Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

TriMas reports its operations in three segments: Packaging, Aerospace and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by TriMas’ president and chief executive officer (chief operating decision maker) in determining resource, personnel and capital allocation, as well as assessing strategy and performance. The Company utilizes its proprietary TriMas Business Model as its platform which is based upon a standardized set of processes to manage and drive results and strategy across its multi-industry businesses.

Within each of the Company's reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment:

Packaging – TriMas' Packaging segment consists primarily of the Rieke® brand, as well as more recently acquired brands which include the Affaba & Ferrari™, Taplast™, Rapak®, Plastic Srl, Intertech and Omega brands. TriMas Packaging develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion and hand soaps and sanitizer pumps, beverage dispensers, perfume sprayers, nasal sprayers and trigger sprayers), polymeric and steel caps and closures (such as food lids, flip-top closures, child resistance caps, beverage closures, drum and pail closures, and flexible spouts), polymeric jar products, fully integrated dispensers for fill-ready bag-in-box applications, and consumable vascular delivery and diagnostic test components, all for a variety of consumer products submarkets including, but not limited to, beauty and personal care, food and beverage, home care, and life sciences, including, but not limited to, pharmaceutical, nutraceutical and medical, as well as industrial markets (including agricultural).

Aerospace – TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners™, Allfast Fastening Systems®, Mac Fasteners™, TFI Aerospace, RSA Engineered Products and Martinic Engineering brands, develops, qualifies and manufactures highly-engineered, precision fasteners, tubular products and assemblies for fluid conveyance, and machined products and assemblies to serve the aerospace and defense market.

Specialty Products – TriMas' Specialty Products segment, which includes the Norris Cylinder™ and Arrow® Engine brands, designs, manufactures and distributes highly-engineered steel cylinders, wellhead engines and compression systems for use within industrial markets.

Segment activity is as follows (dollars in thousands):

	Year ended December 31,
	2022		2021		2020
Net Sales
Packaging	$	522,180	$	533,260	$	488,340
Aerospace	188,090		183,340		167,740
Specialty Products	173,560		140,510		113,890
Total	$	883,830	$	857,110	$	769,970
Operating Profit (Loss)
Packaging	$	81,000	$	96,490	$	93,990
Aerospace (a)	8,060		13,270		(133,440)
Specialty Products	30,250		22,550		4,350
Corporate (b)	(20,250)		(37,220)		(53,190)
Total	$	99,060	$	95,090	$	(88,290)
Capital Expenditures
Packaging	$	33,170	$	34,080	$	30,730
Aerospace	6,900		5,390		5,770
Specialty Products	5,860		5,500		3,890
Corporate	30		90		90
Total	$	45,960	$	45,060	$	40,480
Depreciation and Amortization
Packaging	$	29,340	$	30,500	$	27,600
Aerospace	19,620		18,700		18,130
Specialty Products	4,130		4,120		3,910
Corporate	130		130		130
Total	$	53,220	$	53,450	$	49,770
Total Assets
Packaging	$	776,550	$	739,920	$	721,440
Aerospace	347,720		353,800		348,190
Specialty Products	86,290		73,260		65,520
Corporate	94,440		136,660		58,730
Total	$	1,305,000	$	1,303,640	$	1,193,880

__________________________

(a) In 2022, the Company completed the sale of vacant land adjacent to the Company's Tolleson, Arizona, manufacturing facility for net proceeds of $5.0 million, and recognized a $4.8 million gain on the sale, which is included within the Aerospace segment.

(b) In 2022, the Company sold a non-core facility in City of Industry, California, for net proceeds of $23.3 million, and recognized a $17.6 million gain on the sale, which is included in Corporate operating loss for 2022 and included within net gain (loss) on disposition of assets in the accompanying consolidated statement of operations.

The following table presents the Company's net sales for each of the years ended December 31 and long-lived assets at each year ended December 31, attributed to each subsidiary's continent of domicile (dollars in thousands).

	As of December 31,
	2022				2021				2020
	Net Sales		Long-lived Assets		Net Sales		Long-lived Assets		Net Sales		Long-lived Assets
Non-U.S.
Europe	$	139,780	$	192,600	$	160,650	$	209,380	$	116,350	$	225,120
Asia Pacific	35,260		29,720		41,310		37,080		46,350		41,140
Other Americas	18,040		41,840		15,290		42,000		11,740		19,510
Total non-U.S.	193,080		264,160		217,250		288,460		174,440		285,770
Total U.S.	690,750		541,510		639,860		489,390		595,530		477,460
Total	$	883,830	$	805,670	$	857,110	$	777,850	$	769,970	$	763,230

The Company's export sales from the U.S. approximated $74.5 million, $80.6 million and $70.0 million in 2022, 2021 and 2020, respectively.