Supplemental Guarantor Condensed Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of Condensed Balance Sheet

Supplemental Guarantor

Condensed Financial Statements

Consolidating Balance Sheet

(dollars in thousands)

	September 30, 2012
	Parent		Guarantor		Non- Guarantor		Eliminations			Consolidated Total
Assets
Current assets:
Cash and cash equivalents	$	—	$	5,860	$	20,230	$	—		$	26,090
Trade receivables, net	—		147,400		37,640		—			185,040
Receivables, intercompany	—		10,200		—		(10,200		)	—
Inventories	—		163,700		56,750		—			220,450
Deferred income taxes	—		17,320		1,190		—			18,510
Prepaid expenses and other current assets	—		8,590		1,560		—			10,150
Total current assets	—		353,070		117,370		(10,200		)	460,240
Investments in subsidiaries	513,420		170,050		—		(683,470		)	—
Property and equipment, net	—		111,420		68,680		—			180,100
Goodwill	—		204,680		64,580		—			269,260
Intangibles and other assets	4,780		203,640		28,610		(1,340		)	235,690
Total assets	$	518,200	$	1,042,860	$	279,240	$	(695,010	)	$	1,145,290
Liabilities and Shareholders' Equity
Current liabilities:
Current maturities, long-term debt	$	—	$	2,330	$	15,620	$	—		$	17,950
Accounts payable, trade	—		110,260		38,630		—			148,890
Accounts payable, intercompany	—		—		10,200		(10,200		)	—
Accrued liabilities	5,740		60,650		13,090		—			79,480
Total current liabilities	5,740		173,240		77,540		(10,200		)	246,320
Long-term debt	197,020		215,020		—		—			412,040
Deferred income taxes	—		56,760		10,920		(1,340		)	66,340
Other long-term liabilities	—		58,050		20,730		—			78,780
Total liabilities	202,760		503,070		109,190		(11,540		)	803,480
Redeemable noncontrolling interest	—		26,370		—		—			26,370
Total shareholders' equity	315,440		513,420		170,050		(683,470		)	315,440
Total liabilities and shareholders' equity	$	518,200	$	1,042,860	$	279,240	$	(695,010	)	$	1,145,290

Supplemental Guarantor

Condensed Financial Statements

Consolidating 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

Schedule of Condensed Income Statement

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)

	Three Months Ended September 30, 2012
	Parent			Guarantor			Non-Guarantor			Eliminations			Consolidated Total
Net sales	$	—		$	275,570		$	88,220		$	(27,920	)	$	335,870
Cost of sales	—			(201,870		)	(71,780		)	27,920			(245,730		)
Gross profit	—			73,700			16,440			—			90,140
Selling, general and administrative expenses	—			(44,240		)	(9,310		)	—			(53,550		)
Gain (loss) on dispositions of property and equipment	—			(20		)	30			—			10
Operating profit	—			29,440			7,160			—			36,600
Other expense, net:
Interest expense	(5,140		)	(3,620		)	(690		)	—			(9,450		)
Other, net	—			300			(160		)	—			140
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(5,140		)	26,120			6,310			—			27,290
Income tax (expense) benefit	1,800			(8,160		)	(970		)	—			(7,330		)
Equity in net income of subsidiaries	23,300			5,340			—			(28,640		)	—
Net income	19,960			23,300			5,340			(28,640		)	19,960
Less: Net income attributable to noncontrolling interests	—			1,290			—			—			1,290
Net income attributable to TriMas Corporation	$	19,960		$	22,010		$	5,340		$	(28,640	)	$	18,670

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)

	Three Months Ended September 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Consolidated 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

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)

	Nine Months Ended September 30, 2012
	Parent			Guarantor			Non-Guarantor			Eliminations			Consolidated Total
Net sales	$	—		$	813,000		$	215,870		$	(57,000	)	$	971,870
Cost of sales	—			(593,450		)	(170,480		)	57,000			(706,930		)
Gross profit	—			219,550			45,390			—			264,940
Selling, general and administrative expenses	—			(131,370		)	(25,360		)	—			(156,730		)
Gain on dispositions of property and equipment	—			300			30			—			330
Operating profit	—			88,480			20,060			—			108,540
Other income (expense), net:
Interest expense	(17,750		)	(11,130		)	(1,540		)	—			(30,420		)
Debt extinguishment costs	(6,560		)	—			—			—			(6,560		)
Other, net	—			(3,330		)	920			—			(2,410		)
Income (loss) from continuing operations before income tax (expense) benefit and equity in net income of subsidiaries	(24,310		)	74,020			19,440			—			69,150
Income tax (expense) benefit	8,510			(24,260		)	(4,020		)	—			(19,770		)
Equity in net income of subsidiaries	65,180			15,420			—			(80,600		)	—
Net income	49,380			65,180			15,420			(80,600		)	49,380
Less: Net income attributable to noncontrolling interests	—			1,560			—			—			1,560
Net income attributable to TriMas Corporation	$	49,380		$	63,620		$	15,420		$	(80,600	)	$	47,820

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Operations

(dollars in thousands)

	Nine Months Ended September 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations			Consolidated 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

Schedule of Condensed Financial Statements

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Comprehensive Income

(dollars in thousands)

	Three Months Ended September 30, 2012
	Parent		Guarantor			Non-Guarantor		Eliminations			Consolidated Total
Net income	$	19,960	$	23,300		$	5,340	$	(28,640	)	$	19,960
Other comprehensive income:
Amortization of defined benefit plan deferred (gains) losses, net of tax	—		(820		)	80		—			(740		)
Foreign currency translation	—		—			3,040		—			3,040
Net changes in unrealized (gain) loss on derivative instruments, net of tax	—		(140		)	60		—			(80		)
Total other comprehensive loss	—		(960		)	3,180		—			2,220
Total comprehensive income	19,960		22,340			8,520		(28,640		)	22,180
Less: Net income attributable to noncontrolling interests	—		1,290			—		—			1,290
Total comprehensive income attributable to TriMas Corporation	$	19,960	$	21,050		$	8,520	$	(28,640	)	$	20,890

	Three Months Ended September 30, 2011
	Parent		Guarantor		Non-Guarantor			Eliminations			Consolidated Total
Net income	$	18,270	$	21,360	$	6,990		$	(28,350	)	$	18,270
Other comprehensive income:
Amortization of defined benefit plan deferred losses, net of tax	—		30		30			—			60
Foreign currency translation	—		—		(11,340		)	—			(11,340		)
Total other comprehensive income (loss)	—		30		(11,310		)	—			(11,280		)
Total comprehensive income	$	18,270	$	21,390	$	(4,320	)	$	(28,350	)	$	6,990

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Comprehensive Income

(dollars in thousands)

	Nine Months Ended September 30, 2012
	Parent		Guarantor			Non-Guarantor		Eliminations			Consolidated Total
Net income	$	49,380	$	65,180		$	15,420	$	(80,600	)	$	49,380
Other comprehensive income
Amortization of defined benefit plan deferred (gains) losses, net of tax	—		(700		)	170		—			(530		)
Foreign currency translation	—		—			2,680		—			2,680
Net changes in unrealized gain on derivative instruments, net of tax	—		(1,000		)	—		—			(1,000		)
Total other comprehensive loss	—		(1,700		)	2,850		—			1,150
Total comprehensive income	49,380		63,480			18,270		(80,600		)	50,530
Less: Net income attributable to noncontrolling interests	—		1,560			—		—			1,560
Total comprehensive income attributable to TriMas Corporation	$	49,380	$	61,920		$	18,270	$	(80,600	)	$	48,970

	Nine Months Ended September 30, 2011
	Parent		Guarantor		Non-Guarantor			Eliminations			Consolidated Total
Net income	$	47,110	$	58,540	$	16,890		$	(75,430	)	$	47,110
Other comprehensive income
Amortization of defined benefit plan deferred losses, net of tax	—		90		80			—			170
Foreign currency translation	—		—		(3,990		)	—			(3,990		)
Net changes in unrealized loss on derivative instruments, net of tax	—		230		—			—			230
Total other comprehensive income (loss)	—		320		(3,910		)	—			(3,590		)
Total comprehensive income	$	47,110	$	58,860	$	12,980		$	(75,430	)	$	43,520

Schedule of Condensed Cash Flow Statement

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Cash Flows

(dollars in thousands)

	Nine Months Ended September 30, 2012
	Parent			Guarantor			Non-Guarantor			Eliminations		Consolidated Total
Cash Flows from Operating Activities:
Net cash provided by (used for) operating activities	$	(12,170	)	$	26,100		$	1,470		$	—	15,400
Cash Flows from Investing Activities:
Capital expenditures	—			(23,600		)	(12,840		)	—		(36,440		)
Acquisition of businesses, net of cash acquired	—			(62,730		)	(21,870		)	—		(84,600		)
Net proceeds from disposition of assets	—			2,790			160			—		2,950
Net cash used for investing activities	—			(83,540		)	(34,550		)	—		(118,090		)
Cash Flows from Financing Activities:
Proceeds from sale of common stock in connection with the Company's equity offering, net of issuance costs	79,040			—			—			—		79,040
Proceeds from borrowings on term loan facilities	—			—			140,370			—		140,370
Repayments of borrowings on term loan facilities	—			(6,610		)	(124,240		)	—		(130,850		)
Proceeds from borrowings on revolving credit facilities and accounts receivable facility	—			555,300			—			—		555,300
Repayments of borrowings on revolving credit facilities and accounts receivable facility	—			(555,300		)	—			—		(555,300		)
Repurchase of 9¾% senior secured notes	(50,000		)	—			—			—		(50,000		)
Senior secured notes redemption premium	(4,880		)	—			—			—		(4,880		)
Distributions to noncontrolling interests	—			(820		)	—			—		(820		)
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations	(990		)	—			—			—		(990		)
Proceeds from exercise of stock options	5,680			—			—			—		5,680
Excess tax benefits from stock based compensation	—			2,310			—			—		2,310
Intercompany transfers (to) from subsidiaries	(16,680		)	34,600			(17,920		)	—		—
Net cash provided by (used for) financing activities	12,170			29,480			(1,790		)	—		39,860
Cash and Cash Equivalents:
Decrease for the period	—			(27,960		)	(34,870		)	—		(62,830		)
At beginning of period	—			33,820			55,100			—		88,920
At end of period	$	—		$	5,860		$	20,230		$	—	$	26,090

Supplemental Guarantor

Condensed Financial Statements

Consolidating Statement of Cash Flows

(dollars in thousands)

	Nine Months Ended September 30, 2011
	Parent			Guarantor			Non-Guarantor			Eliminations		Consolidated 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