falsedesktopTG2020-09-30000085042920000074{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "\tSeptember 30\tDecember 31\n\t2020\t2019\nAssets\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t35022\t31422\nAccounts and other receivables net of allowance for doubtful accounts and sales returns of $2746 in 2020 and $2829 in 2019\t82089\t89117\nIncome taxes recoverable\t58\t2661\nInventories\t63543\t64205\nPrepaid expenses and other\t13421\t8333\nCurrent assets of discontinued operations\t45955\t37418\nTotal current assets\t240088\t233156\nProperty plant and equipment at cost\t488684\t482721\nLess accumulated depreciation\t(323744)\t(309165)\nNet property plant and equipment\t164940\t173556\nRight-of-use leased assets\t16965\t18492\nInvestment in kaléo (cost basis of $7500)\t34500\t95500\nIdentifiable intangible assets net\t19985\t22636\nGoodwill\t67708\t81404\nDeferred income taxes\t19761\t12435\nOther assets\t3693\t4628\nNon-current assets of discontinued operations\t0\t70861\nTotal assets\t567640\t712668\nLiabilities and Shareholders' Equity\t\t\nCurrent liabilities:\t\t\nAccounts payable\t76049\t87296\nAccrued expenses\t44582\t39465\nLease liability short-term\t2705\t2427\nIncome taxes payable\t2296\t0\nCurrent liabilities of discontinued operations\t21333\t23280\nTotal current liabilities\t146965\t152468\nLease liability long-term\t15583\t17338\nLong-term debt\t7000\t42000\nPension and other postretirement benefit obligations net\t104563\t107446\nDeferred income taxes\t0\t11019\nOther non-current liabilities\t4220\t5297\nNon-current liabilities of discontinued operations\t0\t351\nTotal liabilities\t278331\t335919\nShareholders' equity:\t\t\nCommon stock no par value (issued and outstanding - 33513280 shares at September 30 2020 and 33365039 shares at December 31 2019)\t49048\t45514\nCommon stock held in trust for savings restoration plan (76388 shares at September 30 2020 and 74798 shares at December 31 2019)\t(1619)\t(1592)\nAccumulated other comprehensive income (loss):\t\t\nForeign currency translation adjustment\t(111739)\t(100663)\nLoss on derivative financial instruments\t(1611)\t(1307)\nPension and other post-retirement benefit adjustments\t(86888)\t(95681)\nRetained earnings\t442118\t530478\nTotal shareholders' equity\t289309\t376749\nTotal liabilities and shareholders' equity\t567640\t712668\n", "q10k_tbl_1": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues and other items:\t\t\t\t\nSales\t184370\t205968\t562766\t628011\nOther income (expense) net\t(37934)\t4272\t(63898)\t28508\n\t146436\t210240\t498868\t656519\nCosts and expenses:\t\t\t\t\nCost of goods sold\t136008\t159989\t415212\t488320\nFreight\t6453\t7088\t19222\t21438\nSelling general and administrative\t20420\t19154\t61654\t56399\nResearch and development\t1656\t2008\t6063\t5951\nAmortization of identifiable intangibles\t753\t3400\t2264\t5182\nPension and postretirement benefits\t3567\t2415\t10701\t7246\nInterest expense\t494\t859\t1598\t3354\nAsset impairments and costs associated with exit and disposal activities net of adjustments\t3\t98\t74\t608\nGoodwill impairment\t0\t0\t13696\t0\nTotal\t169354\t195011\t530484\t588498\nIncome (loss) from continuing operations before income taxes\t(22918)\t15229\t(31616)\t68021\nIncome tax expense (benefit)\t(5942)\t177\t(8308)\t10550\nNet income (loss) from continuing operations\t(16976)\t15052\t(23308)\t57471\nIncome (loss) from discontinued operations net of tax\t(48237)\t2081\t(53031)\t(6076)\nNet income (loss)\t(65213)\t17133\t(76339)\t51395\nEarnings (loss) per share:\t\t\t\t\nBasic:\t\t\t\t\nContinuing operations\t(0.51)\t0.45\t(0.70)\t1.73\nDiscontinued operations\t(1.44)\t0.06\t(1.59)\t(0.18)\nBasic earnings (loss) per share\t(1.95)\t0.51\t(2.29)\t1.55\nDiluted:\t\t\t\t\nContinuing operations\t(0.51)\t0.45\t(0.70)\t1.73\nDiscontinued operations\t(1.44)\t0.06\t(1.59)\t(0.18)\nDiluted earnings (loss) per share\t(1.95)\t0.51\t(2.29)\t1.55\nShares used to compute earnings (loss) per share:\t\t\t\t\nBasic\t33439\t33271\t33396\t33222\nDiluted\t33439\t33285\t33396\t33230\n", "q10k_tbl_2": "\tThree Months Ended September 30\t\n\t2020\t2019\nNet income (loss)\t(65213)\t17133\nOther comprehensive income (loss):\t\t\nUnrealized foreign currency translation adjustment (net of tax benefit of $19 in 2020 and tax benefit of $775 in 2019)\t927\t(6008)\nDerivative financial instruments adjustment (net of tax of $618 in 2020 and tax of $75 in 2019)\t2213\t(1124)\nAmortization of prior service costs and net gains or losses (net of tax of $836 in 2020 and tax of $593 in 2019)\t2931\t2078\nOther comprehensive income (loss)\t6071\t(5054)\nComprehensive income (loss)\t(59142)\t12079\n", "q10k_tbl_3": "\tNine Months Ended September 30\t\n\t2020\t2019\nNet income (loss)\t(76339)\t51395\nOther comprehensive income (loss):\t\t\nUnrealized foreign currency translation adjustment (net of tax benefit of $1125 in 2020 and tax benefit of $775 in 2019)\t(11076)\t(6291)\nDerivative financial instruments adjustment (net of tax benefit of $269 in 2020 and tax of $24 in 2019)\t(304)\t(856)\nAmortization of prior service costs and net gains or losses (net of tax of $2507 in 2020 and tax of $1778 in 2019)\t8793\t6236\nOther comprehensive income (loss)\t(2587)\t(911)\nComprehensive income (loss)\t(78926)\t50484\n", "q10k_tbl_4": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities:\t\t\nNet income (loss)\t(76339)\t51395\nAdjustments for noncash items:\t\t\nDepreciation\t23218\t22572\nAmortization of identifiable intangibles\t2264\t5182\nReduction of right-of-use lease asset\t2102\t1899\nGoodwill impairment\t13696\t0\nDeferred income taxes\t(19492)\t7404\nAccrued pension and post-retirement benefits\t10701\t7246\n(Gain) loss on investment in kaléo accounted for under the fair value method\t61000\t(10900)\nHeld for sale impairment loss on divested assets\t45054\t0\nNet gain on disposal of assets\t0\t(6328)\nChanges in assets and liabilities:\t\t\nAccounts and other receivables\t4961\t7715\nInventories\t(2761)\t6625\nIncome taxes recoverable/payable\t5332\t1439\nPrepaid expenses and other\t(5305)\t14\nAccounts payable and accrued expenses\t(2112)\t(223)\nLease liability\t(2245)\t(1991)\nPension and postretirement benefit plan contributions\t(2254)\t(6692)\nOther net\t8506\t966\nNet cash provided by operating activities\t66326\t86323\nCash flows from investing activities:\t\t\nCapital expenditures\t(13416)\t(37214)\nProceeds from the sale of assets and other\t0\t10931\nNet cash used in investing activities\t(13416)\t(26283)\nCash flows from financing activities:\t\t\nBorrowings\t25000\t53000\nDebt principal payments\t(60000)\t(86500)\nDividends paid\t(12048)\t(11322)\nDebt financing costs\t0\t(1817)\nRepurchase of employee common stock for tax withholdings\t(586)\t(854)\nNet cash used in financing activities\t(47634)\t(47493)\nEffect of exchange rate changes on cash\t(1676)\t(2292)\nIncrease in cash & cash equivalents\t3600\t10255\nCash and cash equivalents at beginning of period\t31422\t34397\nCash and cash equivalents at end of period\t35022\t44652\n", "q10k_tbl_5": "\t\t\t\tAccumulated Other Comprehensive Income (Loss)\t\t\t\n\tCommon Stock\tRetained Earnings\tTrust for Savings Restoration Plan\tForeign Currency Translation\tGain (Loss) on Derivative Financial Instruments\tPension & Other Post-retirement Benefit Adjustment\tTotal Shareholders' Equity\nBalance July 1 2020\t47448\t511345\t(1610)\t(112666)\t(3824)\t(89819)\t350874\nNet loss\t0\t(65213)\t0\t0\t0\t0\t(65213)\nOther comprehensive income (loss):\t\t\t\t\t\t\t\nForeign currency translation adjustment (net of tax benefit of $19)\t0\t0\t0\t927\t0\t0\t927\nDerivative financial instruments adjustment (net of tax of $618)\t0\t0\t0\t0\t2213\t0\t2213\nAmortization of prior service costs and net gains or losses (net of tax of $836)\t0\t0\t0\t0\t0\t2931\t2931\nCash dividends declared ($0.12 per share)\t0\t(4023)\t0\t0\t0\t0\t(4023)\nStock-based compensation expense\t1600\t0\t0\t0\t0\t0\t1600\nTredegar common stock purchased by trust for savings restoration plan\t0\t9\t(9)\t0\t0\t0\t0\nBalance September 30 2020\t49048\t442118\t(1619)\t(111739)\t(1611)\t(86888)\t289309\n", "q10k_tbl_6": "\t\t\t\tAccumulated Other Comprehensive Income (Loss)\t\t\t\n\tCommon Stock\tRetained Earnings\tTrust for Savings Restoration Plan\tForeign Currency Translation\tGain (Loss) on Derivative Financial Instruments\tPension & Other Post-retirement Benefit Adjustment\tTotal Shareholders' Equity\nBalance at January 1 2020\t45514\t530478\t(1592)\t(100663)\t(1307)\t(95681)\t376749\nNet loss\t0\t(76339)\t0\t0\t0\t0\t(76339)\nOther comprehensive income (loss):\t\t\t\t\t\t\t\nForeign currency translation adjustment (net of tax benefit of $1125)\t0\t0\t0\t(11076)\t0\t0\t(11076)\nDerivative financial instruments adjustment (net of tax benefit of $269)\t0\t0\t0\t0\t(304)\t0\t(304)\nAmortization of prior service costs and net gains or losses (net of tax of $2507)\t0\t0\t0\t0\t0\t8793\t8793\nCash dividends declared ($0.36 per share)\t0\t(12048)\t0\t0\t0\t0\t(12048)\nStock-based compensation expense\t4120\t0\t0\t0\t0\t0\t4120\nRepurchase of employee common stock for tax withholdings\t(586)\t0\t0\t0\t0\t0\t(586)\nTredegar common stock purchased by trust for savings restoration plan\t0\t27\t(27)\t0\t0\t0\t0\nBalance at September 30 2020\t49048\t442118\t(1619)\t(111739)\t(1611)\t(86888)\t289309\n", "q10k_tbl_7": "\t\t\t\tAccumulated Other Comprehensive Income (Loss)\t\t\t\n\tCommon Stock\tRetained Earnings\tTrust for Savings Restoration Plan\tForeign Currency Translation\tGain (Loss) on Derivative Financial Instruments\tPension & Other Post-retirement Benefit Adjustment\tTotal Shareholders' Equity\nBalance at July 1 2019\t41227\t524468\t(1575)\t(97223)\t(1333)\t(77288)\t388276\nNet income\t0\t17133\t0\t0\t0\t0\t17133\nOther comprehensive income (loss):\t\t\t\t\t\t\t\nForeign currency translation adjustment (net of tax benefit of $775)\t0\t0\t0\t(6008)\t0\t0\t(6008)\nDerivative financial instruments adjustment (net of tax of $75)\t0\t0\t0\t0\t(1124)\t0\t(1124)\nAmortization of prior service costs and net gains or losses (net of tax of $593)\t0\t0\t0\t0\t0\t2078\t2078\nCash dividends declared ($0.12 per share)\t0\t(4001)\t0\t0\t0\t0\t(4001)\nStock-based compensation expense\t1481\t0\t0\t0\t0\t0\t1481\nTredegar common stock purchased by trust for savings restoration plan\t0\t8\t(8)\t0\t0\t0\t0\nBalance at September 30 2019\t42708\t537608\t(1583)\t(103231)\t(2457)\t(75210)\t397835\n", "q10k_tbl_8": "\t\t\t\tAccumulated Other Comprehensive Income (Loss)\t\t\t\n\tCommon Stock\tRetained Earnings\tTrust for Savings Restoration Plan\tForeign Currency Translation\tGain (Loss) on Derivative Financial Instruments\tPension & Other Post-retirement Benefit Adjustment\tTotal Shareholders' Equity\nBalance at January 1 2019\t38892\t497511\t(1559)\t(96940)\t(1601)\t(81446)\t354857\nNet income\t0\t51395\t0\t0\t0\t0\t51395\nOther comprehensive income (loss):\t\t\t\t\t\t\t\nForeign currency translation adjustment (net of tax benefit of $775)\t0\t0\t0\t(6291)\t0\t0\t(6291)\nDerivative financial instruments adjustment (net of tax of $24)\t0\t0\t0\t0\t(856)\t0\t(856)\nAmortization of prior service costs and net gains or losses (net of tax of $1778)\t0\t0\t0\t0\t0\t6236\t6236\nCash dividends declared ($0.34 per share)\t0\t(11322)\t0\t0\t0\t0\t(11322)\nStock-based compensation expense\t4670\t0\t0\t0\t0\t0\t4670\nRepurchase of employee common stock for tax withholdings\t(854)\t0\t0\t0\t0\t0\t(854)\nTredegar common stock purchased by trust for savings restoration plan\t0\t24\t(24)\t0\t0\t0\t0\nBalance at September 30 2019\t42708\t537608\t(1583)\t(103231)\t(2457)\t(75210)\t397835\n", "q10k_tbl_9": "\tSeptember 30\tDecember 31\n(In thousands)\t2020\t2019\nCustomer receivables\t82369\t89747\nOther receivables\t2466\t2199\nTotal accounts and other receivables\t84835\t91946\nLess: Allowance for bad debts and sales returns\t(2746)\t(2829)\nTotal accounts and other receivables net\t82089\t89117\n", "q10k_tbl_10": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenues and other items:\t\t\t\t\nSales\t29509\t37249\t98053\t111920\nOther income (expense) net\t(37)\t6362\t(298)\t6332\n\t29472\t43611\t97755\t118252\nCosts and expenses:\t\t\t\t\nCost of goods sold\t25481\t31576\t83408\t96479\nFreight\t1436\t1898\t4711\t5455\nSelling general and administrative\t6502\t3977\t13649\t12607\nResearch and development\t3138\t2933\t8451\t8926\nAsset impairments and costs associated with exit and disposal activities net of adjustments\t801\t1366\t1327\t2987\nHeld for sale impairment loss on divested assets\t45054\t0\t45054\t0\nTotal\t82412\t41750\t156600\t126454\nIncome (loss) from discontinued operations before income taxes\t(52940)\t1861\t(58845)\t(8202)\nIncome tax expense (benefit)\t(4703)\t(220)\t(5814)\t(2126)\nIncome (loss) from discontinued operations net of tax\t(48237)\t2081\t(53031)\t(6076)\n", "q10k_tbl_11": "\tSeptember 30\tDecember 31\n\t2020\t2019\nAssets\t\t\nAccounts and other receivables net\t15455\t18441\nIncome tax recoverable\t1082\t1439\nInventories\t15839\t17175\nPrepaid expenses and other\t394\t363\nTotal current assets (a)\t\t37418\nProperty plant and equipment net\t57068\t69334\nRight-of-use leased assets\t342\t728\nDeferred income taxes\t679\t694\nOther assets\t150\t105\nTotal non-current assets (a)\t\t70861\nValuation allowance on assets held for sale\t(45054)\t0\nTotal assets of discontinued operations classified as held for sale\t45955\t108279\nLiabilities\t\t\nAccounts payable\t13844\t16361\nAccrued expenses\t7058\t6344\nLease liability short-term\t231\t575\nIncome taxes payable\t87\t0\nTotal current liabilities (a)\t\t23280\nLease liability long-term\t113\t351\nDeferred income taxes\t0\t0\nTotal non-current liabilities (a)\t\t351\nTotal liabilities of discontinued operations classified as held for sale (b)\t21333\t23631\n(a) The assets and liabilities of the disposal group classified as held for sale are classified as current on the September 30 2020 Consolidated Balance Sheet as it was probable that sale of the Personal Care business would occur and proceeds would be collected within one year of September 30 2020. (b) Pension and other postretirement benefit liabilities related to the Personal Care business have been retained by the Company.\t\t\n", "q10k_tbl_12": "\tSeptember 30\n(In thousands)\t2020\nTotal carrying value of assets of discontinued operations classified as held for sale before valuation allowances\t91009\nTotal liabilities of discontinued operations classified as held for sale\t(21333)\nCarrying value of net assets of discontinued operations classified as held for sale before valuation allowances\t69676\nValuation allowance to reflect net assets at fair value less cost to sell\t(20509)\nEstimated fair value less cost to sell of net assets of discontinued operations classified as held for sale\t49167\nValuation allowance for other comprehensive loss on foreign currency translation adjustments reflected in shareholder's equity (\"FCTA\") to be released into earnings along with the FCTA upon sale\t(24545)\nNet assets of discontinued operations classified as held for sale reflected in the Company's consolidated balance sheets\t24622\n", "q10k_tbl_13": "\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\nOperating activities\t\t\nDepreciation and amortization\t6625\t6362\nHeld for sale impairment loss on divested assets\t45054\t0\nTotal\t51679\t6362\nInvesting activities\t\t\nCapital expenditures\t2989\t13921\n", "q10k_tbl_14": "(In thousands)\tSeptember 30 2020\tDecember 31 2019\nFinished goods\t15666\t18217\nWork-in-process\t10716\t12123\nRaw materials\t20347\t20121\nStores supplies and other\t16814\t13744\nTotal\t63543\t64205\n", "q10k_tbl_15": "\tThree Months Ended\t\tNine Months Ended\t\n\tSeptember 30\t\tSeptember 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nWeighted average shares outstanding used to compute basic earnings per share\t33439\t33271\t33396\t33222\nIncremental dilutive shares attributable to stock options and restricted stock\t0\t14\t0\t8\nShares used to compute diluted earnings per share\t33439\t33285\t33396\t33230\n", "q10k_tbl_16": "(In thousands)\tForeign currency translation adjustment\tGain (loss) on derivative financial instruments\tPension and other post-retirement benefit adjustments\tTotal\nBeginning balance January 1 2020\t(100663)\t(1307)\t(95681)\t(197651)\nOther comprehensive income (loss) before reclassifications\t(11076)\t(5860)\t0\t(16936)\nAmounts reclassified from accumulated other comprehensive income (loss)\t0\t5556\t8793\t14349\nNet other comprehensive income (loss) - current period\t(11076)\t(304)\t8793\t(2587)\nEnding balance September 30 2020\t(111739)\t(1611)\t(86888)\t(200238)\n", "q10k_tbl_17": "(In thousands)\tForeign currency translation adjustment\tGain (loss) on derivative financial instruments\tPension and other post-retirement benefit adjustments\tTotal\nBeginning balance January 1 2019\t(96940)\t(1601)\t(81446)\t(179987)\nOther comprehensive income (loss) before reclassifications\t(6291)\t(3065)\t0\t(9356)\nAmounts reclassified from accumulated other comprehensive income (loss)\t0\t2209\t6236\t8445\nNet other comprehensive income (loss) - current period\t(6291)\t(856)\t6236\t(911)\nEnding balance September 30 2019\t(103231)\t(2457)\t(75210)\t(180898)\n", "q10k_tbl_18": "(In thousands)\tAmount reclassified from other comprehensive income (loss)\tLocation of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)\nGain (loss) on derivative financial instruments:\t\t\nAluminum future contracts before taxes\t(575)\tCost of sales\nForeign currency forward contracts before taxes\t(1767)\tSelling general & administrative\nForeign currency forward contracts before taxes\t15\tCost of sales\nTotal before taxes\t(2327)\t\nIncome tax expense (benefit)\t(496)\tIncome tax expense (benefit)\nTotal net of tax\t(1831)\t\nAmortization of pension and other post-retirement benefits:\t\t\nActuarial gain (loss) and prior service costs before taxes\t(3767)\t(a)\nIncome tax expense (benefit)\t(836)\tIncome tax expense (benefit)\nTotal net of tax\t(2931)\t\n", "q10k_tbl_19": "(In thousands)\tAmount reclassified from other comprehensive income (loss)\tLocation of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)\nGain (loss) on derivative financial instruments:\t\t\nAluminum future contracts before taxes\t(2766)\tCost of sales\nForeign currency forward contracts before taxes\t(4359)\tSelling general & administrative\nForeign currency forward contracts before taxes\t46\tCost of sales\nTotal before taxes\t(7079)\t\nIncome tax expense (benefit)\t(1523)\tIncome tax expense (benefit)\nTotal net of tax\t(5556)\t\nAmortization of pension and other post-retirement benefits:\t\t\nActuarial gain (loss) and prior service costs before taxes\t(11300)\t(a)\nIncome tax expense (benefit)\t(2507)\tIncome tax expense (benefit)\nTotal net of tax\t(8793)\t\n", "q10k_tbl_20": "(In thousands)\tAmount reclassified from other comprehensive income (loss)\tLocation of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)\nGain (loss) on derivative financial instruments:\t\t\nAluminum future contracts before taxes\t(816)\tCost of sales\nForeign currency forward contracts before taxes\t(101)\tSelling general & administrative\nForeign currency forward contracts before taxes\t15\tCost of sales\nTotal before taxes\t(902)\t\nIncome tax expense (benefit)\t(179)\tIncome tax expense (benefit)\nTotal net of tax\t(723)\t\nAmortization of pension and other post-retirement benefits:\t\t\nActuarial gain (loss) and prior service costs before taxes\t(2672)\t(a)\nIncome tax expense (benefit)\t(593)\tIncome tax expense (benefit)\nTotal net of tax\t(2079)\t\n", "q10k_tbl_21": "(In thousands)\tAmount reclassified from other comprehensive income (loss)\tLocation of gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (loss)\nGain (loss) on derivative financial instruments:\t\t\nAluminum future contracts before taxes\t(2039)\tCost of sales\nForeign currency forward contracts before taxes\t(661)\tSelling general & administrative\nForeign currency forward contracts before taxes\t46\tCost of sales\nTotal before taxes\t(2654)\t\nIncome tax expense (benefit)\t(445)\tIncome tax expense (benefit)\nTotal net of tax\t(2209)\t\nAmortization of pension and other post-retirement benefits:\t\t\nActuarial gain (loss) and prior service costs before taxes\t(8014)\t(a)\nIncome tax expense (benefit)\t(1778)\tIncome tax expense (benefit)\nTotal net of tax\t(6236)\t\n", "q10k_tbl_22": "($ Millions)\t\tEV-to-Adjusted EBITDA Multiple\t\t\t\t\n\t\t4.0 x\t5.0 x\t6.0 x\t7.0x\t8.0x\nWeighting to DCF Method\t100%\t34.9\t34.9\t34.9\t34.9\t34.9\n90%\t33.4\t34.0\t34.7\t35.4\t36.1\n80%\t31.8\t33.2\t34.5\t35.9\t37.3\n70%\t30.3\t32.4\t34.4\t36.5\t38.5\n60%\t28.8\t31.5\t34.3\t37.0\t39.8\n50%\t27.3\t30.7\t34.1\t37.6\t41.0\n", "q10k_tbl_23": "\tSeptember 30 2020\t\tDecember 31 2019\t\n(In thousands)\tBalance Sheet Account\tFair Value\tBalance Sheet Account\tFair Value\nDerivatives Designated as Hedging Instruments\t\t\t\t\nAsset derivatives: Aluminum futures contracts\tAccrued expenses\t659\tAccrued expenses\t6\nLiability derivatives: Aluminum futures contracts\tAccrued expenses\t(783)\tAccrued expenses\t(1259)\nNet asset (liability)\t\t(124)\t\t(1253)\n", "q10k_tbl_24": "\tSeptember 30 2020\t\tDecember 31 2019\n(In thousands)\tBalance Sheet Account\tFair Value\tBalance Sheet Account\tFair Value\t\t\nDerivatives Designated as Hedging Instruments\t\t\t\t\t\t\nAsset derivatives: Foreign currency forward contracts\tPrepaid expenses and other\t0\tPrepaid expenses and other\t83\t\t\nLiability derivatives: Foreign currency forward contracts\tAccrued expenses\t(3000)\tAccrued expenses\t(935)\t\t\nNet asset (liability)\t\t(3000)\t\t(852)\t\t\n", "q10k_tbl_25": "USD Notional Amount (000s)\tAverage Forward Rate Contracted on USD/BRL\tR$ Equivalent Amount (000s)\tApplicable Month\tEstimated % of Terphane Ltda. R$ Operating Cost Exposure Hedged\n2200\t3.9579\tR$8707\tOct-20\t77%\n2200\t3.9660\tR$8725\tNov-20\t77%\n2050\t3.9653\tR$8129\tDec-20\t72%\n1000\t5.4358\tR$5436\tJan-21\t50%\n1000\t5.4379\tR$5438\tFeb-21\t50%\n1000\t5.4417\tR$5442\tMar-21\t50%\n1000\t5.4462\tR$5446\tApr-21\t50%\n1000\t5.4508\tR$5451\tMay-21\t50%\n1000\t5.4539\tR$5454\tJun-21\t50%\n1000\t5.4566\tR$5457\tJul-21\t50%\n1000\t5.4624\tR$5462\tAug-21\t50%\n1000\t5.4675\tR$5468\tSep-21\t50%\n1000\t5.4733\tR$5473\tOct-21\t50%\n1000\t5.4799\tR$5480\tNov-21\t50%\n1000\t5.4876\tR$5488\tDec-21\t50%\n18450\t4.9353\tR$91056\t\t54%\n", "q10k_tbl_26": "(In thousands)\tCash Flow Derivative Hedges\t\t\t\t\t\n\tThree Months Ended September 30\t\t\t\t\t\n\tAluminum Futures Contracts\t\tForeign Currency Forwards\t\t\t\n\t2020\t2019\t2020\t2020\t2019\t2019\nAmount of pretax gain (loss) recognized in other comprehensive income (loss)\t1158\t(449)\t0\t(655)\t0\t(1501)\nLocation of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)\tCost of sales\tCost of sales\tCost of sales\tSelling general & admin\tCost of sales\tSelling general & admin\nAmount of pretax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income effective portion)\t(575)\t(816)\t15\t(1767)\t15\t(101)\n\tNine Months Ended September 30\t\t\t\t\t\n\tAluminum Futures Contracts\t\tForeign Currency Forwards\t\t\t\n\t2020\t2019\t2020\t2020\t2019\t2019\nAmount of pre-tax gain (loss) recognized in other comprehensive income (loss)\t(1637)\t(1887)\t0\t(6015)\t0\t(1598)\nLocation of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion)\tCost of sales\tCost of sales\tCost of sales\tSelling general & admin\tCost of sales\tSelling general & admin\nAmount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion)\t(2766)\t(2039)\t46\t(4359)\t46\t(661)\n", "q10k_tbl_27": "\tPension Benefits\t\tOther Post-Retirement Benefits\t\n\tThree Months Ended September 30\t\tThree Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nService cost\t0\t0\t9\t9\nInterest cost\t2535\t3067\t60\t72\nExpected return on plan assets\t(2804)\t(3404)\t0\t0\nAmortization of prior service costs (gains) losses and net transition asset\t3814\t2729\t(47)\t(58)\nNet periodic benefit cost\t3545\t2392\t22\t23\n\tPension Benefits\t\tOther Post-Retirement Benefits\t\n\tNine Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nService cost\t0\t0\t28\t25\nInterest cost\t7605\t9202\t180\t218\nExpected return on plan assets\t(8412)\t(10212)\t0\t0\nAmortization of prior service costs (gains) losses and net transition asset\t11441\t8188\t(141)\t(173)\nNet periodic benefit cost\t10634\t7178\t67\t70\n", "q10k_tbl_28": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nGain (loss) on investment in kaléo accounted for under fair value method\t(36200)\t4300\t(61000)\t28482\nCorporate costs associated with the divested Personal Care business\t(1130)\t0\t(1130)\t0\nCOVID-19-related expenses (a)\t(494)\t0\t(1594)\t0\nOther\t(110)\t(28)\t(174)\t26\nTotal\t(37934)\t4272\t(63898)\t28508\n(a) Costs associated with operating under COVID-19 conditions include employee overtime expenses associated with absenteeism personal protective equipment supplies and facility maintenance.\t\t\t\t\n", "q10k_tbl_29": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nNet Sales\t\t\t\t\nAluminum Extrusions\t115621\t129505\t339566\t405310\nPE Films\t26440\t34487\t103444\t99313\nFlexible Packaging Films\t35856\t34888\t100534\t101950\nTotal net sales\t177917\t198880\t543544\t606573\nAdd back freight\t6453\t7088\t19222\t21438\nSales as shown in the Consolidated Statements of Income\t184370\t205968\t562766\t628011\nEBITDA from Ongoing Operations\t\t\t\t\nAluminum Extrusions:\t\t\t\t\nOngoing operations:\t\t\t\t\nEBITDA\t16540\t16464\t41496\t51231\nDepreciation & amortization\t(4251)\t(4317)\t(12632)\t(12481)\nEBIT\t12289\t12147\t28864\t38750\nPlant shutdowns asset impairments restructurings and other\t(720)\t(610)\t(2637)\t(667)\nGoodwill impairment\t0\t0\t(13696)\t0\nTrade name accelerated amortization\t0\t(2510)\t0\t(2510)\nPE Films:\t\t\t\t\nOngoing operations:\t\t\t\t\nEBITDA\t6041\t10257\t33928\t30452\nDepreciation & amortization\t(1785)\t(1458)\t(4868)\t(4380)\nEBIT\t4256\t8799\t29060\t26072\nPlant shutdowns asset impairments restructurings and other\t(56)\t(60)\t(225)\t(555)\nFlexible Packaging Films:\t\t\t\t\nOngoing operations:\t\t\t\t\nEBITDA\t9546\t4394\t22594\t10477\nDepreciation & amortization\t(443)\t(394)\t(1306)\t(1101)\nEBIT\t9103\t4000\t21288\t9376\nPlant shutdowns asset impairments restructurings and other\t(3)\t0\t(14)\t0\nTotal\t24869\t21766\t62640\t70466\nInterest income\t11\t11\t43\t25\nInterest expense\t494\t859\t1598\t3354\nGain (loss) on investment in kaléo accounted for under fair value method\t(36200)\t4300\t(61000)\t28482\nStock option-based compensation costs\t518\t791\t1786\t2060\nCorporate expenses net\t10586\t9198\t29915\t25538\nIncome (loss) from continuing operations before income taxes\t(22918)\t15229\t(31616)\t68021\nIncome tax expense (benefit)\t(5942)\t177\t(8308)\t10550\nIncome (loss) from continuing operations\t(16976)\t15052\t(23308)\t57471\nIncome (loss) from discontinued operations net of tax\t(48237)\t2081\t(53031)\t(6076)\nNet income (loss)\t(65213)\t17133\t(76339)\t51395\n", "q10k_tbl_30": "(In thousands)\tSeptember 30 2020\tDecember 31 2019\nAluminum Extrusions\t238683\t265027\nPE Films\t169195\t122136\nFlexible Packaging Films\t61903\t74016\nSubtotal\t469781\t461179\nGeneral corporate\t16882\t111788\nCash and cash equivalents\t35022\t31422\nAssets of discontinued operations\t45955\t108279\nTotal\t567640\t712668\n", "q10k_tbl_31": "Net Sales by Geographic Area (a)\t\t\t\t\n\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nUnited States\t129654\t145629\t395207\t455509\nExports from the United States to:\t\t\t\t\nAsia\t14255\t23163\t59816\t61037\nLatin America\t465\t880\t1953\t1359\nCanada\t7200\t2120\t13359\t10352\nEurope\t1468\t1494\t4272\t4227\nOperations outside the United States:\t\t\t\t\nBrazil\t24875\t25594\t68937\t73864\nChina\t0\t0\t0\t225\nTotal\t177917\t198880\t543544\t606573\n", "q10k_tbl_32": "Net Sales by Product Group\t\t\t\t\n\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n(In thousands)\t2020\t2019\t2020\t2019\nAluminum Extrusions:\t\t\t\t\nNonresidential building & construction\t62611\t64340\t190476\t202998\nConsumer durables\t11160\t12939\t31491\t44865\nAutomotive\t10332\t11091\t25375\t36214\nResidential building & construction\t10149\t11110\t29016\t33060\nElectrical\t5992\t10468\t18006\t31910\nMachinery & equipment\t7581\t10191\t23147\t29585\nDistribution\t7796\t9366\t22055\t26678\nSubtotal\t115621\t129505\t339566\t405310\nPE Films:\t\t\t\t\nSurface protection films\t19868\t27053\t79919\t76194\nPackaging\t5042\t5607\t17262\t17305\nLED lighting products & other films\t1530\t1827\t6263\t5814\nSubtotal\t26440\t34487\t103444\t99313\nFlexible Packaging Films\t35856\t34888\t100534\t101950\nTotal\t177917\t198880\t543544\t606573\n", "q10k_tbl_33": "(In thousands except percentages)\t2020\t\t2019\t\nNine Months Ended September 30\tAmount\t%\tAmount\t%\nIncome tax (benefit) expense at federal statutory rate\t(6639)\t21.0%\t14284\t21.0%\nForeign tax incentives\t(3412)\t10.8%\t(2416)\t(3.6)%\nChanges in estimates related to prior year tax provision\t(1001)\t3.2%\t(36)\t(0.1)%\nResearch and development tax credit\t(612)\t1.9%\t(336)\t(0.5)%\nState taxes net of federal income tax benefit\t(537)\t1.7%\t560\t0.8%\nTax contingency accruals and tax settlements\t(148)\t0.5%\t(2527)\t(3.7)%\nValuation allowance due to foreign losses and impairments\t0\t-%\t(2074)\t(3.0)%\nTax impact of dividend received\t0\t-%\t(1016)\t(1.5)%\nForeign Derived Intangible Income (FDII)\t0\t-%\t(546)\t(0.8)%\nValuation allowance for capital loss carry-forwards\t61\t(0.2)%\t0\t-%\nNon-deductible expenses\t312\t(1.0)%\t242\t0.4%\nStock-based compensation\t240\t(0.8)%\t(132)\t(0.2)%\nU.S. Tax on Foreign Branch Income\t656\t(2.1)%\t3034\t4.5%\nForeign rate differences\t2772\t(8.8)%\t1513\t2.2%\nIncome tax expense (benefit) at effective income tax rate\t(8308)\t26.2%\t10550\t15.5%\n", "q10k_tbl_34": "\tThree Months Ended\t\t\t\tFavorable/ (Unfavorable) % Change\t\tNine Months Ended\t\tFavorable/ (Unfavorable) % Change\n(In thousands except percentages)\tSeptember 30\t\t\t\tSeptember 30\t\t\n2020\t\t2019\t\t2020\t\t2019\t\nSales volume (lbs)\t48859\t\t51404\t\t(5.0)%\t\t139985\t158657\t(11.8)%\nNet sales\t115621\t\t129505\t\t(10.7)%\t\t339566\t405310\t(16.2)%\nOngoing operations:\t\t\t\t\t\t\t\t\t\nEBITDA\t16540\t\t16464\t\t0.5%\t\t41496\t51231\t(19.0)%\nDepreciation & amortization*\t(4251)\t\t(4317)\t\t1.5%\t\t(12632)\t(12481)\t(1.2)%\nEBIT**\t12289\t\t12147\t\t1.2%\t\t28864\t38750\t(25.5)%\nCapital expenditures\t1784\t\t3057\t\t\t\t4713\t11844\t\n* Excludes pre-tax accelerated amortization of trade name of $2.5 million in the three and nine months ended September 30 2019. ** See the net sales and EBITDA from ongoing operations by segment statements for a reconciliation of this non-GAAP measure to GAAP.\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_35": "\tThree Months Ended\t\t\t\tFavorable/ (Unfavorable) % Change\t\tNine Months Ended\t\tFavorable/ (Unfavorable) % Change\n(In thousands except percentages)\tSeptember 30\t\t\t\tSeptember 30\t\t\n2020\t\t2019\t\t2020\t\t2019\t\nSales volume (lbs)\t9556\t\t11132\t\t(14.2)%\t\t33348\t31936\t4.4%\nNet sales\t26440\t\t34487\t\t(23.3)%\t\t103444\t99313\t4.2%\nOngoing operations:\t\t\t\t\t\t\t\t\t\nEBITDA\t6041\t\t10257\t\t(41.1)%\t\t33928\t30452\t11.4%\nDepreciation & amortization\t(1785)\t\t(1458)\t\t(22.4)%\t\t(4868)\t(4380)\t(11.1)%\nEBIT*\t4256\t\t8799\t\t(51.6)%\t\t29060\t26072\t11.5%\nCapital expenditures\t187\t\t3623\t\t\t\t3231\t5575\t\n* See the net sales and EBITDA from ongoing operations by segment statements for a reconciliation of this non-GAAP measure to GAAP.\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_36": "\tThree Months Ended\t\t\t\tFavorable/ (Unfavorable) % Change\t\tNine Months Ended\t\tFavorable/ (Unfavorable) % Change\n(In thousands except percentages)\tSeptember 30\t\t\t\tSeptember 30\t\t\n2020\t\t2019\t\t2020\t\t2019\t\nSales volume (lbs)\t30115\t\t27920\t\t7.9%\t\t85089\t79841\t6.6%\nNet sales\t35856\t\t34888\t\t2.8%\t\t100534\t101950\t(1.4)%\nOngoing operations:\t\t\t\t\t\t\t\t\t\nEBITDA\t9546\t\t4394\t\t117.3%\t\t22594\t10477\t115.7%\nDepreciation & amortization\t(443)\t\t(394)\t\t(12.4)%\t\t(1306)\t(1101)\t(18.6)%\nEBIT*\t9103\t\t4000\t\t127.6%\t\t21288\t9376\t127.0%\nCapital expenditures\t1183\t\t2698\t\t\t\t2448\t5692\t\n* See the net sales and EBITDA from ongoing operations by segment statements for a reconciliation of this non-GAAP measure to GAAP.\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_37": "\tThree Months Ended September 30\t\n($ in millions)\t2020\t2019\nAluminum Extrusions:\t\t\n(Gains) losses from sale of assets investment writedowns and other items:\t\t\nConsulting expenses for ERP feasibility study (b)\t0.3\t0\nCOVID-19-related expenses (c)\t0.5\t0\nWind damage to roof of Elkhart Indiana plant (b)\t0\t0.3\nEnvironmental charges at Carthage Tennessee plant (a)\t0\t0.3\nTotal for Aluminum Extrusions\t0.8\t0.6\nPE Films:\t\t\nLosses from sale of assets investment writedowns and other items:\t\t\nCOVID-19-related expenses (c)\t0\t0\nOther restructuring costs - severance\t0\t0.1\nTotal for PE Films\t0\t0.1\nCorporate:\t\t\nProfessional fees associated with: remediation activities and other costs relating to the Company's material weaknesses in internal control over financial reporting; business development activities; and implementation of new accounting guidance (b)\t0.6\t1.5\nCorporate costs associated with the divested Personal Care business (a)\t1.1\t0\nWrite-down of investment in Harbinger Capital Partners Special Situations Fund (b)\t0.1\t0\nTotal for Corporate\t1.8\t1.5\n(a) Included in \"Cost of goods sold\" in the consolidated statements of income. (b) Included in \"Selling general and administrative\" in the consolidated statements of income. (c) Included in \"Other income (expense) net\" in the consolidated statements of income.\t\t\n", "q10k_tbl_38": "\tThree Months Ended September 30\t\n(In millions)\t2020\t2019\nFloating-rate debt with interest charged on a rollover basis at one-month LIBOR plus a credit spread:\t\t\nAverage outstanding debt balance\t24.3\t71.1\nAverage interest rate\t1.7%\t3.9%\n", "q10k_tbl_39": "\tNine Months Ended September 30\t\n($ in thousands)\t2020\t2019\nAluminum Extrusions:\t\t\n(Gains) losses from sale of assets investment writedowns and other items:\t\t\nConsulting expenses for ERP feasibility study (b)\t1.2\t0\nCOVID-19-related expenses (c)\t1.4\t0\nWind damage to roof of Elkhart Indiana plant (b)\t0\t0.3\nEnvironmental charges at Carthage Tennessee plant (a)\t0\t0.3\nTotal for Aluminum Extrusions\t2.6\t0.6\nPE Films:\t\t\n(Gains) losses associated with plant shutdowns asset impairments and restructurings:\t\t\nOther restructuring costs - severance\t0.1\t0.1\nWrite-off of films production line - Guangzhou China facility\t0\t0.4\nLosses from sale of assets investment writedowns and other items:\t\t\nCOVID-19-related expenses (c)\t0.2\t0\nTotal for PE Films\t0.3\t0.5\nCorporate:\t\t\nProfessional fees associated with: remediation activities and other costs relating to the Company's material weaknesses in internal control over financial reporting; business development activities; and implementation of new accounting guidance2\t4.1\t3.3\nAccelerated recognition of stock-based compensation expense (b)\t0.1\t0\nCorporate costs associated with the divested Personal Care business (a)\t1.1\t0\nWrite-down of investment in Harbinger Capital Partners Special Situations Fund (c)\t0.3\t0\nTotal for Corporate\t5.6\t3.3\n(a) Included in \"Cost of goods sold\" in the consolidated statements of income. (b) Included in \"Selling general and administrative\" in the consolidated statements of income. (c) Included in \"Other income (expense) net\" in the consolidated statements of income.\t\t\n", "q10k_tbl_40": "\tNine Months Ended September 30\t\n(In millions)\t2020\t2019\nFloating-rate debt with interest charged on a rollover basis at one-month LIBOR plus a credit spread:\t\t\nAverage outstanding debt balance\t37.0\t93.1\nAverage interest rate\t2.5%\t4.1%\n", "q10k_tbl_41": "Net Capitalization and Indebtedness as of September 30 2020\t\n(In thousands)\t\nNet capitalization:\t\nCash and cash equivalents\t35022\nDebt:\t\nCredit Agreement\t7000\nCash and cash equivalents net of debt\t28022\nShareholders' equity\t289309\nNet capitalization\t261287\nIndebtedness as defined in Credit Agreement:\t\nTotal debt\t7000\nOther\t0\nIndebtedness\t7000\n", "q10k_tbl_42": "Pricing Under The Credit Agreement (Basis Points)\t\t\nIndebtedness-to-Credit EBITDA Ratio\tCredit Spread Over LIBOR\tCommitment Fee\n> 3.5x but <= 4.0x\t200.0\t40\n> 3.0x but <= 3.5x\t187.5\t35\n> 2.0x but <= 3.0x\t175.0\t30\n> 1.0x but <= 2.0x\t162.5\t25\n<= 1.0x\t150.0\t20\n", "q10k_tbl_43": "Computations of Credit EBITDA and Leverage Ratio and Interest Coverage Ratio as Defined in the Credit Agreement Along with Related Most Restrictive Covenants as of and for the Twelve Months Ended September 30 2020 (In Thousands)\t\t\nComputation of Credit EBITDA for the twelve months ended September 30 2020:\t\t\nNet income (loss)\t(79474)\t\nPlus:\t\t\nAfter-tax losses related to discontinued operations\t57157\t\nTotal income tax expense for continuing operations\t0\t\nInterest expense\t2295\t\nDepreciation and amortization expense (excluding amortization of right-of-use lease assets) for continuing operations\t32834\t\nAll non-cash losses and expenses plus cash losses and expenses not to exceed $10000 for continuing operations that are classified as unusual extraordinary or which are related to plant shutdowns asset impairments and/or restructurings (cash-related of $9126)\t23280\t\nCharges related to stock option grants and awards accounted for under the fair value-based method\t3960\t\nLosses related to the application of the equity method of accounting\t0\t\nLosses related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting\t61000\t\nMinus:\t\t\nAfter-tax income related to discontinued operations\t0\t\nTotal income tax benefits for continuing operations\t(5313)\t\nInterest income\t(84)\t\nAll non-cash gains and income plus cash gains and income in excess of $10000 for continuing operations that are classified as unusual extraordinary or which are related to plant shutdowns asset impairments and/or restructurings\t0\t\nIncome related to changes in estimates for stock option grants and awards accounted for under the fair value-based method\t0\t\nIncome related to the application of the equity method of accounting\t0\t\nIncome related to adjustments in the estimated fair value of assets accounted for under the fair value method of accounting\t0\t\nPlus cash dividends declared on investments in an amount not to exceed $10000 for such period\t0\t\nPlus or minus as applicable pro forma EBITDA adjustments associated with acquisitions and asset dispositions\t0\t\nCredit EBITDA\t95655\t\nComputations of leverage and interest coverage ratios as defined in the Credit Agreement at September 30 2020:\t\t\nLeverage ratio (indebtedness-to-Credit EBITDA)\t.07x\t\nInterest coverage ratio (Credit EBITDA-to-interest expense)\t41.68x\t\nMost restrictive covenants as defined in the Credit Agreement:\t\t\nMaximum permitted aggregate amount of dividends that can be paid by Tredegar during the term of the Credit Agreement ($130000 plus 50% of net income generated for each quarter beginning April 1 2019)\t151403\t\nMaximum leverage ratio permitted\t4.00\tx\nMinimum interest coverage ratio permitted\t3.00\tx\n", "q10k_tbl_44": "Percentage of Net Sales from Ongoing Operations Related to Foreign Markets*\t\t\t\t\n\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n\tExports From U.S.\tForeign Operations\tExports From U.S.\tForeign Operations\nCanada\t2%\t-%\t2%\t-%\nEurope\t1\t0\t1\t0\nLatin America\t0\t13\t0\t12\nAsia\t11\t0\t10\t0\nTotal\t14%\t13%\t13%\t12%\n* The percentages for foreign markets are relative to Tredegar's total net sales from ongoing operations\t\t\t\t\n", "q10k_tbl_45": "Exhibit Nos.\t\n2.1\tAmended and Restated Purchase and Sale Agreement dated as of October 30 2020 by and among Fitesa Nao Tecidos S.A. Fitesa US LLC Miramar Participações Ltda Tredegar Corporation Tredegar Far East Corporation Tredegar Film Products (Latin America) Inc. Tredegar Investments LLC and Fitesa S.A. (filed as Exhibit 2.1 of Tredegar's Current Report on Form 8-K (File No. 1-10258) filed on November 3 2020 and incorporated herein by reference).\n31.1\tCertification of President and Chief Executive Officer of Tredegar Corporation pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n31.2\tCertification of Vice President and Chief Financial Officer of Tredegar Corporation pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n32.1\tCertification of President and Chief Executive Officer of Tredegar Corporation pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n32.2\tCertification of Vice President and Chief Financial Officer of Tredegar Corporation pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101\tXBRL Instance Document and Related Items.\n104\tCover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101)\n"}{"bs": "q10k_tbl_0", "is": "q10k_tbl_1", "cf": "q10k_tbl_4"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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 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. Yesx 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). Yesx 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 6, 2020: 33,497,768
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
Tredegar Corporation
Consolidated Balance Sheets
(In Thousands, Except Share Data)
(Unaudited)
September 30,
December 31,
2020
2019
Assets
Current assets:
Cash and cash equivalents
$
35,022
$
31,422
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $2,746 in 2020 and $2,829 in 2019
82,089
89,117
Income taxes recoverable
58
2,661
Inventories
63,543
64,205
Prepaid expenses and other
13,421
8,333
Current assets of discontinued operations
45,955
37,418
Total current assets
240,088
233,156
Property, plant and equipment, at cost
488,684
482,721
Less accumulated depreciation
(323,744)
(309,165)
Net property, plant and equipment
164,940
173,556
Right-of-use leased assets
16,965
18,492
Investment in kaléo (cost basis of $7,500)
34,500
95,500
Identifiable intangible assets, net
19,985
22,636
Goodwill
67,708
81,404
Deferred income taxes
19,761
12,435
Other assets
3,693
4,628
Non-current assets of discontinued operations
—
70,861
Total assets
$
567,640
$
712,668
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable
$
76,049
$
87,296
Accrued expenses
44,582
39,465
Lease liability, short-term
2,705
2,427
Income taxes payable
2,296
—
Current liabilities of discontinued operations
21,333
23,280
Total current liabilities
146,965
152,468
Lease liability, long-term
15,583
17,338
Long-term debt
7,000
42,000
Pension and other postretirement benefit obligations, net
104,563
107,446
Deferred income taxes
—
11,019
Other non-current liabilities
4,220
5,297
Non-current liabilities of discontinued operations
—
351
Total liabilities
278,331
335,919
Shareholders’ equity:
Common stock, no par value (issued and outstanding - 33,513,280 shares at September 30, 2020 and 33,365,039 shares at December 31, 2019)
49,048
45,514
Common stock held in trust for savings restoration plan (76,388 shares at September 30, 2020 and 74,798 shares at December 31, 2019)
(1,619)
(1,592)
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment
(111,739)
(100,663)
Loss on derivative financial instruments
(1,611)
(1,307)
Pension and other post-retirement benefit adjustments
(86,888)
(95,681)
Retained earnings
442,118
530,478
Total shareholders’ equity
289,309
376,749
Total liabilities and shareholders’ equity
$
567,640
$
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 September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenues and other items:
Sales
$
184,370
$
205,968
$
562,766
$
628,011
Other income (expense), net
(37,934)
4,272
(63,898)
28,508
146,436
210,240
498,868
656,519
Costs and expenses:
Cost of goods sold
136,008
159,989
415,212
488,320
Freight
6,453
7,088
19,222
21,438
Selling, general and administrative
20,420
19,154
61,654
56,399
Research and development
1,656
2,008
6,063
5,951
Amortization of identifiable intangibles
753
3,400
2,264
5,182
Pension and postretirement benefits
3,567
2,415
10,701
7,246
Interest expense
494
859
1,598
3,354
Asset impairments and costs associated with exit and disposal activities, net of adjustments
3
98
74
608
Goodwill impairment
—
—
13,696
—
Total
169,354
195,011
530,484
588,498
Income (loss) from continuing operations before income taxes
(22,918)
15,229
(31,616)
68,021
Income tax expense (benefit)
(5,942)
177
(8,308)
10,550
Net income (loss) from continuing operations
(16,976)
15,052
(23,308)
57,471
Income (loss) from discontinued operations, net of tax
(48,237)
2,081
(53,031)
(6,076)
Net income (loss)
$
(65,213)
$
17,133
$
(76,339)
$
51,395
Earnings (loss) per share:
Basic:
Continuing operations
$
(0.51)
$
0.45
$
(0.70)
$
1.73
Discontinued operations
(1.44)
0.06
(1.59)
(0.18)
Basic earnings (loss) per share
$
(1.95)
$
0.51
$
(2.29)
$
1.55
Diluted:
Continuing operations
$
(0.51)
$
0.45
$
(0.70)
$
1.73
Discontinued operations
(1.44)
0.06
(1.59)
(0.18)
Diluted earnings (loss) per share
$
(1.95)
$
0.51
$
(2.29)
$
1.55
Shares used to compute earnings (loss) per share:
Basic
33,439
33,271
33,396
33,222
Diluted
33,439
33,285
33,396
33,230
See accompanying notes to financial statements.
3
Tredegar Corporation
Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
Three Months Ended September 30,
2020
2019
Net income (loss)
$
(65,213)
$
17,133
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $19 in 2020 and tax benefit of $775 in 2019)
927
(6,008)
Derivative financial instruments adjustment (net of tax of $618 in 2020 and tax of $75 in 2019)
2,213
(1,124)
Amortization of prior service costs and net gains or losses (net of tax of $836 in 2020 and tax of $593 in 2019)
2,931
2,078
Other comprehensive income (loss)
6,071
(5,054)
Comprehensive income (loss)
$
(59,142)
$
12,079
Nine Months Ended September 30,
2020
2019
Net income (loss)
$
(76,339)
$
51,395
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $1,125 in 2020 and tax benefit of $775 in 2019)
(11,076)
(6,291)
Derivative financial instruments adjustment (net of tax benefit of $269 in 2020 and tax of $24 in 2019)
(304)
(856)
Amortization of prior service costs and net gains or losses (net of tax of $2,507 in 2020 and tax of $1,778 in 2019)
8,793
6,236
Other comprehensive income (loss)
(2,587)
(911)
Comprehensive income (loss)
$
(78,926)
$
50,484
See accompanying notes to financial statements.
4
Tredegar Corporation
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Nine Months Ended September 30,
2020
2019
Cash flows from operating activities:
Net income (loss)
$
(76,339)
$
51,395
Adjustments for noncash items:
Depreciation
23,218
22,572
Amortization of identifiable intangibles
2,264
5,182
Reduction of right-of-use lease asset
2,102
1,899
Goodwill impairment
13,696
—
Deferred income taxes
(19,492)
7,404
Accrued pension and post-retirement benefits
10,701
7,246
(Gain) loss on investment in kaléo accounted for under the fair value method
61,000
(10,900)
Held for sale impairment loss on divested assets
45,054
—
Net gain on disposal of assets
—
(6,328)
Changes in assets and liabilities:
Accounts and other receivables
4,961
7,715
Inventories
(2,761)
6,625
Income taxes recoverable/payable
5,332
1,439
Prepaid expenses and other
(5,305)
14
Accounts payable and accrued expenses
(2,112)
(223)
Lease liability
(2,245)
(1,991)
Pension and postretirement benefit plan contributions
(2,254)
(6,692)
Other, net
8,506
966
Net cash provided by operating activities
66,326
86,323
Cash flows from investing activities:
Capital expenditures
(13,416)
(37,214)
Proceeds from the sale of assets and other
—
10,931
Net cash used in investing activities
(13,416)
(26,283)
Cash flows from financing activities:
Borrowings
25,000
53,000
Debt principal payments
(60,000)
(86,500)
Dividends paid
(12,048)
(11,322)
Debt financing costs
—
(1,817)
Repurchase of employee common stock for tax withholdings
(586)
(854)
Net cash used in financing activities
(47,634)
(47,493)
Effect of exchange rate changes on cash
(1,676)
(2,292)
Increase in cash & cash equivalents
3,600
10,255
Cash and cash equivalents at beginning of period
31,422
34,397
Cash and cash equivalents at end of period
$
35,022
$
44,652
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 September 30, 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 July 1, 2020
$
47,448
$
511,345
$
(1,610)
$
(112,666)
$
(3,824)
$
(89,819)
$
350,874
Net loss
—
(65,213)
—
—
—
—
(65,213)
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax benefit of $19)
—
—
—
927
—
—
927
Derivative financial instruments adjustment (net of tax of $618)
—
—
—
—
2,213
—
2,213
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)
—
(4,023)
—
—
—
—
(4,023)
Stock-based compensation expense
1,600
—
—
—
—
—
1,600
Tredegar common stock purchased by trust for savings restoration plan
—
9
(9)
—
—
—
—
Balance September 30, 2020
$
49,048
$
442,118
$
(1,619)
$
(111,739)
$
(1,611)
$
(86,888)
$
289,309
6
The following summarizes the changes in shareholders’ equity for the nine month period ended September 30, 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 loss
—
(76,339)
—
—
—
—
(76,339)
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax benefit of $1,125)
—
—
—
(11,076)
—
—
(11,076)
Derivative financial instruments adjustment (net of tax benefit of $269)
—
—
—
—
(304)
—
(304)
Amortization of prior service costs and net gains or losses (net of tax of $2,507)
—
—
—
—
—
8,793
8,793
Cash dividends declared ($0.36 per share)
—
(12,048)
—
—
—
—
(12,048)
Stock-based compensation expense
4,120
—
—
—
—
—
4,120
Repurchase of employee common stock for tax withholdings
(586)
—
—
—
—
—
(586)
Tredegar common stock purchased by trust for savings restoration plan
—
27
(27)
—
—
—
—
Balance at September 30, 2020
$
49,048
$
442,118
$
(1,619)
$
(111,739)
$
(1,611)
$
(86,888)
$
289,309
7
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
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
8
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
Repurchase of employee common stock for tax withholdings
(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
See accompanying notes to financial statements.
9
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, 2020, the consolidated results of operations for the three and nine months ended September 30, 2020 and 2019, the consolidated cash flows for the nine months ended September 30, 2020 and 2019, and the consolidated changes in shareholders’ equity for the three and nine months ended September 30, 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 third quarter for 2020 and 2019 for this segment references 13-week periods ended September 27, 2020 and September 29, 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.
On August 24, 2020, the Company entered into a definitive agreement to sell its Personal Care Films business ("Personal Care business"), which excludes the packaging film lines and related operations located at the Pottsville, Pennsylvania manufacturing site ("Pottsville Packaging"). The Company completed this divestiture at the end of October 2020. All historical results for the Personal Care business have been presented as discontinued operations. The surface protection component of its PE Films segment now includes Pottsville Packaging.
The results of operations for the three and nine months ended September 30, 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 a reduction of sales.
As of September 30, 2020 and December 31, 2019, accounts receivable and other receivables, net, were $82.1 million and $89.1 million, respectively, made up of the following:
10
September 30,
December 31,
(In thousands)
2020
2019
Customer receivables
$
82,369
$
89,747
Other receivables
2,466
2,199
Total accounts and other receivables
84,835
91,946
Less: Allowance for bad debts and sales returns
(2,746)
(2,829)
Total accounts and other receivables, net
$
82,089
$
89,117
Risk and Uncertainties
While it is not possible to estimate the impact that the coronavirus pandemic ("COVID-19") may have on the Company’s business, estimates related to the accounting for impairment of long-lived assets and goodwill, an investment accounted for under the fair value method, pension benefits and income taxes could be materially adversely affected in future periods. Due to the uncertainty with respect to the magnitude of the impact and duration of COVID-19, future developments associated with COVID-19 may adversely affect the Company's financial condition, results of operations and cash flows. The Company continues to monitor the impact of COVID-19 on the business and its effect on the consolidated financial statements.
2 DIVESTITURES AND ASSETS HELD FOR SALE
Divestitures
On August 24, 2020, the Company entered into a definitive agreement to sell its Personal Care business for an aggregate purchase price of approximately $60.5 million, subject to customary adjustments. The Company completed this divestiture at the end of October 2020. In connection with the execution of the definitive agreement and classification of the Personal Care business as discontinued operations, a non-cash impairment charge of $45.1 million was recognized during the three months ended September 30, 2020. In addition, the Company agreed to provide certain transition services related to finance, human resources and information technology. The Personal Care business was previously reported in the PE Films segment.
The following table summarizes the financial results of discontinued operations reflected in the Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019:
11
Three Months Ended September 30,
Nine Months Ended September 30,
2020
2019
2020
2019
Revenues and other items:
Sales
$
29,509
$
37,249
$
98,053
$
111,920
Other income (expense), net
(37)
6,362
(298)
6,332
29,472
43,611
97,755
118,252
Costs and expenses:
Cost of goods sold
25,481
31,576
83,408
96,479
Freight
1,436
1,898
4,711
5,455
Selling, general and administrative
6,502
3,977
13,649
12,607
Research and development
3,138
2,933
8,451
8,926
Asset impairments and costs associated with exit and disposal activities, net of adjustments