Tredegar Earnings 2019-09-30

TG 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Comparables ($MM TTM)
Ticker	M Cap	Assets	Liab	Rev	G Profit	Net Inc	EBITDA	EV	G Margin	EV/EBITDA	ROA
CSTM	930	3,901	4,015	0	0	0	0	766			0%
CIR	910	1,713	1,218	1,139	329	-51	96	1,561	29%	16.2	-3%
NCS	758	5,654	4,746	3,482	757	21	299	4,008	22%	13.4	0%
BRSS	750	721	516	1,724	190	61	119	952	11%	8.0	8%
WFT	703	6,381	10,770	5,528	308	-2,211	-1,070	7,451	6%	-7.0	-35%
NR	666	934	368	911	116	20	86	783	13%	9.1	2%
TG	660	730	342	0	48	26	70	693		9.9	4%
NX	614	680	319	898	104	-9	59	795	12%	13.4	-1%
FET	397	1,822	802	1,062	250	-408	-333	838	24%	-2.5	-22%
NNBR	379	1,572	1,194	840	0	-259	-112	1,245	0%	-11.1	-16%

10-Q 1 tg-20190930x10q.htm 10-Q Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019



¨	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 class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, no par value	TG	New 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 filer	x	Smaller reporting company	¨

Non-accelerated filer	¨			Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The number of shares of Common Stock, no par value, outstanding as of November 1, 2019: 33,350,128

PART I - FINANCIAL INFORMATION

Item 1.
Financial Statements.

Tredegar Corporation

Consolidated Balance Sheets

(In Thousands, Except Share Data)

(Unaudited)



	September 30,			December 31,
	2019			2018
Assets
Current assets:
Cash and cash equivalents	$	36,886		$	34,397
Restricted cash	7,766			—
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,140 in 2019 and $2,937 in 2018	115,661			124,727
Income taxes recoverable	5,263			6,783
Inventories	85,315			93,810
Prepaid expenses and other	9,438			9,564
Total current assets	260,329			269,281
Property, plant and equipment, at cost	796,829			793,072
Less accumulated depreciation	(560,493		)	(564,703		)
Net property, plant and equipment	236,336			228,369
Right-of-use leased assets	19,526			—
Investment in kaléo (cost basis of $7,500)	95,500			84,600
Identifiable intangible assets, net	31,010			36,295
Goodwill	81,404			81,404
Deferred income taxes	1,740			3,412
Other assets	5,089			4,012
Total assets	$	730,934		$	707,373
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	103,926		$	112,758
Accrued expenses	47,677			42,495
Lease liability, short-term	2,842			—
Total current liabilities	154,445			155,253
Lease liability, long-term	18,197			—
Long-term debt	68,000			101,500
Pension and other postretirement benefit obligations, net	80,665			88,124
Deferred income taxes	6,816			—
Other noncurrent liabilities	4,976			7,639
Total liabilities	333,099			352,516
Shareholders’ equity:
Common stock, no par value (issued and outstanding - 33,350,128 shares at September 30, 2019 and 33,176,024 shares at December 31, 2018)	42,708			38,892
Common stock held in trust for savings restoration plan (74,338 shares at September 30, 2019 and 72,883 shares at December 31, 2018)	(1,583		)	(1,559		)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment	(103,231		)	(96,940		)
Gain (loss) on derivative financial instruments	(2,457		)	(1,601		)
Pension and other post-retirement benefit adjustments	(75,210		)	(81,446		)
Retained earnings	537,608			497,511
Total shareholders’ equity	397,835			354,857
Total liabilities and shareholders’ equity	$	730,934		$	707,373

See accompanying notes to financial statements.

Tredegar Corporation

Consolidated Statements of Income

(In Thousands, Except Per Share Data)

(Unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019		2018
Revenues and other items:
Sales	$	243,217		$	267,294		$	739,931	$	789,765
Other income (expense), net	10,634			(2,557		)	34,840		11,532
	253,851			264,737			774,771		801,297
Costs and expenses:
Cost of goods sold	191,565			217,378			584,799		631,235
Freight	8,986			9,438			26,893		26,667
Selling, general and administrative	23,130			20,676			69,006		63,452
Research and development	4,942			5,150			14,877		14,107
Amortization of identifiable intangibles	3,400			1,022			5,182		3,076
Pension and postretirement benefits	2,415			2,653			7,246		7,809
Interest expense	859			1,318			3,354		4,539
Asset impairments and costs associated with exit and disposal activities, net of adjustments	1,464			1,209			3,595		1,799
Goodwill impairment	—			46,792			—		46,792
Total	236,761			305,636			714,952		799,476
Income (loss) before income taxes	17,090			(40,899		)	59,819		1,821
Income tax expense (benefit)	(43		)	(6,699		)	8,424		3,135
Net income (loss)	$	17,133		$	(34,200	)	$	51,395	$	(1,314	)

Earnings (loss) per share:
Basic	$	0.51		$	(1.03	)	$	1.55	$	(0.04	)
Diluted	$	0.51		$	(1.03	)	$	1.55	$	(0.04	)
Shares used to compute earnings (loss) per share:
Basic	33,271			33,110			33,222		33,056
Diluted	33,285			33,110			33,230		33,056
Dividends per share	$	0.12		$	0.11		$	0.34	$	0.33

See accompanying notes to financial statements.

Tredegar Corporation

Consolidated Statements of Comprehensive Income (Loss)

(In Thousands)

(Unaudited)



	Three Months Ended September 30,
	2019			2018
Net income (loss)	$	17,133		$	(34,200	)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $775 in 2019 and tax of $0 in 2018)	(6,008		)	(2,666		)
Derivative financial instruments adjustment (net of tax of $75 in 2019 and tax benefit of $336 in 2018)	(1,124		)	(1,701		)
Amortization of prior service costs and net gains or losses (net of tax of $593 in 2019 and tax of $789 in 2018)	2,078			2,703
Other comprehensive income (loss)	(5,054		)	(1,664		)
Comprehensive income (loss)	$	12,079		$	(35,864	)

	Nine Months Ended September 30,
	2019			2018
Net income (loss)	$	51,395		$	(1,314	)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $775 in 2019 and tax benefit of $0 in 2018)	(6,291		)	(11,571		)
Derivative financial instruments adjustment (net of tax of $24 in 2019 and tax benefit of $316 in 2018)	(856		)	(2,891		)
Amortization of prior service costs and net gains or losses (net of tax of $1,778 in 2019 and tax of $2,312 in 2018)	6,236			7,926
Other comprehensive income (loss)	(911		)	(6,536		)
Comprehensive income (loss)	$	50,484		$	(7,850	)

See accompanying notes to financial statements.

Tredegar Corporation

Consolidated Statements of Cash Flows

(In Thousands)

(Unaudited)



	Nine Months Ended September 30,
	2019			2018
Cash flows from operating activities:
Net income (loss)	$	51,395		$	(1,314	)
Adjustments for noncash items:
Depreciation	22,572			22,272
Amortization of identifiable intangibles	5,182			3,076
Amortization of right-of-use lease asset	1,899			—
Goodwill impairment	—			46,792
Deferred income taxes	7,404			1,152
Accrued pension and post-retirement benefits	7,246			7,809
(Gain)/loss on investment in kaléo accounted for under the fair value method	(10,900		)	(11,900		)
(Gain)/loss on asset impairments and divestitures	519			185
Net (gain)/loss on disposal of assets	(6,328		)	(86		)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts and other receivables	7,715			(13,020		)
Inventories	6,625			(9,204		)
Income taxes recoverable/payable	1,439			25,912
Prepaid expenses and other	14			(1,655		)
Accounts payable and accrued expenses	(223		)	29,452
Lease liability	(1,991		)	—
Pension and postretirement benefit plan contributions	(6,692		)	(7,182		)
Other, net	447			705
Net cash provided by operating activities	86,323			92,994
Cash flows from investing activities:
Capital expenditures	(37,214		)	(25,078		)
Return of escrowed funds relating to acquisition earn-out	—			4,250
Proceeds from the sale of assets and other	10,931			1,108
Net cash used in investing activities	(26,283		)	(19,720		)
Cash flows from financing activities:
Borrowings	53,000			34,750
Debt principal payments	(86,500		)	(95,750		)
Dividends paid	(11,322		)	(10,943		)
Debt financing costs	(1,817		)	—
Proceeds from exercise of stock options and other	(854		)	1,004
Net cash used in financing activities	(47,493		)	(70,939		)
Effect of exchange rate changes on cash	(2,292		)	(2,050		)
Increase in cash, cash equivalents and restricted cash	10,255			285
Cash, cash equivalents and restricted cash at beginning of period	34,397			36,491
Cash, cash equivalents and restricted cash at end of period	$	44,652		$	36,776

See accompanying notes to financial statements.

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 September 30, 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 July 1, 2019	$	41,227	$	524,468		$	(1,575	)	$	(97,223	)	$	(1,333	)	$	(77,288	)	$	388,276
Net income	—		17,133			—			—			—			—			17,133
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax benefit of $775)	—		—			—			(6,008		)	—			—			(6,008		)
Derivative financial instruments adjustment (net of tax of $75)	—		—			—			—			(1,124		)	—			(1,124		)
Amortization of prior service costs and net gains or losses (net of tax of $593)	—		—			—			—			—			2,078			2,078
Cash dividends declared ($0.12 per share)	—		(4,001		)	—			—			—			—			(4,001		)
Stock-based compensation expense	1,481		—			—			—			—			—			1,481
Issued upon exercise of stock options & other	—		—			—			—			—			—			—
Tredegar common stock purchased by trust for savings restoration plan	—		8			(8		)	—			—			—			—
Balance at September 30, 2019	$	42,708	$	537,608		$	(1,583	)	$	(103,231	)	$	(2,457	)	$	(75,210	)	$	397,835

The following summarizes the changes in shareholders’ equity for the nine month period ended September 30, 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	—			51,395			—			—			—			—			51,395
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax benefit of $775)	—			—			—			(6,291		)	—			—			(6,291		)
Derivative financial instruments adjustment (net of tax of $24)	—			—			—			—			(856		)	—			(856		)
Amortization of prior service costs and net gains or losses (net of tax of $1,778)	—			—			—			—			—			6,236			6,236
Cash dividends declared ($0.34 per share)	—			(11,322		)	—			—			—			—			(11,322		)
Stock-based compensation expense	4,670			—			—			—			—			—			4,670
Issued upon exercise of stock options & other	(854		)	—			—			—			—			—			(854		)
Tredegar common stock purchased by trust for savings restoration plan	—			24			(24		)	—			—			—			—
Balance at September 30, 2019	$	42,708		$	537,608		$	(1,583	)	$	(103,231	)	$	(2,457	)	$	(75,210	)	$	397,835

The following summarizes the changes in shareholders’ equity for the three month period ended September 30, 2018:



									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 July 1, 2018	$	37,654	$	512,840		$	(1,544	)	$	(95,083	)	$	(731	)	$	(85,727	)	$	367,409
Net income (loss)	—		(34,200		)	—			—			—			—			(34,200		)
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax of $0)	—		—			—			(2,666		)	—			—			(2,666		)
Derivative financial instruments adjustment (net of tax benefit of $336)	—		—			—			—			(1,701		)	—			(1,701		)
Amortization of prior service costs and net gains or losses (net of tax of $789)	—		—			—			—			—			2,703			2,703
Cash dividends declared ($0.11 per share)	—		(3,651		)	—			—			—			—			(3,651		)
Stock-based compensation expense	799		—			—			—			—			—			799
Issued upon exercise of stock options & other	78		—			—			—			—			—			78
Tredegar common stock purchased by trust for savings restoration plan	—		8			(8		)	—			—			—			—
Balance at September 30, 2018	$	38,531	$	474,997		$	(1,552	)	$	(97,749	)	$	(2,432	)	$	83,024		$	328,771

The following summarizes the changes in shareholders’ equity for the nine month period ended September 30, 2018:



									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, 2018	$	34,747	$	487,230		$	(1,528	)	$	(86,178	)	$	459		$	(90,950	)	$	343,780
Net income (loss)	—		(1,314		)	—			—			—			—			(1,314		)
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax of $0)	—		—			—			(11,571		)	—			—			(11,571		)
Derivative financial instruments adjustment (net of tax benefit of $316)	—		—			—			—			(2,891		)	—			(2,891		)
Amortization of prior service costs and net gains or losses (net of tax of $2,312)	—		—			—			—			—			7,926			7,926
Cash dividends declared ($0.33 per share)	—		(10,943		)	—			—			—			—			(10,943		)
Stock-based compensation expense	2,780		—			—			—			—			—			2,780
Issued upon exercise of stock options & other	1,004		—			—			—			—			—			1,004
Tredegar common stock purchased by trust for savings restoration plan	—		24			(24		)	—			—			—			—
Balance at September 30, 2018	$	38,531	$	474,997		$	(1,552	)	$	(97,749	)	$	(2,432	)	$	83,024		$	328,771

See accompanying notes to financial statements.

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 September 30, 2019, the consolidated results of operations for the three and nine months ended September 30, 2019 and 2018, the consolidated cash flows for the nine months ended September 30, 2019 and 2018, and the consolidated changes in shareholders’ equity for the nine months ended September 30, 2019 and 2018, 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 third quarter for 2019 and 2018 for this segment references 13-week periods ended September 29, 2019 and September 23, 2018, 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, 2018 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, 2018 (“2018 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 2018 Form 10-K. The results of operations for the three and nine months ended September 30, 2019, 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.

Cash, Cash Equivalents and Restricted Cash

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



	September 30,		December 31,
(In thousands)	2019		2018
Cash and cash equivalents	$	36,886	$	34,397
Restricted cash	7,766		—
Total cash, cash equivalents and restricted cash	$	44,652	$	34,397

Restricted cash as of September 30, 2019 consists of funds received in the second and third quarters of 2019 for the sale of the PE Films idle manufacturing facility in Shanghai, China. The sale of the facility closed in the third quarter of 2019, and a pre-tax gain of $6.3 million was recognized. The Company is in the process of liquidating the legal entity that previously operated the Shanghai facility and received the funds from the sale. Chinese government regulations limit the use of these funds to the purposes of the liquidating entity until the completion of the liquidation process, which the Company expects to be concluded within the next six months.

Trade Name Accelerated Amortization

On October 30, 2019, Bonnell Aluminum announced a rebranding initiative. Bonnell and its subsidiaries, AACOA and Futura, will now all fall under the Bonnell Aluminum brand. The usage of the AACOA and Futura trade names will be discontinued at the end of 2019. In September 2019, management committed to implement the rebranding initiative. Prior to this commitment, the AACOA trade name had an indefinite useful life and a remaining net book value of $4.8 million, and the Futura trade name had an estimated remaining useful life of approximately 10.5 years and a remaining net book value of $5.4 million. As a result of the rebranding initiative, there was a change in estimate in the useful lives for both trade names to 4 months, the point at which the rebranding initiative is estimated to be substantially complete. The non-cash amounts amortized and to be amortized in the third and fourth quarters of 2019, respectively, related to these trade names are as follows:



(in millions)	Three Months Ended
	September 30, 2019		December 31, 2019
AACOA - accelerated	$	1.2	$	3.6
Futura - accelerated	1.3		3.9
Futura - ongoing¹	0.1		0.1
Total amortization	$	2.6	$	7.6
1. Amortization based on original useful life.


2	REVENUE RECOGNITION

As of September 30, 2019 and December 31, 2018, accounts receivable and other receivables, net, were $115.7 million and $124.7 million, respectively, made up of the following:



	September 30,			December 31,
(In thousands)	2019			2018
Customer receivables	$	114,112		$	122,182
Other accounts and notes receivable	4,689			5,482
Total accounts and other receivables	118,801			127,664
Less: Allowance for bad debts and sales returns	(3,140		)	(2,937		)
Total accounts and other receivables, net	$	115,661		$	124,727

For the three and nine months ended September 30, 2019, the Company had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the consolidated balance sheets as of September 30, 2019. Payment terms start from the date of satisfaction of the performance obligation and vary from COD (cash on delivery) to 120 days. The Company’s contracts generally include one performance obligation, which is satisfied at a point in time.

For the three and nine months ended September 30, 2019, revenue recognized from performance obligations related to prior periods (for example, changes in transaction price) was not material.

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


3	ASSET IMPAIRMENTS AND COSTS ASSOCIATED WITH EXIT AND DISPOSAL ACTIVITIES

The Company plans to close its PE Films manufacturing facility in Lake Zurich, Illinois, which produces elastic materials. Production at the Lake Zurich plant is expected to cease during the fourth quarter of 2019 with product transfers to the new elastic production line at Terre Haute, Indiana (“Lake Zurich plant shutdown”). As a result of the Lake Zurich plant shutdown, the Company expects to recognize pre-tax cash costs of $7.6 million comprised of (i) customer-related costs ($0.7 million), (ii) severance and other employee related costs ($1.8 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 $1.6 million. Total expenses associated with the Lake Zurich plant shutdown are $1.9 million since

project inception. Cash expenditures were $0.2 million and $0.2 million in the three and nine months ended September 30, 2019, respectively. Proceeds from the expected sale of Lake Zurich’s real property are estimated at approximately $5 million. The Company anticipates that the Lake Zurich plant shutdown will be completed by the end of 2020.

The Company plans to consolidate the production of certain PE Films personal care products in Europe over the next twelve months (“PC Europe consolidation”). As a result of this consolidation, the Company expects to recognize pre-tax cash costs of $1.7 million, primarily for severance and customer-related costs. Total expenses associated with the PC Europe consolidation are $0.7 million since project inception. Cash expenditures were $0.1 million in the three and nine months ended September 30, 2019.

In June 2018, the Company announced plans to close its facility in Shanghai, China, which primarily produced plastic films used as components for personal care products (“Shanghai plant shutdown”). Production ceased at this plant during the fourth quarter of 2018. Total expenses associated with the Shanghai transition are $4.0 million since project inception. Cash expenditures were $0.2 million and $0.7 million in the three and nine months ended September 30, 2019, respectively, and $3.2 million since project inception. The plant facilities were sold in the third quarter of 2019, resulting in a pre-tax gain of $6.3 million, reported in “Other income (expense), net” in the consolidated statements of income.

Other pre-tax charges include restructuring costs in PE Films for severance in the amounts of $0.1 million and $0.6 million, in the three and nine months ended September 30, 2019, respectively, the write-off of inventory at PE Films’ Personal Care facility in Restag, Hungary in the amount of $0.2 million in the three months ended September 30, 2019, and the write-off of a Personal Care production line at the Guangzhou, China facility in the amount of $0.4 million in the nine months ended September 30, 2019.

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 nine months ended September 30, 2019 is as follows.



(In thousands)	Severance			Asset Impairments			Other			Total
Balance at January 1, 2019	$	616		$	—		$	160		$	776
Changes in 2019:
Charges:
Shanghai plant shutdown	101			—			625			726
Lake Zurich plant shutdown	720			206			—			926
PC Europe consolidation	594			96			—			690
Other restructuring charges^(a)	628			573			52			1,253
	2,043			875			677			3,595
Cash payments	(1,212		)	—			(721		)	(1,933		)
Charges against assets	—			(875		)	—			(875		)
Balance at September 30, 2019	$	1,447		$	—		$	116		$	1,563
(a) Asset impairments not related to restructuring or exit and disposal activities are described in a paragraph above.


4	INVENTORIES

The components of inventories are as follows:



	September 30,		December 31,
(In thousands)	2019		2018
Finished goods	$	22,638	$	24,938
Work-in-process	13,565		15,648
Raw materials	29,014		33,741
Stores, supplies and other	20,098		19,483
Total	$	85,315	$	93,810


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		Nine Months Ended
	September 30,		September 30,
(In thousands)	2019	2018	2019	2018
Weighted average shares outstanding used to compute basic earnings per share	33,271	33,110	33,222	33,056
Incremental dilutive shares attributable to stock options and restricted stock	14	—	8	—
Shares used to compute diluted earnings per share	33,285	33,110	33,230	33,056

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. For the three and nine months ended September 30, 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 1,222,000 and 1,224,222, respectively. For the three and nine months ended September 30, 2018, 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 178,676 and 236,138, respectively.


6	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 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	(6,291		)	(3,065		)	—			(9,356		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			2,209			6,236			8,445
Net other comprehensive income (loss) - current period	(6,291		)	(856		)	6,236			(911		)
Ending balance, September 30, 2019	$	(103,231	)	$	(2,457	)	$	(75,210	)	$	(180,898	)

The following table summarizes the after-tax changes in accumulated other comprehensive income (loss) for the nine months ended September 30, 2018:



(In Thousands)	Foreign currency translation adjustment			Gain (loss) on derivative financial instruments			Pension and other post-retirement benefit adjustments			Total
Beginning balance, January 1, 2018	$	(86,178	)	$	459		$	(90,950	)	$	(176,669	)
Other comprehensive income (loss) before reclassifications	(11,571		)	(3,045		)	—			(14,616		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			154			7,926			8,080
Net other comprehensive income (loss) - current period	(11,571		)	(2,891		)	7,926			(6,536		)
Ending balance, September 30, 2018	$	(97,749	)	$	(2,432	)	$	(83,024	)	$	(183,205	)

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the three months ended September 30, 2019 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income (loss)			Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(816	)	Cost of sales
Foreign currency forward contracts, before taxes	(101		)	Selling, general & administrative
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	(902		)
Income tax expense (benefit)	(179		)	Income taxes
Total, net of tax	$	(723	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(2,672	)	(a)
Income tax expense (benefit)	(593		)	Income taxes
Total, net of tax	$	(2,079	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income (loss) for the nine months ended September 30, 2019 are summarized as follows:



(In thousands)	Amount reclassified from other comprehensive income (loss)			Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	(2,039	)	Cost of sales
Foreign currency forward contracts, before taxes	(661		)	Selling, general & administrative
Foreign currency forward contracts, before taxes	46			Cost of sales
Total, before taxes	(2,654		)
Income tax expense (benefit)	(445		)	Income taxes
Total, net of tax	$	(2,209	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(8,014	)	(a)
Income tax expense (benefit)	(1,778		)	Income taxes
Total, net of tax	$	(6,236	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the three months ended September 30, 2018 are summarized as follows:



(In Thousands)	Amount reclassified from other comprehensive income (loss)			Location of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	300		Cost of sales
Foreign currency forward contracts, before taxes	(807		)	Selling, general & administrative
Foreign currency forward contracts, before taxes	15			Cost of sales
Total, before taxes	(492		)
Income tax expense (benefit)	23			Income taxes
Total, net of tax	$	(515	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(3,492	)	(a)
Income tax expense (benefit)	(789		)	Income taxes
Total, net of tax	$	(2,703	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).

Reclassifications of balances out of accumulated other comprehensive income (loss) into net income for the nine months ended September 30, 2018 are summarized as follows:



(In thousands)	Amount reclassified from other comprehensive income (loss)			Location of gain (loss) reclassified from accumulated other comprehensive income to net income
Gain (loss) on derivative financial instruments:
Aluminum future contracts, before taxes	$	1,244		Cost of sales
Foreign currency forward contracts, before taxes	(1,226		)	Selling, general & administrative
Foreign currency forward contracts, before taxes	46			Cost of sales
Total, before taxes	64
Income tax expense (benefit)	218			Income taxes
Total, net of tax	$	(154	)
Amortization of pension and other post-retirement benefits:
Actuarial gain (loss) and prior service costs, before taxes	$	(10,238	)	(a)
Income tax expense (benefit)	(2,312		)	Income taxes
Total, net of tax	$	(7,926	)


(a)	This component of accumulated other comprehensive income (loss) is included in the computation of net periodic pension cost (see Note 9 for additional detail).


7	INVESTMENTS

In August 2007 and December 2008, the Company made an aggregate investment of $7.5 million in kaléo, a privately held specialty pharmaceutical company dedicated to building innovative solutions for serious and life-threatening medical conditions. Tredegar owns Series A-3 Preferred Stock and Series B Preferred Stock in kaléo that, taken together, represents on a fully-diluted basis an approximate 18.4% interest in kaléo. Tredegar accounts for its investment in kaléo under the fair value option. At the time of the initial investment, the Company elected the fair

value option of accounting since its investment objectives were similar to those of venture capitalists, which typically do not have controlling financial interests.

The estimated fair value of the Company’s investment was $95.5 million as of September 30, 2019 and $84.6 million as of December 31, 2018. The Company recognized net appreciation on its investment in kaléo of $4.3 million ($3.4 million after taxes) in the third quarter of 2019. The net appreciation on its investment of $28.5 million ($23.4 million after taxes) in the first nine months of 2019 included Tredegar’s $17.6 million share of a cash dividend declared by kaléo on March 29, 2019 and paid on April 30, 2019. Future dividends are subject to the discretion of kaléo’s board of directors. Amounts recognized associated with the Company’s investment in kaléo are included in “Other income (expense), net” in the consolidated statements of income and separately stated in the segment operating profit table in Note 11.

The Company estimated the fair value of its investment in kaléo at September 30, 2019 by: (i) computing the weighted average estimated enterprise value (“EV”) utilizing both the discounted cash flow method (the “DCF Method”) and the application of a market multiple to earnings before interest, taxes, depreciation and amortization (the “EBITDA Multiple Method”), (ii) applying adjustments for any surplus or deficient working capital and estimates of contingent liabilities, (iii) adding cash and cash equivalents, (iv) subtracting interest-bearing debt, (v) subtracting a private company liquidity discount estimated at 10% of the net result of (i) through (iv), and (vi) applying liquidation preferences and fully diluted ownership percentages to the estimated equity value computed in (i) through (v).

The Company’s estimate of kaléo’s EV as of September 30, 2019 was determined by weighting the EBITDA Multiple Method by 80% and the DCF Method by 20%, which was consistent with the weighting applied at December 31, 2018. The heavier weighting towards the EBITDA Multiple Method was due to its heuristic nature versus the hypothetical nature of the projections used in the DCF Method. The DCF Method projections rely on numerous assumptions and Level 3 inputs, including estimating market growth, market share, pricing, net margins (after allowances for temporary discounts, prompt pay discounts, product returns, wholesaler fees, chargebacks, rebates and copays), selling expenses, R&D expenses, general and administrative expenses, income taxes on unlevered pretax income, working capital, capital expenditures and the risk-adjusted discount rate. In addition, there are various regulatory and legal enforcement efforts, including an ongoing Department of Justice investigation related to kaléo’s Evzio business, which could have a material adverse effect on kaléo’s business that require assessment in any valuation method applied.

The table below provides a sensitivity analysis of the estimated fair value at September 30, 2019, of the Company’s investment in kaléo for changes in the EBITDA multiple used in applying the EBITDA Multiple Method and the changes in the weighting of the DCF Method.



($ Millions)			EV-to-Adjusted EBITDA Multiple
			7.0 x		8.0 x		9.0 x		10.0x		11.0x
Weighting to DCF Method	50	%	$	85.2	$	91.4	$	97.6	$	103.8	$	109.9
	40	%	$	82.1	$	89.5	$	96.9	$	104.3	$	111.7
	30	%	$	78.9	$	87.6	$	96.2	$	104.9	$	113.5
	20	%	$	75.8	$	85.6	$	95.5	$	105.4	$	115.3
	10	%	$	72.6	$	83.7	$	94.8	$	106.0	$	117.1
	0	%	$	69.5	$	81.8	$	94.2	$	106.5	$	118.9

The estimated fair value increased from $91.2 million at the Company’s prior valuation date of June 30, 2019, to $95.5 million at the current valuation date of September 30, 2019. This increase of $4.3 million was mainly due to lower deficient working capital, a reduction in the liquidity discount from 15% to 10% and an increase in the EBITDA multiple supported by higher projected growth, partially offset by lower current EBITDA applied to the EBITDA multiple.

The ultimate value of the Company’s ownership interest in kaléo will be determined and realized only if and when a liquidity event occurs, and the ultimate value could be materially different from the $95.5 million estimated fair value reflected in the Company’s financial statements at September 30, 2019.


8	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 exist as part of ongoing business operations (primarily in Flexible Packaging Films). These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets are based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability.

In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with certain customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments generally have durations of not more than 12 months, and the notional amount of aluminum futures contracts that hedged future purchases of aluminum to meet fixed-price forward sales contract obligations was $20.2 million (19.1 million pounds of aluminum) at September 30, 2019 and $25.4 million (22.5 million pounds of aluminum) at December 31, 2018.

The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the consolidated balance sheets as of September 30, 2019 and December 31, 2018:



	September 30, 2019				December 31, 2018
(In thousands)	Balance Sheet Account	Fair Value			Balance Sheet Account	Fair Value
Derivatives Designated as Hedging Instruments
Asset derivatives: Aluminum futures contracts	Accrued expenses	$	—		Accrued expenses	$	20
Liability derivatives: Aluminum futures contracts	Accrued expenses	(1,478		)	Accrued expenses	(1,650		)
Net asset (liability)		$	(1,478	)		$	(1,630	)

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 table below summarizes the location and gross amounts of foreign currency forward contract fair values (Level 2) in the consolidated balance sheets as of September 30, 2019 and December 31, 2018:



	September 30, 2019				December 31, 2018
(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	$	—		Prepaid expenses and other	$	37
Liability derivatives: Foreign currency forward contracts	Accrued expenses	(1,857		)	Accrued expenses	(1,090		)
Net asset (liability)		$	(1,857	)		$	(1,053	)

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 between Flexible Packaging Films business unit in Brazil, Terphane Ltda.'s (“Terphane Ltda.”) U.S. Dollar quoted or priced sales and underlying Brazilian Real (“R$”) quoted or priced operating costs (excluding depreciation and amortization) is annual net costs of R$130 million at September 30, 2019. Terphane Ltda. has the following outstanding foreign exchange average forward rate contracts to purchase Brazilian Real and sell U.S. Dollars:



USD Notional Amount (000s)	Average Forward Rate Contracted on USD/BRL	R$ Equivalent Amount (000s)	Applicable Month	Estimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged

$1,800	3.9203	R$7,056	Oct-19	67%
$1,800	3.9331	R$7,080	Nov-19	67%
$1,800	3.9455	R$7,102	Dec-19	73%
$1,400	3.7966	R$5,315	Jan-20	50%
$1,400	3.8041	R$5,326	Feb-20	51%
$1,400	3.8086	R$5,332	Mar-20	48%
$1,400	3.8163	R$5,343	Apr-20	49%
$1,400	3.8244	R$5,354	May-20	50%
$1,400	3.8323	R$5,365	Jun-20	49%
$1,400	3.8426	R$5,380	Jul-20	47%
$1,400	3.8545	R$5,396	Aug-20	49%
$1,400	3.8656	R$5,412	Sep-20	48%
$1,400	3.8769	R$5,428	Oct-20	49%
$1,400	3.8877	R$5,443	Nov-20	49%
$1,400	3.8997	R$5,460	Dec-20	53%
$22,200	3.8645	R$85,792		53%

These foreign currency exchange contracts have been designated and qualify as cash flow hedges of Terphane Ltda.’s forecasted sales to customers quoted or priced in U.S. Dollars over that period. By changing the currency risk associated with these U.S. Dollar sales, the derivatives have the effect of offsetting operating costs quoted or priced in Brazilian Real and decreasing the net exposure to Brazilian Real in the consolidated statements of income. The net fair value of the open forward contracts was a negative $1.9 million as of September 30, 2019.

These derivative contracts involve elements of market risk that are not reflected on the consolidated balance sheet, including the risk of dealing with counterparties and their ability to meet the terms of the contracts. The counterparties to any forward purchase commitments are major aluminum brokers and suppliers, and the counterparties to any aluminum futures contracts are major financial institutions. Fixed-price forward sales contracts are only made available

to the best and most credit-worthy customers. The counterparties to the Company’s foreign currency cash flow hedge contracts are major financial institutions.

The pretax 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, 2019 and 2018 is summarized in the table below:



(In thousands)	Cash Flow Derivative Hedges
	Three Months Ended September 30,
	Aluminum Futures Contracts						Foreign Currency Forwards
	2019			2018			2019		2019			2018		2018
Amount of pretax gain (loss) recognized in other comprehensive income (loss)	$	(449	)	$	(1,176	)	$	—	$	(1,501	)	$	—	(1,353	)
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)	Cost of sales			Cost of sales			Cost of sales		Selling, general & admin			Cost of sales		Selling, general & admin
Amount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion)	$	(816	)	$	300		$	15	$	(101	)	$	15	(807	)
	Nine Months Ended September 30,
	Aluminum Futures Contracts						Foreign Currency Forwards
	2019			2018			2019		2019			2018		2018
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss)	$	(1,887	)	$	(111	)	$	—	$	(1,598	)	$	—	(3,032	)
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)	Cost of sales			Cost of sales			Cost of sales		Selling, general & admin			Cost of sales		Selling, general & admin
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion)	$	(2,039	)	$	1,244		$	46	$	(661	)	$	46	(1,226	)

As of September 30, 2019, the Company expects $1.0 million of unrealized after-tax losses on 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, 2019 and 2018, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.


9	PENSION AND OTHER POSTRETIREMENT BENEFITS

Tredegar sponsors a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. The plan for salaried and hourly employees currently in effect is based on a formula using the participant’s years of service and compensation or using the participant’s years of service and a dollar amount. The plan is closed to new participants and pay for active plan participants for benefit calculations was frozen as of December 31, 2007. As of January 31, 2018, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing all future benefits under the plan.

The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the consolidated statements of income are shown below:



	Pension Benefits						Other Post-Retirement Benefits
	Three Months Ended September 30,						Three Months Ended September 30,
(In thousands)	2019			2018			2019			2018
Service cost	$	—		$	7		$	9		$	7
Interest cost	3,067			2,818			72			65
Expected return on plan assets	(3,404		)	(3,736		)	—			—
Amortization of prior service costs, (gains) losses and net transition asset	2,729			3,565			(58		)	(75		)
Net periodic benefit cost	$	2,392		$	2,654		$	23		$	(3	)

	Pension Benefits						Other Post-Retirement Benefits
	Nine Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2019			2018			2019			2018
Service cost	$	—		$	17		$	25		$	27
Interest cost	9,202			8,582			218			203
Expected return on plan assets	(10,212		)	(11,258		)	—			—
Amortization of prior service costs, (gains) losses and net transition asset	8,188			10,421			(173		)	(183		)
Net periodic benefit cost	$	7,178		$	7,762		$	70		$	47

Pension and other postretirement liabilities were $81.3 million and $88.8 million at September 30, 2019 and December 31, 2018, respectively ($0.6 million included in “Accrued expenses” at September 30, 2019 and December 31, 2018, with the remainder included in “Pension and other postretirement benefit obligations, net” in the consolidated balance sheets). The Company’s required contributions are expected to be $8.1 million in 2019. Contributions to the pension plan during the first nine months of 2019 were $6.7 million. Tredegar funds its other postretirement benefits (life insurance and health benefits) on a claims-made basis; for 2019, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2018, or $0.3 million.


10	OTHER INCOME (EXPENSE), NET

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



	Three Months Ended September 30,					Nine Months Ended September 30,
(In thousands)	2019		2018			2019		2018
Gain (loss) on investment in kaléo accounted for under fair value method	$	4,300	$	(2,100	)	$	28,482	$	11,900
Gain on sale of manufacturing plant in Shanghai, China	6,316		—			6,316		—
Other	18		(457		)	42		(368		)
Total	$	10,634	$	(2,557	)	$	34,840	$	11,532

The gain on investment in kaléo accounted for under fair value method shown above for the nine months ended September 30, 2019, includes a cash dividend of $17.6 million from kaléo. See Note 7 for more details on the investment in kaléo.


11	BUSINESS SEGMENTS

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. Net sales (sales less freight) and operating profit from ongoing operations are the measures of sales and operating profit used by the chief operating decision maker for purposes of assessing performance.

The following table presents net sales and operating profit by segment for the three and nine months ended September 30, 2019 and 2018:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2019		2018		2019		2018
Net Sales
Aluminum Extrusions	$	129,506	$	147,661	$	405,310	$	420,455
PE Films	69,837		76,470		205,778		252,177
Flexible Packaging Films	34,888		33,725		101,950		90,466
Total net sales	234,231		257,856		713,038		763,098
Add back freight	8,986		9,438		26,893		26,667
Sales as shown in the Consolidated Statements of Income	$	243,217	$	267,294	$	739,931	$	789,765
Operating Profit (Loss)

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$0.00	33	$660

10-Q	2019-11-06	Quarter: 2019-09-30
10-Q	2019-08-08	Quarter: 2019-06-30
10-Q	2019-05-09	Quarter: 2019-03-31
10-K	2019-03-18	Annual: 2018-12-31
10-Q	2018-11-09	Quarter: 2018-09-30
10-Q	2018-08-01	Quarter: 2018-06-30
10-Q	2018-05-01	Quarter: 2018-03-31
10-K	2018-02-22	Annual: 2017-12-31
10-Q	2017-11-01	Quarter: 2017-09-30
10-Q	2017-08-02	Quarter: 2017-06-30
10-Q	2017-05-02	Quarter: 2017-03-31
10-K	2017-02-22	Annual: 2016-12-31
10-Q	2016-11-02	Quarter: 2016-09-30
10-Q	2016-08-02	Quarter: 2016-06-30
10-Q	2016-05-03	Quarter: 2016-03-31
10-K	2016-02-29	Annual: 2015-12-31
10-Q	2015-11-09	Quarter: 2015-09-30
10-Q	2015-07-30	Quarter: 2015-06-30
10-Q	2015-05-05	Quarter: 2015-03-31
10-K	2015-03-02	Annual: 2014-12-31
10-Q	2014-11-06	Quarter: 2014-09-30
10-Q	2014-08-08	Quarter: 2014-06-30
10-Q	2014-05-01	Quarter: 2014-03-31
10-K	2014-02-28	Annual: 2013-12-31
10-Q	2013-11-04	Quarter: 2013-09-30
10-Q	2013-08-02	Quarter: 2013-06-30
10-Q	2013-05-03	Quarter: 2013-03-31
10-K	2013-03-01	Annual: 2012-12-31
10-Q	2012-11-02	Quarter: 2012-09-30
10-Q	2012-08-02	Quarter: 2012-06-30
10-Q	2012-05-04	Quarter: 2012-03-31
10-K	2012-03-02	Annual: 2011-12-31
10-Q	2011-11-03	Quarter: 2011-09-30
10-Q	2011-08-04	Quarter: 2011-06-30
10-Q	2011-05-05	Quarter: 2011-03-31
10-K	2011-03-04	Annual: 2010-12-31
10-Q	2010-11-03	Quarter: 2010-09-30
10-Q	2010-08-04	Quarter: 2010-06-30
10-Q	2010-05-05	Quarter: 2010-03-31
10-K	2010-03-04	Annual: 2009-12-31

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

EX-31.1	tg-ex311_20190930x10q.htm
EX-31.2	tg-ex312_20190930x10q.htm
EX-32.1	tg-ex321_20190930x10q.htm
EX-32.2	tg-ex322_20190930x10q.htm