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Business Segments
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Business Segments 13. BUSINESS SEGMENTS
The Company's business segments are Aluminum Extrusions, PE Films and Flexible Packaging Films. Aluminum Extrusions, also referred to as Bonnell Aluminum, produces high-quality, soft-alloy and medium-strength custom fabricated and finished aluminum extrusions for the building and construction, automotive and transportation, consumer durables, machinery and equipment, electrical and renewable energy, and distribution markets. PE Films is composed of surface protection films, polyethylene overwrap films and films for other markets. Flexible Packaging Films is comprised of the Company’s polyester films business, Terphane Holdings LLC (“Terphane”).
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. The Company uses sales less freight (“net sales”) from continuing operations 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 and no allocations to segments.
Net Sales
(In thousands)202120202019
Aluminum Extrusions$539,325 $455,711 $529,602 
PE Films118,920 139,288 133,807 
Flexible Packaging Films139,978 134,605 133,935 
Total net sales798,223 729,604 797,344 
Add back freight28,232 25,686 28,980 
Sales as shown in consolidated statements of income$826,455 $755,290 $826,324 
Refer to Notes to Financial Tables that follow these tables.

EBITDA from Ongoing Operations
(In thousands)202120202019
Aluminum Extrusions:
Ongoing operations:
EBITDA$55,948 $55,137 $65,683 
Depreciation & amortization (d)(16,272)(17,403)(16,719)
EBIT39,676 37,734 48,964 
Plant shutdowns, asset impairments, restructurings and other (a)3,237 (3,506)(561)
Goodwill impairment charge— (13,696)— 
Trade name accelerated amortization (d)— — (10,040)
PE Films:
Ongoing operations:
EBITDA27,694 45,107 41,133 
Depreciation & amortization(6,263)(6,762)(5,860)
EBIT21,431 38,345 35,273 
Plant shutdowns, asset impairments, restructurings and other (a)(371)(1,974)(733)
Flexible Packaging Films:
Ongoing operations:
EBITDA31,684 30,645 14,737 
Depreciation & amortization(1,988)(1,761)(1,517)
EBIT29,696 28,884 13,220 
Plant shutdowns, asset impairments, restructurings and other (a)8,439 (18)— 
Total102,108 85,769 86,123 
Interest income73 44 66 
Interest expense3,386 2,587 4,051 
Gain (loss) on investment in kaléo (a)12,780 (60,900)28,482 
Loss on sale of Bright View (f)— (2,299)— 
Stock option-based compensation expense2,495 2,161 4,132 
Corporate expenses, net (a)41,859 42,912 34,482 
Income (loss) from continuing operations before income taxes67,221 (25,046)72,006 
Income tax expense (benefit) (a)9,284 (8,213)13,545 
Income (loss) from continuing operations57,937 (16,833)58,461 
Income (loss) from discontinued operations, net of tax (a)(111)(58,611)(10,202)
Net income (loss)$57,826 $(75,444)$48,259 
Refer to Notes to Financial Tables that follow these tables.
Identifiable Assets
(In thousands)20212020
Aluminum Extrusions$280,521 $244,560 
PE Films113,613 119,013 
Flexible Packaging Films75,269 66,453 
Subtotal469,403 430,026 
General corporate23,482 71,508 
Cash and cash equivalents (b)30,521 11,846 
Discontinued operations178 1,490 
Total$523,584 $514,870 
 Depreciation and AmortizationCapital Expenditures
(In thousands)202120202019202120202019
Aluminum Extrusions$15,326 $17,403 $26,759 $18,914 $10,260 $17,855 
PE Films6,263 6,762 5,860 2,997 6,024 8,567 
Flexible Packaging Films1,988 1,761 1,517 5,603 4,959 8,866 
Subtotal23,577 25,926 34,136 27,514 21,243 35,288 
General corporate (e)207 520 186 (153)200 223 
Discontinued operations— 5,511 9,962 — 1,912 15,353 
Total$23,784 $31,957 $44,284 $27,361 $23,355 $50,864 
Net Sales by Geographic Area (c)
(In thousands)202120202019
United States$614,987 $530,243 $593,599 
Exports from the United States to:
Asia59,242 80,217 82,342 
Canada17,776 18,024 15,022 
Europe4,489 5,440 5,752 
Latin America4,937 2,169 4,135 
Operations outside the United States:
Brazil96,792 93,511 96,274 
China— — 220 
Total$798,223 $729,604 $797,344 
 Identifiable Assets
by Geographic Area (c)		Property, Plant & Equipment,
Net by Geographic Area (c)
(In thousands)2021202020212020
United States$398,749 $363,106 $135,310 $132,268 
Operations outside the United States:
Brazil54,299 49,157 18,615 15,588 
China16,355 17,763 14,889 16,245 
General corporate23,482 71,508 1,567 2,444 
Cash and cash equivalents (b)30,521 11,846 n/an/a
Discontinued operations178 1,490 — — 
Total$523,584 $514,870 $170,381 $166,545 
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 $32.7 million in 2021, $35.1 million in 2020 and $32.1 million in 2019.
Net Sales by Product Group
(In thousands)202120202019
Aluminum Extrusions:
Nonresidential building & construction$269,252 $253,126 $272,729 
Consumer durables53,578 44,167 57,607 
Automotive43,256 35,895 46,461 
Machinery & equipment42,721 30,649 38,657 
Distribution45,639 28,339 34,753 
Residential building & construction52,236 40,049 43,554 
Electrical32,643 23,486 35,841 
Subtotal539,325 455,711 529,602 
PE Films:
Surface protection films88,436 109,097 103,893 
Packaging30,484 22,700 22,542 
LED-based products— 7,491 7,372 
Subtotal118,920 139,288 133,807 
Flexible Packaging Films139,978 134,605 133,935 
Total$798,223 $729,604 $797,344 
(a)See Notes 1, 9, 15, 16 and 17 for more information on losses associated with plant shutdowns, asset impairments and restructurings, unusual items, gains or losses from sale of assets, gains or losses on an investment accounted for under the fair value method and other items.
(b)Cash and cash equivalents includes funds held in locations outside the U.S. of $16.4 million and $9.4 million at December 31, 2021 and 2020, respectively.
(c)Information on exports and foreign operations are provided on the previous page. Export sales relate almost entirely to PE Films. Operations in China relate to PE Films. Operations in Brazil relate to Flexible Packaging Films.
(d)Depreciation and amortization for Aluminum Extrusions in 2019 excludes $10.0 million for accelerated amortization of trade names as a result of a rebranding initiative (see Note 5 for more information)
(e)Corporate depreciation and amortization are included in Corporate expenses, net, on the EBITDA from ongoing operations table above.
(f)In December 2020, the Company completed the sale of Bright View. See Note 15 for more details.