Discontinued Operations Discontinued Operations (Notes)

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

. Discontinued Operations

Spin-off of the Cequent businesses

On June 30, 2015, the Company completed the previously announced spin-off of its Cequent businesses (comprised of the former Cequent Americas and Cequent Asia Pacific Europe Africa ("Cequent APEA") reportable segments), creating a new independent publicly traded company, Horizon, through the distribution of 100% of the Company's interest in Horizon to holders of the Company's common stock. On June 30, 2015, each of the Company's shareholders of record as of the close of business on the record date of June 25, 2015 received two shares of Horizon common stock for every five shares of TriMas common stock held. In addition, on June 30, 2015, immediately prior to the effective time of the spin-off, Horizon entered into a new debt financing arrangement and used the proceeds to make a cash distribution of $214.5 million to the Company.

The Cequent businesses are presented as discontinued operations in the Company's consolidated balance sheet, the consolidated statements of income and cash flows for all periods presented.

The carrying value of the assets and liabilities immediately preceding the spin-off of the Cequent businesses on June 30, 2015, and as of December 31, 2014 were as follows:

	Immediately preceding the spin-off on June 30, 2015		December 31, 2014
Assets
Current assets:
Cash and cash equivalents	$	17,050	$	—
Receivables, net	92,750		63,520
Inventories	125,750		123,370
Deferred income taxes	4,840		4,840
Prepaid expenses and other current assets	6,520		5,690
Total current assets	246,910		197,420
Property and equipment, net	$	48,870	$	55,180
Goodwill	5,630		6,580
Other intangibles, net	61,400		66,510
Other assets	15,910		11,930
Total assets	$	378,720	$	337,620
Liabilities
Current liabilities:
Current maturities, long-term debt	$	17,940	$	460
Accounts payable	81,830		81,500
Accrued liabilities	44,190		37,940
Total current liabilities	143,960		119,900
Long-term debt	195,460		300
Deferred income taxes	9,220		8,970
Other long-term liabilities	27,900		25,990
Total liabilities	$	376,540	$	155,160

Following the spin-off, there were no assets or liabilities remaining from the Cequent operations.

Results of discontinued operations, including the discontinued Cequent businesses and NI Industries, are summarized as follows:

	Three months ended September 30,			Nine months ended September 30,
	2014			2015			2014
	(dollars in thousands)
Net sales	$	157,870		$	300,900		$	488,050
Cost of sales	(119,700		)	(227,860		)	(366,740		)
Gross profit	38,170			73,040			121,310
Selling, general and administrative expenses	(27,100		)	(72,360		)	(83,090		)
Operating profit	11,070			680			38,220
Interest expense	(1,280		)	(2,540		)	(3,960		)
Other expense, net	6,080			(1,970		)	4,870
Other expense, net	4,800			(4,510		)	910
Income (loss) from discontinued operations, before income taxes	15,870			(3,830		)	39,130
Income tax expense	(4,730		)	(910		)	(10,540		)
Income (loss) from discontinued operations, net of tax	$	11,140		$	(4,740	)	$	28,590

NI Industries

During the third quarter of 2014, the Company ceased operations of its former NI Industries business, which manufactured cartridge cases for the defense industry and was party to a U.S. Government facility maintenance contract. During the three months ended September 30, 2014, the Company received approximately $6.7 million for the sale of certain intellectual property and related inventory and tooling. Net sales for NI Industries were approximately $0.1 million and $3.4 million for the three months and nine months ended September 30, 2014, respectively, and net income was approximately $3.8 million for both the three months and nine months ended September 30, 2014. There were no net sales or net income (loss) for NI Industries during the three or nine months ended September 30, 2015.