Segment Information (Tables)

Segment activity is as follows (dollars in thousands):


	Packaging		Aerospace		Specialty Products		Total
Three Months Ended June 30, 2025
Net sales	$	143,010	$	103,010	$	28,740	$	274,760
Adjusted cost of sales (a)	(107,260)		(70,730)		(26,350)
Adjusted selling, general and administrative expenses (b)	(15,300)		(11,630)		(1,130)
Other segment items (c)	(20)		—		—
Segment adjusted operating profit	$	20,430	$	20,650	$	1,260	$	42,340
Corporate (d)							(14,260)


Business realignment and severance costs							(440)

Purchase accounting charges							(510)
Interest expense							(4,550)
Other income (expense), net							(230)
Income before income tax expense							$	22,350


	Packaging		Aerospace		Specialty Products		Total
Three Months Ended June 30, 2024
Net sales	$	131,930	$	77,720	$	30,850	$	240,500
Adjusted cost of sales (a)	(99,820)		(58,430)		(28,240)
Adjusted selling, general and administrative expenses (b)	(13,590)		(8,840)		(2,010)
Other segment items (c)	(60)		10		(20)
Segment adjusted operating profit	$	18,460	$	10,460	$	580	$	29,500
Corporate (e)							(11,180)


Business realignment and severance costs							(440)
Mergers, acquisitions, diligence and transaction costs							(30)

Interest expense							(5,220)
Other income (expense), net							40
Income before income tax expense							$	12,670

Six Months Ended June 30, 2025
Net sales	$	270,580	$	192,220	$	53,630	$	516,430
Adjusted cost of sales (a)	(202,910)		(135,580)		(49,780)
Adjusted selling, general and administrative expenses (b)	(29,390)		(20,760)		(2,500)
Other segment items (c)	(30)		—		—
Segment adjusted operating profit	$	38,250	$	35,880	$	1,350	$	75,480
Corporate (f)							(23,640)


Business realignment and severance costs							(2,260)

Purchase accounting charges							(670)
Interest expense							(9,070)
Other income (expense), net							(330)
Income before income tax expense							$	39,510

Six Months Ended June 30, 2024
Net sales	$	258,950	$	145,060	$	63,590	$	467,600
Adjusted cost of sales (a)	(194,470)		(110,200)		(56,100)
Adjusted selling, general and administrative expenses (b)	(27,990)		(17,290)		(4,280)
Other segment items (c)	(10)		20		(20)
Segment adjusted operating profit	$	36,480	$	17,590	$	3,190	$	57,260
Corporate (g)							(25,590)


Business realignment and severance costs							(1,350)
Mergers, acquisitions, diligence and transaction costs							(30)

Interest expense							(10,150)
Other income (expense), net							(280)
Income before income tax expense							$	19,860

__________________________

(a) Adjusted cost of sales is defined as cost of sales excluding Special Items.

(b) Adjusted selling, general and administrative expenses is defined as selling, general and administrative expenses excluding Special Items.

(c) Other segment items for each reportable segment includes net gain (loss) on dispositions of assets excluding Special Items.

(d) Includes $2.2 million of realignment, severance and consulting costs and $1.4 million of system implementation costs.

(e) Includes $1.0 million of mergers, acquisition, diligence and transaction costs, and $0.8 million of system implementation costs and $0.7 million for an environmental settlement related to a legacy liability.

(f) Includes $7.0 million of realignment, severance and consulting costs, a $5.3 million gain on the sale of Arrow Engine, $2.4 million of system implementation costs and $0.3 million of mergers, acquisition, diligence and transaction costs.

(g) Includes $2.2 million of mergers, acquisition, diligence and transaction costs, and $1.8 million of system implementation costs, $0.7 million of consulting costs and $0.7 million for an environmental settlement related to a legacy liability.


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Capital expenditures
Packaging	$	8,110	$	7,350	$	16,090	$	15,830
Aerospace	4,920		1,230		7,410		2,660
Specialty Products	2,800		1,460		3,860		4,360
Corporate	1,210		820		2,620		1,260
Total	$	17,040	$	10,860	$	29,980	$	24,110

Depreciation and amortization
Packaging	$	8,710	$	8,540	$	17,040	$	17,110
Aerospace	4,730		4,580		9,330		9,150
Specialty Products	830		1,070		1,650		2,080
Corporate	90		50		170		90
Total	$	14,360	$	14,240	$	28,190	$	28,430


	June 30, 2025		December 31, 2024
Total Assets
Packaging	$	885,330	$	811,190
Aerospace	454,150		390,980
Specialty Products	76,430		89,210
Corporate	29,490		32,800
Total	$	1,445,400	$	1,324,180