Segment Information (Notes)

9 Months Ended

Sep. 30, 2023

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®, Affaba & Ferrari™, Taplast™, Rapak®, Plastic Srl, Aarts Packaging, 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, fragrance and cosmetic caps, 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, Martinic Engineering, and Weldmac Manufacturing 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 for use within industrial and aerospace markets, natural gas-fired engines for remote power generation applications and compression systems for use within the North American industrial oil and gas markets.

Segment activity is as follows (dollars in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Net Sales
Packaging	$	116,500	$	129,700	$	350,040	$	416,540
Aerospace	67,580		45,420		177,370		137,330
Specialty Products	51,260		43,410		156,580		126,650
Total	$	235,340	$	218,530	$	683,990	$	680,520
Operating Profit (Loss)
Packaging	$	16,470	$	17,590	$	48,140	$	66,720
Aerospace (a)	7,130		4,710		11,190		9,300
Specialty Products	10,510		6,760		32,360		20,770
Corporate	(10,350)		(8,080)		(37,880)		(24,010)
Total	$	23,760	$	20,980	$	53,810	$	72,780

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(a)     In the three and nine months ended September 30, 2022, the Company recognized a $4.8 million pre-tax gain on the sale of vacant land adjacent to the Company's Tolleson, Arizona, manufacturing facility within the Aerospace segment.