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Segment Reporting
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Segment Reporting
The Company’s business segments are Aluminum Extrusions, PE Films, and Flexible Packaging Films. Information by business segment is reported below. There are no accounting transactions between segments and no allocations to segments. All historical results for Personal Care Films have been presented as discontinued operations. The Surface Protection component of the PE Films segment now includes Pottsville Packaging.
The Company’s reportable segments are based on its method of internal reporting, which is generally segregated by differences in products. Accounting standards for presentation of segments require an approach based on the way the Company organizes the segments for making operating decisions and how the chief operating decision maker (“CODM”) assesses performance. EBITDA from ongoing operations is the key profitability measure used by the CODM (Tredegar’s President and Chief Executive Officer) for purposes of assessing financial performance. The Company uses sales less freight (“net sales”) from continuing operations as its measure of revenues from external customers at the segment level. This measure is separately included in the financial information regularly provided to the CODM.
The following table presents net sales and EBITDA from ongoing operations by segment for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31,
(In thousands)20212020
Net Sales
Aluminum Extrusions$118,125 $117,887 
PE Films27,953 36,800 
Flexible Packaging Films32,521 30,574 
Total net sales178,599 185,261 
Add back freight6,223 6,875 
Sales as shown in the consolidated statements of income$184,822 $192,136 
EBITDA from Ongoing Operations
Aluminum Extrusions:
Ongoing operations:
EBITDA$13,302 $11,677 
Depreciation & amortization(4,130)(4,113)
EBIT9,172 7,564 
Plant shutdowns, asset impairments, restructurings and other183 (688)
Goodwill impairment— (13,696)
PE Films:
Ongoing operations:
EBITDA7,213 12,413 
Depreciation & amortization(1,420)(1,494)
EBIT5,793 10,919 
Plant shutdowns, asset impairments, restructurings and other(124)(28)
Flexible Packaging Films:
Ongoing operations:
EBITDA9,623 6,553 
Depreciation & amortization(466)(428)
EBIT9,157 6,125 
Plant shutdowns, asset impairments, restructurings and other(38)— 
Total24,143 10,196 
Interest income7 27 
Interest expense822 555 
Gain (loss) on investment in kaléo accounted for under fair value method718 (26,100)
Stock option-based compensation costs468 566 
Corporate expenses, net10,863 9,891 
Income (loss) from continuing operations before income taxes12,715 (26,889)
Income tax expense (benefit)3,097 (6,226)
Income (loss) from continuing operations9,618 (20,663)
Income (loss) from discontinued operations, net of tax(587)(1,658)
Net income (loss)$9,031 $(22,321)
The following table presents identifiable assets by segment at March 31, 2021 and December 31, 2020:
(In thousands)March 31, 2021December 31, 2020
Aluminum Extrusions$254,197 $244,560 
PE Films118,755 119,013 
Flexible Packaging Films59,680 66,453 
Subtotal432,632 430,026 
General corporate64,577 71,508 
Cash and cash equivalents21,859 11,846 
Discontinued operations3,436 1,490 
Total$522,504 $514,870 

The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2021 and 2020:
Net Sales by Geographic Area (a)
Three Months Ended March 31,
(In thousands)20212020
United States$132,897 $134,985 
Exports from the United States to:
Asia13,362 22,064 
Latin America1,102 986 
Canada5,434 4,629 
Europe955 1,317 
Operations outside the United States:
Brazil24,849 21,280 
Total$178,599 $185,261 
(a) Export sales relate entirely to PE Films. Operations in Brazil are related to Flexible Packaging Films.

The Company’s facilities in Pottsville, PA (“PV”) and Guangzhou, China (“GZ”) have a tolling arrangement whereby certain surface protection films are manufactured in GZ for a fee with raw materials supplied from PV that are then shipped by GZ directly to customers principally in the Asian market, but paid by customers directly to PV. Amounts associated with this intercompany tolling arrangement are reported in the table above as export sales from the U.S. to Asia, and include net sales of $6.9 million and $9.3 million in the first quarters of 2021 and 2020, respectively.
Net Sales by Product Group
Three Months Ended March 31,
(In thousands)20212020
Aluminum Extrusions:
Nonresidential building & construction$57,229 $63,139 
Consumer durables13,152 12,549 
Automotive11,415 9,471 
Residential building & construction12,708 9,815 
Electrical7,180 7,239 
Machinery & equipment8,925 7,936 
Distribution7,516 7,738 
Subtotal118,125 117,887 
PE Films:
Surface protection films20,601 28,353 
Packaging7,352 6,769 
LED lighting products— 1,678 
Subtotal27,953 36,800 
Flexible Packaging Films32,521 30,574 
Total $178,599 $185,261