Supplemental Guarantor Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2012

Supplemental Guarantor Condensed Consolidating Financial Information [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Supplemental Guarantor Condensed Consolidating Financial Information

Under an indenture dated December 29, 2009, TriMas Corporation, the parent company ("Parent"), issued 9³/₄% senior secured notes due 2017 in a total principal amount of $250.0 million (face value). The outstanding Senior Notes are fully and unconditionally guaranteed on a joint and several basis by substantially all of the Company's domestic subsidiaries ("Guarantor Subsidiaries”). The Company's non-domestic subsidiaries and TSPC, Inc. have not guaranteed the Senior Notes ("Non-Guarantor Subsidiaries"). The Guarantor Subsidiaries have also guaranteed amounts outstanding under the Company's Credit Agreement.

The accompanying supplemental guarantor condensed, consolidating financial information is presented using the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the Company's share in the subsidiaries' cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions.



	March 31, 2012
	Parent		Guarantor		Non- Guarantor		Eliminations			Consolidated Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	560	$	14,400	$	—		$	14,960
Trade receivables, net	—		146,940		32,880		—			179,820
Receivables, intercompany	—		350		—		(350		)	—
Inventories	—		166,890		31,610		—			198,500
Deferred income taxes	—		17,520		990		—			18,510
Prepaid expenses and other current assets	—		11,610		1,780		—			13,390
Total current assets	—		343,870		81,660		(350		)	425,180
Investments in subsidiaries	445,490		118,020		—		(563,510		)	—
Property and equipment, net	—		106,540		59,360		—			165,900
Goodwill	—		203,900		47,430		—			251,330
Intangibles and other assets	5,870		213,850		6,290		(1,160		)	224,850
Total assets	$	451,360	$	986,180	$	194,740	$	(565,020	)	$	1,067,260
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	—	$	7,290	$	5,690	$	—		$	12,980
Accounts payable, trade	—		116,750		27,830		—			144,580
Accounts payable, intercompany	—		—		350		(350		)	—
Accrued liabilities	7,160		54,810		9,940		—			71,910
Total current liabilities	7,160		178,850		43,810		(350		)	229,470
Long-term debt	246,020		216,140		24,000		—			486,160
Deferred income taxes	—		61,010		5,520		(1,160		)	65,370
Other long-term liabilities	—		59,300		3,390		—			62,690
Total liabilities	253,180		515,300		76,720		(1,510		)	843,690
Redeemable noncontrolling interest	—		25,390		—		—			25,390
Total shareholders' equity	198,180		445,490		118,020		(563,510		)	198,180
Total liabilities and shareholders' equity	$	451,360	$	986,180	$	194,740	$	(565,020	)	$	1,067,260

Supplemental Guarantor

Condensed Financial Statements

Consolidating Balance Sheet

(dollars in thousands)



	December 31, 2011
	Parent		Guarantor		Non- Guarantor		Eliminations			Consolidated Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	33,820	$	55,100	$	—		$	88,920
Trade receivables, net	—		105,030		30,580		—			135,610
Receivables, intercompany	—		2,290		—		(2,290		)	—
Inventories	—		147,010		31,020		—			178,030
Deferred income taxes	—		17,280		1,230		—			18,510
Prepaid expenses and other current assets	—		8,950		1,670		—			10,620
Total current assets	—		314,380		119,600		(2,290		)	431,690
Investments in subsidiaries	412,840		169,360		—		(582,200		)	—
Property and equipment, net	—		103,880		55,330		—			159,210
Goodwill	—		169,290		46,070		—			215,360
Intangibles and other assets	7,920		169,020		6,350		(3,010		)	180,280
Total assets	$	420,760	$	925,930	$	227,350	$	(587,500	)	$	986,540
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	—	$	7,290	$	—	$	—		$	7,290
Accounts payable, trade	—		115,150		31,780		—			146,930
Accounts payable, intercompany	—		—		2,290		(2,290		)	—
Accrued liabilities	1,080		58,660		10,400		—			70,140
Total current liabilities	1,080		181,100		44,470		(2,290		)	224,360
Long-term debt	245,890		216,720		—		—			462,610
Deferred income taxes	—		61,580		6,210		(3,010		)	64,780
Other long-term liabilities	—		53,690		7,310		—			61,000
Total liabilities	246,970		513,090		57,990		(5,300		)	812,750
Total shareholders' equity	173,790		412,840		169,360		(582,200		)	173,790
Total liabilities and shareholders' equity	$	420,760	$	925,930	$	227,350	$	(587,500	)	$	986,540

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)



	Three Months Ended March 31, 2012
	Parent			Guarantor			Non-Guarantor			Eliminations			Consolidated Total
Net sales	$	—		$	249,360		$	61,200		$	(12,990	)	$	297,570
Cost of sales	—			(183,890		)	(47,760		)	12,990			(218,660		)
Gross profit	—			65,470			13,440			—			78,910
Selling, general and administrative expenses	—			(42,220		)	(8,250		)	—			(50,470		)
Gain (loss) on dispositions of property and equipment	—			310			(10		)	—			300
Operating profit	—			23,560			5,180			—			28,740
Other income (expense), net:
Interest expense	(6,410		)	(3,850		)	(410		)	—			(10,670		)
Other, net	—			(3,040		)	1,400			—			(1,640		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(6,410		)	16,670			6,170			—			16,430
Income tax (expense) benefit	2,230			(4,950		)	(1,460		)	—			(4,180		)
Equity in net income of subsidiaries	16,430			4,710			—			(21,140		)	—
Net income	12,250			16,430			4,710			(21,140		)	12,250
Less: Net loss attributable to noncontrolling interests	—			(240		)	—			—			(240		)
Net income attributable to TriMas Corporation	$	12,250		$	16,670		$	4,710		$	(21,140	)	$	12,490

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)



	Three Months Ended March 31, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Consolidated Total
Net sales	$	—		$	216,950		$	51,680		$	(10,070	)	$	258,560
Cost of sales	—			(157,900		)	(38,910		)	10,070			(186,740		)
Gross profit	—			59,050			12,770			—			71,820
Selling, general and administrative expenses	—			(36,020		)	(7,520		)	—			(43,540		)
Gain on dispositions of property and equipment	—			70			—			—			70
Operating profit	—			23,100			5,250			—			28,350
Other income (expense), net:
Interest expense	(6,420		)	(5,060		)	(540		)	—			(12,020		)
Other, net	—			(2,570		)	1,410			—			(1,160		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(6,420		)	15,470			6,120			—			15,170
Income tax (expense) benefit	2,250			(3,640		)	(3,090		)	—			(4,480		)
Equity in net income of subsidiaries	15,920			3,030			—			(18,950		)	—
Income from continuing operations	11,750			14,860			3,030			(18,950		)	10,690
Income from discontinued operations, net of income taxes	—			1,060			—			—			1,060
Net income	$	11,750		$	15,920		$	3,030		$	(18,950	)	$	11,750

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Comprehensive Income

(dollars in thousands)



	Three Months Ended March 31, 2012
	Parent		Guarantor			Non-Guarantor		Eliminations			Consolidated Total
Net income	$	12,250	$	16,430		$	4,710	$	(21,140	)	$	12,250
Other comprehensive income
Amortization of defined benefit plan deferred losses, net of tax	—		60			60		—			120
Foreign currency translation	—		—			4,510		—			4,510
Net changes in unrealized loss on interest rate swaps, net of tax	—		(410		)	—		—			(410		)
Total other comprehensive income	—		(350		)	4,570		—			4,220
Total comprehensive income	12,250		16,080			9,280		(21,140		)	16,470
Less: Net loss attributable to noncontrolling interests	—		(240		)						(240		)
Total comprehensive income attributable to TriMas Corporation	$	12,250	$	16,320		$	9,280	$	(21,140	)	$	16,710



	Three Months Ended March 31, 2011
	Parent		Guarantor		Non-Guarantor		Eliminations			Consolidated Total
Net income	$	11,750	$	15,920	$	3,030	$	(18,950	)	$	11,750
Other comprehensive income
Amortization of defined benefit plan deferred losses, net of tax	—		30		20		—			50
Foreign currency translation	—		—		4,840		—			4,840
Net changes in unrealized loss on interest rate swaps, net of tax	—		150		—		—			150
Total other comprehensive income	—		180		4,860		—			5,040
Total comprehensive income	11,750		16,100		7,890		(18,950		)	16,790

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Cash Flows

(dollars in thousands)



	Three Months Ended March 31, 2012
	Parent			Guarantor			Non-Guarantor			Eliminations		Consolidated Total
Cash Flows from Operating Activities:
Net cash used for operating activities	$	(4,500	)	$	(33,740	)	$	(1,160	)	$	—	(39,400		)
Cash Flows from Investing Activities:
Capital expenditures	—			(6,570		)	(4,800		)	—		(11,370		)
Acquisition of businesses, net of cash acquired	—			(59,190		)	—			—		(59,190		)
Net proceeds from disposition of assets	—			320			—			—		320
Net cash used for investing activities	—			(65,440		)	(4,800		)	—		(70,240		)
Cash Flows from Financing Activities:
Proceeds from borrowings on term loan facilities	—			—			36,420			—		36,420
Repayments of borrowings on term loan facilities	—			—			(31,010		)	—		(31,010		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			180,000			—			—		180,000
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(156,000		)	—			—		(156,000		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(990		)	—			—			—		(990		)
Proceeds from exercise of stock options	5,490			—			—			—		5,490
Excess tax benefits from stock based compensation	—			1,770			—			—		1,770
Intercompany transfers (to) from subsidiaries	—			40,150			(40,150		)	—		—
Net cash provided by (used for) financing activities	4,500			65,920			(34,740		)	—		35,680
Cash and Cash Equivalents:
Decrease for the period	—			(33,260		)	(40,700		)	—		(73,960		)
At beginning of period	—			33,820			55,100			—		88,920
At end of period	$	—		$	560		$	14,400		$	—	$	14,960

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Cash Flows

(dollars in thousands)



	Three Months Ended March 31, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations		Consolidated Total
Cash Flows from Operating Activities:
Net cash used for operating activities	$	—		$	(29,780	)	$	2,780		$	—	(27,000		)
Cash Flows from Investing Activities:
Capital expenditures	—			(4,630		)	(2,180		)	—		(6,810		)
Net proceeds from disposition of assets	—			480			20			—		500
Net cash used for investing activities	—			(4,150		)	(2,160		)	—		(6,310		)
Cash Flows from Financing Activities:
Proceeds from borrowings on term loan facilities	—			—			1,530			—		1,530
Repayments of borrowings on term loan facilities	—			(650		)	—			—		(650		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			135,700			—			—		135,700
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(135,700		)	—			—		(135,700		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(720		)	—			—			—		(720		)
Proceeds from exercise of stock options	180			—			—			—		180
Excess tax benefits from stock based compensation	—			1,510			—			—		1,510
Intercompany transfers (to) from subsidiaries	540			21,540			(22,080		)	—		—
Net cash provided by (used for) financing activities	—			22,400			(20,550		)	—		1,850
Cash and Cash Equivalents:
Decrease for the period	—			(11,530		)	(19,930		)	—		(31,460		)
At beginning of period	—			15,070			31,300			—		46,370
At end of period	$	—		$	3,540		$	11,370		$	—	$	14,910

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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