(Mark One) | |||||||||||
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||
For the Quarterly Period Ended | |||||||||||
Or | |||||||||||
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |||||||||||
For the Transition Period from to . |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
September 30, 2022 | December 31, 2021 | |||||||||||||
Assets | (unaudited) | |||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Receivables, net of reserves of $1.6 million as of September 30, 2022 and December 31, 2021 | ||||||||||||||
Inventories | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Goodwill | ||||||||||||||
Other intangibles, net | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued liabilities | ||||||||||||||
Operating lease liabilities, current portion | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, net | ||||||||||||||
Operating lease liabilities | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
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: 41,983,792 shares at September 30, 2022 and 42,836,574 shares at December 31, 2021 | ||||||||||||||
Paid-in capital | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Accumulated other comprehensive income (loss) | ( | |||||||||||||
Total shareholders' equity | ||||||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of sales | ( | ( | ( | ( | ||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ( | ( | ( | ( | ||||||||||||||||||||||
Net gain (loss) on dispositions of assets | ( | |||||||||||||||||||||||||
Operating profit | ||||||||||||||||||||||||||
Other expense, net: | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Debt financing and related expenses | ( | |||||||||||||||||||||||||
Other income (expense), net | ( | ( | ||||||||||||||||||||||||
Other expense, net | ( | ( | ( | ( | ||||||||||||||||||||||
Income before income tax expense | ||||||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | ||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Basic earnings per share: | ||||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average common shares—basic | ||||||||||||||||||||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||
Net income per share | $ | $ | $ | $ | ||||||||||||||||||||||
Weighted average common shares—diluted |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Defined benefit plans (Note 18) | ||||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ( | ||||||||||||||||||||||
Derivative instruments (Note 11) | ||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Total comprehensive income | $ | $ | $ | $ |
Nine months ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact: | ||||||||||||||
(Gain) loss on dispositions of assets | ( | |||||||||||||
Depreciation | ||||||||||||||
Amortization of intangible assets | ||||||||||||||
Amortization of debt issue costs | ||||||||||||||
Deferred income taxes | ( | |||||||||||||
Non-cash compensation expense | ||||||||||||||
Debt financing and related expenses | ||||||||||||||
Increase in receivables | ( | ( | ||||||||||||
Increase in inventories | ( | ( | ||||||||||||
Increase in prepaid expenses and other assets | ( | ( | ||||||||||||
Increase (decrease) in accounts payable and accrued liabilities | ( | |||||||||||||
Other operating activities | ||||||||||||||
Net cash provided by operating activities, net of acquisition impact | ||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||
Capital expenditures | ( | ( | ||||||||||||
Acquisition of businesses, net of cash acquired | ( | |||||||||||||
Cross-currency swap terminations | ||||||||||||||
Net proceeds from disposition of property and equipment | ||||||||||||||
Net cash used for investing activities | ( | ( | ||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||
Retirement of senior notes | ( | |||||||||||||
Proceeds from issuance of senior notes | ||||||||||||||
Proceeds from borrowings on revolving credit facilities | ||||||||||||||
Repayments of borrowings on revolving credit facilities | ( | ( | ||||||||||||
Debt financing fees and senior notes redemption premium | ( | |||||||||||||
Payments to purchase common stock | ( | ( | ||||||||||||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | ( | ( | ||||||||||||
Dividends paid | ( | |||||||||||||
Net cash provided by (used for) financing activities | ( | |||||||||||||
Cash and Cash Equivalents: | ||||||||||||||
Increase (decrease) for the period | ( | |||||||||||||
At beginning of period | ||||||||||||||
At end of period | $ | $ | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||
Cash paid for interest | $ | $ | ||||||||||||
Cash paid for taxes | $ | $ |
Common Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||
Balances, December 31, 2021 | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | |||||||||||||||||||||||||||
Purchase of common stock | ( | — | — | ( | ||||||||||||||||||||||||||||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | — | ( | — | — | ( | |||||||||||||||||||||||||||
Non-cash compensation expense | — | — | — | |||||||||||||||||||||||||||||
Dividends declared | — | ( | — | — | ( | |||||||||||||||||||||||||||
Balances, March 31, 2022 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | |||||||||||||||||||||||||||
Purchase of common stock | ( | ( | — | — | ( | |||||||||||||||||||||||||||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | — | ( | — | — | ( | |||||||||||||||||||||||||||
Non-cash compensation expense | — | — | ||||||||||||||||||||||||||||||
Dividends declared | — | ( | — | — | ( | |||||||||||||||||||||||||||
Balances, June 30, 2022 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | |||||||||||||||||||||||||||
Purchase of common stock | — | ( | — | — | ( | |||||||||||||||||||||||||||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | — | ( | — | — | ( | |||||||||||||||||||||||||||
Non-cash compensation expense | — | — | — | |||||||||||||||||||||||||||||
Dividends declared | — | ( | — | — | ( | |||||||||||||||||||||||||||
Balances, September 30, 2022 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Common Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||||||||||||||
Balances, December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | |||||||||||||||||||||||||||||
Purchase of common stock | ( | — | — | ( | ||||||||||||||||||||||||||||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | — | ( | — | — | ( | |||||||||||||||||||||||||||
Non-cash compensation expense | — | — | — | |||||||||||||||||||||||||||||
Balances, March 31, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | |||||||||||||||||||||||||||||
Purchase of common stock | ( | — | — | ( | ||||||||||||||||||||||||||||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | — | ( | — | — | ( | |||||||||||||||||||||||||||
Non-cash compensation expense | — | — | ||||||||||||||||||||||||||||||
Balances, June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Net income | — | — | — | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | ( | ( | |||||||||||||||||||||||||||
Purchase of common stock | ( | — | — | ( | ||||||||||||||||||||||||||||
Shares surrendered upon exercise and vesting of equity awards to cover taxes | — | ( | — | — | ( | |||||||||||||||||||||||||||
Non-cash compensation expense | — | — | — | |||||||||||||||||||||||||||||
Balances, September 30, 2021 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Customer Markets | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Consumer Products | $ | $ | $ | $ | ||||||||||||||||||||||
Aerospace & Defense | ||||||||||||||||||||||||||
Industrial | ||||||||||||||||||||||||||
Total net sales | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Cash and cash equivalents - unrestricted | $ | $ | ||||||||||||
Cash - restricted (a) | ||||||||||||||
Total cash and cash equivalents | $ | $ |
Packaging | Aerospace | Specialty Products | Total | ||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Goodwill from acquisitions | |||||||||||||||||||||||
Foreign currency translation and other | ( | ( | ( | ||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | $ | $ |
As of September 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 | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Customer relationships, 15 – 25 years | ( | ( | ||||||||||||||||||||||||
Total customer relationships | ( | ( | ||||||||||||||||||||||||
Technology and other, 1 – 15 years | ( | ( | ||||||||||||||||||||||||
Technology and other, 17 – 30 years | ( | ( | ||||||||||||||||||||||||
Total technology and other | ( | ( | ||||||||||||||||||||||||
Indefinite-lived intangible assets: | ||||||||||||||||||||||||||
Trademark/Trade names | — | — | ||||||||||||||||||||||||
Total other intangible assets | $ | $ | ( | $ | $ | ( |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Technology and other, included in cost of sales | $ | $ | $ | $ | ||||||||||||||||||||||
Customer relationships, included in selling, general and administrative expenses | ||||||||||||||||||||||||||
Total amortization expense | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Finished goods | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Raw materials | ||||||||||||||
Total inventories | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Land and land improvements | $ | $ | ||||||||||||
Buildings | ||||||||||||||
Machinery and equipment | ||||||||||||||
Less: Accumulated depreciation | ||||||||||||||
Property and equipment, net | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Depreciation expense, included in cost of sales | $ | $ | $ | $ | ||||||||||||||||||||||
Depreciation expense, included in selling, general and administrative expenses | ||||||||||||||||||||||||||
Total depreciation expense | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
4.125% Senior Notes due April 2029 | $ | $ | ||||||||||||
Debt issuance costs | ( | ( | ||||||||||||
Long-term debt, net | $ | $ |
Year | Percentage | |||||||
2024 | % | |||||||
2025 | % | |||||||
2026 and thereafter | % |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
4.125% Senior Notes due April 2029 | $ | $ | $ | $ | ||||||||||||||||||||||
Asset / (Liability) Derivatives | ||||||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet Caption | September 30, 2022 | December 31, 2021 | |||||||||||||||||
Net Investment Hedges | ||||||||||||||||||||
Cross-currency swaps | Other assets | $ | $ | |||||||||||||||||
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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||
As of September 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 | $ | $ | Other income (expense), net | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Amount of Income Recognized in Earnings on Derivatives | ||||||||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||||||||
Location of Income Recognized in Earnings on Derivatives | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||
Foreign exchange contracts | Other income (expense), net | $ | $ | $ | $ |
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) | |||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||
Cross-currency swaps | Recurring | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign exchange contracts | Recurring | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Cross-currency swaps | Recurring | $ | $ | $ | $ | |||||||||||||||||||||||||||
Foreign exchange contracts | Recurring | $ | ( | $ | $ | ( | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Short-term, variable and other lease costs | ||||||||||||||||||||||||||
Total lease cost | $ | $ | $ | $ |
Year ended December 31, | Operating Leases(a) | |||||||
2022 (excluding the nine months ended September 30, 2022) | $ | |||||||
2023 | ||||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
Thereafter | ||||||||
Total lease payments | ||||||||
Less: Imputed interest | ( | |||||||
Present value of lease liabilities | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Non-current asbestos-related liabilities | $ | $ | ||||||||||||
Other long-term liabilities | ||||||||||||||
Total other long-term liabilities | $ | $ |
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 | ||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Fiscal Year Ended December 31, 2021 | $ | $ |
Compensatory | ||||||||||||||||||||
Range of damages sought (dollars in millions) | $0.0 to $0.6 | $0.6 to $5.0 | $5.0+ | |||||||||||||||||
Number of claims |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||||
Packaging | $ | $ | $ | $ | ||||||||||||||||||||||
Aerospace | ||||||||||||||||||||||||||
Specialty Products | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Operating Profit (Loss) | ||||||||||||||||||||||||||
Packaging | $ | $ | $ | $ | ||||||||||||||||||||||
Aerospace (a) | ||||||||||||||||||||||||||
Specialty Products | ||||||||||||||||||||||||||
Corporate | ( | ( | ( | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ |
Number of Unvested RSUs | Weighted Average Grant Date Fair Value | Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding at January 1, 2022 | $ | |||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Vested | ( | |||||||||||||||||||||||||
Cancelled | ( | |||||||||||||||||||||||||
Outstanding at September 30, 2022 | $ | $ |
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Weighted average common shares—basic | ||||||||||||||||||||||||||
Dilutive effect of restricted stock units | ||||||||||||||||||||||||||
Dilutive effect of stock options | ||||||||||||||||||||||||||
Weighted average common shares—diluted |
Pension Plans | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Service costs | $ | $ | $ | $ | ||||||||||||||||||||||
Interest costs | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | ||||||||||||||||||||||
Settlement/curtailment loss | ||||||||||||||||||||||||||
Amortization of net loss | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Defined Benefit Plans | Derivative Instruments | Foreign Currency Translation | Total | |||||||||||||||||||||||
Balance, December 31, 2021 | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Net unrealized gains (losses) arising during the period (a) | ( | ( | ||||||||||||||||||||||||
Less: Net realized losses reclassified to net income (b) | ( | ( | ||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||
Balance, September 30, 2022 | $ | ( | $ | $ | ( | $ | ( |
Defined Benefit Plans | Derivative Instruments | Foreign Currency Translation | Total | |||||||||||||||||||||||
Balance, December 31, 2020 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Net unrealized gains (losses) arising during the period (a) | ( | |||||||||||||||||||||||||
Less: Net realized losses reclassified to net income (b) | ( | ( | ||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Balance, September 30, 2021 | $ | ( | $ | $ | $ | ( |
Three months ended September 30, | |||||||||||||||||||||||
2022 | As a Percentage of Net Sales | 2021 | As a Percentage of Net Sales | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Packaging | $ | 129,700 | 59.3 | % | $ | 138,010 | 62.1 | % | |||||||||||||||
Aerospace | 45,420 | 20.8 | % | 46,510 | 20.9 | % | |||||||||||||||||
Specialty Products | 43,410 | 19.9 | % | 37,900 | 17.0 | % | |||||||||||||||||
Total | $ | 218,530 | 100.0 | % | $ | 222,420 | 100.0 | % | |||||||||||||||
Gross Profit | |||||||||||||||||||||||
Packaging | $ | 31,210 | 24.1 | % | $ | 39,410 | 28.6 | % | |||||||||||||||
Aerospace | 8,110 | 17.9 | % | 10,150 | 21.8 | % | |||||||||||||||||
Specialty Products | 9,010 | 20.8 | % | 8,880 | 23.4 | % | |||||||||||||||||
Total | $ | 48,330 | 22.1 | % | $ | 58,440 | 26.3 | % | |||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||
Packaging | $ | 13,570 | 10.5 | % | $ | 12,070 | 8.7 | % | |||||||||||||||
Aerospace | 8,220 | 18.1 | % | 6,160 | 13.2 | % | |||||||||||||||||
Specialty Products | 2,240 | 5.2 | % | 2,230 | 5.9 | % | |||||||||||||||||
Corporate | 8,080 | N/A | 7,160 | N/A | |||||||||||||||||||
Total | $ | 32,110 | 14.7 | % | $ | 27,620 | 12.4 | % | |||||||||||||||
Operating Profit (Loss) | |||||||||||||||||||||||
Packaging | $ | 17,590 | 13.6 | % | $ | 27,340 | 19.8 | % | |||||||||||||||
Aerospace | 4,710 | 10.4 | % | 3,980 | 8.6 | % | |||||||||||||||||
Specialty Products | 6,760 | 15.6 | % | 6,660 | 17.6 | % | |||||||||||||||||
Corporate | (8,080) | N/A | (7,160) | N/A | |||||||||||||||||||
Total | $ | 20,980 | 9.6 | % | $ | 30,820 | 13.9 | % | |||||||||||||||
Depreciation | |||||||||||||||||||||||
Packaging | $ | 5,490 | 4.2 | % | $ | 5,280 | 3.8 | % | |||||||||||||||
Aerospace | 1,820 | 4.0 | % | 1,670 | 3.6 | % | |||||||||||||||||
Specialty Products | 850 | 2.0 | % | 930 | 2.5 | % | |||||||||||||||||
Corporate | 30 | N/A | 30 | N/A | |||||||||||||||||||
Total | $ | 8,190 | 3.7 | % | $ | 7,910 | 3.6 | % | |||||||||||||||
Amortization | |||||||||||||||||||||||
Packaging | $ | 1,440 | 1.1 | % | $ | 2,380 | 1.7 | % | |||||||||||||||
Aerospace | 3,010 | 6.6 | % | 2,870 | 6.2 | % | |||||||||||||||||
Specialty Products | 110 | 0.3 | % | 120 | 0.3 | % | |||||||||||||||||
Corporate | — | N/A | — | N/A | |||||||||||||||||||
Total | $ | 4,560 | 2.1 | % | $ | 5,370 | 2.4 | % |
Nine months ended September 30, | |||||||||||||||||||||||
2022 | As a Percentage of Net Sales | 2021 | As a Percentage of Net Sales | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Packaging | 416,540 | 61.2 | % | 409,730 | 63.2 | % | |||||||||||||||||
Aerospace | 137,330 | 20.2 | % | 135,680 | 21.0 | % | |||||||||||||||||
Specialty Products | 126,650 | 18.6 | % | 102,730 | 15.8 | % | |||||||||||||||||
Total | $ | 680,520 | 100.0 | % | $ | 648,140 | 100.0 | % | |||||||||||||||
Gross Profit | |||||||||||||||||||||||
Packaging | 109,350 | 26.3 | % | 113,770 | 27.8 | % | |||||||||||||||||
Aerospace | 25,760 | 18.8 | % | 30,430 | 22.4 | % | |||||||||||||||||
Specialty Products | 27,610 | 21.8 | % | 23,600 | 23.0 | % | |||||||||||||||||
Total | $ | 162,720 | 23.9 | % | $ | 167,800 | 25.9 | % | |||||||||||||||
Selling, General and Administrative Expenses | |||||||||||||||||||||||
Packaging | 42,400 | 10.2 | % | 37,090 | 9.1 | % | |||||||||||||||||
Aerospace | 21,270 | 15.5 | % | 19,840 | 14.6 | % | |||||||||||||||||
Specialty Products | 6,800 | 5.4 | % | 6,460 | 6.3 | % | |||||||||||||||||
Corporate | 24,010 | N/A | 26,780 | N/A | |||||||||||||||||||
Total | $ | 94,480 | 13.9 | % | $ | 90,170 | 13.9 | % | |||||||||||||||
Operating Profit (Loss) | |||||||||||||||||||||||
Packaging | 66,720 | 16.0 | % | 76,490 | 18.7 | % | |||||||||||||||||
Aerospace | 9,300 | 6.8 | % | 10,600 | 7.8 | % | |||||||||||||||||
Specialty Products | 20,770 | 16.4 | % | 17,190 | 16.7 | % | |||||||||||||||||
Corporate | (24,010) | N/A | (26,780) | N/A | |||||||||||||||||||
Total | $ | 72,780 | 10.7 | % | $ | 77,500 | 12.0 | % | |||||||||||||||
Depreciation | |||||||||||||||||||||||
Packaging | 16,690 | 4.0 | % | 15,680 | 3.8 | % | |||||||||||||||||
Aerospace | 5,730 | 4.2 | % | 5,260 | 3.9 | % | |||||||||||||||||
Specialty Products | 2,820 | 2.2 | % | 2,710 | 2.6 | % | |||||||||||||||||
Corporate | 100 | N/A | 90 | N/A | |||||||||||||||||||
Total | $ | 25,340 | 3.7 | % | $ | 23,740 | 3.7 | % | |||||||||||||||
Amortization | |||||||||||||||||||||||
Packaging | 5,230 | 1.3 | % | 7,180 | 1.8 | % | |||||||||||||||||
Aerospace | 9,030 | 6.6 | % | 8,630 | 6.4 | % | |||||||||||||||||
Specialty Products | 340 | 0.3 | % | 340 | 0.3 | % | |||||||||||||||||
Corporate | — | N/A | — | N/A | |||||||||||||||||||
Total | $ | 14,600 | 2.1 | % | $ | 16,150 | 2.5 | % |
Three months ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Corporate operating expenses | $ | 5.5 | $ | 5.5 | ||||||||||
Non-cash stock compensation | 2.4 | 1.6 | ||||||||||||
Legacy expenses | 0.2 | 0.1 | ||||||||||||
Corporate expenses | $ | 8.1 | $ | 7.2 |
Nine months ended September 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Corporate operating expenses | $ | 15.9 | $ | 18.5 | ||||||||||
Non-cash stock compensation | 7.7 | 7.3 | ||||||||||||
Legacy expenses | 0.4 | 1.0 | ||||||||||||
Corporate expenses | $ | 24.0 | $ | 26.8 |
Twelve Months Ended September 30, 2022 | ||||||||
Net income | $ | 60,150 | ||||||
Bank stipulated adjustments: | ||||||||
Interest expense | 13,910 | |||||||
Income tax expense | 17,260 | |||||||
Depreciation and amortization | 53,500 | |||||||
Non-cash compensation expense(1) | 9,860 | |||||||
Other non-cash expenses or losses | 660 | |||||||
Non-recurring expenses or costs(2) | 11,290 | |||||||
Extraordinary, non-recurring or unusual gains or losses | 1,450 | |||||||
Effects of purchase accounting adjustments | 1,160 | |||||||
Business and asset dispositions | (4,540) | |||||||
Net losses on early extinguishment of debt | — | |||||||
Permitted acquisitions | 2,800 | |||||||
Currency gains and losses | (960) | |||||||
Consolidated Bank EBITDA, as defined | $ | 166,540 |
September 30, 2022 | ||||||||
Total Indebtedness, as defined(3) | $ | 333,130 | ||||||
Consolidated Bank EBITDA, as defined | 166,540 | |||||||
Total net leverage ratio | 2.00 | x | ||||||
Covenant requirement | 4.00 | x |
Twelve Months Ended September 30, 2022 | ||||||||
Interest expense | $ | 13,910 | ||||||
Bank stipulated adjustments: | ||||||||
Interest income | (270) | |||||||
Non-cash amounts attributable to amortization of financing costs | (900) | |||||||
Total Consolidated Cash Interest Expense, as defined | $ | 12,740 |
September 30, 2022 | ||||||||
Consolidated Bank EBITDA, as defined | $ | 166,540 | ||||||
Total Consolidated Cash Interest Expense, as defined | 12,740 | |||||||
Actual interest expense coverage ratio | 13.07 | x | ||||||
Covenant requirement | 3.00 | x |
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) | ||||||||||||||||||||||
July 1, 2022 to July 31, 2022 | 70,167 | $ | 26.95 | 70,167 | $ | 112,834,146 | ||||||||||||||||||||
August 1, 2022 to August 31, 2022 | 6,000 | $ | 29.38 | 6,000 | $ | 112,657,888 | ||||||||||||||||||||
September 1, 2022 to September 30, 2022 | — | $ | — | — | $ | 112,657,888 | ||||||||||||||||||||
Total | 76,167 | $ | 27.14 | 76,167 | $ | 112,657,888 |
3.1 | |||||
3.2 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | The following materials from TriMas Corporation's Quarterly Report on Form 10-Q for the quarter ended September 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) |
TRIMAS CORPORATION (Registrant) | ||||||||||||||
/s/ SCOTT A. MELL | ||||||||||||||
Date: | October 27, 2022 | By: | Scott A. Mell Chief Financial Officer |
/s/ THOMAS A. AMATO | |||||
Thomas A. Amato Chief Executive Officer |
/s/ SCOTT A. MELL | |||||
Scott A. Mell Chief Financial Officer |
/s/ THOMAS A. AMATO | |||||
Thomas A. Amato Chief Executive Officer |
/s/ SCOTT A. MELL | |||||
Scott A. Mell Chief Financial Officer |
Consolidated Balance Sheet Parentheticals - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Current assets: | ||
Receivables, reserves (in dollars) | $ 1.6 | $ 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 | 41,983,792 | 42,836,574 |
Common Stock, outstanding Shares | 41,983,792 | 42,836,574 |
Consolidated Statement of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Net sales | $ 218,530 | $ 222,420 | $ 680,520 | $ 648,140 |
Cost of sales | (170,200) | (163,980) | (517,800) | (480,340) |
Gross profit | 48,330 | 58,440 | 162,720 | 167,800 |
Selling, general and administrative expenses | (32,110) | (27,620) | (94,480) | (90,170) |
Net gain (loss) on disposition of property and equipment | 4,760 | 0 | 4,540 | (130) |
Operating profit | 20,980 | 30,820 | 72,780 | 77,500 |
Other expense, net: | ||||
Interest expense | (3,600) | (3,440) | (10,510) | (11,110) |
Debt financing and related expenses | 0 | 0 | 0 | (10,520) |
Other income (expense), net | 860 | (540) | 850 | (800) |
Other expense, net | (2,740) | (3,980) | (9,660) | (22,430) |
Income before income tax expense | 18,240 | 26,840 | 63,120 | 55,070 |
Income tax expense | (4,940) | (7,250) | (15,790) | (10,580) |
Net income | $ 13,300 | $ 19,590 | $ 47,330 | $ 44,490 |
Basic earnings per share | ||||
Net income per share | $ 0.32 | $ 0.46 | $ 1.12 | $ 1.03 |
Weighted average common shares—basic | 41,995,027 | 42,889,922 | 42,363,919 | 43,061,707 |
Diluted earnings per share | ||||
Net income per share | $ 0.32 | $ 0.45 | $ 1.11 | $ 1.03 |
Weighted average common shares—diluted | 42,181,440 | 43,094,099 | 42,590,777 | 43,345,777 |
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 13,300 | $ 19,590 | $ 47,330 | $ 44,490 |
Other comprehensive income (loss) | ||||
Defined benefit plans | 100 | 160 | 430 | 470 |
Foreign currency translation | (15,180) | (4,550) | (32,950) | (6,570) |
Derivative instruments | 7,070 | 3,880 | 18,740 | 7,210 |
Total other comprehensive income (loss) | (8,010) | (510) | (13,780) | 1,110 |
Total comprehensive income | $ 5,290 | $ 19,080 | $ 33,550 | $ 45,600 |
Basis of Presentation |
9 Months Ended |
---|---|
Sep. 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, and certain prior year amounts have been reclassified to conform to current year presentation. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2021 Annual Report on Form 10-K.
|
New Accounting Pronouncements |
9 Months Ended |
---|---|
Sep. 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) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Realignment Actions Realignment Actions (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Realignment Actions [Abstract] | |
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | Realignment Actions 2022 Realignment Actions During the nine months ended September 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 $0.6 million and $4.3 million during the three and nine months ended September 30, 2022, respectively, of which $0.4 million and $2.5 million, respectively, related to facility move and consolidation costs and $0.2 million and $1.8 million, respectively, were for employee-related costs. For the three and nine months ended September 30, 2022, $0.4 million and $2.6 million, respectively, of these charges were included in cost of sales, and $0.2 million and $1.7 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 nine months ended September 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 $0.6 million and $8.8 million during the three and nine months ended September 30, 2021, respectively. Of these costs, $0.5 million and $2.7 million during the three and nine months ended September 30, 2021, respectively, related to facility consolidations, and $0.1 million and $6.1 million, respectively, were for employee separation costs. As of September 30, 2021, $1.5 million of the employee separation costs had been paid. For the three months ended September 30, 2021, $0.6 million of these charges were included in cost of sales. For the nine months ended September 30, 2021, $3.3 million and $5.5 million of these charges were included in cost of sales and selling, general and administrative expenses, respectively, in the accompanying consolidated statement of income.
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Acquisitions |
9 Months Ended |
---|---|
Sep. 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 $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 $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 $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 $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 $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 $11.8 million, with additional contingent consideration ranging from zero to $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 $6 million in annual revenue. As of September 30, 2022, the recorded contingent consideration liability was $3.5 million.
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Cash and Cash Equivalents |
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Cash and Cash Equivalents Disclosure | Cash and Cash Equivalents Cash and cash equivalents consists of the following components (dollars in thousands):
__________________________ (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 |
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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 nine months ended September 30, 2022 are summarized as follows (dollars in thousands):
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):
Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consist of the following components (dollars in thousands):
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment consists of the following components (dollars in thousands):
Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
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Long-term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | Long-term Debt The Company's long-term debt consists of the following (dollars in thousands):
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 $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 $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:
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 $1.1 million related to the amendment, all of which was capitalized as debt issuance costs. The Company also recorded $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. As of December 31, 2021, the Company placed 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 September 30, 2022, the Company had no amounts outstanding under its revolving credit facility and had $293.9 million potentially available after giving effect to $6.1 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 September 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 September 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 September 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):
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Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments Derivatives Designated as Hedging Instruments In July 2022, the Company entered into cross-currency swap agreements 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. The agreements have notional amounts totaling $150.0 million, which decline to $75.0 million over contract periods ending on October 15, 2023 and April 15, 2024. Under the terms of the agreements, the Company is to receive net interest payments at fixed rates of approximately 2.4% to 2.6% of the notional amounts. At inception, the cross-currency swaps were designated as net investment hedges. In July 2022, immediately prior to entering into the new cross-currency swap agreements, the Company terminated its existing cross-currency swap agreements, de-designating the swaps as net investment hedges and receiving $26.2 million of cash. The cross-currency swap agreements had notional amounts totaling $250.0 million, which declined 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 was to receive net interest payments at fixed rates ranging from approximately 0.8% to 2.9% of the notional amounts. As of September 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):
The following table summarizes the income recognized in accumulated other comprehensive income (loss) ("AOCI") on derivative contracts designated as hedging instruments as of September 30, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):
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 September 30, 2022, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of $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 June 2023. 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):
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 September 30, 2022 and December 31, 2021 are shown below (dollars in thousands):
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Leases Leases (Notes) |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases | LeasesThe 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):
Maturities of lease liabilities are as follows (dollars in thousands):
__________________________ (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 September 30, 2022 is 6.8 years. The weighted-average discount rate as of September 30, 2022 is 3.7%. Cash paid for amounts included in the measurement of operating lease liabilities was $7.4 million and $6.2 million during the nine months ended September 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 $5.7 million and $6.2 million during the nine months ended September 30, 2022 and 2021, respectively.
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Other Long-term Liabilities Other Long-term Liabilities (Notes) |
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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):
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Commitments and Contingencies |
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Commitments and Contingencies | Commitments and Contingencies Asbestos As of September 30, 2022, the Company was a party to 418 pending cases involving an aggregate of 4,774 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:
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 4,774 claims pending at September 30, 2022, 40 set forth specific amounts of damages (other than those stating the statutory minimum or maximum). At September 30, 2022, of the 40 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:
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 $12.4 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 September 30, 2022, the Company’s total asbestos-related liability is $24.0 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 |
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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):
__________________________ (a) In the three and nine months ended September 30, 2022, the Company recognized a $4.8 million pre-tax gain on the sale of vacant land adjacent to the Company's Tolleson, Arizona manufacturing facility within the Aerospace segment.
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Equity Awards |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Awards | Equity Awards Restricted Stock Units The Company awarded the following restricted stock units ("RSUs") during the nine months ended September 30, 2022: •granted 200,047 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 190 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 September 30, 2022 is as follows:
As of September 30, 2022, there was $8.4 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 1.7 years. The Company recognized stock-based compensation expense related to RSUs of $2.4 million and $1.7 million during the three months ended September 30, 2022 and 2021, respectively, and $7.7 million and $7.3 million during the nine months ended September 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 |
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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 nine months ended September 30, 2022 and 2021:
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 nine months ended September 30, 2022, the Company purchased 76,167 and 1,004,154 shares of its outstanding common stock for $2.1 million and $30.0 million, respectively. During the three and nine months ended September 30, 2021, the Company purchased 129,866 and 570,084 shares of its outstanding common stock for $4.0 million and $18.2 million, respectively. As of September 30, 2022, the Company has $112.7 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 September 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 nine months ended September 30, 2022 were $1.7 million and $5.2 million, respectively. No dividends were declared or paid during the three and nine months ended September 30, 2021.
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Defined Benefit Plans |
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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):
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 nine months ended September 30, 2022, the Company recorded a non-cash curtailment expense of $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 $0.4 million and $1.2 million to its defined benefit pension plans during the three and nine months ended September 30, 2022, respectively. The Company expects to contribute $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) |
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Other Comprehensive Income [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Other Comprehensive Income (Loss) Changes in AOCI by component for the nine months ended September 30, 2022 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of $6.3 million. See Note 11, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of $0.1 million. See Note 18, "Defined Benefit Plans," for further details. Changes in AOCI by component for the nine months ended September 30, 2021 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of $2.4 million. See Note 11, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of $0.1 million. See Note 18, "Defined Benefit Plans," for further details.
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Income Taxes |
9 Months Ended |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes The effective income tax rate for the three months ended September 30, 2022 and 2021 was 27.1% and 27.0%, respectively. The rate for the three months ended September 30, 2022 is consistent as compared to the prior year period. The effective income tax rate for the nine months ended September 30, 2022 and 2021 was 25.0% and 19.2%, respectively. The rate for the nine months ended September 30, 2022 is higher than in the prior year period, primarily as a result of the recognition of $3.0 million of deferred tax benefits in Italy during the nine months ended September 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) |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent EventsOn October 20, 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 November 10, 2022 to shareholders of record as of the close of business on November 3, 2022.On October 14, 2022, the Company completed the sale of a non-core facility in City of Industry, California, within its Aerospace segment, for pre-tax cash proceeds of $23.3 million. |
Revenue Revenue (Tables) |
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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):
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Cash and Cash Equivalents (Tables) |
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Cash and Cash Equivalents [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consists of the following components (dollars in thousands):
__________________________ (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) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 30, 2022 are summarized as follows (dollars in thousands):
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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):
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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):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories consist of the following components (dollars in thousands):
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Property and Equipment, Net (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Property and equipment consists of the following components (dollars in thousands):
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Depreciation Expense | Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
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Long-term Debt Long-term Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The Company's long-term debt consists of the following (dollars in thousands):
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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:
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Derivative Instruments (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of September 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):
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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 September 30, 2022 and December 31, 2021, and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):
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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):
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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 September 30, 2022 and December 31, 2021 are shown below (dollars in thousands):
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Leases Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | The components of lease expense are as follows (dollars in thousands):
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Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities are as follows (dollars in thousands):
__________________________ (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) |
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Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities [Table Text Block] | Other long-term liabilities consist of the following components (dollars in thousands):
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Commitments and Contingencies Commitments and Contingencies (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loss Contingencies by Contingency |
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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:
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Segment Information Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Segment activity is as follows (dollars in thousands):
__________________________ (a) In the three and nine months ended September 30, 2022, the Company recognized a $4.8 million pre-tax gain on the sale of vacant land adjacent to the Company's Tolleson, Arizona manufacturing facility within the Aerospace segment.
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Equity Awards (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Information related to RSUs at September 30, 2022 is as follows:
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Earnings per Share Earnings per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 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 nine months ended September 30, 2022 and 2021:
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Defined Benefit Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 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):
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Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Tables) |
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Sep. 30, 2022 |
Sep. 30, 2021 |
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Other Comprehensive Income [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI by component for the nine months ended September 30, 2022 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of $6.3 million. See Note 11, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of $0.1 million. See Note 18, "Defined Benefit Plans," for further details.
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Changes in AOCI by component for the nine months ended September 30, 2021 are summarized as follows, net of tax (dollars in thousands):
__________________________ (a) Derivative instruments, net of income tax of $2.4 million. See Note 11, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of $0.1 million. See Note 18, "Defined Benefit Plans," for further details.
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Revenue Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 218,530 | $ 222,420 | $ 680,520 | $ 648,140 |
Consumer Products [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 105,030 | 110,200 | 332,420 | 328,220 |
Aerospace & Defense [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 45,420 | 46,510 | 137,330 | 135,680 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 68,080 | $ 65,710 | $ 210,770 | $ 184,240 |
Realignment Actions Realignment Actions (Details) - Realignment actions [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Realignment Costs [Line Items] | ||||
Realignment costs | $ 600 | $ 600 | $ 4,300 | $ 8,800 |
Facility consolidation realignment costs | 400 | 500 | 2,500 | 2,700 |
Employee-related costs | 200 | 1,800 | ||
Severance Costs | 100 | 6,100 | ||
Cash paid for severance | 1,500 | |||
Cost of Sales [Member] | ||||
Realignment Costs [Line Items] | ||||
Realignment costs | 400 | $ 600 | 2,600 | 3,300 |
Selling, General and Administrative Expenses [Member] | ||||
Realignment Costs [Line Items] | ||||
Realignment costs | $ 200 | $ 1,700 | $ 5,500 |
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
||
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Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents unrestricted | $ 80,340 | $ 129,790 | ||
Restricted Cash | [1] | 0 | 10,950 | |
Cash and cash equivalents | $ 80,340 | $ 140,740 | ||
|
Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Goodwill [Roll Forward] | |
Balance, beginning | $ 315,490 |
Goodwill, Acquired During Period | 32,370 |
Translation and purchase accounting adjustments | (15,580) |
Balance, ending | 332,280 |
Packaging [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 238,740 |
Goodwill, Acquired During Period | 32,370 |
Translation and purchase accounting adjustments | (14,950) |
Balance, ending | 256,160 |
Aerospace [Member] | |
Goodwill [Roll Forward] | |
Balance, beginning | 70,190 |
Goodwill, Acquired During Period | 0 |
Translation and purchase accounting adjustments | (630) |
Balance, ending | 69,560 |
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 |
Goodwill and Other Intangible Assets Schedule of Finite-Lived Intangible Assets, Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 4,560 | $ 5,370 | $ 14,600 | $ 16,150 |
Cost of Sales [Member] | Technology and Other [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 800 | 950 | 2,510 | 2,850 |
Selling, General and Administrative Expenses [Member] | Customer Relationships [Member] | ||||
Amortization of Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 3,760 | $ 4,420 | $ 12,090 | $ 13,300 |
Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 76,490 | $ 74,600 |
Work in process | 40,800 | 28,790 |
Raw materials | 56,450 | 49,060 |
Total inventories | $ 173,740 | $ 152,450 |
Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 552,060 | $ 535,300 |
Less: Accumulated depreciation | 280,100 | 269,670 |
Property and equipment, net | 271,960 | 265,630 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 18,700 | 19,630 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 90,380 | 93,170 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 442,980 | $ 422,500 |
Property and Equipment, Net - Depreciation Expense Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 25,340 | $ 23,740 | ||
Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 8,190 | $ 7,910 | 25,340 | 23,740 |
Cost of Sales [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | 7,980 | 7,660 | 24,550 | 22,890 |
Selling, General and Administrative Expenses [Member] | Continuing Operations [Member] | ||||
Depreciation Expense [Line Items] | ||||
Depreciation expense | $ 210 | $ 250 | $ 790 | $ 850 |
Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (5,500) | $ (6,180) |
Long-term debt, net | 394,500 | 393,820 |
4.125% Senior Unsecured Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Debt | $ 400,000 | $ 400,000 |
Other Revolving Loan Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
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 | $ 0.0 |
Long-term Debt - Fair Value (Details) - 4.125% Senior Unsecured Notes Due 2029 - USD ($) $ in Thousands |
Sep. 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 | $ 336,000 | $ 399,000 |
Derivative Instruments - Derivative Narrative (Details) - Designated as Hedging Instrument [Member] - Cross Currency Interest Rate Contract [Member] - Net Investment Hedging [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Jul. 27, 2022 |
|
Derivative [Line Items] | ||
Derivative, Cash Received on Hedge | $ 26.2 | |
Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 2.60% | 2.90% |
Derivative, Notional Amount | $ 150.0 | $ 250.0 |
Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative, Fixed Interest Rate | 2.40% | 0.80% |
Derivative, Notional Amount | $ 75.0 | $ 25.0 |
Derivative Instruments - Designated as hedging, Financial Position (Details) - USD ($) $ in Thousands |
Sep. 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 | $ 5,310 | $ 7,590 |
Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Accumulated other comprehensive income (loss) | $ (13,550) | $ (13,550) | $ 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) | 24,650 | 24,650 | $ 5,910 | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative Instruments - Designated as hedging, Financial Performance Narrative (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022 |
Sep. 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 |
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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 130,400 | $ 130,400 | ||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | $ 2,860 | $ 2,220 | $ 6,170 | $ 5,080 |
Leases Lease Cost Table (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Operating Lease, Cost | $ 2,590 | $ 2,090 | $ 7,920 | $ 6,370 |
Short-term, variable and other lease costs | 950 | 1,140 | 2,370 | 2,000 |
Lease, Cost | $ 3,540 | $ 3,230 | $ 10,290 | $ 8,370 |
Leases Operating Lease Liability Maturity Table (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
[1] | ||
---|---|---|---|---|
Leases [Abstract] | ||||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 2,560 | |||
Lessee, Operating Lease, Liability, to be Paid, Year One | 9,890 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 9,080 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Three | 7,790 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 7,680 | |||
Lessee, Operating Lease, Liability, to be Paid, after Year Four | 20,730 | |||
Lessee, Operating Lease, Liability, to be Paid | 57,730 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (6,670) | |||
Operating Lease, Liability | $ 51,060 | |||
|
Leases Supplemental Balance Sheet Information Related to Leases (Details) |
Sep. 30, 2022
Rate
|
---|---|
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.70% |
Leases Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||
Operating Lease, Payments | $ 7.4 | $ 6.2 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 5.7 | $ 6.2 |
Other Long-term Liabilities Other Long-term Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Asbestos-related liability noncurrent | $ 21,610 | $ 25,210 |
Other long-term liabilities other than asbestos liability | 28,670 | 33,820 |
Other Liabilities, Noncurrent | $ 50,280 | $ 59,030 |
Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member] |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2022
USD ($)
claimants
|
Dec. 31, 2021
USD ($)
claimants
|
Dec. 31, 2020
claimants
|
|
Loss Contingencies [Line Items] | |||
Loss Contingency, Pending Claims, Number | 4,774 | 4,754 | 4,655 |
Loss Contingency, New Claims Filed, Number | 169 | 265 | |
Loss Contingency, Claims Dismissed, Number | 131 | 134 | |
Loss Contingency, Claims Settled, Number | 18 | 32 | |
Average settlement amount per claim during period | $ | $ 102,675 | $ 16,819 | |
Legal Fees | $ | $ 1,710,000 | $ 1,950,000 |
Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member] |
9 Months Ended |
---|---|
Sep. 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 | 308,284 |
Number of Unvested Restricted Stock Units Vested | shares | (231,170) |
Number of Unvested Restricted Stock Units Cancelled | shares | (40,170) |
Number of Unvested Restricted Stock Units Outstanding, ending balance | shares | 710,676 |
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 | 33.12 |
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value | 30.34 |
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value | 35.34 |
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending | $ 28.45 |
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 1 month 6 days |
Restricted Stock Units Aggregate Intrinsic Value | $ 17,816,647 |
Equity Awards - Restricted Stock Units Narrative (Details) - Restricted Stock Units [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 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 | 308,284 | |||||
Unrecognized unvested restricted shares-based compensation expense | $ 8.4 | $ 8.4 | ||||
Weighted-average period for recognition of the unrecognized unvested restricted shares-based compensation expense | 1 year 8 months 12 days | |||||
Dividend Declared | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Unvested Restricted Stock Units Granted | 190 | |||||
Plan 1 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Unvested Restricted Stock Units Granted | 200,047 | |||||
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 | $ 2.4 | $ 1.7 | $ 7.7 | $ 7.3 |
Earnings per Share Earnings per Share (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average common shares—basic | 41,995,027 | 42,889,922 | 42,363,919 | 43,061,707 |
Weighted average common shares—diluted | 42,181,440 | 43,094,099 | 42,590,777 | 43,345,777 |
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 | 186,413 | 204,177 | 226,858 | 267,675 |
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 | 16,395 |
Earnings per Share Repurchase of Common Stock (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2015 |
|
Stock Repurchased and Retired During Period, Value | $ 2,070,000 | $ 18,830,000 | $ 9,060,000 | $ 3,950,000 | $ 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 | 76,167 | 129,866 | 1,004,154 | 570,084 | |||||
Stock Repurchased and Retired During Period, Value | $ 2,100,000 | $ 4,000,000 | $ 30,000,000 | $ 18,200,000 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 112,700,000 | $ 112,700,000 |
Earnings per Share Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Earnings Per Share [Abstract] | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.04 | |||||
Dividends, Common Stock, Cash | $ 1,710 | $ 1,720 | $ 1,740 | $ 0 | $ 5,200 | $ 0 |
Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service costs | $ 170 | $ 330 | $ 530 | $ 980 |
Interest costs | 230 | 200 | 690 | 600 |
Expected return on plan assets | (430) | (380) | (1,260) | (1,160) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 0 | 0 | 150 | 0 |
Amortization of net (gain)/loss | 140 | 220 | 430 | 680 |
Net periodic benefit cost | $ 110 | $ 370 | $ 540 | $ 1,100 |
Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 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 | 400 | 1,200 | ||
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 |
Other Comprehensive Income (Loss) Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||
Balances | $ 630,780 | $ 633,830 | $ 630,850 | $ 597,600 | $ 595,970 | $ 584,250 | $ 630,850 | $ 584,250 | ||||||||||
Total other comprehensive income (loss) | (8,010) | (3,530) | (2,240) | (510) | 990 | 630 | (13,780) | 1,110 | ||||||||||
Balances | 634,570 | 630,780 | 633,830 | 614,320 | 597,600 | 595,970 | 634,570 | 614,320 | ||||||||||
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 | (6,300) | 2,400 | ||||||||||||||||
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 | (430) | [1] | (470) | [2] | ||||||||||||||
Total other comprehensive income (loss) | 430 | 470 | ||||||||||||||||
Balances | (4,400) | (8,150) | (4,400) | (8,150) | ||||||||||||||
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 | 18,740 | [3] | 7,210 | [4] | ||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||||||||||||
Total other comprehensive income (loss) | 18,740 | 7,210 | ||||||||||||||||
Balances | 24,650 | 3,630 | 24,650 | 3,630 | ||||||||||||||
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 | (32,950) | (6,570) | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||||||||||||||||
Total other comprehensive income (loss) | (32,950) | (6,570) | ||||||||||||||||
Balances | (33,800) | 10 | (33,800) | 10 | ||||||||||||||
Accumulated Other Comprehensive Income [Member] | ||||||||||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||||||||||||
Balances | (5,540) | (2,010) | 230 | (4,000) | (4,990) | (5,620) | 230 | (5,620) | ||||||||||
Net unrealized gains (losses) arising during the period | (14,210) | 640 | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (430) | (470) | ||||||||||||||||
Total other comprehensive income (loss) | (8,010) | (3,530) | (2,240) | (510) | 990 | 630 | (13,780) | 1,110 | ||||||||||
Balances | $ (13,550) | $ (5,540) | $ (2,010) | $ (4,510) | $ (4,000) | $ (4,990) | $ (13,550) | $ (4,510) | ||||||||||
|
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 27.10% | 27.00% | 25.00% | 19.20% |
Other Tax Expense (Benefit) | $ (3.0) |
Subsequent Event Dividend (Details) - Subsequent Event [Member] |
Oct. 20, 2022
$ / shares
|
---|---|
Subsequent Event [Line Items] | |
Dividends Payable, Amount Per Share | $ 0.04 |
Dividends Payable, Date Declared | Oct. 20, 2022 |
Dividends Payable, Date to be Paid | Nov. 10, 2022 |
Dividends Payable, Date of Record | Nov. 03, 2022 |
Subsequent Event Sale of Property (Details) $ in Millions |
Oct. 14, 2022
USD ($)
|
---|---|
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Proceeds from Sale of Property, Plant, and Equipment | $ 23.3 |
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