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Business Segments
 12 Months Ended
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 ExtrusionsPE FilmsTotal
Net Sales$471,815 $105,199 $577,014 
Reconciliation of revenue:
Add back freight21,011 
Sales as shown in the consolidated statements of income (loss)$598,025 
Less:
Variable costs354,397 50,289 404,686 
LIFO inventory adjustment1,234 (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 $71,843 
Reconciliation of profit (loss):
Depreciation and amortization22,922 
Plant shutdowns, asset impairments, restructurings and other (a)5,766 
Goodwill impairment13,271 
Interest income36 
Interest expense4,664 
Gain on investment in kaleo, inc.144 
Corporate expenses, net (d)24,520 
Income (loss) from continuing operations before income tax880 
Income tax expense (benefit)(165)
Net income (loss) from continuing operations1,045 
Income (loss) from discontinued operations, net of tax(65,610)
Net income (loss)$(64,565)
Refer to Notes to Financial Tables that follow these tables.
Segment Revenue, Segment Profit (Loss), and Significant Expenses
2023
(In thousands)Aluminum ExtrusionsPE FilmsTotal
Net Sales$474,803 $76,763 $551,566 
Reconciliation of revenue:
Add back freight21,757 
Sales as shown in the consolidated statements of income (loss)$573,323 
Less:
Variable costs365,320 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 $49,193 
Reconciliation of profit (loss):
Depreciation and amortization24,449 
Plant shutdowns, asset impairments, restructurings and other (a)8,529 
Goodwill impairment34,891 
Interest income514 
Interest expense6,316 
Gain on investment in kaleo, inc.262 
Stock option-based compensation expense231 
Pension settlement loss92,291 
Corporate expenses, net (d)33,727 
Income (loss) from continuing operations before income tax(150,465)
Income tax expense (benefit)(51,300)
Net income (loss) from continuing operations(99,165)
Income (loss) from discontinued operations, net of tax(6,740)
Net income (loss)$(105,905)
Refer to Notes to Financial Tables that follow these tables.
Segment Revenue, Segment Profit (Loss), and Significant Expenses
2022
(In thousands)Aluminum ExtrusionsPE FilmsTotal
Net Sales$637,872 $97,571 $735,443 
Reconciliation of revenue:
Add back freight26,542 
Sales as shown in the consolidated statements of income (loss)$761,985 
Less:
Variable costs503,374 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 amortization23,694 
Plant shutdowns, asset impairments, restructurings and other (a)956 
Interest income16 
Interest expense4,141 
Gain on investment in kaleo, inc.1,406 
Stock option-based compensation expense1,414 
Corporate expenses, net (d)40,402 
Income (loss) from continuing operations before income tax9,564 
Income tax expense (benefit)(3,021)
Net income (loss) from continuing operations12,585 
Income (loss) from discontinued operations, net of tax15,870 
Net income (loss)$28,455 
Refer to Notes to Financial Tables that follow these tables.
Identifiable Assets
(In thousands)20242023
Aluminum Extrusions$247,205 $255,756 
PE Films55,081 56,536 
Subtotal302,286 312,292 
General corporate46,883 36,652 
Cash, cash equivalents and restricted cash (b)7,062 13,051 
Discontinued operations126 84,466 
Total$356,357 $446,461 
 Depreciation and AmortizationCapital Expenditures
(In thousands)202420232022202420232022
Aluminum Extrusions$17,722 $17,927 $17,414 $10,097 $20,339 $23,664 
PE Films5,200 6,522 6,280 1,761 1,772 3,289 
Subtotal22,922 24,449 23,694 11,858 22,111 26,953 
General corporate (d)302 369 264 — 12 1,771 
Discontinued operations2,313 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)202420232022
United States$514,743 $506,475 $675,528 
Exports from the United States to:
Asia46,724 26,217 41,841 
Canada9,541 12,121 10,477 
Europe97 9 1,384 
Latin America5,068 6,192 5,587 
Operations outside the United States:
Asia841 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)2024202320242023
United States$294,303 $302,037 $127,992 $139,552 
Operations outside the United States:
China7,983 10,255 7,217 9,361 
General corporate46,883 36,652 1,823 2,244 
Cash, cash equivalents and restricted cash (b)7,062 13,051 n/an/a
Discontinued operations126 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)202420232022
Aluminum Extrusions:
Nonresidential building & construction$265,496 $273,648 $350,377 
Consumer durables31,911 37,257 60,252 
Automotive39,283 46,014 49,330 
Machinery & equipment51,149 41,908 57,795 
Distribution11,750 13,719 28,533 
Residential building & construction36,303 36,774 61,815 
Electrical35,923 25,483 29,770 
Subtotal471,815 474,803 637,872 
PE Films:
Surface protection films75,909 47,463 68,140 
Packaging29,290 29,300 29,431 
Subtotal105,199 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