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Segment Information (Notes) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company defines its segments consistent with how internally reported financial information is regularly reviewed by TriMas' President and Chief Executive Officer (chief operating decision maker) to analyze financial performance, make decisions, and allocate resources. 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 the chief operating decision maker. The chief operating decision maker uses segment adjusted operating profit when assessing segment performance, determining resource and capital allocation and developing overall strategic direction of the Company. The chief operating decision maker analyzes segment adjusted operating profit on a monthly basis by comparing actual results to forecasted and budgeted expectations to assess performance. Segment adjusted operating profit is also used in compensation related decision-making under certain employee incentive programs. Segment adjusted operating profit is defined as operating profit excluding Special Items. Special Items include: realignment and severance costs and purchase accounting charges related to the step-up of inventory to fair value. 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, and Aarts Packaging brands, which are also marketed under the TriMas Packaging brand, as well as the Intertech and Omega brands, which are also marketed under the TriMas Life Sciences brand. TriMas' Packaging business 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 includes the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, TFI Aerospace, RSA Engineered Products, Martinic Engineering, and Weldmac Manufacturing Company brands, which are also marketed under the TriMas Aerospace brand. TriMas' Aerospace business 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. TriMas' Aerospace segment also includes GMT Aerospace, acquired on February 17, 2025, which the Company has renamed TriMas Aerospace Germany. Specialty Products – TriMas' Specialty Products segment, which includes the Norris Cylinder brand, designs, manufactures and distributes highly-engineered steel cylinders for use within industrial and aerospace markets. On January 31, 2025, the Company completed the divestiture of its Arrow Engine business within its Specialty Products segment. The Arrow Engine business manufactured and distributed natural gas-fired engines for remote power generation applications and compression systems for use within the North American industrial oil and gas markets. Corporate consists of our corporate office and related corporate activities. Corporate expenses primarily include compensation, benefits, professional services, information technology and other administrative costs. Corporate assets consist primarily of cash and cash equivalents, unallocated deferred tax assets and prepaid assets. Corporate expenses and assets reconcile reportable segment information to the consolidated totals. Segment activity is as follows (dollars in thousands):
|  | Packaging |  | Aerospace |  | Specialty Products |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |
Net sales |  | $ | 127,570 |  |  | $ | 89,210 |  |  | $ | 24,890 |  |  | $ | 241,670 |
Adjusted cost of sales (a) |  | (95,650) |  |  | (64,850) |  |  | (23,430) |  |  |
Adjusted selling, general and administrative expenses (b) |  | (14,090) |  |  | (9,130) |  |  | (1,370) |  |  |
Other segment items (c) |  | (10) |  |  | — |  |  | — |  |  |
Segment adjusted operating profit |  | $ | 17,820 |  |  | $ | 15,230 |  |  | $ | 90 |  |  | $ | 33,140 |
Corporate (d) |  |  |  |  |  |  |  | (9,380) |
Business realignment and severance costs |  |  |  |  |  |  |  | (1,820) |
Purchase accounting costs |  |  |  |  |  |  |  | (160) |
Interest expense |  |  |  |  |  |  |  | (4,520) |
Other income (expense), net |  |  |  |  |  |  |  | (100) |
Income before income tax expense |  |  |  |  |  |  |  | $ | 17,160 |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |
Net sales |  | $ | 127,020 |  |  | $ | 67,340 |  |  | $ | 32,740 |  |  | $ | 227,100 |
Adjusted cost of sales (a) |  | (94,650) |  |  | (51,770) |  |  | (27,860) |  |  |
Adjusted selling, general and administrative expenses (b) |  | (14,400) |  |  | (8,450) |  |  | (2,270) |  |  |
Other segment items (c) |  | 50 |  |  | 10 |  |  | — |  |  |
Segment adjusted operating profit |  | $ | 18,020 |  |  | $ | 7,130 |  |  | $ | 2,610 |  |  | $ | 27,760 |
Corporate (e) |  |  |  |  |  |  |  | (14,410) |
Business realignment and severance costs |  |  |  |  |  |  |  | (910) |
Interest expense |  |  |  |  |  |  |  | (4,930) |
Other income (expense), net |  |  |  |  |  |  |  | (320) |
Income before income tax expense |  |  |  |  |  |  |  | $ | 7,190 |
__________________________ (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 $5.3 million gain on the sale of Arrow Engine, $4.7 million of realignment, severance and consulting costs, $0.9 million of system implementation costs, and $0.3 million of mergers, acquisition, diligence and transaction costs. (e) Includes $1.2 million of mergers, acquisition, diligence and transaction costs, and $1.0 million of system implementation costs, and $0.7 million of consulting costs.
|  |  |  | Three months ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Capital expenditures |  |  |  |  |  |  |  |
Packaging |  |  |  |  |  | $ | 7,980 |  |  | $ | 8,480 |
Aerospace |  |  |  |  |  | 2,490 |  |  | 1,430 |
Specialty Products |  |  |  |  |  | 1,060 |  |  | 2,900 |
Corporate |  |  |  |  |  | 1,410 |  |  | 440 |
Total |  |  |  |  |  | $ | 12,940 |  |  | $ | 13,250 |
Depreciation and amortization |  |  |  |  |  |  |  |
Packaging |  |  |  |  |  | $ | 8,330 |  |  | $ | 8,570 |
Aerospace |  |  |  |  |  | 4,600 |  |  | 4,570 |
Specialty Products |  |  |  |  |  | 820 |  |  | 1,010 |
Corporate |  |  |  |  |  | 80 |  |  | 40 |
Total |  |  |  |  |  | $ | 13,830 |  |  | $ | 14,190 |
|  | March 31, 2025 |  | December 31, 2024
Total Assets |  |  |  |
Packaging |  | $ | 840,550 |  |  | $ | 811,190 |
Aerospace |  | 445,050 |  |  | 390,980 |
Specialty Products |  | 74,910 |  |  | 89,210 |
Corporate |  | 33,240 |  |  | 32,800 |
Total |  | $ | 1,393,750 |  |  | $ | 1,324,180 |

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- Definition The entire disclosure for reporting segments including data and tables. 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