XML 32 R21.htm IDEA: XBRL DOCUMENT v3.24.2
Segment Information (Notes)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information 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 June 30,Six months ended June 30,
 2024202320242023
Net Sales
Packaging$131,930 $117,320 $258,950 $233,540 
Aerospace77,720 59,800 145,060 109,790 
Specialty Products30,850 56,070 63,590 105,320 
Total$240,500 $233,190 $467,600 $448,650 
Operating Profit (Loss) and Income Before Income Tax Expense
Segment operating profit
Packaging$18,020 $17,280 $35,130 $31,670 
Aerospace 10,430 2,630 17,560 4,060 
Specialty Products580 12,100 3,190 21,850 
Segment operating profit29,030 32,010 55,880 57,580 
Corporate (a)
(11,180)(11,950)(25,590)(27,530)
Total operating profit17,850 20,060 30,290 30,050 
Interest expense(5,220)(3,970)(10,150)(7,670)
Other income (expense), net40 160 (280)90 
Income before income tax expense$12,670 $16,250 $19,860 $22,470 
__________________________
(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.