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Pension And Other Post-Retirement Benefits | 9 Months Ended
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Sep. 30, 2023
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 through lump sum distributions and the purchase of annuity contracts. In connection therewith, on February 9, 2022, the Company contributed $50 million to the pension plan. During the third quarter of 2023, the Company remeasured the pension plan, which resulted in a pre-tax pension settlement loss in the condensed consolidated results of operation of $25.6 million. The remeasurement of the pension benefit obligation and plan assets was triggered by $64.5 million of lump sum distributions from the pension plan assets which exceeded the pension plan's service and interest cost. On September 27, 2023, the Company borrowed $30 million under its revolving credit agreement in anticipation of the final funding expected for terminating its defined benefit pension plan obligation. On October 31, 2023, the Company contributed $27.7 million to fully fund the pension plan with the amount necessary to allow for the subsequent transfer of the final annuity premium to Massachusetts Mutual Life Insurance Company, the selected insurer for the plan. On November 3, 2023, the pension plan termination and settlement process for the Company was completed, and the relevant pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company. As of September 30, 2023, the remaining unrecognized pre-tax actuarial losses reported in the accumulated other comprehensive income (loss) was $69.0 million. 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 three and nine months ended September 30, 2023 and 2022. 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 nine months ended September 30, 2023 and 2022, are shown below:
| Pension Benefits |  | Other Post-Retirement Benefits
| Three Months Ended September 30, |  | Three Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 5 |
Interest cost | 2,786 |  |  | 2,226 |  |  | 71 |  |  | 51 |
Expected return on plan assets | (2,328) |  |  | (2,044) |  |  | — |  |  | — |
Pension settlement loss(a) | 25,612 |  |  | — |  |  | — |  |  | — |
Amortization of prior service costs, (gains) losses and net transition asset | 2,644 |  |  | 3,301 |  |  | (58) |  |  | (33) |
Net periodic benefit cost | $ | 28,714 |  |  | $ | 3,483 |  |  | $ | 16 |  |  | $ | 23 |
| Pension Benefits |  | Other Post-Retirement Benefits
| Nine Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | 15 |
Interest cost | 8,842 |  |  | 6,676 |  |  | 213 |  |  | 153 |
Expected return on plan assets | (7,542) |  |  | (6,141) |  |  | — |  |  | — |
Pension settlement loss(a) | 25,612 |  |  | — |  |  | — |  |  | — |
Amortization of prior service costs, (gains) losses and net transition asset | 8,609 |  |  | 9,887 |  |  | (176) |  |  | (101) |
Net periodic benefit cost | $ | 35,521 |  |  | $ | 10,422 |  |  | $ | 46 |  |  | $ | 67 |
(a)Pension settlement loss, included in the condensed consolidated statements of operation, represents pension settlement charges due to lump sum payments to participants.
Pension and other postretirement liabilities were $36.3 million and $35.7 million at September 30, 2023 and December 31, 2022, respectively ($0.7 million included in “Accrued expenses” at September 30, 2023 and December 31, 2022, 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 2023, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2022, or approximately $0.5 million.

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