Company Quick10K Filing
Tredegar
Price19.40 EPS2
Shares33 P/E8
MCap647 P/FCF7
Net Debt23 EBIT86
TEV670 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-03-04
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-03-04
8-K 2020-05-11 Earnings, Exhibits
8-K 2020-03-26 Amend Bylaw, Exhibits
8-K 2020-03-16 Earnings, Exhibits
8-K 2020-01-28 Officers
8-K 2019-11-06 Earnings, Exhibits
8-K 2019-10-08 Other Events, Exhibits
8-K 2019-08-08 Earnings, Exhibits
8-K 2019-06-28 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-10 Earnings, Exhibits
8-K 2019-05-02 Shareholder Vote, Regulation FD, Exhibits
8-K 2019-03-19 Earnings, Exhibits
8-K 2019-02-22 Officers
8-K 2018-11-09 Earnings, Exhibits
8-K 2018-11-01 Other Events
8-K 2018-08-16 Officers, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-04 Exit Costs
8-K 2018-05-10 Officers
8-K 2018-05-02 Earnings, Exhibits
8-K 2018-05-01 Accountant, Officers, Shareholder Vote, Regulation FD, Exhibits
8-K 2018-02-22 Earnings, Exhibits
8-K 2018-02-19 Officers

TG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-10.18 tg-ex101820200331x10qx.htm
EX-10.19 tg-ex101920200331x10qx.htm
EX-10.20 tg-ex102020200331x10qx.htm
EX-31.1 tg-ex31120200331x10q.htm
EX-31.2 tg-ex31220200331x10q.htm
EX-32.1 tg-ex32120200331x10q.htm
EX-32.2 tg-ex32220200331x10q.htm

Tredegar Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
0.90.70.50.40.20.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12013201520172019
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

tg-20200331
TREDEGAR CORP000085042912/31Accelerated Filer10-QFalseFalseTrueFalseYesFalse3/31/20202020Q1FALSE33,510,7143,1653,03633,510,71433,365,03933,510,71433,365,03975,20074,7981,2831,226838365921,2831,2831,2261,22683838368365925920.120.120.110.117.569.495.50.70.600008504292020-01-012020-03-31xbrli:shares00008504292019-11-01iso4217:USD00008504292020-03-3100008504292019-12-31iso4217:USDxbrli:shares00008504292019-01-012019-03-310000850429us-gaap:ProductMember2020-01-012020-03-310000850429us-gaap:ProductMember2019-01-012019-03-310000850429us-gaap:ShippingAndHandlingMember2020-01-012020-03-310000850429us-gaap:ShippingAndHandlingMember2019-01-012019-03-3100008504292018-12-3100008504292019-03-310000850429us-gaap:CommonStockMember2019-12-310000850429us-gaap:RetainedEarningsMember2019-12-310000850429tg:TrustForSavingRestorationPlanMember2019-12-310000850429us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000850429us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-12-310000850429us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000850429us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-03-310000850429us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-03-310000850429us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000850429us-gaap:RetainedEarningsMember2020-01-012020-03-310000850429us-gaap:CommonStockMember2020-01-012020-03-310000850429tg:TrustForSavingRestorationPlanMember2020-01-012020-03-310000850429us-gaap:CommonStockMember2020-03-310000850429us-gaap:RetainedEarningsMember2020-03-310000850429tg:TrustForSavingRestorationPlanMember2020-03-310000850429us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310000850429us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-03-310000850429us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310000850429us-gaap:CommonStockMember2018-12-310000850429us-gaap:RetainedEarningsMember2018-12-310000850429tg:TrustForSavingRestorationPlanMember2018-12-310000850429us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000850429us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2018-12-310000850429us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000850429us-gaap:RetainedEarningsMember2019-01-012019-03-310000850429us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-03-310000850429us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-01-012019-03-310000850429us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-03-310000850429us-gaap:CommonStockMember2019-01-012019-03-310000850429tg:TrustForSavingRestorationPlanMember2019-01-012019-03-310000850429us-gaap:CommonStockMember2019-03-310000850429us-gaap:RetainedEarningsMember2019-03-310000850429tg:TrustForSavingRestorationPlanMember2019-03-310000850429us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310000850429us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-03-310000850429us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-03-310000850429tg:OtherAccruedExpensesMember2020-03-310000850429tg:OtherAccruedExpensesMember2019-12-310000850429tg:AluminumExtrusionsMembertg:AacoaMember2020-01-012020-03-310000850429tg:AluminumExtrusionsMember2020-01-012020-03-310000850429tg:OriginalBudgetMembertg:AluminumExtrusionsMembertg:AacoaMember2020-01-012020-12-310000850429tg:RevisedCOVID19BudgetMembertg:AluminumExtrusionsMembertg:AacoaMember2020-01-012020-12-310000850429tg:PEFilmsMembertg:FilmProductsManufacturingFacilityInLakeZurichIllinoisMembertg:PersonalCareMaterialsMemberus-gaap:OtherRestructuringMember2019-07-012020-12-310000850429tg:PEFilmsMembertg:FilmProductsManufacturingFacilityInLakeZurichIllinoisMembertg:PersonalCareMaterialsMemberus-gaap:OtherRestructuringMember2020-01-012020-03-310000850429us-gaap:EmployeeSeveranceMember2019-12-310000850429tg:LongLivedAssetImpairmentMember2019-12-310000850429us-gaap:EmployeeSeveranceMember2020-01-012020-03-310000850429us-gaap:OtherRestructuringMembertg:PEFilmsMember2020-01-012020-03-310000850429tg:OtherAccruedExpensesMember2020-01-012020-03-310000850429tg:LongLivedAssetImpairmentMember2020-01-012020-03-310000850429us-gaap:EmployeeSeveranceMember2020-03-310000850429tg:LongLivedAssetImpairmentMember2020-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembertg:AluminumFuturesContractsMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:SellingGeneralAndAdministrativeExpensesMembertg:ForeignCurrencyForwardContractsMember2020-01-012020-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:CostOfSalesMembertg:ForeignCurrencyForwardContractsMember2020-01-012020-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2020-01-012020-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMembertg:AluminumFuturesContractsMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-01-012019-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:SellingGeneralAndAdministrativeExpensesMembertg:ForeignCurrencyForwardContractsMember2019-01-012019-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMemberus-gaap:CostOfSalesMembertg:ForeignCurrencyForwardContractsMember2019-01-012019-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2019-01-012019-03-310000850429us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-03-310000850429tg:KaleoMember2008-12-31xbrli:pure0000850429tg:KaleoMember2020-01-012020-03-310000850429tg:KaleoMember2020-03-310000850429tg:KaleoMember2019-12-310000850429tg:KaleoMember2019-01-012019-03-310000850429tg:KaleoMemberus-gaap:MeasurementInputDiscountRateMembertg:DCFMethodforFairValueEstimateMember2020-01-012020-03-310000850429tg:KaleoMemberus-gaap:MeasurementInputDiscountRateMembertg:DCFMethodforFairValueEstimateMember2019-01-012019-12-310000850429tg:KaleoMemberus-gaap:MeasurementInputDiscountRateMembertg:DCFMethodforFairValueEstimateMember2019-01-012019-03-310000850429tg:KaleoMembertg:EBITDAMultipleMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A20Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A70xMembertg:DCFMethodforFairValueEstimateMember2020-01-012020-03-310000850429tg:KaleoMembertg:A80xMembertg:DCFMethodforFairValueEstimateMember2020-01-012020-03-310000850429tg:KaleoMembertg:DCFMethodforFairValueEstimateMembertg:A90xMember2020-01-012020-03-310000850429tg:KaleoMembertg:A100xMembertg:DCFMethodforFairValueEstimateMember2020-01-012020-03-310000850429tg:A110xMembertg:KaleoMembertg:DCFMethodforFairValueEstimateMember2020-01-012020-03-310000850429tg:A50DomainDomaintg:KaleoMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A50DomainDomaintg:KaleoMembertg:A70xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A50DomainDomaintg:KaleoMembertg:A80xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A50DomainDomaintg:KaleoMembertg:DCFMethodforFairValueEstimateMembertg:A90xMember2020-03-310000850429tg:A50DomainDomaintg:KaleoMembertg:A100xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A50DomainDomaintg:A110xMembertg:KaleoMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A40Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A70xMembertg:A40Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A80xMembertg:A40Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A40Domaintg:DCFMethodforFairValueEstimateMembertg:A90xMember2020-03-310000850429tg:KaleoMembertg:A100xMembertg:A40Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A110xMembertg:KaleoMembertg:A40Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A30Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A70xMembertg:A30Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A30Domaintg:A80xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A30Domaintg:DCFMethodforFairValueEstimateMembertg:A90xMember2020-03-310000850429tg:KaleoMembertg:A30Domaintg:A100xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A110xMembertg:KaleoMembertg:A30Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A70xMembertg:A20Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A80xMembertg:A20Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A20Domaintg:DCFMethodforFairValueEstimateMembertg:A90xMember2020-03-310000850429tg:KaleoMembertg:A100xMembertg:A20Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A110xMembertg:KaleoMembertg:A20Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A10Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A70xMembertg:A10Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A80xMembertg:A10Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:KaleoMembertg:A10Domaintg:DCFMethodforFairValueEstimateMembertg:A90xMember2020-03-310000850429tg:KaleoMembertg:A100xMembertg:A10Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A110xMembertg:KaleoMembertg:A10Domaintg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A0Domaintg:KaleoMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A0Domaintg:KaleoMembertg:A70xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A0Domaintg:KaleoMembertg:A80xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A0Domaintg:KaleoMembertg:DCFMethodforFairValueEstimateMembertg:A90xMember2020-03-310000850429tg:A0Domaintg:KaleoMembertg:A100xMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:A0Domaintg:A110xMembertg:KaleoMembertg:DCFMethodforFairValueEstimateMember2020-03-310000850429tg:AluminumFuturesContractsMember2020-03-31tg:lbs0000850429tg:AluminumFuturesContractsMember2019-12-310000850429tg:AluminumFuturesContractsMember2019-03-310000850429tg:AluminumFuturesContractsMember2020-01-012020-03-310000850429tg:AluminumFuturesContractsMembertg:AccruedExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000850429tg:AluminumFuturesContractsMembertg:AccruedExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000850429tg:ForeignCurrencyForwardContractsMember2020-01-012020-03-310000850429tg:FlexiblePackagingFilmsMemberDomaintg:AccruedExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2020-03-310000850429tg:FlexiblePackagingFilmsMemberDomaintg:AccruedExpensesMemberus-gaap:DesignatedAsHedgingInstrumentMember2019-12-310000850429tg:FlexiblePackagingFilmsMemberDomaintg:AccruedExpensesMember2020-03-310000850429tg:FlexiblePackagingFilmsMemberDomaintg:AccruedExpensesMember2019-12-31iso4217:BRL0000850429tg:Oct2018Membertg:TerphaneLtdaMember2020-01-012020-03-310000850429tg:Apr20MemberMembertg:TerphaneLtdaMember2020-03-310000850429tg:May20MemberMembertg:TerphaneLtdaMember2020-03-310000850429tg:Jun20MemberMembertg:TerphaneLtdaMember2020-03-310000850429tg:Jul19Membertg:TerphaneLtdaMember2020-03-310000850429tg:TerphaneLtdaMembertg:Aug20MemberMember2020-03-310000850429tg:Sep20MemberMembertg:TerphaneLtdaMember2020-03-310000850429tg:Oct20MemberMembertg:TerphaneLtdaMember2020-03-310000850429tg:Nov20MemberMembertg:TerphaneLtdaMember2020-03-310000850429tg:Dec20MemberMembertg:TerphaneLtdaMember2020-03-310000850429tg:TerphaneLtdaMember2020-03-310000850429tg:ForeignCurrencyForwwardsAndOptionsMemberus-gaap:CashFlowHedgingMember2020-03-310000850429tg:AluminumFuturesContractsMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000850429tg:AluminumFuturesContractsMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000850429tg:ForeignCurrencyForwwardsAndOptionsMemberus-gaap:CashFlowHedgingMember2020-01-012020-03-310000850429tg:ForeignCurrencyForwwardsAndOptionsMemberus-gaap:CashFlowHedgingMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-03-310000850429tg:ForeignCurrencyForwwardsAndOptionsMemberus-gaap:CashFlowHedgingMember2019-01-012019-03-310000850429tg:ForeignCurrencyForwwardsAndOptionsMemberus-gaap:CashFlowHedgingMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-03-310000850429tg:AluminumFuturesContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2020-01-012020-03-310000850429tg:AluminumFuturesContractsMemberus-gaap:CashFlowHedgingMemberus-gaap:CostOfSalesMember2019-01-012019-03-310000850429tg:ForeignCurrencyForwardsAndOptionsMemberus-gaap:CostOfSalesMember2020-01-012020-03-310000850429tg:ForeignCurrencyForwardsAndOptionsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-03-310000850429tg:ForeignCurrencyForwardsAndOptionsMemberus-gaap:CostOfSalesMember2019-01-012019-03-310000850429tg:ForeignCurrencyForwardsAndOptionsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2019-01-012019-03-3100008504292019-10-012020-09-300000850429us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-03-310000850429us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-03-310000850429us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-03-310000850429us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-03-310000850429tg:AccruedExpensesMember2020-03-310000850429us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000850429us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-01-012019-12-310000850429tg:AccruedExpensesMember2019-12-310000850429tg:AluminumExtrusionsMember2019-01-012019-03-310000850429tg:PEFilmsMember2020-01-012020-03-310000850429tg:PEFilmsMember2019-01-012019-03-310000850429tg:FlexiblePackagingFilmsMemberDomain2020-01-012020-03-310000850429tg:FlexiblePackagingFilmsMemberDomain2019-01-012019-03-310000850429tg:FlexiblePackagingFilmsMember2020-01-012020-03-310000850429tg:FlexiblePackagingFilmsMember2019-01-012019-03-310000850429tg:AluminumExtrusionsMember2020-03-310000850429tg:AluminumExtrusionsMember2019-12-310000850429tg:PEFilmsMember2020-03-310000850429tg:PEFilmsMember2019-12-310000850429tg:FlexiblePackagingFilmsMemberDomain2020-03-310000850429tg:FlexiblePackagingFilmsMemberDomain2019-12-310000850429country:US2020-01-012020-03-310000850429country:US2019-01-012019-03-310000850429tg:ExportsFromUnitedStatesMembersrt:AsiaMember2020-01-012020-03-310000850429tg:ExportsFromUnitedStatesMembersrt:AsiaMember2019-01-012019-03-310000850429srt:LatinAmericaMembertg:ExportsFromUnitedStatesMember2020-01-012020-03-310000850429srt:LatinAmericaMembertg:ExportsFromUnitedStatesMember2019-01-012019-03-310000850429tg:ExportsFromUnitedStatesMembercountry:CA2020-01-012020-03-310000850429tg:ExportsFromUnitedStatesMembercountry:CA2019-01-012019-03-310000850429srt:EuropeMembertg:ExportsFromUnitedStatesMember2020-01-012020-03-310000850429srt:EuropeMembertg:ExportsFromUnitedStatesMember2019-01-012019-03-310000850429country:BRtg:OperationsOutsideUnitedStatesMember2020-01-012020-03-310000850429country:BRtg:OperationsOutsideUnitedStatesMember2019-01-012019-03-310000850429country:NLtg:OperationsOutsideUnitedStatesMember2020-01-012020-03-310000850429country:NLtg:OperationsOutsideUnitedStatesMember2019-01-012019-03-310000850429country:HUtg:OperationsOutsideUnitedStatesMember2020-01-012020-03-310000850429country:HUtg:OperationsOutsideUnitedStatesMember2019-01-012019-03-310000850429country:INtg:OperationsOutsideUnitedStatesMember2020-01-012020-03-310000850429country:INtg:OperationsOutsideUnitedStatesMember2019-01-012019-03-310000850429country:CNtg:OperationsOutsideUnitedStatesMember2020-01-012020-03-310000850429country:CNtg:OperationsOutsideUnitedStatesMember2019-01-012019-03-310000850429tg:NonresidentialBuildingAndConstructionMembertg:AluminumExtrusionsMember2020-01-012020-03-310000850429tg:NonresidentialBuildingAndConstructionMembertg:AluminumExtrusionsMember2019-01-012019-03-310000850429tg:AluminumExtrusionsMembertg:ConsumerDurablesMember2020-01-012020-03-310000850429tg:AluminumExtrusionsMembertg:ConsumerDurablesMember2019-01-012019-03-310000850429tg:AutomotiveMembertg:AluminumExtrusionsMember2020-01-012020-03-310000850429tg:AutomotiveMembertg:AluminumExtrusionsMember2019-01-012019-03-310000850429tg:ResidentialBuildingAndConstructionMembertg:AluminumExtrusionsMember2020-01-012020-03-310000850429tg:ResidentialBuildingAndConstructionMembertg:AluminumExtrusionsMember2019-01-012019-03-310000850429tg:AluminumExtrusionsMembertg:ElectricalMember2020-01-012020-03-310000850429tg:AluminumExtrusionsMembertg:ElectricalMember2019-01-012019-03-310000850429tg:AluminumExtrusionsMembertg:MachineryandEquipmentBNLDomain2020-01-012020-03-310000850429tg:AluminumExtrusionsMembertg:MachineryandEquipmentBNLDomain2019-01-012019-03-310000850429tg:AluminumExtrusionsMembertg:DistributionMember2020-01-012020-03-310000850429tg:AluminumExtrusionsMembertg:DistributionMember2019-01-012019-03-310000850429tg:AluminumExtrusionsSubtotalMembertg:AluminumExtrusionsMember2020-01-012020-03-310000850429tg:AluminumExtrusionsSubtotalMembertg:AluminumExtrusionsMember2019-01-012019-03-310000850429tg:PEFilmsMembertg:PersonalCareMaterialsMember2020-01-012020-03-310000850429tg:PEFilmsMembertg:PersonalCareMaterialsMember2019-01-012019-03-310000850429tg:PEFilmsMembertg:SurfaceProtectionFilmsMember2020-01-012020-03-310000850429tg:PEFilmsMembertg:SurfaceProtectionFilmsMember2019-01-012019-03-310000850429tg:FilmsForOtherMarketsMembertg:PEFilmsMember2020-01-012020-03-310000850429tg:FilmsForOtherMarketsMembertg:PEFilmsMember2019-01-012019-03-310000850429tg:PEFilmsMembertg:FilmProductsSubtotalMember2020-01-012020-03-310000850429tg:PEFilmsMembertg:FilmProductsSubtotalMember2019-01-012019-03-310000850429tg:BrazilianMember2020-01-012020-03-310000850429tg:TerphaneLtdaMember2020-01-012020-03-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-10258 
Tredegar Corporation
(Exact Name of Registrant as Specified in Its Charter)
 
Virginia 54-1497771
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)

1100 Boulders Parkway
Richmond, Virginia
 23225
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, Including Area Code: (804) 330-1000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valueTGNew York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filerxSmaller reporting company¨
Non-accelerated filer
¨ 
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
The number of shares of Common Stock, no par value, outstanding as of April 30, 2020: 33,510,714



PART I - FINANCIAL INFORMATION
 
Item 1. Financial Statements.
Tredegar Corporation
Consolidated Balance Sheets
(In Thousands, Except Share Data)
(Unaudited)
March 31,December 31,
20202019
Assets
Current assets:
Cash and cash equivalents$35,059  $31,422  
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,165 in 2020 and $3,036 in 2019106,211  107,558  
Income taxes recoverable565  4,100  
Inventories84,215  81,380  
Prepaid expenses and other8,772  8,696  
Total current assets234,822  233,156  
Property, plant and equipment, at cost801,665  810,801  
Less accumulated depreciation(568,034) (567,911) 
Net property, plant and equipment233,631  242,890  
Right-of-use leased assets18,559  19,220  
Investment in kaléo (cost basis of $7,500)69,400  95,500  
Identifiable intangible assets, net21,571  22,636  
Goodwill67,708  81,404  
Deferred income taxes13,218  13,129  
Other assets4,277  4,733  
Total assets$663,186  $712,668  
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$105,066  $103,657  
Accrued expenses46,862  45,809  
Lease liability, short-term2,973  3,002  
Total current liabilities154,901  152,468  
Lease liability, long-term17,010  17,689  
Long-term debt43,000  42,000  
Pension and other postretirement benefit obligations, net105,265  107,446  
Deferred income taxes  11,019  
Other noncurrent liabilities4,420  5,297  
Total liabilities324,596  335,919  
Shareholders’ equity:
Common stock, no par value (issued and outstanding - 33,510,714 shares at March 31, 2020 and 33,365,039 shares at December 31, 2019)46,054  45,514  
Common stock held in trust for savings restoration plan (75,200 shares at March 31, 2020 and 74,798 shares at December 31, 2019)(1,601) (1,592) 
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment(112,192) (100,663) 
Gain (loss) on derivative financial instruments(5,082) (1,307) 
Pension and other post-retirement benefit adjustments(92,750) (95,681) 
Retained earnings504,161  530,478  
Total shareholders’ equity338,590  376,749  
Total liabilities and shareholders’ equity$663,186  $712,668  
See accompanying notes to financial statements.
2


Tredegar Corporation
Consolidated Statements of Income
(In Thousands, Except Per Share Data)
(Unaudited)
 
Three Months Ended March 31,
 20202019
Revenues and other items:
Sales$228,302  $248,466  
Other income (expense), net(26,211) 17,110  
202,091  265,576  
Costs and expenses:
Cost of goods sold175,311  200,653  
Freight8,580  9,021  
Selling, general and administrative23,169  22,012  
Research and development4,855  4,485  
Amortization of identifiable intangibles758  891  
Pension and postretirement benefits3,567  2,415  
Interest expense555  1,232  
Asset impairments and costs associated with exit and disposal activities, net of adjustments
461  1,056  
Goodwill impairment
13,696    
Total230,952  241,765  
Income (loss) before income taxes
(28,861) 23,811  
Income tax expense (benefit)(6,540) 4,026  
Net income (loss)$(22,321) $19,785  
Earnings (loss) per share:
Basic$(0.67) $0.60  
Diluted$(0.67) $0.60  
Shares used to compute earnings (loss) per share:
Basic33,313  33,123  
Diluted33,313  33,127  
Dividends per share$0.12  $0.11  
See accompanying notes to financial statements.

3


Tredegar Corporation
Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)

Three Months Ended March 31,
 20202019
Net income (loss)$(22,321) $19,785  
  Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $1,283 in 2020 and tax of $0 in 2019)(11,529) (790) 
Derivative financial instruments adjustment (net of tax benefit of $1,226 in 2020 and tax of $83 in 2019)(3,775) (353) 
Amortization of prior service costs and net gains or losses (net of tax of $836 in 2020 and tax of $592 in 2019)2,931  2,079  
Other comprehensive income (loss)(12,373) 936  
Comprehensive income (loss)$(34,694) $20,721  
See accompanying notes to financial statements.

4


Tredegar Corporation
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)

Three Months Ended March 31,
20202019
Cash flows from operating activities:
Net income (loss)$(22,321) $19,785  
Adjustments for noncash items:
Depreciation7,557  7,168  
Amortization of identifiable intangibles758  891  
Reduction of right-of-use lease asset696  632  
Goodwill impairment13,696    
Deferred income taxes(9,804) 2,410  
Accrued pension and post-retirement benefits3,567  2,415  
(Gain) loss on investment in kaléo accounted for under the fair value method26,100  (17,082) 
(Gain) loss on asset impairments and divestitures  421  
Net (gain) loss on disposal of assets  (385) 
Changes in assets and liabilities:
Accounts and other receivables(2,849) 1,595  
Inventories(6,982) (6,794) 
Income taxes recoverable/payable3,478  1,664  
Prepaid expenses and other(294) 1,078  
Accounts payable and accrued expenses3,588  (2,033) 
Lease liability(741) (640) 
Pension and postretirement benefit plan contributions(1,967) (1,724) 
Other, net595  1,727  
Net cash provided by operating activities15,077  11,128  
Cash flows from investing activities:
Capital expenditures(4,854) (12,879) 
Proceeds from the sale of assets and other—  22  
Net cash used in investing activities(4,854) (12,857) 
Cash flows from financing activities:
Borrowings16,500  23,750  
Debt principal payments(15,500) (15,250) 
Dividends paid(4,005) (3,652) 
Repurchase of employee common stock for tax withholdings(586) (815) 
Net cash (used in) provided by financing activities(3,591) 4,033  
Effect of exchange rate changes on cash(2,995) (399) 
Increase in cash & cash equivalents3,637  1,905  
Cash and cash equivalents at beginning of period31,422  34,397  
Cash and cash equivalents at end of period$35,059  $36,302  
See accompanying notes to financial statements.

5


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

The following summarizes the changes in shareholders’ equity for the three month period ended March 31, 2020:
  Accumulated Other
Comprehensive Income (Loss)
 
 Common
Stock
Retained
Earnings
Trust for
Savings
Restoration
Plan
Foreign
Currency
Translation
Gain
(Loss) on
Derivative
Financial
Instruments
Pension &
Other
Post-retirement
Benefit
Adjustment
Total
Shareholders’
Equity
Balance at January 1, 2020
$45,514  $530,478  $(1,592) $(100,663) $(1,307) $(95,681) $376,749  
Net income (loss)—  (22,321) —  —  —  —  (22,321) 
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax benefit of $1,283)—  —  —  (11,529) —  —  (11,529) 
Derivative financial instruments adjustment (net of tax benefit of $1,226)—  —  —  —  (3,775) —  (3,775) 
Amortization of prior service costs and net gains or losses (net of tax of $836)—  —  —  —  —  2,931  2,931  
Cash dividends declared ($0.12 per share)—  (4,005) —  —  —  —  (4,005) 
Stock-based compensation expense1,126  —  —  —  —  —  1,126  
Repurchase of employee common stock for tax
withholdings
(586) —  —  —  —  —  (586) 
Tredegar common stock purchased by trust for savings restoration plan—  9  (9) —  —  —  —  
Balance at March 31, 2020$46,054  $504,161  $(1,601) $(112,192) $(5,082) $(92,750) $338,590  
6



The following summarizes the changes in shareholders’ equity for the three month period ended March 31, 2019:
  Accumulated Other
Comprehensive Income (Loss)
 
 Common
Stock
Retained
Earnings
Trust for
Savings
Restoration
Plan
Foreign
Currency
Translation
Gain
(Loss) on
Derivative
Financial
Instruments
Pension &
Other
Post-retirement
Benefit
Adjustment
Total
Shareholders’
Equity
Balance at January 1, 2019
$38,892  $497,511  $(1,559) $(96,940) $(1,601) $(81,446) $354,857  
Net income (loss)—  19,785  —  —  —  —  19,785  
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax of $0)
—  —  —  (790) —  —  (790) 
Derivative financial instruments adjustment (net of tax benefit of $83)
—  —  —  —  (353) —  (353) 
Amortization of prior service costs and net gains or losses (net of tax of $592)
—  —  —  —  —  2,079  2,079  
Cash dividends declared ($0.11 per share)
—  (3,652) —  —  —  —  (3,652) 
Stock-based compensation expense
1,510  —  —  —  —  —  1,510  
Repurchase of employee common stock for tax
withholdings
(815) —  —  —  —  —  (815) 
Tredegar common stock purchased by trust for savings restoration plan
—  9  (9) —  —  —  —  
Balance at March 31, 2019$39,587  $513,653  $(1,568) $(97,730) $(1,954) $(79,367) $372,621  
See accompanying notes to financial statements.

7


TREDEGAR CORPORATION
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(Unaudited)
 
1 BASIS OF PRESENTATION
In the opinion of management, the accompanying 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 consolidated financial position as of March 31, 2020, the consolidated results of operations for the three months ended March 31, 2020 and 2019, the consolidated cash flows for the three months ended March 31, 2020 and 2019, and the consolidated changes in shareholders’ equity for the three months ended March 31, 2020 and 2019, in accordance with U.S. generally accepted accounting principles (“GAAP”). All such adjustments, unless otherwise detailed in the notes to the consolidated interim 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 first quarter for 2020 and 2019 for this segment references 13-week periods ended March 29, 2020 and March 31, 2019, 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 financial position data as of December 31, 2019 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, 2019 (“2019 Form 10-K”) but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the consolidated financial statements and related notes included in the 2019 Form 10-K. The results of operations for the three months ended March 31, 2020, are not necessarily indicative of the results to be expected for the full year. Certain prior year balances have been reclassified to conform with current year presentation.
Adoption of ASU 2016-13, Financial Instruments - Credit Losses
In the first quarter of 2020, the Company adopted ASU 2016-13 related to the measurement of credit losses on financial instruments. The pronouncement replaces the incurred loss methodology to record credit losses with a methodology that reflects the expected credit losses for financial assets not accounted for at fair value with gains and losses recognized through net income. The adoption of the updated guidance in the first quarter of 2020 resulted in an adjustment of less than $0.2 million and, therefore, did not have a material impact on the Company’s consolidated financial statements. The Company's policy on Accounts and Other Receivables as described in the 2019 Form 10-K was revised to read as follows:
Accounts and Other Receivables. Accounts receivable are stated at the amount invoiced to customers less allowances for doubtful accounts and sales returns. Accounts receivable are non-interest bearing and arise from the sale of product to customers under typical industry trade terms. Notes receivable are not significant. Past due amounts are determined based on established terms and charged-off when deemed uncollectible. The allowance for doubtful accounts is determined based on an assessment of probable losses taking into account past due amounts, customer credit profile, historical experience and current economic conditions. For receivables that do not have a specific allowance, the loss rate is computed by segment to apply to the remaining receivables balance, using each segment’s historic loss rate. Other receivables include value-added taxes related to certain foreign subsidiaries and other miscellaneous receivables due within one year. For certain customers, the Company has arrangements in place with financial institutions whereby certain customer receivables are sold to the financial institution at a discount and without recourse.  Upon sale, the associated receivable is unrecognized and the discount is recognized.
As of March 31, 2020 and December 31, 2019, accounts receivable and other receivables, net, were $106.2 million and $107.6 million, respectively, made up of the following:
March 31,December 31,
(In thousands)20202019
Customer receivables$104,604  $106,153  
Other accounts and notes receivable4,772  4,441  
      Total accounts and other receivables109,376  110,594  
Less: Allowance for bad debts and sales returns(3,165) (3,036) 
Total accounts and other receivables, net$106,211  $107,558  
8



2 LONG-LIVED ASSETS & GOODWILL IMPAIRMENT
The Company assesses its long-lived assets for impairment when events and circumstances indicate that the carrying amount of the assets may not be recoverable. Long-lived assets consist primarily of buildings, machinery and equipment. In light of the economic impacts from COVID-19, the Company evaluated whether an impairment trigger existed for its asset groups and determined that triggering events existed for two asset groups in Aluminum Extrusions resulting from acquisitions in 2012 (“AACOA”) and in 2017 (“Futura”). The Company performed a recoverability test on the AACOA and Futura asset groups and determined that the sum of the related undiscounted cash flows exceeded their respective carrying values, thus the asset groups were not determined to be impaired as of March 31, 2020.
The Company assesses goodwill for impairment on an annual basis at a minimum (December 1st of each year) or when events or circumstances indicate that the carrying amount of a reporting unit that includes goodwill exceeds its fair value. In light of the economic impacts from COVID-19, the Company evaluated whether triggering events occurred for all reporting units that include goodwill and determined that triggering events occurred for the AACOA and Futura reporting units. The Company performed a goodwill impairment analysis for the AACOA and Futura reporting units using a combination of income and market approaches and determined that the fair value of the Futura reporting unit exceeded its carrying value.
The operations of the AACOA reporting unit, which includes the Niles, Michigan and Elkhart, Indiana facilities, have been severely impacted by the COVID-19 pandemic, with over 80% of the aluminum extrusions manufactured at these facilities sold to customers that make consumer durable products, such as recreational boating and power sports vehicles, as well as to customers serving building and construction and automotive markets.  In the first quarter of 2020, a goodwill impairment charge of $13.7 million ($10.5 million after taxes) was recognized in Aluminum Extrusions, which represented the entire amount of goodwill associated with the acquisition of AACOA. The original 2020 plan for EBITDA from ongoing operations associated with AACOA before the pandemic was $9.7 million. The latest EBITDA from ongoing operations projection for 2020, which accounts for a significant downturn expected with reduced demand created by the pandemic, is less than $1 million. Based on this projection and further recession and recovery scenarios, the Company concluded that goodwill assigned to the AACOA reporting unit was fully impaired as of March 31, 2020.
Recent disruptions to the global economy from the COVID-19 pandemic make it at least reasonably possible that future interim tests for long-lived assets and goodwill may be required during 2020. As this is an evolving crisis, we expect to continue to monitor developments and perform updated analyses as necessary.
3 ASSET IMPAIRMENTS AND COSTS ASSOCIATED WITH EXIT AND DISPOSAL ACTIVITIES
In the March 2020, the Company shut down production at its PE Films manufacturing facility in Lake Zurich, Illinois (“Lake Zurich plant shutdown”). When this facility was shut down, the production of elastic materials it previously produced was transferred to the new elastic production line at Terre Haute, Indiana. As a result of the Lake Zurich plant shutdown, the Company expects to recognize pre-tax cash costs of $6.9 million comprised of (i) customer-related costs ($0.7 million), (ii) severance and other employee related costs ($1.1 million), and (iii) asset disposal and other cash costs ($5.1 million).  In addition, the Company expects non-cash asset write-offs and accelerated depreciation of $1.7 million. Total expenses associated with the Lake Zurich plant shutdown are $3.1 million since project inception. Cash expenditures were $0.3 million in the three months ended March 31, 2020. The Company anticipates that the Lake Zurich plant shutdown will be completed by the end of 2020 and that the sale of real property will occur sometime thereafter.
A reconciliation of the beginning and ending balances of accrued expenses associated with exit and disposal activities and charges associated with asset impairments and reported as “Asset impairments and costs associated with exit and disposal activities, net of adjustments” in the consolidated statements of income for the three months ended March 31, 2020 is as follows.
9


(In thousands)Severance Asset ImpairmentsOther Total
Balance at January 1, 2020$1,294  $  $86  $1,380  
Changes in 2020:
Charges:
Lake Zurich plant shutdown128  239  19  386  
Other restructuring charges47    28  75  
175  239  47  461  
Cash payments(721)   (72) (793) 
Charges against assets  (239)   (239) 
Balance at March 31, 2020$748  $  $61  $809  

4 INVENTORIES
The components of inventories are as follows:
March 31,December 31,
(In thousands)20202019
Finished goods$23,116  $24,504  
Work-in-process13,939  12,328  
Raw materials27,079  24,735  
Stores, supplies and other20,081  19,813  
Total$84,215  $81,380  
 
5 EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:
Three Months Ended
 March 31,
(In thousands)20202019
Weighted average shares outstanding used to compute basic earnings per share
33,313  33,123  
Incremental dilutive shares attributable to stock options and restricted stock
  4  
Shares used to compute diluted earnings per share
33,313  33,127  
Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period. The Company had a net loss for the three months ended March 31, 2020, so there is no dilutive impact for such shares. If the Company had reported net income for the three months ended March 31, 2020, average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 682,696. For the three months ended March 31, 2019, 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 975,904.
10


6 ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2020:
(In thousands)Foreign
currency
translation
adjustment
Gain (loss) on
derivative
financial
instruments
Pension and
other
post-retirement
benefit
adjustments
Total
Beginning balance, January 1, 2020$(100,663) $(1,307) $(95,681) $(197,651) 
Other comprehensive income (loss) before reclassifications
(11,529) (4,888)   (16,417) 
Amounts reclassified from accumulated other comprehensive income (loss)
  1,113  2,931  4,044  
Net other comprehensive income (loss) - current period
(11,529) (3,775) 2,931  (12,373) 
Ending balance, March 31, 2020$(112,192) $(5,082) $(92,750) $(210,024) 
The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2019:
(In Thousands)Foreign
currency
translation
adjustment
Gain (loss) on
derivative
financial
instruments
Pension and
other
post-retirement
benefit
adjustments
Total
Beginning balance, January 1, 2019$(96,940) $(1,601) $(81,446) $(179,987) 
Other comprehensive income (loss) before reclassifications(790) (1,011)   (1,801) 
Amounts reclassified from accumulated other comprehensive income (loss)  658  2,079  2,737  
Net other comprehensive income (loss) - current period(790) (353) 2,079  936