XML 66 R50.htm IDEA: XBRL DOCUMENT v3.25.0.1

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment activity is as follows (dollars in thousands):

						Packaging						Aerospace						Specialty Products						Total
As of December 31, 2024
Net sales						$	512,320					$	294,210					$	118,480					$	925,010
Adjusted cost of sales (a)						(388,010)						(222,680)						(104,240)
Adjusted selling, general and administrative expenses (b)						(54,200)						(34,310)						(7,790)
Other segment items (c)						1,100						(20)						(90)
Segment adjusted operating profit						$	71,210					$	37,200					$	6,360					$	114,770
Corporate (d)																								(52,680)
Third-party and other costs incurred related to strike																								(3,390)
Realignment and severance costs																								(2,990)
Accelerated depreciation																								(8,230)
Impairment of indefinite-lived intangible assets																								(230)
Mergers, acquisitions, diligence and transaction costs																								(60)
Interest expense																								(19,560)
Other income (expense), net																								2,410
Income before income tax expense																								$	30,040
As of December 31, 2023
Net sales						$	463,600					$	241,400					$	188,550					$	893,550
Adjusted cost of sales (a)						(343,340)						(190,890)						(144,100)
Adjusted selling, general and administrative expenses (b)						(47,450)						(30,970)						(7,830)
Other segment items (c)						40						(10)						(30)
Segment adjusted operating profit						$	72,850					$	19,530					$	36,590					$	128,970
Corporate (e)																								(46,620)
Realignment and severance costs																								(12,600)
Purchase accounting costs																								(3,190)
Impairment of indefinite-lived intangible assets																								(1,120)
Interest expense																								(15,920)
Other income (expense), net																								1,070
Income before income tax expense																								$	50,590

						Packaging						Aerospace						Specialty Products						Total
As of December 31, 2022
Net sales						$	522,180					$	188,090					$	173,560					$	883,830
Adjusted cost of sales (a)						(382,350)						(152,140)						(134,530)
Adjusted selling, general and administrative expenses (b)						(53,620)						(28,880)						(8,680)
Other segment items (f)						(10)						4,810						(100)
Segment adjusted operating profit						$	86,200					$	11,880					$	30,250					$	128,330
Corporate (g)																								(20,250)
Realignment and severance costs																								(7,860)
Purchase accounting costs																								(1,160)
Interest expense																								(14,110)
Other income (expense), net																								2,720
Income before income tax expense																								$	87,670

__________________________

(a) Adjusted cost of sales is defined as cost of sales excluding Special Items.

(b) Adjusted selling, general and administrative expenses is defined as selling, general and administrative expenses excluding Special Items.

(c) Other segment items for each reportable segment includes net gain (loss) on dispositions of assets excluding Special Items.

(d) Includes $5.5 million of asbestos-related costs, $4.7 million of system implementation costs, $3.6 million of environmental remediation charges, $3.5 million of mergers, acquisition, diligence and transaction costs, and $3.5 million of realignment, severance and consulting costs.

(e) Includes $4.2 million of realignment, severance and consulting costs, $2.2 million of mergers, acquisition, diligence and transaction costs, and $0.7 million of system implementation costs.

(f) Other segment items for each reportable segment includes net gain (loss) on dispositions of assets. In 2022, the Company completed the sale of vacant land adjacent to the Company's Tolleson, Arizona, manufacturing facility for net proceeds of $5.0 million, and recognized a $4.8 million gain on the sale, which is included within the Aerospace segment.

(g) In 2022, the Company sold a non-core facility in City of Industry, California, for net proceeds of $23.3 million, and recognized a $17.6 million gain on the sale, which is included in Corporate operating loss for 2022 and included within net gain (loss) on disposition of assets in the accompanying consolidated statement of income. In addition, includes $5.6 million of asbestos-related costs, $1.8 million of mergers, acquisition, diligence and transaction costs, and $0.8 million of realignment, severance and consulting costs.

						Packaging						Aerospace						Specialty Products						Corporate						Total
As of December 31, 2024
Capital expenditures						$	30,860					$	9,960					$	7,100					$	3,040					$	50,960
Depreciation and amortization (a)						34,250						18,180						12,270						220						64,920
Total assets						811,190						390,980						89,210						32,800						1,324,180
As of December 31, 2023
Capital expenditures						29,060						14,620						10,410						100						54,190
Depreciation and amortization						34,170						19,160						4,130						130						57,590
Total assets						830,620						390,910						92,770						27,360						1,341,660
As of December 31, 2022
Capital expenditures						33,170						6,900						5,860						30						45,960
Depreciation and amortization						29,340						19,620						4,130						130						53,220
Total assets						776,550						347,720						86,290						94,440						1,305,000

__________________________

(a) Depreciation and amortization for the Specialty Products segment in 2024 includes $8.2 million of accelerated depreciation. See Note 9, "Property and Equipment, Net," for further details.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table presents the Company's net sales for each of the years ended December 31 and long-lived assets at each year ended December 31, by geographical area (dollars in thousands).

						As of December 31,
						2024												2023												2022
						Net Sales						Long-lived Assets						Net Sales						Long-lived Assets						Net Sales						Long-lived Assets
Non-U.S.
Europe						$	159,000					$	217,110					$	153,120					$	238,640					$	139,780					$	192,600
Asia Pacific						33,770						29,540						34,240						27,000						35,260						29,720
Other Americas						39,790						39,640						24,950						45,120						18,040						41,840
Total non-U.S.						232,560						286,290						212,310						310,760						193,080						264,160
Total U.S.						692,450						549,800						681,240						564,020						690,750						541,510
Total						$	925,010					$	836,090					$	893,550					$	874,780					$	883,830					$	805,670

X

- Definition

Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Name:	us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration