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v3.23.3

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2023
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 and nine months ended September 30, 2023 and 2022:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Net Sales |  |  |  |  |  |  |
Aluminum Extrusions | $ | 109,410 |  |  | $ | 161,649 |  |  | $ | 364,607 |  |  | $ | 510,066 |
PE Films | 19,938 |  |  | 20,059 |  |  | 56,036 |  |  | 82,613 |
Flexible Packaging Films | 30,111 |  |  | 47,278 |  |  | 94,861 |  |  | 128,117 |
Total net sales | 159,459 |  |  | 228,986 |  |  | 515,504 |  |  | 720,796 |
Add back freight | 6,733 |  |  | 9,500 |  |  | 19,977 |  |  | 28,619 |
Sales as shown in the condensed consolidated statements of income (loss) | $ | 166,192 |  |  | $ | 238,486 |  |  | $ | 535,481 |  |  | $ | 749,415 |
EBITDA from Ongoing Operations |  |  |  |  |  |  |
Aluminum Extrusions: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA | $ | 5,113 |  |  | $ | 12,071 |  |  | $ | 29,968 |  |  | $ | 57,885 |
Depreciation & amortization | (4,683) |  |  | (4,416) |  |  | (13,252) |  |  | (12,846) |
EBIT | 430 |  |  | 7,655 |  |  | 16,716 |  |  | 45,039 |
Plant shutdowns, asset impairments, restructurings and other | (1,483) |  |  | (32) |  |  | (1,821) |  |  | (120) |
PE Films: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA | 4,037 |  |  | 431 |  |  | 6,700 |  |  | 14,543 |
Depreciation & amortization | (2,111) |  |  | (1,579) |  |  | (5,305) |  |  | (4,733) |
EBIT | 1,926 |  |  | (1,148) |  |  | 1,395 |  |  | 9,810 |
Plant shutdowns, asset impairments, restructurings and other | (4,566) |  |  | (498) |  |  | (4,565) |  |  | (650) |
Goodwill impairment | (19,478) |  |  | — |  |  | (34,891) |  |  | — |
Flexible Packaging Films: |  |  |  |  |  |  |
Ongoing operations: |  |  |  |  |  |  |
EBITDA | 477 |  |  | 7,830 |  |  | 2,076 |  |  | 20,495 |
Depreciation & amortization | (704) |  |  | (590) |  |  | (2,115) |  |  | (1,723) |
EBIT | (227) |  |  | 7,240 |  |  | (39) |  |  | 18,772 |
Plant shutdowns, asset impairments, restructurings and other | — |  |  | (6) |  |  | (79) |  |  | (86) |
Total | (23,398) |  |  | 13,211 |  |  | (23,284) |  |  | 72,765 |
Interest income | 62 |  |  | 9 |  |  | 135 |  |  | 41 |
Interest expense | 3,106 |  |  | 1,138 |  |  | 7,791 |  |  | 3,158 |
Gain on investment in kaléo | — |  |  | — |  |  | 262 |  |  | 1,406 |
Stock option-based compensation costs | — |  |  | 271 |  |  | 231 |  |  | 1,153 |
Pension settlement loss | 25,612 |  |  | — |  |  | 25,612 |  |  | — |
Corporate expenses, net | 11,633 |  |  | 9,653 |  |  | 30,100 |  |  | 30,119 |
Income (loss) before income taxes | (63,687) |  |  | 2,158 |  |  | (86,621) |  |  | 39,782 |
Income tax expense (benefit) | (13,307) |  |  | 1,125 |  |  | (16,307) |  |  | 7,460 |
Net income (loss) | $ | (50,380) |  |  | $ | 1,033 |  |  | $ | (70,314) |  |  | $ | 32,322 |
Schedule Of Identifiable Assets By Segment | The following table presents identifiable assets by segment at September 30, 2023 and December 31, 2022:
(In thousands) | September 30, 2023 |  | December 31, 2022
Aluminum Extrusions | $ | 256,671 |  |  | $ | 293,308 |
PE Films | 58,459 |  |  | 102,431 |
Flexible Packaging Films | 82,789 |  |  | 103,448 |
Subtotal | 397,919 |  |  | 499,187 |
General corporate | 32,994 |  |  | 23,674 |
Cash and cash equivalents | 48,604 |  |  | 19,232 |
Total | $ | 479,517 |  |  | $ | 542,093 |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate the Company’s revenue by geographic area and product group for the three and nine months ended September 30, 2023 and 2022:
Net Sales by Geographic Area (a)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
United States | $ | 125,407 |  |  | $ | 181,405 |  |  | $ | 409,433 |  |  | $ | 577,496 |
Exports from the United States to: |  |  |  |  |  |  |
Asia | 7,873 |  |  | 7,437 |  |  | 19,082 |  |  | 34,582 |
Latin America | 1,764 |  |  | 2,138 |  |  | 5,440 |  |  | 4,824 |
Canada | 3,640 |  |  | 4,065 |  |  | 12,879 |  |  | 12,431 |
Europe | 282 |  |  | 1,016 |  |  | 1,414 |  |  | 3,464 |
Operations outside the United States: |  |  |  |  |  |  |
Brazil | 20,351 |  |  | 32,925 |  |  | 66,954 |  |  | 87,999 |
Asia | 142 |  |  | — |  |  | 302 |  |  | — |
Total | $ | 159,459 |  |  | $ | 228,986 |  |  | $ | 515,504 |  |  | $ | 720,796 |
(a) Export sales relate mostly to PE Films. Operations in Brazil relate 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 $4.8 million and $4.4 million in the third quarter of 2023 and 2022, respectively, and $11.7 million and $16.1 million in the first nine months of 2023 and 2022, respectively.
Net Sales by Product Group
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Aluminum Extrusions: |  |  |  |  |  |  |
Nonresidential building & construction | $ | 59,476 |  |  | $ | 86,659 |  |  | $ | 203,889 |  |  | $ | 266,882 |
Consumer durables | 8,662 |  |  | 16,714 |  |  | 30,723 |  |  | 52,409 |
Automotive | 13,025 |  |  | 11,543 |  |  | 36,916 |  |  | 39,857 |
Residential building & construction | 7,999 |  |  | 15,136 |  |  | 29,658 |  |  | 52,549 |
Electrical | 2,016 |  |  | 4,730 |  |  | 16,223 |  |  | 21,704 |
Machinery & equipment | 14,202 |  |  | 20,028 |  |  | 36,008 |  |  | 48,902 |
Distribution | 4,030 |  |  | 6,839 |  |  | 11,190 |  |  | 27,763 |
Subtotal | 109,410 |  |  | 161,649 |  |  | 364,607 |  |  | 510,066 |
PE Films: |  |  |  |  |  |  |
Surface protection films | 12,755 |  |  | 13,018 |  |  | 34,251 |  |  | 58,839 |
Overwrap packaging | 7,183 |  |  | 7,041 |  |  | 21,785 |  |  | 23,774 |
Subtotal | 19,938 |  |  | 20,059 |  |  | 56,036 |  |  | 82,613 |
Flexible Packaging Films | 30,111 |  |  | 47,278 |  |  | 94,861 |  |  | 128,117 |
Total | $ | 159,459 |  |  | $ | 228,986 |  |  | $ | 515,504 |  |  | $ | 720,796 |

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