Item 1. Financial Statements
Item 1. Financial Statements.
Tredegar Corporation
Condensed Consolidated Balance Sheets
(In Thousands, Except Share Data)
(Unaudited)
June 30, December 31,
2025 2024
Assets
Current assets:
Cash and cash equivalents $ 9,795 $ 7,062
Accounts and other receivables, net 78,833 64,817
Income taxes recoverable 303 —
Inventories 66,648 51,381
Prepaid expenses and other 8,174 16,567
Total current assets 163,753 139,827
Property, plant and equipment, at cost 499,331 499,426
Less: accumulated depreciation ( 367,764 ) ( 362,394 )
Net property, plant and equipment 131,567 137,032
Right-of-use leased assets 13,731 14,635
Identifiable intangible assets, net 6,447 7,326
Goodwill 22,446 22,446
Deferred income taxes 31,369 32,517
Other assets 2,272 2,448
Noncurrent assets of discontinued operations — 126
Total assets $ 371,585 $ 356,357
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable $ 68,181 $ 64,704
Accrued expenses 21,357 22,168
Lease liability, short-term 2,404 2,453
Short-term debt 629 1,322
Income taxes payable 273 320
Current liabilities of discontinued operations — 741
Total current liabilities 92,844 91,708
Lease liability, long-term 11,962 12,993
ABL revolving facility 62,000 60,600
Pension and other postretirement benefit obligations, net 5,821 5,914
Deferred income tax liabilities 69 69
Other non-current liabilities 4,783 4,105
Total liabilities 177,479 175,389
Shareholders’ equity:
Common stock, no par value (authorized shares 150,000,000 , issued and outstanding 34,876,616 shares at June 30, 2025 and 34,661,272 shares at December 31, 2024)
64,561 63,590
Common stock held in trust for savings restoration plan ( 118,543 shares at June 30, 2025 and December 31, 2024)
( 2,233 ) ( 2,233 )
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment 5,180 5,105
Gain (loss) on derivative financial instruments 666 268
Pension and other postretirement benefit adjustments 688 826
Retained earnings 125,244 113,412
Total shareholders’ equity 194,106 180,968
Total liabilities and shareholders’ equity $ 371,585 $ 356,357
See accompanying notes to the condensed consolidated financial statements.
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Tredegar Corporation
Condensed Consolidated Statements of Income (Loss)
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Revenues and other items:
Sales $ 179,116 $ 153,940 $ 343,853 $ 297,912
Other income (expense), net 1,385 322 1,376 328
180,501 154,262 345,229 298,240
Costs and expenses:
Cost of goods sold 148,535 119,012 284,178 234,119
Freight 6,153 5,330 11,720 10,344
Selling, general and administrative 20,557 19,083 41,217 35,616
Research and development 193 ( 28 ) 357 123
Amortization of identifiable intangibles 440 460 879 899
Pension and postretirement benefits 27 54 3 109
Interest expense 1,785 1,139 2,798 2,323
Asset impairments and costs associated with exit and disposal activities, net of adjustments ( 1 ) 80 17 587
Total 177,689 145,130 341,169 284,120
Income (loss) from continuing operations before income taxes 2,812 9,132 4,060 14,120
Income tax expense (benefit) 984 ( 38 ) 1,560 2,346
Net income (loss) from continuing operations 1,828 9,170 2,500 11,774
Income (loss) from discontinued operations, net of tax ( 97 ) ( 378 ) 9,332 306
Net income (loss) $ 1,731 $ 8,792 $ 11,832 $ 12,080
Earnings (loss) per share:
Basic:
Continuing operations $ 0.05 $ 0.27 $ 0.07 $ 0.34
Discontinued operations — ( 0.01 ) 0.27 0.01
Basic earnings (loss) per share $ 0.05 $ 0.26 $ 0.34 $ 0.35
Diluted:
Continuing operations $ 0.05 $ 0.27 $ 0.07 $ 0.34
Discontinued operations — ( 0.01 ) 0.27 0.01
Diluted earnings (loss) per share $ 0.05 $ 0.26 $ 0.34 $ 0.35
Shares used to compute earnings (loss) per share:
Basic 34,775 34,378 34,694 34,350
Diluted 34,775 34,378 34,694 34,350
See accompanying notes to the condensed consolidated financial statements.
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Tredegar Corporation
Condensed Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)
Three Months Ended June 30,
2025 2024
Net income (loss) $ 1,731 $ 8,792
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment ($ 0 tax in 2025 and net of tax benefit of $ 691 in 2024)
49 ( 5,288 )
Derivative financial instruments adjustment (net of tax expense of $ 171 in 2025 and net of tax benefit of $ 253 in 2024)
595 ( 861 )
Amortization of prior service costs and net gains or losses (net of tax benefit of $ 14 in 2025 and net of tax benefit of $ 8 in 2024)
( 49 ) ( 28 )
Other comprehensive income (loss) 595 ( 6,177 )
Comprehensive income (loss) $ 2,326 $ 2,615
Six Months Ended June 30,
2025 2024
Net income (loss) $ 11,832 $ 12,080
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment ($ 0 tax in 2025 and net of tax benefit of $ 470 in 2024)
75 ( 7,236 )
Derivative financial instruments adjustment (net of tax expense of $ 103 in 2025 and net of tax benefit of $ 393 in 2024)
398 ( 1,365 )
Amortization of prior service costs and net gains or losses (net of tax benefit of $ 38 in 2025 and net of tax benefit of $ 16 in 2024)
( 138 ) ( 55 )
Other comprehensive income (loss) 335 ( 8,656 )
Comprehensive income (loss) $ 12,167 $ 3,424
See accompanying notes to the condensed consolidated financial statements.
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Tredegar Corporation
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Six Months Ended June 30,
2025 2024
Cash flows from operating activities:
Net income (loss) $ 11,832 $ 12,080
Adjustments for noncash items:
Depreciation 10,018 12,357
Amortization of identifiable intangibles 879 948
Reduction of right-of-use lease asset 1,064 1,178
Deferred income taxes 1,209 2,248
Accrued pension and post-retirement benefits 107 109
Stock-based compensation expense 919 1,086
Gain on investment in kaléo — ( 144 )
Gain on the sale of assets ( 1,492 ) —
Gain on the sale of divested business ( 9,657 ) —
Changes in assets and liabilities:
Accounts and other receivables ( 14,016 ) ( 17,160 )
Inventories ( 15,263 ) ( 10,357 )
Income taxes recoverable/payable ( 349 ) ( 539 )
Prepaid expenses and other 8,897 2,597
Accounts payable and accrued expenses 2,336 3,305
Lease liability ( 1,240 ) ( 1,408 )
Pension and postretirement benefit plan contributions ( 291 ) ( 306 )
Other, net 2,195 1,335
Net cash provided by (used in) operating activities ( 2,852 ) 7,329
Cash flows from investing activities:
Capital expenditures ( 5,638 ) ( 4,782 )
Proceeds from the sale of Terphane 9,835 —
Proceeds on sale of investment in kaléo — 144
Proceeds from the sale of assets 1,904 83
Net cash provided by (used in) investing activities 6,101 ( 4,555 )
Cash flows from financing activities:
Borrowings 88,197 340,818
Debt principal payments ( 87,494 ) ( 345,140 )
Debt financing costs ( 1,272 ) ( 587 )
Net cash provided by (used in) financing activities ( 569 ) ( 4,909 )
Effect of exchange rate changes on cash 53 ( 2,651 )
Increase (decrease) in cash and cash equivalents 2,733 ( 4,786 )
Cash and cash equivalents at beginning of period 7,062 13,455
Cash and cash equivalents at end of period $ 9,795 $ 8,669
See accompanying notes to the condensed consolidated financial statements.
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Tredegar Corporation
Condensed Consolidated Statements of Shareholders’ Equity
(In Thousands, Except Share and Per Share Data)
(Unaudited)
The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2025:
Common Stock Retained Earnings Trust for Savings Restoration Plan Accumulated Other Comprehensive Income (Loss) Total Shareholders’ Equity
Balance April 1, 2025
$ 64,151 $ 123,513 $ ( 2,233 ) $ 5,939 $ 191,370
Net income (loss) — 1,731 — — 1,731
Foreign currency translation adjustment — — — 49 49
Derivative financial instruments adjustment — — — 595 595
Amortization of prior service costs and net gains or losses — — — ( 49 ) ( 49 )
Stock-based compensation expense 769 — — — 769
Repurchase of employee common stock for tax withholdings ( 359 ) — — — ( 359 )
Balance June 30, 2025
$ 64,561 $ 125,244 $ ( 2,233 ) $ 6,534 $ 194,106
The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2025:
Common Stock Retained Earnings Trust for Savings Restoration Plan Accumulated Other Comprehensive Income (Loss) Total Shareholders’ Equity
Balance January 1, 2025
$ 63,590 $ 113,412 $ ( 2,233 ) $ 6,199 $ 180,968
Net income (loss) — 11,832 — — 11,832
Foreign currency translation adjustment — — — 75 75
Derivative financial instruments adjustment — — — 398 398
Amortization of prior service costs and net gains or losses — — — ( 138 ) ( 138 )
Stock-based compensation expense 1,560 — — — 1,560
Repurchase of employee common stock for tax withholdings ( 589 ) — — — ( 589 )
Balance June 30, 2025
$ 64,561 $ 125,244 $ ( 2,233 ) $ 6,534 $ 194,106
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The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2024:
Common
Stock Retained
Earnings Trust for
Savings
Restoration
Plan Accumulated Other
Comprehensive Income (Loss) Total
Shareholders’
Equity
Balance at April 1, 2024 $ 61,959 $ 181,265 $ ( 2,233 ) $ ( 84,176 ) $ 156,815
Net income (loss) — 8,792 — — 8,792
Foreign currency translation adjustment — — — ( 5,288 ) ( 5,288 )
Derivative financial instruments adjustment — — — ( 861 ) ( 861 )
Amortization of prior service costs and net gains or losses — — — ( 28 ) ( 28 )
Stock-based compensation expense 534 — — — 534
Balance at June 30, 2024 $ 62,493 $ 190,057 $ ( 2,233 ) $ ( 90,353 ) $ 159,964
The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2024:
Common
Stock Retained
Earnings Trust for
Savings
Restoration
Plan Accumulated Other
Comprehensive Income (Loss) Total
Shareholders’
Equity
Balance at January 1, 2024 $ 61,606 $ 177,977 $ ( 2,233 ) $ ( 81,697 ) $ 155,653
Net income (loss) — 12,080 — — 12,080
Foreign currency translation adjustment — — — ( 7,236 ) ( 7,236 )
Derivative financial instruments adjustment — — — ( 1,365 ) ( 1,365 )
Amortization of prior service costs and net gains or losses — — — ( 55 ) ( 55 )
Stock-based compensation expense 1,113 — — — 1,113
Repurchase of employee common stock for tax withholdings ( 226 ) — — — ( 226 )
Balance at June 30, 2024 $ 62,493 $ 190,057 $ ( 2,233 ) $ ( 90,353 ) $ 159,964
See accompanying notes to the condensed consolidated financial statements.
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TREDEGAR CORPORATION
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
In the opinion of management, the accompanying condensed consolidated financial statements of Tredegar Corporation and its subsidiaries (“Tredegar,” “the Company,” “we,” “us” or “our”) contain all adjustments necessary to state fairly, in all material respects, Tredegar’s condensed consolidated financial position as of June 30, 2025, the condensed consolidated results of operations for the three and six months ended June 30, 2025 and 2024, the condensed consolidated cash flows for the six months ended June 30, 2025 and 2024, and the condensed consolidated changes in shareholders’ equity for the three and six months ended June 30, 2025 and 2024, in accordance with U.S. generally accepted accounting principles (“GAAP”). All such adjustments, unless otherwise detailed in the notes to the condensed consolidated financial statements, are deemed to be of a normal, recurring nature.
The Company operates on a calendar fiscal year except for the Aluminum Extrusions segment, which operates on a 52/53-week fiscal year basis. As such, the fiscal second quarter for 2025 and 2024 for this segment references 13-week periods ended June 29, 2025 and June 30, 2024, respectively. The Company does not believe the impact of reporting the results of this segment as stated above is material to the consolidated financial results. The Company may fund or receive cash from the Aluminum Extrusions segment based on Aluminum Extrusion’s cash flows from operations during the intervening period from Aluminum Extrusion’s fiscal quarter end and the Company’s fiscal quarter end. As a result, the Company’s cash and cash equivalents declined by $ 3.6 million as of December 31, 2024 since the Company made payments to the Aluminum Extrusions segment to fund its working capital during the intervening period. There was no intercompany funding with Aluminum Extrusions between June 29, 2025 and June 30, 2025.
The condensed consolidated financial statements as of December 31, 2024 that is included herein was derived from the audited consolidated financial statements provided in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) but does not include all disclosures required by GAAP. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the 2024 Form 10-K.
The results of operations for the three and six months ended June 30, 2025, are not necessarily indicative of the results to be expected for the full year.
Sale of Flexible Packaging Films
On November 1, 2024, the Company completed the sale of its flexible packaging films business (also referred to as “Terphane”) headquartered in Brazil to Oben Group (“Oben”). Commencing in the fourth quarter of 2024, all historical results for Terphane have been presented as discontinued operations. For more information on this transaction, see Note 11.
Closure of PE Films Technical Center
In August 2023, the Company adopted a plan to close the PE Films technical center in Richmond, VA and reduce its efforts to develop and sell films supporting the semiconductor market. Research & development activities for PE Films are now being performed at the production facility in Pottsville, PA. PE Films continues to have new business opportunities primarily relating to surface protection films that protect components of flat panel and flexible displays. All activities ceased at the PE Films technical center in Richmond, VA as of the end of the first quarter of 2024.
Accounting standards not yet adopted
In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06 to amend various paragraphs in the Accounting Standards Codification ("ASC") to primarily reflect the issuance of U.S. Securities and Exchange Commission ("SEC") Staff Bulletin No. 33-10532. ASU 2023-06 will impact various disclosure areas, including the statement of cash flows, accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments in this ASU 2023-06 will be effective on the date the related disclosures are removed from Regulation S-X or Regulation S-K by the SEC and will no longer be effective if the SEC has not removed the applicable disclosure requirement by June 30, 2027. Early adoption is not permitted. The Company does not expect a material impact from the adoption of this standard on our consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09 to improve the income tax disclosures related to the rate reconciliation and income taxes paid information and to improve the effectiveness of income tax disclosures. The amendments in this ASU will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for
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significant individual jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Company will adopt this ASU on a prospective basis and continues to evaluate additional disclosures that may be required in its Annual Report on Form 10-K for the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03 to improve the disclosures about public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this ASU will require the Company to disclose specified information about certain costs and expenses in the notes to the financial statements. This ASU is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
2. ACCOUNTS AND OTHER RECEIVABLES
As of June 30, 2025 and December 31, 2024, accounts and other receivables, net include the following:
(In thousands) June 30, 2025 December 31, 2024
Customer receivables $ 78,646 $ 64,094
Other receivables 459 952
Total accounts and other receivables 79,105 65,046
Less: Allowance for bad debts ( 272 ) ( 229 )
Total accounts and other receivables, net $ 78,833 $ 64,817
3. INVENTORIES
The components of inventories are as follows:
(In thousands) June 30, 2025 December 31, 2024
Finished goods $ 14,852 $ 15,051
Work-in-process 5,321 2,986
Raw materials 22,856 12,158
Stores, supplies and other 23,619 21,186
Total $ 66,648 $ 51,381
4. PENSION AND OTHER POSTRETIREMENT 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 total 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 and six months ended June 30, 2025 and 2024. This information has been included in the pension benefit table below.
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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 and six months ended June 30, 2025 and 2024, are shown below:
Pension Benefits Other Post-Retirement Benefits
Three Months Ended June 30, Three Months Ended June 30,
(In thousands) 2025 2024 2025 2024
Service cost $ — $ — $ 2 $ 2
Interest cost 20 19 68 69
Amortization of prior service costs, (gains) losses and net transition asset 5 6 ( 68 ) ( 42 )
Net periodic benefit cost $ 25 $ 25 $ 2 $ 29
Pension Benefits Other Post-Retirement Benefits
Six Months Ended June 30, Six Months Ended June 30,
(In thousands) 2025 2024 2025 2024
Service cost $ — $ — $ 4 $ 5
Interest cost 39 38 136 137
Amortization of prior service costs, (gains) losses and net transition asset 10 11 ( 186 ) ( 82 )
Net periodic benefit cost $ 49 $ 49 $ ( 46 ) $ 60
Pension and other postretirement liabilities were $ 6.4 million and $ 6.6 million at June 30, 2025 and December 31, 2024, respectively ($ 0.6 million included in “Accrued expenses” at June 30, 2025 and December 31, 2024 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 2025, the Company anticipates the amount will be consistent with amounts paid for the year ended December 31, 2024, or approximately $ 0.4 million.
5. EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income (loss) by the weighted average common and potentially dilutive common equivalent shares outstanding, determined as follows:
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2025 2024 2025 2024
Weighted average shares outstanding used to compute basic earnings per share 34,775 34,378 34,694 34,350
Incremental dilutive shares attributable to stock options and restricted stock — — — —
Shares used to compute diluted earnings per share 34,775 34,378 34,694 34,350
Incremental shares attributable to stock options and restricted stock are computed under the treasury stock method using the average market price during the related period. Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 1,245,367 and 1,285,628 for the three and six months ended June 30, 2025, respectively. Average out-of-the-money options to purchase shares that were excluded from the calculation of incremental shares attributable to stock options and restricted stock were 2,427,051 and 2,648,861 for the three and six months ended June 30, 2024, respectively.
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6. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The changes in accumulated other comprehensive income (loss) by component for the three months ended June 30, 2025.
(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2025 $ 5,132 $ 70 $ 737 $ 5,939
Other comprehensive income (loss) 48 754 — 802
Income tax (expense) benefit — ( 168 ) — ( 168 )
Other comprehensive income (loss), net of tax 48 586 — 634
Reclassification adjustment to net income (loss) — 13 ( 63 ) ( 50 )
Income tax (expense) benefit — ( 3 ) 14 11
Reclassification adjustment to net income (loss), net of tax — 10 ( 49 ) ( 39 )
Other comprehensive income (loss), net of tax 48 596 ( 49 ) 595
Balance at June 30, 2025
$ 5,180 $ 666 $ 688 $ 6,534
The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2025.
(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2025 $ 5,105 $ 268 $ 826 $ 6,199
Other comprehensive income (loss) 75 372 — 447
Income tax (expense) benefit — ( 85 ) — ( 85 )
Other comprehensive income (loss), net of tax 75 287 — 362
Reclassification adjustment to net income (loss) — 129 ( 176 ) ( 47 )
Income tax (expense) benefit — ( 18 ) 38 20
Reclassification adjustment to net income (loss), net of tax — 111 ( 138 ) ( 27 )
Other comprehensive income (loss), net of tax 75 398 ( 138 ) 335
Balance at June 30, 2025
$ 5,180 $ 666 $ 688 $ 6,534
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The changes in accumulated other comprehensive income (loss) by component for the three months ended June 30, 2024.
(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)
Balance at April 1, 2024 $ ( 84,985 ) $ 297 $ 512 $ ( 84,176 )
Other comprehensive income (loss) ( 5,979 ) ( 1,981 ) — ( 7,960 )
Income tax (expense) benefit 691 430 — 1,121
Other comprehensive income (loss), net of tax ( 5,288 ) ( 1,551 ) — ( 6,839 )
Reclassification adjustment to net income (loss) — 866 ( 36 ) 830
Income tax (expense) benefit — ( 176 ) 8 ( 168 )
Reclassification adjustment to net income (loss), net of tax — 690 ( 28 ) 662
Other comprehensive income (loss), net of tax ( 5,288 ) ( 861 ) ( 28 ) ( 6,177 )
Balance at June 30, 2024
$ ( 90,273 ) $ ( 564 ) $ 484 $ ( 90,353 )
The changes in accumulated other comprehensive income (loss) by component for the six months ended June 30, 2024.
(In thousands) Foreign Currency Translation Gain (Loss) on Derivative Financial Instruments Pension & Other Postretirement Benefit Adjust Total Accumulated Other Comprehensive Income (Loss)
Balance at January 1, 2024 $ ( 83,037 ) $ 801 $ 539 $ ( 81,697 )
Other comprehensive income (loss) ( 7,706 ) ( 1,697 ) — ( 9,403 )
Income tax (expense) benefit 470 317 — 787
Other comprehensive income (loss), net of tax ( 7,236 ) ( 1,380 ) — ( 8,616 )
Reclassification adjustment to net income (loss) — ( 61 ) ( 71 ) ( 132 )
Income tax (expense) benefit — 76 16 92
Reclassification adjustment to net income (loss), net of tax — 15 ( 55 ) ( 40 )
Other comprehensive income (loss), net of tax ( 7,236 ) ( 1,365 ) ( 55 ) ( 8,656 )
Balance at June 30, 2024
$ ( 90,273 ) $ ( 564 ) $ 484 $ ( 90,353 )
The amounts reclassified out of accumulated other comprehensive income (loss) related to pension and other postretirement benefits is included in the computation of net periodic pension costs. See Note 4 for additional details.
7. DERIVATIVES
Tredegar uses derivative financial instruments for the purpose of hedging margin exposure from fixed-price forward sales contracts in Aluminum Extrusions. These derivative financial instruments are designated as and qualify as cash flow hedges and are recognized in the condensed consolidated balance sheet at fair value. The fair value of derivative instruments recorded on the consolidated balance sheets is based upon Level 2 inputs. If individual derivative instruments with the same counterparty can be settled on a net basis, the Company records the corresponding derivative fair values as a net asset or net liability.
In the normal course of business, Aluminum Extrusions enters into fixed-price forward sales contracts with a small subset of its customers for the future sale of fixed quantities of aluminum extrusions at scheduled intervals. In order to hedge margin exposure created from the fixing of future sales prices relative to volatile raw material (aluminum) costs, Aluminum Extrusions enters into a combination of forward purchase commitments and futures contracts to acquire or hedge aluminum, based on the scheduled purchases for the firm sales commitments. The fixed-price firm sales commitments and related hedging instruments have durations generally no longer than 12 months. The notional amount of aluminum futures contracts that hedged future
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purchases of aluminum to meet fixed-price forward sales contract obligations was $ 7.9 million ( 5.1 million pounds of aluminum) at June 30, 2025 and $ 4.3 million ( 3.1 million pounds of aluminum) at December 31, 2024.
The table below summarizes the location and gross amounts of aluminum futures contract fair values (Level 2) in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024:
June 30, 2025 December 31, 2024
(In thousands) Balance Sheet
Account Fair
Value Balance Sheet
Account Fair
Value
Derivatives Designated as Hedging Instruments
Asset derivatives:
Aluminum futures contracts
Prepaid expenses and other $ 780 Prepaid expenses and other $ 172
Asset derivatives:
Aluminum futures contracts
Other assets 77 Other assets —
Liability derivatives:
Aluminum futures contracts
Accrued expenses — Accrued expenses ( 57 )
Net asset (liability) $ 857 $ 115
In the event that a counterparty to an aluminum fixed-price forward sales contract chooses not to take delivery of its aluminum extrusions, the customer is contractually obligated to compensate Aluminum Extrusions for any losses on the related aluminum futures and/or forward contracts through the date of cancellation.
The pre-tax effect on net income (loss) and other comprehensive income (loss) of derivative instruments classified as cash flow hedges and described in the previous paragraphs for the three and six month periods ended June 30, 2025 and 2024 is summarized in the table below:
Cash Flow Derivative Hedges
Three Months Ended June 30,
Aluminum Futures Contracts
(In thousands) 2025 2024
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) $ 750 $ ( 675 )
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of goods sold Cost of goods sold
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ ( 13 ) $ ( 1,028 )
Six Months Ended June 30,
Aluminum Futures Contracts
2025 2024
Amount of pre-tax gain (loss) recognized in other comprehensive income (loss) $ 711 $ 46
Location of gain (loss) reclassified from accumulated other comprehensive income (loss) into net income (effective portion) Cost of goods sold Cost of goods sold
Amount of pre-tax gain (loss) reclassified from accumulated other comprehensive income (loss) to net income (effective portion) $ ( 31 ) $ ( 509 )
As of June 30, 2025, the Company expects $ 0.6 million of unrealized after-tax gains on aluminum derivative instruments reported in accumulated other comprehensive income (loss) to be reclassified to earnings within the next 12 months. For the three and six month periods ended June 30, 2025 and 2024, net gains or losses realized, from previously unrealized net gains or losses on hedges that had been discontinued, were not material.
8. INCOME TAXES
Tredegar recorded tax expense (benefit) of $ 1.6 million on pre-tax income (loss) from continuing operations of $ 4.1 million in the first six months of 2025. The effective tax rate in the first six months of 2025 was 38.4 % and 16.6 % in the first six months of 2024. The effective tax rate in the first six months of 2025 was impacted by taxable discrete items, including stock-based compensation, and lower book income.
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On July 4, 2025, new U.S. tax legislation was signed into law (known as the "One Big Beautiful Bill Act" or "OBBBA") which makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. In addition, the OBBBA makes changes to certain U.S. corporate tax provisions, which have various effective dates. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations.
9. 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.
The following tables present segment revenue, segment profit (loss), and significant expenses for the three months ended June 30, 2025 and 2024:
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Three Months Ended June 30, 2025
(In thousands) Aluminum Extrusions PE Films Total
Net Sales $ 148,367 $ 24,596 $ 172,963
Reconciliation of revenue:
Add back freight 6,153
Sales as shown in the consolidated statements of income (loss) $ 179,116
Less:
Variable costs $ 116,059 $ 11,688 $ 127,747
Manufacturing fixed costs 1
11,760 3,243 15,003
Selling, general and administrative costs 1
10,129 2,867 12,996
Other 2
1,136 87 1,223
EBITDA from ongoing operations $ 9,283 $ 6,711 $ 15,994
Reconciliation of profit (loss):
Depreciation and amortization 5,323
Plant shutdowns, asset impairments, restructurings and other 56
Interest income 6
Interest expense 1,785
Corporate expenses, net 3
6,024
Income (loss) from continuing operations before income tax 2,812
Income tax expense (benefit) 984
Net income (loss) from continuing operations 1,828
Income (loss) from discontinued operations, net of tax ( 97 )
Net income (loss) $ 1,731
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee compensation benefit expenses.
3. Includes corporate depreciation and amortization.
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Three Months Ended June 30, 2024
(In thousands) Aluminum Extrusions PE Films Total
Net Sales $ 119,413 $ 29,197 $ 148,610
Reconciliation of revenue:
Add back freight 5,330
Sales as shown in the consolidated statements of income (loss) $ 153,940
Less:
Variable costs $ 87,825 $ 13,183 $ 101,008
Manufacturing fixed costs 1
9,881 3,115 12,996
Selling, general and administrative costs 1
8,972 2,791 11,763
Other 2
( 172 ) ( 25 ) ( 197 )
EBITDA from ongoing operations $ 12,907 $ 10,133 $ 23,040
Reconciliation of profit (loss):
Depreciation and amortization 5,763
Plant shutdowns, asset impairments, restructurings and other 1,729
Interest income 5
Interest expense 1,139
Gain on investment in kaleo, Inc. 144
Corporate expenses, net 3
5,426
Income (loss) from continuing operations before income tax 9,132
Income tax expense (benefit) ( 38 )
Net income (loss) from continuing operations 9,170
Income (loss) from discontinued operations, net of tax ( 378 )
Net income (loss) $ 8,792
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee compensation benefit expenses.
3. Includes corporate depreciation and amortization.
The following tables present segment revenue, segment profit (loss), and significant expenses for the six months ended June 30, 2025 and 2024:
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Six Months Ended June 30, 2025
(In thousands) Aluminum Extrusions PE Films Total
Net Sales $ 281,999 $ 50,134 $ 332,133
Reconciliation of revenue:
Add back freight 11,720
Sales as shown in the consolidated statements of income (loss) $ 343,853
Less:
Variable costs $ 219,582 $ 23,664 $ 243,246
Manufacturing fixed costs 1
22,973 6,702 29,675
Selling, general and administrative costs 1
19,541 5,459 25,000
Other 2
1,462 76 1,538
EBITDA from ongoing operations $ 18,441 $ 14,233 $ 32,674
Reconciliation of profit (loss):
Depreciation and amortization 10,799
Plant shutdowns, asset impairments, restructurings and other 1,224
Interest income 11
Interest expense 2,798
Corporate expenses, net 3
13,804
Income (loss) from continuing operations before income tax 4,060
Income tax expense (benefit) 1,560
Net income (loss) from continuing operations 2,500
Income (loss) from discontinued operations, net of tax 9,332
Net income (loss) $ 11,832
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee compensation benefit expenses.
3. Includes corporate depreciation and amortization.
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Six Months Ended June 30, 2024
(In thousands) Aluminum Extrusions PE Films Total
Net Sales $ 233,636 $ 53,932 $ 287,568
Reconciliation of revenue:
Add back freight 10,344
Sales as shown in the consolidated statements of income (loss) $ 297,912
Less:
Variable costs $ 172,610 $ 25,228 $ 197,838
Manufacturing fixed costs 1
19,507 6,336 25,843
Selling, general and administrative costs 1
15,770 5,307 21,077
Other 2
302 24 326
EBITDA from ongoing operations $ 25,447 $ 17,037 $ 42,484
Reconciliation of profit (loss):
Depreciation and amortization 11,633
Plant shutdowns, asset impairments, restructurings and other 3,400
Interest income 25
Interest expense 2,323
Gain on investment in kaleo, Inc. 144
Corporate expenses, net 3
11,177
Income (loss) from continuing operations before income tax 14,120
Income tax expense (benefit) 2,346
Net income (loss) from continuing operations 11,774
Income (loss) from discontinued operations, net of tax 306
Net income (loss) $ 12,080
1. Excludes related depreciation and amortization.
2. Includes segment allocated employee compensation benefit expenses.
3. Includes corporate depreciation and amortization.
The following table presents identifiable assets by segment at June 30, 2025 and December 31, 2024:
(In thousands) June 30, 2025 December 31, 2024
Aluminum Extrusions $ 266,886 $ 247,205
PE Films 54,905 55,081
Subtotal 321,791 302,286
General corporate 39,999 46,883
Cash and cash equivalents 9,795 7,062
Discontinued operations — 126
Total $ 371,585 $ 356,357
The following table presents depreciation and amortization for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2025 2024 2025 2024
Aluminum Extrusions $ 4,093 $ 4,446 $ 8,319 $ 8,988
PE Films 1,230 1,317 2,480 2,645
Subtotal 5,323 5,763 10,799 11,633
General corporate 49 94 98 189
Discontinued operations — 732 — 1,483
Total $ 5,372 $ 6,589 $ 10,897 $ 13,305
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The following table presents capital expenditures for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2025 2024 2025 2024
Aluminum Extrusions $ 2,386 $ 1,463 $ 4,757 $ 3,012
PE Films 295 216 882 610
Subtotal 2,681 1,679 5,639 3,622
Discontinued operations — 642 — 1,160
Total $ 2,681 $ 2,321 $ 5,639 $ 4,782
The following tables disaggregate the Company’s revenue by geographic area and product group for the three and six months ended June 30, 2025 and 2024:
Net Sales by Geographic Area (a)
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2025 2024 2025 2024
United States $ 158,293 $ 131,856 $ 302,648 $ 256,837
Exports from the United States to:
Asia 10,336 13,844 21,172 22,659
Latin America 1,011 1,348 2,590 2,659
Canada 2,997 1,458 5,170 5,122
Europe 30 — 37 25
Operations outside the United States:
Asia 296 104 516 266
Total $ 172,963 $ 148,610 $ 332,133 $ 287,568
(a) Export sales relate mostly to PE Films.
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 $ 6.3 million and $ 6.7 million in the second quarter of 2025 and 2024, respectively, and $ 12.9 million and $ 12.8 million in the first six months of 2025 and 2024, respectively.
Net Sales by Product Group
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2025 2024 2025 2024
Aluminum Extrusions:
Nonresidential building & construction $ 81,625 $ 69,388 $ 149,223 $ 137,616
Consumer durables 12,751 8,559 24,418 16,230
Automotive 11,069 9,715 22,067 19,904
Residential building & construction 10,025 9,481 19,023 17,072
Electrical 12,522 6,927 27,863 12,534
Machinery & equipment 15,998 12,154 31,281 23,870
Distribution 4,377 3,189 8,124 6,410
Subtotal 148,367 119,413 281,999 233,636
PE Films:
Surface protection films 16,741 21,713 35,512 38,725
Overwrap packaging 7,855 7,484 14,622 15,207
Subtotal 24,596 29,197 50,134 53,932
Total $ 172,963 $ 148,610 $ 332,133 $ 287,568
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10. DEBT
ABL Facility
In May 2025, the Company entered into Amendment No. 5 (“Amendment No. 5”) to the Second Amended and Restated Credit Agreement (the "ABL Facility"), which provides the Company with a $ 125 million senior secured asset-based revolving credit facility. The ABL Facility is secured by substantially all assets of the Company and its domestic subsidiaries, including equity in certain material first-tier foreign subsidiaries. Availability for borrowings under the ABL Facility is governed by a borrowing base, determined by the application of specified advance rates against eligible assets, including a portion of trade accounts receivable, inventory, cash and cash equivalents, and owned machinery and equipment. Amendment No. 5 extended the maturity date of the ABL Facility to May 6, 2030. As of June 30, 2025, funds available to borrow under the ABL Facility was $ 50.6 million, or 40.5 % of the aggregate commitment of $ 125 million.
Outstanding borrowings accrue interest at the rates elected by the Company depending on the type of loan and denomination of such borrowing. With respect to revolving loans denominated in U.S. Dollars, the Company may elect interest rates at:
• Alternate Base Rate (“ABR”) plus the applicable ABR Spread (as defined in the ABL Facility) determined in accordance with an excess availability-based pricing grid. ABR is defined, in part, as the greater of (a) the Prime Rate in effect on such day, (b) the Federal Reserve Bank of New York Rate in effect on such day plus ½ of 1% and (c) the Adjusted Term SOFR Rate (defined below) for a one-month period plus 1 %; or
• The Adjusted Term Secured Overnight Financing Rate ("SOFR") Rate plus the applicable Term Benchmark Spread (as defined in the ABL Facility) determined in accordance with an excess availability-based pricing grid. Adjusted Term SOFR Rate is defined as the Term SOFR Rate plus 0.10 %, subject to an initial Floor (as defined in the ABL Facility) of 0 %.
As amended by Amendment No. 5, based upon the quarterly average of daily availability under the ABL Facility, the interest rate pricing grid, is as follows:
Pricing under the ABL Facility (Basis Points)
Quarter Average of Daily Availability Term Benchmark
Spread ABR
Spread
> 66% of $125 million aggregate commitment 175.0 75.0
≤ 66% but > 33% of $125 million aggregate commitment 200.0 100.0
≤ 33% of $125 million aggregate commitment 225.0 125.0
Pursuant to Amendment No. 5, the commitment fee was decreased from 0.40 % to (i) 0.25 % if the Average Usage (as defined in the ABL Facility) is greater than or equal to 50 % and (ii) 0.375 % if Average Usage is less than 50 %.
The borrowing base calculation was amended by Amendment No. 5 as follows: (i) real property is no longer eligible to be included in the borrowing base, (ii) the PP&E Component (as defined in the ABL Facility), as included in the borrowing base, was decreased to the lesser of (a) 60 % of the Net Orderly Liquidation Value (as defined in the ABL Facility) in place of eligible equipment and (b) 30 % of the borrowing base and (iii) the amount of eligible cash included in the borrowing base is now capped at 15 % of the borrowing base.
The financial covenant is a minimum fixed charge coverage ratio (as defined in the ABL Facility) of 1.00:1.00 that will be triggered in the event that availability is less than the greater of (x) 10 % of the Line Cap (as defined in the ABL Facility) and (y) $ 10 million and will continue until availability is equal to or greater than the greater of (x) 10 % of the Line Cap and (y) $ 10 million for 30 consecutive days, as long as no events of default are continuing.
If at any time the availability under the ABL facility is less than the greater of (x) 20 % of the Line Cap and (y) $ 20 million and until such subsequent date, if any, on which availability is greater than the greater of (x) 20 % of the Line Cap and (y) $ 20 million for a period of thirty (30) consecutive calendar days, the Company’s current monthly reporting requirements to lenders changes to a weekly cadence.
A Cash Dominion Period (as defined in the ABL Facility) is now triggered when (x) availability falls below the greater of (i) 12.5 % of the Line Cap and (ii) $ 12.6 million or (y) during the continuation of an event of default and continuing until (x) availability is above the greater of (i) 12.5 % of the Line Cap and (ii) $ 12.6 million for 30 consecutive days and (y) no events of default are continuing. During a Cash Dominion Period, receipts that have not yet been applied to the ABL Facility are classified as restricted cash in the Company’s consolidated balance sheets.
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The ABL Facility has customary representations and warranties including, as a condition to each borrowing, that all such representations and warranties are true and correct in all material respects (including a representation that no Material Adverse Effect (as defined in the ABL Facility) has occurred since December 31, 2024). In the event that the Company cannot certify that all conditions to the borrowing have been met, the lenders can restrict the Company’s future borrowings under the ABL Facility.
In accordance with the ABL Facility, the lenders have been provided with the Company’s financial statements, covenant compliance certificates and projections to facilitate their ongoing assessment of the Company. Accordingly, the Company believes the likelihood that lenders would exercise the subjective acceleration clause whereby prohibiting future borrowings is remote. As of June 30, 2025, the Company was in compliance with all debt covenants.
PE Films Guangzhou Loan
In June 2024, PE Films' business location in Guangzhou, China, Guangzhou Tredegar Film Products Co., Ltd. (“Guangzhou Tredegar”), entered into a 9.5 million Chinese Yuan revolving loan with the Industrial and Commercial Bank of China. This loan matured on July 3, 2025. The interest rate was the one year loan prime rate published by the National Interbank Funding Center for the working day immediately preceding the drawdown date, minus 0.45 %. As of June 30, 2025, the interest rate on the outstanding loan balance was 2.90 %. The revolving loan was secured by a mortgage contract listing the Guangzhou Tredegar factory building as collateral. The mortgage contract has a maximum value of 30 million Chinese Yuan and is effective from June 25, 2024 through May 31, 2027. Guangzhou Tredegar has the option to enter into additional loan contracts with the Industrial and Commercial Bank of China for the duration of the mortgage contract. As of June 30, 2025 and December 31, 2024, this loan is presented as current debt on the consolidated balance sheets.
11. DISCONTINUED OPERATIONS
Flexible Packaging Films
In September 2023, the Company entered into an agreement to sell Terphane, headquartered in Brazil, to Oben for net cash-free and debt-free base consideration of $ 116 million.
On November 1, 2024, Tredegar completed the sale of Terphane to Oben. At closing, Tredegar received $ 60 million in cash, which was net of Terphane debt assumed by Oben of $ 20 million and estimated Terphane cash retained by Oben of $ 2 million. The cash proceeds received by Tredegar at closing were after deducting net working capital adjustments and closing indebtedness ($ 20.5 million), escrow funds ($ 19.8 million), projected Brazil withholding taxes ($ 10.8 million), and transaction expenses ($ 4.4 million). In February 2025, the Company received $ 9.8 million from post-closing settlement of the transaction. The proceeds from the sale of Terphane were required to be used to pay down debt outstanding under the ABL Facility.
Upon completion of the sale, the Company recognized a pre-tax loss of $ 74.9 million for the year ended December 31, 2024, which included the realization of other comprehensive losses on foreign currency translation adjustments, net of gains on derivative financial instruments of $ 102.3 million previously reflected in accumulated other comprehensive income (loss).
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The following table summarizes the financial results of discontinued operations reflected in the Condensed Consolidated Statements of Income (Loss) for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2025 2024 2025 2024
Revenue and other items
Sales $ — $ 36,295 $ — $ 68,059
Other income (expense), net — 1 — 3
— 36,296 — 68,062
Costs and expenses
Cost of goods sold — 29,653 — 56,589
Freight — 1,752 — 3,403
Selling, general and administrative 97 805 325 2,530
Research and development — 195 — 396
Amortization of intangibles — 23 — 48
Interest expense 1
— 2,240 — 4,511
(Gain) loss on sale of business — — ( 9,657 ) —
Total 97 34,668 ( 9,332 ) 67,477
Income (loss) from discontinued operations before income tax ( 97 ) 1,628 9,332 585
Income tax expense (benefit) 2
— 2,006 — 279
Income (loss) from discontinued operations, net of tax $ ( 97 ) $ ( 378 ) $ 9,332 $ 306
1. For the three and six months ended June 30, 2024, interest expense includes $ 0.6 million and $ 1.2 million, respectively, directly related to the $ 20 million of outstanding Terphane debt assumed by Oben.
2. An inconsequential income tax expense (benefit) was recognized during the three and six months ended June 30, 2025 primarily due to foreign tax credits generated from the final Brazilian withholding tax payment made during the periods, which offset the tax liability on the income from discontinued operations.
Interest expense allocated to discontinued operations was determined by applying the ABL Facility weighted-average interest rate to the Terphane sale proceeds, as the sale proceeds were required to be used to pay down debt outstanding under the ABL Facility.
The assets and liabilities of the discontinued operations reflected in the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, respectively, were as follows:
(In thousands) June 30, 2025 December 31, 2024
Assets
Deferred income taxes $ — $ 126
Total noncurrent assets of discontinued operations $ — $ 126
Liabilities 1
Accounts payable $ — $ 161
Accrued expenses — 580
Total current liabilities of discontinued operations $ — $ 741
1. The consolidated balance sheet of discontinued operations as of December 31, 2024 includes $ 0.6 million of severance and $ 0.2 million of miscellaneous accrued expenses.
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The following table provides significant operating, investing and financing cash flow information for discontinued operations:
Six Months Ended June 30,
(In thousands) 2025 2024
Operating activities:
Depreciation and amortization $ — $ 1,483
Gain on the sale of divested business ( 9,657 ) —
Total $ ( 9,657 ) $ 1,483
Investing activities:
Proceeds from the sale of Terphane $ 9,835 $ —
Capital expenditures — 1,160
Total $ 9,835 $ 1,160
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.