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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2022
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information By Segment | The following table presents net sales and EBITDA from ongoing operations by segment for the three months ended March 31, 2022 and 2021:
|  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  | 2022 |  | 2021
Net Sales |  |  |  |  |  |  |
Aluminum Extrusions |  |  |  |  | $ | 158,110 |  |  | $ | 118,125 |
PE Films |  |  |  |  | 31,131 |  |  | 27,953 |
Flexible Packaging Films |  |  |  |  | 39,244 |  |  | 32,521 |
Total net sales |  |  |  |  | 228,485 |  |  | 178,599 |
Add back freight |  |  |  |  | 8,081 |  |  | 6,223 |
Sales as shown in the condensed consolidated statements of income |  |  |  |  | $ | 236,566 |  |  | $ | 184,822 |
EBITDA from Ongoing Operations |  |  |  |  |  |  |
Aluminum Extrusions: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA |  |  |  |  | $ | 23,919 |  |  | $ | 13,302 |
Depreciation & amortization |  |  |  |  | (4,261) |  |  | (4,130) |
EBIT |  |  |  |  | 19,658 |  |  | 9,172 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | (105) |  |  | 183 |
PE Films: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA |  |  |  |  | 7,047 |  |  | 7,213 |
Depreciation & amortization |  |  |  |  | (1,595) |  |  | (1,420) |
EBIT |  |  |  |  | 5,452 |  |  | 5,793 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | (102) |  |  | (124) |
Flexible Packaging Films: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA |  |  |  |  | 5,035 |  |  | 9,623 |
Depreciation & amortization |  |  |  |  | (550) |  |  | (466) |
EBIT |  |  |  |  | 4,485 |  |  | 9,157 |
Plant shutdowns, asset impairments, restructurings and other |  |  |  |  | (43) |  |  | (38) |
Total |  |  |  |  | 29,345 |  |  | 24,143 |
Interest income |  |  |  |  | 29 |  |  | 7 |
Interest expense |  |  |  |  | 786 |  |  | 822 |
Gain on investment in kaléo |  |  |  |  | — |  |  | 718 |
Stock option-based compensation costs |  |  |  |  | 631 |  |  | 468 |
Corporate expenses, net |  |  |  |  | 10,722 |  |  | 10,863 |
Income (loss) from continuing operations before income taxes |  |  |  |  | 17,235 |  |  | 12,715 |
Income tax expense (benefit) |  |  |  |  | 778 |  |  | 3,097 |
Income (loss) from continuing operations |  |  |  |  | 16,457 |  |  | 9,618 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (35) |  |  | (587) |
Net income (loss) |  |  |  |  | $ | 16,422 |  |  | $ | 9,031 |
Schedule Of Identifiable Assets By Segment | The following table presents identifiable assets by segment at March 31, 2022 and December 31, 2021:
(In thousands) | March 31, 2022 |  | December 31, 2021
Aluminum Extrusions | $ | 311,971 |  |  | $ | 280,521 |
PE Films | 115,307 |  |  | 113,613 |
Flexible Packaging Films | 92,852 |  |  | 75,269 |
Subtotal | 520,130 |  |  | 469,403 |
General corporate | 18,742 |  |  | 23,482 |
Cash and cash equivalents | 25,648 |  |  | 30,521 |
Discontinued operations | 151 |  |  | 178 |
Total | $ | 564,671 |  |  | $ | 523,584 |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2022 and 2021:
Net Sales by Geographic Area (a)
|  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  | 2022 |  | 2021
United States |  |  |  |  | $ | 182,138 |  |  | $ | 132,897 |
Exports from the United States to: |  |  |  |  |  |  |
Asia |  |  |  |  | 12,465 |  |  | 13,362 |
Latin America |  |  |  |  | 1,441 |  |  | 1,102 |
Canada |  |  |  |  | 4,193 |  |  | 5,434 |
Europe |  |  |  |  | 1,363 |  |  | 955 |
Operations outside the United States: |  |  |  |  |  |  |
Brazil |  |  |  |  | 26,885 |  |  | 24,849 |
Total |  |  |  |  | $ | 228,485 |  |  | $ | 178,599 |
(a) Export sales relate entirely to PE Films. Operations in Brazil relate entirely 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 $6.5 million and $6.9 million in the first three months of 2022 and 2021, respectively.
Net Sales by Product Group
|  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  | 2022 |  | 2021
Aluminum Extrusions: |  |  |  |  |  |  |
Nonresidential building & construction |  |  |  |  | $ | 80,921 |  |  | $ | 57,229 |
Consumer durables |  |  |  |  | 16,891 |  |  | 13,152 |
Automotive |  |  |  |  | 13,841 |  |  | 11,415 |
Residential building & construction |  |  |  |  | 16,465 |  |  | 12,708 |
Electrical |  |  |  |  | 7,287 |  |  | 7,180 |
Machinery & equipment |  |  |  |  | 12,945 |  |  | 8,925 |
Distribution |  |  |  |  | 9,760 |  |  | 7,516 |
Subtotal |  |  |  |  | 158,110 |  |  | 118,125 |
PE Films: |  |  |  |  |  |  |
Surface protection films |  |  |  |  | 22,148 |  |  | 20,601 |
Packaging |  |  |  |  | 8,983 |  |  | 7,352 |
Subtotal |  |  |  |  | 31,131 |  |  | 27,953 |
Flexible Packaging Films |  |  |  |  | 39,244 |  |  | 32,521 |
Total |  |  |  |  | $ | 228,485 |  |  | $ | 178,599 |

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