0000842633-24-000053 | 10-Q | XBRL Viewer

Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year

$ 6,870

Lessee, Operating Lease, Liability, to be Paid, Year One

8,450

Lessee, Operating Lease, Liability, to be Paid, Year Two

8,730

Lessee, Operating Lease, Liability, to be Paid, Year Three

7,520

Lessee, Operating Lease, Liability, to be Paid, Year Four

5,580

Lessee, Operating Lease, Liability, to be Paid, after Year Four

12,850

Lessee, Operating Lease, Liability, to be Paid

50,000

Lessee, Operating Lease, Liability, Undiscounted Excess Amount

(6,050)

Operating Lease, Liability

43,950

Finance Lease, Liability, to be Paid, Remainder of Fiscal Year

390

Finance Lease, Liability, to be Paid, Year One

520

Finance Lease, Liability, to be Paid, Year Two

600

Finance Lease, Liability, to be Paid, Year Three

690

Finance Lease, Liability, to be Paid, Year Four

Finance Lease, Liability, to be Paid, After Year Four

Finance Lease, Liability, to be Paid

2,200

Finance Lease, Liability, Undiscounted Excess Amount

(170)

Finance Lease, Liability

$ 2,030

[1]	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.

Derivative Instruments - Derivative Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($)
Designated as Hedging Instrument [Member] \| Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	1.06%
Derivative, Notional Amount	$ 75.0
Designated as Hedging Instrument [Member] \| Minimum [Member] \| Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, Fixed Interest Rate	2.40%
Not Designated as Hedging Instrument [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 207.9
Not Designated as Hedging Instrument [Member] \| Minimum [Member] \| Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 75.0

Derivative Instruments - Derivatives not designated as hedging instruments (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 207,900
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	1,710	$ (760)
Currency Swap
Derivative [Line Items]
Derivative, Notional Amount	75,000
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net	$ (300)	$ 0

Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Asbestos-related liability noncurrent	$ 23,250	$ 23,880
Other long-term liabilities other than asbestos liability	22,220	16,740
Other Liabilities, Noncurrent	$ 45,470	$ 40,620

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

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill for the three months ended March 31, 2024 are summarized as follows (dollars in thousands):



	Packaging		Aerospace		Specialty Products		Total
Balance, December 31, 2023	$	287,350	$	69,860	$	6,560	$	363,770




Foreign currency translation and other	(2,350)		(160)		—		(2,510)
Balance, March 31, 2024	$	285,000	$	69,700	$	6,560	$	361,260

Schedule of Intangible Assets (excluding Goodwill) by Major Class

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


	As of March 31, 2024				As of December 31, 2023
Intangible Category by Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships, 5 – 12 years	$	140,430	$	(90,600)	$	141,260	$	(89,020)
Customer relationships, 15 – 25 years	129,660		(82,130)		129,830		(80,600)
Total customer relationships	270,090		(172,730)		271,090		(169,620)
Technology and other, 1 – 15 years	56,910		(42,530)		56,970		(41,850)
Technology and other, 17 – 30 years	43,300		(40,810)		43,300		(40,730)
Total technology and other	100,210		(83,340)		100,270		(82,580)
Indefinite-lived intangible assets:
Trademark/Trade names	61,510		—		61,860		—
Total other intangible assets	$	431,810	$	(256,070)	$	433,220	$	(252,200)

Schedule of Finite-Lived Intangible Assets, Amortization Expense

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


	Three months ended March 31,
		2024		2023
Technology and other, included in cost of sales		$	790	$	810
Customer relationships, included in selling, general and administrative expenses		3,420		3,780
Total amortization expense		$	4,210	$	4,590

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

Other Liabilities Disclosure [Abstract]

Derivative Instruments - Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	$ (10,870)	$ (6,510)
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	0	0
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	(10,870)	(6,510)
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Instruments in Hedges, at Fair Value, Net	0	0
Foreign Exchange Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	5,060	(140)
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	0	0
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	5,060	(140)
Foreign Exchange Contract [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Derivatives Not Designated as Hedging Instruments at Fair Value, Net	$ 0	$ 0

Other Long-term Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Noncurrent Liabilities [Table Text Block]

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


	March 31, 2024		December 31, 2023
Non-current asbestos-related liabilities	$	23,250	$	23,880
Other long-term liabilities	22,220		16,740
Total other long-term liabilities	$	45,470	$	40,620

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

As of March 31, 2024 and December 31, 2023, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):

Asset / (Liability) Derivatives

Derivatives designated as hedging instruments

Balance Sheet Caption

March 31,
2024

December 31,
2023

Net Investment Hedges

Cross-currency swaps

Accrued liabilities

—

(6,510)

Cross-currency swaps

Other long-term liabilities

(6,010)

—

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 March 31, 2024 and December 31, 2023, and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2024 and 2023 (dollars in thousands):


	Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax)						Amount of Income (Loss) Reclassified from AOCI into Earnings
	As of March 31, 2024		As of December 31, 2023		Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Three months ended March 31,
								2024		2023
Net Investment Hedges
Cross-currency swaps	$	13,850	$	13,260	Other income (expense), net			$	—	$	—

Derivatives Not Designated as Hedging Instruments

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


			Amount of Income (Loss) Recognized in Earnings on Derivatives
		Three months ended March 31,
	Location of Income (Loss) Recognized in Earnings on Derivatives			2024		2023
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net			$	1,710	$	(760)
Cross-currency swaps	Other income (expense), net			(300)		—

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 March 31, 2024 and December 31, 2023 are shown below (dollars in thousands):


Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2024
Cross-currency swaps	Recurring	$	(10,870)	$	—	$	(10,870)	$	—
Foreign exchange contracts	Recurring	$	5,060	$	—	$	5,060	$	—
December 31, 2023
Cross-currency swaps	Recurring	$	(6,510)	$	—	$	(6,510)	$	—
Foreign exchange contracts	Recurring	$	(140)	$	—	$	(140)	$	—

Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Other Comprehensive Income [Abstract]

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

Changes in AOCI by component for the three months ended March 31, 2024 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2023	$	(5,730)	$	13,260	$	(6,880)	$	650
Net unrealized gains (losses) arising during the period (a)	—		590		(3,510)		(2,920)
Less: Net realized losses reclassified to net income	(20)		—		—		(20)
Net current-period other comprehensive income (loss)	20		590		(3,510)		(2,900)

Balance, March 31, 2024	$	(5,710)	$	13,850	$	(10,390)	$	(2,250)

__________________________

(a) Derivative instruments, net of income tax of $0.2 million. See Note 9, "Derivative Instruments," for further details.

Changes in AOCI by component for the three months ended March 31, 2023 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2022	$	(5,380)	$	15,320	$	(18,560)	$	(8,620)
Net unrealized gains (losses) arising during the period (a)	—		(1,860)		5,290		3,430
Less: Net realized losses reclassified to net income	(20)		—		—		(20)
Net current-period other comprehensive income (loss)	20		(1,860)		5,290		3,450

Balance, March 31, 2023	$	(5,360)	$	13,460	$	(13,270)	$	(5,170)

__________________________

(a) Derivative instruments, net of income tax of $0.6 million. See Note 9, "Derivative Instruments," for further details.

Other Long-term Liabilities (Notes)

3 Months Ended

Mar. 31, 2024

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):


	March 31, 2024		December 31, 2023
Non-current asbestos-related liabilities	$	23,250	$	23,880
Other long-term liabilities	22,220		16,740
Total other long-term liabilities	$	45,470	$	40,620

Commitments and Contingencies Asbestos Narrative (Details) - Asbestos [Member]	3 Months Ended	12 Months Ended	399 Months Ended
	Mar. 31, 2024 USD ($) cases claimants	Dec. 31, 2023 USD ($) claimants	Mar. 31, 2024 USD ($) cases claimants	Dec. 31, 2022 USD ($) claimants
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations	$ 25,900,000	$ 26,600,000	$ 25,900,000
Loss Contingency, Pending Cases, Number \| cases	465		465
Loss Contingency, Pending Claims, Number \| claimants	4,880	4,863	4,880	4,798
Total settlement costs			$ 13,200,000
Loss Contingency, New Claims Filed, Number \| claimants	70	261
Percentage of settlement and defense costs covered by insurance			40.00%
Legal Fees	$ 460,000	$ 1,920,000
Minimum [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations				$ 29,600,000
Maximum [Member]
Loss Contingencies [Line Items]
Liabilities Subject to Compromise, Asbestos Obligations				$ 39,500,000
Punitive Only Damages [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 5,000,000
Compensatory Only Damages [Member] \| Pending Litigation [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	34		34

Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

AOCI Attributable to Parent, Net of Tax [Roll Forward]

$ 682,950

$ 651,830

(2,900)

3,450

Cross Currency Interest Rate Contract [Member]

673,220

648,760

Other Comprehensive Income (Loss), Tax [Abstract]

Other Comprehensive Income (Loss), Tax

(200)

600

Defined Benefit Plans [Member]

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Net unrealized gains (losses) arising during the period

(5,730)

(5,380)

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(20)

Accumulated Net Gain (Loss) from Hedges Attributable to Parent [Member]

(5,710)

(5,360)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Net unrealized gains (losses) arising during the period

13,260

15,320

590

^[1]

(1,860)

^[2]

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

590

(1,860)

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

13,850

13,460

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Net unrealized gains (losses) arising during the period

(6,880)

(18,560)

(3,510)

5,290

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(3,510)

5,290

Accumulated Other Comprehensive Income (Loss) [Member]

(10,390)

(13,270)

AOCI Attributable to Parent, Net of Tax [Roll Forward]

Net unrealized gains (losses) arising during the period

650

(8,620)

(2,920)

3,430

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(20)

(2,900)

3,450

$ (2,250)

$ (5,170)

[1]	Derivative instruments, net of income tax of $0.2 million. See Note 9, "Derivative Instruments," for further details
[2]	Derivative instruments, net of income tax of $0.6 million. See Note 9, "Derivative Instruments," for further details.

Consolidated Statement of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statement of Income - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 227,100	$ 215,460
Cost of sales	(174,390)	(167,770)
Gross profit	52,710	47,690
Selling, general and administrative expenses	(40,270)	(37,700)
Operating profit	12,440	9,990
Other expense, net:
Interest expense	(4,930)	(3,700)
Other income (expense), net	(320)	(70)
Other expense, net	(5,250)	(3,770)
Income before income tax expense	7,190	6,220
Income tax expense	(2,050)	(1,310)
Net income	$ 5,140	$ 4,910
Basic earnings per share
Net income per share	$ 0.13	$ 0.12
Weighted average common shares—basic	41,018,049	41,543,625
Diluted earnings per share
Net income per share	$ 0.12	$ 0.12
Weighted average common shares—diluted	41,322,014	41,802,037

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 227,100	$ 215,460
Consumer Products [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	103,580	95,290
Aerospace & Defense [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	67,340	49,990
Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 56,180	$ 70,180

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Other Revolving Loan Facility (Details) - Revolving Credit Facility [Member] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
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

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

Long-term Debt (Notes)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Long-term debt

Long-term Debt

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


	March 31, 2024		December 31, 2023
4.125% Senior Notes due April 2029	$	400,000	$	400,000

Credit Agreement	29,040		—

Debt issuance costs	(4,110)		(4,340)


Long-term debt, net	$	424,930	$	395,660

Senior Notes

In March 2021, the Company issued $400.0 million aggregate principal amount of 4.125% senior notes due April 15, 2029 ("Senior Notes") at par value in a private placement under Rule 144A of the Securities Act of 1933, as amended ("Securities Act"). The 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 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 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 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 Senior Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:


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

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, maturing on March 29, 2026. The Credit Agreement is subject to benchmark interest rates determined based on the currency denomination of borrowings, with British pound sterling borrowings subject to the Sterling Overnight Index Average and Euro borrowings to the Euro InterBank Offered Rate, both plus a spread of 1.625%, and U.S. dollar borrowings subject to the Secured Overnight Financing Rate plus a spread of 1.725%. The interest rate spread is based upon the leverage ratio, as defined, as of the most recent determination date. The Company's revolving credit facility allows for the issuance of letters of credit, not to exceed $40.0 million in aggregate.

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.

At March 31, 2024, the Company had $29.0 million outstanding under its revolving credit facility and had $265.0 million potentially available after giving effect to $6.0 million of letters of credit issued and outstanding. At December 31, 2023, the Company had no amounts outstanding under its revolving credit facility and had $294.0 million potentially available after giving effect to $6.0 million of letters of credit issued and outstanding. After consideration of leverage restrictions contained in the Credit Agreement, as of March 31, 2024 and December 31, 2023, the Company had $227.0 million and $256.9 million, respectively, of borrowing capacity available for general corporate purposes.

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 any 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 March 31, 2024, 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 March 31, 2024 and December 31, 2023.

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):


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	362,000	$	400,000	$	364,000

Revolving credit facility	29,040		29,040		—		—

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Share-Based Payment Arrangement [Abstract]

Equity Awards (Tables)

3 Months Ended

Mar. 31, 2024

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

Information related to RSUs at March 31, 2024 is as follows:


	Number of Unvested RSUs	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	691,836	$	30.97
Granted	424,788	24.85
Vested	(183,582)	30.65
Cancelled	(67,524)	34.96
Outstanding at March 31, 2024	865,518	$	27.73	1.7	$	23,135,296

Consolidated Statement of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balances at Dec. 31, 2022	$ 651,830	$ 420	$ 696,160	$ (36,130)	$ (8,620)
Net income	4,910			4,910
Other comprehensive income (loss)	3,450				3,450
Purchase of common stock	(10,400)	0	(10,400)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(2,310)		(2,310)
Non-cash compensation expense	2,940		2,940
Dividends declared	(1,660)		(1,660)
Balances at Mar. 31, 2023	648,760	420	684,730	(31,220)	(5,170)
Balances at Dec. 31, 2023	682,950	410	677,660	4,230	650
Net income	5,140			5,140
Other comprehensive income (loss)	(2,900)				(2,900)
Purchase of common stock	(13,320)	0	(13,240)	(80)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,560)		(1,560)
Non-cash compensation expense	4,570		4,570
Dividends declared	(1,660)		0	(1,660)
Balances at Mar. 31, 2024	$ 673,220	$ 410	$ 667,430	$ 7,630	$ (2,250)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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Property, Plant and Equipment [Abstract]

Property and Equipment, Net - Property and Equipment Table (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 643,390	$ 634,160
Less: Accumulated depreciation	311,300	304,170
Property and equipment, net	332,090	329,990
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,730	32,840
Building [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	99,550	99,230
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 511,110	$ 502,090

Earnings per Share (Notes)

3 Months Ended

Mar. 31, 2024

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 RSUs. The following table summarizes the dilutive effect of RSUs to purchase common stock for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
		2024	2023
Weighted average common shares—basic		41,018,049	41,543,625
Dilutive effect of restricted stock units		303,965	258,412

Weighted average common shares—diluted		41,322,014	41,802,037

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 months ended March 31, 2024, the Company purchased 540,037 shares of its outstanding common stock for $13.3 million. During the three months ended March 31, 2023, the Company purchased 350,862 shares of its outstanding common stock for $10.4 million. As of March 31, 2024, the Company had $73.6 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 March 31, 2024, the Company's cash dividends declared were $0.04 per share of common stock and total dividends declared and paid on common shares were $1.7 million. In the three months ended March 31, 2023, the Company's cash dividends declared were $0.04 per share of common stock and total dividends declared and paid on common shares were $1.7 million.

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

Property and Equipment

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


	March 31, 2024		December 31, 2023
Land and land improvements	$	32,730	$	32,840
Buildings	99,550		99,230
Machinery and equipment	511,110		502,090
	643,390		634,160
Less: Accumulated depreciation	311,300		304,170
Property and equipment, net	$	332,090	$	329,990

Depreciation Expense

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


	Three months ended March 31,
		2024		2023
Depreciation expense, included in cost of sales		$	9,750	$	8,560
Depreciation expense, included in selling, general and administrative expenses		230		200
Total depreciation expense		$	9,980	$	8,760

Equity Awards - Restricted Stock Units Activity Table (Details) - Restricted Stock Units [Member]	3 Months Ended
	Mar. 31, 2024 $ / 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	691,836
Number of Unvested Restricted Stock Units Granted \| shares	424,788
Number of Unvested Restricted Stock Units Vested \| shares	(183,582)
Number of Unvested Restricted Stock Units Cancelled \| shares	(67,524)
Number of Unvested Restricted Stock Units Outstanding, ending balance \| shares	865,518
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	$ 30.97
Unvested Restricted Stock Units Granted, Weighted Average Grant Date Fair Value	24.85
Unvested Restricted Stock Units Vested, Weighted Average Grant Date Fair Value	30.65
Unvested Restricted Stock Units Cancelled, Weighted Average Grant Date Fair Value	34.96
Unvested Restricted Stock Units Outstanding, Weighted Average Grant Date Fair Value, ending	$ 27.73
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 8 months 12 days
Restricted Stock Units Aggregate Intrinsic Value	$ 23,135,296

Segment Information (Notes)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

TriMas reports its operations in three segments: Packaging, Aerospace and Specialty Products. Each of these segments has discrete financial information that is regularly evaluated by TriMas' President and Chief Executive Officer (chief operating decision maker) in determining resource, personnel and capital allocation, as well as assessing strategy and performance. The Company utilizes its proprietary TriMas Business Model as its platform, which is based upon a standardized set of processes, to manage and drive results and strategy across its multi-industry businesses.

Within each of the Company's reportable segments, there are no individual products or product families for which reported net sales accounted for more than 10% of the Company's consolidated net sales. See below for more information regarding the types of products and services provided within each reportable segment:

Packaging – TriMas' Packaging segment consists primarily of the Rieke, Affaba & Ferrari, Taplast, Rapak, Plastic Srl, Aarts Packaging, Intertech and Omega brands. TriMas Packaging develops and manufactures a broad array of dispensing products (such as foaming pumps, lotion, hand soap 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 resistant caps, beverage closures, fragrance and cosmetic caps, drum and pail closures, and flexible spouts), polymeric jar products, fully integrated dispensers for fill-ready bag-in-box applications, and consumable vascular delivery and diagnostic test components, all for a variety of consumer products submarkets including, but not limited to, beauty and personal care, food and beverage, home care, and life sciences, including but not limited to pharmaceutical, nutraceutical, and medical, as well as industrial markets (including agricultural).

Aerospace – TriMas' Aerospace segment, which includes the Monogram Aerospace Fasteners, Allfast Fastening Systems, Mac Fasteners, TFI Aerospace, RSA Engineered Products, Martinic Engineering, and Weldmac Manufacturing Company brands, develops, qualifies and manufactures highly-engineered, precision fasteners, tubular products and assemblies for fluid conveyance, and machined products and assemblies to serve the aerospace and defense market.

Specialty Products – TriMas' Specialty Products segment, which includes the Norris Cylinder and Arrow Engine brands, designs, manufactures and distributes highly-engineered steel cylinders for use within industrial and aerospace markets, natural gas-fired engines for remote power generation applications and compression systems for use within the North American industrial oil and gas and power generation end-markets.

Segment activity is as follows (dollars in thousands):


	Three months ended March 31,
		2024		2023
Net Sales
Packaging		$	127,020	$	116,220
Aerospace		67,340		49,990
Specialty Products		32,740		49,250
Total		$	227,100	$	215,460
Operating Profit (Loss) and Income Before Income Tax Expense
Segment operating profit
Packaging		$	17,110	$	14,390
Aerospace		7,130		1,430
Specialty Products		2,610		9,750
Segment operating profit		26,850		25,570
Corporate (a)		(14,410)		(15,580)
Total operating profit		12,440		9,990
Interest expense		(4,930)		(3,700)
Other income (expense), net		(320)		(70)
Income before income tax expense		$	7,190	$	6,220

__________________________

(a) Corporate consists of the corporate office and related corporate activities. Corporate expenses primarily include compensation, benefits, professional services, information technology and other administrative costs. Corporate expenses reconcile reportable segment information to the consolidated totals.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Derivative Instruments and Hedging Activities Disclosure [Abstract]

New Accounting Pronouncements (Notes)	3 Months Ended
New Accounting Pronouncements (Notes)	Mar. 31, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires enhanced jurisdictional disclosures for income taxes paid and requires the use of specific categories in the effective tax rate reconciliation as well as additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), which requires disclosure of significant segment expenses and other segment items by reportable segment on an annual and interim basis, the title and position of chief operating decision maker ("CODM") and how the CODM uses reported measures in assessing segment performance, and also extends the requirement of annual disclosures currently required by Topic 280 to interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact of adoption on its consolidated financial statements.

Derivative Instruments (Notes)

3 Months Ended

Mar. 31, 2024

Derivative Instruments

Derivatives Designated as Hedging Instruments

In February 2024, the Company entered into a cross-currency swap agreement 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 agreement is effective as of April 15, 2024, has a notional amount of $75.0 million and a contract period end date of April 15, 2029. Under the terms of the agreement, the Company is to receive net interest payments at a fixed rate of approximately 1.06% of the notional amount. At inception, the cross-currency swap was designated as a net investment hedge. At designation, the cross currency swap had an inception date non-zero fair value equal to a $4.9 million liability, which offset the inception date non-zero fair value of a $75.0 million foreign currency exchange forward contract entered into on the same date. The non-zero fair value of the cross currency swap was recognized in other income (expense), net in the consolidated statement of income during the three months ended March 31, 2024.

In February 2024, immediately prior to entering into the new cross-currency swap agreement, the Company voluntarily discontinued hedge accounting for its existing cross-currency swap agreement, de-designating the swap as a net investment hedge. The de-designated agreement has a notional amount of $75.0 million and a contract period end date of April 15, 2024. Under the terms of the agreement, the Company is to receive net interest payments at a fixed rate of approximately 2.4% of the notional amount.

As of March 31, 2024 and December 31, 2023, the fair value carrying amount of the Company's derivatives designated as hedging instruments are recorded as follows (dollars in thousands):

Asset / (Liability) Derivatives

Derivatives designated as hedging instruments

Balance Sheet Caption

March 31,
2024

December 31,
2023

Net Investment Hedges

Cross-currency swaps

Accrued liabilities

—

(6,510)

Cross-currency swaps

Other long-term liabilities

(6,010)

—


	Amount of Income Recognized in AOCI on Derivatives (Effective Portion, net of tax)						Amount of Income (Loss) Reclassified from AOCI into Earnings
	As of March 31, 2024		As of December 31, 2023		Location of Income (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Three months ended March 31,
								2024		2023
Net Investment Hedges
Cross-currency swaps	$	13,850	$	13,260	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 March 31, 2024, the Company was party to foreign currency exchange forward contracts to economically hedge changes in foreign currency rates with notional amounts of $207.9 million and a cross-currency swap agreement previously designated as a net investment hedge with notional amount of $75.0 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 September 2024. These contracts are not designated as hedge instruments; therefore, gains and losses on these contracts are recognized each period directly into the consolidated statement of income.

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


			Amount of Income (Loss) Recognized in Earnings on Derivatives
		Three months ended March 31,
	Location of Income (Loss) Recognized in Earnings on Derivatives			2024		2023
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other income (expense), net			$	1,710	$	(760)
Cross-currency swaps	Other income (expense), net			(300)		—

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 March 31, 2024 and December 31, 2023 are shown below (dollars in thousands):


Description	Frequency	Asset / (Liability)		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2024
Cross-currency swaps	Recurring	$	(10,870)	$	—	$	(10,870)	$	—
Foreign exchange contracts	Recurring	$	5,060	$	—	$	5,060	$	—
December 31, 2023
Cross-currency swaps	Recurring	$	(6,510)	$	—	$	(6,510)	$	—
Foreign exchange contracts	Recurring	$	(140)	$	—	$	(140)	$	—

Defined Benefit Plans (Notes)

3 Months Ended

Mar. 31, 2024

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

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 (income) are as follows (dollars in thousands):


	Three months ended March 31,
		2024		2023
Service costs		$	130	$	120
Interest costs		330		320
Expected return on plan assets		(510)		(530)


Amortization of net loss		50		30
Net periodic benefit cost (income)		$	—	$	(60)

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.

The Company contributed $0.2 million to its defined benefit pension plans during the three months ended March 31, 2024. The Company expects to contribute $1.2 million to its defined benefit pension plans for the full year 2024.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Goodwill and Intangible Assets Disclosure [Abstract]

Derivative Instruments - Designated as hedging, Financial Position (Details) - Net Investment Hedging [Member] - Cross Currency Interest Rate Contract [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 0	$ 6,510
Other long-term liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability Derivatives	$ 6,010	$ 0

Commitments and Contingencies Asbestos Claimant and Settlement (Details) - Asbestos [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) claimants	Dec. 31, 2023 USD ($) claimants	Dec. 31, 2022 claimants
Loss Contingencies [Line Items]
Loss Contingency, Pending Claims, Number	4,880	4,863	4,798
Loss Contingency, New Claims Filed, Number	70	261
Loss Contingency, Claims Dismissed, Number	46	160
Loss Contingency, Claims Settled, Number	7	36
Average settlement amount per claim during period \| $	$ 22,857	$ 15,465
Legal Fees \| $	$ 460,000	$ 1,920,000

Subsequent Event Dividend (Details) - Subsequent Event [Member]	Apr. 23, 2024 $ / shares
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share	$ 0.04
Dividends Payable, Date Declared	Apr. 23, 2024
Dividends Payable, Date to be Paid	May 14, 2024
Dividends Payable, Date of Record	May 07, 2024

Goodwill and Other Intangible Assets (Notes)

3 Months Ended

Mar. 31, 2024

Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of goodwill for the three months ended March 31, 2024 are summarized as follows (dollars in thousands):



	Packaging		Aerospace		Specialty Products		Total
Balance, December 31, 2023	$	287,350	$	69,860	$	6,560	$	363,770




Foreign currency translation and other	(2,350)		(160)		—		(2,510)
Balance, March 31, 2024	$	285,000	$	69,700	$	6,560	$	361,260

Other Intangible Assets


	As of March 31, 2024				As of December 31, 2023
Intangible Category by Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Finite-lived intangible assets:
Customer relationships, 5 – 12 years	$	140,430	$	(90,600)	$	141,260	$	(89,020)
Customer relationships, 15 – 25 years	129,660		(82,130)		129,830		(80,600)
Total customer relationships	270,090		(172,730)		271,090		(169,620)
Technology and other, 1 – 15 years	56,910		(42,530)		56,970		(41,850)
Technology and other, 17 – 30 years	43,300		(40,810)		43,300		(40,730)
Total technology and other	100,210		(83,340)		100,270		(82,580)
Indefinite-lived intangible assets:
Trademark/Trade names	61,510		—		61,860		—
Total other intangible assets	$	431,810	$	(256,070)	$	433,220	$	(252,200)

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 March 31,
		2024		2023
Technology and other, included in cost of sales		$	790	$	810
Customer relationships, included in selling, general and administrative expenses		3,420		3,780
Total amortization expense		$	4,210	$	4,590

Goodwill and Other Intangible Assets Schedule of Intangible Assets (excluding Goodwill) by Major Class (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (256,070)	$ (252,200)
Intangible Assets, Gross (Excluding Goodwill)	431,810	433,220
Trademarks and Trade Names [Member]
Intangible Assets, excluding Goodwill [Line Items]
Indefinite-lived intangible assets, gross carrying amount	61,510	61,860
Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	270,090	271,090
Finite-lived intangible assets, accumulated amortization	(172,730)	(169,620)
Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	100,210	100,270
Finite-lived intangible assets, accumulated amortization	(83,340)	(82,580)
Useful Life Five to Twelve Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	140,430	141,260
Finite-lived intangible assets, accumulated amortization	(90,600)	(89,020)
Useful Life Fifteen to Twentyfive Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	129,660	129,830
Finite-lived intangible assets, accumulated amortization	(82,130)	(80,600)
Useful Life One to Fifteen Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	56,910	56,970
Finite-lived intangible assets, accumulated amortization	(42,530)	(41,850)
Useful Life Seventeen to Thirty Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-lived intangible assets, gross carrying amount	43,300	43,300
Finite-lived intangible assets, accumulated amortization	$ (40,810)	$ (40,730)
Minimum [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	1 year
Minimum [Member] \| Useful Life Five to Twelve Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	5 years
Minimum [Member] \| Useful Life Fifteen to Twentyfive Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years
Minimum [Member] \| Useful Life One to Fifteen Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	1 year
Minimum [Member] \| Useful Life Seventeen to Thirty Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	17 years
Maximum [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	30 years
Maximum [Member] \| Useful Life Five to Twelve Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	12 years
Maximum [Member] \| Useful Life Fifteen to Twentyfive Years [Member] \| Customer Relationships [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	25 years
Maximum [Member] \| Useful Life One to Fifteen Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	15 years
Maximum [Member] \| Useful Life Seventeen to Thirty Years [Member] \| Technology and Other [Member]
Intangible Assets, excluding Goodwill [Line Items]
Finite-Lived Intangible Assets, Useful Life	30 years

Derivative Instruments - Designated as hedging, Financial Performance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ (2,250)		$ 650
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)	13,850		$ 13,260
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 0

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

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

Commitments and Contingencies Asbestos Damages Sought (Details) - Asbestos [Member] $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) claimants
Compensatory Only Damages [Member] \| Range 1 [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 0.0
Compensatory Only Damages [Member] \| Range 1 [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	0.6
Compensatory Only Damages [Member] \| Range 2 [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	0.6
Compensatory Only Damages [Member] \| Range 2 [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	5.0
Compensatory Only Damages [Member] \| Range 3 [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	5.0
Punitive Only Damages [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 5.0
Pending Litigation [Member] \| Compensatory Only Damages [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	34
Pending Litigation [Member] \| Compensatory Only Damages [Member] \| Range 1 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	0
Pending Litigation [Member] \| Compensatory Only Damages [Member] \| Range 2 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	3
Pending Litigation [Member] \| Compensatory Only Damages [Member] \| Range 3 [Member]
Loss Contingencies [Line Items]
Number of pending claims seeking specific amounts of damages \| claimants	31

Earnings per Share Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

The following table summarizes the dilutive effect of RSUs to purchase common stock for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
		2024	2023
Weighted average common shares—basic		41,018,049	41,543,625
Dilutive effect of restricted stock units		303,965	258,412

Weighted average common shares—diluted		41,322,014	41,802,037

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 88,060	$ 82,300
Work in process	58,610	51,990
Raw materials	59,590	58,160
Total inventories	$ 206,260	$ 192,450

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory, Current

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


	March 31, 2024		December 31, 2023
Finished goods	$	88,060	$	82,300
Work in process	58,610		51,990
Raw materials	59,590		58,160
Total inventories	$	206,260	$	192,450

Other Comprehensive Income (Loss) (Notes)

3 Months Ended

Mar. 31, 2024

Other Comprehensive Income [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Other Comprehensive Income (Loss)

Changes in AOCI by component for the three months ended March 31, 2024 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2023	$	(5,730)	$	13,260	$	(6,880)	$	650
Net unrealized gains (losses) arising during the period (a)	—		590		(3,510)		(2,920)
Less: Net realized losses reclassified to net income	(20)		—		—		(20)
Net current-period other comprehensive income (loss)	20		590		(3,510)		(2,900)

Balance, March 31, 2024	$	(5,710)	$	13,850	$	(10,390)	$	(2,250)

__________________________

(a) Derivative instruments, net of income tax of $0.2 million. See Note 9, "Derivative Instruments," for further details.

Changes in AOCI by component for the three months ended March 31, 2023 are summarized as follows, net of tax (dollars in thousands):


	Defined Benefit Plans		Derivative Instruments		Foreign Currency Translation		Total
Balance, December 31, 2022	$	(5,380)	$	15,320	$	(18,560)	$	(8,620)
Net unrealized gains (losses) arising during the period (a)	—		(1,860)		5,290		3,430
Less: Net realized losses reclassified to net income	(20)		—		—		(20)
Net current-period other comprehensive income (loss)	20		(1,860)		5,290		3,450

Balance, March 31, 2023	$	(5,360)	$	13,460	$	(13,270)	$	(5,170)

__________________________

(a) Derivative instruments, net of income tax of $0.6 million. See Note 9, "Derivative Instruments," for further details.

Equity Awards (Notes)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Awards

Restricted Stock Units

The Company awarded the following restricted stock units ("RSUs") during the three months ended March 31, 2024:

•Granted 281,405 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 32,544 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 28 RSUs to certain employees related to dividend equivalent rights on existing equity awards; and

•Issued 1,171 RSUs related to director fee deferrals as certain of the Company's directors elected to defer all or a portion of their director fees and to receive the amount in Company common stock at a future date.

During 2024, the Company also awarded 109,640 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 initially earned 50% based upon the Company's achievement of an earnings per share compound annual growth rate ("EPS CAGR") metric and 50% based upon the Company's cash return on net assets ("Cash RONA") metric over a period beginning January 1, 2024 and ending December 31, 2026. The total EPS CAGR and Cash RONA performance-based RSUs initially earned shall be subject to modification 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 4.50% and annualized volatility of 31.4%. 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 250% of the target.

Information related to RSUs at March 31, 2024 is as follows:


	Number of Unvested RSUs	Weighted Average Grant Date Fair Value		Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at January 1, 2024	691,836	$	30.97
Granted	424,788	24.85
Vested	(183,582)	30.65
Cancelled	(67,524)	34.96
Outstanding at March 31, 2024	865,518	$	27.73	1.7	$	23,135,296

As of March 31, 2024, there was $10.2 million of unrecognized compensation cost related to unvested RSUs that is expected to be recorded over a weighted average period of 2.4 years.

RSUs granted to employees who are eligible for retirement on the date of the grant are expensed immediately, and RSUs granted to employees who will become retirement-eligible prior to the end of the vesting term are expensed over the period through which the employee will become retirement-eligible since these awards vest upon retirement from the Company. Compensation expense for RSUs granted to employees who will not become retirement-eligible prior to the end of the vesting term is recognized on a straight-line basis over the vesting period. The Company recognized stock-based compensation expense related to RSUs of $4.6 million and $2.9 million during the three months ended March 31, 2024 and 2023, respectively. The stock-based compensation expense is included in selling, general and administrative expenses in the accompanying consolidated statement of income.

Other Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating Lease, Payments	$ 2,360	$ 2,590
Finance Lease, Interest Payment on Liability	10	10
Finance Lease, Principal Payments	120	80
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	870	4,780
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	$ 0	$ 2,620
Operating Lease, Weighted Average Remaining Lease Term	6 years 2 months 12 days
Finance Lease, Weighted Average Remaining Lease Term	3 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	4.10%
Finance Lease, Weighted Average Discount Rate, Percent	2.60%

Inventories (Notes)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

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


	March 31, 2024		December 31, 2023
Finished goods	$	88,060	$	82,300
Work in process	58,610		51,990
Raw materials	59,590		58,160
Total inventories	$	206,260	$	192,450

Defined Benefit Plans - Net Periodic Pension Costs (Details) - Pension Plans, Defined Benefit [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service costs	$ 130	$ 120
Interest costs	330	320
Expected return on plan assets	(510)	(530)
Amortization of net (gain)/loss	50	30
Net periodic benefit cost (income)	$ 0	$ (60)

Segment Information Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

$ 227,100

$ 215,460

Segment Reporting Information, Additional Information [Abstract]

12,440

9,990

Gain (Loss) on Disposition of Assets

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

7,190

6,220

Operating Segments [Member]

Operating Segments [Member] | Packaging [Member]

26,850

25,570

127,020

116,220

Operating Segments [Member] | Aerospace [Member]

17,110

14,390

67,340

49,990

Operating Segments [Member] | Specialty Products [Member]

7,130

1,430

32,740

49,250

Corporate, Non-Segment [Member]

2,610

9,750

^[1]

$ (14,410)

$ (15,580)

[1]

Corporate consists of the corporate office and related corporate activities. Corporate expenses primarily include compensation, benefits, professional services, information technology and other administrative costs. Corporate expenses reconcile reportable segment information to the consolidated totals

Earnings per Share Earnings per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average common shares—basic	41,018,049	41,543,625
Weighted average common shares—diluted	41,322,014	41,802,037
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	303,965	258,412

Acquisitions - Other Acquisitions (Details) $ in Thousands, € in Millions			3 Months Ended		12 Months Ended
	Jul. 10, 2023 USD ($)	Apr. 21, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2023 USD ($)	Feb. 01, 2023 USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 0	$ 37,790
Goodwill			361,260				$ 363,770
Net sales			227,100	215,460
Aarts Packaging B.V.
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired				$ 37,800
Goodwill								$ 20,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill								10,900
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital								7,400
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment								8,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities								3,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other								$ 5,500
Net sales \| €						€ 23
Weldmac Manufacturing Company
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 34,000
Business Combination, Recognized Identifiable Assets and Liabilities Assumed, Net Working Capital		20,300
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment		23,700
Net sales					$ 33,000
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low		0	0
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High		$ 10,000	$ 4,500
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 5,500

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Balance Sheet Information about Leases of Lessee

Supplemental balance sheet information related to the Company's leases are shown below (dollars in thousands):


	Balance Sheet Location	March 31, 2024		December 31, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	41,690	$	43,220
Finance leases	Property and equipment, net (a)	2,380		2,470
Total lease assets		$	44,070	$	45,690
Liabilities
Current:
Operating leases	Lease liabilities, current portion	$	7,560	$	7,410
Finance leases	Lease liabilities, current portion	470		490
Long-term:
Operating leases	Lease liabilities	36,390		37,980
Finance leases	Lease liabilities	1,560		1,710
Total lease liabilities		$	45,980	$	47,590

__________________________

(a) Finance leases were recorded net of accumulated depreciation of $0.3 million as of March 31, 2024.

Lease, Cost [Table Text Block]

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


		Three months ended March 31,
	Statement of Income Location		2024		2023
Operating lease cost	Cost of sales and Selling, general and administrative expenses		$	2,280	$	2,580
Finance lease cost:
Depreciation of lease assets	Cost of sales		60		40
Interest on lease liabilities	Interest expense		10		10
Short-term, variable and other lease costs	Cost of sales and Selling, general and administrative expenses		1,090		640
Total lease cost			$	3,440	$	3,270

Lessee, Lease Liability, Maturity

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


Year ended December 31,	Operating Leases(a)		Finance Leases(a)
2024 (excluding the three months ended March 31, 2024)	$	6,870	$	390
2025	8,450		520
2026	8,730		600
2027	7,520		690
2028	5,580		—
Thereafter	12,850		—
Total lease payments	50,000		2,200
Less: Imputed interest	(6,050)		(170)
Present value of lease liabilities	$	43,950	$	2,030

__________________________

(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.

Supplemental Cash Flow Information Related to Leases

Other information related to the Company's leases are as follows (dollars in thousands):


	Three months ended March 31,
		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	2,360	$	2,590
Operating cash flows from finance leases		10		10
Financing cash flows from finance leases		120		80
Lease assets obtained in exchange for new lease liabilities:
Operating leases		870		4,780
Finance leases		—		2,620

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	28.50%	21.10%
Other Tax Expense (Benefit)	$ 2.1	$ 1.3

Basis of Presentation (Notes)	3 Months Ended
Basis of Presentation (Notes)	Mar. 31, 2024
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 and volatility in the current economic environment due to input cost inflation, supply chain disruptions, and shortages in global markets for commodities, logistics and labor. To the extent there are differences between these estimates and actual results, the Company's consolidated financial statements may be materially affected. Results of operations for interim periods are not necessarily indicative of results for the full year. The accompanying consolidated financial statements and notes thereto should be read in conjunction with the Company's 2023 Annual Report on Form 10-K.

Acquisitions (Notes)	3 Months Ended
Acquisitions (Notes)	Mar. 31, 2024
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	Acquisitions 2023 Acquisitions On April 21, 2023, the Company acquired Weldmac Manufacturing Company ("Weldmac") for a purchase price of $34.0 million, with additional contingent consideration ranging from zero to $10 million based on achievement of earnings targets, as defined in the purchase agreement. The fair value of assets acquired and liabilities assumed included $23.7 million of property and equipment, $20.3 million of net working capital and $10 million of contingent consideration liability, with such estimate representing the Company's best estimate of fair value of contingent consideration based on Level 3 inputs under the fair value hierarchy, as defined. Located in El Cajon, California, and reported in the Company's Aerospace segment, Weldmac is a designer and manufacturer of complex metal fabricated components and assemblies for the aerospace, defense and space launch end markets and historically generated $33 million in annual revenue. On July 10, 2023, the Company made a cash payment of $5.5 million as additional consideration for the purchase of Weldmac based on achievement of earnings targets, as defined in the purchase agreement. The remaining possible contingent consideration ranges from zero to $4.5 million, based on achievement of 2023 earnings targets, as defined in the purchase agreement. At March 31, 2024, the Company believes it is probable the maximum contingent consideration will be earned. On February 1, 2023, the Company acquired Aarts Packaging B.V. ("Aarts"), a luxury packaging solutions provider for beauty and lifestyle brands, as well as for customers in the food and life sciences end markets, for a purchase price of $37.8 million, net of cash acquired. The fair value of assets acquired and liabilities assumed included $20.4 million of goodwill, $10.9 million of intangible assets, $8.5 million of property and equipment, $7.4 million of net working capital, $3.9 million of net deferred tax liabilities and $5.5 million of other liabilities. Aarts, which is reported in the Company's Packaging segment, is located in Waalwijk, The Netherlands, and historically generated €23 million in annual revenue.

Consolidated Statement of Cash Flows Statement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net income	$ 5,140	$ 4,910
Adjustments to reconcile income to net cash provided by operating activities, net of acquisition impact:
Gain on dispositions of assets	(60)	(10)
Depreciation	9,980	8,760
Amortization of intangible assets	4,210	4,590
Amortization of debt issue costs	240	230
Deferred income taxes	3,410	2,070
Non-cash compensation expense	4,570	2,940
Provision for losses on accounts receivable	770	0
Increase in receivables	(16,190)	(11,850)
Decrease (increase) in inventories	(14,260)	(1,590)
Decrease in prepaid expenses and other assets	510	1,490
Decrease in accounts payable and accrued liabilities	(3,670)	(2,360)
Other operating activities	1,660	510
Net cash provided by (used for) operating activities, net of acquisition impact	(3,690)	9,690
Cash Flows from Investing Activities:
Capital expenditures	(13,250)	(14,790)
Acquisition of businesses, net of cash acquired	0	(37,790)
Net proceeds from disposition of property and equipment	110	10
Net cash used for investing activities	(13,140)	(52,570)
Cash Flows from Financing Activities:
Proceeds from borrowings on revolving credit facilities	68,890	10,840
Repayments of borrowings on revolving credit facilities	(39,820)	(10,840)
Payments to purchase common stock	(13,320)	(10,400)
Shares surrendered upon exercise and vesting of equity awards to cover taxes	(1,560)	(2,310)
Dividends paid	(1,660)	(1,660)
Other financing activities	(120)	(2,950)
Net cash provided by (used for) financing activities	12,410	(17,320)
Decrease for the period	(4,420)	(60,200)
At beginning of period	34,890	112,090
At end of period	30,470	51,890
Supplemental disclosure of cash flow information:
Cash paid for interest	490	210
Cash paid for taxes	$ 1,000	$ 1,780

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events On April 23, 2024, 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 May 14, 2024 to shareholders of record as of the close of business on May 7, 2024.

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

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


	Three months ended March 31,
Customer Markets		2024		2023
Consumer Products		$	103,580	$	95,290
Aerospace & Defense		67,340		49,990
Industrial		56,180		70,180
Total net sales		$	227,100	$	215,460

Segment Information Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment activity is as follows (dollars in thousands):


	Three months ended March 31,
		2024		2023
Net Sales
Packaging		$	127,020	$	116,220
Aerospace		67,340		49,990
Specialty Products		32,740		49,250
Total		$	227,100	$	215,460
Operating Profit (Loss) and Income Before Income Tax Expense
Segment operating profit
Packaging		$	17,110	$	14,390
Aerospace		7,130		1,430
Specialty Products		2,610		9,750
Segment operating profit		26,850		25,570
Corporate (a)		(14,410)		(15,580)
Total operating profit		12,440		9,990
Interest expense		(4,930)		(3,700)
Other income (expense), net		(320)		(70)
Income before income tax expense		$	7,190	$	6,220

__________________________

Defined Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2024

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

Schedule of Costs of Retirement Plans

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


	Three months ended March 31,
		2024		2023
Service costs		$	130	$	120
Interest costs		330		320
Expected return on plan assets		(510)		(530)


Amortization of net loss		50		30
Net periodic benefit cost (income)		$	—	$	(60)

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 5,140	$ 4,910
Other comprehensive income (loss)
Defined benefit plans	20	20
Foreign currency translation	(3,510)	5,290
Derivative instruments	590	(1,860)
Total other comprehensive income (loss)	(2,900)	3,450
Total comprehensive income	$ 2,240	$ 8,360

Amount after tax and reclassification adjustments of other comprehensive income (loss).

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Debt Instrument Redemption [Table Text Block]

Long-term Debt Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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


	March 31, 2024		December 31, 2023
4.125% Senior Notes due April 2029	$	400,000	$	400,000

Credit Agreement	29,040		—

Debt issuance costs	(4,110)		(4,340)


Long-term debt, net	$	424,930	$	395,660

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


	March 31, 2024				December 31, 2023
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
4.125% Senior Notes due April 2029	$	400,000	$	362,000	$	400,000	$	364,000

Revolving credit facility	29,040		29,040		—		—

On or after April 15, 2024, 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 April 15 of the years indicated below:


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

Leases (Notes)

3 Months Ended

Mar. 31, 2024

Lessee, Finance and Operating Leases

Leases

The majority of the Company's lease obligations are non-cancelable operating leases for certain equipment and facilities. The Company's finance leases are for certain equipment as part of the Company's acquisition of Aarts. 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.

Supplemental balance sheet information related to the Company's leases are shown below (dollars in thousands):


	Balance Sheet Location	March 31, 2024		December 31, 2023
Assets
Operating leases	Operating lease right-of-use assets	$	41,690	$	43,220
Finance leases	Property and equipment, net (a)	2,380		2,470
Total lease assets		$	44,070	$	45,690
Liabilities
Current:
Operating leases	Lease liabilities, current portion	$	7,560	$	7,410
Finance leases	Lease liabilities, current portion	470		490
Long-term:
Operating leases	Lease liabilities	36,390		37,980
Finance leases	Lease liabilities	1,560		1,710
Total lease liabilities		$	45,980	$	47,590

__________________________

(a) Finance leases were recorded net of accumulated depreciation of $0.3 million as of March 31, 2024.

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


		Three months ended March 31,
	Statement of Income Location		2024		2023
Operating lease cost	Cost of sales and Selling, general and administrative expenses		$	2,280	$	2,580
Finance lease cost:
Depreciation of lease assets	Cost of sales		60		40
Interest on lease liabilities	Interest expense		10		10
Short-term, variable and other lease costs	Cost of sales and Selling, general and administrative expenses		1,090		640
Total lease cost			$	3,440	$	3,270

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


Year ended December 31,	Operating Leases(a)		Finance Leases(a)
2024 (excluding the three months ended March 31, 2024)	$	6,870	$	390
2025	8,450		520
2026	8,730		600
2027	7,520		690
2028	5,580		—
Thereafter	12,850		—
Total lease payments	50,000		2,200
Less: Imputed interest	(6,050)		(170)
Present value of lease liabilities	$	43,950	$	2,030

__________________________

Other information related to the Company's leases are as follows (dollars in thousands):


	Three months ended March 31,
		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		$	2,360	$	2,590
Operating cash flows from finance leases		10		10
Financing cash flows from finance leases		120		80
Lease assets obtained in exchange for new lease liabilities:
Operating leases		870		4,780
Finance leases		—		2,620

The weighted-average remaining lease term of the Company's operating leases and finance leases as of March 31, 2024 is 6.2 years and 3.3 years, respectively. The weighted-average discount rate for the operating leases and finance leases as of March 31, 2024 is 4.1% and 2.6%, respectively.

Leases Lease Cost Table (Details) - USD ($) $ in Thousands	3 Months Ended
Leases Lease Cost Table (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating Lease, Cost	$ 2,280	$ 2,580
Finance Lease, Right-of-Use Asset, Amortization	60	40
Finance Lease, Interest Expense	10	10
Short-term, variable and other lease costs	1,090	640
Lease, Cost	$ 3,440	$ 3,270

Leases Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands

Mar. 31, 2024

Dec. 31, 2023

Operating lease right-of-use assets

$ 41,690

$ 43,220

Finance Lease, Right-of-Use Asset, after Accumulated Amortization

2,380

^[1]

2,470

Lease right of use assets

44,070

45,690

Operating lease liabilities, current portion

7,560

7,410

Finance Lease, Liability, Current

470

490

Operating Lease, Liability, Noncurrent

36,390

37,980

Finance Lease, Liability, Noncurrent

1,560

1,710

Lease liabilities

45,980

$ 47,590

Finance Lease, Right-of-Use Asset, Accumulated Amortization

$ 300

[1]	Finance leases were recorded net of accumulated depreciation of $0.3 million as of March 31, 2024.

Defined Benefit Plans - Defined Benefit Plans Narrative (Details) - Pension Plans, Defined Benefit [Member] $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 0.2
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year	$ 1.2

Earnings per Share Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.04	$ 0.04
Dividends, Common Stock, Cash	$ 1,660	$ 1,660

Goodwill and Other Intangible Assets Goodwill Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance, beginning	$ 363,770
Translation and purchase accounting adjustments	(2,510)
Balance, ending	361,260
Packaging [Member]
Goodwill [Roll Forward]
Balance, beginning	287,350
Translation and purchase accounting adjustments	(2,350)
Balance, ending	285,000
Aerospace [Member]
Goodwill [Roll Forward]
Balance, beginning	69,860
Translation and purchase accounting adjustments	(160)
Balance, ending	69,700
Specialty Products [Member]
Goodwill [Roll Forward]
Balance, beginning	6,560
Translation and purchase accounting adjustments	0
Balance, ending	$ 6,560

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Revenue from Contract with Customer [Abstract]

Revenue (Notes)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Text Block]

Revenue

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


	Three months ended March 31,
Customer Markets		2024		2023
Consumer Products		$	103,580	$	95,290
Aerospace & Defense		67,340		49,990
Industrial		56,180		70,180
Total net sales		$	227,100	$	215,460

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

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes (Notes)	3 Months Ended
Income Taxes (Notes)	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Tax Disclosure	Income Taxes The effective income tax rate for the three months ended March 31, 2024 and 2023 was 28.5% and 21.1%, respectively. The Company recorded tax expense of $2.1 million for the three months ended March 31, 2024, as compared to $1.3 million for the three months ended March 31, 2023. The effective tax rate for the three months ended March 31, 2024 was higher than in the prior year primarily due to increased earnings in certain foreign jurisdictions where the effective tax rate was higher than 21% and losses at certain foreign subsidiaries where no tax benefit could be recorded.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2024	Apr. 23, 2024
Entity Information [Line Items]
Entity Incorporation, State or Country Code	DE
Title of 12(b) Security	Common stock, $0.01 par value
Document Transition Report	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Local Phone Number	631-5450
City Area Code	248
Entity Address, Postal Zip Code	48304
Entity Address, State or Province	MI
Entity Address, City or Town	Bloomfield Hills
Entity Address, Address Line Two	Suite 200
Entity Address, Address Line One	38505 Woodward Avenue
Entity File Number	001-10716
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Registrant Name	TRIMAS CORPORATION
Entity Central Index Key	0000842633
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		40,733,302
Entity Small Business	false
Entity Emerging Growth Company	false
Trading Symbol	TRS
Security Exchange Name	NASDAQ
Entity Tax Identification Number	38-2687639

Long-term Debt - Debt Table (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Deferred Finance Costs, Net	$ (4,110)	$ (4,340)
Long-term debt, net	424,930	395,660
Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	29,040	0
4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt	$ 400,000	$ 400,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Earnings per Share Repurchase of Common Stock (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2015
Stock Repurchased and Retired During Period, Value	$ 13,320,000	$ 10,400,000
10b5-1 share repurchase program [Member]
Stock Repurchase Program, Authorized Amount	$ 250,000,000		$ 50,000,000
Stock Repurchased and Retired During Period, Shares	540,037	350,862
Stock Repurchased and Retired During Period, Value	$ 13,300,000	$ 10,400,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 73,600,000

Long-term Debt - Senior Notes (Details) - Senior Notes [Member] - 4.125% Senior Unsecured Notes Due 2029 $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400.0
Debt Instrument, Interest Rate, Stated Percentage	4.125%
Debt Instrument, Maturity Date	Apr. 15, 2029
Percentage of principal that can be redeemed with cash from proceeds of an equity offering	40.00%
Debt instrument redemption price with net proceeds from equity offering	104.125%
Debt Instrument, Redemption Price, Percentage	100.00%
Redemption, Period Two [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	102.063%
Redemption, Period Three [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	101.031%
Redemption, Period Four [Member]
Debt Instrument [Line Items]
Debt Instrument, Redemption Price, Percentage	100.00%

Long-term Debt - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	$ 29,040	$ 0
4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Debt	400,000	400,000
Revolving Credit Facility [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Debt	29,040	0
Fair Value, Inputs, Level 2 [Member] \| 4.125% Senior Unsecured Notes Due 2029
Debt Instrument [Line Items]
Long-term Debt, Fair Value	362,000	364,000
Fair Value, Inputs, Level 2 [Member] \| Revolving Credit Facility [Member] \| Credit Agreement [Member]
Debt Instrument [Line Items]
Long-term Debt, Fair Value	$ 29,040	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.