to net income (loss)	—		220		(105)		115
Income tax (expense) benefit	—		(2)		23		21
Reclassification adjustment to net income (loss), net of tax	—		218		(82)		136
Other comprehensive income (loss), net of tax	(5,740)		(942)		(82)		(6,764)
Balance at September 30, 2024	$	(88,777)	$	(141)	$	457	$	(88,461)

The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2023.


(In thousands)	Foreign Currency Translation		Gain (Loss) on Derivative Financial Instruments		Pension & Other Postretirement Benefit Adjust		Total Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2023	$	(83,338)	$	(843)	$	(54,463)	$	(138,644)
Other comprehensive income (loss)	(1,793)		2,287		442		936
Income tax (expense) benefit	(25)		(197)		—		(222)
Other comprehensive income (loss), net of tax	(1,818)		2,090		442		714
Reclassification adjustment to net income (loss)	—		(2,756)		28,198		25,442
Income tax (expense) benefit	—		735		(6,218)		(5,483)
Reclassification adjustment to net income (loss), net of tax	—		(2,021)		21,980		19,959
Other comprehensive income (loss), net of tax	(1,818)		69		22,422		20,673
Balance at September 30, 2023	$	(85,156)	$	(774)	$	(32,041)	$	(117,971)

The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2023.


(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, 2023	$	(86,079)	$	(2,480)	$	(59,036)	$	(147,595)
Other comprehensive income (loss)	1,563		7,852		442		9,857
Income tax (expense) benefit	(640)		(2,228)		—		(2,868)
Other comprehensive income (loss), net of tax	923		5,624		442		6,989
Reclassification adjustment to net income (loss)	—		(5,350)		34,045		28,695
Income tax (expense) benefit	—		1,432		(7,492)		(6,060)
Reclassification adjustment to net income (loss), net of tax	—		(3,918)		26,553		22,635
Other comprehensive income (loss), net of tax	923		1,706		26,995		29,624
Balance at September 30, 2023	$	(85,156)	$	(774)	$	(32,041)	$	(117,971)

The amounts reclassified out of accumulated other comprehensive income (loss) related to pension and other postretirement benefits is included in the computation of net periodic pension costs. See Note 4 for additional details.

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Schedule of Inventory, Current

The components of inventories are as follows:


(In thousands)	September 30, 2024		December 31, 2023
Finished goods	$	31,782	$	29,821
Work-in-process	8,332		7,830
Raw materials	23,497		21,939
Stores, supplies and other	24,447		22,447
Total	$	88,058	$	82,037

Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustment, tax (benefit)	$ (4)	$ (25)	$ (466)	$ (640)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	120	538	273	798
Tax on Actuarial Loss for Pension Settlement		5,581		5,581
Amortization of prior service costs and net gains or losses, tax	$ 7	$ 637	$ 23	$ 1,911

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,946)	$ (50,380)	$ 8,134	$ (70,314)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Pension And Other Post-Retirement Benefits (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position	$ 7,100		$ 7,100		$ 7,300
Pension settlement loss	0	$ 25,612	0	$ 25,612	$ 92,300
Pension lump sum distribution		64,500		64,500
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Expected required contributions			400
Pension settlement loss	0	0	0	0
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	0	$ 25,612	0	$ 25,612
Accrued Expenses [Member]
Defined Benefit Plan Disclosure [Line Items]
Liability, Defined Benefit Plan, Current	$ 700		$ 700

Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

The Company’s business segments are Aluminum Extrusions, PE Films, and Flexible Packaging Films. Information by business segment is reported below. There are no accounting transactions between segments and no allocations to segments.

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 CODM assesses performance. Earnings before interest, taxes, depreciation and amortization ("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.

The following table presents net sales and EBITDA from ongoing operations by segment for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Net Sales
Aluminum Extrusions	$	115,717	$	109,410	$	349,353	$	364,607
PE Films	24,879		19,938		78,811		56,036
Flexible Packaging Films	34,370		30,111		99,025		94,861
Total net sales	174,966		159,459		527,189		515,504
Add back freight	7,085		6,733		20,833		19,977
Sales as shown in the condensed consolidated statements of income (loss)	$	182,051	$	166,192	$	548,022	$	535,481
EBITDA from Ongoing Operations
Aluminum Extrusions:
Ongoing operations:
EBITDA	$	6,177	$	5,113	$	31,624	$	29,968
Depreciation & amortization	(4,404)		(4,683)		(13,392)		(13,252)
EBIT	1,773		430		18,232		16,716
Plant shutdowns, asset impairments, restructurings and other	(2,170)		(1,483)		(4,986)		(1,821)
PE Films:
Ongoing operations:
EBITDA	5,876		4,037		22,913		6,700
Depreciation & amortization	(1,299)		(2,111)		(3,944)		(5,305)
EBIT	4,577		1,926		18,969		1,395
Plant shutdowns, asset impairments, restructurings and other	—		(4,566)		(584)		(4,565)
Goodwill impairment	—		(19,478)		—		(34,891)
Flexible Packaging Films:
Ongoing operations:
EBITDA	3,749		477		8,915		2,076
Depreciation & amortization	(708)		(704)		(2,191)		(2,115)
EBIT	3,041		(227)		6,724		(39)
Plant shutdowns, asset impairments, restructurings and other	(103)		—		(103)		(79)
Total	7,118		(23,398)		38,252		(23,284)
Interest income	8		62		36		135
Interest expense	3,480		3,106		10,314		7,791
Gain on investment in kaleo, Inc.	—		—		144		262
Stock option-based compensation costs	—		—		—		231
Pension settlement loss	—		25,612		—		25,612
Corporate expenses, net	6,644		11,633		16,411		30,100
Income (loss) before income taxes	(2,998)		(63,687)		11,707		(86,621)
Income tax expense (benefit)	948		(13,307)		3,573		(16,307)
Net income (loss)	$	(3,946)	$	(50,380)	$	8,134	$	(70,314)

The following table presents identifiable assets by segment at September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024		December 31, 2023
Aluminum Extrusions	$	258,410	$	255,756
PE Films	57,989		56,536
Flexible Packaging Films	85,297		84,062
Subtotal	401,696		396,354
General corporate	34,256		36,652
Cash, cash equivalents and restricted cash	6,588		13,455
Total	$	442,540	$	446,461

The following tables disaggregate the Company’s revenue by geographic area and product group for the three and nine months ended September 30, 2024 and 2023:


Net Sales by Geographic Area (a)
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
United States	$	133,157	$	125,407	$	407,465	$	409,433
Exports from the United States to:
Asia	11,875		7,873		34,534		19,082
Latin America	1,395		1,764		4,121		5,440
Canada	3,437		3,640		10,459		12,879
Europe	405		282		1,053		1,414
Operations outside the United States:
Brazil	24,408		20,351		69,002		66,954
Asia	289		142		555		302
Total	$	174,966	$	159,459	$	527,189	$	515,504
(a) Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films.

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 $6.5 million and $4.8 million in the third quarter of 2024 and 2023, respectively, and $19.1 million and $11.7 million in the first nine months of 2024 and 2023, respectively.


Net Sales by Product Group
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Aluminum Extrusions:
Nonresidential building & construction	$	61,988	$	59,476	$	195,603	$	203,889
Consumer durables	8,581		8,662		25,487		30,723
Automotive	11,060		13,025		31,793		36,916
Residential building & construction	9,790		7,999		27,575		29,658
Electrical	8,926		2,016		21,983		16,223
Machinery & equipment	13,131		14,202		37,995		36,008
Distribution	2,241		4,030		8,917		11,190
Subtotal	115,717		109,410		349,353		364,607
PE Films:
Surface protection films	17,516		12,755		56,241		34,251
Overwrap packaging	7,363		7,183		22,570		21,785
Subtotal	24,879		19,938		78,811		56,036
Flexible Packaging Films	34,370		30,111		99,025		94,861
Total	$	174,966	$	159,459	$	527,189	$	515,504

- 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

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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments Terphane Future Cash Flow Hedges (Details) - Terphane Ltda [Member] R$ in Thousands, $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 BRL (R$)
Derivative [Line Items]
Derivative, Notional Amount	$ 5,489	R$ 29,861
Foreign Currency Exchange Rate, Translation	5.4402	5.4402
Percentage of Coverage Using Cash Flow Hedges	85.00%	85.00%
Oct-24
Derivative [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
Derivative [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
Derivative [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%

Earnings Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2024	2023	2024	2023
Weighted average shares outstanding used to compute basic earnings per share	34,391	34,264	34,364	34,081
Incremental dilutive shares attributable to stock options and restricted stock	—	—	—	—
Shares used to compute diluted earnings per share	34,391	34,264	34,364	34,081

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. If the Company had reported net income for the three months ended September 30, 2024, 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 2,353,905. 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 2,550,542 for the nine months ended September 30, 2024. If the Company had reported net income for the three and nine months ended September 30, 2023, the average out-of-the-money options to purchase shares that would be excluded from the calculation of incremental shares attributable to stock options and restricted stock would have been 3,019,333 and 2,893,677, respectively.

Debt Pricing Under Credit Revolving Agreement Table (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure - Pricing Table [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.

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Sep. 30, 2023

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income

The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2024.


(In thousands)	Foreign Currency Translation		Gain (Loss) on Derivative Financial Instruments		Pension & Other Postretirement Benefit Adjust		Total Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2024	$	(90,273)	$	(564)	$	484	$	(90,353)
Other comprehensive income (loss)	1,500		262		—		1,762
Income tax (expense) benefit	(4)		(41)		—		(45)
Other comprehensive income (loss), net of tax	1,496		221		—		1,717
Reclassification adjustment to net income (loss)	—		281		(34)		247
Income tax (expense) benefit	—		(79)		7		(72)
Reclassification adjustment to net income (loss), net of tax	—		202		(27)		175
Other comprehensive income (loss), net of tax	1,496		423		(27)		1,892
Balance at September 30, 2024	$	(88,777)	$	(141)	$	457	$	(88,461)

The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2024.


(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, 2024	$	(83,037)	$	801	$	539	$	(81,697)
Other comprehensive income (loss)	(6,206)		(1,435)		—		(7,641)
Income tax (expense) benefit	466		275		—		741
Other comprehensive income (loss), net of tax	(5,740)		(1,160)		—		(6,900)
Reclassification adjustment to net income (loss)	—		220		(105)		115
Income tax (expense) benefit	—		(2)		23		21
Reclassification adjustment to net income (loss), net of tax	—		218		(82)		136
Other comprehensive income (loss), net of tax	(5,740)		(942)		(82)		(6,764)
Balance at September 30, 2024	$	(88,777)	$	(141)	$	457	$	(88,461)

The changes in accumulated other comprehensive income (loss) by component for the three months ended September 30, 2023.


(In thousands)	Foreign Currency Translation		Gain (Loss) on Derivative Financial Instruments		Pension & Other Postretirement Benefit Adjust		Total Accumulated Other Comprehensive Income (Loss)
Balance at July 1, 2023	$	(83,338)	$	(843)	$	(54,463)	$	(138,644)
Other comprehensive income (loss)	(1,793)		2,287		442		936
Income tax (expense) benefit	(25)		(197)		—		(222)
Other comprehensive income (loss), net of tax	(1,818)		2,090		442		714
Reclassification adjustment to net income (loss)	—		(2,756)		28,198		25,442
Income tax (expense) benefit	—		735		(6,218)		(5,483)
Reclassification adjustment to net income (loss), net of tax	—		(2,021)		21,980		19,959
Other comprehensive income (loss), net of tax	(1,818)		69		22,422		20,673
Balance at September 30, 2023	$	(85,156)	$	(774)	$	(32,041)	$	(117,971)

The changes in accumulated other comprehensive income (loss) by component for the nine months ended September 30, 2023.


(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, 2023	$	(86,079)	$	(2,480)	$	(59,036)	$	(147,595)
Other comprehensive income (loss)	1,563		7,852		442		9,857
Income tax (expense) benefit	(640)		(2,228)		—		(2,868)
Other comprehensive income (loss), net of tax	923		5,624		442		6,989
Reclassification adjustment to net income (loss)	—		(5,350)		34,045		28,695
Income tax (expense) benefit	—		1,432		(7,492)		(6,060)
Reclassification adjustment to net income (loss), net of tax	—		(3,918)		26,553		22,635
Other comprehensive income (loss), net of tax	923		1,706		26,995		29,624
Balance at September 30, 2023	$	(85,156)	$	(774)	$	(32,041)	$	(117,971)

Consolidated Statements Of Shareholders' Equity (Parenthetical)	3 Months Ended
	Sep. 30, 2023 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends declared, per share	$ 0.26

Segment Reporting (Schedule Of Segment Reporting Information By Segment) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Sales		$ 174,966	$ 159,459	$ 527,189	$ 515,504
Sales as shown in the condensed consolidated statements of income (loss)		182,051	166,192	548,022	535,481
Total Segment Income (Loss)		7,118	(23,398)	38,252	(23,284)
Interest income		8	62	36	135
Interest expense		3,480	3,106	10,314	7,791
Gain on investment in kaléo				(144)	(262)
Stock option-based compensation costs		0	0	0	231
Pension settlement loss		0	25,612	0	25,612	$ 92,300
Corporate expenses, net		6,644	11,633	16,411	30,100
Income (loss) before income taxes		(2,998)	(63,687)	11,707	(86,621)
Income Tax Expense (Benefit)		948	(13,307)	3,573	(16,307)
Net Income (Loss)		(3,946)	(50,380)	8,134	(70,314)
kaleo [Member]
Segment Reporting Information [Line Items]
Gain on investment in kaléo	$ 0		0	144	262
Freight
Segment Reporting Information [Line Items]
Cost of Goods and Services Sold		7,085	6,733	20,833	19,977
Aluminum Extrusions [Member]
Segment Reporting Information [Line Items]
Sales		115,717	109,410	349,353	364,607
Earnings before interest, taxes, depreciation and amortization (EBITDA)		6,177	5,113	31,624	29,968
Depreciation, Depletion and Amortization		(4,404)	(4,683)	(13,392)	(13,252)
Earnings before interest and taxes (EBIT)		1,773	430	18,232	16,716
EBITDA		(2,170)	(1,483)	(4,986)	(1,821)
PE Films [Member]
Segment Reporting Information [Line Items]
Sales		24,879	19,938	78,811	56,036
Earnings before interest, taxes, depreciation and amortization (EBITDA)		5,876	4,037	22,913	6,700
Depreciation, Depletion and Amortization		(1,299)	(2,111)	(3,944)	(5,305)
Earnings before interest and taxes (EBIT)		4,577	1,926	18,969	1,395
EBITDA		0	(4,566)	(584)	(4,565)
Flexible Packaging Films [Member]
Segment Reporting Information [Line Items]
Earnings before interest, taxes, depreciation and amortization (EBITDA)		3,749	477	8,915	2,076
Depreciation, Depletion and Amortization		(708)	(704)	(2,191)	(2,115)
Earnings before interest and taxes (EBIT)		3,041	(227)	6,724	(39)
EBITDA		$ (103)	$ 0	$ (103)	$ (79)

Pension And Other Post-Retirement Benefits (Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Pension settlement loss	$ 0	$ 25,612	$ 0	$ 25,612	$ 92,300
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	0	0	0
Interest cost	20	2,786	57	8,842
Expected return on plan assets	0	(2,328)	0	(7,542)
Pension settlement loss	0	25,612	0	25,612
Amortization of prior service costs, (gains) losses and net transition asset	3	2,644	15	8,609
Net periodic benefit cost	23	28,714	72	35,521
Other Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	3	3	8	9
Interest cost	65	71	203	213
Expected return on plan assets	0	0	0	0
Pension settlement loss	0	0	0	0
Amortization of prior service costs, (gains) losses and net transition asset	(37)	(58)	(120)	(176)
Net periodic benefit cost	$ 31	$ 16	$ 91	$ 46

Derivative Financial Instruments (Schedule Of Pretax Effect On Net Income (Loss) And Other Comprehensive Income (Loss) Of Derivative Instruments Classified As Cash Flow Hedges) (Details) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Aluminum Futures Contracts \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	$ 10	$ 2,908	$ 56	$ 4,867
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion)	(153)	1,716	(662)	3,273
Foreign Currency Forwards \| Cost of goods sold
Derivative Instruments, Gain (Loss) [Line Items]
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	0	0	0	0
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion)	16	16	46	46
Foreign Currency Forwards \| Selling, general & admin
Derivative Instruments, Gain (Loss) [Line Items]
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	252	(621)	(1,491)	2,985
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion)	$ (144)	$ 1,024	$ 396	$ 2,031

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

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 futures contract fair values (Level 2) in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:


	September 30, 2024			December 31, 2023
(In thousands)	Balance Sheet Account	Fair Value		Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Prepaid expenses and other	$	354	Prepaid expenses and other	$	—

Liability derivatives: Aluminum futures contracts	Accrued expenses	(128)		Accrued expenses	(483)
Aluminum futures contracts	Other non-current liabilities	—		Other non-current liabilities	(9)
Net asset (liability)		$	226		$	(492)

The table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023:


	September 30, 2024			December 31, 2023
(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	$	219	Prepaid expenses and other	$	2,050
Foreign currency forward contracts	Other assets	—		Other assets	146
Liability derivatives: Foreign currency forward contracts	Accrued expenses	(299)		Other non-current liabilities	—

Net asset (liability)		$	(80)		$	2,196

Derivative, Description of Hedged Item

Terphane Ltda. had the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars as of September 30, 2024:


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


















$1,851	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%
$5,489	5.4402	R$29,861		85%

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]


	September 30, 2024			December 31, 2023
(In thousands)	Balance Sheet Account	Fair Value		Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Prepaid expenses and other	$	354	Prepaid expenses and other	$	—

Liability derivatives: Aluminum futures contracts	Accrued expenses	(128)		Accrued expenses	(483)
Aluminum futures contracts	Other non-current liabilities	—		Other non-current liabilities	(9)
Net asset (liability)		$	226		$	(492)


	September 30, 2024			December 31, 2023
(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	$	219	Prepaid expenses and other	$	2,050
Foreign currency forward contracts	Other assets	—		Other assets	146
Liability derivatives: Foreign currency forward contracts	Accrued expenses	(299)		Other non-current liabilities	—

Net asset (liability)		$	(80)		$	2,196

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

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 the three and nine month periods ended September 30, 2024 and 2023 is summarized in the table below:


	Cash Flow Derivative Hedges
	Three Months Ended September 30,
	Aluminum Futures Contracts				Foreign Currency Forwards
(In thousands)	2024		2023		2024				2023
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	$	10	$	2,908	$	—	$	252	$	—	$	(621)
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)	Cost of goods sold		Cost of goods sold		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 (loss) to net income (effective portion)	$	(153)	$	1,716	$	16	$	(144)	$	16	$	1,024
	Nine Months Ended September 30,
	Aluminum Futures Contracts				Foreign Currency Forwards
	2024		2023		2024				2023
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	$	56	$	4,867	$	—	$	(1,491)	$	—	$	2,985
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)	Cost of goods sold		Cost of goods sold		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 (loss) to net income (effective portion)	$	(662)	$	3,273	$	46	$	396	$	46	$	2,031

- 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

Inventories

9 Months Ended

Sep. 30, 2024

Inventory, Net [Abstract]

Inventories

The components of inventories are as follows:


(In thousands)	September 30, 2024		December 31, 2023
Finished goods	$	31,782	$	29,821
Work-in-process	8,332		7,830
Raw materials	23,497		21,939
Stores, supplies and other	24,447		22,447
Total	$	88,058	$	82,037

Basis Of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Basis Of Presentation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain (Loss) on Termination of Lease			$ 300
Goodwill, Impairment Loss	$ 0	$ 19,478	0	$ 34,891
Surface Protection Films [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Goodwill, Impairment Loss		19,500		34,900
Goodwill, Impairment Loss, Net of Tax		$ 15,100		$ 27,000
Third-Party Financial Institutions
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts Payable	$ 11,800		11,800		$ 15,800
Other Expense
Accounts, Notes, Loans and Financing Receivable [Line Items]
Business Exit Costs			$ 200

Subsequent Events - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Business Combination, Consideration Transferred, Other			$ 116,000
Proceeds from Divestiture of Businesses, Net of Cash Divested			60,000
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents	$ 2,000		2,000
Proceeds from Divestiture of Businesses			78,000
Proceeds from Divested Business in Escrow	7,000		7,000
Gain (Loss) on Disposition of Business			72,500
Gain (Loss) on Disposition of Business, net of tax			65,500
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax			100,000
Flexible Packaging Films [Member]
Subsequent Event [Line Items]
Net Assets	36,000		36,000
Earnings before interest, taxes, depreciation and amortization (EBITDA)	3,749	$ 477	8,915	$ 2,076
Tredegar intercompany
Subsequent Event [Line Items]
Disposal Group, Including Discontinued Operation, Liabilities	$ 20,000		$ 20,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized	150,000,000
Common Stock, Shares, Issued	34,510,556	34,408,638
Common Stock, Shares, Outstanding	34,510,556	34,408,638
Common Stock, Shares Held in Employee Trust, Shares	118,543

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues and other items:
Sales	$ 182,051	$ 166,192	$ 548,022	$ 535,481
Other income (expense), net	(22)	(51)	310	210
Total revenues, net of other expenses	182,029	166,141	548,332	535,691
Costs and expenses:
Selling, general and administrative	21,795	21,350	59,940	57,244
Research and development	475	794	994	3,375
Amortization of identifiable intangibles	462	465	1,410	1,433
Accrued pension and post-retirement benefits	54	3,118	163	9,955
Interest expense	3,480	3,106	10,314	7,791
Asset impairments and costs associated with exit and disposal activities, net of adjustments	0	4,633	587	4,702
Goodwill, Impairment Loss	0	19,478	0	34,891
Total	185,027	229,828	536,625	622,312
Income (loss) before income taxes	(2,998)	(63,687)	11,707	(86,621)
Income tax expense (benefit)	948	(13,307)	3,573	(16,307)
Net Income (Loss) Attributable to Parent, Total	$ (3,946)	$ (50,380)	$ 8,134	$ (70,314)
Earnings (loss) per share:
Basic (in dollars per share)	$ (0.11)	$ (1.47)	$ 0.24	$ (2.06)
Diluted (in dollars per share)	$ (0.11)	$ (1.47)	$ 0.24	$ (2.06)
Shares used to compute earnings (loss) per share:
Basic (in shares)	34,391	34,264	34,364	34,081
Diluted (in shares)	34,391	34,264	34,364	34,081
Cost of goods sold
Costs and expenses:
Cost of Goods and Services Sold	$ 151,676	$ 144,539	$ 442,384	$ 457,332
Freight
Costs and expenses:
Cost of Goods and Services Sold	$ 7,085	$ 6,733	$ 20,833	$ 19,977

Debt (Details) $ in Thousands, ¥ in Millions	9 Months Ended
Debt (Details) $ in Thousands, ¥ in Millions	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CNY (¥)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 180,000
Line of Credit, Maximum Borrowing Capacity after ABL Adjustment Date	$ 125,000
Line of Credit Facility, Remaining Borrowing Capacity	45,100
ABL revolving facility (matures June 30, 2026)	122,000		$ 126,322
Letters of Credit Outstanding, Amount	$ 12,900
Cash Dominion Availability after ABL Adjustment Date	0.125	0.125
Minimum Liquidity under ABL Facility	$ 10,000
Minimum Availability before ABL Adjustment Date	0.10	0.10
Debt Instrument, Periodic Payment, Principal	$ 1,700
Terphane Brazil Loan
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.99%
Other Borrowings	$ 20,000
Debt Instrument, Interest Rate, Stated Percentage	5.35%	5.35%
Tredegar intercompany
Line of Credit Facility [Line Items]
Other Borrowings	$ 20,000
Guangzhou Tredegar Loan
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.45%
Other Borrowings	$ 1,400	¥ 9.5
Debt Instrument, Interest Rate, Stated Percentage	3.35%	3.35%
Debt Instrument, Collateral Amount \| ¥		¥ 30.0
ABL Revolving Facility
Line of Credit Facility [Line Items]
ABL revolving facility (matures June 30, 2026)	$ 122,000
Sep-24 [Member]
Line of Credit Facility [Line Items]
Minimum EBITDA	25,370
Oct-24
Line of Credit Facility [Line Items]
Minimum EBITDA	26,070
Nov-24
Line of Credit Facility [Line Items]
Minimum EBITDA	27,640
Dec-24
Line of Credit Facility [Line Items]
Minimum EBITDA	29,640
Jan-25
Line of Credit Facility [Line Items]
Minimum EBITDA	29,740
Feb-25
Line of Credit Facility [Line Items]
Minimum EBITDA	29,850
Mar-25
Line of Credit Facility [Line Items]
Minimum EBITDA	29,980
Apr-23 [Member]
Line of Credit Facility [Line Items]
Minimum EBITDA	30,340
May-23 [Member]
Line of Credit Facility [Line Items]
Minimum EBITDA	30,700
Jun-23 [Member]
Line of Credit Facility [Line Items]
Minimum EBITDA	31,030
Jul-23 [Member]
Line of Credit Facility [Line Items]
Minimum EBITDA	31,370
Aug-23 [Member]
Line of Credit Facility [Line Items]
Minimum EBITDA	31,710
Sep-23 [Member]
Line of Credit Facility [Line Items]
Minimum EBITDA	$ 32,080
over 66% of $125 million aggregate commitment
Line of Credit Facility [Line Items]
Credit Spread Over London Interbank Offered Rate Basis Points	2.25%
Credit Spread over Alternate Base Rate Basis Points	0.01250	0.01250
Commitment Fee on Credit Facility, basis points	0.00400
less than 66% but over 33% of $125 million aggregate commitment
Line of Credit Facility [Line Items]
Credit Spread Over London Interbank Offered Rate Basis Points	2.50%
Credit Spread over Alternate Base Rate Basis Points	0.01500	0.01500
Commitment Fee on Credit Facility, basis points	0.00400
less than 33% of $125 million aggregate commitment
Line of Credit Facility [Line Items]
Credit Spread Over London Interbank Offered Rate Basis Points	2.75%
Credit Spread over Alternate Base Rate Basis Points	0.01750	0.01750
Commitment Fee on Credit Facility, basis points	0.00400
Base Rate
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.50%
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.50%

Accounts and Other Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts Receivable, before Allowance for Credit Loss, Current	$ 81,735	$ 67,183
Other Receivables, Gross, Current	2,327	3,056
Accounts Receivable, before Allowance for Credit Loss	84,062	70,239
Accounts Receivable, Allowance for Credit Loss	(2,426)	(2,301)
Accounts and other receivables, net	$ 81,636	$ 67,938

Earnings Per Share (Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted average shares outstanding used to compute basic earnings per share	34,391	34,264	34,364	34,081
Incremental dilutive shares attributable to stock options and restricted stock	0	0	0	0
Shares used to compute diluted earnings per share	34,391	34,264	34,364	34,081

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	1-10258
Entity Registrant Name	Tredegar Corporation
Entity Incorporation, State or Country Code	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, no par value
Trading Symbol	TG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000850429
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2024
Amendment Flag	false
Entity Common Stock, Shares Outstanding		34,360,952

Subsequent Events (Notes)	9 Months Ended
Subsequent Events (Notes)	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events [Text Block]	On September 1, 2023, the Company entered into an agreement to sell Terphane, headquartered in Brazil, to Oben for net cash-free and debt-free base consideration of $116 million. On November 1, 2024, Tredegar completed the sale of Terphane to Oben. At closing, Tredegar received $60 million in cash, which is net of Terphane debt assumed by Oben of $20 million and Terphane cash retained by Oben of $2 million. Accordingly, on a cash-free and debt-free basis, the enterprise value of the Terphane transaction at closing for Tredegar was $78 million. Tredegar anticipates receiving an additional $7 million in cash following the release of certain escrow funds within 120 days of closing. The cash proceeds received by Tredegar at closing are after deducting projected Brazil withholding taxes, net working capital adjustments, escrow funds, U.S. capital gains taxes and transaction expenses. The total estimated proceeds from the sale of Terphane are required to be used to pay down the outstanding ABL Facility debt. An estimated pre-tax loss on the sale of $72.5 million ($65.5 million after-tax) is expected to be recognized in the fourth quarter of 2024. The estimated net loss on sale includes $100 million of estimated cumulative translation adjustment losses and gains on derivative financial instruments reclassified from other comprehensive income (loss). Expected amounts are based on Terphane’s estimated closing balance sheet, which are subject to change. As of and for the nine months ended September 30, 2024, the Flexible Packaging Films business had net assets of approximately $36 million and EBITDA from ongoing operations of $8.9 million. See Note 9 where Flexible Packing Films is presented as a reportable segment. As a result of the completion of the sale, the Company will classify and report Terphane as discontinued operations in the fourth quarter of 2024.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

Summary of Derivative Instruments [Abstract]

Derivative Financial Instruments

Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions and exposure from currency volatility that exists as part of ongoing business operations in Flexible Packaging Films. These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the condensed consolidated balance sheet at fair value. 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 a small subset of its 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 have durations generally no longer than 12 months. The notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $6.0 million (4.3 million pounds of aluminum) at September 30, 2024 and $7.7 million (5.6 million pounds of aluminum) at December 31, 2023.


	September 30, 2024			December 31, 2023
(In thousands)	Balance Sheet Account	Fair Value		Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Prepaid expenses and other	$	354	Prepaid expenses and other	$	—

Liability derivatives: Aluminum futures contracts	Accrued expenses	(128)		Accrued expenses	(483)
Aluminum futures contracts	Other non-current liabilities	—		Other non-current liabilities	(9)
Net asset (liability)		$	226		$	(492)

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

The Company's earnings are exposed to foreign currency exchange risk primarily through the translation of the financial statements of subsidiaries that have a functional currency other than the U.S. Dollar. The Company estimates that the net mismatch translation exposure for the Flexible Packaging Film's business unit in Brazil (“Terphane Ltda.”) of its sales and raw materials quoted or priced in U.S. Dollars and its variable conversion, fixed conversion and sales, general and administrative costs (before depreciation and amortization) quoted or priced in Brazilian Real ("R$") will result in an annual net cost of R$139 million for the full year of 2024.

Terphane Ltda. had the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars as of September 30, 2024:


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


















$1,851	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%
$5,489	5.4402	R$29,861		85%

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 condensed consolidated statements of income.


	September 30, 2024			December 31, 2023
(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	$	219	Prepaid expenses and other	$	2,050
Foreign currency forward contracts	Other assets	—		Other assets	146
Liability derivatives: Foreign currency forward contracts	Accrued expenses	(299)		Other non-current liabilities	—

Net asset (liability)		$	(80)		$	2,196

These derivative contracts involve elements of market risk that are not reflected on the condensed 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 most credit-worthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions.


	Cash Flow Derivative Hedges
	Three Months Ended September 30,
	Aluminum Futures Contracts				Foreign Currency Forwards
(In thousands)	2024		2023		2024				2023
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	$	10	$	2,908	$	—	$	252	$	—	$	(621)
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)	Cost of goods sold		Cost of goods sold		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 (loss) to net income (effective portion)	$	(153)	$	1,716	$	16	$	(144)	$	16	$	1,024
	Nine Months Ended September 30,
	Aluminum Futures Contracts				Foreign Currency Forwards
	2024		2023		2024				2023
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	$	56	$	4,867	$	—	$	(1,491)	$	—	$	2,985
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)	Cost of goods sold		Cost of goods sold		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 (loss) to net income (effective portion)	$	(662)	$	3,273	$	46	$	396	$	46	$	2,031

As of September 30, 2024, the Company expects $0.1 million of unrealized after-tax gains on aluminum and foreign currency derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three and nine month periods ended September 30, 2024 and 2023, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.

Accounts and Other Receivables (Tables)

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

As of September 30, 2024 and December 31, 2023, accounts and other receivables, net include the following:


(In thousands)	September 30, 2024		December 31, 2023
Customer receivables	$	81,735	$	67,183
Other receivables	2,327		3,056
Total accounts and other receivables	84,062		70,239
Less: Allowance for bad debts	(2,426)		(2,301)
Total accounts and other receivables, net	$	81,636	$	67,938

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net Income (Loss) Attributable to Parent	$ 8,134	$ (70,314)
Adjustments for noncash items:
Depreciation	18,372	19,516
Amortization of identifiable intangibles	1,410	1,433
Reduction of right-of-use lease asset	1,735	1,633
Goodwill, Impairment Loss	0	34,891
Deferred income taxes	2,975	(16,820)
Accrued pension and post-retirement benefits	163	9,955
Pension settlement loss	0	25,612
Stock-based compensation expense	1,950	1,196
Gain on investment in kaléo	(144)	(262)
Write-down of Richmond, Virginia Technical Center assets	0	3,387
Changes in assets and liabilities:
Accounts and other receivables	(14,683)	14,630
Inventories	(8,711)	49,589
Income taxes recoverable/payable	(952)	(1,688)
Prepaid expenses and other	(286)	(142)
Accounts payable and accrued expenses	(3,454)	(27,970)
Lease liability	(2,118)	(1,669)
Pension and postretirement benefit plan contributions	(455)	(455)
Other, net	2,117	1,716
Net Cash Provided by (Used in) Operating Activities	6,053	44,238
Cash flows from investing activities:
Capital expenditures	(7,696)	(22,270)
Proceeds from Sale of Investment Projects	144	262
Net cash provided by (used in) investing activities	(7,469)	(22,008)
Cash flows from financing activities:
Borrowings	519,274	87,000
Debt principal payments	(522,240)	(69,000)
Dividends paid	0	(8,884)
Debt financing costs	(587)	(1,404)
Net cash provided by (used in) financing activities	(3,553)	7,712
Effect of exchange rate changes on cash	(1,898)	(570)
Increase (decrease) in cash, cash equivalents and restricted cash	(6,867)	29,372
Cash, cash equivalents, and restricted cash at beginning of period	13,455	19,232
Cash, cash equivalents, and restricted cash at end of period	6,588	48,604
Proceeds from Sale of Other Assets, Investing Activities	$ 83	$ 0

Segment Reporting (Schedule Of Identifiable Assets By Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Assets	$ 442,541	$ 446,461
Cash and cash equivalents	6,588	13,455	$ 48,604	$ 19,232
Operating Segments
Assets	442,540	446,461
Aluminum Extrusions [Member] \| Operating Segments
Assets	258,410	255,756
PE Films [Member] \| Operating Segments
Assets	57,989	56,536
Flexible Packaging Films [Member] \| Operating Segments
Assets	85,297	84,062
Subtotal \| Operating Segments
Assets	401,696	396,354
General Corporate \| Operating Segments
Assets	$ 34,256	$ 36,652

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,353,905	3,019,333	2,550,542	2,893,677

Inventories (Schedule Of Components Of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished goods	$ 31,782	$ 29,821
Work-in-process	8,332	7,830
Raw materials	23,497	21,939
Stores, supplies and other	24,447	22,447
Inventories	$ 88,058	$ 82,037

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,724	$ 9,660
Restricted Cash	3,864	3,795
Accounts and other receivables, net	81,636	67,938
Income taxes recoverable	954	1,182
Inventories	88,058	82,037
Prepaid expenses and other	11,026	12,065
Total current assets	188,262	176,677
Property, plant and equipment, at cost	541,608	541,046
Less: accumulated depreciation	(372,920)	(357,591)
Net property, plant and equipment	168,688	183,455
Right-of-use leased assets	15,663	11,848
Identifiable intangible assets, net	8,361	9,851
Goodwill	35,717	35,717
Deferred Income Tax Assets, Net	22,765	25,034
Other assets	3,085	3,879
Total assets	442,541	446,461
Current liabilities:
Accounts payable	89,070	95,023
Accrued expenses	24,000	24,442
Lease liability, short-term	2,824	2,107
Short-Term Debt	1,356	0
ABL revolving facility (matures June 30, 2026)	122,000	126,322
Income taxes payable	8	1,210
Total current liabilities	239,258	249,104
Lease liability, long-term	13,963	10,942
Long-term debt	20,000	20,000
Pension and other postretirement benefit obligations, net	6,464	6,643
Other non-current liabilities	4,408	4,119
Total liabilities	284,093	290,808
Shareholders’ equity:
Common stock, no par value (authorized shares 150,000,000, issued and outstanding 34,510,556 shares at September 30, 2024 and 34,408,638 shares at December 31, 2023)	63,031	61,606
Common stock held in trust for savings restoration plan (118,543 shares at September 30, 2024 and December 31, 2023)	(2,233)	(2,233)
Foreign currency translation adjustment	(88,777)	(83,037)
Gain (loss) on derivative financial instruments	(141)	801
Pension and other postretirement benefit adjustments	457	539
Retained earnings	186,111	177,977
Total shareholders’ equity	158,448	155,653
Total liabilities and shareholders’ equity	$ 442,541	$ 446,461

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Line Items]
Income Tax Expense (Benefit)	$ 948	$ (13,307)	$ 3,573	$ (16,307)
Income (loss) before income taxes	$ (2,998)	$ (63,687)	$ 11,707	$ (86,621)
Effective Income Tax Rate Reconciliation, Percent			30.50%	18.80%
Terphane Ltda [Member]
Income Taxes [Line Items]
Current Effective Tax Rate Including Social Contribution On Income			15.25%
Brazilian
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Including Social Contribution On Income			34.00%
Effective Income Tax Rate Reconciliation Federal Statutory Tax Rate Excluding Social Contribution On Income			25.00%
Effective income tax rate reconciliation social contribution on income			9.00%

Accumulated Other Comprehensive Income (Loss) (Schedule Of Reclassifications Of Balances Out Of Accumulated Other Comprehensive Income (Loss) Into Net Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	$ 159,964	$ 183,149	$ 155,653	$ 201,762
OCI, before Reclassifications, before Tax, Attributable to Parent	1,762	936	(7,641)	9,857
Other Comprehensive Income (Loss) before Reclassifications, Tax	(45)	(222)	741	(2,868)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	1,717	714	(6,900)	6,989
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	247	25,442	115	28,695
Reclassification from AOCI, Current Period, Tax	(72)	(5,483)	21	(6,060)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	175	19,959	136	22,635
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	1,892	20,673	(6,764)	29,624
Ending Balance	158,448	154,191	158,448	154,191
AOCI Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(90,353)	(138,644)	(81,697)	(147,595)
Ending Balance	(88,461)	(117,971)	(88,461)	(117,971)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(90,273)	(83,338)	(83,037)	(86,079)
OCI, before Reclassifications, before Tax, Attributable to Parent	1,500	(1,793)	(6,206)	1,563
Other Comprehensive Income (Loss) before Reclassifications, Tax	(4)	(25)	466	(640)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	1,496	(1,818)	(5,740)	923
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	0	0	0	0
Reclassification from AOCI, Current Period, Tax	0	0	0	0
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	0	0	0	0
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	1,496	(1,818)	(5,740)	923
Ending Balance	(88,777)	(85,156)	(88,777)	(85,156)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	(564)	(843)	801	(2,480)
OCI, before Reclassifications, before Tax, Attributable to Parent	262	2,287	(1,435)	7,852
Other Comprehensive Income (Loss) before Reclassifications, Tax	(41)	(197)	275	(2,228)
OCI, before Reclassifications, Net of Tax, Attributable to Parent	221	2,090	(1,160)	5,624
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	281	(2,756)	220	(5,350)
Reclassification from AOCI, Current Period, Tax	(79)	735	(2)	1,432
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	202	(2,021)	218	(3,918)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	423	69	(942)	1,706
Ending Balance	(141)	(774)	(141)	(774)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Beginning Balance	484	(54,463)	539	(59,036)
OCI, before Reclassifications, before Tax, Attributable to Parent	0	442	0	442
Other Comprehensive Income (Loss) before Reclassifications, Tax	0	0	0	0
OCI, before Reclassifications, Net of Tax, Attributable to Parent	0	442	0	442
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(34)	28,198	(105)	34,045
Reclassification from AOCI, Current Period, Tax	7	(6,218)	23	(7,492)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	(27)	21,980	(82)	26,553
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	(27)	22,422	(82)	26,995
Ending Balance	$ 457	$ (32,041)	$ 457	$ (32,041)

Segment Reporting Schedule of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 174,966	$ 159,459	$ 527,189	$ 515,504
Aluminum Extrusions [Member]
Disaggregation of Revenue [Line Items]
Sales	115,717	109,410	349,353	364,607
Aluminum Extrusions [Member] \| Nonresidential Building And Construction [Member]
Disaggregation of Revenue [Line Items]
Sales	61,988	59,476	195,603	203,889
Aluminum Extrusions [Member] \| Consumer Durables [Member]
Disaggregation of Revenue [Line Items]
Sales	8,581	8,662	25,487	30,723
Aluminum Extrusions [Member] \| Automotive [Member]
Disaggregation of Revenue [Line Items]
Sales	11,060	13,025	31,793	36,916
Aluminum Extrusions [Member] \| Residential Building And Construction [Member]
Disaggregation of Revenue [Line Items]
Sales	9,790	7,999	27,575	29,658
Aluminum Extrusions [Member] \| Electrical [Member]
Disaggregation of Revenue [Line Items]
Sales	8,926	2,016	21,983	16,223
Aluminum Extrusions [Member] \| Machinery and Equipment BNL [Domain]
Disaggregation of Revenue [Line Items]
Sales	13,131	14,202	37,995	36,008
Aluminum Extrusions [Member] \| Distribution [Member]
Disaggregation of Revenue [Line Items]
Sales	2,241	4,030	8,917	11,190
Aluminum Extrusions [Member] \| Aluminum Extrusions Subtotal [Member]
Disaggregation of Revenue [Line Items]
Sales	115,717	109,410	349,353	364,607
PE Films [Member]
Disaggregation of Revenue [Line Items]
Sales	24,879	19,938	78,811	56,036
PE Films [Member] \| Surface Protection Films [Member]
Disaggregation of Revenue [Line Items]
Sales	17,516	12,755	56,241	34,251
PE Films [Member] \| Personal Care Materials
Disaggregation of Revenue [Line Items]
Sales	7,363	7,183	22,570	21,785
PE Films [Member] \| Film Products Subtotal [Member]
Disaggregation of Revenue [Line Items]
Sales	24,879	19,938	78,811	56,036
Flexible Packaging Films [Member] [Domain]
Disaggregation of Revenue [Line Items]
Sales	34,370	30,111	99,025	94,861
UNITED STATES
Disaggregation of Revenue [Line Items]
Sales	133,157	125,407	407,465	409,433
Asia [Member] \| Exports From United States [Member]
Disaggregation of Revenue [Line Items]
Sales	11,875	7,873	34,534	19,082
Revenues	6,500	4,800	19,100	11,700
Asia [Member] \| Operations Outside United States [Member]
Disaggregation of Revenue [Line Items]
Sales	289	142	555	302
Latin America [Member] \| Exports From United States [Member]
Disaggregation of Revenue [Line Items]
Sales	1,395	1,764	4,121	5,440
CANADA \| Exports From United States [Member]
Disaggregation of Revenue [Line Items]
Sales	3,437	3,640	10,459	12,879
Europe [Member] \| Exports From United States [Member]
Disaggregation of Revenue [Line Items]
Sales	405	282	1,053	1,414
Brazil \| Operations Outside United States [Member]
Disaggregation of Revenue [Line Items]
Sales	$ 24,408	$ 20,351	$ 69,002	$ 66,954

Pension And Other Post-Retirement Benefits

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Pension And Other Post-Retirement Benefits

Tredegar sponsored a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. As of January 31, 2018, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing all future benefits under the plan. On February 10, 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan 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, and the remaining pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company. During 2023, the Company recognized a total pre-tax pension settlement loss of $92.3 million.

During the third quarter of 2023, the Company remeasured the pension plan, which resulted in a pre-tax pension settlement loss in the condensed 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.

Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. Pension expense recognized for this plan was immaterial in the three and nine months ended September 30, 2024 and 2023. This information has been included in the pension benefit table below.

The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the condensed consolidated statements of income for the three and nine months ended September 30, 2024 and 2023, are shown below:


	Pension Benefits				Other Post-Retirement Benefits
	Three Months Ended September 30,				Three Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Service cost	$	—	$	—	$	3	$	3
Interest cost	20		2,786		65		71
Expected return on plan assets	—		(2,328)		—		—
Pension settlement loss(a)	—		25,612		—		—
Amortization of prior service costs, (gains) losses and net transition asset	3		2,644		(37)		(58)
Net periodic benefit cost	$	23	$	28,714	$	31	$	16

	Pension Benefits				Other Post-Retirement Benefits
	Nine Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Service cost	$	—	$	—	$	8	$	9
Interest cost	57		8,842		203		213
Expected return on plan assets	—		(7,542)		—		—
Pension settlement loss(a)	—		25,612		—		—
Amortization of prior service costs, (gains) losses and net transition asset	15		8,609		(120)		(176)
Net periodic benefit cost	$	72	$	35,521	$	91	$	46
(a) Pension settlement loss, included in the consolidated statements of operation, represents pension settlement charges due to lump sum payments to participants.

Pension and other postretirement liabilities were $7.1 million and $7.3 million at September 30, 2024 and December 31, 2023, respectively ($0.7 million included in “Accrued expenses” at September 30, 2024 and December 31, 2023 with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets).

Tredegar funds its other postretirement benefits on a claims-made basis; for 2024, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2023, or approximately $0.4 million.

- 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
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-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

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

Diluted earnings per share is computed by dividing net income (loss) by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:


	Three Months Ended September 30,		Nine Months Ended September 30,
(In thousands)	2024	2023	2024	2023
Weighted average shares outstanding used to compute basic earnings per share	34,391	34,264	34,364	34,081
Incremental dilutive shares attributable to stock options and restricted stock	—	—	—	—
Shares used to compute diluted earnings per share	34,391	34,264	34,364	34,081

Derivative Financial Instruments (Narrative) (Details) R$ in Thousands, $ in Thousands, lbs in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) lbs	Sep. 30, 2024 BRL (R$)	Sep. 30, 2024 BRL (R$) lbs	Dec. 31, 2023 USD ($) lbs
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 100
Aluminum Futures Contracts
Derivative [Line Items]
Derivative, Notional Amount	$ 6,000			$ 7,700
Commitment Under Cash Flow Hedges, Mass \| lbs	4.3		4.3	5.6
Terphane Ltda [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 5,489		R$ 29,861
Terphane Ltda [Member] \| Oct-2018 [Member]
Derivative [Line Items]
Annual Net Costs Mismatch Translation Exposure - Real vs US Dollar \| R$		R$ 139,000

Derivative Financial Instruments (Summary Of Location And Fair Value Of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	$ (80)	$ 2,196
Derivatives Designated As Hedging Instruments [Member] \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives: Fair Value	(299)	0
Derivatives Designated As Hedging Instruments [Member] \| Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	0	146
Derivatives Designated As Hedging Instruments [Member] \| Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	219	2,050
Derivatives Designated As Hedging Instruments [Member] \| Aluminum Futures Contracts
Derivatives, Fair Value [Line Items]
Derivative Assets (Liabilities), at Fair Value, Net	226	(492)
Derivatives Designated As Hedging Instruments [Member] \| Aluminum Futures Contracts \| Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives: Fair Value	128	483
Derivatives Designated As Hedging Instruments [Member] \| Aluminum Futures Contracts \| Other non-current liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives: Fair Value	0	9
Derivatives Designated As Hedging Instruments [Member] \| Aluminum Futures Contracts \| Prepaid Expenses and Other Current Assets
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 354	$ 0

Consolidated Statements Of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Retained Earnings [Member]	Trust For Saving Restoration Plan [Member]	AOCI Attributable to Parent [Member]
Beginning Balance at Dec. 31, 2022	$ 201,762	$ 58,824	$ 292,721	$ (2,188)	$ (147,595)
Net Income (Loss)	(70,314)		(70,314)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	923				923
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	1,706				1,706
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	6,522				6,522
Dividends, Common Stock, Cash	(8,884)		(8,884)
Share Based Compensation Expense, Value	2,257	2,257
Stock Issued During Period, Value, Stock Options Exercised	(254)	(254)
Tredegar Common Stock Purchased by Trust for Savings Restoration Plan			45	(45)
Ending Balance at Sep. 30, 2023	154,191	60,827	213,568	(2,233)	(117,971)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	442				442
Post-Tax Actuarial Loss for Pension Settlement	20,031				20,031
Beginning Balance at Jun. 30, 2023	183,149	60,078	263,933	(2,218)	(138,644)
Net Income (Loss)	(50,380)		(50,380)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(1,818)				(1,818)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	69				69
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	1,949				1,949
Share Based Compensation Expense, Value	749	749
Tredegar Common Stock Purchased by Trust for Savings Restoration Plan			15	(15)
Ending Balance at Sep. 30, 2023	154,191	60,827	213,568	(2,233)	(117,971)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	442				442
Post-Tax Actuarial Loss for Pension Settlement	20,031				20,031
Beginning Balance at Dec. 31, 2023	155,653	61,606	177,977	(2,233)	(81,697)
Net Income (Loss)	8,134		8,134
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(5,740)				(5,740)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	(942)				(942)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	(82)				(82)
Share Based Compensation Expense, Value	1,651	1,651
Stock Issued During Period, Value, Stock Options Exercised	(226)	(226)
Ending Balance at Sep. 30, 2024	158,448	63,031	186,111	(2,233)	(88,461)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax					0
Post-Tax Actuarial Loss for Pension Settlement					0
Beginning Balance at Jun. 30, 2024	159,964	62,493	190,057	(2,233)	(90,353)
Net Income (Loss)	(3,946)		(3,946)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1,496				1,496
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	423				423
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	(27)				(27)
Share Based Compensation Expense, Value	538	538
Ending Balance at Sep. 30, 2024	$ 158,448	$ 63,031	$ 186,111	$ (2,233)	(88,461)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax					0
Post-Tax Actuarial Loss for Pension Settlement					$ 0

Pension And Other Post-Retirement Benefits (Tables)

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Schedule Of Components Of Net Periodic Benefit Cost For Pension And Other Post-Retirement Benefit Programs


	Pension Benefits				Other Post-Retirement Benefits
	Three Months Ended September 30,				Three Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Service cost	$	—	$	—	$	3	$	3
Interest cost	20		2,786		65		71
Expected return on plan assets	—		(2,328)		—		—
Pension settlement loss(a)	—		25,612		—		—
Amortization of prior service costs, (gains) losses and net transition asset	3		2,644		(37)		(58)
Net periodic benefit cost	$	23	$	28,714	$	31	$	16

	Pension Benefits				Other Post-Retirement Benefits
	Nine Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Service cost	$	—	$	—	$	8	$	9
Interest cost	57		8,842		203		213
Expected return on plan assets	—		(7,542)		—		—
Pension settlement loss(a)	—		25,612		—		—
Amortization of prior service costs, (gains) losses and net transition asset	15		8,609		(120)		(176)
Net periodic benefit cost	$	72	$	35,521	$	91	$	46
(a) Pension settlement loss, included in the consolidated statements of operation, represents pension settlement charges due to lump sum payments to participants.

Debt (Notes)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

ABL Facility

On December 27, 2023, the Company entered into Amendment No. 3 to the Second Amended and Restated Credit Agreement (the "Credit Agreement"), which provides the Company with a $180 million senior secured asset-based revolving credit facility that will mature on June 30, 2026. On April 16, 2024, the Company entered into Amendment No. 4 to the Credit Agreement (as amended by Amendment No. 3 and Amendment No. 4, the “ABL Facility”) that, among other items: (i) moves the ABL Adjustment Date (defined below) from March 31, 2025 to September 30, 2025 and (ii) requires weekly reporting of the borrowing base financial covenant until the ABL Adjustment Date. 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 September 30, 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 September 30, 2024, Minimum Liquidity (as defined in the ABL Facility) of $45.1 million, after reducing the borrowing base by the aggregate outstanding borrowings of $122.0 million and standby letters of credit of $12.9 million, was in excess of the $10 million Minimum Liquidity financial covenant.

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 Secured Overnight Financing Rate ("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 Second Amended and Restated 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 are as follows:

•Until the ABL Adjustment Date, the Company is required to maintain (i) a 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 of $10.0 million.


Minimum Credit EBITDA (In thousands)
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
April 2025	30,340
May 2025	30,700
June 2025	31,030
July 2025	31,370
August 2025	31,710
September 2025	$	32,080

•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. After the ABL Adjustment Date, the Company is no longer prohibited from making dividend payments and share repurchases. All decisions with respect to the declaration and payment of future dividends and share repurchases will be made by the Board in its sole discretion based upon earnings, financial condition, anticipated cash needs and other such considerations as the Board deems relevant.

If at any time the availability under the ABL facility after the ABL Adjustment Date is less than 20% of the maximum aggregate principal amount in effect at such time or an Event of Default occurs, the Company’s current weekly reporting requirements to lenders will continue until the Event of Default is waived, cured or the availability under the ABL facility is above 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 was in effect as of September 30, 2024 and December 31, 2023 and the Company was 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) was classified as a current liability in the condensed consolidated balance sheets as of the dates presented.

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 September 30, 2024, the Company was in compliance with all debt covenants.

On November 1, 2024, with the closing of the Terphane Sale, the ABL Adjustment Date has occurred.

Terphane Brazil Loan

On October 26, 2023, Flexible Packaging Film's business unit (“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 SOFR plus 5.99%. The SOFR rate was 5.35% as of September 30, 2024. Quarterly principal payments of $1.7 million begin starting in year 3 of the loan. There are no prepayment penalties. On October 26, 2023, the Company borrowed $20 million from Terphane Ltda. (the “Intercompany Loan”) at the same interest rate as the Terphane Brazil Loan, thereby transferring the funds to the U.S. In connection with the closing of the Terphane Sale, both the Terphane Brazil Loan and the Intercompany Loan were assumed by Oben.

PE Films Guangzhou Loan

On June 25, 2024, PE Films' business location in Guangzhou, China, Guangzhou Tredegar Film Products Co., Ltd. (“Guangzhou Tredegar”), entered into a 9.5 million Chinese Yuan, which is equivalent to $1.4 million as of September 30, 2024, revolving loan with the Industrial and Commercial Bank of China. The loan matures on July 3, 2025. The interest rate is the one year loan prime rate published by the National Interbank Funding Center for the working day immediately preceding the drawdown date, minus 0.45%. As of September 30, 2024, the National Interbank Funding Center rate was 3.35%. The revolving loan is secured by a mortgage contract listing the Guangzhou Tredegar factory building as collateral. The mortgage contract has a maximum value of 30 million Chinese Yuan and is effective from June 25, 2024 through May 31, 2027.

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: 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 19: 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 20: 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 21: 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

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule Of Segment Reporting Information By Segment

The following table presents net sales and EBITDA from ongoing operations by segment for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Net Sales
Aluminum Extrusions	$	115,717	$	109,410	$	349,353	$	364,607
PE Films	24,879		19,938		78,811		56,036
Flexible Packaging Films	34,370		30,111		99,025		94,861
Total net sales	174,966		159,459		527,189		515,504
Add back freight	7,085		6,733		20,833		19,977
Sales as shown in the condensed consolidated statements of income (loss)	$	182,051	$	166,192	$	548,022	$	535,481
EBITDA from Ongoing Operations
Aluminum Extrusions:
Ongoing operations:
EBITDA	$	6,177	$	5,113	$	31,624	$	29,968
Depreciation & amortization	(4,404)		(4,683)		(13,392)		(13,252)
EBIT	1,773		430		18,232		16,716
Plant shutdowns, asset impairments, restructurings and other	(2,170)		(1,483)		(4,986)		(1,821)
PE Films:
Ongoing operations:
EBITDA	5,876		4,037		22,913		6,700
Depreciation & amortization	(1,299)		(2,111)		(3,944)		(5,305)
EBIT	4,577		1,926		18,969		1,395
Plant shutdowns, asset impairments, restructurings and other	—		(4,566)		(584)		(4,565)
Goodwill impairment	—		(19,478)		—		(34,891)
Flexible Packaging Films:
Ongoing operations:
EBITDA	3,749		477		8,915		2,076
Depreciation & amortization	(708)		(704)		(2,191)		(2,115)
EBIT	3,041		(227)		6,724		(39)
Plant shutdowns, asset impairments, restructurings and other	(103)		—		(103)		(79)
Total	7,118		(23,398)		38,252		(23,284)
Interest income	8		62		36		135
Interest expense	3,480		3,106		10,314		7,791
Gain on investment in kaleo, Inc.	—		—		144		262
Stock option-based compensation costs	—		—		—		231
Pension settlement loss	—		25,612		—		25,612
Corporate expenses, net	6,644		11,633		16,411		30,100
Income (loss) before income taxes	(2,998)		(63,687)		11,707		(86,621)
Income tax expense (benefit)	948		(13,307)		3,573		(16,307)
Net income (loss)	$	(3,946)	$	(50,380)	$	8,134	$	(70,314)

Schedule Of Identifiable Assets By Segment

The following table presents identifiable assets by segment at September 30, 2024 and December 31, 2023:


(In thousands)	September 30, 2024		December 31, 2023
Aluminum Extrusions	$	258,410	$	255,756
PE Films	57,989		56,536
Flexible Packaging Films	85,297		84,062
Subtotal	401,696		396,354
General corporate	34,256		36,652
Cash, cash equivalents and restricted cash	6,588		13,455
Total	$	442,540	$	446,461

Disaggregation of Revenue [Table Text Block]

The following tables disaggregate the Company’s revenue by geographic area and product group for the three and nine months ended September 30, 2024 and 2023:


Net Sales by Geographic Area (a)
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
United States	$	133,157	$	125,407	$	407,465	$	409,433
Exports from the United States to:
Asia	11,875		7,873		34,534		19,082
Latin America	1,395		1,764		4,121		5,440
Canada	3,437		3,640		10,459		12,879
Europe	405		282		1,053		1,414
Operations outside the United States:
Brazil	24,408		20,351		69,002		66,954
Asia	289		142		555		302
Total	$	174,966	$	159,459	$	527,189	$	515,504
(a) Export sales relate mostly to PE Films. Operations in Brazil relate to Flexible Packaging Films.


Net Sales by Product Group
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2024		2023		2024		2023
Aluminum Extrusions:
Nonresidential building & construction	$	61,988	$	59,476	$	195,603	$	203,889
Consumer durables	8,581		8,662		25,487		30,723
Automotive	11,060		13,025		31,793		36,916
Residential building & construction	9,790		7,999		27,575		29,658
Electrical	8,926		2,016		21,983		16,223
Machinery & equipment	13,131		14,202		37,995		36,008
Distribution	2,241		4,030		8,917		11,190
Subtotal	115,717		109,410		349,353		364,607
PE Films:
Surface protection films	17,516		12,755		56,241		34,251
Overwrap packaging	7,363		7,183		22,570		21,785
Subtotal	24,879		19,938		78,811		56,036
Flexible Packaging Films	34,370		30,111		99,025		94,861
Total	$	174,966	$	159,459	$	527,189	$	515,504

Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Income (Loss) Attributable to Parent	$ (3,946)	$ (50,380)	$ 8,134	$ (70,314)
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1,496	(1,818)	(5,740)	923
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	423	69	(942)	1,706
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax		442		442
Post-Tax Actuarial Loss for Pension Settlement		20,031		20,031
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	(27)	1,949	(82)	6,522
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total	1,892	20,673	(6,764)	29,624
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	(2,054)	(29,707)	1,370	(40,690)
Retained Earnings [Member]
Net Income (Loss) Attributable to Parent	(3,946)	(50,380)	8,134	(70,314)
AOCI Attributable to Parent [Member]
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1,496	(1,818)	(5,740)	923
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	423	69	(942)	1,706
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, after Tax	0	442	0	442
Post-Tax Actuarial Loss for Pension Settlement	0	20,031	0	20,031
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	$ (27)	$ 1,949	$ (82)	$ 6,522

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Sep. 30, 2024
Basis Of Presentation [Abstract]
Basis Of Presentation	In the opinion of management, the accompanying condensed consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of September 30, 2024, the condensed consolidated results of operations for the three and nine months ended September 30, 2024 and 2023, the condensed consolidated cash flows for the nine months ended September 30, 2024 and 2023, and the condensed consolidated changes in shareholders’ equity for the three and nine months ended September 30, 2024 and 2023, in accordance with U.S. generally accepted accounting principles (“GAAP”). All such adjustments, unless otherwise detailed in the notes to the condensed consolidated financial statements, are deemed to be of a normal, recurring nature. The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. As such, the fiscal third quarter for 2024 and 2023 for this segment references 13-week periods ended September 29, 2024 and September 24, 2023, respectively. The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results. The Company may fund or receive cash from the Aluminum Extrusions segment based on Aluminum Extrusion’s cash flows from operations during the intervening period from Aluminum Extrusion’s fiscal quarter end and the Company’s fiscal quarter end. The condensed consolidated financial statements as of December 31, 2023 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the 2023 Form 10-K. The results of operations for the three and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for the full year. Sale of Flexible Packaging Films On September 1, 2023, the Company announced that it had entered into a definitive agreement to sell its Flexible Packaging Films business (also referred to as "Terphane") to Oben Group (the "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. The Colombian authority cleared the merger review regarding the transaction in early February 2024. On October 27, 2023, the Company filed the requisite competition forms with the Administrative Council for Economic Defense (“CADE”) in Brazil. As part of the Brazilian merger review process regarding the sale of Terphane to Oben Group ("Oben"), on May 13, 2024, the General Superintendence of the Administrative Council for Economic Defense ("SG-CADE") issued a non-binding opinion ("SG Opinion") recommending the rejection of the transaction. Following this first stage of the two-stage Brazilian merger review process for complex transactions, the case was submitted to the CADE Tribunal, in accordance with the customary Brazilian merger review process. As of September 30, 2024, the Company reported results for Terphane as a continuing operation, due to the uncertainty related to the Brazilian merger review process. On October 16, 2024, CADE approved a merger control agreement allowing Tredegar to proceed with the sale of Terphane to Oben. This approval was the indication that the sale of Terphane was probable. Refer to Note 11 for additional information. Closure of PE Films Technical Center 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. Research & development activities for PE Films are now being performed at the production 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. All activities ceased at the PE Films technical center in Richmond, VA as of the end of the first quarter of 2024. The Company recognized expense incurred through September 30, 2024 associated with the exit activities of $0.2 million for building closure costs. In addition, the Company recognized a non-cash loss on the lease abandonment ($0.3 million). Supply Chain Financing As of September 30, 2024 and December 31, 2023, $11.8 million and $15.8 million, respectively, of the Company’s accounts payable were financed by participating suppliers through third-party financial institutions. 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). As of September 30, 2024, the Company’s reporting units with goodwill were Surface Protection in PE Films ("Surface Protection") and Futura in Aluminum Extrusions (“Futura”). No events or circumstances were identified during the third quarter of 2024 that indicate that Surface Protection's fair value is more likely than not less than its carrying amount. No events or circumstances were identified during the third quarter of 2023 that indicated that Futura’s fair value was more likely than not less than its carrying amount. Uncertainty about the timing of a recovery in the consumer electronics market persists, and manufacturers in the supply chain for consumer electronics continue 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 of the Surface Protection component of PE Films, as of September 30, 2023. This analysis utilized projections that contemplate the expected market recovery and business conditions, including for its three significant customers, as these events indicated Surface Protection’s fair value is more likely than not less than its carrying amount. The Company estimated the fair value of Surface Protection at September 30, 2023 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. The analysis concluded that the fair value of Surface Protection was less than its carrying value, thus a non-cash partial goodwill impairment of $19.5 million ($15.1 million after deferred income tax benefits) was recognized during the third quarter of 2023 and $34.9 million ($27.0 million after deferred income tax benefits) during the first nine months of 2023. Accounting standards not yet adopted

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Tredegar recorded tax expense (benefit) of $3.6 million on pre-tax income (loss) of $11.7 million in the first nine months of 2024. The effective tax rate in the first nine months of 2024 was 30.5% and 18.8% in the first nine months of 2023. The change in effective tax rate was primarily due to pre-tax income in the first nine months of 2024 versus a pre-tax loss in the first nine months of 2023. During the first nine months of 2024, Tredegar increased the valuation allowance on existing deferred tax assets as a result of the sale of Terphane by $1.0 million. The effective tax rate for the first nine months of 2024 varies from the 21% statutory rate primarily due to foreign rate differences and non-deductible expenses offset by Brazilian tax incentives and federal tax credits. 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 Ltda.’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 to 15.25% levied on the operating profit on certain of its products. The incentives have been granted for a 10-year period, from the commencement date of January 1, 2015 and were to expire at the end of 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 17
-Subparagraph (b)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: 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

Accounts and Other Receivables

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

Accounts and Other Receivables

As of September 30, 2024 and December 31, 2023, accounts and other receivables, net include the following:


(In thousands)	September 30, 2024		December 31, 2023
Customer receivables	$	81,735	$	67,183
Other receivables	2,327		3,056
Total accounts and other receivables	84,062		70,239
Less: Allowance for bad debts	(2,426)		(2,301)
Total accounts and other receivables, net	$	81,636	$	67,938