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Pension And Other Post-Retirement Benefits | 9 Months Ended
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Sep. 30, 2021
Retirement Benefits [Abstract] |
Pension And Other Post-Retirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS Tredegar sponsors a noncontributory defined benefit (pension) plan covering certain current and former U.S. employees. As of January 31, 2018, the plan no longer accrued benefits associated with crediting employees for service, thereby freezing all future benefits under the plan. The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the consolidated statements of income for the three and nine months ended September 30, 2021 and 2020, are shown below:
| Pension Benefits |  | Other Post-Retirement Benefits
| Three Months Ended September 30, |  | Three Months Ended September 30,
(In thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 9 |
Interest cost | 2,101 |  |  | 2,535 |  |  | 50 |  |  | 60 |
Expected return on plan assets | (2,862) |  |  | (2,804) |  |  | — |  |  | — |
Amortization of prior service costs, (gains) losses and net transition asset | 4,268 |  |  | 3,814 |  |  | (24) |  |  | (47) |
Net periodic benefit cost | $ | 3,507 |  |  | $ | 3,545 |  |  | $ | 35 |  |  | $ | 22 |
| Pension Benefits |  | Other Post-Retirement Benefits
| Nine Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2021 |  | 2020 |  | 2021 |  | 2020
Service cost | $ | — |  |  | $ | — |  |  | $ | 26 |  |  | $ | 28 |
Interest cost | 6,305 |  |  | 7,605 |  |  | 151 |  |  | 180 |
Expected return on plan assets | (8,587) |  |  | (8,412) |  |  | — |  |  | — |
Amortization of prior service costs, (gains) losses and net transition asset | 12,799 |  |  | 11,441 |  |  | (72) |  |  | (141) |
Net periodic benefit cost | $ | 10,517 |  |  | $ | 10,634 |  |  | $ | 105 |  |  | $ | 67 |
Pension and other postretirement liabilities were $103.7 million and $111.3 million at September 30, 2021 and December 31, 2020, respectively ($0.7 million included in “Accrued expenses” at September 30, 2021 and December 31, 2020, with the remainder included in “Pension and other postretirement benefit obligations, net” in the consolidated balance sheets). As of December 31, 2020, the required minimum pension contributions were $11.7 million for 2021. Contributions to the pension plan during the first nine months of 2021 were $5.1 million. In addition, the United States government enacted the American Rescue Plan Act of 2021 in March 2021, which, among other impacts, has reduced the Company's 2021 required minimum pension contributions to zero as a result of the Company's election of the interest rate relief used in the present value of the pension obligation and extension of the shortfall amortization period that is used to determine the minimum pension funding requirements. Tredegar funds its other postretirement benefits on a claims-made basis; for 2021, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2020, or approximately $0.5 million.

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