Company Quick10K Filing
Trimas
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 46 $1,406
10-Q 2019-11-04 Quarter: 2019-09-30
10-Q 2019-07-30 Quarter: 2019-06-30
10-Q 2019-04-30 Quarter: 2019-03-31
10-K 2019-02-28 Annual: 2018-12-31
10-Q 2018-10-30 Quarter: 2018-09-30
10-Q 2018-08-07 Quarter: 2018-06-30
10-Q 2018-04-27 Quarter: 2018-03-31
10-K 2018-02-27 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-08-04 Quarter: 2015-06-30
10-Q 2015-04-28 Quarter: 2015-03-31
10-K 2015-02-26 Annual: 2014-12-31
10-Q 2014-10-28 Quarter: 2014-09-30
10-Q 2014-07-31 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-03-31
10-K 2014-02-20 Annual: 2013-12-31
10-Q 2013-10-28 Quarter: 2013-09-30
10-Q 2013-07-25 Quarter: 2013-06-30
10-Q 2013-04-25 Quarter: 2013-03-31
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-Q 2012-07-30 Quarter: 2012-06-30
10-Q 2012-04-26 Quarter: 2012-03-31
10-K 2012-02-27 Annual: 2011-12-31
10-Q 2011-10-27 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-10-28 Quarter: 2010-09-30
10-Q 2010-08-03 Quarter: 2010-06-30
10-Q 2010-04-30 Quarter: 2010-03-31
10-K 2010-03-04 Annual: 2009-12-31
8-K 2019-12-20 M&A, Regulation FD, Exhibits
8-K 2019-11-04 Enter Agreement, Earnings, Regulation FD, Exhibits
8-K 2019-08-19 Officers
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-05-14 Shareholder Vote
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-03-04 Officers, Exhibits
8-K 2019-02-28 Earnings, Exhibits
8-K 2018-12-12 Officers, Exhibits
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-08-07 Earnings, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-27 Earnings, Exhibits
TRS 2019-09-30
Part I. Financial Information
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 trs09302019exh311.htm
EX-31.2 trs09302019exh312.htm
EX-32.1 trs09302019exh321.htm
EX-32.2 trs09302019exh322.htm

Trimas Earnings 2019-09-30

TRS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
RUN 2,180 5,207 3,720 844 0 -24 147 3,789 0% 25.8 -0%
AVNS 2,082 1,783 506 671 403 -26 9 2,042 60% 237.4 -1%
KAMN 1,751 1,565 907 1,075 470 53 123 2,041 44% 16.6 3%
INGN 1,471 404 70 373 187 42 56 1,257 50% 22.3 10%
TRS 1,406 1,172 524 896 244 80 158 1,660 27% 10.5 7%
MTRN 1,347 837 242 1,195 270 32 71 1,274 23% 17.9 4%
CLGN 1,141 34 16 0 0 0 0 1,141 0%
OFLX 1,000 88 19 110 69 20 27 976 62% 36.4 22%
BOOM 938 285 122 389 140 53 76 959 36% 12.6 18%
SCHN 672 1,093 399 2,255 293 106 157 805 13% 5.1 10%

Document
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
(Mark One)
 
 
 
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
For the Quarterly Period Ended
September 30, 2019
Or
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
For the Transition Period from                  to                  .
Commission file number 001-10716
TRIMAS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
38-2687639
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
38505 Woodward Avenue, Suite 200
Bloomfield Hills, Michigan 48304
(Address of principal executive offices, including zip code)
(248631-5450
(Registrant's telephone number, including area code)
Title of each class
Trading symbol(s)
Name of exchange on which registered
Common stock, $0.01 par value
TRS
The NASDAQ Global Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No .
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of October 28, 2019, the number of outstanding shares of the Registrant's common stock, $0.01 par value, was 45,052,041 shares.


Table of Contents

TriMas Corporation
Index
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1

Table of Contents

Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about our financial condition, results of operations and business. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties.
These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to: our ability to successfully complete the sale of the Lamons business, including, without limitation, any material adverse changes in the Lamons business or the Lamons assets being sold and the ability to obtain any requisite approvals; general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; our future prospects; and other risks that are discussed in Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2018. The risks described in our Annual Report on Form 10-K and elsewhere in this report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows.
The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We caution readers not to place undue reliance on the statements, which speak only as of the date of this report. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as required by law.
We disclose important factors that could cause our actual results to differ materially from our expectations implied by our forward-looking statements under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report. These cautionary statements qualify all forward-looking statements attributed to us or persons acting on our behalf. When we indicate that an event, condition or circumstance could or would have an adverse effect on us, we mean to include effects upon our business, financial and other conditions, results of operations, prospects and ability to service our debt.

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements
TriMas Corporation
Consolidated Balance Sheet
(Dollars in thousands)


 
September 30,
2019

December 31,
2018
Assets
 
(unaudited)
 

Current assets:
 

 

Cash and cash equivalents
 
$
57,940


$
108,150

Receivables, net of reserves of approximately $3.5 million and $3.4 million as of September 30, 2019 and December 31, 2018, respectively
 
152,220


123,110

Inventories
 
176,300


173,120

Prepaid expenses and other current assets
 
8,150


7,430

Total current assets
 
394,610

 
411,810

Property and equipment, net
 
226,640


187,800

Operating lease right-of-use assets
 
36,750

 

Goodwill
 
332,670


316,650

Other intangibles, net
 
171,380


174,530

Deferred income taxes
 
1,100

 
1,080

Other assets
 
22,060


8,650

Total assets
 
$
1,185,210

 
$
1,100,520

Liabilities and Shareholders' Equity
 

 

Current liabilities:
 

 

Current maturities, long-term debt
 
$
30


$

Accounts payable
 
80,180


93,430

Accrued liabilities
 
46,560


48,300

Operating lease liabilities, current portion
 
8,500

 

Total current liabilities
 
135,270

 
141,730

Long-term debt, net
 
294,410


293,560

Operating lease liabilities
 
28,640

 

Deferred income taxes
 
21,700


5,560

Other long-term liabilities
 
43,130


39,220

Total liabilities
 
523,150

 
480,070

Preferred stock, $0.01 par: Authorized 100,000,000 shares;
Issued and outstanding: None
 

 

Common stock, $0.01 par: Authorized 400,000,000 shares;
Issued and outstanding: 45,055,913 shares at September 30, 2019 and 45,527,993 shares at December 31, 2018
 
450

 
460

Paid-in capital
 
796,310

 
816,500

Accumulated deficit
 
(118,250
)
 
(179,660
)
Accumulated other comprehensive loss
 
(16,450
)
 
(16,850
)
Total shareholders' equity
 
662,060

 
620,450

Total liabilities and shareholders' equity
 
$
1,185,210

 
$
1,100,520



The accompanying notes are an integral part of these financial statements.

3

Table of Contents

TriMas Corporation
Consolidated Statement of Income
(Unaudited—dollars in thousands, except for per share amounts)

 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
236,830

 
$
223,780

 
$
697,490

 
$
665,790

Cost of sales
 
(175,590
)
 
(162,060
)
 
(511,080
)
 
(478,910
)
Gross profit
 
61,240

 
61,720

 
186,410

 
186,880

Selling, general and administrative expenses
 
(32,550
)
 
(31,840
)
 
(100,760
)
 
(90,270
)
Operating profit
 
28,690

 
29,880

 
85,650

 
96,610

Other expense, net:
 
 
 
 
 
 
 
 
Interest expense
 
(3,520
)
 
(3,480
)
 
(10,450
)
 
(10,660
)
Other income (expense), net
 
610

 
410

 
1,280

 
(2,330
)
Other expense, net
 
(2,910
)
 
(3,070
)
 
(9,170
)
 
(12,990
)
Income before income tax expense
 
25,780

 
26,810

 
76,480

 
83,620

Income tax expense
 
(6,670
)
 
(4,140
)
 
(16,260
)
 
(17,030
)
Net income
 
$
19,110

 
$
22,670

 
$
60,220

 
$
66,590

Basic earnings per share:
 
 
 
 
 
 
 
 
Net income per share
 
$
0.42

 
$
0.49

 
$
1.33

 
$
1.45

Weighted average common shares—basic
 
45,175,244

 
45,850,288

 
45,448,711

 
45,850,187

Diluted earnings per share:
 
 
 
 
 
 
 
 
Net income per share
 
$
0.42

 
$
0.49

 
$
1.32

 
$
1.44

Weighted average common shares—diluted
 
45,415,767

 
46,166,558

 
45,745,421

 
46,198,884



The accompanying notes are an integral part of these financial statements.

4

Table of Contents

TriMas Corporation
Consolidated Statement of Comprehensive Income
(Unaudited—dollars in thousands)

 
 
Three months ended
September 30,
 
Nine months ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
19,110

 
$
22,670

 
$
60,220

 
$
66,590

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Defined benefit plans (Note 16)
 
100

 
180

 
300

 
3,030

Foreign currency translation
 
(4,180
)
 
(2,210
)
 
(4,380
)
 
(6,300
)
Derivative instruments (Note 10)
 
4,260

 
50

 
5,750

 
1,720

Total other comprehensive income (loss)
 
180

 
(1,980
)
 
1,670

 
(1,550
)
Total comprehensive income
 
$
19,290

 
$
20,690

 
$
61,890

 
$
65,040



The accompanying notes are an integral part of these financial statements.



5

Table of Contents

TriMas Corporation
Consolidated Statement of Cash Flows
(Unaudited—dollars in thousands)
 
 
Nine months ended September 30,
 
 
2019
 
2018
Cash Flows from Operating Activities:
 
 
 
 
Net income
 
$
60,220

 
$
66,590

Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:
 

 

Loss on dispositions of assets
 
70

 
70

Depreciation
 
19,950

 
18,630

Amortization of intangible assets
 
14,920

 
14,600

Amortization of debt issue costs
 
850

 
1,020

Deferred income taxes
 
5,620

 
9,290

Non-cash compensation expense
 
4,130

 
4,400

Increase in receivables
 
(14,510
)
 
(20,060
)
(Increase) decrease in inventories
 
2,330

 
(10,750
)
(Increase) decrease in prepaid expenses and other assets
 
(3,710
)
 
7,180

Decrease in accounts payable and accrued liabilities
 
(25,920
)
 
(6,740
)
Other operating activities
 
150

 
(1,140
)
Net cash provided by operating activities, net of acquisition impact
 
64,100

 
83,090

Cash Flows from Investing Activities:
 
 
 
 
Capital expenditures
 
(23,370
)
 
(15,890
)
Acquisition of businesses, net of cash acquired
 
(67,090
)
 

Net proceeds from disposition of property and equipment
 
30

 
250

Net cash used for investing activities
 
(90,430
)
 
(15,640
)
Cash Flows from Financing Activities:
 
 
 
 
Proceeds from borrowings on revolving credit facilities
 
145,540

 
59,060

Repayments of borrowings on revolving credit facilities
 
(145,090
)
 
(68,490
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 
(3,240
)
 
(2,380
)
Payments to purchase common stock
 
(21,090
)
 
(3,590
)
Net cash used for financing activities
 
(23,880
)
 
(15,400
)
Cash and Cash Equivalents:
 

 

Increase (decrease) for the period
 
(50,210
)
 
52,050

At beginning of period
 
108,150

 
27,580

At end of period
 
$
57,940

 
$
79,630

Supplemental disclosure of cash flow information:
 

 

Cash paid for interest
 
$
6,570

 
$
7,840

Cash paid for taxes
 
$
18,810

 
$
5,020



The accompanying notes are an integral part of these financial statements.

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Table of Contents

TriMas Corporation
Consolidated Statement of Shareholders' Equity
Nine Months Ended September 30, 2019 and 2018
(Unaudited—dollars in thousands)

 
 
Common
Stock
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balances, December 31, 2018
 
$
460

 
$
816,500

 
$
(179,660
)
 
$
(16,850
)
 
$
620,450

Net income
 

 

 
19,090

 

 
19,090

Other comprehensive income
 

 

 

 
3,020

 
3,020

Purchase of common stock
 

 
(670
)
 

 

 
(670
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(2,620
)
 

 

 
(2,620
)
Non-cash compensation expense
 

 
1,320

 

 

 
1,320

Impact of accounting standards adoption
(Note 2)
 

 

 
1,190

 
(1,270
)
 
(80
)
Balances, March 31, 2019
 
$
460

 
$
814,530

 
$
(159,380
)
 
$
(15,100
)
 
$
640,510

Net income
 

 

 
22,020

 

 
22,020

Other comprehensive loss
 

 

 

 
(1,530
)
 
(1,530
)
Purchase of common stock
 
(10
)
 
(14,740
)
 

 

 
(14,750
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(610
)
 

 

 
(610
)
Non-cash compensation expense
 

 
1,720

 

 

 
1,720

Balances, June 30, 2019
 
$
450

 
$
800,900

 
$
(137,360
)
 
$
(16,630
)
 
$
647,360

Net income
 

 

 
19,110

 

 
19,110

Other comprehensive income
 

 

 

 
180

 
180

Purchase of common stock
 

 
(5,670
)
 

 

 
(5,670
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(10
)
 

 

 
(10
)
Non-cash compensation expense
 

 
1,090

 

 

 
1,090

Balances, September 30, 2019
 
$
450

 
$
796,310

 
$
(118,250
)
 
$
(16,450
)
 
$
662,060


The accompanying notes are an integral part of these financial statements.




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TriMas Corporation
Consolidated Statement of Shareholders' Equity (Continued)
Nine Months Ended September 30, 2019 and 2018
(Unaudited—dollars in thousands)

 
 
Common
Stock
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balances, December 31, 2017
 
$
460

 
$
823,850

 
$
(262,960
)
 
$
(17,330
)
 
$
544,020

Net income
 

 

 
24,320

 

 
24,320

Other comprehensive loss
 

 

 

 
(1,480
)
 
(1,480
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(2,300
)
 

 

 
(2,300
)
Non-cash compensation expense
 

 
1,220

 

 

 
1,220

Balances, March 31, 2018
 
$
460

 
$
822,770

 
$
(238,640
)
 
$
(18,810
)
 
$
565,780

Net income
 

 

 
19,600

 

 
19,600

Other comprehensive income
 

 

 

 
1,910

 
1,910

Purchase of common stock
 

 
(2,920
)
 

 

 
(2,920
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(80
)
 

 

 
(80
)
Non-cash compensation expense
 

 
1,400

 

 

 
1,400

Balances, June 30, 2018
 
$
460

 
$
821,170

 
$
(219,040
)
 
$
(16,900
)
 
$
585,690

Net income
 

 

 
22,670

 

 
22,670

Other comprehensive loss
 

 

 

 
(1,980
)
 
(1,980
)
Purchase of common stock
 

 
(670
)
 

 

 
(670
)
Non-cash compensation expense
 

 
1,780

 

 

 
1,780

Balances, September 30, 2018
 
$
460

 
$
822,280

 
$
(196,370
)
 
$
(18,880
)
 
$
607,490


The accompanying notes are an integral part of these financial statements.

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Table of Contents

TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


1. Basis of Presentation
TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil and gas end markets.
In the first quarter of 2019, TriMas began reporting its machined components operations, located in Stanton, California and Tolleson, Arizona, in its Specialty Products reportable segment. This change was made in connection with the transition of leadership responsibilities out of Aerospace to Specialty Products, allowing the Company to better leverage the machining competencies and resources of these operations with the other businesses within the Specialty Products reportable segment, as well as provide the Company with the opportunity to expand sales of these products to customers outside of the aerospace market. In addition, this change enables the Company's Aerospace reportable segment to better focus on driving growth and innovation in its aerospace fastener and related product lines. See Note 13, "Segment Information," for further information on each of the Company's reportable segments.
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. Results of operations for interim periods are not necessarily indicative of results for the full year. Certain prior year amounts have been reclassified to conform with current year presentation. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2018 Annual Report on Form 10-K.
2. New Accounting Pronouncements
Recently Issued Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)" ("ASU 2018-14"), which modifies the disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. ASU 2018-14 is to be applied retrospectively to all periods presented. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"), which simplifies the test for goodwill impairment by eliminating the requirement to perform a hypothetical purchase price allocation to measure the amount of goodwill impairment. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
Recently Adopted Accounting Pronouncements
In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"), which provides for the option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act ("Tax Reform Act") classified within accumulated other comprehensive income (loss) ("AOCI") to retained earnings. The Company adopted ASU 2018-02 on January 1, 2019, and elected to reclassify approximately $1.3 million in stranded tax effects from accumulated other comprehensive loss to accumulated deficit on the accompanying consolidated balance sheet. The Company's accounting policy is to release the income tax effects from AOCI when a defined benefit plan or a derivative instrument is liquidated and/or settled.
In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" (“ASU 2016-02”) (the “New Lease Standard"), which requires lessees to recognize a lease liability and right-of-use (ROU) asset on its balance sheet for operating leases. Accounting for finance leases is substantially unchanged. The Company adopted the New Lease Standard on January 1, 2019 using a modified retrospective transition, with the cumulative-effect adjustment to the opening balance of accumulated deficit as of the effective date (the effective date method).

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Table of Contents

TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

As a result of the adoption, the Company recognized approximately $40 million of right-of-use assets and lease liabilities on its consolidated balance sheet. Additionally, the Company recognized an approximate $0.1 million cumulative effect adjustment debit, net of tax, to accumulated deficit related to unamortized deferred losses for certain sale-leaseback transactions. The standard did not have an impact on the Company's consolidated statement of income.
3. Revenue
The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
Customer End Markets
 
2019
 
2018
 
2019
 
2018
Consumer
 
$
83,610

 
$
72,440

 
$
232,400

 
$
209,160

Aerospace
 
50,560

 
49,070

 
145,650

 
140,500

Industrial
 
48,700

 
51,880

 
157,810

 
162,200

Oil and gas
 
53,960

 
50,390

 
161,630

 
153,930

Total net sales
 
$
236,830

 
$
223,780

 
$
697,490

 
$
665,790


The Company’s Packaging reportable segment earns revenues from the consumer (comprised of the health, beauty and home care, as well as food and beverage markets) and industrial end markets. The Aerospace reportable segment earns revenues from the aerospace end market. The Specialty Products reportable segment earns revenues from the industrial, oil and gas and aerospace end markets.
4. Facility Closures
Bangalore, India facility
In May 2018, the Company exited its Bangalore, India facility within the Specialty Products reportable segment. In connection with this action, the Company recorded pre-tax charges of approximately $0.7 million within selling, general and administrative expenses and approximately $0.6 million within cost of sales related to severance benefits for employees involuntarily terminated, facility closure costs and costs related to the disposal of certain assets.
Reynosa, Mexico facility
In 2017, the Company ceased production at its Reynosa, Mexico facility within the Specialty Products reportable segment, and recorded a charge within cost of sales for estimated future unrecoverable lease obligations. During the second quarter of 2018, following entry into a sublease agreement for the facility, the Company re-evaluated its estimate of unrecoverable future obligations, and reduced its estimate by approximately $1.1 million.
5. Acquisitions
In April 2019, the Company acquired Taplast S.p.A. ("Taplast"), a designer and manufacturer of dispensers, closures and containers for the beauty and personal care, household, and food and beverage packaging end markets, for an aggregate amount of approximately $44.7 million, net of cash acquired. Located in both Italy and Slovakia, Taplast serves end markets in Europe and North America and historically generated approximately $32 million in annual revenue. Taplast is included in the Company's Packaging reportable segment.
In January 2019, the Company acquired Plastic Srl, a manufacturer of single-bodied and assembled polymeric caps and closures for use in home care product applications, for an aggregate amount of approximately $22.4 million, net of cash acquired. Located in Forli, Italy, Plastic Srl serves the home care market in Italy and other European countries and historically generated approximately $12 million in annual revenue. Plastic Srl is included in the Company's Packaging reportable segment.
In connection with these acquisitions, the Company recorded approximately $1.2 million of non-cash purchase accounting-related expenses during the nine months ended September 30, 2019, of which approximately $0.9 million was recognized within selling, general and administrative expenses, primarily related to the write-off of the Plastic Srl trade name acquired that will not be used. In addition, approximately $0.3 million was recognized during the nine months ended September 30, 2019, within cost of sales related to the step-up in value and subsequent sale of inventory.

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Table of Contents

TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

6. Goodwill and Other Intangible Assets
During the three months ended March 31, 2019, in an effort to better align the Company's machining competencies and resources, the Company began reporting its machined products operations within the Specialty Products reportable segment. These operations were previously reported in the Company's Aerospace reportable segment. As a result of the reporting structure change, the Company's previous Aerospace reporting unit was split into two new reporting units, Machined Products and Aerospace. The Company reallocated the goodwill attributed to the previous Aerospace reporting unit on a relative fair value basis between the Machined Products and the new Aerospace reporting units, resulting in an allocation of goodwill of $12.7 million and $133.7 million, respectively.
After the reallocation of goodwill, the Company performed a Step I quantitative assessment for both the Machined Products and the new Aerospace reporting units. As part of this assessment, the Company determined that the fair value of the Aerospace reporting unit exceeded its carrying value by more than 34% and the fair value of the Machined Products reporting unit exceeded its carrying value by more than 13%.
Changes in the carrying amount of goodwill for the nine months ended September 30, 2019 are summarized as follows (dollars in thousands):
 
Packaging
 
Aerospace
 
Specialty Products
 
Total
Balance, December 31, 2018
$
163,660

 
$
146,430

 
$
6,560

 
$
316,650

Goodwill from acquisitions
18,400

 

 

 
18,400

Goodwill reassigned in segment realignment

 
(12,740
)
 
12,740

 

Foreign currency translation and other
(2,380
)
 

 

 
(2,380
)
Balance, September 30, 2019
$
179,680

 
$
133,690

 
$
19,300

 
$
332,670


The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands):
 
 
As of September 30, 2019
 
As of December 31, 2018
Intangible Category by Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Gross Carrying Amount
 
Accumulated Amortization
Finite-lived intangible assets:
 

 

 

 

   Customer relationships, 5 – 12 years
 
$
80,780

 
$
(54,490
)
 
$
73,450

 
$
(48,410
)
   Customer relationships, 15 – 25 years
 
132,230

 
(63,970
)
 
132,230

 
(58,790
)
Total customer relationships
 
213,010

 
(118,460
)
 
205,680

 
(107,200
)
   Technology and other, 1 – 15 years
 
57,020

 
(33,700
)
 
57,020

 
(31,600
)
   Technology and other, 17 – 30 years
 
43,300

 
(37,110
)
 
43,300

 
(35,600
)
Total technology and other
 
100,320

 
(70,810
)
 
100,320

 
(67,200
)
Indefinite-lived intangible assets:
 

 

 

 

 Trademark/Trade names
 
47,320

 

 
42,930

 

Total other intangible assets
 
$
360,650

 
$
(189,270
)
 
$
348,930

 
$
(174,400
)


11

Table of Contents

TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Technology and other, included in cost of sales
 
$
1,200

 
$
1,230

 
$
3,610

 
$
3,680

Customer relationships, included in selling, general and administrative expenses
 
3,750

 
3,630

 
11,310

 
10,920

Total amortization expense
 
$
4,950

 
$
4,860

 
$
14,920

 
$
14,600


7. Inventories
Inventories consist of the following components (dollars in thousands):
 
 
September 30,
2019
 
December 31,
2018
Finished goods
 
$
88,670

 
$
91,780

Work in process
 
32,570

 
29,080

Raw materials
 
55,060

 
52,260

Total inventories
 
$
176,300

 
$
173,120


8. Property and Equipment, Net
Property and equipment consists of the following components (dollars in thousands):
 
 
September 30,
2019
 
December 31,
2018
Land and land improvements
 
$
18,970

 
$
15,580

Buildings
 
87,030

 
74,110

Machinery and equipment
 
350,400

 
318,860

 
 
456,400

 
408,550

Less: Accumulated depreciation
 
229,760

 
220,750

Property and equipment, net
 
$
226,640

 
$
187,800


Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Depreciati