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Pension And Other Post-Retirement Benefits | 3 Months Ended
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Mar. 31, 2024
Retirement Benefits [Abstract] |
Pension And Other Post-Retirement Benefits | Tredegar sponsored 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. On November 3, 2023, the pension plan termination and settlement process for the Company was completed, and the remaining pension plan obligation was transferred to Massachusetts Mutual Life Insurance Company. During 2023, the Company recognized a pre-tax pension settlement loss of $92.3 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 months ended March 31, 2024 and 2023. 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 months ended March 31, 2024 and 2023, are shown below:
| Pension Benefits |  | Other Post-Retirement Benefits
| Three Months Ended March 31, |  | Three Months Ended March 31,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | — |  |  | $ | — |  |  | $ | 3 |  |  | $ | 3 |
Interest cost | 19 |  |  | 3,027 |  |  | 67 |  |  | 71 |
Expected return on plan assets | — |  |  | (2,607) |  |  | — |  |  | — |
Amortization of prior service costs, (gains) losses and net transition asset | 5 |  |  | 2,983 |  |  | (40) |  |  | (59) |
Net periodic benefit cost | $ | 24 |  |  | $ | 3,403 |  |  | $ | 30 |  |  | $ | 15 |
Pension and other postretirement liabilities were $7.2 million and $7.3 million at March 31, 2024 and December 31, 2023, respectively ($0.6 million and $0.7 million included in “Accrued expenses” at March 31, 2024 and December 31, 2023, 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 2024, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2023, or approximately $0.4 million.

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