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Segment Reporting | 12 Months Ended
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Dec. 31, 2021
Segment Reporting [Abstract] |
Segment Reporting | SEGMENT REPORTING The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant. The OEM Segment, which accounted for 81 percent, 78 percent, and 88 percent of consolidated net sales for each of the years ended December 31, 2021, 2020, and 2019, respectively, manufactures and distributes a broad array of engineered components for the leading OEMs in the recreation and industrial product markets, consisting of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. Approximately 63 percent, 61 percent, and 61 percent of the Company's OEM Segment net sales in 2021, 2020, and 2019, respectively, were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 19 percent, 22 percent, and 12 percent of consolidated net sales for each of the years ended December 31, 2021, 2020, and 2019, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation product markets, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, and the sale of replacement glass and awnings to fulfill insurance claims. Decisions concerning the allocation of the Company's resources are made by the Company's Chief Operating Decision Maker ("CODM"), with oversight by the Board of Directors. The CODM evaluates the performance of each segment based upon segment operating profit or loss, generally defined as income or loss before interest and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements. The following table presents the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers for the years ended December 31:
|  |  | 2021 |  |
(In thousands) | U.S. (a) |  | Int'l (b) |  | Total
OEM Segment: |  |  |  |  |
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 2,229,839 |  |  | $ | 65,773 |  |  | $ | 2,295,612 |
Motorhomes | 160,615 |  |  | 98,380 |  |  | 258,995 |
Adjacent Industries OEMs | 939,067 |  |  | 149,938 |  |  | 1,089,005 |
Total OEM Segment net sales | 3,329,521 |  |  | 314,091 |  |  | 3,643,612 |
Aftermarket Segment: |  |  |  |  |
Total Aftermarket Segment net sales | 768,793 |  |  | 60,292 |  |  | 829,085 |
Total net sales | $ | 4,098,314 |  |  | $ | 374,383 |  |  | $ | 4,472,697 |
|  |  | 2020 |  |
(In thousands) | U.S. (a) |  | Int'l (b) |  | Total
OEM Segment: |  |  |  |  |
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 1,288,209 |  |  | $ | 33,358 |  |  | $ | 1,321,567 |
Motorhomes | 100,950 |  |  | 57,146 |  |  | 158,096
Adjacent Industries OEMs | 563,082 |  |  | 125,166 |  |  | 688,248
Total OEM Segment net sales | 1,952,241 |  |  | 215,670 |  |  | 2,167,911 |
Aftermarket Segment: |  |  |  |  |
Total Aftermarket Segment net sales | 607,112 |  |  | 21,143 |  |  | 628,255 |
Total net sales | $ | 2,559,353 |  |  | $ | 236,813 |  |  | $ | 2,796,166 |
|  |  | 2019 |  |
(In thousands) | U.S. (a) |  | Int'l (b) |  | Total
OEM Segment: |  |  |  |  |
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 1,264,404 |  |  | $ | 12,314 |  |  | $ | 1,276,718 |
Motorhomes | 110,405 |  |  | 45,218 |  |  | 155,623
Adjacent Industries OEMs | 587,521 |  |  | 72,039 |  |  | 659,560
Total OEM Segment net sales | 1,962,330 |  |  | 129,571 |  |  | 2,091,901 |
Aftermarket Segment: |  |  |  |  |
Total Aftermarket Segment net sales | 263,382 |  |  | 16,199 |  |  | 279,581 |
Total net sales | $ | 2,225,712 |  |  | $ | 145,770 |  |  | $ | 2,371,482 |
(a) Net sales to customers in the United States of America (b) Net sales to customers domiciled in countries outside of the United States of America Long-lived assets, including net fixed assets, operating lease right-of-use assets, goodwill, and other net intangible assets, domiciled in countries outside of the United States of America were $454.5 million and $306.8 million as of December 31, 2021 and 2020, respectively. Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows for the years ended December 31:
| Segments |  | Corporate |  |
(In thousands) | OEM |  | Aftermarket |  | Subtotal |  | and Other |  | Total
2021 |  |  |  |  |  |  |  |  |
Net sales to external customers (a) | $ | 3,643,612 |  |  | $ | 829,085 |  |  | $ | 4,472,697 |  |  | $ | — |  |  | $ | 4,472,697 |
Operating profit (b) | 304,676 |  |  | 93,734 |  |  | 398,410 |  |  | — |  |  | 398,410 |
Total assets (c) | 2,289,746 |  |  | 835,988 |  |  | 3,125,734 |  |  | 162,360 |  |  | 3,288,094 |
Expenditures for long-lived assets (d) | 208,297 |  |  | 166,824 |  |  | 375,121 |  |  | — |  |  | 375,121 |
Depreciation and amortization | 83,723 |  |  | 28,597 |  |  | 112,320 |  |  | — |  |  | 112,320 |
2020 |  |  |  |  |  |  |  |  |
Net sales to external customers (a) | $ | 2,167,911 |  |  | $ | 628,255 |  |  | $ | 2,796,166 |  |  | $ | — |  |  | $ | 2,796,166 |
Operating profit (b) | 156,092 |  |  | 66,842 |  |  | 222,934 |  |  | — |  |  | 222,934 |
Total assets (c) | 1,559,953 |  |  | 615,425 |  |  | 2,175,378 |  |  | 122,653 |  |  | 2,298,031 |
Expenditures for long-lived assets (d) | 284,109 |  |  | 15,150 |  |  | 299,259 |  |  | — |  |  | 299,259 |
Depreciation and amortization | 74,088 |  |  | 23,892 |  |  | 97,980 |  |  | — |  |  | 97,980 |
2019 |  |  |  |  |  |  |  |  |
Net sales to external customers (a) | $ | 2,091,901 |  |  | $ | 279,581 |  |  | $ | 2,371,482 |  |  | $ | — |  |  | $ | 2,371,482 |
Operating profit (b) | 165,290 |  |  | 34,920 |  |  | 200,210 |  |  | — |  |  | 200,210 |
Total assets (c) | 1,167,899 |  |  | 595,688 |  |  | 1,763,587 |  |  | 99,008 |  |  | 1,862,595 |
Expenditures for long-lived assets (d) | 166,331 |  |  | 302,857 |  |  | 469,188 |  |  | — |  |  | 469,188 |
Depreciation and amortization | 66,807 |  |  | 8,551 |  |  | 75,358 |  |  | — |  |  | 75,358 |
(a) Thor Industries, Inc., a customer of both segments, accounted for 23 percent, 21 percent, and 27 percent of the Company's consolidated net sales for the years ended December 31, 2021, 2020, and 2019, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 20 percent, 19 percent, and 21 percent of the Company's consolidated net sales for the years ended December 31, 2021, 2020, and 2019, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2021, 2020, and 2019. Accounts receivable from Berkshire Hathaway Inc. accounted for 14 percent of consolidated accounts receivable, net at December 31, 2021. No other customer accounted for more than 10 percent of consolidated accounts receivable, net at December 31, 2021 and 2020. (b) Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense. (c) Segment assets include accounts receivable, inventories, fixed assets, goodwill and other intangible assets. Corporate and other assets include cash and cash equivalents, prepaid expenses and other current assets, deferred taxes, and other assets. (d) Expenditures for long-lived assets include capital expenditures, as well as fixed assets, goodwill and other intangible assets purchased as part of the acquisition of businesses. The Company purchased $271.9 million, $230.4 million, and $395.6 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2021, 2020, and 2019, respectively. Net sales by OEM Segment product were as follows for the years ended December 31:
(In thousands) | 2021 |  | 2020 |  | 2019
OEM Segment: |  |  |  |  |
Chassis, chassis parts, and slide-out mechanisms | $ | 1,320,718 |  |  | $ | 815,706 |  |  | $ | 796,434 |
Windows and doors | 1,014,332 |  |  | 620,372 |  |  | 585,464 |
Furniture and mattresses | 701,876 |  |  | 351,107 |  |  | 342,691 |
Axles and suspension solutions | 248,144 |  |  | 145,989 |  |  | 129,471 |
Other | 358,542 |  |  | 234,737 |  |  | 237,841 |
Total OEM Segment net sales | 3,643,612 |  |  | 2,167,911 |  |  | 2,091,901 |
Total Aftermarket Segment net sales | 829,085 |  |  | 628,255 |  |  | 279,581 |
Total net sales | $ | 4,472,697 |  |  | $ | 2,796,166 |  |  | $ | 2,371,482 |

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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