(Mark One)
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x
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Quarterly Period Ended September 30, 2012
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Or
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Transition Period from
to
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Delaware
(State or other jurisdiction of
incorporation or organization)
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38-2687639
(IRS Employer
Identification No.)
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Large accelerated filer
o
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Accelerated filer
x
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a
smaller reporting company)
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Consolidated Statement of Shareholders' Equity for the Nine Months Ended
September 30, 2012
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September 30,
2012 |
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December 31,
2011 |
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Assets
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Current assets:
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Cash and cash equivalents
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$
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26,090
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$
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88,920
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Receivables, net of reserves of approximately $3.8 million as of September 30, 2012 and December 31, 2011, respectively
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185,040
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135,610
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Inventories
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220,450
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178,030
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Deferred income taxes
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18,510
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18,510
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Prepaid expenses and other current assets
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10,150
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10,620
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Total current assets
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460,240
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431,690
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Property and equipment, net
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180,100
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159,210
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Goodwill
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269,260
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215,360
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Other intangibles, net
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208,910
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155,670
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Other assets
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26,780
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24,610
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Total assets
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$
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1,145,290
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$
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986,540
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Liabilities and Shareholders' Equity
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Current liabilities:
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Current maturities, long-term debt
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$
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17,950
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$
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7,290
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Accounts payable
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148,890
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146,930
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Accrued liabilities
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79,480
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70,140
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Total current liabilities
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246,320
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224,360
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Long-term debt
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412,040
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462,610
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Deferred income taxes
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66,340
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64,780
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Other long-term liabilities
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78,780
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61,000
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Total liabilities
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803,480
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812,750
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Redeemable noncontrolling interests
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26,370
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—
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Preferred stock $0.01 par: Authorized 100,000,000 shares;
Issued and outstanding: None |
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—
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—
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Common stock, $0.01 par: Authorized 400,000,000 shares;
Issued and outstanding: 39,299,544 shares at September 30, 2012 and 34,613,607 shares at December 31, 2011 |
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390
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350
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Paid-in capital
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631,250
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538,610
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Accumulated deficit
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(356,930
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(404,750
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Accumulated other comprehensive income
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40,730
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39,580
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Total shareholders' equity
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315,440
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173,790
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Total liabilities and shareholders' equity
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$
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1,145,290
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$
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986,540
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2012
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2011
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2012
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2011
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Net sales
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$
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335,870
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$
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277,660
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$
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971,870
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$
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824,310
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Cost of sales
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(245,730
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(195,720
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(706,930
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(582,260
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Gross profit
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90,140
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81,940
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264,940
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242,050
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Selling, general and administrative expenses
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(53,550
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(46,170
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(156,730
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(137,180
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Net gain on dispositions of property and equipment
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10
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20
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330
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50
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Operating profit
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36,600
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35,790
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108,540
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104,920
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Other expense, net:
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Interest expense
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(9,450
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(10,730
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(30,420
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(34,370
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Debt extinguishment costs
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—
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—
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(6,560
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(3,970
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Other income (expense), net
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140
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540
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(2,410
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(1,170
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Other expense, net
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(9,310
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(10,190
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(39,390
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(39,510
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Income from continuing operations before income tax expense
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27,290
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25,600
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69,150
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65,410
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Income tax expense
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(7,330
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(8,620
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(19,770
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(21,730
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Income from continuing operations
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19,960
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16,980
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49,380
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43,680
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Income from discontinued operations, net of income tax expense
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—
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1,290
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—
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3,430
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Net income
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19,960
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18,270
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49,380
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47,110
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Less: Net income attributable to noncontrolling interests
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1,290
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—
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1,560
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—
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Net income attributable to TriMas Corporation
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$
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18,670
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$
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18,270
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$
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47,820
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$
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47,110
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Basic earnings per share attributable to TriMas Corporation:
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Continuing operations
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$
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0.48
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$
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0.49
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$
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1.29
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$
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1.28
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Discontinued operations
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—
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0.04
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—
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0.10
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Net income per share
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$
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0.48
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$
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0.53
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$
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1.29
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$
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1.38
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Weighted average common shares—basic
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39,045,282
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34,417,879
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36,994,192
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34,182,592
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Diluted earnings per share attributable to TriMas Corporation:
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Continuing operations
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$
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0.47
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$
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0.49
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$
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1.28
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$
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1.26
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Discontinued operations
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—
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0.03
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—
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0.10
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Net income per share
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$
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0.47
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$
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0.52
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$
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1.28
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$
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1.36
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Weighted average common shares—diluted
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39,508,503
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34,901,277
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37,379,292
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34,736,307
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2012
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2011
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2012
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2011
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Net income
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$
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19,960
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$
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18,270
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$
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49,380
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$
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47,110
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Other comprehensive income:
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Amortization of defined benefit plan deferred (gains) losses (net of tax of $470 thousand and $30 thousand, and $360 thousand and $90 thousand for the three and nine months ended September 30, 2012 and 2011, respectively) (Note 14)
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(740
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60
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(530
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170
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Foreign currency translation
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3,040
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(11,340
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)
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2,680
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(3,990
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)
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Net changes in unrealized loss on derivative instruments (net of tax of $0.1 million for the three months ended September 30, 2012, and $0.6 million and $0.1 million for the nine months ended September 30, 2012 and 2011, respectively) (Note 9)
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(80
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)
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—
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(1,000
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)
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230
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Total other comprehensive income (loss)
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2,220
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(11,280
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)
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1,150
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(3,590
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)
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Total comprehensive income
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22,180
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6,990
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50,530
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43,520
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Less: Net income attributable to noncontrolling interests
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1,290
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—
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1,560
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—
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Total comprehensive income attributable to TriMas Corporation
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$
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20,890
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$
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6,990
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$
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48,970
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$
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43,520
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Nine months ended
September 30, |
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2012
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2011
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Cash Flows from Operating Activities:
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Net income
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$
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49,380
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$
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47,110
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Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:
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Gain on dispositions of property and equipment
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(330
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)
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(30
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)
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Depreciation
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18,990
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19,160
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Amortization of intangible assets
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14,460
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10,780
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Amortization of debt issue costs
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2,240
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2,230
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Deferred income taxes
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(3,480
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)
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14,420
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Debt extinguishment costs
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6,560
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3,970
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Non-cash compensation expense
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6,640
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2,580
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Excess tax benefits from stock based compensation
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(2,310
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)
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(3,840
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)
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Increase in receivables
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(38,750
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)
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(39,080
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)
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Increase in inventories
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(31,440
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)
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(13,500
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)
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Increase in prepaid expenses and other assets
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(600
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)
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(2,320
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)
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Decrease in accounts payable and accrued liabilities
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(6,130
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)
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(4,750
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)
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Other, net
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170
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(1,180
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)
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Net cash provided by operating activities, net of acquisition impact
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15,400
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35,550
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Cash Flows from Investing Activities:
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Capital expenditures
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(36,440
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)
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(23,520
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)
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Acquisition of businesses, net of cash acquired
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(84,600
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)
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(28,620
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)
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Net proceeds from disposition of assets
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2,950
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2,240
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Net cash used for investing activities
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(118,090
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)
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(49,900
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)
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Cash Flows from Financing Activities:
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Proceeds from sale of common stock in connection with the Company's equity offering, net of issuance costs
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79,040
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—
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Proceeds from borrowings on term loan facilities
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140,370
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226,520
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Repayments of borrowings on term loan facilities
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(130,850
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)
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(250,170
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)
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Proceeds from borrowings on revolving credit facilities and accounts receivable facility
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555,300
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551,900
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Repayments of borrowings on revolving credit facilities and accounts receivable facility
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(555,300
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)
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(547,020
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)
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Repurchase of 9¾% senior secured notes
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(50,000
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)
|
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—
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Senior secured notes redemption premium and debt financing fees
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(4,880
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)
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(6,680
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)
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Distributions to noncontrolling interests
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(820
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)
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—
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Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations
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(990
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)
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(830
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)
|
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Proceeds from exercise of stock options
|
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5,680
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|
|
960
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|
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Excess tax benefits from stock based compensation
|
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2,310
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|
|
3,840
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|
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Net cash provided by (used for) financing activities
|
|
39,860
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|
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(21,480
|
)
|
||
Cash and Cash Equivalents:
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|
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|
||||
Decrease for the period
|
|
(62,830
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)
|
|
(35,830
|
)
|
||
At beginning of period
|
|
88,920
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|
|
46,370
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|
||
At end of period
|
|
$
|
26,090
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|
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$
|
10,540
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Supplemental disclosure of cash flow information:
|
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|
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Cash paid for interest
|
|
$
|
20,990
|
|
|
$
|
25,350
|
|
Cash paid for taxes
|
|
$
|
23,000
|
|
|
$
|
12,140
|
|
|
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TriMas Corporation
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||||||||||||||||
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Common
Stock
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Paid-in
Capital
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Accumulated
Deficit
|
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Accumulated
Other
Comprehensive
Income
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Total
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||||||||||
Balances, December 31, 2011
|
|
$
|
350
|
|
|
$
|
538,610
|
|
|
$
|
(404,750
|
)
|
|
$
|
39,580
|
|
|
$
|
173,790
|
|
Net income attributable to TriMas Corporation
|
|
—
|
|
|
—
|
|
|
47,820
|
|
|
—
|
|
|
47,820
|
|
|||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,150
|
|
|
1,150
|
|
|||||
Net proceeds from equity offering of common stock (Note 2)
|
|
40
|
|
|
79,000
|
|
|
—
|
|
|
—
|
|
|
79,040
|
|
|||||
Shares surrendered upon vesting of options and restricted stock awards to cover tax obligations
|
|
—
|
|
|
(990
|
)
|
|
—
|
|
|
—
|
|
|
(990
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)
|
|||||
Stock option exercises and restricted stock vestings
|
|
—
|
|
|
5,680
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|
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—
|
|
|
—
|
|
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5,680
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|
|||||
Excess tax benefits from stock based compensation
|
|
—
|
|
|
2,310
|
|
|
—
|
|
|
—
|
|
|
2,310
|
|
|||||
Non-cash compensation expense
|
|
—
|
|
|
6,640
|
|
|
—
|
|
|
—
|
|
|
6,640
|
|
|||||
Balances, September 30, 2012
|
|
$
|
390
|
|
|
$
|
631,250
|
|
|
$
|
(356,930
|
)
|
|
$
|
40,730
|
|
|
$
|
315,440
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
11,930
|
|
|
$
|
—
|
|
|
$
|
34,670
|
|
Income from discontinued operations before income tax expense
|
|
$
|
—
|
|
|
$
|
2,050
|
|
|
$
|
—
|
|
|
$
|
5,450
|
|
Income tax expense
|
|
—
|
|
|
(760
|
)
|
|
—
|
|
|
(2,020
|
)
|
||||
Income from discontinued operations, net of income tax expense
|
|
$
|
—
|
|
|
$
|
1,290
|
|
|
$
|
—
|
|
|
$
|
3,430
|
|
|
|
Nine months ended
September 30, 2012 |
||
|
|
(dollars in thousands)
|
||
Beginning balance, February 24, 2012
|
|
$
|
25,630
|
|
Distributions to noncontrolling interests
|
|
(820
|
)
|
|
Net income attributable to noncontrolling interests
|
|
1,560
|
|
|
Ending balance, September 30, 2012
|
|
$
|
26,370
|
|
|
|
Three months ended
September 30, 2012 |
|
Nine months ended
September 30, 2012 |
||||
|
|
(dollars in thousands)
|
||||||
Net sales
|
|
$
|
23,640
|
|
|
$
|
45,000
|
|
Net income
|
|
$
|
4,310
|
|
|
$
|
5,210
|
|
|
|
Pro forma Combined
(a)
|
||||||||||||||
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
335,870
|
|
|
$
|
295,080
|
|
|
$
|
979,900
|
|
|
$
|
867,310
|
|
Net income attributable to TriMas Corporation
|
|
$
|
18,670
|
|
|
$
|
19,390
|
|
|
$
|
49,790
|
|
|
$
|
45,420
|
|
|
Packaging
|
|
Energy
|
|
Aerospace & Defense
|
|
Engineered Components
|
|
Cequent Asia Pacific
|
|
Cequent Americas
|
|
Total
|
||||||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||||||||
Balance, December 31, 2011
|
$
|
122,330
|
|
|
$
|
48,720
|
|
|
$
|
41,130
|
|
|
$
|
3,180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
215,360
|
|
Goodwill from acquisitions
|
35,390
|
|
|
14,200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,500
|
|
|
53,090
|
|
|||||||
Foreign currency translation
|
590
|
|
|
220
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
810
|
|
|||||||
Balance, September 30, 2012
|
$
|
158,310
|
|
|
$
|
63,140
|
|
|
$
|
41,130
|
|
|
$
|
3,180
|
|
|
$
|
—
|
|
|
$
|
3,500
|
|
|
$
|
269,260
|
|
|
|
As of September 30, 2012
|
|
As of December 31, 2011
|
||||||||||||
Intangible Category by Useful Life
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Finite-lived intangible assets:
|
|
|
|
|
|
|
|
|
||||||||
Customer relationships, 5 – 12 years
|
|
$
|
84,590
|
|
|
$
|
(28,070
|
)
|
|
$
|
37,400
|
|
|
$
|
(23,410
|
)
|
Customer relationships, 15 – 25 years
|
|
154,610
|
|
|
(83,900
|
)
|
|
154,610
|
|
|
(77,730
|
)
|
||||
Total customer relationships
|
|
239,200
|
|
|
(111,970
|
)
|
|
192,010
|
|
|
(101,140
|
)
|
||||
Technology and other, 1 – 15 years
|
|
36,680
|
|
|
(25,550
|
)
|
|
29,360
|
|
|
(23,710
|
)
|
||||
Technology and other, 17 – 30 years
|
|
43,770
|
|
|
(22,520
|
)
|
|
43,640
|
|
|
(20,860
|
)
|
||||
Total technology and other
|
|
80,450
|
|
|
(48,070
|
)
|
|
73,000
|
|
|
(44,570
|
)
|
||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
||||||||
Trademark/Trade names
|
|
49,300
|
|
|
—
|
|
|
36,370
|
|
|
—
|
|
||||
Total other intangible assets
|
|
$
|
368,950
|
|
|
$
|
(160,040
|
)
|
|
$
|
301,380
|
|
|
$
|
(145,710
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Technology and other, included in cost of sales
|
|
$
|
1,270
|
|
|
$
|
950
|
|
|
$
|
3,620
|
|
|
$
|
2,590
|
|
Customer relationships, included in selling, general and administrative expenses
|
|
4,000
|
|
|
2,790
|
|
|
10,840
|
|
|
8,190
|
|
||||
Total amortization expense
|
|
$
|
5,270
|
|
|
$
|
3,740
|
|
|
$
|
14,460
|
|
|
$
|
10,780
|
|
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
|
|
(dollars in thousands)
|
||||||
Finished goods
|
|
$
|
146,340
|
|
|
$
|
119,020
|
|
Work in process
|
|
28,360
|
|
|
21,730
|
|
||
Raw materials
|
|
45,750
|
|
|
37,280
|
|
||
Total inventories
|
|
$
|
220,450
|
|
|
$
|
178,030
|
|
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
|
|
(dollars in thousands)
|
||||||
Land and land improvements
|
|
$
|
5,840
|
|
|
$
|
5,740
|
|
Buildings
|
|
57,190
|
|
|
51,480
|
|
||
Machinery and equipment
|
|
325,600
|
|
|
291,960
|
|
||
|
|
388,630
|
|
|
349,180
|
|
||
Less: Accumulated depreciation
|
|
208,530
|
|
|
189,970
|
|
||
Property and equipment, net
|
|
$
|
180,100
|
|
|
$
|
159,210
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Depreciation expense, included in cost of sales
|
|
$
|
5,400
|
|
|
$
|
5,260
|
|
|
$
|
16,420
|
|
|
$
|
15,300
|
|
Depreciation expense, included in selling, general and administrative expense
|
|
900
|
|
|
730
|
|
|
2,570
|
|
|
2,200
|
|
||||
Total depreciation expense
|
|
$
|
6,300
|
|
|
$
|
5,990
|
|
|
$
|
18,990
|
|
|
$
|
17,500
|
|
|
|
September 30,
2012 |
|
December 31,
2011 |
||||
|
|
(dollars in thousands)
|
||||||
U.S. bank debt and receivables facility
|
|
$
|
217,190
|
|
|
$
|
223,870
|
|
Non-U.S. bank debt and other
|
|
15,780
|
|
|
140
|
|
||
9¾% senior secured notes, due December 2017
|
|
197,020
|
|
|
245,890
|
|
||
|
|
429,990
|
|
|
469,900
|
|
||
Less: Current maturities, long-term debt
|
|
17,950
|
|
|
7,290
|
|
||
Long-term debt
|
|
$
|
412,040
|
|
|
$
|
462,610
|
|
|
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
|
|
Balance Sheet Caption
|
|
September 30,
2012 |
|
December 31,
2011 |
|
September 30,
2012 |
|
December 31,
2011 |
||||||||
|
|
|
|
(dollars in thousands)
|
||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap
|
|
Accrued liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
550
|
|
|
$
|
—
|
|
Interest rate swap
|
|
Other long-term liabilities
|
|
—
|
|
|
—
|
|
|
1,060
|
|
|
—
|
|
||||
Total derivatives designated as hedging instruments
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,610
|
|
|
$
|
—
|
|
|
Amount of Loss Recognized
in AOCI on Derivative (Effective Portion, net of tax) |
|
|
|
Amount of Loss Reclassified from
AOCI into Earnings |
||||||||||||||||||||
|
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|||||||||||||||||||
|
As of
September 30,
2012
|
|
As of December 31, 2011
|
|
Location of Loss Reclassified from AOCI into Earnings (Effective Portion)
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
|
(dollars in thousands)
|
|
|
|
(dollars in thousands)
|
||||||||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate swaps
|
$
|
(1,000
|
)
|
|
$
|
—
|
|
|
Interest expense
|
|
$
|
(140
|
)
|
|
$
|
—
|
|
|
$
|
(250
|
)
|
|
$
|
(360
|
)
|
|
|
|
|
|
September 30, 2012
|
||||||||||||||
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) |
||||||||
|
|
|
|
(dollars in thousands)
|
||||||||||||||
Interest rate swaps
|
|
Recurring
|
|
$
|
(1,610
|
)
|
|
$
|
—
|
|
|
$
|
(1,610
|
)
|
|
$
|
—
|
|
|
|
Claims
pending at
beginning of
period
|
|
Claims filed
during
period
|
|
Claims
dismissed
during
period
|
|
Claims
settled
during
period
|
|
Average
settlement
amount per
claim during
period
|
|
Total defense
costs during
period
|
||||||||
Fiscal Year Ended December 31, 2011
|
|
8,200
|
|
|
476
|
|
|
607
|
|
|
21
|
|
|
$
|
14,300
|
|
|
$
|
2,510,000
|
|
Nine Months Ended September 30, 2012
|
|
8,048
|
|
|
278
|
|
|
340
|
|
|
14
|
|
|
16,379
|
|
|
2,054,220
|
|
|
|
Compensatory & Punitive
|
|
Compensatory Only
|
|
Punitive Only
|
||||||||||||
Range of damages sought (in millions)
|
|
$0.2 to $5.0
|
|
$5.0 to $10.0
|
|
$10.0+
|
|
$0.1 to $0.6
|
|
$0.6 to $5.0
|
|
$5.0+
|
|
$0.0 to $2.5
|
|
$2.5 to $5.0
|
|
$5.0+
|
Number of claims
|
|
57
|
|
15
|
|
4
|
|
51
|
|
22
|
|
3
|
|
57
|
|
15
|
|
4
|
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
||||||||
Packaging
|
|
$
|
77,240
|
|
|
$
|
46,090
|
|
|
$
|
202,250
|
|
|
$
|
137,890
|
|
Energy
|
|
45,460
|
|
|
42,690
|
|
|
143,220
|
|
|
125,810
|
|
||||
Aerospace & Defense
|
|
20,810
|
|
|
20,330
|
|
|
58,000
|
|
|
60,160
|
|
||||
Engineered Components
|
|
51,880
|
|
|
46,010
|
|
|
154,180
|
|
|
126,870
|
|
||||
Cequent Asia Pacific
|
|
37,480
|
|
|
26,020
|
|
|
94,230
|
|
|
67,390
|
|
||||
Cequent Americas
|
|
103,000
|
|
|
96,520
|
|
|
319,990
|
|
|
306,190
|
|
||||
Total
|
|
$
|
335,870
|
|
|
$
|
277,660
|
|
|
$
|
971,870
|
|
|
$
|
824,310
|
|
Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
||||||||
Packaging
|
|
$
|
18,240
|
|
|
$
|
10,240
|
|
|
$
|
44,700
|
|
|
$
|
37,140
|
|
Energy
|
|
3,780
|
|
|
4,560
|
|
|
14,520
|
|
|
14,920
|
|
||||
Aerospace & Defense
|
|
6,030
|
|
|
5,420
|
|
|
15,710
|
|
|
14,000
|
|
||||
Engineered Components
|
|
6,310
|
|
|
7,730
|
|
|
22,620
|
|
|
19,010
|
|
||||
Cequent Asia Pacific
|
|
3,950
|
|
|
5,250
|
|
|
9,000
|
|
|
9,720
|
|
||||
Cequent Americas
|
|
8,430
|
|
|
9,580
|
|
|
28,090
|
|
|
30,630
|
|
||||
Corporate expenses
|
|
(10,140
|
)
|
|
(6,990
|
)
|
|
(26,100
|
)
|
|
(20,500
|
)
|
||||
Total
|
|
$
|
36,600
|
|
|
$
|
35,790
|
|
|
$
|
108,540
|
|
|
$
|
104,920
|
|
|
|
Number of Options
|
|
Weighted Average Option Price
|
|
Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 1, 2012
|
|
1,271,149
|
|
|
$
|
13.29
|
|
|
|
|
|
||
Exercised
|
|
(509,763
|
)
|
|
10.90
|
|
|
|
|
|
|||
Cancelled
|
|
(2,500
|
)
|
|
23.00
|
|
|
|
|
|
|||
Expired
|
|
(15,308
|
)
|
|
20.00
|
|
|
|
|
|
|||
Outstanding at September 30, 2012
|
|
743,578
|
|
|
$
|
14.76
|
|
|
4.4
|
|
$
|
6,950,057
|
|
|
|
Number of Unvested Restricted Shares
|
|
Weighted Average Grant Date Fair Value
|
|
Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at January 1, 2012
|
|
332,043
|
|
|
$
|
16.25
|
|
|
|
|
|
||
Granted
|
|
475,533
|
|
|
24.30
|
|
|
|
|
|
|||
Vested
|
|
(151,027
|
)
|
|
16.77
|
|
|
|
|
|
|||
Cancelled
|
|
(13,856
|
)
|
|
23.91
|
|
|
|
|
|
|||
Outstanding at September 30, 2012
|
|
642,693
|
|
|
$
|
21.92
|
|
|
1.8
|
|
$
|
15,495,328
|
|
|
|
Pension Plans
|
|
Other Postretirement Benefits
|
||||||||||||||||||||||||||||
|
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
|
Three months ended
September 30, |
|
Nine months ended
September 30, |
||||||||||||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
|
|
(dollars in thousands)
|
||||||||||||||||||||||||||||||
Service costs
|
|
$
|
150
|
|
|
$
|
160
|
|
|
$
|
450
|
|
|
$
|
480
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest costs
|
|
410
|
|
|
400
|
|
|
1,210
|
|
|
1,200
|
|
|
20
|
|
|
10
|
|
|
40
|
|
|
30
|
|
||||||||
Expected return on plan assets
|
|
(430
|
)
|
|
(400
|
)
|
|
(1,280
|
)
|
|
(1,210
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Amortization of prior service cost
|
|
—
|
|
|
—
|
|
|
10
|
|
|
10
|
|
|
(70
|
)
|
|
(70
|
)
|
|
(200
|
)
|
|
(200
|
)
|
||||||||
Settlement/curtailment (gain)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,490
|
)
|
|
—
|
|
|
(1,490
|
)
|
|
—
|
|
||||||||
Amortization of net (gain)/loss
|
|
260
|
|
|
180
|
|
|
790
|
|
|
530
|
|
|
(20
|
)
|
|
(20
|
)
|
|
(60
|
)
|
|
(60
|
)
|
||||||||
Net periodic benefit cost
|
|
$
|
390
|
|
|
$
|
340
|
|
|
$
|
1,180
|
|
|
$
|
1,010
|
|
|
$
|
(1,560
|
)
|
|
$
|
(80
|
)
|
|
$
|
(1,710
|
)
|
|
$
|
(230
|
)
|
Instrument
|
|
Amount
($ in millions)
|
|
Maturity Date
|
|
Interest Rate
|
||
Senior Secured Revolving Credit facility
|
|
$
|
250.0
|
|
|
10/11/2017
|
|
LIBOR plus 2.00%
|
Senior Secured Term Loan A facility
|
|
$
|
200.0
|
|
|
10/11/2017
|
|
LIBOR plus 2.00%
|
Senior Secured Term Loan B facility
|
|
$
|
200.0
|
|
|
10/11/2019
|
|
LIBOR plus 2.75% with a 1.00% LIBOR floor
|
|
|
September 30, 2012
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor
|
|
Non-
Guarantor
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
5,860
|
|
|
$
|
20,230
|
|
|
$
|
—
|
|
|
$
|
26,090
|
|
Trade receivables, net
|
|
—
|
|
|
147,400
|
|
|
37,640
|
|
|
—
|
|
|
185,040
|
|
|||||
Receivables, intercompany
|
|
—
|
|
|
10,200
|
|
|
—
|
|
|
(10,200
|
)
|
|
—
|
|
|||||
Inventories
|
|
—
|
|
|
163,700
|
|
|
56,750
|
|
|
—
|
|
|
220,450
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
17,320
|
|
|
1,190
|
|
|
—
|
|
|
18,510
|
|
|||||
Prepaid expenses and other current assets
|
|
—
|
|
|
8,590
|
|
|
1,560
|
|
|
—
|
|
|
10,150
|
|
|||||
Total current assets
|
|
—
|
|
|
353,070
|
|
|
117,370
|
|
|
(10,200
|
)
|
|
460,240
|
|
|||||
Investments in subsidiaries
|
|
513,420
|
|
|
170,050
|
|
|
—
|
|
|
(683,470
|
)
|
|
—
|
|
|||||
Property and equipment, net
|
|
—
|
|
|
111,420
|
|
|
68,680
|
|
|
—
|
|
|
180,100
|
|
|||||
Goodwill
|
|
—
|
|
|
204,680
|
|
|
64,580
|
|
|
—
|
|
|
269,260
|
|
|||||
Intangibles and other assets
|
|
4,780
|
|
|