10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 10-Q

(Mark One)
☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended		June 30, 2022
Or
☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from                  to                  .

Commission file number 001-10716

TRIMAS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	38-2687639
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

38505 Woodward Avenue, Suite 200

Bloomfield Hills, Michigan 48304

(Address of principal executive offices, including zip code)

(248) 631-5450

(Registrant's telephone number, including area code)

Title of each class	Trading symbol(s)	Name of exchange on which registered
Common stock, $0.01 par value	TRS	The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐    No ☒

As of July 21, 2022, the number of outstanding shares of the Registrant's common stock, $0.01 par value, was 42,002,294 shares.

TriMas Corporation

Index

Part I.	Financial Information
		Forward-Looking Statements	2
	Item 1.	Consolidated Financial Statements	3
		Consolidated Balance Sheet as of June 30, 2022 and December 31, 2021	3
		Consolidated Statement of Income for the Three and Six Months Ended June 30, 2022 and 2021	4
		Consolidated Statement of Comprehensive Income for the Three and Six Months Ended June 30, 2022 and 2021	5
		Consolidated Statement of Cash Flows for the Six Months Ended June 30, 2022 and 2021	6
		Consolidated Statement of Shareholders' Equity for the Six Months Ended June 30, 2022 and 2021	7
		Notes to Consolidated Financial Statements	8
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	40
	Item 4.	Controls and Procedures	40
Part II.	Other Information
	Item 1.	Legal Proceedings	41
	Item 1A.	Risk Factors	41
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
	Item 3.	Defaults Upon Senior Securities	41
	Item 4.	Mine Safety Disclosures	41
	Item 5.	Other Information	41
	Item 6.	Exhibits	42
	Signatures		43

1

Forward-Looking Statements

This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about our financial condition, results of operations and business. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties.

These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response thereto, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; inflationary pressures on our supply chain, including raw material and energy costs, and customers; interest rate volatility; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints, including the availability and cost of raw materials; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, climate change legislation and other environmental regulations, as well as the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes and shortages; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters, geopolitical conflicts and public health crises; the amount and timing of future dividends and/or share repurchases, which remain subject to Board approval and depend on market and other conditions; our future prospects; and other risks that are discussed in Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2021 and elsewhere in this report. The risks described in our Annual Report on Form 10-K and elsewhere in this report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows.

The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We caution readers not to place undue reliance on the statements, which speak only as of the date of this report. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as required by law.

We disclose important factors that could cause our actual results to differ materially from our expectations implied by our forward-looking statements under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report. These cautionary statements qualify all forward-looking statements attributed to us or persons acting on our behalf. When we indicate that an event, condition or circumstance could or would have an adverse effect on us, we mean to include effects upon our business, financial and other conditions, results of operations, prospects and ability to service our debt.

2

PART I. FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements

TriMas Corporation

Consolidated Balance Sheet

(Dollars in thousands)

	June 30, 2022		December 31, 2021
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	49,090	$	140,740
Receivables, net of reserves of approximately $1.3 million and $1.6 million as of June 30, 2022 and December 31, 2021, respectively	155,140		125,630
Inventories	164,040		152,450
Prepaid expenses and other current assets	17,000		12,950
Total current assets	385,270		431,770
Property and equipment, net	275,670		265,630
Operating lease right-of-use assets	50,500		50,650
Goodwill	339,210		315,490
Other intangibles, net	197,100		196,730
Deferred income taxes	8,990		9,740
Other assets	46,020		33,630
Total assets	$	1,302,760	$	1,303,640
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable	$	96,870	$	87,800
Accrued liabilities	50,490		58,980
Operating lease liabilities, current portion	8,230		8,120
Total current liabilities	155,590		154,900
Long-term debt, net	394,270		393,820
Operating lease liabilities	44,110		43,780
Deferred income taxes	25,750		21,260
Other long-term liabilities	52,260		59,030
Total liabilities	671,980		672,790
Preferred stock, $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None	—		—
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 42,050,893 shares at June 30, 2022 and 42,836,574 shares at December 31, 2021	420		430
Paid-in capital	704,170		732,490
Accumulated deficit	(68,270)		(102,300)
Accumulated other comprehensive income (loss)	(5,540)		230
Total shareholders' equity	630,780		630,850
Total liabilities and shareholders' equity	$	1,302,760	$	1,303,640

The accompanying notes are an integral part of these consolidated financial statements.

3

TriMas Corporation

Consolidated Statement of Income

(Unaudited—dollars in thousands, except for per share amounts)

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net sales	$	237,680	$	218,990	$	461,990	$	425,720
Cost of sales	(177,000)		(160,960)		(347,600)		(316,360)
Gross profit	60,680		58,030		114,390		109,360
Selling, general and administrative expenses	(30,810)		(32,460)		(62,590)		(62,680)
Operating profit	29,870		25,570		51,800		46,680
Other expense, net:
Interest expense	(3,500)		(4,120)		(6,910)		(7,670)
Debt financing and related expenses	—		(10,320)		—		(10,520)
Other income (expense), net	270		670		(10)		(260)
Other expense, net	(3,230)		(13,770)		(6,920)		(18,450)
Income before income tax expense	26,640		11,800		44,880		28,230
Income tax benefit (expense)	(6,780)		40		(10,850)		(3,330)
Net income	$	19,860	$	11,840	$	34,030	$	24,900
Basic earnings per share:
Net income per share	$	0.47	$	0.27	$	0.80	$	0.58
Weighted average common shares—basic	42,297,525		43,110,191		42,548,366		43,147,599
Diluted earnings per share:
Net income per share	$	0.47	$	0.27	$	0.80	$	0.57
Weighted average common shares—diluted	42,481,199		43,308,356		42,795,446		43,471,616

The accompanying notes are an integral part of these consolidated financial statements.

4

TriMas Corporation

Consolidated Statement of Comprehensive Income

(Unaudited—dollars in thousands)

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net income	$	19,860	$	11,840	$	34,030	$	24,900
Other comprehensive income (loss):
Defined benefit plans (Note 18)	90		160		330		310
Foreign currency translation	(13,730)		1,400		(17,770)		(2,020)
Derivative instruments (Note 11)	10,110		(570)		11,670		3,330
Total other comprehensive income (loss)	(3,530)		990		(5,770)		1,620
Total comprehensive income	$	16,330	$	12,830	$	28,260	$	26,520

The accompanying notes are an integral part of these consolidated financial statements.

5

TriMas Corporation

Consolidated Statement of Cash Flows

(Unaudited—dollars in thousands)

	Six months ended June 30,
	2022		2021
Cash Flows from Operating Activities:
Net income	$	34,030	$	24,900
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:
Loss on dispositions of assets	210		130
Depreciation	17,150		15,830
Amortization of intangible assets	10,040		10,780
Amortization of debt issue costs	450		520
Deferred income taxes	3,320		1,790
Non-cash compensation expense	5,300		5,660
Debt financing and related expenses	—		10,520
Increase in receivables	(29,430)		(22,600)
Increase in inventories	(7,940)		(900)
Decrease (increase) in prepaid expenses and other assets	790		(7,430)
Increase (decrease) in accounts payable and accrued liabilities	(8,870)		1,350
Other operating activities	2,640		2,120
Net cash provided by operating activities, net of acquisition impact	27,690		42,670
Cash Flows from Investing Activities:
Capital expenditures	(21,720)		(18,330)
Acquisition of businesses, net of cash acquired	(64,100)		—
Net proceeds from disposition of property and equipment	110		140
Net cash used for investing activities	(85,710)		(18,190)
Cash Flows from Financing Activities:
Retirement of senior notes	—		(300,000)
Proceeds from issuance of senior notes	—		400,000
Proceeds from borrowings on revolving credit facilities	12,000		—
Repayments of borrowings on revolving credit facilities	(12,000)		(48,620)
Debt financing fees and senior notes redemption premium	—		(13,570)
Payments to purchase common stock	(27,890)		(14,210)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(2,280)		(4,620)
Dividends paid	(3,460)		—
Net cash provided by (used for) financing activities	(33,630)		18,980
Cash and Cash Equivalents:
Increase (decrease) for the period	(91,650)		43,460
At beginning of period	140,740		73,950
At end of period	$	49,090	$	117,410
Supplemental disclosure of cash flow information:
Cash paid for interest	$	6,330	$	6,170
Cash paid for taxes	$	1,120	$	4,420

        

The accompanying notes are an integral part of these consolidated financial statements.

6

TriMas Corporation

Consolidated Statement of Shareholders' Equity

Six Months Ended June 30, 2022 and 2021

(Unaudited—dollars in thousands)

	Common Stock		Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total
Balances, December 31, 2021	$	430	$	732,490	$	(102,300)	$	230	$	630,850
Net income	—		—		14,170		—		14,170
Other comprehensive loss	—		—		—		(2,240)		(2,240)
Purchase of common stock	—		(9,060)		—		—		(9,060)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	—		(970)		—		—		(970)
Non-cash compensation expense	—		2,820		—		—		2,820
Dividends declared	—		(1,740)		—		—		(1,740)
Balances, March 31, 2022	$	430	$	723,540	$	(88,130)	$	(2,010)	$	633,830
Net income	—		—		19,860		—		19,860
Other comprehensive loss	—		—		—		(3,530)		(3,530)
Purchase of common stock	(10)		(18,820)		—		—		(18,830)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	—		(1,310)		—		—		(1,310)
Non-cash compensation expense	—		2,480		—		—		2,480
Dividends declared	—		(1,720)		—		—		(1,720)
Balances, June 30, 2022	$	420	$	704,170	$	(68,270)	$	(5,540)	$	630,780

	Common Stock		Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total
Balances, December 31, 2020	$	430	$	749,050	$	(159,610)	$	(5,620)	$	584,250
Net income	—		—		13,060		—		13,060
Other comprehensive income	—		—		—		630		630
Purchase of common stock	—		(2,640)		—		—		(2,640)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	—		(1,770)		—		—		(1,770)
Non-cash compensation expense	—		2,440		—		—		2,440
Balances, March 31, 2021	$	430	$	747,080	$	(146,550)	$	(4,990)	$	595,970
Net income	—		—		11,840		—		11,840
Other comprehensive loss	—		—		—		990		990
Purchase of common stock	—		(11,570)		—		—		(11,570)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	—		(2,850)		—		—		(2,850)
Non-cash compensation expense	—		3,220		—		—		3,220
Balances, June 30, 2021	$	430	$	735,880	$	(134,710)	$	(4,000)	$	597,600

The accompanying notes are an integral part of these consolidated financial statements.

7

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. Basis of Presentation

TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, designs, engineers and manufactures innovative products under leading brand names for customers primarily in the consumer products, aerospace & defense, and industrial markets.

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. The preparation of financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results may differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the ongoing outbreak of the coronavirus and related variants (“COVID-19”) as well as input cost inflation, supply chain disruptions, and shortages in global markets for commodities, logistics and labor. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected.

Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2021 Annual Report on Form 10-K.

2. New Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance" ("ASU 2021-10"), which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. ASU 2021-10 is effective for annual filings in fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"), which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue from Contracts with Customers." ASU 2021-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.

3. Revenue

The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
Customer Markets	2022		2021		2022		2021
Consumer Products	$	119,830	$	112,900	$	227,390	$	218,020
Aerospace & Defense	47,390		44,560		91,910		89,170
Industrial	70,460		61,530		142,690		118,530
Total net sales	$	237,680	$	218,990	$	461,990	$	425,720

The Company’s Packaging segment earns revenues from the consumer products (comprised of the beauty and personal care, food and beverage, home care, pharmaceutical, nutraceutical and medical submarkets) and industrial markets. The Aerospace segment earns revenues from the aerospace & defense market (comprised of commercial, regional and business jet and military submarkets). The Specialty Products segment earns revenues from a variety of submarkets within the industrial market.

8

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

4. Realignment Actions

2022 Realignment Actions

During the six months ended June 30, 2022, the Company incurred realignment charges in its Packaging segment related to adjusting its labor force in facilities with lower demand, finalizing its Indianapolis, Indiana facility consolidation, costs incurred to reorganize its benefit plans in the United Kingdom, and for costs incurred as part of the Company's start-up and relocation to a new, larger facility in New Albany, Ohio. The Company also completed the Aerospace segment footprint realignment which began in 2021. In connection with these actions, the Company recorded pre-tax realignment charges of approximately $1.5 million and $3.8 million during the three and six months ended June 30, 2022, respectively, of which approximately $1.4 million and $2.2 million, respectively, related to facility move and consolidation costs and approximately $0.1 million and $1.6 million, respectively, were for employee-related costs. For the three and six months ended June 30, 2022, approximately $1.4 million and $2.3 million, respectively, of these charges were included in cost of sales, and approximately $0.1 million and $1.5 million, respectively, of these charges were included in selling, general and administrative expenses in the accompanying consolidated statement of income.

2021 Realignment Actions

During the six months ended June 30, 2021, the Company executed certain realignment actions in response to reductions in current and expected future end market demand. First, the Company closed its Packaging segment's Union City, California manufacturing facility, consolidating the operation into its Indianapolis, Indiana and Woodridge, Illinois facilities. The Company also realigned its Aerospace segment footprint, consolidating certain activities previously in its three leased Stanton, California facilities into its owned Tolleson, Arizona facility. In addition, the Company also reorganized and streamlined its corporate office legal and finance groups. The Company recorded pre-tax realignment charges of approximately $4.2 million and $8.2 million during the three and six months ended June 30, 2021, respectively. Of these costs, approximately $0.7 million and $2.2 million during the three and six months ended June 30, 2021, respectively, related to facility consolidations, and approximately $3.5 million and $6.0 million, respectively, were for employee separation costs. As of June 30, 2021, approximately $1.0 million of the employee separation costs had been paid. For the three and six months ended June 30, 2021, approximately $0.9 million and $2.7 million, respectively, of these charges were included in cost of sales, and approximately $3.3 million and $5.5 million, respectively, were included in selling, general and administrative expenses in the accompanying consolidated statement of income.

5. Acquisitions

2022 Acquisitions

On February 28, 2022, the Company acquired Intertech Plastics LLC and related companies (collectively, "Intertech") for a purchase price of approximately $64.1 million, net of cash acquired. Intertech is a manufacturer of custom injection molded products used in medical applications, as well as products and assemblies for consumer and industrial applications. The fair value of assets acquired and liabilities assumed included approximately $32.4 million of goodwill, $13.5 million of intangible assets, $12.2 million of property and equipment and $6.0 million of net working capital. Intertech, which is reported in the Company's Packaging segment, has two manufacturing facilities located in the Denver, Colorado area and historically generated approximately $32 million in annual revenue.

2021 Acquisitions

On December 17, 2021, the Company acquired Omega Plastics ("Omega"), which specializes in manufacturing custom components and devices for drug delivery, diagnostic and orthopedic medical applications, as well as components for industrial applications, for an aggregate amount of approximately $22.5 million, net of cash acquired. Omega, which is reported in the Company's Packaging segment, is located in Clinton Township, Michigan and historically generated approximately $18 million in annual revenue.

9

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

On December 5, 2021, the Company acquired TFI Aerospace ("TFI"), a manufacturer and supplier of specialty fasteners used in a variety of applications, predominately for the aerospace end market, for an aggregate amount of approximately $11.8 million, with additional contingent consideration ranging from zero to approximately $12.0 million to be paid based on 2023 and 2024 earnings per the purchase agreement. The Company recorded $3.7 million as its best estimate of the additional contingent consideration, with such estimate based on Level 3 inputs under the fair value hierarchy, as defined. TFI, which is reported in the Company's Aerospace segment, is located near Toronto, Canada and historically generated approximately $6 million in annual revenue. As of June 30, 2022, the recorded contingent consideration liability was approximately $3.7 million.

6. Cash and Cash Equivalents

Cash and cash equivalents consists of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Cash and cash equivalents - unrestricted	$	49,050	$	129,790
Cash - restricted (a)	40		10,950
Total cash and cash equivalents	$	49,090	$	140,740

__________________________

(a)     Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit.

7. Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the six months ended June 30, 2022 are summarized as follows (dollars in thousands):

	Packaging		Aerospace		Specialty Products		Total
Balance, December 31, 2021	$	238,740	$	70,190	$	6,560	$	315,490
Goodwill from acquisitions	32,370		—		—		32,370
Foreign currency translation and other	(8,520)		(130)		—		(8,650)
Balance, June 30, 2022	$	262,590	$	70,060	$	6,560	$	339,210

10

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Other Intangible Assets

The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands):

	As of June 30, 2022				As of December 31, 2021
Intangible Category by Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships, 5 – 12 years	$	131,330	$	(75,550)	$	124,310	$	(71,150)
Customer relationships, 15 – 25 years	130,040		(71,300)		130,190		(68,190)
Total customer relationships	261,370		(146,850)		254,500		(139,340)
Technology and other, 1 – 15 years	56,870		(37,590)		57,060		(36,140)
Technology and other, 17 – 30 years	43,300		(40,130)		43,300		(39,920)
Total technology and other	100,170		(77,720)		100,360		(76,060)
Indefinite-lived intangible assets:
Trademark/Trade names	60,130		—		57,270		—
Total other intangible assets	$	421,670	$	(224,570)	$	412,130	$	(215,400)

Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Technology and other, included in cost of sales	$	810	$	950	$	1,710	$	1,900
Customer relationships, included in selling, general and administrative expenses	3,940		4,440		8,330		8,880
Total amortization expense	$	4,750	$	5,390	$	10,040	$	10,780

8. Inventories

Inventories consist of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Finished goods	$	77,010	$	74,600
Work in process	35,890		28,790
Raw materials	51,140		49,060
Total inventories	$	164,040	$	152,450

11

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

9. Property and Equipment, Net

Property and equipment consists of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Land and land improvements	$	19,190	$	19,630
Buildings	91,610		93,170
Machinery and equipment	443,110		422,500
	553,910		535,300
Less: Accumulated depreciation	278,240		269,670
Property and equipment, net	$	275,670	$	265,630

Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Depreciation expense, included in cost of sales	$	8,400	$	7,670	$	16,570	$	15,230
Depreciation expense, included in selling, general and administrative expenses	280		310		580		600
Total depreciation expense	$	8,680	$	7,980	$	17,150	$	15,830

10. Long-term Debt

The Company's long-term debt consists of the following (dollars in thousands):

	June 30, 2022		December 31, 2021
4.125% Senior Notes due April 2029	$	400,000	$	400,000
Debt issuance costs	(5,730)		(6,180)
Long-term debt, net	$	394,270	$	393,820

Senior Notes due 2029

In March 2021, the Company issued $400.0 million aggregate principal amount of 4.125% senior notes due April 15, 2029 ("2029 Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended ("Securities Act"). The Company used the proceeds from the 2029 Senior Notes offering to pay fees and expenses of approximately $5.1 million related to the offering and pay fees and expenses of $1.1 million related to amending its existing credit agreement. In connection with the issuance, during the second quarter of 2021, the Company completed the redemption of its outstanding 4.875% senior notes due October 15, 2025 ("2025 Senior Notes"), paying $300.0 million to retire the outstanding principal amount plus $7.3 million as a redemption premium. The remaining cash proceeds from the 2029 Senior Notes were used for general corporate purposes, including repaying all outstanding revolving credit facility borrowings. The $5.1 million of fees and expenses related to the 2029 Senior Notes were capitalized as debt issuance costs, while the $7.3 million redemption premium, as well as approximately $3.0 million of unamortized debt issuance costs associated with the 2025 Senior Notes, were included in debt financing and related expenses in the accompanying consolidated statement of income.

The 2029 Senior Notes accrue interest at a rate of 4.125% per annum, payable semi-annually in arrears on April 15 and October 15. The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company. The 2029 Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and effectively subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness.

12

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Prior to April 15, 2024, the Company may redeem up to 40% of the principal amount of the 2029 Senior Notes at a redemption price of 104.125% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings provided that each such redemption occurs within 90 days of the date of closing of each such equity offering. In addition, prior to April 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. On or after April 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:

Year	Percentage
2024	102.063	%
2025	101.031	%
2026 and thereafter	100.000	%

Senior Notes due 2025

In September 2017, the Company issued $300.0 million aggregate principal amount of its 2025 Senior Notes at par value in a private placement under Rule 144A of the Securities Act. During the second quarter of 2021, and in connection with the issuance of the 2029 Senior Notes, the Company redeemed all of the outstanding 2025 Senior Notes, as permitted under the indenture, at a price of 102.438% of the principal amount.

Credit Agreement

In March 2021, the Company amended its existing credit agreement ("Credit Agreement") in connection with the issuance of the 2029 Senior Notes to extend the maturity date. The Company incurred fees and expenses of approximately $1.1 million related to the amendment, all of which was capitalized as debt issuance costs. The Company also recorded approximately $0.2 million of non-cash expense related to the write-off of previously capitalized deferred financing fees. The Credit Agreement consists of a $300.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies, subject to a $125.0 million sub limit, maturing on March 29, 2026.

In November 2021, the Company amended the Credit Agreement to replace LIBOR with a benchmark interest rate determined based on the currency denomination of borrowings. Effective January 1, 2022, the amendment replaced the reference rate terms for U.S. dollar LIBOR borrowings to the Secured Overnight Financing Rate ("SOFR"), British pound sterling LIBOR borrowings to the Sterling Overnight Index Average ("SONIA") and Euro LIBOR borrowings to the Euro Short Term Rate ("ESTR"), all plus a spread of 1.50%. The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date.

The Credit Agreement also provides incremental revolving credit facility commitments in an amount not to exceed the greater of $200.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 3.00 to 1.00. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the existing credit facility.

The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. The Company places cash on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit; therefore, as of December 31, 2021, the Company had no letters of credit issued against its revolving credit facility. See Note 6, "Cash and Cash Equivalents," for further information on its cash deposit. At June 30, 2022, the Company had no amounts outstanding under its revolving credit facility and had $295.1 million potentially available after giving effect to approximately $4.9 million of letters of credit issued and outstanding. At December 31, 2021, the Company had no amounts outstanding under its revolving credit facility and had $300.0 million potentially available. The Company's borrowing capacity was not reduced by leverage restrictions contained in the Credit Agreement as of June 30, 2022 and December 31, 2021.

13

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $125.0 million (equivalent) foreign currency sub limit of the $300.0 million senior secured revolving credit facility are secured by a cross-guarantee amongst, and a pledge of the assets of, the foreign subsidiary borrowers that are a party to the agreement.  The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries, including the ability, subject to certain exceptions and limitations, to incur debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its restricted subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined), a maximum senior secured net leverage ratio (total consolidated senior secured indebtedness, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). At June 30, 2022, the Company was in compliance with its financial covenants contained in the Credit Agreement.

Other Revolving Loan Facility

In May 2021, the Company, through one of its non-U.S. subsidiaries, entered into a revolving loan facility with a borrowing capacity of $4 million. The facility is guaranteed by TriMas Corporation. There were no borrowings outstanding on this loan facility as of June 30, 2022 and December 31, 2021.

Fair Value of Debt

The valuations of the Senior Notes and revolving credit facility were determined based on Level 2 inputs under the fair value hierarchy, as defined. The carrying amounts and fair values were as follows (dollars in thousands):

	June 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	341,000	$	400,000	$	399,000

11. Derivative Instruments

Derivatives Designated as Hedging Instruments

The Company uses cross-currency swap contracts to hedge its net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. By doing so, the Company synthetically converts a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. At inception, the Company designates its cross-currency swaps as net investment hedges.

As of June 30, 2022, the Company had cross-currency swap agreements at notional amounts totaling $250.0 million, which declines to $25.0 million over various contract periods ending between October 15, 2023 and October 15, 2027. Under the terms of the agreements, the Company is to receive net interest payments at fixed rates ranging from approximately 0.8% to 2.9% of the notional amounts.

As of June 30, 2022 and December 31, 2021, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):

		Asset / (Liability) Derivatives
Derivatives designated as hedging instruments	Balance Sheet Caption	June 30, 2022		December 31, 2021
Net Investment Hedges
Cross-currency swaps	Other assets	$	21,990	$	7,590

14

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of June 30, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):

	Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax)					Amount of Income (Loss) Reclassified from AOCI into Earnings
						Three months ended June 30,				Six months ended June 30,
	As of June 30, 2022		As of December 31, 2021		Location of Income Reclassified from AOCI into Earnings (Effective Portion)	2022		2021		2022		2021
Net Investment Hedges
Cross-currency swaps	$	17,580	$	5,910	Other income (expense), net	$	—	$	—	$	—	$	—

Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings.

Derivatives Not Designated as Hedging Instruments

As of June 30, 2022, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $130.4 million. The Company uses foreign exchange contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain of its receivables, payables and intercompany transactions denominated in foreign currencies. The foreign exchange contracts primarily mitigate currency exposures between the U.S. dollar and the Euro, Canadian dollar, Chinese yuan, and the Mexican peso, as well as between the Euro and British pound, and have various settlement dates through December 2022. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income.

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):

		Amount of Income (Loss) Recognized in Earnings on Derivatives
		Three months ended June 30,				Six months ended June 30,
	Location of Income (Loss) Recognized in Earnings on Derivatives	2022		2021		2022		2021
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net	$	2,500	$	(1,160)	$	3,310	$	2,860

15

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Fair Value of Derivatives

The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's cross-currency swaps and foreign exchange contracts use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are shown below (dollars in thousands):  

Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2022
Cross-currency swaps	Recurring	$	21,990	$	—	$	21,990	$	—
Foreign exchange contracts	Recurring	$	2,850	$	—	$	2,850	$	—
December 31, 2021
Cross-currency swaps	Recurring	$	7,590	$	—	$	7,590	$	—
Foreign exchange contracts	Recurring	$	(110)	$	—	$	(110)	$	—

12. Leases

The Company leases certain equipment and facilities under non-cancelable operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term.

The components of lease expense are as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	2,690	$	2,140	$	5,330	$	4,280
Short-term, variable and other lease costs	730		430		1,420		860
Total lease cost	$	3,420	$	2,570	$	6,750	$	5,140

16

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Maturities of lease liabilities are as follows (dollars in thousands):

Year ended December 31,	Operating Leases(a)
2022 (excluding the six months ended June 30, 2022)	$	5,120
2023	9,720
2024	8,880
2025	7,590
2026	7,490
Thereafter	20,680
Total lease payments	59,480
Less: Imputed interest	(7,140)
Present value of lease liabilities	$	52,340

__________________________

(a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.

The weighted-average remaining lease term of the Company's operating leases as of June 30, 2022 is approximately 7.1 years. The weighted-average discount rate as of June 30, 2022 is approximately 3.7%.

Cash paid for amounts included in the measurement of operating lease liabilities was approximately $4.8 million and $4.2 million during the six months ended June 30, 2022 and 2021, respectively, and is included in cash flows provided by operating activities in the accompanying consolidated statement of cash flows.

Right-of-use assets obtained in exchange for lease liabilities were approximately $4.8 million and $6.1 million during the six months ended June 30, 2022 and 2021, respectively.

13. Other long-term liabilities

Other long-term liabilities consist of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Non-current asbestos-related liabilities	$	22,270	$	25,210
Other long-term liabilities	29,990		33,820
Total other long-term liabilities	$	52,260	$	59,030

17

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

14. Commitments and Contingencies

Asbestos

As of June 30, 2022, the Company was a party to 425 pending cases involving an aggregate of 4,796 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by its former Lamons division and certain other related subsidiaries for use primarily in the petrochemical, refining and exploration industries. The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, at the applicable date and for the applicable periods:

	Claims pending at beginning of period	Claims filed during period	Claims dismissed during period	Claims settled during period	Claims pending at end of period	Average settlement amount per claim during period		Total defense costs during period
Six Months Ended June 30, 2022	4,754	124	74	8	4,796	$	14,050	$	1,210,000
Fiscal Year Ended December 31, 2021	4,655	265	134	32	4,754	$	16,819	$	1,950,000

In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used.

The Company may be subjected to significant additional asbestos-related claims in the future, and will aggressively defend or reasonably resolve, as appropriate. The cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The cost of claims varies as claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 4,796 claims pending at June 30, 2022, 45 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At June 30, 2022, of the 45 claims that set forth specific amounts, there were zero claims seeking more than $5 million for punitive damages. Below is a breakdown of the compensatory damages sought for those claims seeking specific amounts:

	Compensatory
Range of damages sought (dollars in millions)	$0.0 to $0.6	$0.6 to $5.0	$5.0+
Number of claims	—	3	42

Relatively few claims have reached the discovery stage and even fewer claims have gone past the discovery stage. Total settlement costs (exclusive of defense costs) for all such cases, some of which were filed over 30 years ago, have been approximately $10.6 million. All relief sought in the asbestos cases is monetary in nature. Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability.

The Company records a liability for asbestos-related claims, which includes both known and unknown claims, based on a study from the Company’s third-party actuary, the Company's review of the study, as well as the Company’s own review of asbestos claims and claim resolution activity.

18

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

In the fourth quarter of 2021, the Company commissioned its actuary to update the study, based on data as of September 30, 2021, which yielded a range of possible future liability of $28.2 million to $38.6 million. The Company did not believe any amount within the range of potential outcomes represented a better estimate than another given the many factors and assumptions inherent in the projections, and therefore recorded a non-cash, pre-tax charge of $1.5 million to increase the liability estimate to $28.2 million, at the low-end of the range. As of June 30, 2022, the Company’s total asbestos-related liability is $26.3 million, and is included in accrued liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheet.

The Company’s primary insurance, which covered approximately 40% of historical costs related to settlement and defense of asbestos litigation, expired in November 2018, upon which the Company became solely responsible for defense costs and indemnity payments. The Company is party to a coverage-in-place agreement (entered into in 2006) with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims. The coverage-in-place agreement makes asbestos defense costs and indemnity insurance coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. The Company will continue to be solely responsible for defense costs and indemnity payments prior to the commencement of coverage under this agreement, the duration of which would be subject to the scope of damage awards and settlements paid. Based upon the Company’s review of the actuarial study, the Company does not believe it is probable that it will reach the threshold of qualified future settlements required to commence excess carrier insurance coverage under the coverage-in-place agreement.

Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe these cases will have a material adverse effect on its financial position, results of operations, or cash flows.

Claims and Litigation

The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows.

15. 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.

19

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Segment activity is as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net Sales
Packaging	$	148,350	$	139,630	$	286,840	$	271,720
Aerospace	47,390		44,560		91,910		89,170
Specialty Products	41,940		34,800		83,240		64,830
Total	$	237,680	$	218,990	$	461,990	$	425,720
Operating Profit (Loss)
Packaging	$	27,800	$	27,850	$	49,130	$	49,150
Aerospace	2,750		2,120		4,590		6,620
Specialty Products	6,770		6,010		14,010		10,530
Corporate	(7,450)		(10,410)		(15,930)		(19,620)
Total	$	29,870	$	25,570	$	51,800	$	46,680

16. Equity Awards

Restricted Stock Units

The Company awarded the following restricted stock units ("RSUs") during the six months ended June 30, 2022:

•granted 195,398 RSUs to certain employees, which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company;

•granted 22,554 RSUs to its non-employee independent directors, which fully vest one year from date of grant so long as the director and/or Company does not terminate the director's service prior to the vesting date;

•issued 337 RSUs related to director fee deferrals as certain of the Company's directors elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date; and

•issued 126 RSUs to certain employees related to dividend equivalent rights on existing equity awards.

During 2022, the Company also awarded 85,156 performance-based RSUs to certain Company key employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned 50% based upon the Company's achievement of an earnings per share compound annual growth rate ("EPS CAGR") metric over a period beginning January 1, 2022 and ending December 31, 2024. The remaining 50% of the awards are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20 trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20 trading days prior to the start of the performance period. The Company estimates the grant-date fair value subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free rate of 1.88% and annualized volatility of 36.5%. Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary for each metric from 0% of the target award to a maximum of 200% of the target award. For similar performance-based RSUs awarded in 2019, the Company attained 65.4% of the target on a weighted average basis, resulting in a decrease of 24,975 shares during the three months ended March 31, 2022.

20

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Information related to RSUs at June 30, 2022 is as follows:

	Number of Unvested RSUs	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2022	673,732	$	27.38
Granted	303,571	33.19
Vested	(217,366)	30.57
Cancelled	(39,426)	35.41
Outstanding at June 30, 2022	720,511	$	28.43	1.3	$	19,950,950

As of June 30, 2022, there was approximately $10.7 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 1.8 years.

The Company recognized stock-based compensation expense related to RSUs of approximately $2.5 million and $3.2 million during the three months ended June 30, 2022 and 2021, respectively, and approximately $5.3 million and $5.7 million during the six months ended June 30, 2022 and 2021, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.

17. Earnings per Share

Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the six months ended June 30, 2022 and 2021:

	Three months ended June 30,		Six months ended June 30,
	2022	2021	2022	2021
Weighted average common shares—basic	42,297,525	43,110,191	42,548,366	43,147,599
Dilutive effect of restricted stock units	183,674	198,165	247,080	299,425
Dilutive effect of stock options	—	—	—	24,592
Weighted average common shares—diluted	42,481,199	43,308,356	42,795,446	43,471,616

In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. This announcement represented the most recent update from the initial authorization, approved in November 2015, of up to $50 million of purchases in the aggregate of its common stock. In the three and six months ended June 30, 2022, the Company purchased 645,984 and 927,987 shares of its outstanding common stock for approximately $18.8 million and $27.9 million, respectively. During the three and six months ended June 30, 2021, the Company purchased 358,047 and 440,218 shares of its outstanding common stock for approximately $11.6 million and $14.2 million, respectively. As of June 30, 2022, the Company has approximately $114.7 million remaining under the repurchase authorization.

Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021, the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. During the three months ended June 30, 2022, the Company's cash dividends declared were $0.04 per share of common stock, and total dividends declared and paid on common shares in the three and six months ended June 30, 2022 were approximately $1.7 million and $3.5 million, respectively. No dividends were declared or paid during the three and six months ended June 30, 2021.

21

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

18. Defined Benefit Plans

Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost are as follows (dollars in thousands):

	Pension Plans
	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Service costs	$	160	$	320	$	360	$	650
Interest costs	230		200		460		400
Expected return on plan assets	(420)		(390)		(830)		(780)
Settlement/curtailment loss	—		—		150		—
Amortization of net loss	150		230		290		460
Net periodic benefit cost	$	120	$	360	$	430	$	730

The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income.

During the six months ended June 30, 2022, the Company recorded a non-cash curtailment expense of approximately $0.2 million, as it transitioned certain active employees previously participating in a defined benefit plan in the United Kingdom to a defined contribution plan, thereby eliminating future service cost accruals for all employees under this defined benefit plan.

The Company contributed approximately $0.5 million and $0.8 million to its defined benefit pension plans during the three and six months ended June 30, 2022, respectively. The Company expects to contribute approximately $1.7 million to its defined benefit pension plans for the full year 2022.

19. Other Comprehensive Income (Loss)

Changes in AOCI by component for the six months ended June 30, 2022 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2021	$	(4,830)	$	5,910	$	(850)	$	230
Net unrealized gains (losses) arising during the period (a)	—		11,670		(17,770)		(6,100)
Less: Net realized losses reclassified to net income (b)	(330)		—		—		(330)
Net current-period other comprehensive income (loss)	330		11,670		(17,770)		(5,770)
Balance, June 30, 2022	$	(4,500)	$	17,580	$	(18,620)	$	(5,540)

__________________________

(a)     Derivative instruments, net of income tax of approximately $3.8 million. See Note 11, "Derivative Instruments," for further details.

(b)     Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

22

TRIMAS CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

Changes in AOCI by component for the six months ended June 30, 2021 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2020	$	(8,620)	$	(3,580)	$	6,580	$	(5,620)
Net unrealized gains (losses) arising during the period (a)	—		3,330		(2,020)		1,310
Less: Net realized losses reclassified to net income (b)	(310)		—		—		(310)
Net current-period other comprehensive income (loss)	310		3,330		(2,020)		1,620
Balance, June 30, 2021	$	(8,310)	$	(250)	$	4,560	$	(4,000)

__________________________

(a)     Derivative instruments, net of income tax of approximately $1.1 million. See Note 11, "Derivative Instruments," for further details.

(b)     Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

20. Income Taxes

The effective income tax rate for the three months ended June 30, 2022 and 2021 was 25.5% and (0.3)%, respectively. The rate for the three months ended June 30, 2022 is higher than in the prior year period, primarily as a result of the recognition of approximately $3.0 million of deferred tax benefits in Italy during the three months ended June 30, 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

The effective income tax rate for the six months ended June 30, 2022 and 2021 was 24.2% and 11.8%, respectively. The rate for the six months ended June 30, 2022 is higher than in the prior year period, primarily as a result of the recognition of approximately $3.0 million of deferred tax benefits in Italy during the six months ended June 30, 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

21. Subsequent Events

On July 21, 2022, the Company announced that its Board of Directors had declared a cash dividend of $0.04 per share of TriMas Corporation common stock, which will be payable on August 11, 2022 to shareholders of record as of the close of business on August 4, 2022.

On July 26, 2022, the Company initiated steps to terminate all of its existing $250 million notional amount cross-currency swaps, as well as to enter into new cross-currency swaps with notional amounts totaling $150 million which are subject to various contract periods through 2024. The Company expects to receive cash proceeds from the termination of the swaps of approximately $27 million.

23

Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition contains forward-looking statements regarding industry outlook and our expectations regarding the performance of our business. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under the heading "Forward-Looking Statements," at the beginning of this report. Our actual results may differ materially from those contained in or implied by any forward-looking statements. You should read the following discussion together with the Company's reports on file with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2021.

Introduction

TriMas designs, develops and manufactures a diverse set of products primarily for the consumer products, aerospace & defense and industrial markets through its TriMas Packaging, TriMas Aerospace and Specialty Products groups. Our wide range of innovative products are designed and engineered to solve application-specific challenges that our customers face. We believe our businesses share important and distinguishing characteristics, including: well-recognized and leading brand names in the focused markets we serve; innovative product technologies and features; a high-degree of customer approved processes and qualifications; established distribution networks; relatively low ongoing capital investment requirements; strong cash flow conversion and long-term growth opportunities. While the majority of our revenue is in the United States, we manufacture and supply products globally to a wide range of companies. We report our business activity in three segments: Packaging, Aerospace and Specialty Products.

Key Factors Affecting Our Reported Results  

Our businesses and results of operations depend upon general economic conditions. We serve customers in industries that are highly competitive, cyclical and that may be significantly impacted by changes in economic or geopolitical conditions.

Over the past two years, the coronavirus ("COVID-19") pandemic has significantly affected each of our businesses and how we operate, albeit in different ways and magnitudes. Sales in our Packaging segment for dispensing and closure products used in applications to fight the spread of germs experienced significant increases in demand, while sales of our industrial and aerospace-related products were significantly depressed from historical levels. Our aerospace-related product sales continue to be depressed while industrial product sales have recovered to pre-pandemic levels. The pandemic has also led to increased uncertainty and inflation in the global business environment, and we have experienced increases in input costs (raw materials, wage rates, energy and freight), supply chain disruptions and delays, as well as labor availability challenges, all pressuring our ability to operate efficiently and at the margin levels previously experienced.

We have been, and continue to be, focused on making sure the working environments for our employees are safe so our operations have the ability to deliver the products needed to support efforts to mitigate the COVID-19 pandemic. We implemented new work rules and processes, which promote social distancing and increased hygiene to ensure the safety of our employees, particularly at our production facilities. These measures, while not easily quantifiable, have increased the level of manufacturing inefficiencies due to elevated levels of absenteeism, resulting in less efficient production scheduling and, in certain cases, short-term idling of production. While these increased costs and inefficiencies began in second quarter 2020, they continue to persist into 2022. We expect that we will continue to operate with these protocols in place, and that labor-related availability and inefficiencies will be an ongoing challenge.

We continue to actively monitor the spread of certain variants of the virus, and plan for potential future impacts. While conditions related to the pandemic generally have improved compared to 2021, we anticipate conditions will continue to vary by industry as well as geography. Late in first quarter 2022, and continuing in second quarter, an increase of COVID-19 related cases in certain parts of China resulted in widespread shut-downs and restrictions (in light of China's zero-covid policy), including the re-institution of stay-at-home and quarantine mandates. While these restrictions have not yet had a significant impact on our overall financial results, and started to ease in June 2022, further restrictions could have a more significant impact in the second half of 2022 and beyond.

Overall, our second quarter 2022 net sales increased approximately $18.7 million, or 8.5%, compared to second quarter 2021, primarily as a result of increased industrial demand in our Specialty Products segment, the impact of our recent acquisitions in our Packaging and Aerospace segments and increased sales of products used in food and beverage markets and industrial markets within our Packaging segment. These factors more than offset unfavorable currency exchange and the expected decline in sales of our Packaging segment's dispensing and closure products that are used in applications to fight the spread of germs, which reached record-high levels in 2020 and first half of 2021 when there was a significant spike in demand following the onset of the COVID-19 pandemic, but now have abated to what we believe is a new, and higher, normalized level.

24

The most significant drivers affecting our results of operations in second quarter 2022 compared with second quarter 2021, other than as directly impacted by demand level changes as a result of the COVID-19 pandemic, were the impact of our recent acquisitions, our continued realignment actions in response to reduced certain end-market demand following the outbreak of COVID-19, the impact of higher energy costs, the refinancing of our long-term debt agreements in 2021, and an increase in our effective tax rate primarily as a result of the recognition of deferred tax benefits in Italy in second quarter 2021.

In February 2022, we acquired Intertech Plastics LLC and related companies (collectively, "Intertech"), a manufacturer of custom injection molded products used in medical applications, as well as products and assemblies for consumer and industrial applications, for an aggregate amount of approximately $64.1 million, net of cash acquired. Intertech, which is reported in the Company's Packaging segment, has two manufacturing facilities located in the Denver, Colorado area. Intertech contributed approximately $8.8 million of net sales during second quarter 2022.

In December 2021, we completed the acquisition of Omega Plastics ("Omega"), which specializes in manufacturing custom components and devices for drug delivery, diagnostic and orthopedic medical applications, as well as components for industrial applications, for an aggregate amount of approximately $22.5 million, net of cash acquired. Omega, which is reported in the Company's Packaging segment, is located in Clinton Township, Michigan. Omega contributed approximately $5.6 million of net sales during second quarter 2022.

In December 2021, we acquired TFI Aerospace ("TFI"), a manufacturer and supplier of specialty fasteners used in a variety of applications, predominately for the aerospace end market, for an aggregate amount of approximately $11.8 million, with additional contingent consideration ranging from zero to approximately $12.0 million to be paid based on 2023 and 2024 earnings per the purchase agreement. TFI, which is reported in the Company's Aerospace segment, is located near Toronto, Canada. TFI contributed approximately $1.4 million of net sales during second quarter 2022.

Beginning in second quarter 2020, we have been executing certain realignment actions in response to current and expected future end market demand following the onset of the COVID-19 pandemic, as well as for the move to our new facility in New Albany, Ohio. We recorded pre-tax facility move/consolidation and employee-related costs of approximately $1.4 million and $0.1 million, respectively, in the three months ended June 30, 2022. In the three months ended June 30, 2021, we recorded pre-tax facility consolidation and employee separation costs of approximately $0.7 million and $3.5 million, respectively.

We also experienced a significant increase in the cost of energy in second quarter 2022 compared with second quarter 2021, primarily in our Europe-based operations. Energy costs began to rise during late 2021, and have further increased into 2022, which we believe is primarily due to geopolitical tensions associated with the Russia-Ukraine conflict, as well as realized and expected energy supply constraints. We expect there could be additional cost and supply chain pressures going forward in 2022 as a result of the uncertainty surrounding the conflict in Eastern Europe.

In March 2021, we refinanced our long-term debt, issuing $400 million principal amount of 4.125% senior unsecured notes due April 15, 2029 ("2029 Senior Notes") at par value in a private placement offering, and amending our existing credit agreement ("Credit Agreement"), extending the maturity to March 2026. We used the proceeds from the 2029 Senior Notes offering to pay fees and expenses of approximately $5.1 million related to the offering and approximately $1.1 million related to amending the Credit Agreement. The remaining cash proceeds from the 2029 Senior Notes were used for general corporate purposes, including repaying all outstanding revolving credit facility borrowings. In April 2021, we completed the refinancing, redeeming all of our outstanding senior notes due October 2025 ("2025 Senior Notes"), paying cash for the entire $300.0 million outstanding principal amount plus $7.3 million as a redemption premium. The $5.1 million of fees and expenses related to the 2029 Senior Notes were capitalized as debt issuance costs, while the $7.3 million redemption premium as well as approximately $3.0 million of unamortized debt issuance costs associated with the 2025 Senior Notes were expensed in the second quarter of 2021.

Our effective tax rate in second quarter 2022 was 25.5%, compared to (0.3)% in second quarter of 2021. The rate for the second quarter 2022 is higher primarily as a result of the recognition of approximately $3.0 million of deferred tax benefits in Italy in second quarter 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

Additional Key Risks that May Affect Our Reported Results

We have executed significant realignment actions since the onset of the COVID-19 pandemic, primarily in our Aerospace and Specialty Products segments, and also in certain Packaging product areas where demand has fallen. We will continue to assess further actions if required. However, as a result of the COVID-19 pandemic's impact on global economic activity, and the continued potential impact to our future results of operations, as well if there is an impact to TriMas' market capitalization, we may record additional cash and non-cash charges related to incremental realignment actions, as well as for uncollectible customer account balances, excess inventory and idle production equipment.

25

Despite the potential for declines in future demand levels and results of operations, at present, we believe our capital structure is in a strong position. We have sufficient cash and available liquidity under our revolving credit facility to meet our debt service obligations, capital expenditure requirements and other short-term and long-term obligations for the foreseeable future.

The extent of the COVID-19 pandemic's effect on our operational and financial performance will depend in large part on future

developments, which cannot be predicted with confidence at this time. Future developments include the duration, scope and severity of the COVID-19 pandemic, the actions taken to contain or mitigate its impact, timing and acceptance of widespread vaccine availability, and the resumption of normalized global economic activity. Due to the inherent uncertainty of the unprecedented and rapidly evolving situation, we are unable to predict with any confidence the likely impact of the COVID-19 pandemic on our future operations.

Beyond the unique risks presented by the COVID-19 pandemic, other critical factors affecting our ability to succeed include: our ability to create organic growth through product development, cross-selling and extending product-line offerings, and our ability to quickly and cost-effectively introduce and successfully launch new products; our ability to acquire and integrate companies or products that supplement existing product lines, add new distribution channels or customers, expand our geographic coverage or enable better absorption of overhead costs; our ability to manage our cost structure more efficiently via supply chain management, internal sourcing and/or purchasing of materials, selective outsourcing and/or purchasing of support functions, working capital management, and greater leverage of our administrative functions; and our ability to absorb, or recover via commercial actions, inflationary or other cost increases.

Our overall business does not experience significant seasonal fluctuation, other than our fourth quarter, which has tended to be the lowest net sales quarter of the year due to holiday shutdowns at certain customers or other customers deferring capital spending to the following year. Given the short-cycle nature of most of our businesses, we do not consider sales order backlog to be a material factor. A growing amount of our sales is derived from international sources, which exposes us to certain risks, including currency risks.

We are sensitive to price movements and availability of our raw materials supply. Our largest raw material purchases are for resins (such as polypropylene and polyethylene), steel, aluminum and other oil and metal-based purchased components. In addition to the factors affecting our 2021 and 2022 results, there has been some volatility over the past two years as a direct and indirect result of foreign trade policy, where tariffs on certain of our commodity-based products sourced from Asia have been instituted, and certain North American suppliers have opportunistically increased their prices. We will continue to take actions to mitigate such increases, including implementing commercial pricing adjustments, resourcing to alternate suppliers and insourcing of previously sourced products to better leverage our global manufacturing footprint. Although we believe we are generally able to mitigate the impact of higher commodity costs over time, we may experience additional material costs and disruptions in supply in the future and may not be able to pass along higher costs to our customers in the form of price increases or otherwise mitigate the impacts to our operating results.

Although we have escalator/de-escalator clauses in commercial contracts with certain of our customers, or can modify prices based on market conditions to recover higher costs, our price increases generally lag the underlying material cost increase, and we cannot be assured of full cost recovery in the open market. If input costs increase at rapid rates, as they did during 2021, our ability to recover cost increases on a timely basis is made more difficult by the lag nature of these contracts.

Our Arrow Engine business in our Specialty Products segment is sensitive to the demand for natural gas and crude oil in North America. For example, demand for engine, pump jack and compressor products are impacted by active oil and gas rig counts and wellhead investment activities. Separately, oil-based commodity costs are a significant driver of raw materials and purchased components used within our Packaging segment.

Each year, as a core tenet of the TriMas Business Model, our businesses target cost savings from Kaizen and continuous improvement initiatives in an effort to reduce, or otherwise offset, the impact of increased input and conversion costs through increased throughput and yield rates, with a goal of at least covering inflationary and market cost increases. In addition, we continuously review our operating cost structures to ensure alignment with current market demand.

We continue to evaluate alternatives to redeploy the cash generated by our businesses, one of which includes returning capital to our shareholders. In 2020, our Board of Directors increased the authorization of share repurchases to a cumulative amount of $250 million. During second quarter 2022, we purchased 645,984 shares of our outstanding common stock for approximately $18.8 million. As of June 30, 2022, we had approximately $114.7 million remaining under the repurchase authorization.

In addition, in second quarter 2022, we declared dividends of $0.04 per share of common stock and we paid dividends of $1.7 million. We will continue to evaluate opportunities to return capital to shareholders through the purchase of our common stock, as well as dividends, depending on market conditions and other factors.

26

Segment Information and Supplemental Analysis

The following table summarizes financial information for our reportable segments for the three months ended June 30, 2022 and 2021 (dollars in thousands):

	Three months ended June 30,
	2022		As a Percentage of Net Sales		2021		As a Percentage of Net Sales
Net Sales
Packaging	$	148,350	62.4	%	$	139,630	63.8	%
Aerospace	47,390		19.9	%	44,560		20.3	%
Specialty Products	41,940		17.7	%	34,800		15.9	%
Total	$	237,680	100.0	%	$	218,990	100.0	%
Gross Profit
Packaging	$	41,780	28.2	%	$	40,490	29.0	%
Aerospace	9,620		20.3	%	9,310		20.9	%
Specialty Products	9,280		22.1	%	8,230		23.6	%
Total	$	60,680	25.5	%	$	58,030	26.5	%
Selling, General and Administrative Expenses
Packaging	$	13,980	9.4	%	$	12,640	9.1	%
Aerospace	6,870		14.5	%	7,190		16.1	%
Specialty Products	2,510		6.0	%	2,220		6.4	%
Corporate	7,450		N/A		10,410		N/A
Total	$	30,810	13.0	%	$	32,460	14.8	%
Operating Profit (Loss)
Packaging	$	27,800	18.7	%	$	27,850	19.9	%
Aerospace	2,750		5.8	%	2,120		4.8	%
Specialty Products	6,770		16.1	%	6,010		17.3	%
Corporate	(7,450)		N/A		(10,410)		N/A
Total	$	29,870	12.6	%	$	25,570	11.7	%
Depreciation
Packaging	$	5,660	3.8	%	$	5,230	3.7	%
Aerospace	2,010		4.2	%	1,810		4.1	%
Specialty Products	980		2.3	%	910		2.6	%
Corporate	30		N/A		30		N/A
Total	$	8,680	3.7	%	$	7,980	3.6	%
Amortization
Packaging	$	1,620	1.1	%	$	2,400	1.7	%
Aerospace	3,010		6.4	%	2,880		6.5	%
Specialty Products	120		0.3	%	110		0.3	%
Corporate	—		N/A		—		N/A
Total	$	4,750	2.0	%	$	5,390	2.5	%

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The following table summarizes financial information for our reportable segments for the six months ended June 30, 2022 and 2021 (dollars in thousands):

	Six months ended June 30,
	2022		As a Percentage of Net Sales		2021		As a Percentage of Net Sales
Net Sales
Packaging	286,840		62.1	%	271,720		63.8	%
Aerospace	91,910		19.9	%	89,170		21.0	%
Specialty Products	83,240		18.0	%	64,830		15.2	%
Total	$	461,990	100.0	%	$	425,720	100.0	%
Gross Profit
Packaging	78,140		27.2	%	74,360		27.4	%
Aerospace	17,650		19.2	%	20,280		22.7	%
Specialty Products	18,600		22.3	%	14,720		22.7	%
Total	$	114,390	24.8	%	$	109,360	25.7	%
Selling, General and Administrative Expenses
Packaging	29,010		10.1	%	25,210		9.3	%
Aerospace	13,060		14.2	%	13,660		15.3	%
Specialty Products	4,590		5.5	%	4,190		6.5	%
Corporate	15,930		N/A		19,620		N/A
Total	$	62,590	13.5	%	$	62,680	14.7	%
Operating Profit (Loss)
Packaging	49,130		17.1	%	49,150		18.1	%
Aerospace	4,590		5.0	%	6,620		7.4	%
Specialty Products	14,010		16.8	%	10,530		16.2	%
Corporate	(15,930)		N/A		(19,620)		N/A
Total	$	51,800	11.2	%	$	46,680	11.0	%
Depreciation
Packaging	11,200		3.9	%	10,400		3.8	%
Aerospace	3,910		4.3	%	3,590		4.0	%
Specialty Products	1,970		2.4	%	1,780		2.7	%
Corporate	70		N/A		60		N/A
Total	$	17,150	3.7	%	$	15,830	3.7	%
Amortization
Packaging	3,790		1.3	%	4,800		1.8	%
Aerospace	6,020		6.5	%	5,760		6.5	%
Specialty Products	230		0.3	%	220		0.3	%
Corporate	—		N/A		—		N/A
Total	$	10,040	2.2	%	$	10,780	2.5	%

Results of Operations

The principal factors impacting us during the three months ended June 30, 2022, compared with the three months ended June 30, 2021, were:

•the impact on global business activity of the COVID-19 pandemic, as well as the volatility in input costs, supply chain and labor availability;

•the impact of our recent acquisitions, primarily Omega and TFI in December 2021, and Intertech in February 2022;

•realignment expenses in response to changes in end market demand;

•the impact of higher energy costs;

•the impact of our 2021 debt refinancing activities; and

•an increase in our effective tax rate in second quarter 2022 compared with second quarter 2021.

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Three Months Ended June 30, 2022 Compared with Three Months Ended June 30, 2021

Overall, net sales increased approximately $18.7 million, or 8.5%, to $237.7 million for the three months ended June 30, 2022, as compared with $219.0 million in the three months ended June 30, 2021, primarily as a result of our Intertech, Omega and TFI acquisitions, which collectively added approximately $15.8 million of sales. Organic sales, excluding the impact of currency exchange and acquisitions, increased approximately $7.7 million, as increases in our Specialty Products segment as well as for food and beverage and industrial products in our Packaging segment were partially offset by declines in dispensing products that help fight the spread of germs in our Packaging segment, as demand for these products abated from peak levels in 2020 and the first half of 2021. In addition, net sales decreased by approximately $4.8 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of a strengthening U.S. dollar relative to foreign currencies.

Gross profit margin (gross profit as a percentage of sales) approximated 25.5% and 26.5% for the three months ended June 30, 2022 and 2021, respectively. Gross profit margin decreased due to a less favorable sales mix, primarily as a result of lower sales of Aerospace segment customers' stocking orders for highly-engineered fasteners during the three months ended June 30, 2022. In addition, improved recovery of resin costs in our Packaging segment was offset by higher energy costs, primarily in our Packaging segment's European facilities, higher steel costs in our Specialty Products segment, and unfavorable currency exchange.

Operating profit margin (operating profit as a percentage of sales) approximated 12.6% and 11.7% for the three months ended June 30, 2022 and 2021, respectively. Operating profit increased approximately $4.3 million to approximately $29.9 million in the three months ended June 30, 2022, from approximately $25.6 million for the three months ended June 30, 2021, primarily due to higher sales levels, improved recovery of resin costs and approximately $2.7 million of lower realignment costs. These increases were partially offset by a less favorable product sales mix and higher energy and steel costs, as well as unfavorable currency exchange.

Interest expense decreased approximately $0.6 million, to approximately $3.5 million for the three months ended June 30, 2022, compared to approximately $4.1 million for the three months ended June 30, 2021, due to a lower effective interest rate and a decrease in our weighted average borrowings.

In the three months ended June 30, 2021, we incurred approximately $10.3 million of debt financing and related expenses associated with the redemption of our 2025 Senior Notes.

Other income decreased approximately $0.4 million to approximately $0.3 million for the three months ended June 30, 2022, as compared to approximately $0.7 million for the three months ended June 30, 2021, primarily due to lower foreign currency transactions gains.

The effective income tax rate for the three months ended June 30, 2022 and 2021 was 25.5% and (0.3)%, respectively. We recorded income tax expense of approximately $6.8 million for the three months ended June 30, 2022 as compared to nominal income tax benefit for the three months ended June 30, 2021. The rate for the three months ended June 30, 2022 is higher than in the prior year period, primarily as a result of recognizing approximately $3.0 million of deferred tax benefits in Italy during the three months ended June 30, 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

Net income increased approximately $8.0 million, to $19.9 million for the three months ended June 30, 2022, as compared to $11.8 million for the three months ended June 30, 2021. The increase was primarily the result of a decrease in debt financing and related expenses of $10.3 million, an increase in operating profit of approximately $4.3 million, and a decrease in interest expense of $0.6 million, partially offset by an increase in income tax expense of approximately $6.8 million and a decrease in other income of approximately $0.4 million.

See below for a discussion of operating results by segment.

29

Packaging. Net sales increased approximately $8.7 million, or 6.2%, to $148.4 million in the three months ended June 30, 2022, as compared to $139.6 million in the three months ended June 30, 2021. Our recent Intertech and Omega acquisitions collectively contributed approximately $14.4 million of sales during the three months ended June 30, 2022. Sales of products used in food and beverage markets increased by approximately $9.2 million, primarily due to strong demand for closures, dispensers and flexible packaging as the hospitality sector continues to rebound from prior COVID-19 pandemic-related shutdowns. Sales of products used in industrial markets increased by approximately $2.6 million, primarily as a result of higher demand for closure products, primarily in North America. Sales of dispensing products used in beauty and personal care, as well as home care, applications that help fight the spread of germs decreased by approximately $9.5 million, as COVID-19-related demand levels have further abated in second quarter 2022 from peak levels in 2020 and 2021. Net sales decreased by approximately $4.8 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of the strengthening U.S. dollar relative to foreign currencies, as compared to second quarter 2021.

Gross profit increased approximately $1.3 million to $41.8 million, or 28.2% of sales, in the three months ended June 30, 2022, as compared to $40.5 million, or 29.0% of sales, in the three months ended June 30, 2021. During second quarter 2021, we were impacted by approximately $4 million of higher resin costs than we were able to recover via commercial actions, while in second quarter 2022, we were generally able to recover current resin costs. Gross profit declined in second quarter 2022 due to approximately $1.3 million of unfavorable currency exchange, as our reported results in U.S. dollars were impacted as a result of the strengthening U.S. dollar relative to foreign currencies, approximately $1.2 million of higher energy costs, primarily in our European manufacturing facilities, and approximately $0.9 million of higher realignment and purchase accounting expenses. In addition, gross profit margin declined as a result of a less favorable sales mix.

Selling, general and administrative expenses increased approximately $1.3 million to $14.0 million, or 9.4% of sales, in the three months ended June 30, 2022, as compared to $12.6 million, or 9.1% of sales, in the three months ended June 30, 2021, primarily due to higher ongoing selling, general and administrative costs associated with our acquisitions, partially offset by lower intangible asset amortization expense due to certain assets becoming fully amortized.

Operating profit decreased approximately $0.1 million to $27.8 million, or 18.7% of sales, in the three months ended June 30, 2022, as compared to $27.9 million, or 19.9% of sales, in the three months ended June 30, 2021, as the impact of higher sales levels and improved recovery of material costs was offset by higher energy costs, higher selling, general and administrative expenses, higher realignment costs and the impact of unfavorable currency exchange.

Aerospace.    Net sales for the three months ended June 30, 2022 increased approximately $2.8 million, or 6.4%, to $47.4 million, as compared to $44.6 million in the three months ended June 30, 2021. Acquisition-related sales growth from our December 2021 acquisition of TFI was approximately $1.4 million. Sales of our fasteners products increased by approximately $1.2 million, as increases in demand for fasteners used in new aircraft builds plus market share gains more than offset the expected loss of sales of customers' stocking orders for highly-engineered fasteners that were predominantly fulfilled throughout 2021. Sales of our engineered components products increased by approximately $0.2 million.

Gross profit increased approximately $0.3 million to $9.6 million, or 20.3% of sales, in the three months ended June 30, 2022, from $9.3 million, or 20.9% of sales, in the three months ended June 30, 2021. Although gross profit increased due to higher sales levels, gross profit margin decreased due to a less favorable product sales mix in second quarter 2022 with lower sales of the customers' stocking orders for highly-engineered fasteners.

Selling, general and administrative expenses decreased approximately $0.3 million to $6.9 million, or 14.5% of sales, in the three months ended June 30, 2022, as compared to $7.2 million, or 16.1% of sales, in the three months ended June 30, 2021, primarily due to lower employee-related costs and third party expenses.

Operating profit increased approximately $0.6 million to approximately $2.8 million, or 5.8% of sales, in the three months ended June 30, 2022, as compared to approximately $2.1 million, or 4.8% of sales, in the three months ended June 30, 2021, primarily due to higher sales levels and lower selling, general and administrative expenses, which were partially offset by a less favorable product sales mix.

Specialty Products.   Net sales for the three months ended June 30, 2022 increased approximately $7.1 million, or 20.5%, to $41.9 million, as compared to $34.8 million in the three months ended June 30, 2021. Sales of our cylinder products increased approximately $5.3 million due to higher demand for steel cylinders in North America, as industrial activity continues to increase from depressed levels as a result of the COVID-19 pandemic. Sales of engines, compressors and related parts used in stationary power generation and assistance applications for natural gas and crude oil extraction increased by approximately $1.8 million, primarily as a result of higher oil-field activity in North America.

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Gross profit increased approximately $1.1 million to $9.3 million, or 22.1% of sales, in the three months ended June 30, 2022, as compared to $8.2 million, or 23.6% of sales, in the three months ended June 30, 2021. Gross profit increased in the second quarter of 2022 due to higher sales levels, while margins decreased due to higher steel costs as well as a less favorable product sales mix.

Selling, general and administrative expenses increased approximately $0.3 million to $2.5 million, or 6.0% of sales, in the three months ended June 30, 2022, as compared to $2.2 million, or 6.4% of sales, in the three months ended June 30, 2021, primarily due to higher employment and spending levels in support of the increase in sales levels.

Operating profit increased approximately $0.8 million to $6.8 million, or 16.1% of sales, in the three months ended June 30, 2022, as compared to $6.0 million, or 17.3% of sales, in the three months ended June 30, 2021, primarily due to increased sales levels which were partially offset by higher steel costs as well as a less favorable product sales mix.

Corporate.    Corporate expenses consist of the following (dollars in millions):

	Three months ended June 30,
	2022		2021
Corporate operating expenses	$	4.9	$	6.5
Non-cash stock compensation	2.5		3.3
Legacy expenses	0.1		0.6
Corporate expenses	$	7.5	$	10.4

Corporate expenses decreased approximately $3.0 million to approximately $7.5 million for the three months ended June 30, 2022, from approximately $10.4 million for the three months ended June 30, 2021, primarily as a result of realignment charges recorded in the second quarter of 2021 relating to streamlining and reorganizing the corporate office finance group.

Six Months Ended June 30, 2022 Compared with Six Months Ended June 30, 2021

Overall, net sales increased approximately $36.3 million, or 8.5%, to $462.0 million for the six months ended June 30, 2022, as compared with $425.7 million in the six months ended June 30, 2021, primarily as a result of our Intertech, Omega and TFI acquisitions, which collectively added approximately $24.8 million of sales. Organic sales, excluding the impact of currency exchange and acquisitions, increased approximately $18.7 million, as increases in our Specialty Products segment as well as for food and beverage and industrial products in our Packaging segment were partially offset by declines in dispensing products that help fight the spread of germs in our Packaging segment, as demand for these products abated from peak levels in 2020 and the first half of 2021. In addition, net sales decreased by approximately $7.2 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of a strengthening U.S. dollar relative to foreign currencies.

Gross profit margin (gross profit as a percentage of sales) approximated 24.8% and 25.7% for the six months ended June 30, 2022 and 2021, respectively. Gross profit margin decreased primarily due to a less favorable sales mix as a result of lower sales of Aerospace segment customers' stocking orders for highly-engineered fasteners during the three months ended June 31, 2022. In addition, improved recovery of resin costs in our Packaging segment was offset by higher energy costs, primarily in our European Packaging segment facilities, higher steel costs in our Specialty Products segment, and unfavorable currency exchange.

Operating profit margin (operating profit as a percentage of sales) approximated 11.2% and 11.0% for the six months ended June 30, 2022 and 2021, respectively. Operating profit increased approximately $5.1 million, to $51.8 million, for the six months ended June 30, 2022, compared to $46.7 million for the six months ended June 30, 2021, primarily due to higher sales levels, improved recovery of resin costs and as a result of approximately $4.4 million of lower realignment costs. These increases were partially offset by a less favorable product sales mix and higher energy costs.

Interest expense decreased approximately $0.8 million, to $6.9 million, for the six months ended June 30, 2022, as compared to $7.7 million for the six months ended June 30, 2021, due to a lower effective interest rate and a decrease in our weighted average borrowings.

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In the six months ended June 30, 2021, we incurred approximately $10.5 million of debt financing and related expenses, of which approximately $10.3 million related to expenses associated with the redemption of our 2025 Senior Notes and approximately $0.2 million related to the write-off of previously capitalized deferred financing fees associated with our Credit Agreement.

Other expense decreased approximately $0.3 million, to a nominal amount for the six months ended June 30, 2022, from $0.3 million for the six months ended June 30, 2021, primarily due to a decrease in losses on transactions denominated in foreign currencies.

The effective income tax rate for the six months ended June 30, 2022 and 2021 was 24.2% and 11.8%, respectively. We recorded tax expense of approximately $10.9 million for the six months ended June 30, 2022 as compared to approximately $3.3 million for the six months ended June 30, 2021. The rate for the six months ended June 30, 2022 is is higher than in the prior year as the effective tax rate for the six months ended June 30, 2021 was impacted by the recognition of approximately $3.0 million of deferred tax benefits in Italy, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

Net income increased by approximately $9.1 million, to $34.0 million for the six months ended June 30, 2022, compared to $24.9 million for the six months ended June 30, 2021. The increase was primarily the result of a decrease in debt financing and related expenses of $10.5 million, an increase in operating profit of approximately $5.1 million and a decrease in interest expense of $0.8 million, a decrease in other expense of approximately $0.3 million, partially offset by an increase in income tax expense of approximately $7.5 million.

See below for a discussion of operating results by segment.

Packaging.   Net sales increased approximately $15.1 million, or 5.6%, to $286.8 million in the six months ended June 30, 2022, as compared to $271.7 million in the six months ended June 30, 2021. Our recent Intertech and Omega acquisitions collectively contributed approximately $22.0 million of sales during the six months ended June 30, 2022. Sales of products used in food and beverage markets increased by approximately $20.2 million, primarily due to strong demand for closures, dispensers and flexible packaging as the hospitality sector continues to rebound from prior COVID-19 pandemic-related shutdowns. Sales of products used in industrial markets increased by approximately $6.9 million, primarily as a result of higher demand for closure products, primarily in North America. Sales of dispensing products used in beauty and personal care, as well as home care, applications that help fight the spread of germs decreased largely as anticipated by approximately $24.0 million, as COVID-19-related demand levels have abated for these products from the peak levels in mid-2020 through the first half of 2021. Net sales decreased by approximately $7.1 million due to currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of the strengthening U.S. dollar relative to foreign currencies, as compared to first half 2021.

Packaging's gross profit increased approximately $3.8 million to $78.1 million, or 27.2% of sales, in the six months ended June 30, 2022, as compared to $74.4 million, or 27.4% of sales, in the six months ended June 30, 2021. During the first half of 2021, we were impacted by approximately $6 million of higher resin costs than we were able to recover via commercial actions, while we have generally been able to recover such costs during the first half of 2022, as market prices have generally stabilized. The increase in gross profit from higher sales levels and improved material cost recovery was partially offset by approximately $3 million higher energy costs, primarily in our European manufacturing facilities, as well as a result of approximately $1.9 million of currency exchange, as our reported results in U.S. dollars were unfavorably impacted as a result of the strengthening U.S. dollar relative to foreign currencies. In addition, gross profit margin declined as a result of a less favorable sales mix.

Packaging's selling, general and administrative expenses increased approximately $3.8 million to $29.0 million, or 10.1% of sales, in the six months ended June 30, 2022, as compared to $25.2 million, or 9.3% of sales, in the six months ended June 30, 2021, primarily due to higher ongoing selling, general and administrative costs associated with our acquisitions as well as higher employee-related expenses as a result of our first quarter 2022 realignment actions, partially offset by lower intangible asset amortization expense due to certain assets becoming fully amortized.

Packaging's operating profit remained relatively flat at $49.1 million, or 17.1% of sales, in the six months ended June 30, 2022, as compared to $49.2 million, or 18.1% of sales, in the six months ended June 30, 2021, as the impact of higher sales levels and improved recovery of material costs was offset by higher energy costs, higher selling, general and administrative expenses and the impact of unfavorable currency exchange.

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Aerospace.    Net sales for the six months ended June 30, 2022 increased approximately $2.7 million, or 3.1%, to $91.9 million, as compared to $89.2 million in the six months ended June 30, 2021. Acquisition-related sales growth from our December 2021 acquisition of TFI was approximately $2.8 million. Sales of our fasteners products increased by approximately $0.7 million, as increases in demand for fasteners used in new aircraft builds plus market share gains more than offset the expected loss of sales of customers' stocking orders for highly-engineered fasteners that were predominantly fulfilled throughout 2021. Sales of our engineered components products decreased by approximately $0.8 million, primarily due to lower end market demand.

Gross profit within Aerospace decreased approximately $2.6 million to $17.7 million, or 19.2% of sales, in the six months ended June 30, 2022, from $20.3 million, or 22.7% of sales, in the six months ended June 30, 2021, primarily due to a less favorable product sales mix in the first half of 2022, with lower sales of the customers' stocking orders for highly-engineered fasteners.

Selling, general and administrative expenses decreased approximately $0.6 million to $13.1 million, or 14.2% of sales, in the six months ended June 30, 2022, as compared to $13.7 million, or 15.3% of sales, in the six months ended June 30, 2021, primarily due to lower employee-related costs and third party expenses.

Operating profit within Aerospace decreased approximately $2.0 million to $4.6 million, or 5.0% of sales, in the six months ended June 30, 2022, as compared to $6.6 million, or 7.4% of sales, in the six months ended June 30, 2021, as the impact of higher sales levels and lower selling, general and administrative expenses were more than offset by a less favorable product sales mix.

Specialty Products.    Net sales for the six months ended June 30, 2022 increased approximately $18.4 million, or 28.4%, to $83.2 million, as compared to $64.8 million in the six months ended June 30, 2021. Sales of our cylinder products increased approximately $12.9 million, due to higher demand for steel cylinders in North America as industrial activity continues to increase from depressed levels as a result of the COVID-19 pandemic. Sales of engines, compressors and related parts used in stationary power generation and assistance applications for natural gas and crude oil extraction increased by approximately $5.5 million, primarily as a result of higher oil-field activity in North America.

Gross profit within Specialty Products increased approximately $3.9 million to $18.6 million, or 22.3% of sales, in the six months ended June 30, 2022, as compared to $14.7 million, or 22.7% of sales, in the six months ended June 30, 2021. Gross profit increased due to higher sales levels, while margins decreased slightly due to higher steel costs.

Selling, general and administrative expenses within Specialty Products increased approximately $0.4 million to $4.6 million, or 5.5% of sales, in the six months ended June 30, 2022, as compared to $4.2 million, or 6.5% of sales, in the six months ended June 30, 2021, primarily due to higher employment and spending levels in support of the increase in sales levels.

Operating profit within Specialty Products increased approximately $3.5 million to $14.0 million, or 16.8% of sales, in the six months ended June 30, 2022, as compared to $10.5 million, or 16.2% of sales, in the six months ended June 30, 2021, primarily due to increased sales levels.

Corporate.    Corporate expenses, net consist of the following (dollars in millions):

	Six months ended June 30,
	2022		2021
Corporate operating expenses	$	10.4	$	13.0
Non-cash stock compensation	5.3		5.7
Legacy expenses	0.2		0.9
Corporate expenses	$	15.9	$	19.6

Corporate expenses decreased approximately $3.7 million to $15.9 million for the six months ended June 30, 2022, from $19.6 million for the six months ended June 30, 2021, primarily as a result of the realignment charges related to the corporate office legal and finance groups in the six months ended June 30, 2021.

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Liquidity and Capital Resources

Cash Flows

Cash flows provided by operating activities were approximately $27.7 million for the six months ended June 30, 2022, as compared to approximately $42.7 million for the six months ended June 30, 2021. Significant changes in cash flows provided by operating activities and the reasons for such changes were as follows:

•For the six months ended June 30, 2022, the Company generated approximately $73.1 million in cash flows, based on the reported net income of approximately $34.0 million and after considering the effects of non-cash items related to depreciation, amortization, loss on dispositions of assets, changes in deferred income taxes, stock-based compensation and other operating activities. For the six months ended June 30, 2021, the Company generated approximately $72.3 million in cash flows based on the reported net income of approximately $24.9 million and after considering the effects of similar non-cash items and debt financing and related expenses.

•Increases in accounts receivable resulted in a use of cash of approximately $29.4 million and $22.6 million for the six months ended June 30, 2022 and 2021, respectively. The increased use of cash for each of the six month periods is due primarily to the timing of sales and collection of cash related thereto within the periods. Days sales outstanding of receivables increased approximately four days through the six months ended June 30, 2022 , and remained relatively consistent through the six months ended June 30, 2021.

•We increased our investment in inventory by approximately $7.9 million and $0.9 million for the six months ended June 30, 2022 and 2021, respectively. The increase in the first half of 2022 is primarily a result of proactively investing in certain raw materials and purchased components to protect against supply chain disruptions.

•Decreases in prepaid expenses and other assets resulted in a source of cash of approximately $0.8 million for the six months ended June 30, 2022. Increases in prepaid expenses and other assets resulted in a use of cash of approximately $7.4 million for the six months ended June 30, 2021. These changes were primarily a result of the timing of payments made for income taxes and certain operating expenses.

•A decrease in accounts payable and accrued liabilities resulted in a use of cash of approximately $8.9 million for the six months ended June 30, 2022, while an increase in accounts payable and accrued liabilities resulted in a source of cash of approximately $1.4 million for the six months ended June 30, 2021. Days accounts payable on hand decreased by one day through the six months ended June 30, 2022 compared with a decrease of approximately two days in the six months ended June 30, 2021. Our days accounts payable on hand fluctuate primarily as a result of the timing of payments made to suppliers and the mix of vendors and related terms.

Net cash used for investing activities for the six months ended June 30, 2022 and 2021 was approximately $85.7 million and $18.2 million, respectively. During the first six months of 2022, we invested approximately $21.7 million in capital expenditures, as we continued our investment in growth, capacity and productivity-related capital projects, and paid approximately $64.1 million, net of cash acquired, to acquire Intertech. During the first six months of 2021, we invested approximately $18.3 million in capital expenditures.

Net cash used for financing activities for the six months ended June 30, 2022 was approximately $33.6 million, while net cash provided by financing activities was approximately $19.0 million for the six months ended June 30, 2021. During the six months ended June 30, 2022, we purchased approximately $27.9 million of outstanding common stock, used a net cash amount of approximately $2.3 million related to our stock compensation arrangements and paid dividends of approximately $3.5 million. During the six months ended June 30, 2021, we issued $400.0 million principal amount of the 2029 Senior Notes, made net repayments of approximately $48.6 million on our revolving credit facilities, and redeemed $300.0 million principal amount of the 2025 Senior Notes. In connection with refinancing our long-term debt, we paid approximately $13.6 million of debt financing fees and redemption premium. We also purchased approximately $14.2 million of outstanding common stock and used a net cash amount of approximately $4.6 million related to our stock compensation arrangements.

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Our Debt and Other Commitments

In March 2021, we issued the 2029 Senior Notes in a private placement under Rule 144A of the Securities Act of 1933, as amended. We used the proceeds from the 2029 Senior Notes offering to pay fees and expenses of approximately $5.1 million related to the offering and pay fees and expenses of $1.1 million related to amending our Credit Agreement. In connection with the issuance, we completed the redemption of our 2025 Senior Notes, paying $300.0 million to retire the outstanding principal amount plus $7.3 million as a redemption premium. The remaining cash proceeds from the 2029 Senior Notes were used for general corporate purposes, including repaying all outstanding revolving credit facility borrowings. The $5.1 million of fees and expenses related to the 2029 Senior Notes were capitalized as debt issuance costs, while the $7.3 million redemption premium, as well as approximately $3.0 million of unamortized debt issuance costs associated with the 2025 Senior Notes were recorded as expense within debt financing and related expenses in the accompanying consolidated statement of operations.

The 2029 Senior Notes accrue interest at a rate of 4.125% per annum, payable semi-annually in arrears on April 15 and October 15. The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company. The 2029 Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and effectively subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness.

Prior to April 15, 2024, we may redeem up to 40% of the principal amount of the 2029 Senior Notes at a redemption price of 104.125% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings provided that each such redemption occurs within 90 days of the date of closing of each such equity offering. In addition, prior to April 15, 2024, we may redeem all or part of the 2029 Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium.

For the six months ended June 30, 2022, our consolidated subsidiaries that do not guarantee the 2029 Senior Notes represented approximately 25% of the total of guarantor and non-guarantor net sales, treating each as a consolidated group and excluding intercompany transactions between guarantor and non-guarantor subsidiaries. In addition, our non-guarantor subsidiaries represented approximately 36% and 13% of the total guarantor and non-guarantor assets and liabilities, respectively, as of June 30, 2022, treating the guarantor and non-guarantor subsidiaries each as a consolidated group.

In March 2021, we amended our Credit Agreement in connection with the issuance of the 2029 Senior Notes to extend the maturity date. We incurred fees and expenses of approximately $1.1 million related to the amendment, all of which were capitalized as debt issuance costs. We also recorded approximately $0.2 million of non-cash expense related to the write-off of previously capitalized deferred financing fees. The Credit Agreement consists of a $300.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies, subject to a $125.0 million sub limit, maturing on March 29, 2026.

In November 2021, we amended the Credit Agreement to replace LIBOR with a benchmark interest rate determined based on the currency denomination of borrowings. Effective January 1, 2022, the amendment replaced the reference rate terms for U.S. dollar LIBOR borrowings to the Secured Overnight Financing Rate ("SOFR"), British pound sterling LIBOR borrowings to the Sterling Overnight Index Average ("SONIA") and Euro LIBOR borrowings to the Euro Short Term Rate ("ESTR"), all plus a spread of 1.50%. The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date.

The Credit Agreement provides for incremental revolving credit commitments in an amount not to exceed the greater of $200.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined in the Credit Agreement, is no greater than 3.00 to 1.00. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the existing credit facility.

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Amounts drawn under our revolving credit facility fluctuate daily based upon our working capital and other ordinary course needs. Availability under our revolving credit facility depends upon, among other things, compliance with our Credit Agreement's financial covenants. Our Credit Agreement contains various negative and affirmative covenants and other requirements affecting us and our subsidiaries, including the ability to, subject to certain exceptions and limitations, incur debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, asset dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of our Credit Agreement require us and our subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). Our permitted total net leverage ratio under the Credit Agreement is 4.00 to 1.00 as of June 30, 2022. If we were to complete an acquisition which qualifies for a Covenant Holiday Period, as defined in our Credit Agreement, then our permitted total net leverage ratio cannot exceed 4.50 to 1.00 during that period. Our actual total net leverage ratio was 1.99 to 1.00 at June 30, 2022. Our permitted interest expense coverage ratio under the Credit Agreement is 3.00 to 1.00 as of June 30, 2022. Our actual interest expense coverage ratio was 14.39 to 1.00 at June 30, 2022. At June 30, 2022, we were in compliance with our financial covenants.

The following is a reconciliation of net income, as reported, which is a GAAP measure of our operating results, to Consolidated Bank EBITDA, as defined in our Credit Agreement, for the twelve months ended June 30, 2022 (dollars in thousands). We present Consolidated Bank EBITDA to show our performance under our financial covenants.

	Twelve Months  Ended  June 30, 2022
Net income	$	66,440
Bank stipulated adjustments:
Interest expense	13,750
Income tax expense	19,570
Depreciation and amortization	54,030
Non-cash compensation expense(1)	9,140
Other non-cash expenses or losses	740
Non-recurring expenses or costs(2)	11,420
Extraordinary, non-recurring or unusual gains or losses	1,490
Effects of purchase accounting adjustments	1,160
Business and asset dispositions	210
Net losses on early extinguishment of debt	—
Permitted acquisitions	4,980
Currency gains and losses	20
Consolidated Bank EBITDA, as defined	$	182,950

	June 30, 2022
Total Indebtedness, as defined(3)	$	364,670
Consolidated Bank EBITDA, as defined	182,950
Total net leverage ratio	1.99		x
Covenant requirement	4.00		x

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	Twelve Months  Ended  June 30, 2022
Interest expense	$	13,750
Bank stipulated adjustments:
Interest income	(150)
Non-cash amounts attributable to amortization of financing costs	(890)
Total Consolidated Cash Interest Expense, as defined	$	12,710

	June 30, 2022
Consolidated Bank EBITDA, as defined	$	182,950
Total Consolidated Cash Interest Expense, as defined	12,710
Actual interest expense coverage ratio	14.39		x
Covenant requirement	3.00		x

_____________________________

(1)    Non-cash compensation expenses resulting from the grant of equity awards.

(2)    Non-recurring costs and expenses relating to diligence and transaction costs, purchase accounting costs, severance, relocation, restructuring and curtailment expenses.

(3)        Includes approximately $3.7 million of acquisition related contingent consideration as of June 30, 2022.

Our revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. We placed restricted cash on deposit with a financial institution to be held as cash collateral for our outstanding letters of credit; therefore, as of December 31, 2021, we had no letters of credit issued against our revolving credit facility. At June 30, 2022, we had no amounts outstanding under our revolving credit facility and had $295.1 million potentially available after giving effect to approximately $4.9 million of letters of credit issued and outstanding. At December 31, 2021, we had no amounts outstanding under our revolving credit facility and had $300.0 million potentially available. Our letters of credit, or corresponding restricted cash deposits, are used for a variety of purposes, including support of certain operating lease agreements, vendor payment terms and other subsidiary operating activities, and to meet various states' requirements to self-insure workers' compensation claims, including incurred but not reported claims. Our borrowing capacity was not reduced by leverage restrictions contained in the Credit Agreement as of June 30, 2022 and December 31, 2021.

We rely upon our cash flow from operations and available liquidity under our revolving credit facility to fund our debt service obligations and other contractual commitments, working capital and capital expenditure requirements. At the end of each quarter, we have historically used cash on hand from our domestic and foreign subsidiaries to pay down amounts outstanding under our revolving credit facility, as applicable.

Our weighted average borrowings during the first six months of 2022 approximated $400.1 million, compared to approximately $403.7 million during the first six months of 2021, primarily due to a higher aggregate principal balance on our senior notes due to the issuance of the 2029 Senior Notes and the redemption of the 2025 Senior Notes during the first half of 2021.

In May 2021, we, through one of our non-U.S. subsidiaries, entered into a revolving loan facility with a borrowing capacity of $4 million. The facility is guaranteed by TriMas Corporation. There were no borrowings on this loan facility as of June 30, 2022.

Cash management related to our revolving credit facility is centralized. We monitor our cash position and available liquidity on a daily basis and forecast our cash needs on a weekly basis within the current quarter and on a monthly basis outside the current quarter over the remainder of the year. Our business and related cash forecasts are updated monthly.

While more than half of our cash on hand as of June 30, 2022 is located outside the U.S., given available funding under our revolving credit facility of $300.0 million at June 30, 2022 (after consideration of the aforementioned leverage restrictions) and based on forecasted cash sources and requirements inherent in our business plans, we believe that our liquidity and capital resources, including anticipated cash flows from operations, will be sufficient to meet our debt service, capital expenditure and other short-term and long-term obligations for the foreseeable future, as well as dividends and share repurchases.

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We are subject to variable interest rates on our revolving credit facility, which is subject to a benchmark interest rate determined based on the currency denomination of borrowings. At June 30, 2022, we had no amounts outstanding on our revolving credit facility and, therefore, no variable rate-based borrowings outstanding.

In addition to our long-term debt, we have other cash commitments related to leases. We account for these lease transactions as operating leases, and annual rent expense for continuing operations related thereto approximated $11.0 million in 2021. We expect leasing will continue to be an available financing option to fund future capital expenditure requirements.

In March 2020, we announced our Board of Directors had authorized us to increase the purchase of our common stock up to $250 million in the aggregate, an increase of $100 million from the prior authorization.  In the three and six months ended June 30, 2022, we purchased 645,984 and 927,987 shares of our outstanding common stock for an aggregate purchase price of approximately $18.8 million and $27.9 million, respectively. Since the initial authorization through June 30, 2022, we have purchased 4,778,802 shares of our outstanding common stock for an aggregate purchase price of approximately $135.3 million. We will continue to evaluate opportunities to return capital to shareholders through the purchase of our common stock and the payment of dividends, depending on market conditions, including the potential impact of the COVID-19 pandemic, and other factors.

Market Risk

We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies. The functional currencies of our foreign subsidiaries are primarily the local currency in the country of domicile. We manage these operating activities at the local level and revenues and costs are generally denominated in local currencies; however, results of operations and assets and liabilities reported in U.S. dollars will fluctuate with changes in exchange rates between such local currencies and the U.S. dollar.

We use derivative financial instruments to manage currency risks associated with our procurement activities denominated in currencies other than the functional currency of our subsidiaries and the impact of currency rate volatility on our earnings. As of June 30, 2022, we were party to foreign exchange forward and swap contracts to hedge changes in foreign currency exchange rates with notional amounts of approximately $130.4 million. We also use cross-currency swap agreements to mitigate currency risks associated with the net investment in certain of our foreign subsidiaries. See Note 11, "Derivative Instruments," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q for additional information.

We are also subject to interest risk as it relates to our long-term debt. See Note 10, "Long-term Debt," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q for additional information.

Common Stock

TriMas is listed in the NASDAQ Global Select Market. Our stock trades under the symbol "TRS."

Credit Rating

We and certain of our outstanding debt obligations are rated by Standard & Poor's and Moody's. On March 29, 2022, Moody's affirmed a Ba3 rating to our 2029 Senior Notes. See Note 10, "Long-term Debt" included in Part I, Item 1, "Notes to Unaudited Consolidated Financial Statements" within this quarterly report on Form 10-Q. Moody's also affirmed a Ba2 Corporate Family Rating and maintained its outlook as stable. On May 12, 2022, Standard & Poor's affirmed a BB- rating to our 2029 Senior Notes. Standard & Poor also affirmed a BB corporate credit rating and maintained its outlook as stable. If our credit ratings were to decline, our ability to access certain financial markets may become limited, our cost of borrowings may increase, the perception of us in the view of our customers, suppliers and security holders may worsen and as a result, we may be adversely affected.

Outlook

We believe our second quarter 2022 financial results continue to demonstrate our ability to effectively leverage our TriMas Business Model, working across our businesses with a high degree of connectivity to respond to changing market conditions, whether they be related to the COVID-19 pandemic, volatile commodity costs or the supply chain and energy cost impacts from the Russia-Ukraine conflict. We have capitalized on opportunities where market demand was high, while also taking swift actions where market demand was sharply reduced. We have continued to take proactive realignment actions to mitigate external pressures as much as practical, while at the same time growing our businesses through organic new products as well as via bolt-on acquisitions.

38

Looking forward, we believe there will be a continued period of uncertainty related to demand levels for our products, whether it be if production rates for new aircraft builds, which require our fasteners and engineered products, will continue to increase as we experienced in the second quarter of 2022, or whether general industrial activity will continue to its upward trajectory through the balance of the year. We expect to continue to mitigate, as much as practical, the impact of low volumes in the most challenged end markets, executing realignment actions as necessary so we are positioned to gain operating leverage when these end markets recover. We believe we remain well positioned to capitalize on the recovery of the aerospace market, just as we have with the improvement in the industrial markets, as well as capture available market growth opportunities.

Following our recent acquisitions, we continue to believe our capital structure remains strong and that we have sufficient headroom under our financial covenants, and sufficient cash and available liquidity under our revolving credit facility, to meet our debt service, capital expenditure and other short-term and long-term obligations for at least the next 12 months and for the foreseeable future thereafter, as well as dividends and share repurchases.

We expect to continue to leverage the tenets of our TriMas Business Model to manage our multi-industry businesses on a longer-term basis, achieve our growth plans, execute continuous improvement initiatives to offset inflationary pressures, and seek lower-cost sources for input costs, all while continuously assessing the appropriateness of our manufacturing footprint and fixed-cost structure.

Impact of New Accounting Standards

See Note 2, "New Accounting Pronouncements," included in Part 1, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q.

Critical Accounting Policies

Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions used in calculating financial estimates. By their nature, these judgments are subject to an inherent degree of uncertainty. These judgments are based on our historical experience, our evaluation of business and macroeconomic trends, and information from other outside sources, as appropriate.

During the quarter ended June 30, 2022, there were no material changes to the items that we disclosed as our critical accounting policies in Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Annual Report on Form 10-K for the year ended December 31, 2021.

39

Item 3.    Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business, we are exposed to market risk associated with fluctuations in foreign currency exchange rates. We are also subject to interest risk as it relates to long-term debt. See Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," for details about our primary market risks, and the objectives and strategies used to manage these risks. Also see Note 10, "Long-term Debt," and Note 11, "Derivative Instruments," in Part I, Item 1, "Notes to Unaudited Consolidated Financial Statements," included within this quarterly report on Form 10-Q for additional information.

Item 4.    Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Evaluation of disclosure controls and procedures

As of June 30, 2022, an evaluation was carried out by management, with the participation of the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) pursuant to Rule 13a-15 of the Exchange Act. The Company's disclosure controls and procedures are designed only to provide reasonable assurance that they will meet their objectives. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2022, the Company's disclosure controls and procedures are effective to provide reasonable assurance that they would meet their objectives.

Changes in internal control over financial reporting

In response to the COVID-19 pandemic, we have required certain employees, some of whom are involved in the operation of our internal controls over financial reporting, to work from home. Despite this change, there have been no changes in the Company's internal control over financial reporting during the quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. We are continually monitoring and assessing the COVID-19 pandemic on our internal controls to minimize any impact it may have on their design and operating effectiveness.

40

PART II. OTHER INFORMATION

TRIMAS CORPORATION

Item 1.    Legal Proceedings

See Note 14, "Commitments and Contingencies," included in Part I, Item 1, "Notes to Unaudited Consolidated Financial Statements," within this quarterly report on Form 10-Q.

Item 1A.    Risk Factors

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part 1, Item 1A., "Risk Factors," in our 2021 Annual Report on Form 10-K, which could materially affect our business, financial condition or future results. There have been no significant changes in our risk factors as disclosed in our 2021 Annual Report on Form 10-K.

Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds

The following table provides information about purchases made by the Company, or on behalf of the Company by an affiliated purchaser, of shares of the Company's common stock during the three months ended June 30, 2022.

Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1)
April 1, 2022 to April 30, 2022	200,000	$	31.71	200,000	$	127,216,704
May 1, 2022 to May 31, 2022	362,122	$	28.11	362,122	$	117,037,720
June 1, 2022 to June 30, 2022	83,862	$	27.58	83,862	$	114,724,888
Total	645,984	$	29.16	645,984	$	114,724,888

__________________________

(1)     In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate from its previous authorization of $150 million. The increased authorization includes the value of shares already purchased under the previous authorization. Pursuant to this share repurchase program, during the three months ended June 30, 2022, the Company repurchased 645,984 shares of its common stock at a cost of approximately $18.8 million. The share repurchase program is effective and has no expiration date.

Item 3.    Defaults Upon Senior Securities

Not applicable.

Item 4.    Mine Safety Disclosures

Not applicable.

Item 5.    Other Information

Not applicable.

41

Item 6.    Exhibits

Exhibits Index:

3.1	Fourth Amended and Restated Certificate of Incorporation of TriMas Corporation (Incorporated by reference to the Exhibits filed with TriMas Corporation's Quarterly Report on Form 10-Q filed on August 3, 2007 (File No. 001-10716)).
3.2	Third Amended and Restated By-laws of TriMas Corporation (Incorporated by reference to the Exhibits filed with TriMas Corporation's Current Report on Form 8-K filed on December 18, 2015 (File No. 001-10716)).
31.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002.
31.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes‑Oxley Act of 2002.
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
32.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002.
101	The following materials from TriMas Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheet, (ii) the Consolidated Statement of Income, (iii) the Consolidated Statement of Comprehensive Income, (iv) the Consolidated Statement of Cash Flows, (v) the Consolidated Statement of Shareholders' Equity, (vi) Notes to Consolidated Financial Statements, and (vii) document and entity information.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

42

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		TRIMAS CORPORATION (Registrant)
			/s/ SCOTT A. MELL
Date:	July 28, 2022	By:	Scott A. Mell Chief Financial Officer

43

EX-31.1

Exhibit 31.1

Certification

Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

(Chapter 63, Title 18 U.S.C. Section 1350(A) and (B))

I, Thomas A. Amato, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of TriMas Corporation;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 28, 2022

/s/ THOMAS A. AMATO

Thomas A. Amato

Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification

Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

(Chapter 63, Title 18 U.S.C. Section 1350(A) and (B))

I, Scott A. Mell, certify that:

1.    I have reviewed this Quarterly Report on Form 10-Q of TriMas Corporation;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 28, 2022

/s/ SCOTT A. MELL

Scott A. Mell

Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of TriMas Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Thomas A. Amato, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 28, 2022

/s/ THOMAS A. AMATO

Thomas A. Amato

Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification Pursuant to

18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of TriMas Corporation (the “Company”) on Form 10-Q for the period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Scott A. Mell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 28, 2022

/s/ SCOTT A. MELL

Scott A. Mell

Chief Financial Officer

XML

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2022	Jul. 21, 2022
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common stock, $0.01 par value
Document Transition Report	false
Document Quarterly Report	true
Local Phone Number	631-5450
City Area Code	248
Entity Address, Postal Zip Code	48304
Entity Address, State or Province	MI
Entity Address, City or Town	Bloomfield Hills
Entity Address, Address Line Two	Suite 200
Entity Address, Address Line One	38505 Woodward Avenue
Entity File Number	001-10716
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	TRIMAS CORPORATION
Entity Central Index Key	0000842633
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		42,002,294
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	TRS
Security Exchange Name	NASDAQ
Entity Tax Identification Number	38-2687639

XML

Consolidated Balance Sheet Statement - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 49,090	$ 140,740
Receivables, net of reserves of approximately $1.3 million and $1.6 million as of June 30, 2022 and December 31, 2021, respectively	155,140	125,630
Inventories	164,040	152,450
Prepaid expenses and other current assets	17,000	12,950
Total current assets	385,270	431,770
Property and equipment, net	275,670	265,630
Operating lease right-of-use assets	50,500	50,650
Goodwill	339,210	315,490
Other intangibles, net	197,100	196,730
Deferred income taxes	8,990	9,740
Other assets	46,020	33,630
Total assets	1,302,760	1,303,640
Current liabilities:
Accounts payable	96,870	87,800
Accrued liabilities	50,490	58,980
Operating lease liabilities, current portion	8,230	8,120
Total current liabilities	155,590	154,900
Long-term debt, net	394,270	393,820
Operating lease liabilities	44,110	43,780
Deferred income taxes	25,750	21,260
Other long-term liabilities	52,260	59,030
Total liabilities	671,980	672,790
Preferred stock $0.01 par: Authorized 100,000,000 shares; Issued and outstanding: None	0	0
Common stock, $0.01 par: Authorized 400,000,000 shares; Issued and outstanding: 42,050,893 shares at June 30, 2022 and 42,836,574 shares at December 31, 2021	420	430
Paid-in capital	704,170	732,490
Accumulated deficit	(68,270)	(102,300)
Accumulated other comprehensive income (loss)	(5,540)	230
Total shareholders' equity	630,780	630,850
Total liabilities and shareholders' equity	$ 1,302,760	$ 1,303,640

XML

Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Receivables, reserves (in dollars)	$ 1.3	$ 1.6
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Authorized shares	100,000,000	100,000,000
Preferred stock, Issued Shares	0	0
Preferred stock, outstanding Shares	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Authorized shares	400,000,000	400,000,000
Common Stock, Issued Shares	42,050,893	42,836,574
Common Stock, outstanding Shares	42,050,893	42,836,574

XML

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net sales	$ 237,680	$ 218,990	$ 461,990	$ 425,720
Cost of sales	(177,000)	(160,960)	(347,600)	(316,360)
Gross profit	60,680	58,030	114,390	109,360
Selling, general and administrative expenses	(30,810)	(32,460)	(62,590)	(62,680)
Operating profit	29,870	25,570	51,800	46,680
Other expense, net:
Interest expense	(3,500)	(4,120)	(6,910)	(7,670)
Debt financing and related expenses	0	(10,320)	0	(10,520)
Other income (expense), net	270	670	(10)	(260)
Other expense, net	(3,230)	(13,770)	(6,920)	(18,450)
Income before income tax expense	26,640	11,800	44,880	28,230
Income tax benefit (expense)	(6,780)	40	(10,850)	(3,330)
Net income	$ 19,860	$ 11,840	$ 34,030	$ 24,900
Basic earnings per share
Net income per share	$ 0.47	$ 0.27	$ 0.80	$ 0.58
Weighted average common shares—basic	42,297,525	43,110,191	42,548,366	43,147,599
Diluted earnings per share
Net income per share	$ 0.47	$ 0.27	$ 0.80	$ 0.57
Weighted average common shares—diluted	42,481,199	43,308,356	42,795,446	43,471,616

XML

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 19,860	$ 11,840	$ 34,030	$ 24,900
Other comprehensive income (loss)
Defined benefit plans	90	160	330	310
Foreign currency translation	(13,730)	1,400	(17,770)	(2,020)
Derivative instruments	10,110	(570)	11,670	3,330
Total other comprehensive income (loss)	(3,530)	990	(5,770)	1,620
Total comprehensive income	$ 16,330	$ 12,830	$ 28,260	$ 26,520

XML

Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net income	$ 34,030	$ 24,900
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact:
Loss on dispositions of assets	210	130
Depreciation	17,150	15,830
Amortization of intangible assets	10,040	10,780
Amortization of debt issue costs	450	520
Deferred income taxes	3,320	1,790
Non-cash compensation expense	5,300	5,660
Debt financing and related expenses	0	10,520
Increase in receivables	(29,430)	(22,600)
Increase in inventories	(7,940)	(900)
Decrease (increase) in prepaid expenses and other assets	790	(7,430)
Increase (decrease) in accounts payable and accrued liabilities	(8,870)	1,350
Other operating activities	2,640	2,120
Net cash provided by operating activities, net of acquisition impact	27,690	42,670
Cash Flows from Investing Activities:
Capital expenditures	(21,720)	(18,330)
Acquisition of businesses, net of cash acquired	(64,100)	0
Net proceeds from disposition of property and equipment	110	140
Net cash used for investing activities	(85,710)	(18,190)
Cash Flows from Financing Activities:
Retirement of senior notes	0	(300,000)
Proceeds from issuance of senior notes	0	400,000
Proceeds from borrowings on revolving credit facilities	12,000	0
Repayments of borrowings on revolving credit facilities	(12,000)	(48,620)
Debt financing fees and senior notes redemption premium	0	(13,570)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(2,280)	(4,620)
Dividends paid	(3,460)	0
Payments to purchase common stock	(27,890)	(14,210)
Net cash provided by (used for) financing activities	(33,630)	18,980
Increase (decrease) for the period	(91,650)	43,460
At beginning of period	140,740	73,950
At end of period	49,090	117,410
Supplemental disclosure of cash flow information:
Cash paid for interest	6,330	6,170
Cash paid for taxes	$ 1,120	$ 4,420

XML

Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balances at Dec. 31, 2020	$ 584,250	$ 430	$ 749,050	$ (159,610)	$ (5,620)
Net income	13,060			13,060
Other comprehensive income (loss)	630				630
Purchase of common stock	(2,640)	0	(2,640)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,770)		(1,770)
Non-cash compensation expense	2,440		2,440
Balances at Mar. 31, 2021	595,970	430	747,080	(146,550)	(4,990)
Balances at Dec. 31, 2020	584,250	430	749,050	(159,610)	(5,620)
Net income	24,900
Other comprehensive income (loss)	1,620				1,620
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(4,620)
Dividends declared	0
Balances at Jun. 30, 2021	597,600	430	735,880	(134,710)	(4,000)
Balances at Mar. 31, 2021	595,970	430	747,080	(146,550)	(4,990)
Net income	11,840			11,840
Other comprehensive income (loss)	990				990
Purchase of common stock	(11,570)	0	(11,570)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(2,850)		(2,850)
Non-cash compensation expense	3,220	0	3,220
Dividends declared	0
Balances at Jun. 30, 2021	597,600	430	735,880	(134,710)	(4,000)
Balances at Dec. 31, 2021	630,850	430	732,490	(102,300)	230
Net income	14,170			14,170
Other comprehensive income (loss)	(2,240)				(2,240)
Purchase of common stock	(9,060)	0	(9,060)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(970)		(970)
Non-cash compensation expense	2,820		2,820
Dividends declared	(1,740)		(1,740)
Balances at Mar. 31, 2022	633,830	430	723,540	(88,130)	(2,010)
Balances at Dec. 31, 2021	630,850	430	732,490	(102,300)	230
Net income	34,030
Other comprehensive income (loss)	(5,770)				(5,770)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(2,280)
Dividends declared	(3,500)
Balances at Jun. 30, 2022	630,780	420	704,170	(68,270)	(5,540)
Balances at Mar. 31, 2022	633,830	430	723,540	(88,130)	(2,010)
Net income	19,860			19,860
Other comprehensive income (loss)	(3,530)				(3,530)
Purchase of common stock	(18,830)	(10)	(18,820)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,310)		(1,310)
Non-cash compensation expense	2,480	0	2,480
Dividends declared	(1,720)		(1,720)
Balances at Jun. 30, 2022	$ 630,780	$ 420	$ 704,170	$ (68,270)	$ (5,540)

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Basis of Presentation

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, designs, engineers and manufactures innovative products under leading brand names for customers primarily in the consumer products, aerospace & defense, and industrial markets.

The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries and, in the opinion of management, contain all adjustments, including adjustments of a normal and recurring nature, necessary for a fair presentation of financial position and results of operations. The preparation of financial statements requires management of the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results may differ from such estimates and assumptions due to risks and uncertainties, including uncertainty in the current economic environment due to the ongoing outbreak of the coronavirus and related variants (“COVID-19”) as well as input cost inflation, supply chain disruptions, and shortages in global markets for commodities, logistics and labor. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected.

Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2021 Annual Report on Form 10-K.

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New Accounting Pronouncements

6 Months Ended

Jun. 30, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

Recently Issued Accounting Pronouncements

In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10, "Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance" ("ASU 2021-10"), which requires annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. ASU 2021-10 is effective for annual filings in fiscal years beginning after December 15, 2021, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"), which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, "Revenue from Contracts with Customers." ASU 2021-08 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2022, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.

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Revenue Revenue (Notes)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue

The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
Customer Markets	2022		2021		2022		2021
Consumer Products	$	119,830	$	112,900	$	227,390	$	218,020
Aerospace & Defense	47,390		44,560		91,910		89,170
Industrial	70,460		61,530		142,690		118,530
Total net sales	$	237,680	$	218,990	$	461,990	$	425,720

The Company’s Packaging segment earns revenues from the consumer products (comprised of the beauty and personal care, food and beverage, home care, pharmaceutical, nutraceutical and medical submarkets) and industrial markets. The Aerospace segment earns revenues from the aerospace & defense market (comprised of commercial, regional and business jet and military submarkets). The Specialty Products segment earns revenues from a variety of submarkets within the industrial market.

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Realignment Actions Realignment Actions (Notes)

6 Months Ended

Jun. 30, 2022

Realignment Actions [Abstract]

Restructuring, Impairment, and Other Activities Disclosure [Text Block]

Realignment Actions

2022 Realignment Actions

During the six months ended June 30, 2022, the Company incurred realignment charges in its Packaging segment related to adjusting its labor force in facilities with lower demand, finalizing its Indianapolis, Indiana facility consolidation, costs incurred to reorganize its benefit plans in the United Kingdom, and for costs incurred as part of the Company's start-up and relocation to a new, larger facility in New Albany, Ohio. The Company also completed the Aerospace segment footprint realignment which began in 2021. In connection with these actions, the Company recorded pre-tax realignment charges of approximately $1.5 million and $3.8 million during the three and six months ended June 30, 2022, respectively, of which approximately $1.4 million and $2.2 million, respectively, related to facility move and consolidation costs and approximately $0.1 million and $1.6 million, respectively, were for employee-related costs. For the three and six months ended June 30, 2022, approximately $1.4 million and $2.3 million, respectively, of these charges were included in cost of sales, and approximately $0.1 million and $1.5 million, respectively, of these charges were included in selling, general and administrative expenses in the accompanying consolidated statement of income.

2021 Realignment Actions

During the six months ended June 30, 2021, the Company executed certain realignment actions in response to reductions in current and expected future end market demand. First, the Company closed its Packaging segment's Union City, California manufacturing facility, consolidating the operation into its Indianapolis, Indiana and Woodridge, Illinois facilities. The Company also realigned its Aerospace segment footprint, consolidating certain activities previously in its three leased Stanton, California facilities into its owned Tolleson, Arizona facility. In addition, the Company also reorganized and streamlined its corporate office legal and finance groups. The Company recorded pre-tax realignment charges of approximately $4.2 million and $8.2 million during the three and six months ended June 30, 2021, respectively. Of these costs, approximately $0.7 million and $2.2 million during the three and six months ended June 30, 2021, respectively, related to facility consolidations, and approximately $3.5 million and $6.0 million, respectively, were for employee separation costs. As of June 30, 2021, approximately $1.0 million of the employee separation costs had been paid. For the three and six months ended June 30, 2021, approximately $0.9 million and $2.7 million, respectively, of these charges were included in cost of sales, and approximately $3.3 million and $5.5 million, respectively, were included in selling, general and administrative expenses in the accompanying consolidated statement of income.

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Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

Acquisitions

2022 Acquisitions

On February 28, 2022, the Company acquired Intertech Plastics LLC and related companies (collectively, "Intertech") for a purchase price of approximately $64.1 million, net of cash acquired. Intertech is a manufacturer of custom injection molded products used in medical applications, as well as products and assemblies for consumer and industrial applications. The fair value of assets acquired and liabilities assumed included approximately $32.4 million of goodwill, $13.5 million of intangible assets, $12.2 million of property and equipment and $6.0 million of net working capital. Intertech, which is reported in the Company's Packaging segment, has two manufacturing facilities located in the Denver, Colorado area and historically generated approximately $32 million in annual revenue.

2021 Acquisitions

On December 17, 2021, the Company acquired Omega Plastics ("Omega"), which specializes in manufacturing custom components and devices for drug delivery, diagnostic and orthopedic medical applications, as well as components for industrial applications, for an aggregate amount of approximately $22.5 million, net of cash acquired. Omega, which is reported in the Company's Packaging segment, is located in Clinton Township, Michigan and historically generated approximately $18 million in annual revenue.

On December 5, 2021, the Company acquired TFI Aerospace ("TFI"), a manufacturer and supplier of specialty fasteners used in a variety of applications, predominately for the aerospace end market, for an aggregate amount of approximately $11.8 million, with additional contingent consideration ranging from zero to approximately $12.0 million to be paid based on 2023 and 2024 earnings per the purchase agreement. The Company recorded $3.7 million as its best estimate of the additional contingent consideration, with such estimate based on Level 3 inputs under the fair value hierarchy, as defined. TFI, which is reported in the Company's Aerospace segment, is located near Toronto, Canada and historically generated approximately $6 million in annual revenue. As of June 30, 2022, the recorded contingent consideration liability was approximately $3.7 million.

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Cash and Cash Equivalents

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure

Cash and Cash Equivalents

Cash and cash equivalents consists of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Cash and cash equivalents - unrestricted	$	49,050	$	129,790
Cash - restricted (a)	40		10,950
Total cash and cash equivalents	$	49,090	$	140,740

__________________________

(a)     Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the six months ended June 30, 2022 are summarized as follows (dollars in thousands):

	Packaging		Aerospace		Specialty Products		Total
Balance, December 31, 2021	$	238,740	$	70,190	$	6,560	$	315,490
Goodwill from acquisitions	32,370		—		—		32,370
Foreign currency translation and other	(8,520)		(130)		—		(8,650)
Balance, June 30, 2022	$	262,590	$	70,060	$	6,560	$	339,210

Other Intangible Assets

The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands):

	As of June 30, 2022				As of December 31, 2021
Intangible Category by Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships, 5 – 12 years	$	131,330	$	(75,550)	$	124,310	$	(71,150)
Customer relationships, 15 – 25 years	130,040		(71,300)		130,190		(68,190)
Total customer relationships	261,370		(146,850)		254,500		(139,340)
Technology and other, 1 – 15 years	56,870		(37,590)		57,060		(36,140)
Technology and other, 17 – 30 years	43,300		(40,130)		43,300		(39,920)
Total technology and other	100,170		(77,720)		100,360		(76,060)
Indefinite-lived intangible assets:
Trademark/Trade names	60,130		—		57,270		—
Total other intangible assets	$	421,670	$	(224,570)	$	412,130	$	(215,400)

Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Technology and other, included in cost of sales	$	810	$	950	$	1,710	$	1,900
Customer relationships, included in selling, general and administrative expenses	3,940		4,440		8,330		8,880
Total amortization expense	$	4,750	$	5,390	$	10,040	$	10,780

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Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories

Inventories consist of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Finished goods	$	77,010	$	74,600
Work in process	35,890		28,790
Raw materials	51,140		49,060
Total inventories	$	164,040	$	152,450

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Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

Property and equipment consists of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Land and land improvements	$	19,190	$	19,630
Buildings	91,610		93,170
Machinery and equipment	443,110		422,500
	553,910		535,300
Less: Accumulated depreciation	278,240		269,670
Property and equipment, net	$	275,670	$	265,630

Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Depreciation expense, included in cost of sales	$	8,400	$	7,670	$	16,570	$	15,230
Depreciation expense, included in selling, general and administrative expenses	280		310		580		600
Total depreciation expense	$	8,680	$	7,980	$	17,150	$	15,830

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Long-term Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Long-term debt

Long-term Debt

The Company's long-term debt consists of the following (dollars in thousands):

	June 30, 2022		December 31, 2021
4.125% Senior Notes due April 2029	$	400,000	$	400,000
Debt issuance costs	(5,730)		(6,180)
Long-term debt, net	$	394,270	$	393,820

Senior Notes due 2029

In March 2021, the Company issued $400.0 million aggregate principal amount of 4.125% senior notes due April 15, 2029 ("2029 Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended ("Securities Act"). The Company used the proceeds from the 2029 Senior Notes offering to pay fees and expenses of approximately $5.1 million related to the offering and pay fees and expenses of $1.1 million related to amending its existing credit agreement. In connection with the issuance, during the second quarter of 2021, the Company completed the redemption of its outstanding 4.875% senior notes due October 15, 2025 ("2025 Senior Notes"), paying $300.0 million to retire the outstanding principal amount plus $7.3 million as a redemption premium. The remaining cash proceeds from the 2029 Senior Notes were used for general corporate purposes, including repaying all outstanding revolving credit facility borrowings. The $5.1 million of fees and expenses related to the 2029 Senior Notes were capitalized as debt issuance costs, while the $7.3 million redemption premium, as well as approximately $3.0 million of unamortized debt issuance costs associated with the 2025 Senior Notes, were included in debt financing and related expenses in the accompanying consolidated statement of income.

The 2029 Senior Notes accrue interest at a rate of 4.125% per annum, payable semi-annually in arrears on April 15 and October 15. The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company. The 2029 Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and effectively subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness.

Prior to April 15, 2024, the Company may redeem up to 40% of the principal amount of the 2029 Senior Notes at a redemption price of 104.125% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date, with the net cash proceeds of one or more equity offerings provided that each such redemption occurs within 90 days of the date of closing of each such equity offering. In addition, prior to April 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, plus a "make whole" premium. On or after April 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:

Year	Percentage
2024	102.063	%
2025	101.031	%
2026 and thereafter	100.000	%

Senior Notes due 2025

In September 2017, the Company issued $300.0 million aggregate principal amount of its 2025 Senior Notes at par value in a private placement under Rule 144A of the Securities Act. During the second quarter of 2021, and in connection with the issuance of the 2029 Senior Notes, the Company redeemed all of the outstanding 2025 Senior Notes, as permitted under the indenture, at a price of 102.438% of the principal amount.

Credit Agreement

In March 2021, the Company amended its existing credit agreement ("Credit Agreement") in connection with the issuance of the 2029 Senior Notes to extend the maturity date. The Company incurred fees and expenses of approximately $1.1 million related to the amendment, all of which was capitalized as debt issuance costs. The Company also recorded approximately $0.2 million of non-cash expense related to the write-off of previously capitalized deferred financing fees. The Credit Agreement consists of a $300.0 million senior secured revolving credit facility, which permits borrowings denominated in specific foreign currencies, subject to a $125.0 million sub limit, maturing on March 29, 2026.

In November 2021, the Company amended the Credit Agreement to replace LIBOR with a benchmark interest rate determined based on the currency denomination of borrowings. Effective January 1, 2022, the amendment replaced the reference rate terms for U.S. dollar LIBOR borrowings to the Secured Overnight Financing Rate ("SOFR"), British pound sterling LIBOR borrowings to the Sterling Overnight Index Average ("SONIA") and Euro LIBOR borrowings to the Euro Short Term Rate ("ESTR"), all plus a spread of 1.50%. The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date.

The Credit Agreement also provides incremental revolving credit facility commitments in an amount not to exceed the greater of $200.0 million and an amount such that, after giving effect to such incremental commitments and the incurrence of any other indebtedness substantially simultaneously with the making of such commitments, the senior secured net leverage ratio, as defined, is no greater than 3.00 to 1.00. The terms and conditions of any incremental revolving credit facility commitments must be no more favorable than the existing credit facility.

The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. The Company places cash on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit; therefore, as of December 31, 2021, the Company had no letters of credit issued against its revolving credit facility. See Note 6, "Cash and Cash Equivalents," for further information on its cash deposit. At June 30, 2022, the Company had no amounts outstanding under its revolving credit facility and had $295.1 million potentially available after giving effect to approximately $4.9 million of letters of credit issued and outstanding. At December 31, 2021, the Company had no amounts outstanding under its revolving credit facility and had $300.0 million potentially available. The Company's borrowing capacity was not reduced by leverage restrictions contained in the Credit Agreement as of June 30, 2022 and December 31, 2021.

The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $125.0 million (equivalent) foreign currency sub limit of the $300.0 million senior secured revolving credit facility are secured by a cross-guarantee amongst, and a pledge of the assets of, the foreign subsidiary borrowers that are a party to the agreement.  The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries, including the ability, subject to certain exceptions and limitations, to incur debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its restricted subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined), a maximum senior secured net leverage ratio (total consolidated senior secured indebtedness, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). At June 30, 2022, the Company was in compliance with its financial covenants contained in the Credit Agreement.

Other Revolving Loan Facility

In May 2021, the Company, through one of its non-U.S. subsidiaries, entered into a revolving loan facility with a borrowing capacity of $4 million. The facility is guaranteed by TriMas Corporation. There were no borrowings outstanding on this loan facility as of June 30, 2022 and December 31, 2021.

Fair Value of Debt

The valuations of the Senior Notes and revolving credit facility were determined based on Level 2 inputs under the fair value hierarchy, as defined. The carrying amounts and fair values were as follows (dollars in thousands):

	June 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	341,000	$	400,000	$	399,000

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Derivative Instruments

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

Derivatives Designated as Hedging Instruments

The Company uses cross-currency swap contracts to hedge its net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. By doing so, the Company synthetically converts a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. At inception, the Company designates its cross-currency swaps as net investment hedges.

As of June 30, 2022, the Company had cross-currency swap agreements at notional amounts totaling $250.0 million, which declines to $25.0 million over various contract periods ending between October 15, 2023 and October 15, 2027. Under the terms of the agreements, the Company is to receive net interest payments at fixed rates ranging from approximately 0.8% to 2.9% of the notional amounts.

As of June 30, 2022 and December 31, 2021, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):

		Asset / (Liability) Derivatives
Derivatives designated as hedging instruments	Balance Sheet Caption	June 30, 2022		December 31, 2021
Net Investment Hedges
Cross-currency swaps	Other assets	$	21,990	$	7,590

The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of June 30, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):

	Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax)					Amount of Income (Loss) Reclassified from AOCI into Earnings
						Three months ended June 30,				Six months ended June 30,
	As of June 30, 2022		As of December 31, 2021		Location of Income Reclassified from AOCI into Earnings (Effective Portion)	2022		2021		2022		2021
Net Investment Hedges
Cross-currency swaps	$	17,580	$	5,910	Other income (expense), net	$	—	$	—	$	—	$	—

Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings.

Derivatives Not Designated as Hedging Instruments

As of June 30, 2022, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $130.4 million. The Company uses foreign exchange contracts to mitigate the risk associated with fluctuations in currency rates impacting cash flows related to certain of its receivables, payables and intercompany transactions denominated in foreign currencies. The foreign exchange contracts primarily mitigate currency exposures between the U.S. dollar and the Euro, Canadian dollar, Chinese yuan, and the Mexican peso, as well as between the Euro and British pound, and have various settlement dates through December 2022. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income.

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):

		Amount of Income (Loss) Recognized in Earnings on Derivatives
		Three months ended June 30,				Six months ended June 30,
	Location of Income (Loss) Recognized in Earnings on Derivatives	2022		2021		2022		2021
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net	$	2,500	$	(1,160)	$	3,310	$	2,860

Fair Value of Derivatives

The fair value of the Company's derivatives are estimated using an income approach based on valuation techniques to convert future amounts to a single, discounted amount. Estimates of the fair value of the Company's cross-currency swaps and foreign exchange contracts use observable inputs such as interest rate yield curves and forward currency exchange rates. Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are shown below (dollars in thousands):  

Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2022
Cross-currency swaps	Recurring	$	21,990	$	—	$	21,990	$	—
Foreign exchange contracts	Recurring	$	2,850	$	—	$	2,850	$	—
December 31, 2021
Cross-currency swaps	Recurring	$	7,590	$	—	$	7,590	$	—
Foreign exchange contracts	Recurring	$	(110)	$	—	$	(110)	$	—

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Leases Leases (Notes)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lessee, Operating Leases

Leases

The Company leases certain equipment and facilities under non-cancelable operating leases. Leases with an initial term of 12 months or less are not recorded on the balance sheet; expense related to these leases is recognized on a straight-line basis over the lease term.

The components of lease expense are as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	2,690	$	2,140	$	5,330	$	4,280
Short-term, variable and other lease costs	730		430		1,420		860
Total lease cost	$	3,420	$	2,570	$	6,750	$	5,140

Maturities of lease liabilities are as follows (dollars in thousands):

Year ended December 31,	Operating Leases(a)
2022 (excluding the six months ended June 30, 2022)	$	5,120
2023	9,720
2024	8,880
2025	7,590
2026	7,490
Thereafter	20,680
Total lease payments	59,480
Less: Imputed interest	(7,140)
Present value of lease liabilities	$	52,340

__________________________

(a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.

The weighted-average remaining lease term of the Company's operating leases as of June 30, 2022 is approximately 7.1 years. The weighted-average discount rate as of June 30, 2022 is approximately 3.7%.

Cash paid for amounts included in the measurement of operating lease liabilities was approximately $4.8 million and $4.2 million during the six months ended June 30, 2022 and 2021, respectively, and is included in cash flows provided by operating activities in the accompanying consolidated statement of cash flows.

Right-of-use assets obtained in exchange for lease liabilities were approximately $4.8 million and $6.1 million during the six months ended June 30, 2022 and 2021, respectively.

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Other Long-term Liabilities Other Long-term Liabilities (Notes)

6 Months Ended

Jun. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Liabilities Disclosure [Text Block]

Other long-term liabilities

Other long-term liabilities consist of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Non-current asbestos-related liabilities	$	22,270	$	25,210
Other long-term liabilities	29,990		33,820
Total other long-term liabilities	$	52,260	$	59,030

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Asbestos

As of June 30, 2022, the Company was a party to 425 pending cases involving an aggregate of 4,796 claimants primarily alleging personal injury from exposure to asbestos containing materials formerly used in gaskets (both encapsulated and otherwise) manufactured or distributed by its former Lamons division and certain other related subsidiaries for use primarily in the petrochemical, refining and exploration industries. The following chart summarizes the number of claims, number of claims filed, number of claims dismissed, number of claims settled, the average settlement amount per claim and the total defense costs, at the applicable date and for the applicable periods:

	Claims pending at beginning of period	Claims filed during period	Claims dismissed during period	Claims settled during period	Claims pending at end of period	Average settlement amount per claim during period		Total defense costs during period
Six Months Ended June 30, 2022	4,754	124	74	8	4,796	$	14,050	$	1,210,000
Fiscal Year Ended December 31, 2021	4,655	265	134	32	4,754	$	16,819	$	1,950,000

In addition, the Company acquired various companies to distribute its products that had distributed gaskets of other manufacturers prior to acquisition. The Company believes that many of its pending cases relate to locations at which none of its gaskets were distributed or used.

The Company may be subjected to significant additional asbestos-related claims in the future, and will aggressively defend or reasonably resolve, as appropriate. The cost of settling cases in which product identification can be made may increase, and the Company may be subjected to further claims in respect of the former activities of its acquired gasket distributors. The cost of claims varies as claims may be initially made in some jurisdictions without specifying the amount sought or by simply stating the requisite or maximum permissible monetary relief, and may be amended to alter the amount sought. The large majority of claims do not specify the amount sought. Of the 4,796 claims pending at June 30, 2022, 45 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At June 30, 2022, of the 45 claims that set forth specific amounts, there were zero claims seeking more than $5 million for punitive damages. Below is a breakdown of the compensatory damages sought for those claims seeking specific amounts:

	Compensatory
Range of damages sought (dollars in millions)	$0.0 to $0.6	$0.6 to $5.0	$5.0+
Number of claims	—	3	42

Relatively few claims have reached the discovery stage and even fewer claims have gone past the discovery stage. Total settlement costs (exclusive of defense costs) for all such cases, some of which were filed over 30 years ago, have been approximately $10.6 million. All relief sought in the asbestos cases is monetary in nature. Based on the settlements made to date and the number of claims dismissed or withdrawn for lack of product identification, the Company believes that the relief sought (when specified) does not bear a reasonable relationship to its potential liability.

The Company records a liability for asbestos-related claims, which includes both known and unknown claims, based on a study from the Company’s third-party actuary, the Company's review of the study, as well as the Company’s own review of asbestos claims and claim resolution activity.

In the fourth quarter of 2021, the Company commissioned its actuary to update the study, based on data as of September 30, 2021, which yielded a range of possible future liability of $28.2 million to $38.6 million. The Company did not believe any amount within the range of potential outcomes represented a better estimate than another given the many factors and assumptions inherent in the projections, and therefore recorded a non-cash, pre-tax charge of $1.5 million to increase the liability estimate to $28.2 million, at the low-end of the range. As of June 30, 2022, the Company’s total asbestos-related liability is $26.3 million, and is included in accrued liabilities and other long-term liabilities, respectively, in the accompanying consolidated balance sheet.

The Company’s primary insurance, which covered approximately 40% of historical costs related to settlement and defense of asbestos litigation, expired in November 2018, upon which the Company became solely responsible for defense costs and indemnity payments. The Company is party to a coverage-in-place agreement (entered into in 2006) with its first level excess carriers regarding the coverage to be provided to the Company for asbestos-related claims. The coverage-in-place agreement makes asbestos defense costs and indemnity insurance coverage available to the Company that might otherwise be disputed by the carriers and provides a methodology for the administration of such expenses. The Company will continue to be solely responsible for defense costs and indemnity payments prior to the commencement of coverage under this agreement, the duration of which would be subject to the scope of damage awards and settlements paid. Based upon the Company’s review of the actuarial study, the Company does not believe it is probable that it will reach the threshold of qualified future settlements required to commence excess carrier insurance coverage under the coverage-in-place agreement.

Based upon the Company's experience to date, including the trend in annual defense and settlement costs incurred to date, and other available information (including the availability of excess insurance), the Company does not believe these cases will have a material adverse effect on its financial position, results of operations, or cash flows.

Claims and Litigation

The Company is subject to other claims and litigation in the ordinary course of business, but does not believe that any such claim or litigation will have a material adverse effect on its financial position and results of operations or cash flows.

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Segment Information

6 Months Ended

Jun. 30, 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):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net Sales
Packaging	$	148,350	$	139,630	$	286,840	$	271,720
Aerospace	47,390		44,560		91,910		89,170
Specialty Products	41,940		34,800		83,240		64,830
Total	$	237,680	$	218,990	$	461,990	$	425,720
Operating Profit (Loss)
Packaging	$	27,800	$	27,850	$	49,130	$	49,150
Aerospace	2,750		2,120		4,590		6,620
Specialty Products	6,770		6,010		14,010		10,530
Corporate	(7,450)		(10,410)		(15,930)		(19,620)
Total	$	29,870	$	25,570	$	51,800	$	46,680

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Equity Awards

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Equity Awards

Equity Awards

Restricted Stock Units

The Company awarded the following restricted stock units ("RSUs") during the six months ended June 30, 2022:

•granted 195,398 RSUs to certain employees, which are subject only to a service condition and vest ratably over three years so long as the employee remains with the Company;

•granted 22,554 RSUs to its non-employee independent directors, which fully vest one year from date of grant so long as the director and/or Company does not terminate the director's service prior to the vesting date;

•issued 337 RSUs related to director fee deferrals as certain of the Company's directors elected to defer all or a portion of their directors fees and to receive the amount in Company common stock at a future date; and

•issued 126 RSUs to certain employees related to dividend equivalent rights on existing equity awards.

During 2022, the Company also awarded 85,156 performance-based RSUs to certain Company key employees which vest three years from the grant date as long as the employee remains with the Company. These awards are earned 50% based upon the Company's achievement of an earnings per share compound annual growth rate ("EPS CAGR") metric over a period beginning January 1, 2022 and ending December 31, 2024. The remaining 50% of the awards are earned based on the Company's total shareholder return ("TSR") relative to the TSR of the common stock of a pre-defined industry peer-group, measured over the performance period. TSR is calculated as the Company's average closing stock price for the 20 trading days at the end of the performance period plus Company dividends, divided by the Company's average closing stock price for the 20 trading days prior to the start of the performance period. The Company estimates the grant-date fair value subject to a market condition using a Monte Carlo simulation model, using the following weighted average assumptions: risk-free rate of 1.88% and annualized volatility of 36.5%. Depending on the performance achieved for these two metrics, the amount of shares earned, if any, can vary for each metric from 0% of the target award to a maximum of 200% of the target award. For similar performance-based RSUs awarded in 2019, the Company attained 65.4% of the target on a weighted average basis, resulting in a decrease of 24,975 shares during the three months ended March 31, 2022.

Information related to RSUs at June 30, 2022 is as follows:

	Number of Unvested RSUs	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2022	673,732	$	27.38
Granted	303,571	33.19
Vested	(217,366)	30.57
Cancelled	(39,426)	35.41
Outstanding at June 30, 2022	720,511	$	28.43	1.3	$	19,950,950

As of June 30, 2022, there was approximately $10.7 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 1.8 years.

The Company recognized stock-based compensation expense related to RSUs of approximately $2.5 million and $3.2 million during the three months ended June 30, 2022 and 2021, respectively, and approximately $5.3 million and $5.7 million during the six months ended June 30, 2022 and 2021, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.

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Earnings per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the six months ended June 30, 2022 and 2021:

	Three months ended June 30,		Six months ended June 30,
	2022	2021	2022	2021
Weighted average common shares—basic	42,297,525	43,110,191	42,548,366	43,147,599
Dilutive effect of restricted stock units	183,674	198,165	247,080	299,425
Dilutive effect of stock options	—	—	—	24,592
Weighted average common shares—diluted	42,481,199	43,308,356	42,795,446	43,471,616

In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. This announcement represented the most recent update from the initial authorization, approved in November 2015, of up to $50 million of purchases in the aggregate of its common stock. In the three and six months ended June 30, 2022, the Company purchased 645,984 and 927,987 shares of its outstanding common stock for approximately $18.8 million and $27.9 million, respectively. During the three and six months ended June 30, 2021, the Company purchased 358,047 and 440,218 shares of its outstanding common stock for approximately $11.6 million and $14.2 million, respectively. As of June 30, 2022, the Company has approximately $114.7 million remaining under the repurchase authorization.

Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021, the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. During the three months ended June 30, 2022, the Company's cash dividends declared were $0.04 per share of common stock, and total dividends declared and paid on common shares in the three and six months ended June 30, 2022 were approximately $1.7 million and $3.5 million, respectively. No dividends were declared or paid during the three and six months ended June 30, 2021.

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Defined Benefit Plans

6 Months Ended

Jun. 30, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Defined Benefit Plans

Defined Benefit Plans

Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost are as follows (dollars in thousands):

	Pension Plans
	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Service costs	$	160	$	320	$	360	$	650
Interest costs	230		200		460		400
Expected return on plan assets	(420)		(390)		(830)		(780)
Settlement/curtailment loss	—		—		150		—
Amortization of net loss	150		230		290		460
Net periodic benefit cost	$	120	$	360	$	430	$	730

The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income.

During the six months ended June 30, 2022, the Company recorded a non-cash curtailment expense of approximately $0.2 million, as it transitioned certain active employees previously participating in a defined benefit plan in the United Kingdom to a defined contribution plan, thereby eliminating future service cost accruals for all employees under this defined benefit plan.

The Company contributed approximately $0.5 million and $0.8 million to its defined benefit pension plans during the three and six months ended June 30, 2022, respectively. The Company expects to contribute approximately $1.7 million to its defined benefit pension plans for the full year 2022.

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Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Notes)

6 Months Ended

Jun. 30, 2022

Other Comprehensive Income [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Other Comprehensive Income (Loss)

Changes in AOCI by component for the six months ended June 30, 2022 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2021	$	(4,830)	$	5,910	$	(850)	$	230
Net unrealized gains (losses) arising during the period (a)	—		11,670		(17,770)		(6,100)
Less: Net realized losses reclassified to net income (b)	(330)		—		—		(330)
Net current-period other comprehensive income (loss)	330		11,670		(17,770)		(5,770)
Balance, June 30, 2022	$	(4,500)	$	17,580	$	(18,620)	$	(5,540)

__________________________

(a)     Derivative instruments, net of income tax of approximately $3.8 million. See Note 11, "Derivative Instruments," for further details.

(b)     Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

Changes in AOCI by component for the six months ended June 30, 2021 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2020	$	(8,620)	$	(3,580)	$	6,580	$	(5,620)
Net unrealized gains (losses) arising during the period (a)	—		3,330		(2,020)		1,310
Less: Net realized losses reclassified to net income (b)	(310)		—		—		(310)
Net current-period other comprehensive income (loss)	310		3,330		(2,020)		1,620
Balance, June 30, 2021	$	(8,310)	$	(250)	$	4,560	$	(4,000)

__________________________

(a)     Derivative instruments, net of income tax of approximately $1.1 million. See Note 11, "Derivative Instruments," for further details.

(b)     Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

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Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Tax Disclosure

Income Taxes

The effective income tax rate for the three months ended June 30, 2022 and 2021 was 25.5% and (0.3)%, respectively. The rate for the three months ended June 30, 2022 is higher than in the prior year period, primarily as a result of the recognition of approximately $3.0 million of deferred tax benefits in Italy during the three months ended June 30, 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

The effective income tax rate for the six months ended June 30, 2022 and 2021 was 24.2% and 11.8%, respectively. The rate for the six months ended June 30, 2022 is higher than in the prior year period, primarily as a result of the recognition of approximately $3.0 million of deferred tax benefits in Italy during the six months ended June 30, 2021, the majority of which related to a reduction in deferred tax liabilities in connection with certain tax incentives.

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Subsequent Event Subsequent Events (Notes)	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent EventsOn July 21, 2022, the Company announced that its Board of Directors had declared a cash dividend of $0.04 per share of TriMas Corporation common stock, which will be payable on August 11, 2022 to shareholders of record as of the close of business on August 4, 2022.On July 26, 2022, the Company initiated steps to terminate all of its existing $250 million notional amount cross-currency swaps, as well as to enter into new cross-currency swaps with notional amounts totaling $150 million which are subject to various contract periods through 2024. The Company expects to receive cash proceeds from the termination of the swaps of approximately $27 million.

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Revenue Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table presents the Company’s disaggregated net sales by primary market served (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
Customer Markets	2022		2021		2022		2021
Consumer Products	$	119,830	$	112,900	$	227,390	$	218,020
Aerospace & Defense	47,390		44,560		91,910		89,170
Industrial	70,460		61,530		142,690		118,530
Total net sales	$	237,680	$	218,990	$	461,990	$	425,720

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Cash and Cash Equivalents (Tables)

6 Months Ended

Jun. 30, 2022

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash and cash equivalents consists of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Cash and cash equivalents - unrestricted	$	49,050	$	129,790
Cash - restricted (a)	40		10,950
Total cash and cash equivalents	$	49,090	$	140,740

__________________________

(a)     Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit.

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Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the six months ended June 30, 2022 are summarized as follows (dollars in thousands):

	Packaging		Aerospace		Specialty Products		Total
Balance, December 31, 2021	$	238,740	$	70,190	$	6,560	$	315,490
Goodwill from acquisitions	32,370		—		—		32,370
Foreign currency translation and other	(8,520)		(130)		—		(8,650)
Balance, June 30, 2022	$	262,590	$	70,060	$	6,560	$	339,210

Schedule of Intangible Assets (excluding Goodwill) by Major Class

The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands):

	As of June 30, 2022				As of December 31, 2021
Intangible Category by Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships, 5 – 12 years	$	131,330	$	(75,550)	$	124,310	$	(71,150)
Customer relationships, 15 – 25 years	130,040		(71,300)		130,190		(68,190)
Total customer relationships	261,370		(146,850)		254,500		(139,340)
Technology and other, 1 – 15 years	56,870		(37,590)		57,060		(36,140)
Technology and other, 17 – 30 years	43,300		(40,130)		43,300		(39,920)
Total technology and other	100,170		(77,720)		100,360		(76,060)
Indefinite-lived intangible assets:
Trademark/Trade names	60,130		—		57,270		—
Total other intangible assets	$	421,670	$	(224,570)	$	412,130	$	(215,400)

Schedule of Finite-Lived Intangible Assets, Amortization Expense

Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Technology and other, included in cost of sales	$	810	$	950	$	1,710	$	1,900
Customer relationships, included in selling, general and administrative expenses	3,940		4,440		8,330		8,880
Total amortization expense	$	4,750	$	5,390	$	10,040	$	10,780

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Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

Inventories consist of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Finished goods	$	77,010	$	74,600
Work in process	35,890		28,790
Raw materials	51,140		49,060
Total inventories	$	164,040	$	152,450

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Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consists of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Land and land improvements	$	19,190	$	19,630
Buildings	91,610		93,170
Machinery and equipment	443,110		422,500
	553,910		535,300
Less: Accumulated depreciation	278,240		269,670
Property and equipment, net	$	275,670	$	265,630

Depreciation Expense

Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Depreciation expense, included in cost of sales	$	8,400	$	7,670	$	16,570	$	15,230
Depreciation expense, included in selling, general and administrative expenses	280		310		580		600
Total depreciation expense	$	8,680	$	7,980	$	17,150	$	15,830

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Long-term Debt Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The Company's long-term debt consists of the following (dollars in thousands):

	June 30, 2022		December 31, 2021
4.125% Senior Notes due April 2029	$	400,000	$	400,000
Debt issuance costs	(5,730)		(6,180)
Long-term debt, net	$	394,270	$	393,820

The carrying amounts and fair values were as follows (dollars in thousands):

	June 30, 2022				December 31, 2021
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	341,000	$	400,000	$	399,000

Debt Instrument Redemption [Table Text Block]

On or after April 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:

Year	Percentage
2024	102.063	%
2025	101.031	%
2026 and thereafter	100.000	%

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

As of June 30, 2022 and December 31, 2021, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):

		Asset / (Liability) Derivatives
Derivatives designated as hedging instruments	Balance Sheet Caption	June 30, 2022		December 31, 2021
Net Investment Hedges
Cross-currency swaps	Other assets	$	21,990	$	7,590

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of June 30, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):

	Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax)					Amount of Income (Loss) Reclassified from AOCI into Earnings
						Three months ended June 30,				Six months ended June 30,
	As of June 30, 2022		As of December 31, 2021		Location of Income Reclassified from AOCI into Earnings (Effective Portion)	2022		2021		2022		2021
Net Investment Hedges
Cross-currency swaps	$	17,580	$	5,910	Other income (expense), net	$	—	$	—	$	—	$	—

Derivatives Not Designated as Hedging Instruments

The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):

		Amount of Income (Loss) Recognized in Earnings on Derivatives
		Three months ended June 30,				Six months ended June 30,
	Location of Income (Loss) Recognized in Earnings on Derivatives	2022		2021		2022		2021
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net	$	2,500	$	(1,160)	$	3,310	$	2,860

Fair Value Measurements, Recurring and Nonrecurring

Fair value measurements and the fair value hierarchy level for the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are shown below (dollars in thousands):  

Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2022
Cross-currency swaps	Recurring	$	21,990	$	—	$	21,990	$	—
Foreign exchange contracts	Recurring	$	2,850	$	—	$	2,850	$	—
December 31, 2021
Cross-currency swaps	Recurring	$	7,590	$	—	$	7,590	$	—
Foreign exchange contracts	Recurring	$	(110)	$	—	$	(110)	$	—

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Leases Leases (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Lease, Cost [Table Text Block]

The components of lease expense are as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	2,690	$	2,140	$	5,330	$	4,280
Short-term, variable and other lease costs	730		430		1,420		860
Total lease cost	$	3,420	$	2,570	$	6,750	$	5,140

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Maturities of lease liabilities are as follows (dollars in thousands):

Year ended December 31,	Operating Leases(a)
2022 (excluding the six months ended June 30, 2022)	$	5,120
2023	9,720
2024	8,880
2025	7,590
2026	7,490
Thereafter	20,680
Total lease payments	59,480
Less: Imputed interest	(7,140)
Present value of lease liabilities	$	52,340

__________________________

(a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.

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Other Long-term Liabilities Other Long-term Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities [Table Text Block]

Other long-term liabilities consist of the following components (dollars in thousands):

	June 30, 2022		December 31, 2021
Non-current asbestos-related liabilities	$	22,270	$	25,210
Other long-term liabilities	29,990		33,820
Total other long-term liabilities	$	52,260	$	59,030

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Commitments and Contingencies Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Loss Contingencies by Contingency

	Claims pending at beginning of period	Claims filed during period	Claims dismissed during period	Claims settled during period	Claims pending at end of period	Average settlement amount per claim during period		Total defense costs during period
Six Months Ended June 30, 2022	4,754	124	74	8	4,796	$	14,050	$	1,210,000
Fiscal Year Ended December 31, 2021	4,655	265	134	32	4,754	$	16,819	$	1,950,000

Schedule of Damages Sought for Specific Claims [Table Text Block]

Below is a breakdown of the compensatory damages sought for those claims seeking specific amounts:

	Compensatory
Range of damages sought (dollars in millions)	$0.0 to $0.6	$0.6 to $5.0	$5.0+
Number of claims	—	3	42

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Segment Information Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment activity is as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net Sales
Packaging	$	148,350	$	139,630	$	286,840	$	271,720
Aerospace	47,390		44,560		91,910		89,170
Specialty Products	41,940		34,800		83,240		64,830
Total	$	237,680	$	218,990	$	461,990	$	425,720
Operating Profit (Loss)
Packaging	$	27,800	$	27,850	$	49,130	$	49,150
Aerospace	2,750		2,120		4,590		6,620
Specialty Products	6,770		6,010		14,010		10,530
Corporate	(7,450)		(10,410)		(15,930)		(19,620)
Total	$	29,870	$	25,570	$	51,800	$	46,680

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Equity Awards (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

Information related to RSUs at June 30, 2022 is as follows:

	Number of Unvested RSUs	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2022	673,732	$	27.38
Granted	303,571	33.19
Vested	(217,366)	30.57
Cancelled	(39,426)	35.41
Outstanding at June 30, 2022	720,511	$	28.43	1.3	$	19,950,950

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Earnings per Share Earnings per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the six months ended June 30, 2022 and 2021:

	Three months ended June 30,		Six months ended June 30,
	2022	2021	2022	2021
Weighted average common shares—basic	42,297,525	43,110,191	42,548,366	43,147,599
Dilutive effect of restricted stock units	183,674	198,165	247,080	299,425
Dilutive effect of stock options	—	—	—	24,592
Weighted average common shares—diluted	42,481,199	43,308,356	42,795,446	43,471,616

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Defined Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2022

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Costs of Retirement Plans

The components of net periodic pension cost are as follows (dollars in thousands):

	Pension Plans
	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Service costs	$	160	$	320	$	360	$	650
Interest costs	230		200		460		400
Expected return on plan assets	(420)		(390)		(830)		(780)
Settlement/curtailment loss	—		—		150		—
Amortization of net loss	150		230		290		460
Net periodic benefit cost	$	120	$	360	$	430	$	730

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Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Other Comprehensive Income [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in AOCI by component for the six months ended June 30, 2022 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2021	$	(4,830)	$	5,910	$	(850)	$	230
Net unrealized gains (losses) arising during the period (a)	—		11,670		(17,770)		(6,100)
Less: Net realized losses reclassified to net income (b)	(330)		—		—		(330)
Net current-period other comprehensive income (loss)	330		11,670		(17,770)		(5,770)
Balance, June 30, 2022	$	(4,500)	$	17,580	$	(18,620)	$	(5,540)

__________________________

(a)     Derivative instruments, net of income tax of approximately $3.8 million. See Note 11, "Derivative Instruments," for further details.

(b)     Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

Changes in AOCI by component for the six months ended June 30, 2021 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2020	$	(8,620)	$	(3,580)	$	6,580	$	(5,620)
Net unrealized gains (losses) arising during the period (a)	—		3,330		(2,020)		1,310
Less: Net realized losses reclassified to net income (b)	(310)		—		—		(310)
Net current-period other comprehensive income (loss)	310		3,330		(2,020)		1,620
Balance, June 30, 2021	$	(8,310)	$	(250)	$	4,560	$	(4,000)

__________________________

(a)     Derivative instruments, net of income tax of approximately $1.1 million. See Note 11, "Derivative Instruments," for further details.

(b)     Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

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Revenue Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 237,680	$ 218,990	$ 461,990	$ 425,720
Consumer Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	119,830	112,900	227,390	218,020
Aerospace & Defense [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	47,390	44,560	91,910	89,170
Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 70,460	$ 61,530	$ 142,690	$ 118,530

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Realignment Actions Realignment Actions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Realignment Costs [Line Items]
Loss on dispositions of assets			$ 210	$ 130
Realignment actions [Member]
Realignment Costs [Line Items]
Severance Costs		$ 3,500		6,000
Cash paid for severance				1,000
Realignment costs	$ 1,500	4,200	3,800	8,200
Facility consolidation realignment costs	1,400	700	2,200	2,200
Employee-related costs	100		1,600
Cost of Sales [Member] | Realignment actions [Member]
Realignment Costs [Line Items]
Realignment costs	1,400	900	2,300	2,700
Selling, General and Administrative Expenses [Member] | Realignment actions [Member]
Realignment Costs [Line Items]
Realignment costs	$ 100	$ 3,300	$ 1,500	$ 5,500

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Acquisitions - Other Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Feb. 28, 2022	Dec. 05, 2021
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired				$ 64,100	$ 0
Goodwill	$ 339,210	$ 315,490		339,210		$ 315,490
Net sales	237,680		$ 218,990	461,990	$ 425,720
Omega Plastics
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		22,500
Net sales						18,000
TFI Aerospace
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 11,800
Net sales						6,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low								$ 0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High								12,000
Business Combination, Contingent Consideration, Liability	$ 3,700			3,700				$ 3,700
Intertech Plastics LLC
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired				$ 64,100
Goodwill							$ 32,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill							13,500
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital							6,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment							$ 12,200
Net sales						$ 32,000

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Cash and Cash Equivalents (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents unrestricted		$ 49,050	$ 129,790
Restricted Cash	[1]	40	10,950
Cash and cash equivalents		$ 49,090	$ 140,740

[1] Includes cash placed on deposit with a financial institution to be held as cash collateral for the Company's outstanding letters of credit.

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Goodwill and Other Intangible Assets Goodwill Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 339,210	$ 315,490
Aerospace [Member]
Goodwill [Line Items]
Goodwill	$ 70,060	$ 70,190

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Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance, beginning	$ 315,490
Goodwill, Acquired During Period	32,370
Translation and purchase accounting adjustments	(8,650)
Balance, ending	339,210
Packaging [Member]
Goodwill [Roll Forward]
Balance, beginning	238,740
Goodwill, Acquired During Period	32,370
Translation and purchase accounting adjustments	(8,520)
Balance, ending	262,590
Aerospace [Member]
Goodwill [Roll Forward]
Balance, beginning	70,190
Goodwill, Acquired During Period	0
Translation and purchase accounting adjustments	(130)
Balance, ending	70,060
Specialty Products [Member]
Goodwill [Roll Forward]
Balance, beginning	6,560
Goodwill, Acquired During Period	0
Translation and purchase accounting adjustments	0
Balance, ending	$ 6,560

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Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (224,570)	$ (215,400)
Intangible Assets, Gross (Excluding Goodwill)	421,670	412,130
Trademarks and Trade Names [Member]
Intangible Assets, excluding Goodwill [Line Items]
Indefinite-lived intangible assets, gross carrying amount	60,130	57,270
Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	261,370	254,500
Finite-lived intangible assets, accumulated amortization	(146,850)	(139,340)
Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	100,170	100,360
Finite-lived intangible assets, accumulated amortization	(77,720)	(76,060)
Useful Life Five to Twelve Years [Member] | Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	131,330	124,310
Finite-lived intangible assets, accumulated amortization	(75,550)	(71,150)
Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	130,040	130,190
Finite-lived intangible assets, accumulated amortization	(71,300)	(68,190)
Useful Life One to Fifteen Years [Member] | Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	56,870	57,060
Finite-lived intangible assets, accumulated amortization	(37,590)	(36,140)
Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	43,300	43,300
Finite-lived intangible assets, accumulated amortization	$ (40,130)	$ (39,920)
Minimum [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	1 year
Minimum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	5 years
Minimum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years
Minimum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	1 year
Minimum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	17 years
Maximum [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	30 years
Maximum [Member] | Useful Life Five to Twelve Years [Member] | Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	12 years
Maximum [Member] | Useful Life Fifteen to Twentyfive Years [Member] | Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	25 years
Maximum [Member] | Useful Life One to Fifteen Years [Member] | Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years
Maximum [Member] | Useful Life Seventeen to Thirty Years [Member] | Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	30 years

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Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Amortization of Intangible Assets [Line Items]
Amortization of intangible assets	$ 4,750	$ 5,390	$ 10,040	$ 10,780
Cost of Sales [Member] | Technology and Other [Member]
Amortization of Intangible Assets [Line Items]
Amortization of intangible assets	810	950	1,710	1,900
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member]
Amortization of Intangible Assets [Line Items]
Amortization of intangible assets	$ 3,940	$ 4,440	$ 8,330	$ 8,880

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Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 77,010	$ 74,600
Work in process	35,890	28,790
Raw materials	51,140	49,060
Total inventories	$ 164,040	$ 152,450

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Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 553,910	$ 535,300
Less: Accumulated depreciation	278,240	269,670
Property and equipment, net	275,670	265,630
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	19,190	19,630
Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	91,610	93,170
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 443,110	$ 422,500

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Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Depreciation Expense [Line Items]
Depreciation expense			$ 17,150	$ 15,830
Continuing Operations [Member]
Depreciation Expense [Line Items]
Depreciation expense	$ 8,680	$ 7,980	17,150	15,830
Cost of Sales [Member] | Continuing Operations [Member]
Depreciation Expense [Line Items]
Depreciation expense	8,400	7,670	16,570	15,230
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member]
Depreciation Expense [Line Items]
Depreciation expense	$ 280	$ 310	$ 580	$ 600

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Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred Finance Costs, Net	$ (5,730)	$ (6,180)
Long-term debt, net	394,270	393,820
4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000

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Long-term Debt - Senior Notes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 15, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Cash paid for interest				$ 6,330	$ 6,170
Debt financing and related expenses				0	10,520
Retirement of senior notes				0	300,000
Payment for Debt Extinguishment or Debt Prepayment Cost				0	13,570
Senior Notes [Member] | 4.875% Senior Unsecured Notes Due 2025 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	4.875%
Debt Instrument, Maturity Date	Oct. 15, 2025
Debt Instrument, Redemption Price, Percentage	102.438%
Payment for Debt Extinguishment or Debt Prepayment Cost			$ 7,300
Write off of Deferred Debt Issuance Cost			3,000
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 400,000		$ 400,000
Debt Instrument, Interest Rate, Stated Percentage		4.125%		4.125%
Debt Instrument, Maturity Date		Apr. 15, 2029
Payments of Financing Costs					5,100
Debt Issuance Costs, Noncurrent, Net			$ 5,100		5,100
Percentage of principal that can be redeemed with cash from proceeds of an equity offering		40.00%
Debt instrument redemption price with net proceeds from equity offering		104.125%
Debt Instrument, Redemption Price, Percentage		100.00%
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				102.063%
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				101.031%
Senior Notes [Member] | 4.125% Senior Unsecured Notes Due 2029 | Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage				100.00%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Mar. 29, 2026
Payments of Financing Costs					1,100
Write off of Deferred Debt Issuance Cost					$ 200

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Long-term Debt - Credit Agreement (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Debt financing and related expenses		$ 0	$ 10,520
Net leverage ratio	3.00	3.00
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Payments of Financing Costs			1,100
Write off of Deferred Debt Issuance Cost			$ 200
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000	$ 300,000
Debt Instrument, Maturity Date	Mar. 29, 2026
Debt Instrument, Basis Spread on Variable Rate	1.50%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, Capacity Available for Foreign Revolver Loans	$ 125,000	125,000
Line of Credit Facility, Maximum Borrowing Capacity	300,000	300,000
Revolving Credit Facility, Amount Outstanding	0	0		$ 0
Revolving Credit Facility, Remaining Borrowing Capacity	295,100	295,100		300,000
Letters of credit [Member]
Debt Instrument [Line Items]
Letters of Credit, Maximum Borrowing Capacity	40,000	40,000
Letters of Credit Outstanding, Amount	4,900	4,900		$ 0
Revolving credit and term loan facilities [Member]
Debt Instrument [Line Items]
Incremental debt commitments capacity	$ 200,000	$ 200,000

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Other Revolving Loan Facility (Details) - Revolving Credit Facility [Member] $ in Millions	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300.0
Non-US [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	4.0
Revolving Credit Facility, Amount Outstanding	$ 0.0

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Long-term Debt - Fair Value (Details) - 4.125% Senior Unsecured Notes Due 2029 - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000
Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 341,000	$ 399,000

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Derivative Instruments - Derivative Narrative (Details) - Designated as Hedging Instrument [Member] - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] $ in Millions	Jun. 30, 2022 USD ($)
Maximum [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.90%
Derivative, Notional Amount	$ 250.0
Minimum [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	0.80%
Derivative, Notional Amount	$ 25.0

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Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Net Investment Hedging [Member] | Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset Derivatives	$ 21,990	$ 7,590

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Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ (5,540)		$ (5,540)		$ 230
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)	17,580		17,580		$ 5,910
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 0	$ 0	$ 0

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Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Reclassification from AOCI into Earnings, Estimate of Time to Transfer		12 months
Amount of gain (loss) expected to be reclassified from AOCI into Earnings	$ 0.0

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Derivative Instruments - Derivatives not designated as hedging instruments (Details) - Not Designated as Hedging Instrument [Member] - Foreign Exchange Contract [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Derivative, Notional Amount	$ 130,400		$ 130,400
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	$ 2,500	$ (1,160)	$ 3,310	$ 2,860

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Derivative Instruments - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	$ 21,990	$ 7,590
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	0	0
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	21,990	7,590
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	0	0
Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	2,850	(110)
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	0	0
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	2,850	(110)
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	$ 0	$ 0

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Leases Lease Cost Table (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating Lease, Cost	$ 2,690	$ 2,140	$ 5,330	$ 4,280
Short-term, variable and other lease costs	730	430	1,420	860
Lease, Cost	$ 3,420	$ 2,570	$ 6,750	$ 5,140

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Leases Operating Lease Liability Maturity Table (Details) $ in Thousands	Jun. 30, 2022 USD ($)	[1]
Leases [Abstract]
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	$ 5,120
Lessee, Operating Lease, Liability, to be Paid, Year One	9,720
Lessee, Operating Lease, Liability, to be Paid, Year Two	8,880
Lessee, Operating Lease, Liability, to be Paid, Year Three	7,590
Lessee, Operating Lease, Liability, to be Paid, Year Four	7,490
Lessee, Operating Lease, Liability, to be Paid, after Year Four	20,680
Lessee, Operating Lease, Liability, to be Paid	59,480
Lessee, Operating Lease, Liability, Undiscounted Excess Amount	(7,140)
Operating Lease, Liability	$ 52,340

[1] (a)     The maturity table excludes cash flows associated with exited lease facilities. Liabilities for exited lease facilities are included in accrued liabilities and other long-term liabilities in the accompanying consolidated balance sheet.

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Leases Supplemental Balance Sheet Information Related to Leases (Details)	Jun. 30, 2022 Rate
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	7 years 1 month 6 days
Operating Lease, Weighted Average Discount Rate, Percent	3.70%

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Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating Lease, Payments	$ 4.8	$ 4.2
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 4.8	$ 6.1

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Other Long-term Liabilities Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Asbestos-related liability noncurrent	$ 22,270	$ 25,210
Other long-term liabilities other than asbestos liability	29,990	33,820
Other Liabilities, Noncurrent	$ 52,260	$ 59,030

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Commitments and Contingencies Asbestos Narrative (Details)	3 Months Ended		6 Months Ended	12 Months Ended	378 Months Ended
	Jun. 30, 2022 USD ($) claimants cases	Dec. 31, 2021 USD ($) claimants	Jun. 30, 2022 USD ($) claimants cases	Dec. 31, 2021 USD ($) claimants	Jun. 30, 2022 USD ($) claimants cases	Dec. 31, 2020 claimants
Loss Contingencies [Line Items]
Liability for Asbestos and Environmental Claims, Gross, Period Increase (Decrease)		$ 1,500,000
Asbestos [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations	$ 26,300,000		$ 26,300,000		$ 26,300,000
Loss Contingency, Pending Cases, Number | cases	425		425		425
Loss Contingency, Pending Claims, Number | claimants	4,796	4,754	4,796	4,754	4,796	4,655
Total settlement costs					$ 10,600,000
Loss Contingency, New Claims Filed, Number | claimants			124	265
Percentage of settlement and defense costs covered by insurance					40.00%
Legal Fees			$ 1,210,000	$ 1,950,000
Asbestos [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations		$ 28,200,000		28,200,000
Asbestos [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations		$ 38,600,000		$ 38,600,000
Punitive Only Damages [Member] | Asbestos [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages | claimants	0		0		0
Punitive Only Damages [Member] | Asbestos [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 5,000,000
Compensatory Only Damages [Member] | Asbestos [Member] | Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages | claimants	45		45		45

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Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) claimants	Dec. 31, 2021 USD ($) claimants	Dec. 31, 2020 claimants
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	4,796	4,754	4,655
Loss Contingency, New Claims Filed, Number	124	265
Loss Contingency, Claims Dismissed, Number	74	134
Loss Contingency, Claims Settled, Number	8	32
Average settlement amount per claim during period | $	$ 14,050	$ 16,819
Legal Fees | $	$ 1,210,000	$ 1,950,000

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Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($) claimants	Jun. 30, 2022 USD ($) claimants
Compensatory Only Damages [Member] | Range 1 [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 0.0
Compensatory Only Damages [Member] | Range 1 [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		0.6
Compensatory Only Damages [Member] | Range 2 [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		0.6
Compensatory Only Damages [Member] | Range 2 [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		5.0
Compensatory Only Damages [Member] | Range 3 [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value		$ 5.0
Punitive Only Damages [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages | claimants	0	0
Punitive Only Damages [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 5.0
Pending Litigation [Member] | Compensatory Only Damages [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages | claimants	45	45
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 1 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages | claimants	0	0
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 2 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages | claimants	3	3
Pending Litigation [Member] | Compensatory Only Damages [Member] | Range 3 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages | claimants	42	42

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Segment Information Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 237,680	$ 218,990	$ 461,990	$ 425,720
Operating profit (loss)	29,870	25,570	51,800	46,680
Operating Segments [Member] | Packaging [Member]
Segment Reporting Information [Line Items]
Net sales	148,350	139,630	286,840	271,720
Operating profit (loss)	27,800	27,850	49,130	49,150
Operating Segments [Member] | Aerospace [Member]
Segment Reporting Information [Line Items]
Net sales	47,390	44,560	91,910	89,170
Operating profit (loss)	2,750	2,120	4,590	6,620
Operating Segments [Member] | Specialty Products [Member]
Segment Reporting Information [Line Items]
Net sales	41,940	34,800	83,240	64,830
Operating profit (loss)	6,770	6,010	14,010	10,530
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Operating profit (loss)	$ (7,450)	$ (10,410)	$ (15,930)	$ (19,620)

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Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Unvested Restricted Stock Units Outstanding, beginning balance | shares	673,732
Number of Unvested Restricted Stock Units Granted | shares	303,571
Number of Unvested Restricted Stock Units Vested | shares	(217,366)
Number of Unvested Restricted Stock Units Cancelled | shares	(39,426)
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares	720,511
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, beginning	$ 27.38
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value	33.19
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value	30.57
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value	35.41
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending	$ 28.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures
Restricted Stock Units Average Remaining Contractual Life (Years)	1 year 3 months 18 days
Restricted Stock Units Aggregate Intrinsic Value	$ 19,950,950

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Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares issued related to director fee deferrals				337
Number of Unvested Restricted Stock Units Granted				303,571
Unrecognized unvested restricted shares-based compensation expense	$ 10.7			$ 10.7
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense				1 year 9 months 18 days
Dividend Declared
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted				126
Plan 1 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted				195,398
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period				3 years
Plan 7 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted				22,554
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period				1 year
Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted				85,156
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period				3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate				1.88%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				36.50%
3 year EPS CAGR metric [Member] | Maximum [Member] | Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award percentage earned based on metric over the performance period				50.00%
Total shareholder return metric [Member] | Plan 3 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Unvested Restricted Stock Units Granted		24,975
Share-based Compensation Arrangement by Share-based Payment Award, Award percentage attained						65.40%
Total shareholder return metric [Member] | Minimum [Member] | Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award				0.00%
Total shareholder return metric [Member] | Maximum [Member] | Plan 8 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award percentage earned based on metric over the performance period				50.00%
Share-based Compensation Arrangement by Share-based Payment Award, Amount of shares earned % of target award				200.00%
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares-based compensation expense	$ 2.5		$ 3.2	$ 5.3	$ 5.7

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Earnings per Share Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares—basic	42,297,525	43,110,191	42,548,366	43,147,599
Weighted average common shares—diluted	42,481,199	43,308,356	42,795,446	43,471,616
Restricted Stock Units (RSUs) [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Incremental common shares attributable to share-based payment arrangements	183,674	198,165	247,080	299,425
Stock Options [Member]
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Incremental common shares attributable to share-based payment arrangements	0	0	0	24,592

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Earnings per Share Repurchase of Common Stock (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2015
Stock Repurchased and Retired During Period, Value	$ 18,830,000	$ 9,060,000	$ 11,570,000	$ 2,640,000
10b5-1 share repurchase program [Member]
Stock Repurchase Program, Authorized Amount	$ 250,000,000				$ 250,000,000		$ 50,000,000
Stock Repurchased and Retired During Period, Shares	645,984		358,047		927,987	440,218
Stock Repurchased and Retired During Period, Value	$ 18,800,000		$ 11,600,000		$ 27,900,000	$ 14,200,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 114,700,000				$ 114,700,000

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Earnings per Share Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.04
Dividends, Common Stock, Cash	$ 1,720	$ 1,740	$ 0	$ 3,500	$ 0

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Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	$ 160	$ 320	$ 360	$ 650
Interest costs	230	200	460	400
Expected return on plan assets	(420)	(390)	(830)	(780)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	0	0	150	0
Amortization of net (gain)/loss	150	230	290	460
Net periodic benefit cost	$ 120	$ 360	$ 430	$ 730

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Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment	$ 0	$ 0	$ 150	$ 0
Defined Benefit Plan, Plan Assets, Contributions by Employer	500		800
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 1,700		1,700
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment			$ 200

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Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022		Jun. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances	$ 633,830	$ 630,850	$ 595,970	$ 584,250	$ 630,850		$ 584,250
Total other comprehensive income (loss)	(3,530)	(2,240)	990	630	(5,770)		1,620
Balances	630,780	633,830	597,600	595,970	630,780		597,600
Other Comprehensive Income (Loss), Tax [Abstract]
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax					100		100
Cross Currency Interest Rate Contract [Member]
Other Comprehensive Income (Loss), Tax [Abstract]
Other Comprehensive Income (Loss), Tax					(3,800)		1,100
Defined Benefit Plans [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances		(4,830)		(8,620)	(4,830)		(8,620)
Net unrealized gains (losses) arising during the period					0		0
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					(330)	[1]	(310)	[2]
Total other comprehensive income (loss)					330		310
Balances	(4,500)		(8,310)		(4,500)		(8,310)
Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances		5,910		(3,580)	5,910		(3,580)
Net unrealized gains (losses) arising during the period					11,670	[3]	3,330	[4]
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					0		0
Total other comprehensive income (loss)					11,670		3,330
Balances	17,580		(250)		17,580		(250)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances		(850)		6,580	(850)		6,580
Net unrealized gains (losses) arising during the period					(17,770)		(2,020)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					0		0
Total other comprehensive income (loss)					(17,770)		(2,020)
Balances	(18,620)		4,560		(18,620)		4,560
Accumulated Other Comprehensive Income [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balances	(2,010)	230	(4,990)	(5,620)	230		(5,620)
Net unrealized gains (losses) arising during the period					(6,100)		1,310
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax					(330)		(310)
Total other comprehensive income (loss)	(3,530)	(2,240)	990	630	(5,770)		1,620
Balances	$ (5,540)	$ (2,010)	$ (4,000)	$ (4,990)	$ (5,540)		$ (4,000)

[1] Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

[2] Defined benefit plans, net of income tax of approximately $0.1 million. See Note 18, "Defined Benefit Plans," for further details.

[3] Derivative instruments, net of income tax of approximately $3.8 million. See Note 11, "Derivative Instruments," for further details

[4] Derivative instruments, net of income tax of approximately $1.1 million. See Note 11, "Derivative Instruments," for further details.

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	25.50%	(0.30%)	24.20%	11.80%
Other Tax Expense (Benefit)		$ (3.0)		$ (3.0)

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Subsequent Event Dividend (Details) - Subsequent Event [Member]	Jul. 21, 2022 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.04
Dividends Payable, Date Declared	Jul. 21, 2022
Dividends Payable, Date to be Paid	Aug. 11, 2022
Dividends Payable, Date of Record	Aug. 04, 2022

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Subsequent Event Cross Currency Swap (Details) - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] - Subsequent Event [Member] $ in Millions	Jul. 26, 2022 USD ($)
Subsequent Event [Line Items]
Derivative, notional amount to be settled	$ 250
Derivative, Notional Amount	150
Cash proceeds expected on settlement of derivative	$ 27