Leases, Codification Topic 842

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessee, Operating Leases

4. LEASES

Tredegar has various operating lease agreements with remaining terms up to 9 years, including leases of real estate, office equipment and vehicles. As of December 31, 2023 and 2022, the Company had no finance lease agreements. Some leases include options to purchase the leased asset, terminate the agreement or extend the term of the agreement for one or more years. These options are included in the lease term when it is reasonably certain that the option will be exercised.

The following table presents a maturity analysis of the Company’s operating leases as of December 31, 2023:

(In thousands)
	Future Lease Payments
2024		$	2,635
2025		2,458
2026		2,078
2027		1,786
2028		1,557
Thereafter		4,600
Total undiscounted operating lease payments		15,114
Less: Imputed interest		2,065
Present value of operating lease liabilities		$	13,049

The following table summarizes lease costs, related cash flow and other information for the years ended December 31, 2023 and 2022. These costs are primarily related to long-term operating leases, but also include amounts for variable leases and short-term leases.

(In thousands)	2023			2022
Operating lease expense	$	2,882		$	2,718
Other Information:
Weighted-average remaining lease term for operating leases	7 years			8 years
Weighted-average discount rate for operating leases	4.46		%	4.27		%