0000842633-24-000078 | 10-Q | XBRL Viewer

Property and Equipment, Net (Notes)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and equipment consists of the following components (dollars in thousands):


	September 30, 2024		December 31, 2023
Land and land improvements	$	31,100	$	32,840
Buildings	95,550		99,230
Machinery and equipment	521,860		502,090
	648,510		634,160
Less: Accumulated depreciation	319,200		304,170
Property and equipment, net	$	329,310	$	329,990

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,
	2024		2023		2024		2023
Depreciation expense, included in cost of sales	$	9,660	$	9,080	$	29,150	$	29,150
Depreciation expense, included in selling, general and administrative expenses	280		210		790		680
Total depreciation expense	$	9,940	$	9,290	$	29,940	$	29,830

Defined Benefit Plans (Notes)

9 Months Ended

Sep. 30, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Defined Benefit Plans

Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost (income) are as follows (dollars in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Service costs	$	140	$	120	$	400	$	360
Interest costs	320		320		980		950
Expected return on plan assets	(510)		(530)		(1,530)		(1,580)

Settlement and curtailment losses	—		—		—		1,020
Amortization of net loss	50		20		140		90
Net periodic benefit cost (income)	$	—	$	(70)	$	(10)	$	840

The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income.

During the nine months ended September 30, 2023, the Company recognized a one-time, pre-tax settlement charge of $1.0 million related to the purchase of an annuity contract to transfer the Company's Canadian defined benefit obligations to an insurance company.

The Company contributed $0.5 million and $1.0 million to its defined benefit pension plans during the three and nine months ended September 30, 2024, respectively. The Company expects to contribute $1.2 million to its defined benefit pension plans for the full year 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Revolving Loan Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300.0
Non-US [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	4.0
Revolving Credit Facility, Amount Outstanding	$ 0.1	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Derivative Instruments - Derivatives not designated as hedging instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 141,900		$ 141,900
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	1,600	$ 940	5,110	$ 130
Currency Swap
Derivative [Line Items]
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	$ 0	$ 0	$ 810	$ 0

Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balances

$ 675,930

$ 673,220

$ 682,950

$ 662,360

$ 648,760

$ 651,830

$ 682,950

$ 651,830

Total other comprehensive income (loss)

6,800

(4,890)

(2,900)

(4,970)

3,990

3,450

(990)

2,470

Balances

682,750

675,930

673,220

674,990

662,360

648,760

682,750

674,990

Other Comprehensive Income (Loss), Tax [Abstract]

Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax

300

Cross Currency Interest Rate Contract [Member]

Other Comprehensive Income (Loss), Tax [Abstract]

Other Comprehensive Income (Loss), Tax

(800)

200

Defined Benefit Plans [Member]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balances

(5,730)

(5,380)

(5,730)

(5,380)

Net unrealized gains (losses) arising during the period

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(90)

(780)

^[1]

Total other comprehensive income (loss)

780

Balances

(5,640)

(4,600)

(5,640)

(4,600)

Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balances

13,260

15,320

13,260

15,320

Net unrealized gains (losses) arising during the period

(2,640)

^[2]

630

^[3]

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

Total other comprehensive income (loss)

(2,640)

630

Balances

10,620

15,950

10,620

15,950

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balances

(6,880)

(18,560)

(6,880)

(18,560)

Net unrealized gains (losses) arising during the period

1,560

1,060

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

Total other comprehensive income (loss)

1,560

1,060

Balances

(5,320)

(17,500)

(5,320)

(17,500)

Accumulated Other Comprehensive Income (Loss) [Member]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Balances

(7,140)

(2,250)

650

(1,180)

(5,170)

(8,620)

650

(8,620)

Net unrealized gains (losses) arising during the period

(1,080)

1,690

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(90)

(780)

Total other comprehensive income (loss)

6,800

(4,890)

(2,900)

(4,970)

3,990

3,450

(990)

2,470

Balances

$ (340)

$ (7,140)

$ (2,250)

$ (6,150)

$ (1,180)

$ (5,170)

$ (340)

$ (6,150)

[1]	Defined benefit plans, net of income tax of $0.3 million. See Note 17, "Defined Benefit Plans," for further details.
[2]	Derivative instruments, net of income tax of $0.8 million. See Note 10, "Derivative Instruments," for further details
[3]	Derivative instruments, net of income tax of $0.2 million. See Note 10, "Derivative Instruments," for further details.

Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net income	$ 18,610	$ 32,420
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact:
Gain on dispositions of assets	(1,040)	(70)
Depreciation	29,940	29,830
Amortization of intangible assets	12,640	13,810
Amortization of debt issue costs	720	700
Deferred income taxes	3,540	2,650
Non-cash compensation expense	8,050	9,320
Provision for losses on accounts receivable	290	0
Change in asbestos liability estimate	5,510	0
Change in environmental liability estimate	2,490	0
Increase in receivables	(15,910)	(22,580)
(Increase) decrease in inventories	(23,050)	1,800
Increase in prepaid expenses and other assets	(4,570)	(660)
Decrease in accounts payable and accrued liabilities	(7,020)	(10,390)
Other operating activities	6,500	740
Net cash provided by operating activities, net of acquisition impact	36,700	57,570
Cash Flows from Investing Activities:
Capital expenditures	(35,980)	(34,940)
Acquisition of businesses, net of cash acquired	0	(77,340)
Cross-currency swap terminations	(3,760)	0
Settlement of foreign currency exchange forward contract	3,760	0
Net proceeds from disposition of property and equipment	4,100	460
Net cash used for investing activities	(31,880)	(111,820)
Cash Flows from Financing Activities:
Proceeds from borrowings on revolving credit facilities	248,730	74,410
Repayments of borrowings on revolving credit facilities	(235,380)	(73,350)
Payments to purchase common stock	(19,270)	(13,350)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,620)	(2,680)
Dividends paid	(4,980)	(5,020)
Other financing activities	(280)	(3,190)
Net cash used for financing activities	(12,800)	(23,180)
Decrease for the period	(7,980)	(77,430)
At beginning of period	34,890	112,090
At end of period	26,910	34,660
Supplemental disclosure of cash flow information:
Cash paid for interest	9,860	7,560
Cash paid for taxes	$ 9,080	$ 11,020

Segment Information (Notes)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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, hand soap 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 resistant 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 Company 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.

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 and power generation end-markets.

Segment activity is as follows (dollars in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net Sales
Packaging	$	130,240	$	116,500	$	389,190	$	350,040
Aerospace	70,830		67,580		215,890		177,370
Specialty Products	28,290		51,260		91,880		156,580
Total	$	229,360	$	235,340	$	696,960	$	683,990
Operating Profit (Loss) and Income Before Income Tax Expense
Segment operating profit
Packaging	$	17,930	$	16,470	$	53,060	$	48,140
Aerospace	6,310		7,130		23,870		11,190
Specialty Products	2,290		10,510		5,480		32,360
Segment operating profit	26,530		34,110		82,410		91,690
Corporate (a)	(18,250)		(10,350)		(43,840)		(37,880)
Total operating profit	8,280		23,760		38,570		53,810
Interest expense	(4,860)		(3,950)		(15,010)		(11,620)
Other income (expense), net	(30)		(120)		(310)		(30)
Income before income tax expense	$	3,390	$	19,690	$	23,250	$	42,160

__________________________

(a) Corporate consists of the corporate office and related corporate activities. Corporate expenses primarily include compensation, benefits, professional services, information technology and other administrative costs. Corporate expenses reconcile reportable segment information to the consolidated totals.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	$ 13,500	$ 0
4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt	400,000	400,000
Revolving Credit Facility [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	13,500	0
Fair Value, Inputs, Level 2 [Member] \| 4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Long-term Debt, Fair Value	379,500	364,000
Fair Value, Inputs, Level 2 [Member] \| Revolving Credit Facility [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 13,500	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Supplemental Balance Sheet Information about Leases of Lessee

Supplemental balance sheet information related to the Company's leases are shown below (dollars in thousands):


	Balance Sheet Location	September 30, 2024		December 31, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	42,220	$	43,220
Finance leases	Property and equipment, net (a)	2,330		2,470
Total lease assets		$	44,550	$	45,690
Liabilities
Current:
Operating leases	Lease liabilities, current portion	$	7,410	$	7,410
Finance leases	Lease liabilities, current portion	490		490
Long-term:
Operating leases	Lease liabilities	37,280		37,980
Finance leases	Lease liabilities	1,370		1,710
Total lease liabilities		$	46,550	$	47,590

__________________________

(a) Finance leases were recorded net of accumulated depreciation of $0.4 million and $0.2 million as of September 30, 2024 and December 31, 2023, respectively.

Lease, Cost [Table Text Block]

The components of lease expense are as follows (dollars in thousands):


		Three months ended September 30,				Nine months ended September 30,
	Statement of Income Location	2024		2023		2024		2023
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	2,270	$	3,140	$	7,110	$	8,860
Finance lease cost:
Depreciation of lease assets	Cost of sales	70		50		180		150
Interest on lease liabilities	Interest expense	10		10		40		40
Short-term, variable and other lease costs	Cost of sales and Selling, general and administrative expenses	1,010		1,030		3,160		2,510
Total lease cost		$	3,360	$	4,230	$	10,490	$	11,560

Lessee, Lease Liability, Maturity

Maturities of lease liabilities are as follows (dollars in thousands):


Year ended December 31,	Operating Leases(a)		Finance Leases(a)
2024 (excluding the nine months ended September 30, 2024)	$	2,270	$	150
2025	8,880		610
2026	9,120		700
2027	7,910		810
2028	6,470		—
Thereafter	17,180		—
Total lease payments	51,830		2,270
Less: Imputed interest	(7,140)		(410)
Present value of lease liabilities	$	44,690	$	1,860

__________________________

(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.

Supplemental Cash Flow Information Related to Leases

Other information related to the Company's leases are as follows (dollars in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,360	$	2,540	$	7,040	$	7,760
Operating cash flows from finance leases	10		10		40		40
Financing cash flows from finance leases	120		120		360		320
Lease assets obtained in exchange for new lease liabilities:
Operating leases	4,170		3,560		5,120		8,340
Finance leases	—		—		—		2,620

Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) claimants	Dec. 31, 2023 USD ($) claimants	Dec. 31, 2022 claimants
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	4,907	4,863	4,798
Loss Contingency, New Claims Filed, Number	185	261
Loss Contingency, Claims Dismissed, Number	114	160
Loss Contingency, Claims Settled, Number	27	36
Average settlement amount per claim during period \| $	$ 22,574	$ 15,465
Legal Fees \| $	$ 1,310,000	$ 1,920,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases Maturities of Lease Liabilities (Details)
$ in Thousands

Sep. 30, 2024

USD ($)

^[1]

Leases [Abstract]

Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year

$ 2,270

Lessee, Operating Lease, Liability, to be Paid, Year One

8,880

Lessee, Operating Lease, Liability, to be Paid, Year Two

9,120

Lessee, Operating Lease, Liability, to be Paid, Year Three

7,910

Lessee, Operating Lease, Liability, to be Paid, Year Four

6,470

Lessee, Operating Lease, Liability, to be Paid, after Year Four

17,180

Lessee, Operating Lease, Liability, to be Paid

51,830

Lessee, Operating Lease, Liability, Undiscounted Excess Amount

(7,140)

Operating Lease, Liability

44,690

Finance Lease, Liability, to be Paid, Remainder of Fiscal Year

150

Finance Lease, Liability, to be Paid, Year One

610

Finance Lease, Liability, to be Paid, Year Two

700

Finance Lease, Liability, to be Paid, Year Three

810

Finance Lease, Liability, to be Paid, Year Four

Finance Lease, Liability, to be Paid, After Year Four

Finance Lease, Liability, to be Paid

2,270

Finance Lease, Liability, Undiscounted Excess Amount

(410)

Finance Lease, Liability

$ 1,860

[1]	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.

Leases (Notes)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Lessee, Finance and Operating Leases

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 Location	September 30, 2024		December 31, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	42,220	$	43,220
Finance leases	Property and equipment, net (a)	2,330		2,470
Total lease assets		$	44,550	$	45,690
Liabilities
Current:
Operating leases	Lease liabilities, current portion	$	7,410	$	7,410
Finance leases	Lease liabilities, current portion	490		490
Long-term:
Operating leases	Lease liabilities	37,280		37,980
Finance leases	Lease liabilities	1,370		1,710
Total lease liabilities		$	46,550	$	47,590

__________________________

(a) Finance leases were recorded net of accumulated depreciation of $0.4 million and $0.2 million as of September 30, 2024 and December 31, 2023, respectively.

The components of lease expense are as follows (dollars in thousands):


		Three months ended September 30,				Nine months ended September 30,
	Statement of Income Location	2024		2023		2024		2023
Operating lease cost	Cost of sales and Selling, general and administrative expenses	$	2,270	$	3,140	$	7,110	$	8,860
Finance lease cost:
Depreciation of lease assets	Cost of sales	70		50		180		150
Interest on lease liabilities	Interest expense	10		10		40		40
Short-term, variable and other lease costs	Cost of sales and Selling, general and administrative expenses	1,010		1,030		3,160		2,510
Total lease cost		$	3,360	$	4,230	$	10,490	$	11,560

Maturities of lease liabilities are as follows (dollars in thousands):


Year ended December 31,	Operating Leases(a)		Finance Leases(a)
2024 (excluding the nine months ended September 30, 2024)	$	2,270	$	150
2025	8,880		610
2026	9,120		700
2027	7,910		810
2028	6,470		—
Thereafter	17,180		—
Total lease payments	51,830		2,270
Less: Imputed interest	(7,140)		(410)
Present value of lease liabilities	$	44,690	$	1,860

__________________________

Other information related to the Company's leases are as follows (dollars in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	2,360	$	2,540	$	7,040	$	7,760
Operating cash flows from finance leases	10		10		40		40
Financing cash flows from finance leases	120		120		360		320
Lease assets obtained in exchange for new lease liabilities:
Operating leases	4,170		3,560		5,120		8,340
Finance leases	—		—		—		2,620

The weighted-average remaining lease term of the Company's operating leases and finance leases as of September 30, 2024 is 6.37 years and 2.82 years, respectively. The weighted-average discount rate for the operating leases and finance leases as of September 30, 2024 is 4.2% and 2.6%, respectively.

Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in AOCI by component for the nine months ended September 30, 2024 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2023	$	(5,730)	$	13,260	$	(6,880)	$	650
Net unrealized gains (losses) arising during the period (a)	—		(2,640)		1,560		(1,080)
Less: Net realized losses reclassified to net income	(90)		—		—		(90)
Net current-period other comprehensive income (loss)	90		(2,640)		1,560		(990)

Balance, September 30, 2024	$	(5,640)	$	10,620	$	(5,320)	$	(340)

__________________________

(a) Derivative instruments, net of income tax of $0.8 million. See Note 10, "Derivative Instruments," for further details.

Changes in AOCI by component for the nine months ended September 30, 2023 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2022	$	(5,380)	$	15,320	$	(18,560)	$	(8,620)
Net unrealized gains arising during the period (a)	—		630		1,060		1,690
Less: Net realized losses reclassified to net income (b)	(780)		—		—		(780)
Net current-period other comprehensive income	780		630		1,060		2,470

Balance, September 30, 2023	$	(4,600)	$	15,950	$	(17,500)	$	(6,150)

__________________________

(a) Derivative instruments, net of income tax of $0.2 million. See Note 10, "Derivative Instruments," for further details.

(b) Defined benefit plans, net of income tax of $0.3 million. See Note 17, "Defined Benefit Plans," for further details.

Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating Lease, Payments	$ 2,360	$ 2,540	$ 7,040	$ 7,760
Finance Lease, Interest Payment on Liability	10	10	40	40
Finance Lease, Principal Payments	120	120	360	320
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	4,170	3,560	5,120	8,340
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 0	$ 0	$ 0	$ 2,620
Operating Lease, Weighted Average Remaining Lease Term	6 years 4 months 13 days		6 years 4 months 13 days
Finance Lease, Weighted Average Remaining Lease Term	2 years 9 months 25 days		2 years 9 months 25 days
Operating Lease, Weighted Average Discount Rate, Percent	4.20%		4.20%
Finance Lease, Weighted Average Discount Rate, Percent	2.60%		2.60%

Inventories (Notes)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories consist of the following components (dollars in thousands):


	September 30, 2024		December 31, 2023
Finished goods	$	90,010	$	82,300
Work in process	61,410		51,990
Raw materials	62,460		58,160
Total inventories	$	213,880	$	192,450

Long-term Debt - Credit Agreement (Details) $ in Millions	3 Months Ended
Long-term Debt - Credit Agreement (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Net leverage ratio	3.00
Line of credit, borrowing capacity considering covenant restrictions	$ 183.3	$ 256.9
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300.0
Debt Instrument, Maturity Date	Mar. 29, 2026
Revolving Credit Facility [Member] \| Geographic Distribution, Foreign
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Revolving Credit Facility [Member] \| Geographic Distribution, Domestic
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.85%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans	$ 125.0
Line of Credit Facility, Maximum Borrowing Capacity	300.0
Revolving Credit Facility, Amount Outstanding	13.5	0.0
Revolving Credit Facility, Remaining Borrowing Capacity	280.2	294.0
Letters of credit [Member]
Debt Instrument [Line Items]
Letters of Credit, Maximum Borrowing Capacity	40.0
Letters of Credit Outstanding, Amount	6.3	$ 6.0
Revolving credit and term loan facilities [Member]
Debt Instrument [Line Items]
Incremental debt commitments capacity	$ 200.0

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories consist of the following components (dollars in thousands):


	September 30, 2024		December 31, 2023
Finished goods	$	90,010	$	82,300
Work in process	61,410		51,990
Raw materials	62,460		58,160
Total inventories	$	213,880	$	192,450

Subsequent Events (Notes)	9 Months Ended
Subsequent Events (Notes)	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On October 25, 2024, the Company reached an agreement with the Weldmac sellers to pay $2.25 million as final contingent consideration for the Weldmac acquisition. The Company will make the cash payment and recognize the transaction in the fourth quarter of 2024. On October 22, 2024, the Company announced that its Board of Directors had declared a cash dividend of $0.04 per share of TriMas Corporation common stock, which will be payable on November 12, 2024 to shareholders of record as of the close of business on November 5, 2024.

New Accounting Pronouncements (Notes)	9 Months Ended
New Accounting Pronouncements (Notes)	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires enhanced jurisdictional disclosures for income taxes paid and requires the use of specific categories in the effective tax rate reconciliation as well as additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires disclosure of significant segment expenses and other segment items by reportable segment on an annual and interim basis, the title and position of chief operating decision maker ("CODM") and how the CODM uses reported measures in assessing segment performance, and also extends the requirement of annual disclosures currently required by Topic 280 to interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.

Subsequent Event Dividend (Details) - Subsequent Event [Member] - Dividend Declared	Oct. 22, 2024 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.04
Dividends Payable, Date Declared	Oct. 22, 2024
Dividends Payable, Date to be Paid	Nov. 12, 2024
Dividends Payable, Date of Record	Nov. 05, 2024

Acquisitions - Other Acquisitions (Details) $ in Thousands, € in Millions			3 Months Ended			9 Months Ended		12 Months Ended
	Jul. 10, 2023 USD ($)	Apr. 21, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 USD ($)	Feb. 01, 2023 USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						$ 0	$ 77,340
Goodwill			$ 365,100			365,100				$ 363,770
Net sales			229,360	$ 235,340		696,960	$ 683,990
Aarts Packaging B.V.
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					$ 37,800
Goodwill											$ 20,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill											10,900
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital											7,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment											8,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities											3,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other											$ 5,500
Net sales \| €									€ 23
Weldmac Manufacturing Company
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 34,000
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital		20,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		23,700
Net sales								$ 33,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low		0	0			0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 10,000	$ 4,500			$ 4,500
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 5,500

Derivative Instruments - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	$ (10,300)	$ (6,510)
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	0	0
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	(10,300)	(6,510)
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	0	0
Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	1,170	(140)
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	0	0
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	1,170	(140)
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	$ 0	$ 0

Other Long-term Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities [Table Text Block]

Other long-term liabilities consist of the following components (dollars in thousands):


	September 30, 2024		December 31, 2023
Non-current asbestos-related liabilities	$	27,690	$	23,880
Other long-term liabilities	28,060		16,740
Total other long-term liabilities	$	55,750	$	40,620

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 229,360	$ 235,340	$ 696,960	$ 683,990
Consumer Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	105,390	96,220	315,950	287,730
Aerospace & Defense [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	70,830	67,580	215,890	177,370
Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 53,140	$ 71,540	$ 165,120	$ 218,890

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

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 Markets	2024		2023		2024		2023
Consumer Products	$	105,390	$	96,220	$	315,950	$	287,730
Aerospace & Defense	70,830		67,580		215,890		177,370
Industrial	53,140		71,540		165,120		218,890
Total net sales	$	229,360	$	235,340	$	696,960	$	683,990

Acquisitions (Notes)	9 Months Ended
Acquisitions (Notes)	Sep. 30, 2024
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Acquisitions 2023 Acquisitions On April 21, 2023, the Company acquired 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 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 predominantly 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. As of September 30, 2024, the remaining possible contingent consideration ranged from zero to $4.5 million, based on achievement of 2023 earnings targets. The calculation of 2023 earnings, as defined in the purchase agreement, was under review as of September 30, 2024. The Company expects to resolve the remaining contingent consideration matter in fourth quarter 2024. See Note 20, "Subsequent Events," for further details. 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.

Property and Equipment, Net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following components (dollars in thousands):


	September 30, 2024		December 31, 2023
Land and land improvements	$	31,100	$	32,840
Buildings	95,550		99,230
Machinery and equipment	521,860		502,090
	648,510		634,160
Less: Accumulated depreciation	319,200		304,170
Property and equipment, net	$	329,310	$	329,990

Depreciation Expense

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,
	2024		2023		2024		2023
Depreciation expense, included in cost of sales	$	9,660	$	9,080	$	29,150	$	29,150
Depreciation expense, included in selling, general and administrative expenses	280		210		790		680
Total depreciation expense	$	9,940	$	9,290	$	29,940	$	29,830

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 90,010	$ 82,300
Work in process	61,410	51,990
Raw materials	62,460	58,160
Total inventories	$ 213,880	$ 192,450

Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer		12 months
Amount of gain (loss) expected to be reclassified from AOCI into Earnings	$ 0.0

Equity Awards (Notes)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Awards

Restricted Stock Units

The Company awarded the following restricted stock units ("RSUs") during the nine months ended September 30, 2024:

•Granted 292,226 RSUs to certain employees, which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company;

•Granted 32,544 RSUs to its non-employee independent directors, which fully vest one year from date of grant so long as the director and/or Company does not terminate the director's service prior to the vesting date;

•Issued 93 RSUs to certain employees related to dividend equivalent rights on existing equity awards; and

•Issued 3,435 RSUs related to director fee deferrals as certain of the Company's directors elected to defer all or a portion of their director fees and to receive the amount in Company common stock at a future date.

During 2024, the Company also awarded 109,640 performance-based RSUs to certain Company key employees which vest three years from the grant date as long as the employee remains with the Company. These awards are initially earned 50% based upon the Company's achievement of an earnings per share compound annual growth rate ("EPS CAGR") metric and 50% based upon the Company's cash return on net assets ("Cash RONA") metric over a period beginning January 1, 2024 and ending December 31, 2026. The total EPS CAGR and Cash RONA performance-based RSUs initially earned shall be subject to modification based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20 trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20 trading days prior to the start of the performance period. The Company estimates the grant-date fair value subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free rate of 4.50% and annualized volatility of 31.4%. Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary for each metric from 0% of the target award to a maximum of 250% of the target.

Information related to RSUs at September 30, 2024 is as follows:


	Number of Unvested RSUs	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	691,836	$	30.97
Granted	437,938	24.86
Vested	(196,088)	30.45
Cancelled	(91,656)	32.77
Outstanding at September 30, 2024	842,030	$	27.72	1.2	$	21,497,026

As of September 30, 2024, there was $6.4 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 2.1 years.

RSUs granted to employees who are eligible for retirement on the date of the grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. The Company recognized stock-based compensation expense related to RSUs of $1.6 million and $3.1 million during the three months ended September 30, 2024 and 2023, respectively, and $8.1 million and $9.3 million during the nine months ended September 30, 2024 and 2023, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.

Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Receivables, reserves (in dollars)	$ 4.5	$ 4.2
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Authorized shares	100,000,000	100,000,000
Preferred stock, Issued Shares	0	0
Preferred stock, outstanding Shares	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized shares	400,000,000	400,000,000
Common Stock, Issued Shares	40,563,351	41,202,110
Common Stock, outstanding Shares	40,563,351	41,202,110

Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred Finance Costs, Net	$ (3,630)	$ (4,340)
Long-term debt, net	409,870	395,660
Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	13,500	0
4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Consolidated Statement of Income - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net sales	$ 229,360	$ 235,340	$ 696,960	$ 683,990
Cost of sales	(177,660)	(179,410)	(538,540)	(525,840)
Gross profit	51,700	55,930	158,420	158,150
Selling, general and administrative expenses	(44,460)	(32,290)	(120,890)	(104,410)
Net gain on dispositions of assets	1,040	120	1,040	70
Operating profit	8,280	23,760	38,570	53,810
Other expense, net:
Interest expense	(4,860)	(3,950)	(15,010)	(11,620)
Other income (expense), net	(30)	(120)	(310)	(30)
Other expense, net	(4,890)	(4,070)	(15,320)	(11,650)
Income before income tax expense	3,390	19,690	23,250	42,160
Income tax expense	(860)	(3,200)	(4,640)	(9,740)
Net income	$ 2,530	$ 16,490	$ 18,610	$ 32,420
Basic earnings per share
Net income per share	$ 0.06	$ 0.40	$ 0.46	$ 0.78
Weighted average common shares—basic	40,612,413	41,425,208	40,776,583	41,477,095
Diluted earnings per share
Net income per share	$ 0.06	$ 0.40	$ 0.45	$ 0.78
Weighted average common shares—diluted	40,946,571	41,673,381	41,089,208	41,706,867

Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization of Intangible Assets [Line Items]
Amortization of intangible assets	$ 4,210	$ 4,610	$ 12,640	$ 13,810
Cost of Sales [Member] \| Technology and Other [Member]
Amortization of Intangible Assets [Line Items]
Amortization of intangible assets	810	800	2,470	2,410
Selling, General and Administrative Expenses [Member] \| Customer Relationships [Member]
Amortization of Intangible Assets [Line Items]
Amortization of intangible assets	$ 3,400	$ 3,810	$ 10,170	$ 11,400

Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The Company's long-term debt consists of the following (dollars in thousands):


	September 30, 2024		December 31, 2023
4.125% Senior Notes due April 2029	$	400,000	$	400,000

Credit Agreement	13,500		—

Debt issuance costs	(3,630)		(4,340)


Long-term debt, net	$	409,870	$	395,660

The carrying amounts and fair values were as follows (dollars in thousands):


	September 30, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	379,500	$	400,000	$	364,000

Revolving credit facility	13,500		13,500		—		—

Debt Instrument Redemption [Table Text Block]

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:


Year	Percentage
2024	102.063	%
2025	101.031	%
2026 and thereafter	100.000	%

Leases Lease Cost Table (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases Lease Cost Table (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating Lease, Cost	$ 2,270	$ 3,140	$ 7,110	$ 8,860
Finance Lease, Right-of-Use Asset, Amortization	70	50	180	150
Finance Lease, Interest Expense	10	10	40	40
Short-term, variable and other lease costs	1,010	1,030	3,160	2,510
Lease, Cost	$ 3,360	$ 4,230	$ 10,490	$ 11,560

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment activity is as follows (dollars in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net Sales
Packaging	$	130,240	$	116,500	$	389,190	$	350,040
Aerospace	70,830		67,580		215,890		177,370
Specialty Products	28,290		51,260		91,880		156,580
Total	$	229,360	$	235,340	$	696,960	$	683,990
Operating Profit (Loss) and Income Before Income Tax Expense
Segment operating profit
Packaging	$	17,930	$	16,470	$	53,060	$	48,140
Aerospace	6,310		7,130		23,870		11,190
Specialty Products	2,290		10,510		5,480		32,360
Segment operating profit	26,530		34,110		82,410		91,690
Corporate (a)	(18,250)		(10,350)		(43,840)		(37,880)
Total operating profit	8,280		23,760		38,570		53,810
Interest expense	(4,860)		(3,950)		(15,010)		(11,620)
Other income (expense), net	(30)		(120)		(310)		(30)
Income before income tax expense	$	3,390	$	19,690	$	23,250	$	42,160

__________________________

Commitments and Contingencies Environmental (Details) - Environmental Issue $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Loss Contingencies [Line Items]
Liability for Asbestos and Environmental Claims, Gross, Period Increase (Decrease)	$ 1,800	$ 2,500
Liability for Asbestos and Environmental Claims, Gross	$ 2,500	$ 2,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings per Share Earnings per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares—basic	40,612,413	41,425,208	40,776,583	41,477,095
Weighted average common shares—diluted	40,946,571	41,673,381	41,089,208	41,706,867
Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Incremental common shares attributable to share-based payment arrangements	334,158	248,173	312,625	229,772

Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Depreciation Expense [Line Items]
Depreciation expense			$ 29,940	$ 29,830
Continuing Operations [Member]
Depreciation Expense [Line Items]
Depreciation expense	$ 9,940	$ 9,290	29,940	29,830
Cost of Sales [Member] \| Continuing Operations [Member]
Depreciation Expense [Line Items]
Depreciation expense	9,660	9,080	29,150	29,150
Selling, General and Administrative Expenses [Member] \| Continuing Operations [Member]
Depreciation Expense [Line Items]
Depreciation expense	$ 280	$ 210	$ 790	$ 680

Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Sep. 30, 2024	Oct. 22, 2024
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common stock, $0.01 par value
Document Transition Report	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Local Phone Number	631-5450
City Area Code	248
Entity Address, Postal Zip Code	48304
Entity Address, State or Province	MI
Entity Address, City or Town	Bloomfield Hills
Entity Address, Address Line Two	Suite 200
Entity Address, Address Line One	38505 Woodward Avenue
Entity File Number	001-10716
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	TRIMAS CORPORATION
Entity Central Index Key	0000842633
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		40,571,662
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	TRS
Security Exchange Name	NASDAQ
Entity Tax Identification Number	38-2687639

Commitments and Contingencies (Notes)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Asbestos

As of September 30, 2024, the Company was a party to 485 pending cases involving an aggregate of 4,907 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, 2024	4,863	185	114	27	4,907	$	22,574	$	1,310,000
Fiscal Year Ended December 31, 2023	4,798	261	160	36	4,863	$	15,465	$	1,920,000

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 4,907 claims pending at September 30, 2024, 38 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At September 30, 2024, of the 38 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 claims

—

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 $13.7 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.

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 third quarter of 2024, the Company commissioned its actuary to update the study, based on data as of May 31, 2024, which yielded a range of possible future liability of $31.0 million to $39.8 million, before consideration of any potential insurance recoveries. 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 pre-tax charge of $5.5 million to increase the liability estimate to $31.0 million, at the low-end of the range. The charge is included in selling, general and administrative expenses in the accompanying consolidated statement of income. As of September 30, 2024 and December 31, 2023, the Company’s total asbestos-related liability was $30.1 million and $26.6 million, respectively, and is included in accrued liabilities and other long-term liabilities 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 most recent actuarial study, the Company believes it will reach the threshold of qualified future settlements required to commence excess carrier insurance coverage under the coverage-in-place agreement in 2025. As of September 30, 2024, the Company has not recognized an asbestos-related insurance recovery asset corresponding to its asbestos-related liability. The Company will continue to reassess its estimate of insurance recoveries and corresponding accounting for any such recoveries as the facts and circumstances change.

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.

Environmental

The Company is responsible for environmental remediation at currently or previously owned facilities and waste sites, including sites defined under the Comprehensive Environmental Response, Compensation, and Liability Act, commonly referred to as “Superfund” for which the Company has been named a potential responsible party. During the three and nine months ended September 30, 2024, the Company recorded pre-tax charges of $1.8 million and $2.5 million, respectively, within selling, general and administrative expenses in the accompanying consolidated statement of income, bringing the Company’s environmental remediation obligation to $2.5 million as of September 30, 2024. The accrual is primarily based on environmental cost estimates provided by third parties and represents the best estimate of the Company’s proportionate share of costs to be incurred for site remediation efforts. Actual costs incurred resulting from the ultimate resolution of these uncertainties could exceed the amount accrued.

Segment Information Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Segment Reporting Information [Line Items]

Net sales

$ 229,360

$ 235,340

$ 696,960

$ 683,990

Operating profit (loss)

8,280

23,760

38,570

53,810

Segment Reporting Information, Additional Information [Abstract]

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

3,390

19,690

23,250

42,160

Interest Expense, Nonoperating

4,860

3,950

15,010

11,620

Other income (expense), net

(30)

(120)

(310)

(30)

Operating Segments [Member]

Segment Reporting Information [Line Items]

Operating profit (loss)

26,530

34,110

82,410

91,690

Operating Segments [Member] | Packaging [Member]

Segment Reporting Information [Line Items]

Net sales

130,240

116,500

389,190

350,040

Operating profit (loss)

17,930

16,470

53,060

48,140

Operating Segments [Member] | Aerospace [Member]

Segment Reporting Information [Line Items]

Net sales

70,830

67,580

215,890

177,370

Operating profit (loss)

6,310

7,130

23,870

11,190

Operating Segments [Member] | Specialty Products [Member]

Segment Reporting Information [Line Items]

Net sales

28,290

51,260

91,880

156,580

Operating profit (loss)

2,290

10,510

5,480

32,360

Corporate, Non-Segment [Member]

Segment Reporting Information [Line Items]

Operating profit (loss)

^[1]

$ (18,250)

$ (10,350)

$ (43,840)

$ (37,880)

[1]

Corporate consists of the corporate office and related corporate activities. Corporate expenses primarily include compensation, benefits, professional services, information technology and other administrative costs. Corporate expenses reconcile reportable segment information to the consolidated totals

Long-term Debt (Notes)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long-term debt

Long-term Debt

The Company's long-term debt consists of the following (dollars in thousands):


	September 30, 2024		December 31, 2023
4.125% Senior Notes due April 2029	$	400,000	$	400,000

Credit Agreement	13,500		—

Debt issuance costs	(3,630)		(4,340)


Long-term debt, net	$	409,870	$	395,660

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.


Year	Percentage
2024	102.063	%
2025	101.031	%
2026 and thereafter	100.000	%

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 and Euro borrowings to the Euro InterBank Offered Rate, both plus a spread of 1.75%, and U.S. dollar borrowings subject to the Secured Overnight Financing Rate 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, 2024, the Company had $13.5 million outstanding under its revolving credit facility and had $280.2 million potentially available after giving effect to $6.3 million of letters of credit issued and outstanding. At December 31, 2023, the Company had no amounts outstanding under its revolving credit facility and had $294.0 million potentially available after giving effect to $6.0 million of letters of credit issued and outstanding. After consideration of leverage restrictions contained in the Credit Agreement, as of September 30, 2024 and December 31, 2023, the Company had $183.3 million and $256.9 million, respectively, of borrowing capacity available for general corporate purposes.

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 any 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, 2024, 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. At September 30, 2024, the Company had $0.1 million outstanding on this loan facility, which is included in short-term borrowings on the accompanying consolidated balance sheet. There were no borrowings outstanding on this loan facility as of December 31, 2023.

Fair Value of Debt

The valuations of the Senior Notes and revolving credit facility 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, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	379,500	$	400,000	$	364,000

Revolving credit facility	13,500		13,500		—		—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings per Share (Notes)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to RSUs. The following table summarizes the dilutive effect of RSUs on common stock for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Weighted average common shares—basic	40,612,413	41,425,208	40,776,583	41,477,095
Dilutive effect of restricted stock units	334,158	248,173	312,625	229,772

Weighted average common shares—diluted	40,946,571	41,673,381	41,089,208	41,706,867

In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. In the three and nine months ended September 30, 2024, the Company purchased 99,130 and 771,067 shares of its outstanding common stock for $2.4 million and $19.3 million, respectively. During the three and nine months ended September 30, 2023, the Company purchased 10,506 and 462,388 shares of its outstanding common stock for $0.3 million and $13.4 million, respectively. As of September 30, 2024, the Company had $67.6 million remaining under the repurchase authorization.

Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021, the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. During the three and nine months ended September 30, 2024, the Company's cash dividends declared were $0.04 per share of common stock and total dividends declared and paid on common shares were $1.7 million and $5.0 million, respectively. In the three and nine months ended September 30, 2023, the Company's cash dividends declared were $0.04 per share of common stock and total dividends declared and paid on common shares were $1.7 million and $5.0 million, respectively.

Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	$ 0	$ 0	$ 0	$ 1,020
Defined Benefit Plan, Plan Assets, Contributions by Employer	500		1,000
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 1,200		$ 1,200

Derivative Instruments - Derivative Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 15, 2024	Feb. 15, 2024
Cross Currency Interest Rate Contract [Member] \| February 2024 [Domain]
Derivative [Line Items]
Derivative, Fair Value, Net			$ 4,900
Designated as Hedging Instrument [Member] \| Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| Derivative, October 2027 Maturity [Domain]
Derivative [Line Items]
Derivative, Fixed Interest Rate	1.43%
Derivative, Notional Amount	$ 75,000
Designated as Hedging Instrument [Member] \| Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| February 2024 [Domain]
Derivative [Line Items]
Derivative, Fixed Interest Rate	1.06%
Derivative, Notional Amount	$ 75,000
Not Designated as Hedging Instrument [Member] \| Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.40%
Derivative, Notional Amount	$ 75,000
Derivative, Fair Value, Net		$ 3,800
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 141,900
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member] \| February 2024 [Domain]
Derivative [Line Items]
Derivative, Notional Amount			$ 75,000

Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Asbestos-related liability noncurrent	$ 27,690	$ 23,880
Other long-term liabilities other than asbestos liability	28,060	16,740
Other Liabilities, Noncurrent	$ 55,750	$ 40,620

Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balances at Dec. 31, 2022	$ 651,830	$ 420	$ 696,160	$ (36,130)	$ (8,620)
Net income	4,910			4,910
Other comprehensive income (loss)	3,450				3,450
Purchase of common stock	(10,400)	0	(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
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	(1,660)		(1,660)
Balances at Mar. 31, 2023	648,760	420	684,730	(31,220)	(5,170)
Balances at Dec. 31, 2022	651,830	420	696,160	(36,130)	(8,620)
Net income	32,420
Other comprehensive income (loss)	2,470				2,470
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(2,680)
Dividends declared	(5,000)
Balances at Sep. 30, 2023	674,990	410	684,440	(3,710)	(6,150)
Balances at Mar. 31, 2023	648,760	420	684,730	(31,220)	(5,170)
Net income	11,020			11,020
Other comprehensive income (loss)	3,990				3,990
Purchase of common stock	(2,690)	(10)	(2,680)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(280)		(280)
Non-cash compensation expense	3,240		3,240
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	(1,680)		(1,680)
Balances at Jun. 30, 2023	662,360	410	683,330	(20,200)	(1,180)
Net income	16,490			16,490
Other comprehensive income (loss)	(4,970)				(4,970)
Purchase of common stock	(260)	0	(260)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(90)		(90)
Non-cash compensation expense	3,140		3,140
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings	(1,680)		(1,680)
Dividends declared	(1,700)
Balances at Sep. 30, 2023	674,990	410	684,440	(3,710)	(6,150)
Balances at Dec. 31, 2023	682,950	410	677,660	4,230	650
Net income	5,140			5,140
Other comprehensive income (loss)	(2,900)				(2,900)
Purchase of common stock	(13,320)	0	(13,240)	(80)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,560)		(1,560)
Non-cash compensation expense	4,570		4,570
Dividends declared	(1,660)		0	(1,660)
Balances at Mar. 31, 2024	673,220	410	667,430	7,630	(2,250)
Balances at Dec. 31, 2023	682,950	410	677,660	4,230	650
Net income	18,610
Other comprehensive income (loss)	(990)				(990)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,620)
Dividends declared	(5,000)
Balances at Sep. 30, 2024	682,750	410	665,000	17,680	(340)
Balances at Mar. 31, 2024	673,220	410	667,430	7,630	(2,250)
Net income	10,940			10,940
Other comprehensive income (loss)	(4,890)				(4,890)
Purchase of common stock	(3,530)	0	(3,490)	(40)
Non-cash compensation expense	1,850		1,850
Dividends declared	(1,660)		0	(1,660)
Balances at Jun. 30, 2024	675,930	410	665,790	16,870	(7,140)
Net income	2,530			2,530
Other comprehensive income (loss)	6,800				6,800
Purchase of common stock	(2,420)	0	(2,360)	(60)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(60)		(60)
Non-cash compensation expense	1,630		1,630
Dividends declared	(1,660)		0	(1,660)
Balances at Sep. 30, 2024	$ 682,750	$ 410	$ 665,000	$ 17,680	$ (340)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-Name Accounting Standards Codification
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+ Details

Earnings per Share Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.04			$ 0.04	$ 0.04	$ 0.04
Dividends, Common Stock, Cash	$ 1,660	$ 1,660	$ 1,660	$ 1,700	$ 5,000	$ 5,000

Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 648,510	$ 634,160
Less: Accumulated depreciation	319,200	304,170
Property and equipment, net	329,310	329,990
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,100	32,840
Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	95,550	99,230
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 521,860	$ 502,090

Derivative Instruments - Designated as hedging, Financial Position (Details) - Net Investment Hedging [Member] - Cross Currency Interest Rate Contract [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ (6,510)
Other long-term liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ (10,300)	$ 0

Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Balance, beginning	$ 363,770
Translation and purchase accounting adjustments	1,330
Balance, ending	365,100
Packaging [Member]
Goodwill [Roll Forward]
Balance, beginning	287,350
Translation and purchase accounting adjustments	1,480
Balance, ending	288,830
Aerospace [Member]
Goodwill [Roll Forward]
Balance, beginning	69,860
Translation and purchase accounting adjustments	(150)
Balance, ending	69,710
Specialty Products [Member]
Goodwill [Roll Forward]
Balance, beginning	6,560
Translation and purchase accounting adjustments	0
Balance, ending	$ 6,560

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

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, 2024	4,863	185	114	27	4,907	$	22,574	$	1,310,000
Fiscal Year Ended December 31, 2023	4,798	261	160	36	4,863	$	15,465	$	1,920,000

Schedule of Damages Sought for Specific Claims [Table Text Block]

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 claims

—

Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of September 30, 2024 and December 31, 2023, 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 Instruments

Balance Sheet Caption

September 30, 2024

December 31, 2023

Net Investment Hedges

Cross-currency swaps

Accrued liabilities

—

(6,510)

Cross-currency swaps

Other long-term liabilities

(10,300)

—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

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, 2024 and December 31, 2023, and the amounts reclassified from AOCI into earnings for the nine months ended September 30, 2024 and 2023 (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
	As of September 30, 2024		As of December 31, 2023		Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Three months ended September 30,				Nine months ended September 30,
						2024		2023		2024		2023
Net Investment Hedges
Cross-currency swaps	$	10,620	$	13,260	Other income (expense), net	$	—	$	—	$	—	$	—

Derivatives Not Designated as Hedging Instruments

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 (Loss) Recognized in Earnings on Derivatives
		Three months ended September 30,				Nine months ended September 30,
	Location of Income (Loss) Recognized in Earnings on Derivatives	2024		2023		2024		2023
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net	$	1,600	$	940	$	5,110	$	130
Cross-currency swaps	Other income (expense), net	—		—		810		—

Fair Value Measurements, Recurring and Nonrecurring

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, 2024 and December 31, 2023 are shown below (dollars in thousands):


Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2024
Cross-currency swaps	Recurring	$	(10,300)	$	—	$	(10,300)	$	—
Foreign exchange contracts	Recurring	$	1,170	$	—	$	1,170	$	—
December 31, 2023
Cross-currency swaps	Recurring	$	(6,510)	$	—	$	(6,510)	$	—
Foreign exchange contracts	Recurring	$	(140)	$	—	$	(140)	$	—

Consolidated Balance Sheet Statement - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 26,910	$ 34,890
Receivables, net of reserves of $4.5 million and $4.2 million as of September 30, 2024 and December 31, 2023, respectively	163,260	148,030
Inventories	213,880	192,450
Prepaid expenses and other current assets	31,290	22,010
Total current assets	435,340	397,380
Property and equipment, net	329,310	329,990
Operating lease right-of-use assets	42,220	43,220
Goodwill	365,100	363,770
Other intangibles, net	168,650	181,020
Deferred income taxes	10,370	10,230
Other assets	16,840	16,050
Total assets	1,367,830	1,341,660
Current liabilities:
Short-term borrowings	80	0
Accounts payable	80,800	91,910
Accrued liabilities	65,210	59,640
Lease liabilities, current portion	7,900	7,900
Total current liabilities	153,990	159,450
Long-term debt, net	409,870	395,660
Lease liabilities	38,650	39,690
Deferred income taxes	26,820	23,290
Other long-term liabilities	55,750	40,620
Total liabilities	685,080	658,710
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None	0	0
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 40,563,351 shares at September 30, 2024 and 41,202,110 shares at December 31, 2023	410	410
Paid-in capital	665,000	677,660
Retained earnings	17,680	4,230
Accumulated other comprehensive income (loss)	(340)	650
Total shareholders' equity	682,750	682,950
Total liabilities and shareholders' equity	$ 1,367,830	$ 1,341,660

Realignment Actions (Details) - Realignment actions [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Realignment Costs [Line Items]
Realignment costs	$ 0.9	$ 2.7	$ 0.9	$ 6.4
Facility consolidation realignment costs		1.1		1.3
Employee-related costs		0.8		2.1
Restructuring and Related Cost, Accelerated Depreciation				2.2
Inventory Write-down		0.8		0.8
Cost of Sales [Member]
Realignment Costs [Line Items]
Realignment costs	0.5	2.4	0.5	5.7
Selling, General and Administrative Expenses [Member]
Realignment Costs [Line Items]
Realignment costs	$ 0.4	$ 0.3	$ 0.4	$ 0.7

Equity Awards (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

Information related to RSUs at September 30, 2024 is as follows:


	Number of Unvested RSUs	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	691,836	$	30.97
Granted	437,938	24.86
Vested	(196,088)	30.45
Cancelled	(91,656)	32.77
Outstanding at September 30, 2024	842,030	$	27.72	1.2	$	21,497,026

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	25.40%	16.30%	20.00%	23.10%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount		$ 2,400	$ 1,700	$ 2,400
Income Tax Expense (Benefit)	$ 860	$ 3,200	$ 4,640	$ 9,740

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Commitments and Contingencies Asbestos Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended	405 Months Ended
	Sep. 30, 2024 USD ($) cases claimants	Sep. 30, 2024 USD ($) cases claimants	Dec. 31, 2023 USD ($) claimants	Sep. 30, 2024 USD ($) cases claimants	Dec. 31, 2022 claimants
Asbestos [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations	$ 30,100	$ 30,100	$ 26,600	$ 30,100
Loss Contingency, Pending Cases, Number \| cases	485	485		485
Loss Contingency, Pending Claims, Number \| claimants	4,907	4,907	4,863	4,907	4,798
Total settlement costs				$ 13,700
Loss Contingency, New Claims Filed, Number \| claimants		185	261
Percentage of settlement and defense costs covered by insurance				40.00%
Legal Fees		$ 1,310	$ 1,920
Liability for Asbestos and Environmental Claims, Gross, Period Increase (Decrease)	$ 5,500
Asbestos [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations	31,000	31,000		$ 31,000
Asbestos [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations	39,800	39,800		$ 39,800
Environmental Issue
Loss Contingencies [Line Items]
Liability for Asbestos and Environmental Claims, Gross, Period Increase (Decrease)	1,800	$ 2,500
Punitive Only Damages [Member] \| Asbestos [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 5,000
Compensatory Only Damages [Member] \| Asbestos [Member] \| Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	38	38		38

Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (264,880)	$ (252,200)
Intangible Assets, Gross (Excluding Goodwill)	433,530	433,220
Trademarks and Trade Names [Member]
Intangible Assets, excluding Goodwill [Line Items]
Indefinite-lived intangible assets, gross carrying amount	62,010	61,860
Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	271,210	271,090
Finite-lived intangible assets, accumulated amortization	(179,900)	(169,620)
Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	100,310	100,270
Finite-lived intangible assets, accumulated amortization	(84,980)	(82,580)
Useful Life Five to Twelve Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	141,540	141,260
Finite-lived intangible assets, accumulated amortization	(94,670)	(89,020)
Useful Life Fifteen to Twentyfive Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	129,670	129,830
Finite-lived intangible assets, accumulated amortization	(85,230)	(80,600)
Useful Life One to Fifteen Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	57,010	56,970
Finite-lived intangible assets, accumulated amortization	(43,990)	(41,850)
Useful Life Seventeen to Thirty Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	43,300	43,300
Finite-lived intangible assets, accumulated amortization	$ (40,990)	$ (40,730)
Minimum [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	1 year
Minimum [Member] \| Useful Life Five to Twelve Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	5 years
Minimum [Member] \| Useful Life Fifteen to Twentyfive Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years
Minimum [Member] \| Useful Life One to Fifteen Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	1 year
Minimum [Member] \| Useful Life Seventeen to Thirty Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	17 years
Maximum [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	30 years
Maximum [Member] \| Useful Life Five to Twelve Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	12 years
Maximum [Member] \| Useful Life Fifteen to Twentyfive Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	25 years
Maximum [Member] \| Useful Life One to Fifteen Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years
Maximum [Member] \| Useful Life Seventeen to Thirty Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	30 years

Goodwill and Other Intangible Assets (Notes)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the nine months ended September 30, 2024 are summarized as follows (dollars in thousands):



	Packaging		Aerospace		Specialty Products		Total
Balance, December 31, 2023	$	287,350	$	69,860	$	6,560	$	363,770




Foreign currency translation and other	1,480		(150)		—		1,330
Balance, September 30, 2024	$	288,830	$	69,710	$	6,560	$	365,100

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, 2024				As of December 31, 2023
Intangible Category by Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships, 5 – 12 years	$	141,540	$	(94,670)	$	141,260	$	(89,020)
Customer relationships, 15 – 25 years	129,670		(85,230)		129,830		(80,600)
Total customer relationships	271,210		(179,900)		271,090		(169,620)
Technology and other, 1 – 15 years	57,010		(43,990)		56,970		(41,850)
Technology and other, 17 – 30 years	43,300		(40,990)		43,300		(40,730)
Total technology and other	100,310		(84,980)		100,270		(82,580)
Indefinite-lived intangible assets:
Trademark/Trade names	62,010		—		61,860		—
Total other intangible assets	$	433,530	$	(264,880)	$	433,220	$	(252,200)

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,
	2024		2023		2024		2023
Technology and other, included in cost of sales	$	810	$	800	$	2,470	$	2,410
Customer relationships, included in selling, general and administrative expenses	3,400		3,810		10,170		11,400
Total amortization expense	$	4,210	$	4,610	$	12,640	$	13,810

Long-term Debt - Senior Notes (Details) - Senior Notes [Member] - 4.125% Senior Unsecured Notes Due 2029 $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400.0	$ 400.0
Debt Instrument, Interest Rate, Stated Percentage	4.125%	4.125%
Debt Instrument, Maturity Date	Apr. 15, 2029
Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		102.063%
Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		101.031%
Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage		100.00%

Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ (340)		$ (340)		$ 650
Net Investment Hedging [Member] \| Designated as Hedging Instrument [Member] \| Cross Currency Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)	10,620		10,620		$ 13,260
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 0	$ 0	$ 0

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Income Taxes (Notes)	9 Months Ended
Income Taxes (Notes)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes The effective income tax rate for the three months ended September 30, 2024 and 2023 was 25.4% and 16.3%, respectively. The Company recorded income tax expense of $0.9 million and $3.2 million for the three months ended September 30, 2024 and 2023, respectively. The effective tax rate for the three months ended September 30, 2024 was higher than in the prior year period primarily due to the recognition of approximately $2.4 million of tax benefit related to foreign tax loss carryforwards in the prior year period. The effective income tax rate for the nine months ended September 30, 2024 and 2023 was 20.0% and 23.1%, respectively. The Company recorded income tax expense of $4.6 million and $9.7 million for the nine months ended September 30, 2024 and 2023, respectively, including tax benefits related to foreign tax loss carryforwards of $1.7 million and $2.4 million for the nine months ended September 30, 2024 and 2023, respectively. The effective tax rate for the nine months ended September 30, 2024 was lower than in the prior year period primarily due to a decrease in losses in jurisdictions where no tax benefit can be recorded, and the recognition of tax benefits related to foreign tax loss carryforwards. While the recorded tax benefit related to foreign tax loss carryforwards decreased compared to the prior year period, the impact on the effective tax rate increased due to a reduction in pre-tax income.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Earnings per Share Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

The following table summarizes the dilutive effect of RSUs on common stock for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
Weighted average common shares—basic	40,612,413	41,425,208	40,776,583	41,477,095
Dilutive effect of restricted stock units	334,158	248,173	312,625	229,772

Weighted average common shares—diluted	40,946,571	41,673,381	41,089,208	41,706,867

Defined Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2024

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Costs of Retirement Plans

The components of net periodic pension cost (income) are as follows (dollars in thousands):


	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Service costs	$	140	$	120	$	400	$	360
Interest costs	320		320		980		950
Expected return on plan assets	(510)		(530)		(1,530)		(1,580)

Settlement and curtailment losses	—		—		—		1,020
Amortization of net loss	50		20		140		90
Net periodic benefit cost (income)	$	—	$	(70)	$	(10)	$	840

Basis of Presentation (Notes)	9 Months Ended
Basis of Presentation (Notes)	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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 2023 Annual Report on Form 10-K.

Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued related to director fee deferrals			3,435
Number of Unvested Restricted Stock Units Granted			437,938
Unrecognized unvested restricted shares-based compensation expense	$ 6.4		$ 6.4
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense			2 years 1 month 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			91,656
Dividend Declared
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted			93
Plan 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted			292,226
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			3 years
Plan 7 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted			32,544
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			1 year
Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted			109,640
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			4.50%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			31.40%
3 year EPS CAGR metric [Member] \| Maximum [Member] \| Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award percentage earned based on metric over the performance period			50.00%
Total shareholder return metric [Member] \| Minimum [Member] \| Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award			0.00%
Total shareholder return metric [Member] \| Maximum [Member] \| Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award			250.00%
Cash return on net assets metric \| Maximum [Member] \| Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award percentage earned based on metric over the performance period			50.00%
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares-based compensation expense	$ 1.6	$ 3.1	$ 8.1	$ 9.3

Leases Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Leases [Abstract]

Operating lease right-of-use assets

$ 42,220

$ 43,220

Finance Lease, Right-of-Use Asset, after Accumulated Amortization

^[1]

2,330

2,470

Lease right of use assets

44,550

45,690

Operating lease liabilities, current portion

7,410

Finance Lease, Liability, Current

490

Operating Lease, Liability, Noncurrent

37,280

37,980

Finance Lease, Liability, Noncurrent

1,370

1,710

Lease liabilities

46,550

47,590

Finance Lease, Right-of-Use Asset, Accumulated Amortization

$ 400

$ 200

[1]	Finance leases were recorded net of accumulated depreciation of $0.4 million and $0.2 million as of September 30, 2024 and December 31, 2023, respectively.

Earnings per Share Repurchase of Common Stock (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock Repurchased and Retired During Period, Value	$ 2,420	$ 3,530	$ 13,320	$ 260	$ 2,690	$ 10,400
10b5-1 share repurchase program [Member]
Stock Repurchase Program, Authorized Amount	$ 250,000						$ 250,000
Stock Repurchased and Retired During Period, Shares	99,130			10,506			771,067	462,388
Stock Repurchased and Retired During Period, Value	$ 2,400			$ 300			$ 19,300	$ 13,400
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 67,600						$ 67,600

Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) claimants	Sep. 30, 2024 USD ($) claimants
Compensatory Only Damages [Member] \| Range 1 [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 0.0
Compensatory Only Damages [Member] \| Range 1 [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		0.6
Compensatory Only Damages [Member] \| Range 2 [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		0.6
Compensatory Only Damages [Member] \| Range 2 [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		5.0
Compensatory Only Damages [Member] \| Range 3 [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 5.0
Punitive Only Damages [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 5.0
Pending Litigation [Member] \| Compensatory Only Damages [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	38	38
Pending Litigation [Member] \| Compensatory Only Damages [Member] \| Range 1 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	0	0
Pending Litigation [Member] \| Compensatory Only Damages [Member] \| Range 2 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	5	5
Pending Litigation [Member] \| Compensatory Only Damages [Member] \| Range 3 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	33	33

Subsequent Event Weldmac (Details) - Subsequent Event [Member] $ in Thousands	Oct. 25, 2024 USD ($)
Subsequent Event [Line Items]
Subsequent Event, Date	Oct. 25, 2024
Weldmac Manufacturing Company
Subsequent Event [Line Items]
Business Combination, Contingent Consideration, Liability	$ 2,250

Other Comprehensive Income (Loss) (Notes)

9 Months Ended

Sep. 30, 2024

Other Comprehensive Income [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Other Comprehensive Income (Loss)

Changes in AOCI by component for the nine months ended September 30, 2024 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2023	$	(5,730)	$	13,260	$	(6,880)	$	650
Net unrealized gains (losses) arising during the period (a)	—		(2,640)		1,560		(1,080)
Less: Net realized losses reclassified to net income	(90)		—		—		(90)
Net current-period other comprehensive income (loss)	90		(2,640)		1,560		(990)

Balance, September 30, 2024	$	(5,640)	$	10,620	$	(5,320)	$	(340)

__________________________

(a) Derivative instruments, net of income tax of $0.8 million. See Note 10, "Derivative Instruments," for further details.

Changes in AOCI by component for the nine months ended September 30, 2023 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2022	$	(5,380)	$	15,320	$	(18,560)	$	(8,620)
Net unrealized gains arising during the period (a)	—		630		1,060		1,690
Less: Net realized losses reclassified to net income (b)	(780)		—		—		(780)
Net current-period other comprehensive income	780		630		1,060		2,470

Balance, September 30, 2023	$	(4,600)	$	15,950	$	(17,500)	$	(6,150)

__________________________

(a) Derivative instruments, net of income tax of $0.2 million. See Note 10, "Derivative Instruments," for further details.

(b) Defined benefit plans, net of income tax of $0.3 million. See Note 17, "Defined Benefit Plans," for further details.

Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Unvested Restricted Stock Units Outstanding, beginning balance \| shares	691,836
Number of Unvested Restricted Stock Units Granted \| shares	437,938
Number of Unvested Restricted Stock Units Vested \| shares	(196,088)
Number of Unvested Restricted Stock Units Cancelled \| shares	(91,656)
Number of Unvested Restricted Stock Units Outstanding, ending balance \| shares	842,030
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, beginning	$ 30.97
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value	24.86
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value	30.45
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value	32.77
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending	$ 27.72
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Restricted Stock Units Average Remaining Contractual Life (Years)	1 year 2 months 12 days
Restricted Stock Units Aggregate Intrinsic Value	$ 21,497,026

Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	$ 140	$ 120	$ 400	$ 360
Interest costs	320	320	980	950
Expected return on plan assets	(510)	(530)	(1,530)	(1,580)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	0	0	0	1,020
Amortization of net (gain)/loss	50	20	140	90
Net periodic benefit cost (income)	$ 0	$ (70)	$ (10)	$ 840

Other Long-term Liabilities (Notes)

9 Months Ended

Sep. 30, 2024

Other Liabilities Disclosure [Abstract]

Other Liabilities Disclosure [Text Block]

Other Long-term liabilities

Other long-term liabilities consist of the following components (dollars in thousands):


	September 30, 2024		December 31, 2023
Non-current asbestos-related liabilities	$	27,690	$	23,880
Other long-term liabilities	28,060		16,740
Total other long-term liabilities	$	55,750	$	40,620

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the nine months ended September 30, 2024 are summarized as follows (dollars in thousands):



	Packaging		Aerospace		Specialty Products		Total
Balance, December 31, 2023	$	287,350	$	69,860	$	6,560	$	363,770




Foreign currency translation and other	1,480		(150)		—		1,330
Balance, September 30, 2024	$	288,830	$	69,710	$	6,560	$	365,100

Schedule of Intangible Assets (excluding Goodwill) by Major Class


	As of September 30, 2024				As of December 31, 2023
Intangible Category by Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships, 5 – 12 years	$	141,540	$	(94,670)	$	141,260	$	(89,020)
Customer relationships, 15 – 25 years	129,670		(85,230)		129,830		(80,600)
Total customer relationships	271,210		(179,900)		271,090		(169,620)
Technology and other, 1 – 15 years	57,010		(43,990)		56,970		(41,850)
Technology and other, 17 – 30 years	43,300		(40,990)		43,300		(40,730)
Total technology and other	100,310		(84,980)		100,270		(82,580)
Indefinite-lived intangible assets:
Trademark/Trade names	62,010		—		61,860		—
Total other intangible assets	$	433,530	$	(264,880)	$	433,220	$	(252,200)

Schedule of Finite-Lived Intangible Assets, Amortization Expense

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,
	2024		2023		2024		2023
Technology and other, included in cost of sales	$	810	$	800	$	2,470	$	2,410
Customer relationships, included in selling, general and administrative expenses	3,400		3,810		10,170		11,400
Total amortization expense	$	4,210	$	4,610	$	12,640	$	13,810

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 2,530	$ 16,490	$ 18,610	$ 32,420
Other comprehensive income (loss)
Defined benefit plans	40	10	90	780
Foreign currency translation	10,510	(8,360)	1,560	1,060
Derivative instruments	(3,750)	3,380	(2,640)	630
Total other comprehensive income (loss)	6,800	(4,970)	(990)	2,470
Total comprehensive income	$ 9,330	$ 11,520	$ 17,620	$ 34,890

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Revenue (Notes)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

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 Markets	2024		2023		2024		2023
Consumer Products	$	105,390	$	96,220	$	315,950	$	287,730
Aerospace & Defense	70,830		67,580		215,890		177,370
Industrial	53,140		71,540		165,120		218,890
Total net sales	$	229,360	$	235,340	$	696,960	$	683,990

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Derivative Instruments (Notes)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivatives Designated as Hedging Instruments

The Company uses cross-currency swap contracts 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.

In June 2024, the Company entered into a cross-currency swap agreement effective as of June 27, 2024, with a notional amount of $75.0 million and a contract period end date of October 15, 2027. Under the terms of the agreement, the Company is to receive net interest payments at a fixed rate of approximately 1.43% of the notional amount. At inception, the cross-currency swap was designated as a net investment hedge.

In February 2024, the Company entered into a cross-currency swap agreement effective as of April 15, 2024, with a notional amount of $75.0 million and a contract period end date of April 15, 2029. Under the terms of the agreement, the Company is to receive net interest payments at a fixed rate of approximately 1.06% of the notional amount. At inception, the cross-currency swap was designated as a net investment hedge. At designation, the cross currency swap had an inception date non-zero fair value equal to a $4.9 million liability, which offset the inception date non-zero fair value of a $75.0 million foreign currency exchange forward contract entered into on the same date. The non-zero fair value of the cross currency swap was recognized in other income (expense), net in the consolidated statement of income during the nine months ended September 30, 2024.

In February 2024, immediately prior to entering into the new cross-currency swap agreement, the Company voluntarily discontinued hedge accounting for its existing cross-currency swap agreement, de-designating the swap as a net investment hedge. The de-designated agreement had a notional amount of $75.0 million and a contract period end date of April 15, 2024. Under the terms of the agreement, the Company received net interest payments at a fixed rate of approximately 2.4% of the notional amount. At contract settlement, the cross currency swap agreement had a fair value equal to a $3.8 million liability, which was offset by the settlement of the $75.0 million foreign currency exchange forward contract that ended on the same date, both of which were classified as an investing activity in the accompanying consolidated statement of cash flows.

As of September 30, 2024 and December 31, 2023, 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 Instruments

Balance Sheet Caption

September 30, 2024

December 31, 2023

Net Investment Hedges

Cross-currency swaps

Accrued liabilities

—

(6,510)

Cross-currency swaps

Other long-term liabilities

(10,300)

—


	Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax)					Amount of Income (Loss) Reclassified from AOCI into Earnings
	As of September 30, 2024		As of December 31, 2023		Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Three months ended September 30,				Nine months ended September 30,
						2024		2023		2024		2023
Net Investment Hedges
Cross-currency swaps	$	10,620	$	13,260	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, 2024, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of $141.9 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 March 2025. 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 (Loss) Recognized in Earnings on Derivatives
		Three months ended September 30,				Nine months ended September 30,
	Location of Income (Loss) Recognized in Earnings on Derivatives	2024		2023		2024		2023
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net	$	1,600	$	940	$	5,110	$	130
Cross-currency swaps	Other income (expense), net	—		—		810		—

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, 2024 and December 31, 2023 are shown below (dollars in thousands):


Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2024
Cross-currency swaps	Recurring	$	(10,300)	$	—	$	(10,300)	$	—
Foreign exchange contracts	Recurring	$	1,170	$	—	$	1,170	$	—
December 31, 2023
Cross-currency swaps	Recurring	$	(6,510)	$	—	$	(6,510)	$	—
Foreign exchange contracts	Recurring	$	(140)	$	—	$	(140)	$	—

Realignment Actions (Notes)	9 Months Ended
Realignment Actions (Notes)	Sep. 30, 2024
Realignment Actions [Abstract]
Restructuring, Impairment, and Other Activities Disclosure [Text Block]	Realignment Actions 2024 Realignment Actions During the three and nine months ended September 30, 2024, the Company incurred pre-tax realignment charges of $0.9 million in its Packaging segment, related to the closure of its facility in Irwindale, California. For the three and nine months ended September 30, 2024, $0.5 million and $0.4 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of income. 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.