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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
(Mark One)  
 Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended September 30, 2023
Or
 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from                  to                  .
Commission file number 001-10716
TRIMAS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware38-2687639
(State or other jurisdiction of
incorporation or organization)
 (IRS Employer
Identification No.)
38505 Woodward Avenue, Suite 200
Bloomfield Hills, Michigan 48304
(Address of principal executive offices, including zip code)
(248631-5450
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of exchange on which registered
Common stock, $0.01 par valueTRSThe NASDAQ Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No .
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of October 19, 2023, the number of outstanding shares of the Registrant's common stock, $0.01 par value, was 41,414,420 shares.


Table of Contents
TriMas Corporation
Index
 
   
  
   
   
  
  
  
  
 
  
 
  
  
  
  
  
  
  
 

1

Table of Contents
Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about our financial condition, results of operations and business. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties.
These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to: general economic and currency conditions; the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic; competitive factors; market demand; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; pressures on our supply chain, including availability of raw materials and inflationary pressures on raw material and energy costs, and customers; the performance of our subcontractors and suppliers; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; risks associated with a concentrated customer base; information technology and other cyber-related risks; risks related to our international operations, including, but not limited to, risks relating to rising tensions between the United States and China; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; changes to fiscal and tax policies; intellectual property factors; uncertainties associated with our ability to meet customers’ and suppliers’ sustainability and environmental, social and governance (“ESG”) goals and achieve our sustainability and ESG goals in alignment with our own announced targets; litigation; contingent liabilities relating to acquisition activities; interest rate volatility; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; the disruption of operations from catastrophic or extraordinary events, including, but not limited to, natural disasters, geopolitical conflicts and public health crises, such as the ongoing coronavirus pandemic; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are discussed in Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2022 and elsewhere in this report. The risks described in our Annual Report on Form 10-K and elsewhere in this report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows.
The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We caution readers not to place undue reliance on the statements, which speak only as of the date of this report. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as required by law.
We disclose important factors that could cause our actual results to differ materially from our expectations implied by our forward-looking statements under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report. These cautionary statements qualify all forward-looking statements attributed to us or persons acting on our behalf. When we indicate that an event, condition or circumstance could or would have an adverse effect on us, we mean to include effects upon our business, financial and other conditions, results of operations, prospects and ability to service our debt.
2

Table of Contents
PART I. FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements

TriMas Corporation
Consolidated Balance Sheet
(Dollars in thousands)
September 30,
2023
December 31,
2022
Assets(unaudited)
Current assets:
Cash and cash equivalents$34,660 $112,090 
Receivables, net of reserves of $2.7 million and $1.7 million as of September 30, 2023 and December 31, 2022, respectively
165,820 132,370 
Inventories182,330 163,360 
Prepaid expenses and other current assets24,610 14,840 
Total current assets407,420 422,660 
Property and equipment, net316,690 277,750 
Operating lease right-of-use assets45,650 47,280 
Goodwill358,780 339,810 
Other intangibles, net184,510 188,110 
Deferred income taxes8,510 9,400 
Other assets20,400 19,990 
Total assets$1,341,960 $1,305,000 
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable$81,530 $85,210 
Accrued liabilities67,240 46,660 
Lease liabilities, current portion8,780 8,280 
Total current liabilities157,550 140,150 
Long-term debt, net395,420 394,730 
Lease liabilities41,150 41,010 
Deferred income taxes26,270 20,940 
Other long-term liabilities46,580 56,340 
Total liabilities666,970 653,170 
Preferred stock, $0.01 par: Authorized 100,000,000 shares;
Issued and outstanding: None
  
Common stock, $0.01 par: Authorized 400,000,000 shares;
Issued and outstanding: 41,418,417 shares at September 30, 2023 and 41,724,762 shares at December 31, 2022
410 420 
Paid-in capital684,440 696,160 
Accumulated deficit(3,710)(36,130)
Accumulated other comprehensive income (loss)(6,150)(8,620)
Total shareholders' equity674,990 651,830 
Total liabilities and shareholders' equity$1,341,960 $1,305,000 


The accompanying notes are an integral part of these consolidated financial statements.
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TriMas Corporation
Consolidated Statement of Income
(Unaudited—dollars in thousands, except for per share amounts)
 Three months ended
September 30,
Nine months ended
September 30,
 2023202220232022
Net sales$235,340 $218,530 $683,990 $680,520 
Cost of sales(179,410)(170,200)(525,840)(517,800)
Gross profit55,930 48,330 158,150 162,720 
Selling, general and administrative expenses(32,290)(32,110)(104,410)(94,480)
Net gain on dispositions of assets120 4,760 70 4,540 
Operating profit23,760 20,980 53,810 72,780 
Other expense, net:  
Interest expense(3,950)(3,600)(11,620)(10,510)
Other income (expense), net(120)860 (30)850 
Other expense, net(4,070)(2,740)(11,650)(9,660)
Income before income tax expense19,690 18,240 42,160 63,120 
Income tax expense(3,200)(4,940)(9,740)(15,790)
Net income$16,490 $13,300 $32,420 $47,330 
Basic earnings per share:  
Net income per share$0.40 $0.32 $0.78 $1.12 
Weighted average common shares—basic41,425,208 41,995,027 41,477,095 42,363,919 
Diluted earnings per share:  
Net income per share$0.40 $0.32 $0.78 $1.11 
Weighted average common shares—diluted41,673,381 42,181,440 41,706,867 42,590,777 


The accompanying notes are an integral part of these consolidated financial statements.
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TriMas Corporation
Consolidated Statement of Comprehensive Income
(Unaudited—dollars in thousands)
Three months ended
September 30,
Nine months ended
September 30,
2023202220232022
Net income$16,490 $13,300 $32,420 $47,330 
Other comprehensive income (loss):
Defined benefit plans (Note 16)10 100 780 430 
Foreign currency translation(8,360)(15,180)1,060 (32,950)
Derivative instruments (Note 9)3,380 7,070 630 18,740 
Total other comprehensive income (loss)(4,970)(8,010)2,470 (13,780)
Total comprehensive income$11,520 $5,290 $34,890 $33,550 


The accompanying notes are an integral part of these consolidated financial statements.


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TriMas Corporation
Consolidated Statement of Cash Flows
(Unaudited—dollars in thousands)
Nine months ended September 30,
20232022
Cash Flows from Operating Activities:
Net income$32,420 $47,330 
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:
Gain on dispositions of assets(70)(4,540)
Depreciation29,830 25,340 
Amortization of intangible assets13,810 14,600 
Amortization of debt issue costs700 680 
Deferred income taxes2,650 (6,950)
Non-cash compensation expense9,320 7,680 
Increase in receivables(22,580)(14,830)
Decrease (increase) in inventories1,800 (18,980)
Increase in prepaid expenses and other assets(660)(1,170)
Decrease in accounts payable and accrued liabilities(10,390)(6,890)
Other operating activities740 4,370 
Net cash provided by operating activities, net of acquisition impact57,570 46,640 
Cash Flows from Investing Activities:
Capital expenditures(34,940)(31,840)
Acquisition of businesses, net of cash acquired(77,340)(64,100)
Cross-currency swap terminations 26,230 
Net proceeds from disposition of property and equipment460 180 
Net cash used for investing activities(111,820)(69,530)
Cash Flows from Financing Activities:
Proceeds from borrowings on revolving credit facilities74,410 12,000 
Repayments of borrowings on revolving credit facilities(73,350)(12,000)
Payments to purchase common stock(13,350)(29,960)
Shares surrendered upon exercise and vesting of equity awards to cover taxes(2,680)(2,380)
Dividends paid(5,020)(5,170)
Other financing activities(3,190) 
Net cash used for financing activities(23,180)(37,510)
Cash and Cash Equivalents:
Decrease for the period(77,430)(60,400)
At beginning of period112,090 140,740 
At end of period$34,660 $80,340 
Supplemental disclosure of cash flow information:
Cash paid for interest$7,560 $5,480 
Cash paid for taxes$11,020 $14,620 
        



The accompanying notes are an integral part of these consolidated financial statements.
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TriMas Corporation
Consolidated Statement of Shareholders' Equity
Nine Months Ended September 30, 2023 and 2022
(Unaudited—dollars in thousands)
Common
Stock
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances, December 31, 2022$420 $696,160 $(36,130)$(8,620)$651,830 
Net income— — 4,910 — 4,910 
Other comprehensive income— — — 3,450 3,450 
Purchase of common stock (10,400)— — (10,400)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (2,310)— — (2,310)
Non-cash compensation expense— 2,940 — — 2,940 
Dividends declared— (1,660)— — (1,660)
Balances, March 31, 2023$420 $684,730 $(31,220)$(5,170)$648,760 
Net income— — 11,020 — 11,020 
Other comprehensive income— — — 3,990 3,990 
Purchase of common stock(10)(2,680)— — (2,690)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (280)— — (280)
Non-cash compensation expense— 3,240 — — 3,240 
Dividends declared— (1,680)— — (1,680)
Balances, June 30, 2023$410 $683,330 $(20,200)$(1,180)$662,360 
Net income— — 16,490 — 16,490 
Other comprehensive loss— — — (4,970)(4,970)
Purchase of common stock (260)— — (260)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (90)— — (90)
Non-cash compensation expense— 3,140 — — 3,140 
Dividends declared— (1,680)— — (1,680)
Balances, September 30, 2023$410 $684,440 $(3,710)$(6,150)$674,990 



The accompanying notes are an integral part of these consolidated financial statements.




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TriMas Corporation
Consolidated Statement of Shareholders' Equity (Continued)
Nine Months Ended September 30, 2023 and 2022
(Unaudited—dollars in thousands)
Common
Stock
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income (Loss)
Total
Balances, December 31, 2021$430 $732,490 $(102,300)$230 $630,850 
Net income— — 14,170 — 14,170 
Other comprehensive loss— — — (2,240)(2,240)
Purchase of common stock (9,060)— — (9,060)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (970)— — (970)
Non-cash compensation expense— 2,820 — — 2,820 
Dividends declared— (1,740)— — (1,740)
Balances, March 31, 2022$430 $723,540 $(88,130)$(2,010)$633,830 
Net income— — 19,860 — 19,860 
Other comprehensive loss— — — (3,530)(3,530)
Purchase of common stock(10)(18,820)— — (18,830)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (1,310)— — (1,310)
Non-cash compensation expense— 2,480 — — 2,480 
Dividends declared— (1,720)— — (1,720)
Balances, June 30, 2022$420 $704,170 $(68,270)$(5,540)$630,780 
Net income— — 13,300 — 13,300 
Other comprehensive loss— — — (8,010)(8,010)
Purchase of common stock (2,070)— — (2,070)
Shares surrendered upon exercise and vesting of equity awards to cover taxes— (100)— — (100)
Non-cash compensation expense— 2,380 — — 2,380 
Dividends declared— (1,710)— — (1,710)
Balances, September 30, 2022$420 $702,670 $(54,970)$(13,550)$634,570 



The accompanying notes are an integral part of these consolidated financial statements.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1. Basis of Presentation
TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, designs, engineers and manufactures innovative products under leading brand names for customers primarily in the consumer products, aerospace & defense, and industrial markets.
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. The preparation of financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results may differ from such estimates and assumptions due to risks and uncertainties, including uncertainty and volatility in the current economic environment due to input cost inflation, supply chain disruptions, and shortages in global markets for commodities, logistics and labor. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected.
Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2022 Annual Report on Form 10-K.
2. Revenue
The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands):
Three months ended September 30,Nine months ended September 30,
Customer Markets2023202220232022
Consumer Products$96,220 $105,030 $287,730 $332,420 
Aerospace & Defense67,580 45,420 177,370 137,330 
Industrial71,540 68,080 218,890 210,770 
Total net sales$235,340 $218,530 $683,990 $680,520 
The Company’s Packaging segment earns revenues from the consumer products (comprised of the beauty and personal care, food and beverage, home care, pharmaceutical, nutraceutical and medical submarkets) and industrial markets. The Aerospace segment earns revenues from the aerospace & defense market (comprised of commercial, regional and business jet and military submarkets). The Specialty Products segment earns revenues from a variety of submarkets within the industrial market.
3. Realignment Actions
2023 Realignment Actions
During the nine months ended September 30, 2023, the Company incurred realignment charges in its Packaging segment, related to the closure and consolidation of two manufacturing facilities located in China into one new, larger facility in the Haining region, and for costs incurred to close and consolidate its Rohnert Park, California, manufacturing facility operations into other existing U.S. production locations. In connection with these actions, the Company recorded pre-tax realignment charges of $2.7 million and $6.4 million during the three and nine months ended September 30, 2023, respectively, of which $0.8 million and $2.1 million during the three and nine months ended September 30, 2023, respectively, were for employee-related costs, $0.8 million during the three and nine months ended September 30, 2023 was for inventory write-downs, $1.1 million and $1.3 million during the three and nine months ended September 30, 2023, respectively, were for other facility move and consolidation costs, and $2.2 million during the nine months ended September 30, 2023 was related to charges to accelerate the depreciation of certain fixed assets. For the three months ended September 30, 2023, $2.4 million and $0.3 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of income. For the nine months ended September 30, 2023, $5.7 million and $0.7 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of income.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
2022 Realignment Actions
During the nine months ended September 30, 2022, the Company incurred realignment charges in its Packaging segment related to adjusting its labor force in facilities with lower demand, finalizing its Indianapolis, Indiana, facility consolidation, costs incurred to reorganize its benefit plans in the United Kingdom, and costs incurred as part of the Company's start-up and relocation to a new, larger facility in New Albany, Ohio. The Company also completed the Aerospace segment footprint realignment which began in 2021. In connection with these actions, the Company recorded pre-tax realignment charges of $0.6 million and $4.3 million during the three and nine months ended September 30, 2022, respectively, of which $0.4 million and $2.5 million, respectively, were related to facility move and consolidation costs and $0.2 million and $1.8 million, respectively, were for employee-related costs. For the three and nine months ended September 30, 2022, $0.4 million and $2.6 million, respectively, of these charges were included in cost of sales and $0.2 million and $1.7 million, respectively, of these charges were included in selling, general and administrative expenses in the accompanying consolidated statement of income.
4. Acquisitions
2023 Acquisitions
On April 21, 2023, the Company acquired the operating net assets of Weldmac Manufacturing Company (“Weldmac”) for a purchase price of $34.0 million, with additional contingent consideration ranging from zero to $10 million based on achievement of earnings targets, as defined in the purchase agreement. The fair value of assets acquired and liabilities assumed included $23.7 million of property and equipment, $20.3 million of net working capital and $10.0 million of contingent consideration liability, with such estimate representing the Company's best estimate of fair value of contingent consideration based on Level 3 inputs under the fair value hierarchy, as defined. Located in El Cajon, California, and reported in the Company's Aerospace segment, Weldmac is a designer and manufacturer of complex metal fabricated components and assemblies for the aerospace, defense and space launch end markets and historically generated $33 million in annual revenue. On July 10, 2023, the Company made a cash payment of $5.5 million as additional consideration for the purchase of Weldmac based on achievement of earnings targets, as defined in the purchase agreement. The remaining possible contingent consideration ranges from zero to $4.5 million, based on achievement of 2023 earnings targets, as defined in the purchase agreement. At September 30, 2023, the Company believes it is probable the maximum contingent consideration will be earned.
On February 1, 2023, the Company acquired Aarts Packaging B.V. ("Aarts"), a luxury packaging solutions provider for beauty and lifestyle brands, as well as for customers in the food and life sciences end markets, for a purchase price of $37.8 million, net of cash acquired. The fair value of assets acquired and liabilities assumed included $20.4 million of goodwill, $10.9 million of intangible assets, $8.5 million of property and equipment, $7.4 million of net working capital, $3.9 million of net deferred tax liabilities and $5.5 million of other liabilities. Aarts, which is reported in the Company's Packaging segment, is located in Waalwijk, The Netherlands, and historically generated €23 million in annual revenue.
2022 Acquisitions
On February 28, 2022, the Company acquired Intertech Plastics LLC and related companies (collectively, "Intertech") for a purchase price of $64.1 million, net of cash acquired. Intertech is a manufacturer of custom injection molded products used in medical applications, as well as products and assemblies for consumer and industrial applications. The fair value of assets acquired and liabilities assumed included $32.4 million of goodwill, $13.5 million of intangible assets, $12.2 million of property and equipment and $6.0 million of net working capital. Intertech, which is reported in the Company's Packaging segment, has two manufacturing facilities located in the Denver, Colorado, area and historically generated $32 million in annual revenue.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
5. Goodwill and Other Intangible Assets
Goodwill
Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are summarized as follows (dollars in thousands):
PackagingAerospaceSpecialty ProductsTotal
Balance, December 31, 2022$263,550 $69,700 $6,560 $339,810 
Goodwill from acquisitions20,420   20,420 
Foreign currency translation and other(1,440)(10) (1,450)
Balance, September 30, 2023$282,530 $69,690 $6,560 $358,780 
Other Intangible Assets
The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands):
As of September 30, 2023As of December 31, 2022
Intangible Category by Useful LifeGross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Finite-lived intangible assets:
   Customer relationships, 5 – 12 years$139,730 $(86,540)$131,660 $(80,000)
   Customer relationships, 15 – 25 years129,640 (79,030)129,650 (74,380)
Total customer relationships269,370 (165,570)261,310 (154,380)
   Technology and other, 1 – 15 years56,830 (41,090)56,860 (38,990)
   Technology and other, 17 – 30 years43,300 (40,630)43,300 (40,330)
Total technology and other100,130 (81,720)100,160 (79,320)
Indefinite-lived intangible assets:
 Trademark/Trade names62,300 — 60,340 — 
Total other intangible assets$431,800 $(247,290)$421,810 $(233,700)
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):
Three months ended September 30,Nine months ended September 30,
2023202220232022
Technology and other, included in cost of sales$800 $800 $2,410 $2,510 
Customer relationships, included in selling, general and administrative expenses3,810 3,760 11,400 12,090 
Total amortization expense$4,610 $4,560 $13,810 $14,600 
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
6. Inventories
Inventories consist of the following components (dollars in thousands):
 September 30,
2023
December 31,
2022
Finished goods$75,660 $74,280 
Work in process51,790 38,090 
Raw materials54,880 50,990 
Total inventories$182,330 $163,360 
7. Property and Equipment, Net
Property and equipment consists of the following components (dollars in thousands):
 September 30,
2023
December 31,
2022
Land and land improvements$32,620 $15,220 
Buildings98,760 90,910 
Machinery and equipment480,740 461,480 
612,120 567,610 
Less: Accumulated depreciation295,430 289,860 
Property and equipment, net$316,690 $277,750 
Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
Three months ended September 30,Nine months ended September 30,
2023202220232022
Depreciation expense, included in cost of sales$9,080 $7,980 $29,150 $24,550 
Depreciation expense, included in selling, general and administrative expenses210 210 680 790 
Total depreciation expense$9,290 $8,190 $29,830 $25,340 
8. Long-term Debt
The Company's long-term debt consists of the following (dollars in thousands):
 September 30,
2023
December 31,
2022
4.125% Senior Notes due April 2029$400,000 $400,000 
Debt issuance costs(4,580)(5,270)
Long-term debt, net$395,420 $394,730 
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Senior Notes
In March 2021, the Company issued $400.0 million aggregate principal amount of 4.125% senior notes due April 15, 2029 ("Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended ("Securities Act"). The Senior Notes accrue interest at a rate of 4.125% per annum, payable semi-annually in arrears on April 15 and October 15. The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company. The Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and effectively subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness.
Prior to April 15, 2024, the Company may redeem up to 40% of the principal amount of the Senior Notes at a redemption price of 104.125% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings provided that each such redemption occurs within 90 days of the date of closing of each such equity offering. In addition, prior to April 15, 2024, the Company may redeem all or part of the Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. On or after April 15, 2024, the Company may redeem all or part of the Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:
YearPercentage
2024102.063 %
2025101.031 %
2026 and thereafter100.000 %
Credit Agreement
The Company is a party to a credit agreement ("Credit Agreement") consisting of a $300.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies, subject to a $125.0 million sub limit, maturing on March 29, 2026. The Credit Agreement is subject to benchmark interest rates determined based on the currency denomination of borrowings, with British pound sterling borrowings subject to the Sterling Overnight Index Average ("SONIA") and Euro borrowings to the Euro InterBank Offered Rate (“EURIBOR”), both plus a spread of 1.75%, and U.S. dollar borrowings subject to the Secured Overnight Financing Rate ("SOFR") plus a spread of 1.85%. The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date. The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate.
The Credit Agreement also provides incremental revolving credit facility commitments in an amount not to exceed the greater of $200.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 3.00 to 1.00. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the existing credit facility.
At September 30, 2023, the Company had no amounts outstanding under its revolving credit facility and had $293.7 million potentially available after giving effect to $6.3 million of letters of credit issued and outstanding. At December 31, 2022, the Company had no amounts outstanding under its revolving credit facility and had $293.9 million potentially available after giving effect to $6.1 million of letters of credit issued and outstanding. After consideration of leverage restrictions contained in the Credit Agreement, as of September 30, 2023, the Company had $277.7 million of borrowing capacity available for general corporate purposes. The Company's borrowing capacity was not reduced by leverage restrictions contained in the Credit Agreement as of December 31, 2022.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $125.0 million (equivalent) foreign currency sub limit of the $300.0 million senior secured revolving credit facility are secured by a cross-guarantee amongst, and a pledge of the assets of, the foreign subsidiary borrowers that are a party to the agreement.  The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries, including the ability, subject to certain exceptions and limitations, to incur debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its restricted subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined), a maximum senior secured net leverage ratio (total consolidated senior secured indebtedness, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). At September 30, 2023, the Company was in compliance with its financial covenants contained in the Credit Agreement.
Other Revolving Loan Facility
In May 2021, the Company, through one of its non-U.S. subsidiaries, entered into a revolving loan facility with a borrowing capacity of $4 million. The facility is guaranteed by TriMas Corporation. There were no borrowings outstanding on this loan facility as of September 30, 2023 and December 31, 2022.
Fair Value of Debt
The valuations of the Senior Notes were determined based on Level 2 inputs under the fair value hierarchy, as defined. The carrying amounts and fair values were as follows (dollars in thousands):
September 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
4.125% Senior Notes due April 2029$400,000 $339,000 $400,000 $344,000 
9. Derivative Instruments
Derivatives Designated as Hedging Instruments
In July 2022, the Company entered into cross-currency swap agreements to hedge its net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. By doing so, the Company synthetically converts a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. The agreements have notional amounts totaling $150.0 million, which decline to $75.0 million over contract periods ending on October 15, 2023 and April 15, 2024. Under the terms of the agreements, the Company is to receive net interest payments at fixed rates of approximately 2.4% to 2.6% of the notional amounts. At inception, the cross-currency swaps were designated as net investment hedges.
In July 2022, immediately prior to entering into the new cross-currency swap agreements, the Company terminated its existing cross-currency swap agreements, de-designating the swaps as net investment hedges and receiving $26.2 million of cash. The cross-currency swap agreements had notional amounts totaling $250.0 million, which declined to $25.0 million over various contract periods ending between October 15, 2023 and October 15, 2027. Under the terms of the agreements, the Company was to receive net interest payments at fixed rates ranging from approximately 0.8% to 2.9% of the notional amounts.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
As of September 30, 2023 and December 31, 2022, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):
  Asset / (Liability) Derivatives
Derivatives designated as hedging instrumentsBalance Sheet CaptionSeptember 30,
2023
December 31,
2022
Net Investment Hedges    
Cross-currency swapsAccrued liabilities$(6,270)$ 
Cross-currency swapsOther long-term liabilities (7,090)
The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of September 30, 2023 and December 31, 2022, and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2023 and 2022 (dollars in thousands):
Amount of Income Recognized
in AOCI on Derivatives
(Effective Portion, net of tax)
Amount of Income (Loss) Reclassified
from AOCI into Earnings
Three months ended
September 30,
Nine months ended
September 30,
As of
September 30,
2023
As of December 31, 2022Location of Income Reclassified from AOCI into Earnings (Effective Portion)2023202220232022
Net Investment Hedges
Cross-currency swaps$15,950 $15,320 Other income (expense), net$ $ $ $ 
Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings.
Derivatives Not Designated as Hedging Instruments
As of September 30, 2023, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of $183.3 million. The Company uses foreign exchange contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain of its receivables, payables and intercompany transactions denominated in foreign currencies. The foreign exchange contracts primarily mitigate currency exposures between the U.S. dollar and the Euro, Canadian dollar, Chinese yuan, and the Mexican peso, as well as between the Euro and British pound, and have various settlement dates through December 31, 2023. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income.
The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):
Amount of Income Recognized in
Earnings on Derivatives
Three months ended
September 30,
Nine months ended
September 30,
Location of Income
Recognized in
Earnings on Derivatives
2023202220232022
Derivatives not designated as hedging instruments
Foreign exchange contractsOther income (expense), net$940 $2,860 $130 $6,170 
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Fair Value of Derivatives
The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's cross-currency swaps and foreign exchange contracts use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 are shown below (dollars in thousands):  
DescriptionFrequencyAsset / (Liability)Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
September 30, 2023
Cross-currency swapsRecurring$(6,270)$ $(6,270)$ 
Foreign exchange contractsRecurring$(1,460)$ $(1,460)$ 
December 31, 2022
Cross-currency swapsRecurring$(7,090)$ $(7,090)$ 
Foreign exchange contractsRecurring$(1,790)$ $(1,790)$ 
10. Leases
The majority of the Company's lease obligations are non-cancelable operating leases for certain equipment and facilities. The Company's finance leases are for certain equipment as part of the Company's acquisition of Aarts. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term.
Supplemental balance sheet information related to the Company's leases are shown below (dollars in thousands):
Balance Sheet LocationSeptember 30, 2023December 31, 2022
Assets
Operating leasesOperating lease right-of-use assets$45,650 $47,280 
Finance leases
Property and equipment, net (a)
2,430  
Total lease assets$48,080 $47,280 
Liabilities
Current:
Operating leasesLease liabilities, current portion$8,310 $8,280 
Finance leasesLease liabilities, current portion470  
Long-term:
Operating leasesLease liabilities39,400 41,010 
Finance leasesLease liabilities1,750  
Total lease liabilities$49,930 $49,290 
__________________________
(a)     Finance leases were recorded net of accumulated depreciation of $0.1 million as of September 30, 2023.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
The components of lease expense are as follows (dollars in thousands):
Three months ended September 30,Nine months ended September 30,
Statement of Income Location2023202220232022
Operating lease costCost of sales and Selling, general and administrative expenses$3,140 $2,590 $8,860 $7,920 
Finance lease cost:
Depreciation of lease assetsCost of sales50  150  
Interest on lease liabilitiesInterest expense10  40  
Short-term, variable and other lease costsCost of sales and Selling, general and administrative expenses1,030 950 2,510 2,370 
Total lease cost$4,230 $3,540 $11,560 $10,290 
Maturities of lease liabilities are as follows (dollars in thousands):
Year ended December 31,
Operating Leases(a)
Finance Leases(a)
2023 (excluding the nine months ended September 30, 2023)$2,530 $140 
20249,540 520 
20258,120 510 
20268,570 590 
20277,500 680 
Thereafter18,390  
Total lease payments54,650 2,440 
Less: Imputed interest(6,940)(220)
Present value of lease liabilities$47,710 $2,220 
__________________________
(a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.
Other information related to the Company's leases are as follows (dollars in thousands):
Three months ended September 30,Nine months ended September 30,
2023202220232022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$2,540 $2,540 $7,760 $7,360 
Operating cash flows from finance leases10  40  
Financing cash flows from finance leases120  320  
Lease assets obtained in exchange for new lease liabilities:
Operating leases3,560 970 8,340 5,720 
Finance leases  2,620  
The weighted-average remaining lease term of the Company's operating leases and finance leases as of September 30, 2023 is 6.5 years and 3.75 years, respectively. The weighted-average discount rate for the operating leases and finance leases as of September 30, 2023 is 4.0% and 2.6%, respectively.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
11. Other long-term liabilities
Other long-term liabilities consist of the following components (dollars in thousands):
 September 30,
2023
December 31,
2022
Non-current asbestos-related liabilities$24,560 $26,370 
Other long-term liabilities22,020 29,970 
Total other long-term liabilities$46,580 $56,340 
12. Commitments and Contingencies
Asbestos
As of September 30, 2023, the Company was a party to 459 pending cases involving an aggregate of 4,860 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by its former Lamons division and certain other related subsidiaries for use primarily in the petrochemical, refining and exploration industries. The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, at the applicable date and for the applicable periods:
 Claims
pending at
beginning of
period
Claims filed
during
period
Claims
dismissed
during
period
Claims
settled
during
period
Claims
pending at
end of
period
Average
settlement
amount per
claim during
period
Total defense
costs during
period
Nine Months Ended September 30, 20234,798 195 111 22 4,860 $19,727 $1,340,000 
Fiscal Year Ended December 31, 20224,754 236 168 24 4,798 $79,869 $2,180,000 
In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used.
The Company may be subjected to significant additional asbestos-related claims in the future, and will aggressively defend or reasonably resolve, as appropriate. The cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The cost of claims varies as claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 4,860 claims pending at September 30, 2023, 42 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At September 30, 2023, of the 42 claims that set forth specific amounts, there were no claims seeking more than $5 million for punitive damages. Below is a breakdown of the compensatory damages sought for those claims seeking specific amounts:
Compensatory
Range of damages sought (dollars in millions)$0.0 to $0.6$0.6 to $5.0$5.0+
Number of claims438
Relatively few claims have reached the discovery stage and even fewer claims have gone past the discovery stage. Total settlement costs (exclusive of defense costs) for all such cases, some of which were filed over 30 years ago, have been $12.9 million. All relief sought in the asbestos cases is monetary in nature. Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
The Company records a liability for asbestos-related claims, which includes both known and unknown claims, based on a study from the Company’s third-party actuary, the Company's review of the study, as well as the Company’s own review of asbestos claims and claim resolution activity.
In the fourth quarter of 2022, the Company commissioned its actuary to update the study, based on data as of September 30, 2022, which yielded a range of possible future liability of $29.6 million to $39.5 million. The Company did not believe any amount within the range of potential outcomes represented a better estimate than another given the many factors and assumptions inherent in the projections, and therefore recorded a non-cash, pre-tax charge of $5.6 million to increase the liability estimate to $29.6 million, at the low-end of the range. As of September 30, 2023, the Company’s total asbestos-related liability is $27.3 million, and is included in accrued liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheet.
The Company’s primary insurance, which covered approximately 40% of historical costs related to settlement and defense of asbestos litigation, expired in November 2018, upon which the Company became solely responsible for defense costs and indemnity payments. The Company is party to a coverage-in-place agreement (entered into in 2006) with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims. The coverage-in-place agreement makes asbestos defense costs and indemnity insurance coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. The Company will continue to be solely responsible for defense costs and indemnity payments prior to the commencement of coverage under this agreement, the duration of which would be subject to the scope of damage awards and settlements paid. Based upon the Company’s review of the actuarial study, the Company does not believe it is probable that it will reach the threshold of qualified future settlements required to commence excess carrier insurance coverage under the coverage-in-place agreement.
Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe these cases will have a material adverse effect on its financial position, results of operations, or cash flows.
Claims and Litigation
The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows.
13. Segment Information
TriMas reports its operations in three segments: Packaging, Aerospace and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by TriMas' President and Chief Executive Officer (chief operating decision maker) in determining resource, personnel and capital allocation, as well as assessing strategy and performance. The Company utilizes its proprietary TriMas Business Model as its platform, which is based upon a standardized set of processes, to manage and drive results and strategy across its multi-industry businesses.
Within each of the Company's reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment:
Packaging – TriMas' Packaging segment consists primarily of the Rieke®, Affaba & Ferrari, Taplast, Rapak®, Plastic Srl, Aarts Packaging, Intertech and Omega brands. TriMas Packaging develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion and hand soaps and sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (such as food lids, flip-top closures, child resistance caps, beverage closures, fragrance and cosmetic caps, drum and pail closures, and flexible spouts), polymeric jar products, fully integrated dispensers for fill-ready bag-in-box applications, and consumable vascular delivery and diagnostic test components, all for a variety of consumer products submarkets including, but not limited to, beauty and personal care, food and beverage, home care, and life sciences, including but not limited to pharmaceutical, nutraceutical, and medical, as well as industrial markets (including agricultural).
Aerospace – TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners, Allfast Fastening Systems®, Mac Fasteners, TFI Aerospace, RSA Engineered Products, Martinic Engineering, and Weldmac Manufacturing brands, develops, qualifies and manufactures highly-engineered, precision fasteners, tubular products and assemblies for fluid conveyance, and machined products and assemblies to serve the aerospace and defense market.
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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Specialty Products – TriMas' Specialty Products segment, which includes the Norris Cylinder and Arrow® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders for use within industrial and aerospace markets, natural gas-fired engines for remote power generation applications and compression systems for use within the North American industrial oil and gas markets.
Segment activity is as follows (dollars in thousands):
 Three months ended
September 30,
Nine months ended
September 30,
 2023202220232022
Net Sales
Packaging$116,500 $129,700 $350,040 $416,540 
Aerospace67,580 45,420 177,370 137,330 
Specialty Products51,260 43,410 156,580 126,650 
Total$235,340 $218,530 $683,990 $680,520 
Operating Profit (Loss)
Packaging$16,470 $17,590 $48,140 $66,720 
Aerospace (a)
7,130 4,710 11,190 9,300 
Specialty Products10,510 6,760 32,360 20,770 
Corporate(10,350)(8,080)(37,880)(24,010)
Total$23,760 $20,980 $53,810 $72,780 
__________________________
(a)     In the three and nine months ended September 30, 2022, the Company recognized a $4.8 million pre-tax gain on the sale of vacant land adjacent to the Company's Tolleson, Arizona, manufacturing facility within the Aerospace segment.
14.