Supplemental Guarantor Condensed Combining and Consolidating Financial Statements

12 Months Ended

Dec. 31, 2011

Supplemental Guarantor Condensed Combining and Consolidating Financial Statements [Abstract]

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

Supplemental Guarantor Condensed Combining and Consolidating Financial Statements

Under an indenture dated December 29, 2009, TriMas Corporation, the parent company ("Parent"), issued 9 3/4% senior secured notes due 2017 in a total principal amount of $250.0 million (face value). The net proceeds of the offering were used, together with other available cash, to repurchase the Company's outstanding 9 7/8% senior subordinated notes due 2012 pursuant to a cash tender offer. 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 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.

Supplemental Guarantor

Condensed Financial Statements

Consolidated Balance Sheet

(Dollars in thousands)

	December 31, 2011
	Parent		Guarantor		Non-Guarantor		Eliminations			Consolidated Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	33,820	$	55,100	$	—		$	88,920
Trade receivables, net	—		105,030		30,580		—			135,610
Receivables, intercompany	—		2,290		—		(2,290		)	—
Inventories	—		147,010		31,020		—			178,030
Deferred income taxes	—		17,280		1,230		—			18,510
Prepaid expenses and other current assets	—		8,950		1,670		—			10,620
Total current assets	—		314,380		119,600		(2,290		)	431,690
Investments in subsidiaries	412,840		169,360		—		(582,200		)	—
Property and equipment, net	—		103,880		55,330		—			159,210
Goodwill	—		169,290		46,070		—			215,360
Intangibles and other assets	7,920		169,020		6,350		(3,010		)	180,280
Total assets	$	420,760	$	925,930	$	227,350	$	(587,500	)	$	986,540
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	—	$	7,290	$	—	$	—		$	7,290
Accounts payable, trade	—		115,150		31,780		—			146,930
Accounts payable, intercompany	—		—		2,290		(2,290		)	—
Accrued liabilities	1,080		58,660		10,400		—			70,140
Total current liabilities	1,080		181,100		44,470		(2,290		)	224,360
Long-term debt	245,890		216,720		—		—			462,610
Deferred income taxes	—		61,580		6,210		(3,010		)	64,780
Other long-term liabilities	—		53,690		7,310		—			61,000
Total liabilities	246,970		513,090		57,990		(5,300		)	812,750
Total shareholders' equity	173,790		412,840		169,360		(582,200		)	173,790
Total liabilities and shareholders' equity	$	420,760	$	925,930	$	227,350	$	(587,500	)	$	986,540

Supplemental Guarantor

Condensed Financial Statements

Consolidated 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		173,110		6,440		(2,940		)	185,280
Total assets	$	358,820	$	861,390	$	182,340	$	(476,830	)	$	925,720
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	—		64,370		4,010		(2,940		)	65,440
Other long-term liabilities	—		51,820		4,790		—			56,610
Total liabilities	246,500		524,460		45,860		(3,420		)	813,400
Total shareholders' equity	112,320		336,930		136,480		(473,410		)	112,320
Total liabilities and shareholders' equity	$	358,820	$	861,390	$	182,340	$	(476,830	)	$	925,720

Supplemental Guarantor

Condensed Financial Statements

Consolidated Statement of Operations

(Dollars in thousands)

	Year ended December 31, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	900,830		$	229,180		$	(46,050	)	$	1,083,960
Cost of sales	—			(643,860		)	(168,450		)	46,050			(766,260		)
Gross profit	—			256,970			60,730			—			317,700
Selling, general and administrative expenses	—			(156,180		)	(30,340		)	—			(186,520		)
Gain (loss) on dispositions of property and equipment	—			170			(30		)	—			140
Operating profit	—			100,960			30,360			—			131,320
Other income (expense), net:
Interest expense	(25,700		)	(16,570		)	(2,210		)	—			(44,480		)
Debt extinguishment costs	—			(3,970		)	—			—			(3,970		)
Other, net	—			(7,880		)	4,750			—			(3,130		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(25,700		)	72,540			32,900			—			79,740
Income tax (expense) benefit	10,070			(27,230		)	(11,770		)	—			(28,930		)
Equity in net income of subsidiaries	75,990			21,130			—			(97,120		)	—
Income from continuing operations	60,360			66,440			21,130			(97,120		)	50,810
Income from discontinued operations, net of income taxes	—			9,550			—			—			9,550
Net income	$	60,360		$	75,990		$	21,130		$	(97,120	)	$	60,360

Supplemental Guarantor

Condensed Financial Statements

Consolidated Statement of Operations

(Dollars in thousands)

	Year ended December 31, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	—			$	747,050		$	198,230		$	(42,820	)	$	902,460
Cost of sales	—			(526,820		)	(147,410		)	42,820			(631,410		)
Gross profit	—			220,230			50,820			—			271,050
Selling, general and administrative expenses	—			(136,660		)	(23,530		)	—			(160,190		)
Loss on dispositions of property and equipment	—			(1,280		)	(240		)	—			(1,520		)
Operating profit	—			82,290			27,050			—			109,340
Other income (expense), net:
Interest expense	(25,710		)	(24,090		)	(2,030		)	—			(51,830		)
Other, net	—			(3,400		)	2,320			—			(1,080		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(25,710		)	54,800			27,340			—			56,430
Income tax (expense) benefit	9,000			(17,510		)	(8,990		)	—			(17,500		)
Equity in net income of subsidiaries	61,980			18,350			—			(80,330		)	—
Income from continuing operations	45,270			55,640			18,350			(80,330		)	38,930
Income from discontinued operations, net of income taxes	—			6,340			—			—			6,340
Net income	$	45,270		$	61,980		$	18,350		$	(80,330	)	$	45,270

Supplemental Guarantor

Condensed Financial Statements

Consolidated Statement of Operations

(Dollars in thousands)

	Year ended December 31, 2009
	Parent			Guarantor			Non-Guarantor			Eliminations			Total
Net sales	$	—		$	640,850		$	167,770		$	(31,570	)	$	777,050
Cost of sales	—			(480,910		)	(123,200		)	31,570			(572,540		)
Gross profit	—			159,940			44,570			—			204,510
Selling, general and administrative expenses	(1,250		)	(123,320		)	(21,850		)	—			(146,420		)
Estimated future unrecoverable lease obligations	—			(5,250		)	—			—			(5,250		)
Fees incurred under advisory services agreement	—			(2,890		)	—			—			(2,890		)
Gain (loss) on dispositions of property and equipment	—			(700		)	250			—			(450		)
Operating income (loss)	(1,250		)	27,780			22,970			—			49,500
Other income (expense), net:
Interest expense	(28,880		)	(15,180		)	(1,040		)	—			(45,100		)
Gain (loss) on extinguishment of debt	19,170			(1,180		)	—			—			17,990
Other, net	—			1,010			(2,780		)	—			(1,770		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(10,960		)	12,430			19,150			—			20,620
Income tax (expense) benefit	3,840			(5,990		)	(6,030		)	—			(8,180		)
Equity in net income of subsidiaries	6,900			13,120			—			(20,020		)	—
Income (loss) from continuing operations	(220		)	19,560			13,120			(20,020		)	12,440
Loss from discontinued operations	—			(12,660		)	—			—			(12,660		)
Net income (loss)	$	(220	)	$	6,900		$	13,120		$	(20,020	)	$	(220	)

Supplemental Guarantor

Condensed Financial Statements

Consolidated Statement of Cash Flows

(Dollars in thousands)

	Year ended December 31, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations		Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(24,480	)	$	86,880		$	33,410		$	—	$	95,810
Cash Flows from Investing Activities:
Capital expenditures	—			(20,350		)	(12,270		)	—		(32,620		)
Acquisition of businesses, net of cash acquired	—			(27,400		)	(3,990		)	—		(31,390		)
Net proceeds from disposition of businesses and other assets	—			38,710			70			—		38,780
Net cash used for investing activities	—			(9,040		)	(16,190		)	—		(25,230		)
Cash Flows from Financing Activities:
Proceeds from borrowings on term loan facilities	—			225,000			44,150			—		269,150
Repayments of borrowings on term loan facilities	—			(250,220		)	(44,150		)	—		(294,370		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			659,300			—			—		659,300
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(659,300		)	—			—		(659,300		)
Debt financing fees	—			(6,890		)	—			—		(6,890		)
Shares surrendered upon vesting of option and restricted stock awards to cover tax obligations	(900		)	—			—			—		(900		)
Proceeds from exercise of stock options	1,000			—			—			—		1,000
Excess tax benefit from stock based compensation	—			3,980			—			—		3,980
Intercompany transfers (to) from subsidiaries	24,380			(30,960		)	6,580			—		—
Net cash provided by (used for) financing activities	24,480			(59,090		)	6,580			—		(28,030		)
Cash and Cash Equivalents:
Increase for the period	—			18,750			23,800			—		42,550
At beginning of period	—			15,070			31,300			—		46,370
At end of period	$	—		$	33,820		$	55,100		$	—	$	88,920

Supplemental Guarantor

Condensed Financial Statements

Consolidated Statement of Cash Flows

(Dollars in thousands)

	Year ended December 31, 2010
	Parent			Guarantor			Non-Guarantor			Eliminations		Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(25,910	)	$	80,820		$	40,050		$	—	$	94,960
Cash Flows from Investing Activities:
Capital expenditures	—			(14,880		)	(7,020		)	—		(21,900		)
Acquisition of businesses, net of cash acquired	—			(30,040		)	(720		)	—		(30,760		)
Net proceeds from disposition of assets	—			14,720			90			—		14,810
Net cash used for investing activities	—			(30,200		)	(7,650		)	—		(37,850		)
Cash Flows from Financing Activities:
Repayments of borrowings on term loan facilities	—			(2,600		)	(12,060		)	—		(14,660		)
Proceeds from borrowings on revolving credit facilities	—			472,700			3,610			—		476,310
Repayments of borrowings on revolving credit facilities	—			(477,900		)	(4,460		)	—		(482,360		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(240		)	—			—			—		(240		)
Proceeds from exercise of stock options	130			—			—			—		130
Excess tax benefits from stock based compensation	—			600			—			—		600
Intercompany transfers (to) from subsidiaries	26,020			(28,650		)	2,630			—		—
Net cash provided by (used for) financing activities	25,910			(35,850		)	(10,280		)	—		(20,220		)
Cash and Cash Equivalents:
Increase for the period	—			14,770			22,120			—		36,890
At beginning of period	—			300			9,180			—		9,480
At end of period	$	—		$	15,070		$	31,300		$	—	$	46,370

Supplemental Guarantor

Condensed Financial Statements

Consolidated Statement of Cash Flows

(Dollars in thousands)

	Year ended December 31, 2009
	Parent			Guarantor			Non-Guarantor			Eliminations		Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(28,060	)	$	72,820		$	38,750		$	—	$	83,510
Cash Flows from Investing Activities:
Capital expenditures	—			(11,120		)	(2,940		)	—		(14,060		)
Net proceeds from disposition of assets	—			22,470			720			—		23,190
Net cash provided by (used for) investing activities	—			11,350			(2,220		)	—		9,130
Cash Flows from Financing Activities:
Repayments of borrowings on senior credit facilities	—			(2,600		)	(7,970		)	—		(10,570		)
Proceeds from borrowings on revolving credit facilities	—			798,120			4,700			—		802,820
Repayments of borrowings on revolving credit facilities	—			(801,500		)	(5,680		)	—		(807,180		)
Retirement of senior subordinated notes	(300,390		)	—			—			—		(300,390		)
Proceeds on borrowings on senior secured notes	244,980			—			—			—		244,980
Debt refinance fees and expenses	(11,450		)	(5,280		)	—			—		(16,730		)
Intercompany transfers (to) from subsidiaries	94,920			(72,950		)	(21,970		)	—		—
Net cash provided by (used for) financing activities	28,060			(84,210		)	(30,920		)	—		(87,070		)
Cash and Cash Equivalents:
Increase (decrease) for the period	—			(40		)	5,610			—		5,570
At beginning of period	—			340			3,570			—		3,910
At end of period	$	—		$	300		$	9,180		$	—	$	9,480