Supplemental Guarantor Condensed Consolidating Financial Information

9 Months Ended

Sep. 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.

	September 30, 2011
	Parent		Guarantor		Non- Guarantor		Eliminations			Consolidated Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	120	$	10,420	$	—		$	10,540
Trade receivables, net	—		122,330		29,640		—			151,970
Receivables, intercompany	—		740		—		(740		)	—
Inventories	—		145,270		28,500		—			173,770
Deferred income taxes	—		22,030		1,560		—			23,590
Prepaid expenses and other current assets	—		5,290		1,430		—			6,720
Assets of discontinued operations held for sale	—		32,850		—		—			32,850
Total current assets	—		328,630		71,550		(740		)	399,440
Investments in subsidiaries	407,670		129,600		—		(537,270		)	—
Property and equipment, net	—		105,260		51,920		—			157,180
Goodwill	—		169,270		46,650		—			215,920
Intangibles and other assets	7,670		174,320		5,880		(2,550		)	185,320
Total assets	$	415,340	$	907,080	$	176,000	$	(540,560	)	$	957,860
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	—	$	2,340	$	580	$	—		$	2,920
Accounts payable, trade	—		93,730		25,690		—			119,420
Accounts payable, intercompany	—		—		740		(740		)	—
Accrued liabilities	7,180		55,950		9,490		—			72,620
Liabilities of discontinued operations	—		5,470		—		—			5,470
Total current liabilities	7,180		157,490		36,500		(740		)	200,430
Long-term debt	245,770		227,270		—		—			473,040
Deferred income taxes	—		65,320		5,020		(2,550		)	67,790
Other long-term liabilities	—		49,330		4,880		—			54,210
Total liabilities	252,950		499,410		46,400		(3,290		)	795,470
Total shareholders' equity	162,390		407,670		129,600		(537,270		)	162,390
Total liabilities and shareholders' equity	$	415,340	$	907,080	$	176,000	$	(540,560	)	$	957,860

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	—		90,110		21,270		—			111,380
Receivables, intercompany	—		—		480		(480		)	—
Inventories	—		131,790		24,190		—			155,980
Deferred income taxes	13,210		19,740		1,550		—			34,500
Prepaid expenses and other current assets	10		5,300		1,360		—			6,670
Assets of discontinued operations held for sale	—		30,360		—		—			30,360
Total current assets	13,220		292,370		80,150		(480		)	385,260
Investments in subsidiaries	336,930		136,480		—		(473,410		)	—
Property and equipment, net	—		99,810		49,480		—			149,290
Goodwill	—		159,620		46,270		—			205,890
Intangibles and other assets	8,670		171,550		6,440		(2,940		)	183,720
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	—		97,530		26,860		—			124,390
Accounts payable, intercompany	—		480		—		(480		)	—
Accrued liabilities	1,080		55,320		10,200		—			66,600
Liabilities of discontinued operations	—		5,710		—		—			5,710
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 September 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	230,030		$	59,910		$	(12,280	)	$	277,660
Cost of sales	—			(164,480		)	(43,520		)	12,280			(195,720		)
Gross profit	—			65,550			16,390			—			81,940
Selling, general and administrative expenses	—			(39,080		)	(7,090		)	—			(46,170		)
Gain (loss) on dispositions of property and equipment	—			70			(50		)	—			20
Operating profit	—			26,540			9,250			—			35,790
Other income (expense), net:
Interest expense	(6,420		)	(3,660		)	(650		)	—			(10,730		)
Other, net	—			(770		)	1,310			—			540
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(6,420		)	22,110			9,910			—			25,600
Income tax (expense) benefit	3,330			(9,030		)	(2,920		)	—			(8,620		)
Equity in net income of subsidiaries	21,360			6,990			—			(28,350		)	—
Income from continuing operations	18,270			20,070			6,990			(28,350		)	16,980
Income from discontinued operations, net of income taxes	—			1,290			—			—			1,290
Net income	$	18,270		$	21,360		$	6,990		$	(28,350	)	$	18,270

	Three Months Ended September 30, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	199,915		$	49,369		$	(11,554	)	$	237,730
Cost of sales	—			(141,065		)	(36,149		)	11,554			(165,660		)
Gross profit	—			58,850			13,220			—			72,070
Selling, general and administrative expenses	—			(33,790		)	(6,340		)	—			(40,130		)
Loss on dispositions of property and equipment	—			(210		)	—			—			(210		)
Operating profit	—			24,850			6,880			—			31,730
Other income (expense), net:
Interest expense	(6,410		)	(5,710		)	(430		)	—			(12,550		)
Other, net	—			880			(1,080		)	—			(200		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(6,410		)	20,020			5,370			—			18,980
Income tax (expense) benefit	2,240			(7,810		)	(1,460		)	—			(7,030		)
Equity in net income of subsidiaries	16,890			3,910			—			(20,800		)	—
Income from continuing operations	12,720			16,120			3,910			(20,800		)	11,950
Income from discontinued operations, net of income taxes	—			770			—			—			770
Net income	$	12,720		$	16,890		$	3,910		$	(20,800	)	$	12,720

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)

	Nine Months Ended September 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	687,770		$	171,000		$	(34,460	)	$	824,310
Cost of sales	—			(490,760		)	(125,960		)	34,460			(582,260		)
Gross profit	—			197,010			45,040			—			242,050
Selling, general and administrative expenses	—			(114,890		)	(22,290		)	—			(137,180		)
Gain (loss) on dispositions of property and equipment	—			80			(30		)	—			50
Operating profit	—			82,200			22,720			—			104,920
Other income (expense), net:
Interest expense	(19,250		)	(13,320		)	(1,800		)	—			(34,370		)
Debt extinguishment costs	—			(3,970		)	—			—			(3,970		)
Other, net	—			(5,180		)	4,010			—			(1,170		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(19,250		)	59,730			24,930			—			65,410
Income tax (expense) benefit	7,820			(21,510		)	(8,040		)	—			(21,730		)
Equity in net income of subsidiaries	58,540			16,890			—			(75,430		)	—
Income from continuing operations	47,110			55,110			16,890			(75,430		)	43,680
Income from discontinued operations, net of income taxes	—			3,430			—			—			3,430
Net income	$	47,110		$	58,540		$	16,890		$	(75,430	)	$	47,110

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)

	Nine Months Ended September 30, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	572,415		$	150,389		$	(32,854	)	$	689,950
Cost of sales	—			(406,905		)	(107,099		)	32,854			(481,150		)
Gross profit	—			165,510			43,290			—			208,800
Selling, general and administrative expenses	—			(100,120		)	(17,050		)	—			(117,170		)
Loss on dispositions of property and equipment	—			(680		)	(250		)	—			(930		)
Operating profit	—			64,710			25,990			—			90,700
Other income (expense), net:
Interest expense	(19,290		)	(18,870		)	(1,620		)	—			(39,780		)
Gain on bargain purchase	—			410			—			—			410
Other, net	—			1,910			(3,140		)	—			(1,230		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(19,290		)	48,160			21,230			—			50,100
Income tax (expense) benefit	6,750			(19,820		)	(5,730		)	—			(18,800		)
Equity in net income of subsidiaries	52,120			15,500			—			(67,620		)	—
Income from continuing operations	39,580			43,840			15,500			(67,620		)	31,300
Income from discontinued operations, net of income taxes	—			8,280			—			—			8,280
Net income	$	39,580		$	52,120		$	15,500		$	(67,620	)	$	39,580

	Nine Months Ended September 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations		Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(12,190	)	$	29,050		$	18,690		$	—	35,550
Cash Flows from Investing Activities:
Capital expenditures	—			(14,950		)	(8,570		)	—		(23,520		)
Acquisition of businesses, net of cash acquired	—			(27,200		)	(1,420		)	—		(28,620		)
Net proceeds from disposition of assets	—			2,190			50			—		2,240
Net cash used for investing activities	—			(39,960		)	(9,940		)	—		(49,900		)
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	—			(249,510		)	(660		)	—		(250,170		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			551,900			—			—		551,900
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(547,020		)	—			—		(547,020		)
Debt financing fees	—			(6,680		)						(6,680		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(830		)	—			—			—		(830		)
Proceeds from exercise of stock options	960			—			—			—		960
Excess tax benefits from stock based compensation	—			3,840			—			—		3,840
Intercompany transfers (to) from subsidiaries	12,060			18,430			(30,490		)	—		—
Net cash provided by (used for) financing activities	12,190			(4,040		)	(29,630		)	—		(21,480		)
Cash and Cash Equivalents:
Decrease for the period	—			(14,950		)	(20,880		)	—		(35,830		)
At beginning of period	—			15,070			31,300			—		46,370
At end of period	$	—		$	120		$	10,420		$	—	$	10,540

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Cash Flows

(dollars in thousands)

	Nine Months Ended September 30, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations		Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(12,630	)	$	42,470		$	31,760		$	—	61,600
Cash Flows from Investing Activities:
Capital expenditures	—			(8,390		)	(2,700		)	—		(11,090		)
Acquisition of businesses, net of cash acquired	—			(12,040		)	(720		)	—		(12,760		)
Net proceeds from disposition of assets	—			14,720			—			—		14,720
Net cash used for investing activities	—			(5,710		)	(3,420		)	—		(9,130		)
Cash Flows from Financing Activities:
Repayments of borrowings on term loan facilities	—			(1,950		)	(8,090		)	—		(10,040		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			372,840			3,590			—		376,430
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(378,000		)	(4,130		)	—		(382,130		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(240		)	—			—			—		(240		)
Proceeds from exercise of stock options	100			—			—			—		100
Excess tax benefits from stock based compensation	—			440			—			—		440
Intercompany transfers (to) from subsidiaries	12,770			(15,080		)	2,310			—		—
Net cash provided by (used for) financing activities	12,630			(21,750		)	(6,320		)	—		(15,440		)
Cash and Cash Equivalents:
Increase for the period	—			15,010			22,020			—		37,030
At beginning of period	—			300			9,180			—		9,480
At end of period	$	—		$	15,310		$	31,200		$	—	$	46,510