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Business Segments | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Business Segments | The Company's business segments are Aluminum Extrusions and PE Films. Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft and medium strength alloyed aluminum extrusions, custom fabricated and finished, for the building and construction, automotive and transportation, consumer durables goods, machinery and equipment, electrical and renewable energy, and distribution markets. PE Films produces surface protection films, polyethylene overwrap films and films for other markets. The Company’s reportable segments are based on its method of internal reporting, which is generally segregated by differences in products. Accounting standards for presentation of segments require an approach based on the way the Company organizes the segments for making operating decisions and how the chief operating decision maker (“CODM”) assesses performance. EBITDA from ongoing operations is the key profitability measure used by the CODM (Tredegar’s President and Chief Executive Officer) for purposes of assessing financial performance. EBITDA from ongoing operations used by the CODM excludes certain non-recurring items, such as restructuring costs, asset impairments and other items, which are reported separately. The CODM uses EBITDA from ongoing operations to evaluate the operating performance of Tredegar’s ongoing operations, monitor budget versus actual results, establish management’s compensation and allocate resources. EBITDA from ongoing operations is the primary measure of segment performance and is consistent with how the business is managed internally, in addition to being a key financial and analytic metric for borrowing capacity and estimated enterprise value. The Company uses sales less freight (“net sales”) as its measure of revenues from external customers at the segment level. This measure is separately included in the financial information regularly provided to the CODM. Information by business segment and geographic area for the last three years is provided in the segment tables below. There were no accounting transactions between segments.
Segment Revenue, Segment Profit (Loss), and Significant Expenses
| 2024
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 471,815 |  |  | $ | 105,199 |  |  | $ | 577,014 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 21,011 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 598,025 |
Less: |  |  |  |  |
Variable costs | 354,397 |  |  | 50,289 |  |  | 404,686 |
LIFO inventory adjustment | 1,234 |  |  | (174) |  |  | 1,060 |
Manufacturing fixed costs (e) | 40,123 |  |  | 13,248 |  |  | 53,371 |
Selling, general and administrative costs (e) | 33,638 |  |  | 11,245 |  |  | 44,883 |
Other (f) | 1,066 |  |  | 105 |  |  | 1,171 |
EBITDA from ongoing operations | $ | 41,357 |  |  | $ | 30,486 |  |  | $ | 71,843 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 22,922 |
Plant shutdowns, asset impairments, restructurings and other (a) |  |  |  |  | 5,766 |
Goodwill impairment |  |  |  |  | 13,271 |
Interest income |  |  |  |  | 36 |
Interest expense |  |  |  |  | 4,664 |
Gain on investment in kaleo, inc. |  |  |  |  | 144 |
Corporate expenses, net (d) |  |  |  |  | 24,520 |
Income (loss) from continuing operations before income tax |  |  |  |  | 880 |
Income tax expense (benefit) |  |  |  |  | (165) |
Net income (loss) from continuing operations |  |  |  |  | 1,045 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (65,610) |
Net income (loss) |  |  |  |  | $ | (64,565) |
Refer to Notes to Financial Tables that follow these tables.
Segment Revenue, Segment Profit (Loss), and Significant Expenses
| 2023
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 474,803 |  |  | $ | 76,763 |  |  | $ | 551,566 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 21,757 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 573,323 |
Less: |  |  |  |  |
Variable costs | 365,320 |  |  | 40,824 |  |  | 406,144 |
LIFO inventory adjustment | (944) |  |  | (1,333) |  |  | (2,277) |
Manufacturing fixed costs (e) | 41,028 |  |  | 13,793 |  |  | 54,821 |
Selling, general and administrative costs (e) | 29,725 |  |  | 12,106 |  |  | 41,831 |
Other (f) | 1,698 |  |  | 156 |  |  | 1,854 |
EBITDA from ongoing operations | $ | 37,976 |  |  | $ | 11,217 |  |  | $ | 49,193 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 24,449 |
Plant shutdowns, asset impairments, restructurings and other (a) |  |  |  |  | 8,529 |
Goodwill impairment |  |  |  |  | 34,891 |
Interest income |  |  |  |  | 514 |
Interest expense |  |  |  |  | 6,316 |
Gain on investment in kaleo, inc. |  |  |  |  | 262 |
Stock option-based compensation expense |  |  |  |  | 231 |
Pension settlement loss |  |  |  |  | 92,291 |
Corporate expenses, net (d) |  |  |  |  | 33,727 |
Income (loss) from continuing operations before income tax |  |  |  |  | (150,465) |
Income tax expense (benefit) |  |  |  |  | (51,300) |
Net income (loss) from continuing operations |  |  |  |  | (99,165) |
Income (loss) from discontinued operations, net of tax |  |  |  |  | (6,740) |
Net income (loss) |  |  |  |  | $ | (105,905) |
Refer to Notes to Financial Tables that follow these tables.
Segment Revenue, Segment Profit (Loss), and Significant Expenses
| 2022
(In thousands) | Aluminum Extrusions |  | PE Films |  | Total
Net Sales | $ | 637,872 |  |  | $ | 97,571 |  |  | $ | 735,443 |
Reconciliation of revenue: |  |  |  |  |
Add back freight |  |  |  |  | 26,542 |
Sales as shown in the consolidated statements of income (loss) |  |  |  |  | $ | 761,985 |
Less: |  |  |  |  |
Variable costs | 503,374 |  |  | 56,085 |  |  | 559,459 |
LIFO inventory adjustment | (5,402) |  |  | 521 |  |  | (4,881) |
Manufacturing fixed costs (e) | 43,073 |  |  | 15,216 |  |  | 58,289 |
Selling, general and administrative costs (e) | 31,641 |  |  | 14,116 |  |  | 45,757 |
Other (f) | (1,614) |  |  | (316) |  |  | (1,930) |
EBITDA from ongoing operations | $ | 66,800 |  |  | $ | 11,949 |  |  | $ | 78,749 |
Reconciliation of profit (loss): |  |  |  |  |
Depreciation and amortization |  |  |  |  | 23,694 |
Plant shutdowns, asset impairments, restructurings and other (a) |  |  |  |  | 956 |
Interest income |  |  |  |  | 16 |
Interest expense |  |  |  |  | 4,141 |
Gain on investment in kaleo, inc. |  |  |  |  | 1,406 |
Stock option-based compensation expense |  |  |  |  | 1,414 |
Corporate expenses, net (d) |  |  |  |  | 40,402 |
Income (loss) from continuing operations before income tax |  |  |  |  | 9,564 |
Income tax expense (benefit) |  |  |  |  | (3,021) |
Net income (loss) from continuing operations |  |  |  |  | 12,585 |
Income (loss) from discontinued operations, net of tax |  |  |  |  | 15,870 |
Net income (loss) |  |  |  |  | $ | 28,455 |
Refer to Notes to Financial Tables that follow these tables.
Identifiable Assets
(In thousands) | 2024 |  | 2023
Aluminum Extrusions | $ | 247,205 |  |  | $ | 255,756 |
PE Films | 55,081 |  |  | 56,536 |
Subtotal | 302,286 |  |  | 312,292 |
General corporate | 46,883 |  |  | 36,652 |
Cash, cash equivalents and restricted cash (b) | 7,062 |  |  | 13,051 |
Discontinued operations | 126 |  |  | 84,466 |
Total | $ | 356,357 |  |  | $ | 446,461 |
| Depreciation and Amortization |  | Capital Expenditures
(In thousands) | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Aluminum Extrusions | $ | 17,722 |  |  | $ | 17,927 |  |  | $ | 17,414 |  |  | $ | 10,097 |  |  | $ | 20,339 |  |  | $ | 23,664 |
PE Films | 5,200 |  |  | 6,522 |  |  | 6,280 |  |  | 1,761 |  |  | 1,772 |  |  | 3,289 |
Subtotal | 22,922 |  |  | 24,449 |  |  | 23,694 |  |  | 11,858 |  |  | 22,111 |  |  | 26,953 |
General corporate (d) | 302 |  |  | 369 |  |  | 264 |  |  | — |  |  | 12 |  |  | 1,771 |
Discontinued operations | 2,313 |  |  | 2,865 |  |  | 2,444 |  |  | 2,489 |  |  | 4,323 |  |  | 8,151 |
Total | $ | 25,537 |  |  | $ | 27,683 |  |  | $ | 26,402 |  |  | $ | 14,347 |  |  | $ | 26,446 |  |  | $ | 36,875 |
Net Sales by Geographic Area (c)
(In thousands) | 2024 |  | 2023 |  | 2022
United States | $ | 514,743 |  |  | $ | 506,475 |  |  | $ | 675,528 |
Exports from the United States to: |  |  |  |  |
Asia | 46,724 |  |  | 26,217 |  |  | 41,841 |
Canada | 9,541 |  |  | 12,121 |  |  | 10,477 |
Europe | 97 |  |  | 9 |  |  | 1,384 |
Latin America | 5,068 |  |  | 6,192 |  |  | 5,587 |
Operations outside the United States: |  |  |  |  |
Asia | 841 |  |  | 552 |  |  | 626 |
Total | $ | 577,014 |  |  | $ | 551,566 |  |  | $ | 735,443 |
| Identifiable Assets by Geographic Area (c) |  | Property, Plant & Equipment, Net by Geographic Area (c)
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 294,303 |  |  | $ | 302,037 |  |  | $ | 127,992 |  |  | $ | 139,552 |
Operations outside the United States: |  |  |  |  |  |  |
China | 7,983 |  |  | 10,255 |  |  | 7,217 |  |  | 9,361 |
General corporate | 46,883 |  |  | 36,652 |  |  | 1,823 |  |  | 2,244 |
Cash, cash equivalents and restricted cash (b) | 7,062 |  |  | 13,051 |  |  | n/a |  | n/a
Discontinued operations | 126 |  |  | 84,466 |  |  | — |  |  | 32,298 |
Total | $ | 356,357 |  |  | $ | 446,461 |  |  | $ | 137,032 |  |  | $ | 183,455 |
Refer to Notes to Financial Tables that follow these tables. 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 $26.9 million in 2024, $15.9 million in 2023 and $20.1 million in 2022.
Net Sales by Product Group
(In thousands) | 2024 |  | 2023 |  | 2022
Aluminum Extrusions: |  |  |  |  |
Nonresidential building & construction | $ | 265,496 |  |  | $ | 273,648 |  |  | $ | 350,377 |
Consumer durables | 31,911 |  |  | 37,257 |  |  | 60,252 |
Automotive | 39,283 |  |  | 46,014 |  |  | 49,330 |
Machinery & equipment | 51,149 |  |  | 41,908 |  |  | 57,795 |
Distribution | 11,750 |  |  | 13,719 |  |  | 28,533 |
Residential building & construction | 36,303 |  |  | 36,774 |  |  | 61,815 |
Electrical | 35,923 |  |  | 25,483 |  |  | 29,770 |
Subtotal | 471,815 |  |  | 474,803 |  |  | 637,872 |
PE Films: |  |  |  |  |
Surface protection films | 75,909 |  |  | 47,463 |  |  | 68,140 |
Packaging | 29,290 |  |  | 29,300 |  |  | 29,431 |
Subtotal | 105,199 |  |  | 76,763 |  |  | 97,571 |
Total | $ | 577,014 |  |  | $ | 551,566 |  |  | $ | 735,443 |
(a)See Note 1 for more information on losses associated with plant shutdowns, asset impairments and restructurings and other items. (b)Cash, cash equivalents and restricted cash includes funds held in locations outside the U.S. of $1.6 million and $0.8 million at December 31, 2024 and 2023, respectively. (c)Export sales relate primarily to PE Films. (d)Corporate depreciation and amortization are included in corporate expenses, net, on the Segment Revenue, Segment Profit (Loss), and Significant Expenses tables above. (e)Excludes related depreciation and amortization. (f)Other expenses

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