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Pension And Other Post-Retirement Benefits | 6 Months Ended
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Jun. 30, 2022
Retirement Benefits [Abstract] |
Pension And Other Post-Retirement 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. On February 10, 2022, Tredegar announced the initiation of a process to terminate and settle its frozen defined benefit pension plan, which could take up to 24 months to complete. In connection therewith, on February 9, 2022, the Company contributed $50 million to the pension plan (the “Special Contribution”). The Company estimates that, with the Special Contribution, there will be no required minimum contributions to the pension plan until final settlement. Tredegar also has a non-qualified supplemental pension plan covering certain employees. Effective December 31, 2005, further participation in this plan was terminated and benefit accruals for existing participants were frozen. Pension expense recognized for this plan was immaterial in the second quarter of 2022 and 2021, respectively. This information has been included in the pension benefit table below. The components of net periodic benefit cost for the pension and other postretirement benefit programs reflected in the condensed consolidated statements of income for the three and six months ended June 30, 2022 and 2021, are shown below:
| Pension Benefits |  | Other Post-Retirement Benefits
| Three Months Ended June 30, |  | Three Months Ended June 30,
(In thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 8 |
Interest cost | 2,225 |  |  | 2,102 |  |  | 51 |  |  | 51 |
Expected return on plan assets | (2,043) |  |  | (2,863) |  |  | — |  |  | — |
Amortization of prior service costs, (gains) losses and net transition asset | 3,302 |  |  | 4,266 |  |  | (34) |  |  | (24) |
Net periodic benefit cost | $ | 3,484 |  |  | $ | 3,505 |  |  | $ | 22 |  |  | $ | 35 |
| Pension Benefits |  | Other Post-Retirement Benefits
| Six Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2022 |  | 2021 |  | 2022 |  | 2021
Service cost | $ | — |  |  | $ | — |  |  | $ | 10 |  |  | $ | 17 |
Interest cost | 4,450 |  |  | 4,204 |  |  | 102 |  |  | 101 |
Expected return on plan assets | (4,098) |  |  | (5,725) |  |  | — |  |  | — |
Amortization of prior service costs, (gains) losses and net transition asset | 6,586 |  |  | 8,531 |  |  | (68) |  |  | (48) |
Net periodic benefit cost | $ | 6,938 |  |  | $ | 7,010 |  |  | $ | 44 |  |  | $ | 70 |
Pension and other postretirement liabilities were $29.1 million and $78.9 million at June 30, 2022 and December 31, 2021, respectively ($0.7 million included in “Accrued expenses” at June 30, 2022 and December 31, 2021, respectively, with the remainder included in “Pension and other postretirement benefit obligations, net” in the condensed consolidated balance sheets). Tredegar funds its other postretirement benefits on a claims-made basis; for 2022, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2021, or approximately $0.5 million.

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