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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands):
|  | Packaging |  | Aerospace |  | Specialty Products |  | Total
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Net sales |  | $ | 143,010 |  |  | $ | 103,010 |  |  | $ | 28,740 |  |  | $ | 274,760 |
Adjusted cost of sales (a) |  | (107,260) |  |  | (70,730) |  |  | (26,350) |  |  |
Adjusted selling, general and administrative expenses (b) |  | (15,300) |  |  | (11,630) |  |  | (1,130) |  |  |
Other segment items (c) |  | (20) |  |  | — |  |  | — |  |  |
Segment adjusted operating profit |  | $ | 20,430 |  |  | $ | 20,650 |  |  | $ | 1,260 |  |  | $ | 42,340 |
Corporate (d) |  |  |  |  |  |  |  | (14,260) |
Business realignment and severance costs |  |  |  |  |  |  |  | (440) |
Purchase accounting charges |  |  |  |  |  |  |  | (510) |
Interest expense |  |  |  |  |  |  |  | (4,550) |
Other income (expense), net |  |  |  |  |  |  |  | (230) |
Income before income tax expense |  |  |  |  |  |  |  | $ | 22,350 |
|  | Packaging |  | Aerospace |  | Specialty Products |  | Total
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Net sales |  | $ | 131,930 |  |  | $ | 77,720 |  |  | $ | 30,850 |  |  | $ | 240,500 |
Adjusted cost of sales (a) |  | (99,820) |  |  | (58,430) |  |  | (28,240) |  |  |
Adjusted selling, general and administrative expenses (b) |  | (13,590) |  |  | (8,840) |  |  | (2,010) |  |  |
Other segment items (c) |  | (60) |  |  | 10 |  |  | (20) |  |  |
Segment adjusted operating profit |  | $ | 18,460 |  |  | $ | 10,460 |  |  | $ | 580 |  |  | $ | 29,500 |
Corporate (e) |  |  |  |  |  |  |  | (11,180) |
Business realignment and severance costs |  |  |  |  |  |  |  | (440) |
Mergers, acquisitions, diligence and transaction costs |  |  |  |  |  |  |  | (30) |
Interest expense |  |  |  |  |  |  |  | (5,220) |
Other income (expense), net |  |  |  |  |  |  |  | 40 |
Income before income tax expense |  |  |  |  |  |  |  | $ | 12,670 |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Net sales |  | $ | 270,580 |  |  | $ | 192,220 |  |  | $ | 53,630 |  |  | $ | 516,430 |
Adjusted cost of sales (a) |  | (202,910) |  |  | (135,580) |  |  | (49,780) |  |  |
Adjusted selling, general and administrative expenses (b) |  | (29,390) |  |  | (20,760) |  |  | (2,500) |  |  |
Other segment items (c) |  | (30) |  |  | — |  |  | — |  |  |
Segment adjusted operating profit |  | $ | 38,250 |  |  | $ | 35,880 |  |  | $ | 1,350 |  |  | $ | 75,480 |
Corporate (f) |  |  |  |  |  |  |  | (23,640) |
Business realignment and severance costs |  |  |  |  |  |  |  | (2,260) |
Purchase accounting charges |  |  |  |  |  |  |  | (670) |
Interest expense |  |  |  |  |  |  |  | (9,070) |
Other income (expense), net |  |  |  |  |  |  |  | (330) |
Income before income tax expense |  |  |  |  |  |  |  | $ | 39,510 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Net sales |  | $ | 258,950 |  |  | $ | 145,060 |  |  | $ | 63,590 |  |  | $ | 467,600 |
Adjusted cost of sales (a) |  | (194,470) |  |  | (110,200) |  |  | (56,100) |  |  |
Adjusted selling, general and administrative expenses (b) |  | (27,990) |  |  | (17,290) |  |  | (4,280) |  |  |
Other segment items (c) |  | (10) |  |  | 20 |  |  | (20) |  |  |
Segment adjusted operating profit |  | $ | 36,480 |  |  | $ | 17,590 |  |  | $ | 3,190 |  |  | $ | 57,260 |
Corporate (g) |  |  |  |  |  |  |  | (25,590) |
Business realignment and severance costs |  |  |  |  |  |  |  | (1,350) |
Mergers, acquisitions, diligence and transaction costs |  |  |  |  |  |  |  | (30) |
Interest expense |  |  |  |  |  |  |  | (10,150) |
Other income (expense), net |  |  |  |  |  |  |  | (280) |
Income before income tax expense |  |  |  |  |  |  |  | $ | 19,860 |
__________________________ (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 $2.2 million of realignment, severance and consulting costs and $1.4 million of system implementation costs. (e) Includes $1.0 million of mergers, acquisition, diligence and transaction costs, and $0.8 million of system implementation costs and $0.7 million for an environmental settlement related to a legacy liability. (f) Includes $7.0 million of realignment, severance and consulting costs, a $5.3 million gain on the sale of Arrow Engine, $2.4 million of system implementation costs and $0.3 million of mergers, acquisition, diligence and transaction costs. (g) Includes $2.2 million of mergers, acquisition, diligence and transaction costs, and $1.8 million of system implementation costs, $0.7 million of consulting costs and $0.7 million for an environmental settlement related to a legacy liability.
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Capital expenditures |  |  |  |  |  |  |  |
Packaging |  | $ | 8,110 |  |  | $ | 7,350 |  |  | $ | 16,090 |  |  | $ | 15,830 |
Aerospace |  | 4,920 |  |  | 1,230 |  |  | 7,410 |  |  | 2,660 |
Specialty Products |  | 2,800 |  |  | 1,460 |  |  | 3,860 |  |  | 4,360 |
Corporate |  | 1,210 |  |  | 820 |  |  | 2,620 |  |  | 1,260 |
Total |  | $ | 17,040 |  |  | $ | 10,860 |  |  | $ | 29,980 |  |  | $ | 24,110 |
Depreciation and amortization |  |  |  |  |  |  |  |
Packaging |  | $ | 8,710 |  |  | $ | 8,540 |  |  | $ | 17,040 |  |  | $ | 17,110 |
Aerospace |  | 4,730 |  |  | 4,580 |  |  | 9,330 |  |  | 9,150 |
Specialty Products |  | 830 |  |  | 1,070 |  |  | 1,650 |  |  | 2,080 |
Corporate |  | 90 |  |  | 50 |  |  | 170 |  |  | 90 |
Total |  | $ | 14,360 |  |  | $ | 14,240 |  |  | $ | 28,190 |  |  | $ | 28,430 |
|  | June 30, 2025 |  | December 31, 2024
Total Assets |  |  |  |
Packaging |  | $ | 885,330 |  |  | $ | 811,190 |
Aerospace |  | 454,150 |  |  | 390,980 |
Specialty Products |  | 76,430 |  |  | 89,210 |
Corporate |  | 29,490 |  |  | 32,800 |
Total |  | $ | 1,445,400 |  |  | $ | 1,324,180 |

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- 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
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