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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 10-Q
(Mark One)
 
 
 
 
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
For the Quarterly Period Ended
June 30, 2019
Or
 
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
For the Transition Period from                  to                  .
Commission file number 001-10716
TRIMAS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
38-2687639
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification No.)
38505 Woodward Avenue, Suite 200
Bloomfield Hills, Michigan 48304
(Address of principal executive offices, including zip code)
(248631-5450
(Registrant's telephone number, including area code)
Title of each class
Trading symbol(s)
Name of exchange on which registered
Common stock
TRS
NASDAQ Global Select Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No .
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No .
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
 
Accelerated filer
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
 
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No 
As of July 23, 2019, the number of outstanding shares of the Registrant's common stock, $0.01 par value, was 45,243,642 shares.


Table of Contents

TriMas Corporation
Index
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


1

Table of Contents

Forward-Looking Statements
This report may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 about our financial condition, results of operations and business. These forward-looking statements can be identified by the use of forward-looking words, such as “may,” “could,” “should,” “estimate,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “target,” “plan” or other comparable words, or by discussions of strategy that may involve risks and uncertainties.
These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to: general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; our ability to realize our business strategies; our ability to identify attractive acquisition candidates, successfully integrate acquired operations or realize the intended benefits of such acquisitions; information technology and other cyber-related risks; the performance of our subcontractors and suppliers; supply constraints; market demand; intellectual property factors; litigation; government and regulatory actions, including, without limitation, the impact of tariffs, quotas and surcharges; our leverage; liabilities imposed by our debt instruments; labor disputes; changes to fiscal and tax policies; contingent liabilities relating to acquisition activities; the disruption of operations from catastrophic or extraordinary events, including natural disasters; the potential impact of Brexit; tax considerations relating to the Cequent spin-off; our future prospects; and other risks that are discussed in Part I, Item 1A, "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2018. The risks described in our Annual Report on Form 10-K and elsewhere in this report are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows.
The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. We caution readers not to place undue reliance on the statements, which speak only as of the date of this report. We do not undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events, except as required by law.
We disclose important factors that could cause our actual results to differ materially from our expectations implied by our forward-looking statements under Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report. These cautionary statements qualify all forward-looking statements attributed to us or persons acting on our behalf. When we indicate that an event, condition or circumstance could or would have an adverse effect on us, we mean to include effects upon our business, financial and other conditions, results of operations, prospects and ability to service our debt.

2

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1.    Consolidated Financial Statements
TriMas Corporation
Consolidated Balance Sheet
(Dollars in thousands)


 
June 30,
2019

December 31,
2018
Assets
 
(unaudited)
 

Current assets:
 

 

Cash and cash equivalents
 
$
40,280


$
108,150

Receivables, net of reserves of approximately $3.7 million and $3.4 million as of June 30, 2019 and December 31, 2018, respectively
 
150,410


123,110

Inventories
 
180,500


173,120

Prepaid expenses and other current assets
 
7,020


7,430

Total current assets
 
378,210

 
411,810

Property and equipment, net
 
225,630


187,800

Operating lease right-of-use assets
 
39,260

 

Goodwill
 
334,780


316,650

Other intangibles, net
 
176,910


174,530

Deferred income taxes
 
610

 
1,080

Other assets
 
16,380


8,650

Total assets
 
$
1,171,780

 
$
1,100,520

Liabilities and Shareholders' Equity
 

 

Current liabilities:
 

 

Current maturities, long-term debt
 
$
60


$

Accounts payable
 
85,570


93,430

Accrued liabilities
 
41,690


48,300

Operating lease liabilities, current portion
 
8,610

 

Total current liabilities
 
135,930

 
141,730

Long-term debt, net
 
294,120


293,560

Operating lease liabilities
 
31,040

 

Deferred income taxes
 
18,780


5,560

Other long-term liabilities
 
44,550


39,220

Total liabilities
 
524,420

 
480,070

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: 45,243,419 shares at June 30, 2019 and 45,527,993 shares at December 31, 2018
 
450

 
460

Paid-in capital
 
800,900

 
816,500

Accumulated deficit
 
(137,360
)
 
(179,660
)
Accumulated other comprehensive loss
 
(16,630
)
 
(16,850
)
Total shareholders' equity
 
647,360

 
620,450

Total liabilities and shareholders' equity
 
$
1,171,780

 
$
1,100,520



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

3

Table of Contents

TriMas Corporation
Consolidated Statement of Income
(Unaudited—dollars in thousands, except for per share amounts)

 
 
Three months ended
June 30,
 
Six months ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net sales
 
$
239,370

 
$
224,910

 
$
460,660

 
$
442,010

Cost of sales
 
(174,020
)
 
(160,130
)
 
(335,490
)
 
(316,850
)
Gross profit
 
65,350

 
64,780

 
125,170

 
125,160

Selling, general and administrative expenses
 
(34,240
)
 
(33,260
)
 
(68,210
)
 
(58,430
)
Operating profit
 
31,110

 
31,520

 
56,960

 
66,730

Other expense, net:
 
 
 
 
 
 
 
 
Interest expense
 
(3,490
)
 
(3,480
)
 
(6,930
)
 
(7,180
)
Other income (expense), net
 
1,350

 
(2,180
)
 
670

 
(2,740
)
Other expense, net
 
(2,140
)
 
(5,660
)
 
(6,260
)
 
(9,920
)
Income before income tax expense
 
28,970

 
25,860

 
50,700

 
56,810

Income tax expense
 
(6,950
)
 
(6,260
)
 
(9,590
)
 
(12,890
)
Net income
 
$
22,020

 
$
19,600

 
$
41,110

 
$
43,920

Basic earnings per share:
 
 
 
 
 
 
 
 
Net income per share
 
$
0.48

 
$
0.43

 
$
0.90

 
$
0.96

Weighted average common shares—basic
 
45,592,075

 
45,920,307

 
45,585,445

 
45,850,137

Diluted earnings per share:
 
 
 
 
 
 
 
 
Net income per share
 
$
0.48

 
$
0.42

 
$
0.90

 
$
0.95

Weighted average common shares—diluted
 
45,828,315

 
46,200,757

 
45,910,249

 
46,215,047



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

4

Table of Contents

TriMas Corporation
Consolidated Statement of Comprehensive Income
(Unaudited—dollars in thousands)

 
 
Three months ended
June 30,
 
Six months ended
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net income
 
$
22,020

 
$
19,600

 
$
41,110

 
$
43,920

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
Defined benefit plans (Note 16)
 
100

 
2,650

 
200

 
2,850

Foreign currency translation
 
(900
)
 
(6,450
)
 
(200
)
 
(4,090
)
Derivative instruments (Note 10)
 
(730
)
 
5,710

 
1,490

 
1,670

Total other comprehensive income (loss)
 
(1,530
)
 
1,910

 
1,490

 
430

Total comprehensive income
 
$
20,490

 
$
21,510

 
$
42,600

 
$
44,350



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



5

Table of Contents

TriMas Corporation
Consolidated Statement of Cash Flows
(Unaudited—dollars in thousands)
 
 
Six months ended June 30,
 
 
2019
 
2018
Cash Flows from Operating Activities:
 
 
 
 
Net income
 
$
41,110

 
$
43,920

Adjustments to reconcile net income to net cash provided by operating activities, net of acquisition impact:
 

 

Loss on dispositions of assets
 
40

 
70

Depreciation
 
13,070

 
12,870

Amortization of intangible assets
 
9,970

 
9,740

Amortization of debt issue costs
 
560

 
740

Deferred income taxes
 
4,230

 
6,340

Non-cash compensation expense
 
3,040

 
2,620

Increase in receivables
 
(12,370
)
 
(20,380
)
Increase in inventories
 
(1,130
)
 
(5,880
)
Decrease in prepaid expenses and other assets
 
1,140

 
8,970

Decrease in accounts payable and accrued liabilities
 
(29,070
)
 
(7,530
)
Other operating activities
 
(1,310
)
 
140

Net cash provided by operating activities, net of acquisition impact
 
29,280

 
51,620

Cash Flows from Investing Activities:
 
 
 
 
Capital expenditures
 
(12,310
)
 
(11,320
)
Acquisition of businesses, net of cash acquired
 
(67,030
)
 

Net proceeds from disposition of property and equipment
 
30

 
250

Net cash used for investing activities
 
(79,310
)
 
(11,070
)
Cash Flows from Financing Activities:
 
 
 
 
Proceeds from borrowings on revolving credit facilities
 
93,220

 
59,060

Repayments of borrowings on revolving credit facilities
 
(92,410
)
 
(68,490
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 
(3,230
)
 
(2,380
)
Payments to purchase common stock
 
(15,420
)
 
(2,920
)
Net cash used for financing activities
 
(17,840
)
 
(14,730
)
Cash and Cash Equivalents:
 

 

Increase (decrease) for the period
 
(67,870
)
 
25,820

At beginning of period
 
108,150

 
27,580

At end of period
 
$
40,280

 
$
53,400

Supplemental disclosure of cash flow information:
 

 

Cash paid for interest
 
$
6,190

 
$
7,630

Cash paid for taxes
 
$
11,970

 
$
3,210



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

6

Table of Contents

TriMas Corporation
Consolidated Statement of Shareholders' Equity
Three and Six Months Ended June 30, 2019 and 2018
(Unaudited—dollars in thousands)

 
 
Common
Stock
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balances, December 31, 2018
 
$
460

 
$
816,500

 
$
(179,660
)
 
$
(16,850
)
 
$
620,450

Net income
 

 

 
19,090

 

 
19,090

Other comprehensive income
 

 

 

 
3,020

 
3,020

Purchase of common stock
 

 
(670
)
 

 

 
(670
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(2,620
)
 

 

 
(2,620
)
Non-cash compensation expense
 

 
1,320

 

 

 
1,320

Impact of accounting standards adoption
(Note 2)
 

 

 
1,190

 
(1,270
)
 
(80
)
Balances, March 31, 2019
 
$
460

 
$
814,530

 
$
(159,380
)
 
$
(15,100
)
 
$
640,510

Net income
 

 

 
22,020

 

 
22,020

Other comprehensive loss
 

 

 

 
(1,530
)
 
(1,530
)
Purchase of common stock
 
(10
)
 
(14,740
)
 

 

 
(14,750
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(610
)
 

 

 
(610
)
Non-cash compensation expense
 

 
1,720

 

 

 
1,720

Balances, June 30, 2019
 
$
450

 
$
800,900

 
$
(137,360
)
 
$
(16,630
)
 
$
647,360


 
 
Common
Stock
 
Paid-in
Capital
 
Accumulated
Deficit
 
Accumulated
Other
Comprehensive
Loss
 
Total
Balances, December 31, 2017
 
$
460

 
$
823,850

 
$
(262,960
)
 
$
(17,330
)
 
$
544,020

Net income
 

 

 
24,320

 

 
24,320

Other comprehensive loss
 

 

 

 
(1,480
)
 
(1,480
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(2,300
)
 

 

 
(2,300
)
Non-cash compensation expense
 

 
1,220

 

 

 
1,220

Balances, March 31, 2018
 
$
460

 
$
822,770

 
$
(238,640
)
 
$
(18,810
)
 
$
565,780

Net income
 

 

 
19,600

 

 
19,600

Other comprehensive income
 

 

 

 
1,910

 
1,910

Purchase of common stock
 

 
(2,920
)
 

 

 
(2,920
)
Shares surrendered upon exercise and vesting of equity awards to cover taxes
 

 
(80
)
 

 

 
(80
)
Non-cash compensation expense
 

 
1,400

 

 

 
1,400

Balances, June 30, 2018
 
$
460

 
$
821,170

 
$
(219,040
)
 
$
(16,900
)
 
$
585,690


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

7

Table of Contents

TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)


1. Basis of Presentation
TriMas Corporation ("TriMas" or the "Company"), and its consolidated subsidiaries, is a diversified industrial manufacturer of products for customers in the consumer products, aerospace, industrial, petrochemical, refinery and oil and gas end markets.
In the first quarter of 2019, TriMas began reporting its machined components operations, located in Stanton, California and Tolleson, Arizona, in its Specialty Products reportable segment. This change was made in connection with the transition of leadership responsibilities out of Aerospace to Specialty Products, allowing the Company to better leverage the machining competencies and resources of these operations with the other businesses within the Specialty Products reportable segment, as well as provide the Company with the opportunity to expand sales of these products to customers outside of the aerospace market. In addition, this change enables the Company's Aerospace reportable segment to better focus on driving growth and innovation in its aerospace fastener and related product lines. See Note 13, "Segment Information," for further information on each of the Company's reportable segments.
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. Results of operations for interim periods are not necessarily indicative of results for the full year. Certain prior year amounts have been reclassified to conform with current year presentation. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2018 Annual Report on Form 10-K.
2. New Accounting Pronouncements
Recently Issued Accounting Pronouncements
In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20)" ("ASU 2018-14"), which modifies the disclosure requirements for employers who sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. ASU 2018-14 is to be applied retrospectively to all periods presented. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" ("ASU 2017-04"), which simplifies the test for goodwill impairment by eliminating the requirement to perform a hypothetical purchase price allocation to measure the amount of goodwill impairment. ASU 2017-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.
Recently Adopted Accounting Pronouncements
In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"), which provides for the option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act ("Tax Reform Act") classified within accumulated other comprehensive income (loss) ("AOCI") to retained earnings. The Company adopted ASU 2018-02 on January 1, 2019, and elected to reclassify approximately $1.3 million in stranded tax effects from accumulated other comprehensive loss to accumulated deficit on the accompanying consolidated balance sheet. The Company's accounting policy is to release the income tax effects from AOCI when a defined benefit plan or a derivative instrument is liquidated and/or settled.
In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)" (“ASU 2016-02”) (the “New Lease Standard"), which requires lessees to recognize a lease liability and right-of-use (ROU) asset on its balance sheet for operating leases. Accounting for finance leases is substantially unchanged. The Company adopted the New Lease Standard on January 1, 2019 using a modified retrospective transition, with the cumulative-effect adjustment to the opening balance of accumulated deficit as of the effective date (the effective date method).

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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

As a result of the adoption, the Company recognized approximately $40 million of right-of-use assets and lease liabilities on its consolidated balance sheet. Additionally, the Company recognized an approximate $0.1 million cumulative effective adjustment debit, net of tax, to accumulated deficit related to unamortized deferred losses for certain sale-leaseback transactions. The standard did not have an impact on the Company's consolidated statement of income.
3. Revenue
The following table presents the Company’s disaggregated net sales by primary end market served (dollars in thousands):
 
 
Three months ended June 30,
 
Six months ended June 30,
Customer End Markets
 
2019
 
2018
 
2019
 
2018
Consumer
 
$
81,300

 
$
71,990

 
$
148,790

 
$
136,720

Aerospace
 
49,510

 
45,620

 
95,090

 
91,430

Industrial
 
54,880

 
55,970

 
109,110

 
110,320

Oil and gas
 
53,680

 
51,330

 
107,670

 
103,540

Total net sales
 
$
239,370

 
$
224,910

 
$
460,660

 
$
442,010


The Company’s Packaging reportable segment earns revenues from the consumer (comprised of the health, beauty and home care, as well as food and beverage markets) and industrial end markets. The Aerospace reportable segment earns revenues from the aerospace end market. The Specialty Products reportable segment earns revenues from the industrial, oil and gas and aerospace end markets.
4. Facility Closures
Bangalore, India facility
In May 2018, the Company exited its Bangalore, India facility within the Specialty Products reportable segment. In connection with this action, the Company recorded pre-tax charges of approximately $0.7 million within selling, general and administrative expenses and approximately $0.6 million within cost of sales related to severance benefits for employees involuntarily terminated, facility closure costs and costs related to the disposal of certain assets.
Reynosa, Mexico facility
In 2017, the Company ceased production at its Reynosa, Mexico facility within the Specialty Products reportable segment, and recorded a charge within cost of sales for estimated future unrecoverable lease obligations. During the second quarter of 2018, following entry into a sublease agreement for the facility, the Company re-evaluated its estimate of unrecoverable future obligations, and reduced its estimate by approximately $1.1 million.
5. Acquisitions
In April 2019, the Company acquired Taplast S.p.A. ("Taplast"), a designer and manufacturer of dispensers, closures and containers for the beauty and personal care, household, and food and beverage packaging end markets, for an aggregate amount of approximately $44.6 million, net of cash acquired. Located in both Italy and Slovakia, Taplast serves end markets in Europe and North America and generates approximately $32 million in annual revenue. Taplast is included in the Company's Packaging reportable segment.
In January 2019, the Company acquired Plastic Srl, a manufacturer of single-bodied and assembled polymeric caps and closures for use in home care product applications, for an aggregate amount of approximately $22.4 million, net of cash acquired. Located in Forli, Italy, Plastic Srl serves the home care market in Italy and other European countries and generates approximately $12 million in annual revenue. Plastic Srl is included in the Company's Packaging reportable segment.

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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

In connection with these acquisitions, the Company recorded approximately $0.2 million and $1.2 million of non-cash purchase accounting-related expenses during the three and six months ended June 30, 2019, respectively. Of these amounts, approximately $0.9 million was recognized during the six months ended June 30, 2019, within selling, general and administrative expenses, primarily related to the write-off of the Plastic Srl trade name acquired that will not be used. In addition, approximately $0.2 million and $0.3 million was recognized during the three and six months ended June 30, 2019, respectively, within cost of sales related to the step-up in value and subsequent sale of inventory.
6. Goodwill and Other Intangible Assets
During the three months ended March 31, 2019, in an effort to better align the Company's machining competencies and resources, the Company began reporting its machined products operations within the Specialty Products reportable segment. These operations were previously reported in the Company's Aerospace reportable segment. As a result of the reporting structure change, the Company's previous Aerospace reporting unit was split into two new reporting units, Machined Products and Aerospace. The Company reallocated the goodwill attributed to the previous Aerospace reporting unit on a relative fair value basis between the Machined Products and the new Aerospace reporting units, resulting in an allocation of goodwill of $12.7 million and $133.7 million, respectively.
After the reallocation of goodwill, the Company performed a Step I quantitative assessment for both the Machined Products and the new Aerospace reporting units. As part of this assessment, the Company determined that the fair value of the Aerospace reporting unit exceeded its carrying value by more than 34% and the fair value of the Machined Products reporting unit exceeded its carrying value by more than 13%.
Changes in the carrying amount of goodwill for the six months ended June 30, 2019 are summarized as follows (dollars in thousands):
 
Packaging
 
Aerospace
 
Specialty Products
 
Total
Balance, December 31, 2018
$
163,660

 
$
146,430

 
$
6,560

 
$
316,650

Goodwill from acquisitions
18,340

 

 

 
18,340

Goodwill reassigned in segment realignment

 
(12,740
)
 
12,740

 

Foreign currency translation and other
(210
)
 

 

 
(210
)
Balance, June 30, 2019
$
181,790

 
$
133,690

 
$
19,300

 
$
334,780


The Company amortizes its other intangible assets over periods ranging from one to 30 years. The gross carrying amounts and accumulated amortization of the Company's other intangibles are summarized below (dollars in thousands):
 
 
As of June 30, 2019
 
As of December 31, 2018
Intangible Category by Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Gross Carrying Amount
 
Accumulated Amortization
Finite-lived intangible assets:
 

 

 

 

   Customer relationships, 5 – 12 years
 
$
81,200

 
$
(52,550
)
 
$
73,450

 
$
(48,410
)
   Customer relationships, 15 – 25 years
 
132,230

 
(62,250
)
 
132,230

 
(58,790
)
Total customer relationships
 
213,430

 
(114,800
)
 
205,680

 
(107,200
)
   Technology and other, 1 – 15 years
 
57,040

 
(33,000
)
 
57,020

 
(31,600
)
   Technology and other, 17 – 30 years
 
43,300

 
(36,610
)
 
43,300

 
(35,600
)
Total technology and other
 
100,340

 
(69,610
)
 
100,320

 
(67,200
)
Indefinite-lived intangible assets:
 

 

 

 

 Trademark/Trade names
 
47,550

 

 
42,930

 

Total other intangible assets
 
$
361,320

 
$
(184,410
)
 
$
348,930

 
$
(174,400
)


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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

Amortization expense related to intangible assets as included in the accompanying consolidated statement of income is summarized as follows (dollars in thousands):
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Technology and other, included in cost of sales
 
$
1,210

 
$
1,210

 
$
2,410

 
$
2,450

Customer relationships, included in selling, general and administrative expenses
 
3,830

 
3,620

 
7,560

 
7,290

Total amortization expense
 
$
5,040

 
$
4,830

 
$
9,970

 
$
9,740


7. Inventories
Inventories consist of the following components (dollars in thousands):
 
 
June 30,
2019
 
December 31,
2018
Finished goods
 
$
90,960

 
$
91,780

Work in process
 
30,210

 
29,080

Raw materials
 
59,330

 
52,260

Total inventories
 
$
180,500

 
$
173,120


8. Property and Equipment, Net
Property and equipment consists of the following components (dollars in thousands):
 
 
June 30,
2019
 
December 31,
2018
Land and land improvements
 
$
19,210

 
$
15,580

Buildings
 
88,350

 
74,110

Machinery and equipment
 
344,950

 
318,860

 
 
452,510

 
408,550

Less: Accumulated depreciation
 
226,880

 
220,750

Property and equipment, net
 
$
225,630

 
$
187,800


Depreciation expense as included in the accompanying consolidated statement of income is as follows (dollars in thousands):
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Depreciation expense, included in cost of sales
 
$
6,470

 
$
6,030

 
$
12,360

 
$
11,840

Depreciation expense, included in selling, general and administrative expenses
 
370

 
510

 
710

 
1,030

Total depreciation expense
 
$
6,840

 
$
6,540

 
$
13,070

 
$
12,870



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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

9. Long-term Debt
The Company's long-term debt consists of the following (dollars in thousands):
 
 
June 30,
2019
 
December 31,
2018
4.875% Senior Notes due October 2025
 
$
300,000

 
$
300,000

Other debt
 
60

 

Debt issuance costs
 
(5,880
)
 
(6,440
)
 
 
294,180

 
293,560

Less: Current maturities, long-term debt
 
60

 

Long-term debt, net
 
$
294,120

 
$
293,560


Senior Notes
In September 2017, the Company issued $300.0 million aggregate principal amount of 4.875% senior notes due October 15, 2025 ("Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended. The Senior Notes accrue interest at a rate of 4.875% per annum, payable semi-annually in arrears on April 15 and October 15, commencing on April 15, 2018. The payment of principal and interest is jointly and severally guaranteed, on a senior unsecured basis, by certain subsidiaries of the Company (each a "Guarantor" and collectively the "Guarantors"). The Senior Notes are pari passu in right of payment with all existing and future senior indebtedness and subordinated to all existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness.
Prior to October 15, 2020, the Company may redeem up to 35% of the principal amount of the Senior Notes at a redemption price of 104.875% 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, the Company may redeem all or part of the 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 October 15, 2020, the Company may redeem all or part of the 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 October 15 of the years indicated below:
Year
 
Percentage
2020
 
102.438
%
2021
 
101.219
%
2022 and thereafter
 
100.000
%

Credit Agreement
The Company is a party to a credit agreement ("Credit Agreement") consisting 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, matures on September 20, 2022 and is subject to interest at London Interbank Offered Rate ("LIBOR") plus 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.

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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate. At June 30, 2019, the Company had no amounts outstanding under its revolving credit facility and had approximately $285.2 million potentially available after giving effect to approximately $14.8 million of letters of credit issued and outstanding. At December 31, 2018, the Company had no amounts outstanding under its revolving credit facility and had approximately $284.9 million potentially available after giving effect to approximately $15.1 million of letters of credit issued and outstanding. After consideration of leverage restrictions contained in the Credit Agreement, the Company had approximately $285.2 million and $284.9 million of borrowing capacity available for general corporate purposes at June 30, 2019 and December 31, 2018, respectively.
The debt under the Credit Agreement is an obligation of the Company and certain of its domestic subsidiaries and is secured by substantially all of the assets of such parties. Borrowings under the $125.0 million (equivalent) foreign currency sub limit of the $300.0 million senior secured revolving credit facility are secured by a cross-guarantee amongst, and a pledge of the assets of, the foreign subsidiary borrowers that are a party to the agreement.  The Credit Agreement also contains various negative and affirmative covenants and other requirements affecting the Company and its subsidiaries, including the ability, subject to certain exceptions and limitations, to incur debt, liens, mergers, investments, loans, advances, guarantee obligations, acquisitions, assets dispositions, sale-leaseback transactions, hedging agreements, dividends and other restricted payments, transactions with affiliates, restrictive agreements and amendments to charters, bylaws, and other material documents. The terms of the Credit Agreement also require the Company and its restricted subsidiaries to meet certain restrictive financial covenants and ratios computed quarterly, including a maximum total net leverage ratio (total consolidated indebtedness plus outstanding amounts under the accounts receivable securitization facility, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined), a maximum senior secured net leverage ratio (total consolidated senior secured indebtedness, less the aggregate amount of certain unrestricted cash and unrestricted permitted investments, as defined, over consolidated EBITDA, as defined) and a minimum interest expense coverage ratio (consolidated EBITDA, as defined, over the sum of consolidated cash interest expense, as defined, and preferred dividends, as defined). At June 30, 2019, the Company was in compliance with its financial covenants contained in the Credit Agreement.
Fair Value of Debt
The valuations of the Senior Notes and other debt were determined based on Level 2 inputs under the fair value hierarchy, as defined. The carrying amounts and fair values were as follows (dollars in thousands):
 
 
June 30, 2019
 
December 31, 2018
 
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Senior Notes
 
$
300,000

 
$
303,000

 
$
300,000

 
$
282,750

Other debt
 
60

 
60

 

 


10. Derivative Instruments
Derivatives Designated as Hedging Instruments
In October 2018, 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 converted a portion of its U.S. dollar-based long-term debt into Euro-denominated long-term debt. The agreements have a five year tenor at notional amounts declining from $125.0 million to $75.0 million over the contract period. Under the terms of the swap agreements, the Company is to receive net interest payments at a fixed rate of approximately 2.9% of the notional amount. At inception, the cross-currency swaps were designated as net investment hedges.
In October 2018, immediately prior to entering into these cross-currency swap agreements, the Company terminated its existing cross-currency swap agreements, de-designating the swaps as net investment hedges and receiving approximately $1.1 million of cash. The cross-currency swap agreements were entered into in October 2017 and hedged the Company's net investment in Euro-denominated assets against future volatility in the exchange rate between the U.S. dollar and the Euro. The agreements had a five year tenor at notional amounts declining from $150.0 million to $75.0 million over the contract period. Under the terms of the swap agreements, the Company was to receive net interest payments at a fixed rate of approximately 2.1% of the notional amount.

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TRIMAS CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(unaudited)

As of June 30, 2019 and December 31, 2018, the fair value carrying amount of the Company's derivative instruments are recorded as follows (dollars in thousands):
 
 
 
 
Asset / (Liability) Derivatives
Derivatives designated as hedging instruments
 
Balance Sheet Caption
 
June 30,
2019
 
December 31,
2018
Net Investment Hedges
 
 
 
 
 
 
Cross-currency swaps
 
Other assets
 
$
2,100

 
$
130


The following table summarizes the income recognized in AOCI on derivative contracts designated as hedging instruments as of June 30, 2019 and December 31, 2018, and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2019 and 2018 (dollars in thousands):
 
Amount of Income Recognized
in AOCI on Derivative
(Effective Portion, net of tax)
 
 
 
Amount of Income (Loss) Reclassified
from AOCI into Earnings
 
 
 
 
Three months ended
March 31,
 
Six months ended
June 30,
 
As of
June 30,
2019
 
As of December 31, 2018
 
Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion)
 
2019
 
2018
 
2019
 
2018
Net Investment Hedges
 
 
 
 
 
 
 
 
 
 
 
 
 
Cross-currency swaps
$
2,420

 
$
940

 
Other income (expense), net
 
$

 
$

 
$

 
$


Over the next 12 months, the Company does not expect to reclassify any pre-tax deferred amounts from AOCI into earnings.
Derivatives Not Designated as Hedging Instruments
As of June 30, 2019, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of approximately $96.2 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, British pound and the Chinese yuan, and have various settlement dates through March 2020. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income.
The following table summarizes the effects of derivatives not designated as hedging instruments on the Company's consolidated statement of income (dollars in thousands):
 
 
 
 
Amount of Income Recognized in
Earnings on Derivatives
 
 
 
 
Three months ended
March 31,
 
Six months ended
June 30,
 
 
Location of Income
Recognized in
Earnings on Derivatives
 
2019
 
2018
 
2019
 
2018
Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
Foreign exchange contracts
 
Other income (expense), net
 
$
220

 
$