Note 15 Supplemental Guarantor Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2011

Supplemental Guarantor Condensed Consolidating Financial Information [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Supplemental Guarantor Condensed Consolidating Financial Information

Under an indenture dated December 29, 2009, TriMas Corporation, the parent company ("Parent"), issued 9³/4% senior secured notes due 2017 in a total principal amount of $250.0 million (face value). The outstanding Notes are guaranteed by substantially all of the Company's domestic subsidiaries ("Guarantor Subsidiaries"). All of the Guarantor Subsidiaries are 100% owned by the Parent and their guarantee is full, unconditional, joint and several. The Company's non-domestic subsidiaries and TSPC, Inc. have not guaranteed the Senior Notes ("Non-Guarantor Subsidiaries"). The Guarantor Subsidiaries have also guaranteed amounts outstanding under the Company's Credit Facility.

The accompanying supplemental guarantor condensed, consolidating financial information is presented using the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the Company's share in the subsidiaries' cumulative results of operations, capital contributions and distributions and other changes in equity. Elimination entries relate primarily to the elimination of investments in subsidiaries and associated intercompany balances and transactions.

	June 30, 2011
	Parent		Guarantor		Non- Guarantor		Eliminations			Consolidated Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	210	$	9,860	$	—		$	10,070
Trade receivables, net	—		138,060		33,010		—			171,070
Receivables, intercompany	—		890		—		(890		)	—
Inventories	—		145,390		30,270		—			175,660
Deferred income taxes	3,790		19,570		1,730		—			25,090
Prepaid expenses and other current assets	10		7,910		1,170		—			9,090
Total current assets	3,800		312,030		76,040		(890		)	390,980
Investments in subsidiaries	389,720		133,130		—		(522,850		)	—
Property and equipment, net	—		117,000		52,440		—			169,440
Goodwill	—		159,620		48,880		—			208,500
Intangibles and other assets	7,530		169,290		6,350		(2,210		)	180,960
Total assets	$	401,050	$	891,070	$	183,710	$	(525,950	)	$	949,880
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	—	$	3,290	$	1,610	$	—		$	4,900
Accounts payable, trade	—		108,650		27,920		—			136,570
Accounts payable, intercompany	—		—		890		(890		)	—
Accrued liabilities	1,090		51,960		9,850		—			62,900
Total current liabilities	1,090		163,900		40,270		(890		)	204,370
Long-term debt	245,650		227,850		—		—			473,500
Deferred income taxes	—		58,590		5,270		(2,210		)	61,650
Other long-term liabilities	—		51,010		5,040		—			56,050
Total liabilities	246,740		501,350		50,580		(3,100		)	795,570
Total shareholders' equity	154,310		389,720		133,130		(522,850		)	154,310
Total liabilities and shareholders' equity	$	401,050	$	891,070	$	183,710	$	(525,950	)	$	949,880

Supplemental Guarantor

Condensed Financial Statements

Consolidating Balance Sheet

(dollars in thousands)

	December 31, 2010
	Parent		Guarantor		Non- Guarantor		Eliminations			Consolidated Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	15,070	$	31,300	$	—		$	46,370
Trade receivables, net	—		95,780		21,270		—			117,050
Receivables, intercompany	—		—		480		(480		)	—
Inventories	—		137,110		24,190		—			161,300
Deferred income taxes	13,210		19,740		1,550		—			34,500
Prepaid expenses and other current assets	10		6,180		1,360		—			7,550
Total current assets	13,220		273,880		80,150		(480		)	366,770
Investments in subsidiaries	336,930		136,480		—		(473,410		)	—
Property and equipment, net	—		118,030		49,480		—			167,510
Goodwill	—		159,620		46,270		—			205,890
Intangibles and other assets	8,670		171,820		6,440		(2,940		)	183,990
Total assets	$	358,820	$	859,830	$	182,340	$	(476,830	)	$	924,160
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	—	$	17,730	$	—	$	—		$	17,730
Accounts payable, trade	—		101,440		26,860		—			128,300
Accounts payable, intercompany	—		480		—		(480		)	—
Accrued liabilities	1,080		57,120		10,200		—			68,400
Total current liabilities	1,080		176,770		37,060		(480		)	214,430
Long-term debt	245,420		231,500		—		—			476,920
Deferred income taxes	—		62,810		4,010		(2,940		)	63,880
Other long-term liabilities	—		51,820		4,790		—			56,610
Total liabilities	246,500		522,900		45,860		(3,420		)	811,840
Total shareholders' equity	112,320		336,930		136,480		(473,410		)	112,320
Total liabilities and shareholders' equity	$	358,820	$	859,830	$	182,340	$	(476,830	)	$	924,160

	Three Months Ended June 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	252,420		$	59,410		$	(12,110	)	$	299,720
Cost of sales	—			(176,930		)	(43,530		)	12,110			(208,350		)
Gross profit	—			75,490			15,880			—			91,370
Selling, general and administrative expenses	—			(41,150		)	(7,680		)	—			(48,830		)
Gain (loss) on dispositions of property and equipment	—			(60		)	20			—			(40		)
Operating profit	—			34,280			8,220			—			42,500
Other income (expense), net:
Interest expense	(6,410		)	(4,600		)	(610		)	—			(11,620		)
Debt extinguishment costs	—			(3,970		)	—			—			(3,970		)
Other, net	—			(1,840		)	1,290			—			(550		)
Income (loss) before income tax (expense) benefit and equity in net income of subsidiaries	(6,410		)	23,870			8,900			—			26,360
Income tax (expense) benefit	2,240			(9,480		)	(2,030		)	—			(9,270		)
Equity in net income of subsidiaries	21,260			6,870			—			(28,130		)	—
Net income	$	17,090		$	21,260		$	6,870		$	(28,130	)	$	17,090

	Three Months Ended June 30, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	212,900		$	50,120		$	(10,960	)	$	252,060
Cost of sales	—			(149,540		)	(35,170		)	10,960			(173,750		)
Gross profit	—			63,360			14,950			—			78,310
Selling, general and administrative expenses	—			(36,140		)	(5,230		)	—			(41,370		)
Loss on dispositions of property and equipment	—			(410		)	(10		)	—			(420		)
Operating profit	—			26,810			9,710			—			36,520
Other income (expense), net:
Interest expense	(6,400		)	(6,150		)	(540		)	—			(13,090		)
Gain on bargain purchase	—			410			—			—			410
Other, net	—			1,190			(1,730		)	—			(540		)
Income (loss) before income tax (expense) benefit and equity in net income of subsidiaries	(6,400		)	22,260			7,440			—			23,300
Income tax (expense) benefit	2,240			(8,390		)	(1,930		)	—			(8,080		)
Equity in net income of subsidiaries	25,590			5,510			—			(31,100		)	—
Income from continuing operations	21,430			19,380			5,510			(31,100		)	15,220
Income from discontinued operations	—			6,210			—			—			6,210
Net income	$	21,430		$	25,590		$	5,510		$	(31,100	)	$	21,430

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)

	Six Months Ended June 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	480,480		$	111,090		$	(22,180	)	$	569,390
Cost of sales	—			(343,080		)	(82,440		)	22,180			(403,340		)
Gross profit	—			137,400			28,650			—			166,050
Selling, general and administrative expenses	—			(78,340		)	(15,200		)	—			(93,540		)
Gain on dispositions of property and equipment	—			—			20			—			20
Operating profit	—			59,060			13,470			—			72,530
Other income (expense), net:
Interest expense	(12,830		)	(9,660		)	(1,150		)	—			(23,640		)
Debt extinguishment costs	—			(3,970		)	—			—			(3,970		)
Other, net	—			(4,410		)	2,700			—			(1,710		)
Income (loss) before income tax (expense) benefit and equity in net income of subsidiaries	(12,830		)	41,020			15,020			—			43,210
Income tax (expense) benefit	4,490			(13,740		)	(5,120		)	—			(14,370		)
Equity in net income of subsidiaries	37,180			9,900			—			(47,080		)	—
Net income	$	28,840		$	37,180		$	9,900		$	(47,080	)	$	28,840

	Six Months Ended June 30, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	392,400		$	101,020		$	(21,300	)	$	472,120
Cost of sales	—			(281,100		)	(70,950		)	21,300			(330,750		)
Gross profit	—			111,300			30,070			—			141,370
Selling, general and administrative expenses	—			(68,360		)	(10,710		)	—			(79,070		)
Loss on dispositions of property and equipment	—			(480		)	(250		)	—			(730		)
Operating profit	—			42,460			19,110			—			61,570
Other income (expense), net:
Interest expense	(12,880		)	(13,160		)	(1,190		)	—			(27,230		)
Gain on bargain purchase	—			410			—			—			410
Other, net	—			1,010			(2,060		)	—			(1,050		)
Income (loss) before income tax (expense) benefit and equity in net income of subsidiaries	(12,880		)	30,720			15,860			—			33,700
Income tax (expense) benefit	4,510			(12,970		)	(4,270		)	—			(12,730		)
Equity in net income of subsidiaries	35,230			11,590			—			(46,820		)	—
Income from continuing operations	26,860			29,340			11,590			(46,820		)	20,970
Income from discontinued operations	—			5,890			—			—			5,890
Net income	$	26,860		$	35,230		$	11,590		$	(46,820	)	$	26,860

	Six Months Ended June 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations		Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(12,190	)	$	(840	)	$	8,370		$	—	(4,660		)
Cash Flows from Investing Activities:
Capital expenditures	—			(9,490		)	(4,530		)	—		(14,020		)
Net proceeds from disposition of assets	—			1,640			20			—		1,660
Net cash used for investing activities	—			(7,850		)	(4,510		)	—		(12,360		)
Cash Flows from Financing Activities:
Proceeds from borrowings on term loan facilities	—			225,000			1,520			—		226,520
Repayments of borrowings on term loan facilities	—			(248,950		)	—			—		(248,950		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			303,520			—			—		303,520
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(297,600		)	—			—		(297,600		)
Debt financing fees	—			(6,570		)	—			—		(6,570		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(830		)	—			—			—		(830		)
Proceeds from exercise of stock options	830			—			—			—		830
Excess tax benefits from stock based compensation	—			3,800			—			—		3,800
Intercompany transfers (to) from subsidiaries	12,190			14,630			(26,820		)	—		—
Net cash provided by (used for) financing activities	12,190			(6,170		)	(25,300		)	—		(19,280		)
Cash and Cash Equivalents:
Decrease for the period	—			(14,860		)	(21,440		)	—		(36,300		)
At beginning of period	—			15,070			31,300			—		46,370
At end of period	$	—		$	210		$	9,860		$	—	$	10,070

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Cash Flows

(dollars in thousands)

	Six Months Ended June 30, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations		Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(14,270	)	$	18,930		$	26,760		$	—	31,420
Cash Flows from Investing Activities:
Capital expenditures	—			(4,490		)	(760		)	—		(5,250		)
Acquisition of businesses, net of cash acquired	—			(11,660		)	—			—		(11,660		)
Net proceeds from disposition of assets	—			14,740			—			—		14,740
Net cash used for investing activities	—			(1,410		)	(760		)	—		(2,170		)
Cash Flows from Financing Activities:
Repayments of borrowings on term loan facilities	—			(1,300		)	(7,130		)	—		(8,430		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			263,450			1,480			—		264,930
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(268,600		)	(2,330		)	—		(270,930		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(180		)	—			—			—		(180		)
Proceeds from exercise of stock options	80			—			—			—		80
Excess tax benefits from stock based compensation	—			390			—			—		390
Intercompany transfers (to) from subsidiaries	14,370			(5,150		)	(9,220		)	—		—
Net cash provided by (used for) financing activities	14,270			(11,210		)	(17,200		)	—		(14,140		)
Cash and Cash Equivalents:
Increase for the period	—			6,310			8,800			—		15,110
At beginning of period	—			300			9,180			—		9,480
At end of period	$	—		$	6,610		$	17,980		$	—	$	24,590