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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tredegar Corp | NYSE:TG | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.03 | -0.47% | 6.33 | 6.45 | 6.26 | 6.45 | 140,249 | 01:00:00 |
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock, no par value | TG | New York Stock Exchange |
Large accelerated filer | ¨ | Accelerated filer | x | Smaller reporting company | ☐ | ||||||||||||||||||
Non-accelerated filer | ¨ | Emerging growth company | ☐ |
Page | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 19,250 | $ | 30,521 | |||||||
Accounts and other receivables, net | 110,077 | 103,312 | |||||||||
Income taxes recoverable | 1,834 | 2,558 | |||||||||
Inventories | 114,103 | 88,569 | |||||||||
Prepaid expenses and other | 9,601 | 11,275 | |||||||||
Current assets of discontinued operations | 151 | 178 | |||||||||
Total current assets | 255,016 | 236,413 | |||||||||
Property, plant and equipment, at cost | 520,371 | 498,311 | |||||||||
Less: accumulated depreciation | (340,868) | (327,930) | |||||||||
Net property, plant and equipment | 179,503 | 170,381 | |||||||||
Right-of-use leased assets | 14,356 | 13,847 | |||||||||
Identifiable intangible assets, net | 12,200 | 14,152 | |||||||||
Goodwill | 70,608 | 70,608 | |||||||||
Deferred income taxes | 11,820 | 15,723 | |||||||||
Other assets | 3,155 | 2,460 | |||||||||
Total assets | $ | 546,658 | $ | 523,584 | |||||||
Liabilities and Shareholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 126,848 | $ | 123,760 | |||||||
Accrued expenses | 36,894 | 33,104 | |||||||||
Lease liability, short-term | 2,003 | 2,158 | |||||||||
Income taxes payable | 1,391 | 9,333 | |||||||||
Current liabilities of discontinued operations | 71 | 193 | |||||||||
Total current liabilities | 167,207 | 168,548 | |||||||||
Lease liability, long-term | 13,160 | 12,831 | |||||||||
Long-term debt | 124,000 | 73,000 | |||||||||
Pension and other postretirement benefit obligations, net | 28,464 | 78,265 | |||||||||
Other non-current liabilities | 6,769 | 6,218 | |||||||||
Total liabilities | 339,600 | 338,862 | |||||||||
Shareholders’ equity: | |||||||||||
Common stock, no par value (issued and outstanding 33,982,479 shares at September 30, 2022 and 33,736,629 shares at December 31, 2021) | 57,902 | 55,174 | |||||||||
Common stock held in trust for savings restoration plan (111,861 shares at September 30, 2022 and 108,433 shares at December 31, 2021) | (2,174) | (2,135) | |||||||||
Accumulated other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustment | (87,826) | (85,792) | |||||||||
Gain (loss) on derivative financial instruments | (4,877) | 901 | |||||||||
Pension and other postretirement benefit adjustments | (56,963) | (64,613) | |||||||||
Retained earnings | 300,996 | 281,187 | |||||||||
Total shareholders’ equity | 207,058 | 184,722 | |||||||||
Total liabilities and shareholders’ equity | $ | 546,658 | $ | 523,584 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues and other items: | |||||||||||||||||||||||
Sales | $ | 238,486 | $ | 209,517 | $ | 749,415 | $ | 605,468 | |||||||||||||||
Other income (expense), net | 119 | 391 | 1,113 | 9,272 | |||||||||||||||||||
238,605 | 209,908 | 750,528 | 614,740 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of goods sold | 200,582 | 170,756 | 601,930 | 470,733 | |||||||||||||||||||
Freight | 9,500 | 7,264 | 28,619 | 20,531 | |||||||||||||||||||
Selling, general and administrative | 19,018 | 16,767 | 59,160 | 55,422 | |||||||||||||||||||
Research and development | 1,576 | 1,613 | 4,855 | 4,770 | |||||||||||||||||||
Amortization of identifiable intangibles | 653 | 724 | 1,982 | 2,170 | |||||||||||||||||||
Pension and postretirement benefits | 3,506 | 3,540 | 10,489 | 10,622 | |||||||||||||||||||
Interest expense | 1,138 | 842 | 3,158 | 2,555 | |||||||||||||||||||
Asset impairments and costs associated with exit and disposal activities, net of adjustments | 495 | 265 | 621 | 633 | |||||||||||||||||||
Total | 236,468 | 201,771 | 710,814 | 567,436 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | 2,137 | 8,137 | 39,714 | 47,304 | |||||||||||||||||||
Income tax expense (benefit) | 1,125 | 1,908 | 7,460 | 10,728 | |||||||||||||||||||
Net income (loss) from continuing operations | 1,012 | 6,229 | 32,254 | 36,576 | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 21 | (26) | 68 | (104) | |||||||||||||||||||
Net income (loss) | $ | 1,033 | $ | 6,203 | $ | 32,322 | $ | 36,472 | |||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.19 | $ | 0.96 | $ | 1.09 | |||||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||||||||
Basic earnings (loss) per share | $ | 0.03 | $ | 0.19 | $ | 0.96 | $ | 1.09 | |||||||||||||||
Diluted: | |||||||||||||||||||||||
Continuing operations | $ | 0.03 | $ | 0.19 | $ | 0.96 | $ | 1.09 | |||||||||||||||
Discontinued operations | — | — | — | — | |||||||||||||||||||
Diluted earnings (loss) per share | $ | 0.03 | $ | 0.19 | $ | 0.96 | $ | 1.09 | |||||||||||||||
Shares used to compute earnings (loss) per share: | |||||||||||||||||||||||
Basic | 33,870 | 33,620 | 33,780 | 33,541 | |||||||||||||||||||
Diluted | 33,871 | 33,649 | 33,808 | 33,678 |
Three Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net income (loss) | $ | 1,033 | $ | 6,203 | |||||||
Other comprehensive income (loss): | |||||||||||
Unrealized foreign currency translation adjustment (net of tax benefit of $148 in 2022 and net of tax benefit of $294 in 2021) | (2,340) | (2,788) | |||||||||
Derivative financial instruments adjustment (net of tax benefit of $818 in 2022 and net of tax benefit of $174 in 2021) | (2,547) | (717) | |||||||||
Amortization of prior service costs and net gains or losses (net of tax expense of $712 in 2022 and net of tax expense of $927 in 2021) | 2,556 | 3,317 | |||||||||
Other comprehensive income (loss) | (2,331) | (188) | |||||||||
Comprehensive income (loss) | $ | (1,298) | $ | 6,015 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Net income (loss) | $ | 32,322 | $ | 36,472 | |||||||
Other comprehensive income (loss): | |||||||||||
Unrealized foreign currency translation adjustment (net of tax expense of $98 in 2022 and net of tax benefit of $103 in 2021) | (2,034) | (1,443) | |||||||||
Derivative financial instruments adjustment (net of tax benefit of $1,261 in 2022 and net of tax expense of $185 in 2021) | (5,778) | 515 | |||||||||
Amortization of prior service costs and net gains or losses (net of tax expense of $2,136 in 2022 and net of tax expense of $2,773 in 2021) | 7,650 | 9,954 | |||||||||
Other comprehensive income (loss) | (162) | 9,026 | |||||||||
Comprehensive income (loss) | $ | 32,160 | $ | 45,498 |
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | 32,322 | $ | 36,472 | |||||||
Adjustments for noncash items: | |||||||||||
Depreciation | 17,538 | 16,169 | |||||||||
Amortization of identifiable intangibles | 1,982 | 2,170 | |||||||||
Reduction of right-of-use lease asset | 1,590 | 1,582 | |||||||||
Deferred income taxes | 3,078 | 4,120 | |||||||||
Accrued pension and post-retirement benefits | 10,519 | 10,622 | |||||||||
Stock-based compensation expense | 2,575 | 3,227 | |||||||||
Gain on investment in kaléo | (1,406) | (879) | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts and other receivables | (7,222) | (11,379) | |||||||||
Inventories | (24,855) | (19,902) | |||||||||
Income taxes recoverable/payable | (7,227) | 111 | |||||||||
Prepaid expenses and other | (5,365) | 3,422 | |||||||||
Accounts payable and accrued expenses | 3,624 | 12,078 | |||||||||
Lease liability | (1,737) | (1,566) | |||||||||
Pension and postretirement benefit plan contributions | (50,503) | (5,510) | |||||||||
Other, net | 1,935 | 750 | |||||||||
Net cash (used in) provided by operating activities | (23,152) | 51,487 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (25,527) | (19,576) | |||||||||
Proceeds from the sale of kaléo | 1,406 | — | |||||||||
Proceeds from the sale of assets | — | 4,749 | |||||||||
Net cash used in investing activities | (24,121) | (14,827) | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings | 279,250 | 69,250 | |||||||||
Debt principal payments | (228,250) | (76,250) | |||||||||
Dividends paid | (12,552) | (12,114) | |||||||||
Debt financing costs | (1,245) | — | |||||||||
Other | (396) | 915 | |||||||||
Net cash provided by (used in) financing activities | 36,807 | (18,199) | |||||||||
Effect of exchange rate changes on cash | (805) | (54) | |||||||||
Increase (decrease) in cash & cash equivalents | (11,271) | 18,407 | |||||||||
Cash and cash equivalents at beginning of period | 30,521 | 11,846 | |||||||||
Cash and cash equivalents at end of period | $ | 19,250 | $ | 30,253 |
Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||
Balance July 1, 2022 | $ | 56,911 | $ | 304,370 | $ | (2,161) | $ | (147,335) | $ | 211,785 | |||||||||||||||||||
Net income (loss) | — | 1,033 | — | — | 1,033 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (2,340) | (2,340) | ||||||||||||||||||||||||
Derivative financial instruments adjustment | — | — | — | (2,547) | (2,547) | ||||||||||||||||||||||||
Amortization of prior service costs and net gains or losses | — | — | — | 2,556 | 2,556 | ||||||||||||||||||||||||
Cash dividends declared ($0.13 per share) | — | (4,420) | — | — | (4,420) | ||||||||||||||||||||||||
Stock-based compensation expense | 991 | — | — | — | 991 | ||||||||||||||||||||||||
Tredegar common stock purchased by trust for savings restoration plan | — | 13 | (13) | — | — | ||||||||||||||||||||||||
Balance September 30, 2022 | $ | 57,902 | $ | 300,996 | $ | (2,174) | $ | (149,666) | $ | 207,058 |
Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||
Balance January 1, 2022 | $ | 55,174 | $ | 281,187 | $ | (2,135) | $ | (149,504) | $ | 184,722 | |||||||||||||||||||
Net income (loss) | — | 32,322 | — | — | 32,322 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (2,034) | (2,034) | ||||||||||||||||||||||||
Derivative financial instruments adjustment | — | — | — | (5,778) | (5,778) | ||||||||||||||||||||||||
Amortization of prior service costs and net gains or losses | — | — | — | 7,650 | 7,650 | ||||||||||||||||||||||||
Cash dividends declared ($0.37 per share) | — | (12,552) | — | — | (12,552) | ||||||||||||||||||||||||
Stock-based compensation expense | 3,124 | — | — | — | 3,124 | ||||||||||||||||||||||||
Repurchase of employee common stock for tax withholdings | (396) | — | — | — | (396) | ||||||||||||||||||||||||
Tredegar common stock purchased by trust for savings restoration plan | — | 39 | (39) | — | — | ||||||||||||||||||||||||
Balance September 30, 2022 | $ | 57,902 | $ | 300,996 | $ | (2,174) | $ | (149,666) | $ | 207,058 |
Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||
Balance at July 1, 2021 | $ | 52,940 | $ | 261,699 | $ | (2,109) | $ | (169,190) | $ | 143,340 | |||||||||||||||||||
Net income (loss) | — | 6,203 | — | — | 6,203 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (2,788) | (2,788) | ||||||||||||||||||||||||
Derivative financial instruments adjustment | — | — | — | (717) | (717) | ||||||||||||||||||||||||
Amortization of prior service costs and net gains or losses | — | — | — | 3,317 | 3,317 | ||||||||||||||||||||||||
Cash dividends declared ($0.12 per share) | — | (4,042) | — | — | (4,042) | ||||||||||||||||||||||||
Stock-based compensation expense | 966 | — | — | — | 966 | ||||||||||||||||||||||||
Tredegar common stock purchased by trust for savings restoration plan | — | 13 | (13) | — | — | ||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 53,906 | $ | 263,873 | $ | (2,122) | $ | (169,378) | $ | 146,279 |
Common Stock | Retained Earnings | Trust for Savings Restoration Plan | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||||||||||
Balance at January 1, 2021 | $ | 50,066 | $ | 239,480 | $ | (2,087) | $ | (178,404) | $ | 109,055 | |||||||||||||||||||
Net income (loss) | — | 36,472 | — | — | 36,472 | ||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (1,443) | (1,443) | ||||||||||||||||||||||||
Derivative financial instruments adjustment | — | — | — | 515 | 515 | ||||||||||||||||||||||||
Amortization of prior service costs and net gains or losses | — | — | — | 9,954 | 9,954 | ||||||||||||||||||||||||
Cash dividends declared ($0.36 per share) | — | (12,114) | — | — | (12,114) | ||||||||||||||||||||||||
Stock-based compensation expense | 2,925 | — | — | — | 2,925 | ||||||||||||||||||||||||
Shares issued upon exercise of stock options | 915 | — | — | — | 915 | ||||||||||||||||||||||||
Tredegar common stock purchased by trust for savings restoration plan | — | 35 | (35) | — | — | ||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 53,906 | $ | 263,873 | $ | (2,122) | $ | (169,378) | $ | 146,279 |
September 30, | December 31, | ||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Customer receivables | $ | 108,438 | $ | 102,090 | |||||||
Other receivables | 3,959 | 2,958 | |||||||||
Total accounts and other receivables | 112,397 | 105,048 | |||||||||
Less: Allowance for bad debts | (2,320) | (1,736) | |||||||||
Total accounts and other receivables, net | $ | 110,077 | $ | 103,312 |
(In thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Finished goods | $ | 30,025 | $ | 25,199 | |||||||
Work-in-process | 17,201 | 11,955 | |||||||||
Raw materials | 49,212 | 32,958 | |||||||||
Stores, supplies and other | 17,665 | 18,457 | |||||||||
Total | $ | 114,103 | $ | 88,569 |
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 5 | $ | 9 | |||||||||||||||
Interest cost | 2,226 | 2,101 | 51 | 50 | |||||||||||||||||||
Expected return on plan assets | (2,044) | (2,862) | — | — | |||||||||||||||||||
Amortization of prior service costs, (gains) losses and net transition asset | 3,301 | 4,268 | (33) | (24) | |||||||||||||||||||
Net periodic benefit cost | $ | 3,483 | $ | 3,507 | $ | 23 | $ | 35 | |||||||||||||||
Pension Benefits | Other Post-Retirement Benefits | ||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Service cost | $ | — | $ | — | $ | 15 | $ | 26 | |||||||||||||||
Interest cost | 6,676 | 6,305 | 153 | 151 | |||||||||||||||||||
Expected return on plan assets | (6,141) | (8,587) | — | — | |||||||||||||||||||
Amortization of prior service costs, (gains) losses and net transition asset | 9,887 | 12,799 | (101) | (72) | |||||||||||||||||||
Net periodic benefit cost | $ | 10,422 | $ | 10,517 | $ | 67 | $ | 105 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Gain on investment in kaléo(a) | $ | — | $ | 279 | $ | 1,406 | $ | 1,197 | |||||||||||||||
One-time tax credit in Brazil for unemployment/social security insurance non-income taxes resulting from a favorable decision by Brazil's Supreme Court regarding the calculation of such tax | — | — | — | 8,486 | |||||||||||||||||||
Other | 119 | 112 | (293) | (411) | |||||||||||||||||||
Total | $ | 119 | $ | 391 | $ | 1,113 | $ | 9,272 | |||||||||||||||
(a) In May 2022, additional cash consideration of $1.4 million was received related to customary post-closing adjustments. See Note 12 for additional information on the sale of the investment in kaléo. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Weighted average shares outstanding used to compute basic earnings per share | 33,870 | 33,620 | 33,780 | 33,541 | |||||||||||||||||||
Incremental dilutive shares attributable to stock options and restricted stock | 1 | 29 | 28 | 137 | |||||||||||||||||||
Shares used to compute diluted earnings per share | 33,871 | 33,649 | 33,808 | 33,678 |
(In thousands) | Foreign Currency Translation | Gain (Loss) on Derivative Financial Instruments | Pension & Other Postretirement Benefit Adjust | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at July 1, 2022 | $ | (85,486) | $ | (2,330) | $ | (59,519) | $ | (147,335) | |||||||||||||||
Other comprehensive income (loss) | (2,488) | (2,205) | — | (4,693) | |||||||||||||||||||
Income tax (expense) benefit | 148 | 522 | — | 670 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,340) | (1,683) | — | (4,023) | |||||||||||||||||||
Reclassification adjustment to net income (loss) | — | (1,159) | 3,268 | 2,109 | |||||||||||||||||||
Income tax (expense) benefit | — | 295 | (712) | (417) | |||||||||||||||||||
Reclassification adjustment to net income (loss), net of tax | — | (864) | 2,556 | 1,692 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,340) | (2,547) | 2,556 | (2,331) | |||||||||||||||||||
Balance at September 30, 2022 | $ | (87,826) | $ | (4,877) | $ | (56,963) | $ | (149,666) |
(In thousands) | Foreign Currency Translation | Gain (Loss) on Derivative Financial Instruments | Pension & Other Postretirement Benefit Adjust | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2022 | $ | (85,792) | $ | 901 | $ | (64,613) | $ | (149,504) | |||||||||||||||
Other comprehensive income (loss) | (1,936) | (3,883) | — | (5,819) | |||||||||||||||||||
Income tax (expense) benefit | (98) | 442 | — | 344 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,034) | (3,441) | — | (5,475) | |||||||||||||||||||
Reclassification adjustment to net income (loss) | — | (3,156) | 9,786 | 6,630 | |||||||||||||||||||
Income tax (expense) benefit | — | 819 | (2,136) | (1,317) | |||||||||||||||||||
Reclassification adjustment to net income (loss), net of tax | — | (2,337) | 7,650 | 5,313 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,034) | (5,778) | 7,650 | (162) | |||||||||||||||||||
Balance at September 30, 2022 | $ | (87,826) | $ | (4,877) | $ | (56,963) | $ | (149,666) |
(In thousands) | Foreign Currency Translation | Gain (Loss) on Derivative Financial Instruments | Pension & Other Postretirement Benefit Adjust | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at July 1, 2021 | $ | (82,804) | $ | 3,496 | $ | (89,882) | $ | (169,190) | |||||||||||||||
Other comprehensive income (loss) | (3,082) | 1,245 | — | (1,837) | |||||||||||||||||||
Income tax (expense) benefit | 294 | (297) | — | (3) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,788) | 948 | — | (1,840) | |||||||||||||||||||
Reclassification adjustment to net income (loss) | — | (2,141) | 4,244 | 2,103 | |||||||||||||||||||
Income tax (expense) benefit | — | 476 | (927) | (451) | |||||||||||||||||||
Reclassification adjustment to net income (loss), net of tax | — | (1,665) | 3,317 | 1,652 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,788) | (717) | 3,317 | (188) | |||||||||||||||||||
Balance at September 30, 2021 | $ | (85,592) | $ | 2,779 | $ | (86,565) | $ | (169,378) |
(In thousands) | Foreign Currency Translation | Gain (Loss) on Derivative Financial Instruments | Pension & Other Postretirement Benefit Adjust | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||
Balance at January 1, 2021 | $ | (84,149) | $ | 2,264 | $ | (96,519) | $ | (178,404) | |||||||||||||||
Other comprehensive income (loss) | (1,546) | 4,736 | — | 3,190 | |||||||||||||||||||
Income tax (expense) benefit | 103 | (1,064) | — | (961) | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (1,443) | 3,672 | — | 2,229 | |||||||||||||||||||
Reclassification adjustment to net income (loss) | — | (4,037) | 12,727 | 8,690 | |||||||||||||||||||
Income tax (expense) benefit | — | 880 | (2,773) | (1,893) | |||||||||||||||||||
Reclassification adjustment to net income (loss), net of tax | — | (3,157) | 9,954 | 6,797 | |||||||||||||||||||
Other comprehensive income (loss), net of tax | (1,443) | 515 | 9,954 | 9,026 | |||||||||||||||||||
Balance at September 30, 2021 | $ | (85,592) | $ | 2,779 | $ | (86,565) | $ | (169,378) |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(In thousands) | Balance Sheet Account | Fair Value | Balance Sheet Account | Fair Value | |||||||||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||||||||||
Asset derivatives: Aluminum futures contracts | Prepaid expenses and other | $ | 8 | Prepaid expenses and other | $ | 2,085 | |||||||||||||||||
Liability derivatives: Aluminum futures contracts | Accrued expenses | (5,016) | Accrued expenses | (119) | |||||||||||||||||||
Aluminum futures contracts | Other non-current liabilities | (1,222) | Other non-current liabilities | — | |||||||||||||||||||
Net asset (liability) | $ | (6,230) | $ | 1,966 |
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 | ||||||||||
$1,793 | 5.6264 | R$10,088 | Oct-22 | 78% | ||||||||||
$1,784 | 5.6597 | R$10,097 | Nov-22 | 78% | ||||||||||
$1,659 | 5.6962 | R$9,450 | Dec-22 | 73% | ||||||||||
$1,728 | 5.4310 | R$9,385 | Jan-23 | 64% | ||||||||||
$1,822 | 5.4657 | R$9,959 | Feb-23 | 68% | ||||||||||
$1,921 | 5.4995 | R$10,565 | Mar-23 | 72% | ||||||||||
$1,903 | 5.5379 | R$10,539 | Apr-23 | 72% | ||||||||||
$1,873 | 5.5753 | R$10,443 | May-23 | 71% | ||||||||||
$1,928 | 5.6118 | R$10,820 | Jun-23 | 74% | ||||||||||
$2,154 | 5.6378 | R$12,144 | Jul-23 | 83% | ||||||||||
$2,020 | 5.6831 | R$11,480 | Aug-23 | 78% | ||||||||||
$2,071 | 5.7174 | R$11,841 | Sep-23 | 80% | ||||||||||
$2,013 | 5.7556 | R$11,586 | Oct-23 | 79% | ||||||||||
$2,018 | 5.7836 | R$11,671 | Nov-23 | 79% | ||||||||||
$1,786 | 5.8312 | R$10,414 | Dec-23 | 71% | ||||||||||
$659 | 5.7360 | R$3,780 | Jan-24 | 23% | ||||||||||
$659 | 5.7562 | R$3,793 | Feb-24 | 23% | ||||||||||
$659 | 5.7774 | R$3,807 | Mar-24 | 23% | ||||||||||
$659 | 5.8000 | R$3,822 | Apr-24 | 23% | ||||||||||
$659 | 5.8207 | R$3,836 | May-24 | 24% | ||||||||||
$659 | 5.8419 | R$3,850 | Jun-24 | 24% | ||||||||||
$659 | 5.8636 | R$3,864 | Jul-24 | 24% | ||||||||||
$659 | 5.8872 | R$3,880 | Aug-24 | 24% | ||||||||||
$659 | 5.9118 | R$3,896 | Sep-24 | 24% | ||||||||||
$659 | 5.9350 | R$3,911 | Oct-24 | 24% | ||||||||||
$659 | 5.9581 | R$3,926 | Nov-24 | 24% | ||||||||||
$659 | 5.9813 | R$3,942 | Dec-24 | 24% | ||||||||||
$36,381 | 5.6840 | R$206,789 | 50% |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||
(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 | $ | 397 | Prepaid expenses and other | $ | — | |||||||||||||||||
Foreign currency forward contracts | Other assets | 59 | Other assets | — | |||||||||||||||||||
Liability derivatives: Foreign currency forward contracts | Accrued expenses | (363) | Accrued expenses | (1,255) | |||||||||||||||||||
Net asset (liability) | $ | 93 | $ | (1,255) |
Cash Flow Derivative Hedges | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||
Aluminum Futures Contracts | Foreign Currency Forwards | |||||||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) | $ | (2,320) | $ | 2,919 | $ | — | $ | 115 | $ | — | $ | (1,670) | ||||||||||||||||||||
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) | Cost of goods sold | Cost of goods sold | Cost of goods sold | Selling, general & admin | Cost of goods sold | Selling, general & admin | ||||||||||||||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | $ | 837 | $ | 2,160 | $ | 16 | $ | 306 | $ | 15 | $ | (34) | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
Aluminum Futures Contracts | Foreign Currency Forwards | |||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) | $ | (6,060) | $ | 6,629 | $ | — | $ | 2,177 | $ | — | $ | (1,892) | ||||||||||||||||||||
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) | Cost of goods sold | Cost of goods sold | Cost of goods sold | Selling, general & admin | Cost of goods sold | Selling, general & admin | ||||||||||||||||||||||||||
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) | $ | 2,135 | $ | 4,172 | $ | 46 | $ | 975 | $ | 48 | $ | (183) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Aluminum Extrusions | $ | 161,649 | $ | 137,086 | $ | 510,066 | $ | 394,492 | |||||||||||||||
PE Films | 20,059 | 28,501 | 82,613 | 87,885 | |||||||||||||||||||
Flexible Packaging Films | 47,278 | 36,666 | 128,117 | 102,560 | |||||||||||||||||||
Total net sales | 228,986 | 202,253 | 720,796 | 584,937 | |||||||||||||||||||
Add back freight | 9,500 | 7,264 | 28,619 | 20,531 | |||||||||||||||||||
Sales as shown in the condensed consolidated statements of income | $ | 238,486 | $ | 209,517 | $ | 749,415 | $ | 605,468 | |||||||||||||||
EBITDA from Ongoing Operations | |||||||||||||||||||||||
Aluminum Extrusions: | |||||||||||||||||||||||
Ongoing operations: | |||||||||||||||||||||||
EBITDA | $ | 12,071 | $ | 12,038 | $ | 57,885 | $ | 45,062 | |||||||||||||||
Depreciation & amortization | (4,416) | (3,900) | (12,846) | (12,062) | |||||||||||||||||||
EBIT | 7,655 | 8,138 | 45,039 | 33,000 | |||||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other | (32) | (160) | (120) | (223) | |||||||||||||||||||
PE Films: | |||||||||||||||||||||||
Ongoing operations: | |||||||||||||||||||||||
EBITDA | 431 | 4,821 | 14,543 | 21,035 | |||||||||||||||||||
Depreciation & amortization | (1,579) | (1,591) | (4,733) | (4,681) | |||||||||||||||||||
EBIT | (1,148) | 3,230 | 9,810 | 16,354 | |||||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other | (498) | (182) | (650) | (457) | |||||||||||||||||||
Flexible Packaging Films: | |||||||||||||||||||||||
Ongoing operations: | |||||||||||||||||||||||
EBITDA | 7,830 | 7,396 | 20,495 | 25,296 | |||||||||||||||||||
Depreciation & amortization | (590) | (493) | (1,723) | (1,466) | |||||||||||||||||||
EBIT | 7,240 | 6,903 | 18,772 | 23,830 | |||||||||||||||||||
Plant shutdowns, asset impairments, restructurings and other | (6) | (7) | (86) | 8,407 | |||||||||||||||||||
Total | 13,211 | 17,922 | 72,765 | 80,911 | |||||||||||||||||||
Interest income | 9 | 8 | 41 | 40 | |||||||||||||||||||
Interest expense | 1,138 | 842 | 3,158 | 2,555 | |||||||||||||||||||
Gain on investment in kaléo | — | 279 | 1,406 | 1,197 | |||||||||||||||||||
Stock option-based compensation costs | 271 | 675 | 1,153 | 1,819 | |||||||||||||||||||
Corporate expenses, net | 9,674 | 8,555 | 30,187 | 30,470 | |||||||||||||||||||
Income (loss) from continuing operations before income taxes | 2,137 | 8,137 | 39,714 | 47,304 | |||||||||||||||||||
Income tax expense (benefit) | 1,125 | 1,908 | 7,460 | 10,728 | |||||||||||||||||||
Income (loss) from continuing operations | 1,012 | 6,229 | 32,254 | 36,576 | |||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 21 | (26) | 68 | (104) | |||||||||||||||||||
Net income (loss) | $ | 1,033 | $ | 6,203 | $ | 32,322 | $ | 36,472 |
(In thousands) | September 30, 2022 | December 31, 2021 | |||||||||
Aluminum Extrusions | $ | 302,392 | $ | 280,521 | |||||||
PE Films | 105,434 | 113,613 | |||||||||
Flexible Packaging Films | 96,676 | 75,269 | |||||||||
Subtotal | 504,502 | 469,403 | |||||||||
General corporate | 22,755 | 23,482 | |||||||||
Cash and cash equivalents | 19,250 | 30,521 | |||||||||
Discontinued operations | 151 | 178 | |||||||||
Total | $ | 546,658 | $ | 523,584 |
Net Sales by Product Group | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Aluminum Extrusions: | |||||||||||||||||||||||
Nonresidential building & construction | $ | 86,659 | $ | 68,590 | $ | 266,882 | $ | 195,941 | |||||||||||||||
Consumer durables | 16,714 | 12,873 | 52,409 | 39,611 | |||||||||||||||||||
Automotive | 11,543 | 10,150 | 39,857 | 32,750 | |||||||||||||||||||
Residential building & construction | 15,136 | 13,154 | 52,549 | 39,755 | |||||||||||||||||||
Electrical | 4,730 | 8,015 | 21,704 | 24,767 | |||||||||||||||||||
Machinery & equipment | 20,028 | 11,611 | 48,902 | 31,190 | |||||||||||||||||||
Distribution | 6,839 | 12,693 | 27,763 | 30,478 | |||||||||||||||||||
Subtotal | 161,649 | 137,086 | 510,066 | 394,492 | |||||||||||||||||||
PE Films: | |||||||||||||||||||||||
Surface protection films | 13,018 | 20,905 | 58,839 | 65,997 | |||||||||||||||||||
Overwrap packaging | 7,041 | 7,596 | 23,774 | 21,888 | |||||||||||||||||||
Subtotal | 20,059 | 28,501 | 82,613 | 87,885 | |||||||||||||||||||
Flexible Packaging Films | 47,278 | 36,666 | 128,117 | 102,560 | |||||||||||||||||||
Total | $ | 228,986 | $ | 202,253 | $ | 720,796 | $ | 584,937 |
Nine Months Ended September 30, | |||||||||||
(In thousands) | 2022 | 2021 | |||||||||
Operating activities | |||||||||||
Other | — | (1,118) |
(In thousands) | ||||||||
Net income from continuing operations for the three months ended September 30, 2021 | $ | 6,229 | ||||||
Income tax expense (benefit) | 1,908 | |||||||
Income (loss) from continuing operations before income taxes for the three months ended September 30, 2021 | 8,137 | |||||||
Increase (decrease) in income from increases (decreases) in the following items: | ||||||||
Sales | 28,969 | |||||||
Other income (expense), net | (272) | |||||||
Total | 28,697 | |||||||
Increase (decrease) in income from (increases) decreases in the following items: | ||||||||
Cost of goods sold | (29,826) | |||||||
Freight | (2,236) | |||||||
Selling, general and administrative | (2,251) | |||||||
Other | (384) | |||||||
Total | (34,697) | |||||||
Income (loss) from continuing operations before income taxes for the three months ended September 30, 2022 | 2,137 | |||||||
Income tax expense (benefit) | 1,125 | |||||||
Net income from continuing operations for the three months ended September 30, 2022 | $ | 1,012 |
Three Months Ended September 30, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Aluminum Extrusions: | ||||||||
(Gains) losses from sale of assets, investment writedowns and other items: | ||||||||
Environmental charges at Newnan, Georgia plant3 | $ | — | $ | 0.1 | ||||
COVID-19-related expenses, net of relief1 | — | 0.1 | ||||||
Total for Aluminum Extrusions | $ | — | $ | 0.2 | ||||
PE Films: | ||||||||
(Gains) losses associated with plant shutdowns, asset impairments and restructurings: | ||||||||
Other restructuring costs - severance | $ | 0.5 | $ | 0.1 | ||||
(Gains) losses from sale of assets, investment writedowns and other items: | ||||||||
COVID-19-related expenses1 | — | 0.1 | ||||||
Total for PE Films | $ | 0.5 | $ | 0.2 | ||||
Corporate: | ||||||||
(Gains) losses associated with plant shutdowns, asset impairments and restructurings: | ||||||||
(Gain), net of costs associated with the sale of the Lake Zurich manufacturing facility assets | $ | — | $ | (0.2) | ||||
(Gains) losses from sale of assets, investment writedowns and other items: | ||||||||
Professional fees associated with business development activities and other2 | — | 0.7 | ||||||
Professional fees associated with internal control over financial reporting2 | 0.8 | 0.8 | ||||||
Stock-based compensation expense associated with the fair value remeasurement of awards granted at the time of the 2020 special dividend2 | (0.1) | (0.1) | ||||||
Transition service fees, net of corporate costs associated with the divested Personal Care Films business1 | — | 0.1 | ||||||
Net periodic benefit cost for the frozen defined benefit pension plan in process of termination4 | 3.5 | — | ||||||
Total for Corporate | $ | 4.2 | $ | 1.3 | ||||
1. Included in “Other income (expense), net” in the condensed consolidated statements of income. 2. Included in “Selling, general and administrative expenses” in the condensed consolidated statements of income. 3. Included in “Costs of goods sold” in the condensed consolidated statements of income. 4. See “Corporate Expenses, Interest, & Other” below and Note 4 for additional information. |
(In thousands) | ||||||||
Net income from continuing operations for the first nine months ended September 30, 2021 | $ | 36,576 | ||||||
Income tax expense (benefit) | 10,728 | |||||||
Income (loss) from continuing operations before income taxes for the first nine months ended September 30, 2021 | 47,304 | |||||||
Increase (decrease) in income from increases (decreases) in the following items: | ||||||||
Sales | 143,947 | |||||||
Other income (expense), net | (8,159) | |||||||
Total | 135,788 | |||||||
Increase (decrease) in income from (increases) decreases in the following items: | ||||||||
Cost of goods sold | (131,197) | |||||||
Freight | (8,088) | |||||||
Selling, general and administrative | (3,738) | |||||||
Other | (355) | |||||||
Total | (143,378) | |||||||
Income (loss) from continuing operations before income taxes for the first nine months ended September 30, 2022 | 39,714 | |||||||
Income tax expense (benefit) | 7,460 | |||||||
Net income from continuing operations for the first nine months ended September 30, 2022 | $ | 32,254 |
Nine Months Ended September 30, | ||||||||
(In millions) | 2022 | 2021 | ||||||
Aluminum Extrusions: | ||||||||
(Gains) losses from sale of assets, investment writedowns and other items: | ||||||||
Environmental charges at Newnan, Georgia plant3 | $ | — | $ | 0.1 | ||||
COVID-19-related expenses, net of relief1 | 0.1 | 0.1 | ||||||
Total for Aluminum Extrusions | $ | 0.1 | $ | 0.2 | ||||
PE Films: | ||||||||
(Gains) losses associated with plant shutdowns, asset impairments and restructurings: | ||||||||
Other restructuring costs - severance | $ | 0.5 | $ | 0.1 | ||||
(Gains) losses from sale of assets, investment writedowns and other items: | ||||||||
COVID-19-related expenses1 | 0.2 | 0.4 | ||||||
Total for PE Films | $ | 0.7 | $ | 0.5 | ||||
Flexible Packaging Films: | ||||||||
(Gain) losses from sale of assets, investment writedowns and other items: | ||||||||
One-time tax credit in Brazil for unemployment/social security insurance non-income taxes resulting from a favorable decision by Brazil's Supreme Court regarding the calculation of such taxes1,5 | $ | — | $ | (8.5) | ||||
COVID-19-related expenses1 | 0.1 | 0.1 | ||||||
Total for Flexible Packaging Films | $ | 0.1 | $ | (8.4) | ||||
Corporate: | ||||||||
(Gains) losses associated with plant shutdowns, asset impairments and restructurings: | ||||||||
(Gain), net of costs associated with the sale of the Lake Zurich manufacturing facility assets | $ | — | $ | 0.1 | ||||
Other restructuring costs - severance | 0.1 | — | ||||||
(Gains) losses from sale of assets, investment writedowns and other items: | ||||||||
Professional fees associated with business development activities and other2 | 1.6 | 2.4 | ||||||
Professional fees associated with internal control over financial reporting2 | 2.0 | 2.0 | ||||||
Write-down of investment in Harbinger Capital Partners Special Situations Fund1 | — | 0.5 | ||||||
Stock-based compensation expense associated with the fair value remeasurement of awards granted at the time of the 2020 special dividend2 | (0.3) | 0.3 | ||||||
Transition service fees, net of corporate costs associated with the divested Personal Care Films business1 | — | (0.5) | ||||||
Net periodic benefit cost for the frozen defined benefit pension plan in process of termination4 | 10.4 | — | ||||||
Total for Corporate | $ | 13.8 | $ | 4.8 | ||||
1. Included in “Other income (expense), net” in the condensed consolidated statements of income. 2. Included in “Selling, general and administrative expenses” in the condensed consolidated statements of income. 3. Included in “Costs of goods sold” in the condensed consolidated statements of income. 4. See “Corporate Expenses, Interest, & Other” below and see Note 4 for additional information. 5. See Note 5 for additional information. |
Three Months Ended | Favorable/ (Unfavorable) % Change | Nine Months Ended | Favorable/ (Unfavorable) % Change | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | September 30, | September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Sales volume (lbs) | 45,457 | 45,407 | 0.1% | 137,427 | 138,793 | (1.0)% | |||||||||||||||||||||||||||||
Net sales | $ | 161,649 | $ | 137,086 | 17.9% | $ | 510,066 | $ | 394,492 | 29.3% | |||||||||||||||||||||||||
Ongoing operations: | |||||||||||||||||||||||||||||||||||
EBITDA | $ | 12,071 | $ | 12,038 | 0.3% | $ | 57,885 | $ | 45,062 | 28.5% | |||||||||||||||||||||||||
Depreciation & amortization | (4,416) | (3,900) | (13.2)% | (12,846) | (12,062) | (6.5)% | |||||||||||||||||||||||||||||
EBIT* | $ | 7,655 | $ | 8,138 | (5.9)% | $ | 45,039 | $ | 33,000 | 36.5% | |||||||||||||||||||||||||
Capital expenditures | $ | 8,218 | $ | 5,183 | $ | 15,089 | $ | 11,956 | |||||||||||||||||||||||||||
*See the table in Note 10 for a reconciliation of this non-GAAP measure to the most comparable measure calculated in accordance with GAAP. |
Three Months Ended | Favorable/ (Unfavorable) % Change | Nine Months Ended | Favorable/ (Unfavorable) % Change | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | September 30, | September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Sales volume (lbs) | 7,081 | 9,283 | (23.7)% | 27,273 | 30,066 | (9.3)% | |||||||||||||||||||||||||||||
Net sales | $ | 20,059 | $ | 28,501 | (29.6)% | $ | 82,613 | $ | 87,885 | (6.0)% | |||||||||||||||||||||||||
Ongoing operations: | |||||||||||||||||||||||||||||||||||
EBITDA | $ | 431 | $ | 4,821 | (91.1)% | $ | 14,543 | $ | 21,035 | (30.9)% | |||||||||||||||||||||||||
Depreciation & amortization | (1,579) | (1,591) | 0.8% | (4,733) | (4,681) | (1.1)% | |||||||||||||||||||||||||||||
EBIT* | $ | (1,148) | $ | 3,230 | (135.5)% | $ | 9,810 | $ | 16,354 | (40.0)% | |||||||||||||||||||||||||
Capital expenditures | $ | 793 | $ | 1,023 | $ | 2,537 | $ | 2,757 | |||||||||||||||||||||||||||
* See the table in Note 10 for a reconciliation of this non-GAAP measure to the most comparable measure calculated in accordance with GAAP. |
Three Months Ended | Favorable/ (Unfavorable) % Change | Nine Months Ended | Favorable/ (Unfavorable) % Change | ||||||||||||||||||||||||||||||||
(In thousands, except percentages) | September 30, | September 30, | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
Sales volume (lbs) | 28,889 | 27,029 | 6.9% | 82,210 | 78,666 | 4.5% | |||||||||||||||||||||||||||||
Net sales | $ | 47,278 | $ | 36,666 | 28.9% | $ | 128,117 | $ | 102,560 | 24.9% | |||||||||||||||||||||||||
Ongoing operations: | |||||||||||||||||||||||||||||||||||
EBITDA | $ | 7,830 | $ | 7,396 | 5.9% | $ | 20,495 | $ | 25,296 | (19.0)% | |||||||||||||||||||||||||
Depreciation & amortization | (590) | (493) | (19.7)% | (1,723) | (1,466) | (17.5)% | |||||||||||||||||||||||||||||
EBIT* | $ | 7,240 | $ | 6,903 | 4.9% | $ | 18,772 | $ | 23,830 | (21.2)% | |||||||||||||||||||||||||
Capital expenditures | $ | 2,501 | $ | 1,895 | $ | 7,310 | $ | 4,283 | |||||||||||||||||||||||||||
* See the table in Note 10 for a reconciliation of this non-GAAP measure to the most comparable measure calculated in accordance with GAAP. |
Source: Quarterly averages computed by the Company using daily Midwest average prices provided by Platts. |
Source: Quarterly averages computed by Tredegar using monthly NYMEX settlement prices. |
Source: Quarterly averages computed by Tredegar using monthly data provided by IHS, Inc. In February 2020, IHS reflected a 32 cents per pound non-market adjustment based on their estimate of the growth of discounts in prior periods. The 4th quarter 2019 average rate of $0.51 per pound is shown on a pro forma basis as if the non-market adjustment was made in the fourth quarter of 2019. |
Source: Quarterly averages computed by Tredegar using monthly data from CMAI Global Index data. |
Source: Quarterly averages computed by Tredegar using monthly data from CMAI Global Index data. |
Source: Quarterly averages computed by Tredegar using daily closing data provided by Bloomberg. |
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | XBRL Instance Document and Related Items. | |||||||
104 | Cover Page Interactive Data File (formatted in iXBRL and contained in Exhibit 101). |
Tredegar Corporation | ||||||||||||||
(Registrant) | ||||||||||||||
Date: | November 9, 2022 | /s/ John M. Steitz | ||||||||||||
John M. Steitz | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | November 9, 2022 | /s/ D. Andrew Edwards | ||||||||||||
D. Andrew Edwards | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Date: | November 9, 2022 | /s/ Frasier W. Brickhouse, II | ||||||||||||
Frasier W. Brickhouse, II | ||||||||||||||
Corporate Treasurer and Controller | ||||||||||||||
(Principal Accounting Officer) |
1 Year Tredegar Chart |
1 Month Tredegar Chart |
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