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SEGMENT INFORMATION | 6 Months Ended
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Jun. 29, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company has two reportable segments, Manufacturing and Distribution, which are defined based on the way in which internally reported information is regularly reviewed and evaluated by the Company’s chief operating decision maker (the "CODM"), who is our Chairman and Chief Executive Officer, to allocate resources, evaluate financial results and make decisions. The Company does not measure profitability at the end market (RV, marine, powersports, MH and industrial) level. Manufacturing – This segment includes the following products: laminated products that are utilized to produce furniture, shelving, walls, countertops and cabinet products; cabinet doors; fiberglass bath fixtures and tile systems; hardwood furniture; vinyl printing; RV and marine furniture; audio systems and accessories, including amplifiers, tower speakers, soundbars, and subwoofers; decorative vinyl and paper laminated panels; solid surface, granite, and quartz countertop fabrication; RV painting; fabricated aluminum products; fiberglass and plastic components; fiberglass bath fixtures and tile systems; softwoods lumber; custom cabinetry; polymer-based and other flooring; electrical systems components including instrument and dash panels; wrapped vinyl, paper and hardwood profile mouldings; interior passage doors; air handling products; slide-out trim and fascia; thermoformed shower surrounds; specialty bath and closet building products; fiberglass and plastic helm systems and components products; treated, untreated and laminated plywood; wiring and wire harnesses; adhesives and sealants; boat towers, tops, trailers and frames; marine hardware and accessories; protective covers for boats, RVs, aircraft, and military and industrial equipment; aluminum and plastic fuel tanks; CNC molds and composite parts; roofs/canopies; wiper systems; integrated door systems; windshield systems; slotwall panels and components; fender flares and rear panels; and other products. Distribution – The Company distributes pre-finished wall and ceiling panels; drywall and drywall finishing products; electronics and audio systems components; appliances; marine accessories and components; wiring, electrical and plumbing products; fiber reinforced polyester products; cement siding; raw and processed lumber; interior passage doors; roofing products; laminate and ceramic flooring; tile; shower doors; furniture; fireplaces and surrounds; interior and exterior lighting products; RV awnings, windows, fiberglass siding and roofing; marine windshields; and other miscellaneous products in addition to providing transportation and logistics services. The CODM evaluates the performance of the Company's segments and allocates resources to them based on a variety of indicators including but not limited to net sales, gross profit and operating income. On at least a quarterly basis, the CODM considers actual to budget variances as well as actual to prior year actual performance for both profit measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment gross profit and segment operating income to assess the performance of each segment by comparing the results of each segment with one another. The accounting policies of the segments are the same as those described in Note 1 "Basis of Presentation and Significant Accounting Policies" included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 20, 2025. Segment net sales data includes inter-segment sales. The Company accounts for inter-segment sales similar to third party transactions, which reflect current market prices. Certain income from purchase incentive agreements is not allocated to the segments and instead recorded at the corporate level. Assets are identified to the segments except for cash, prepaid expenses, land and buildings, and certain deferred assets, which are identified with corporate. Corporate charges rent to the segments for use of the land and buildings based upon estimated market rates. The following tables summarize key financial information by segment:
|  | Second Quarter Ended June 29, 2025
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 776,520 |  |  | $ | 277,488 |  |  | $ | 1,054,008 |
Cost of goods sold |  | 597,232 |  |  | 205,314 |  |  | 802,546 |
Gross profit |  | $ | 179,288 |  |  | $ | 72,174 |  |  | $ | 251,462 |
Operating expenses |  | 76,165 |  |  | 39,756 |  |  | 115,921 |
Operating income |  | $ | 103,123 |  |  | $ | 32,418 |  |  | $ | 135,541 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 24,305 |
Amortization of intangible assets |  |  |  |  |  | 24,515 |
Interest expense, net |  |  |  |  |  | 18,869 |
Elimination of inter-segment profits |  |  |  |  |  | (1) |
Other expense |  |  |  |  |  | 24,420
Consolidated income before income taxes |  |  |  |  |  | $ | 43,433 |
Capital expenditures |  | $ | 12,256 |  |  | $ | 8 |  |  | $ | 12,264 |
Depreciation and amortization |  | $ | 36,413 |  |  | $ | 4,559 |  |  | $ | 40,972 |
|  | Second Quarter Ended June 30, 2024
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 774,231 |  |  | $ | 265,237 |  |  | $ | 1,039,468 |
Cost of goods sold |  | 595,487 |  |  | 207,105 |  |  | 802,592 |
Gross Profit |  | $ | 178,744 |  |  | $ | 58,132 |  |  | $ | 236,876 |
Operating expenses |  | 69,992 |  |  | 27,974 |  |  | 97,966 |
Operating income |  | $ | 108,752 |  |  | $ | 30,158 |  |  | $ | 138,910 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 24,654 |
Amortization of intangible assets |  |  |  |  |  | 24,254 |
Interest expense, net |  |  |  |  |  | 20,343 |
Elimination of inter-segment profits |  |  |  |  |  | 5,313 |
Consolidated income before income taxes |  |  |  |  |  | $ | 64,346 |
Capital expenditures |  | $ | 7,784 |  |  | $ | 2,146 |  |  | $ | 9,930 |
Depreciation and amortization |  | $ | 35,673 |  |  | $ | 4,067 |  |  | $ | 39,740 |
|  | Six Months Ended June 29, 2025
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 1,531,007 |  |  | $ | 531,574 |  |  | $ | 2,062,581 |
Cost of goods sold |  | 1,182,328 |  |  | 397,699 |  |  | 1,580,027 |
Gross profit |  | $ | 348,679 |  |  | $ | 133,875 |  |  | $ | 482,554 |
Operating expenses |  | 147,435 |  |  | 76,457 |  |  | 223,892 |
Operating income |  | $ | 201,244 |  |  | $ | 57,418 |  |  | $ | 258,662 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 55,884 |
Amortization of intangible assets |  |  |  |  |  | 48,976 |
Interest expense, net |  |  |  |  |  | 37,981 |
Elimination of inter-segment profits |  |  |  |  |  | 1,511 |
Other expense |  |  |  |  |  | 24,420
Consolidated income before income taxes |  |  |  |  |  | $ | 89,890 |
Capital expenditures |  | $ | 29,821 |  |  | $ | 554 |  |  | $ | 30,375 |
Depreciation and amortization |  | $ | 72,916 |  |  | $ | 9,131 |  |  | $ | 82,047 |
|  | Six Months Ended June 30, 2024
($ in thousands) |  | Manufacturing |  | Distribution |  | Total
Total net sales |  | $ | 1,488,741 |  |  | $ | 503,739 |  |  | $ | 1,992,480 |
Cost of goods sold |  | 1,153,823 |  |  | 395,550 |  |  | 1,549,373 |
Gross profit |  | $ | 334,918 |  |  | $ | 108,189 |  |  | $ | 443,107 |
Operating expenses |  | 138,716 |  |  | 54,311 |  |  | 193,027 |
Operating income |  | $ | 196,202 |  |  | $ | 53,878 |  |  | $ | 250,080 |
Reconciliation of reportable segment operating income to consolidated income before income tax: |  |  |  |  |  |
Selling, general and administrative |  |  |  |  |  | 52,577 |
Amortization of intangible assets |  |  |  |  |  | 47,088 |
Interest expense, net |  |  |  |  |  | 40,433 |
Elimination of inter-segment profits |  |  |  |  |  | 6,384 |
Consolidated income before income taxes |  |  |  |  |  | $ | 103,598 |
Capital expenditures |  | $ | 18,280 |  |  | $ | 5,730 |  |  | $ | 24,010 |
Depreciation and amortization |  | $ | 71,090 |  |  | $ | 7,388 |  |  | $ | 78,478 |
A reconciliation of certain line items pertaining to the total reportable segments to the condensed consolidated financial statements in the second quarter and first six months ended June 29, 2025 and June 30, 2024, and as of June 29, 2025 and December 31, 2024 is as follows:
|  | Second Quarter Ended |  | Six Months Ended
($ in thousands) |  | June 29, 2025 |  | June 30, 2024 |  | June 29, 2025 |  | June 30, 2024
Net sales: |  |  |  |  |  |  |  |
Total sales for reportable segments |  | $ | 1,054,008 |  |  | $ | 1,039,468 |  |  | $ | 2,062,581 |  |  | $ | 1,992,480 |
Elimination of inter-segment sales (1) |  | (6,454) |  |  | (22,844) |  |  | (11,607) |  |  | (42,364) |
Consolidated net sales |  | $ | 1,047,554 |  |  | $ | 1,016,624 |  |  | $ | 2,050,974 |  |  | $ | 1,950,116 |
Depreciation and amortization: |  |  |  |  |  |  |  |
Depreciation and amortization for reportable segments |  | $ | 40,972 |  |  | $ | 39,740 |  |  | $ | 82,047 |  |  | $ | 78,478 |
Corporate depreciation and amortization |  | 1,637 |  |  | 1,741 |  |  | 3,208 |  |  | 3,338 |
Consolidated depreciation and amortization |  | $ | 42,609 |  |  | $ | 41,481 |  |  | $ | 85,255 |  |  | $ | 81,816 |
Capital expenditures: |  |  |  |  |  |  |  |
Capital expenditures for reportable segments |  | $ | 12,264 |  |  | $ | 9,930 |  |  | $ | 30,375 |  |  | $ | 24,010 |
Corporate capital expenditures |  | 6,011 |  |  | 6,986 |  |  | 8,071 |  |  | 8,401 |
Consolidated capital expenditures |  | $ | 18,275 |  |  | $ | 16,916 |  |  | $ | 38,446 |  |  | $ | 32,411 |
(1) Eliminations for the second quarter and six months ended June 29, 2025 include only the elimination of inter-segment transactions.
|  | As of
($ in thousands) |  | June 29, 2025 |  | December 31, 2024
Total assets: |  |  |  |
Manufacturing segment assets |  | $ | 2,478,132 |  |  | $ | 2,402,533 |
Distribution segment assets |  | 523,835 |  |  | 524,827 |
Corporate assets unallocated to segments |  | 55,271 |  |  | 60,033 |
Cash and cash equivalents |  | 21,974 |  |  | 33,561 |
Consolidated total assets |  | $ | 3,079,212 |  |  | $ | 3,020,954 |
The Company's revenue from external customers and long-lived assets are substantially all attributed to the U.S.

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- Definition The entire disclosure for reporting segments including data and tables. 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