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Segment Reporting | 6 Months Ended
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Jun. 30, 2024
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 77 percent and 76 percent of consolidated net sales for the six months ended June 30, 2024 and 2023, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting primarily of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 53 percent of the Company's OEM Segment net sales for the six months ended June 30, 2024 were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 23 percent and 24 percent of consolidated net sales for the six months ended June 30, 2024 and 2023, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation products, 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, tankless water heaters, 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 in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:
| Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023
(In thousands) | U.S. (a) |  | Int’l (b) |  | Total |  | U.S. (a) |  | Int’l (b) |  | Total
OEM Segment: |  |  |  |  |  |  |  |  |  |  |
RV OEMs: |  |  |  |  |  |  |  |  |  |  |
Travel trailers and fifth-wheels | $ | 418,947 |  |  | $ | 7,402 |  |  | $ | 426,349 |  |  | $ | 326,824 |  |  | $ | 11,915 |  |  | $ | 338,739 |
Motorhomes | 32,889 |  |  | 30,731 |  |  | 63,620 |  |  | 40,689 |  |  | 30,496 |  |  | 71,185 |
Adjacent Industries OEMs | 254,778 |  |  | 51,377 |  |  | 306,155 |  |  | 298,355 |  |  | 50,729 |  |  | 349,084 |
Total OEM Segment net sales | 706,614 |  |  | 89,510 |  |  | 796,124 |  |  | 665,868 |  |  | 93,140 |  |  | 759,008 |
Aftermarket Segment: |  |  |  |  |  |  |  |  |  |  |
Total Aftermarket Segment net sales | 235,273 |  |  | 23,147 |  |  | 258,420 |  |  | 234,901 |  |  | 20,730 |  |  | 255,631 |
Total net sales | $ | 941,887 |  |  | $ | 112,657 |  |  | $ | 1,054,544 |  |  | $ | 900,769 |  |  | $ | 113,870 |  |  | $ | 1,014,639 |
| Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
(In thousands) | U.S. (a) |  | Int’l (b) |  | Total |  | U.S. (a) |  | Int’l (b) |  | Total
OEM Segment: |  |  |  |  |  |  |  |  |  |  |
RV OEMs: |  |  |  |  |  |  |  |  |  |  |
Travel trailers and fifth-wheels | $ | 799,109 |  |  | $ | 18,003 |  |  | $ | 817,112 |  |  | $ | 641,806 |  |  | $ | 27,486 |  |  | $ | 669,292 |
Motorhomes | 72,893 |  |  | 59,565 |  |  | 132,458 |  |  | 84,693 |  |  | 56,043 |  |  | 140,736 |
Adjacent Industries OEMs | 503,291 |  |  | 101,575 |  |  | 604,866 |  |  | 607,820 |  |  | 99,332 |  |  | 707,152 |
Total OEM Segment net sales | 1,375,293 |  |  | 179,143 |  |  | 1,554,436 |  |  | 1,334,319 |  |  | 182,861 |  |  | 1,517,180 |
Aftermarket Segment: |  |  |  |  |  |  |  |  |  |  |
Total Aftermarket Segment net sales | 424,921 |  |  | 43,216 |  |  | 468,137 |  |  | 435,388 |  |  | 35,381 |  |  | 470,769 |
Total net sales | $ | 1,800,214 |  |  | $ | 222,359 |  |  | $ | 2,022,573 |  |  | $ | 1,769,707 |  |  | $ | 218,242 |  |  | $ | 1,987,949 |
(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 The following table presents the Company's operating profit by segment:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Operating profit: |  |  |  |  |  |  |
OEM Segment | $ | 50,562 |  |  | $ | 18,642 |  |  | $ | 83,398 |  |  | $ | 17,921 |
Aftermarket Segment | 40,042 |  |  | 36,532 |  |  | 64,817 |  |  | 57,296 |
Total operating profit | $ | 90,604 |  |  | $ | 55,174 |  |  | $ | 148,215 |  |  | $ | 75,217 |
The following table presents the Company's revenue disaggregated by product:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
OEM Segment: |  |  |  |  |  |  |
Chassis, chassis parts, and slide-out mechanisms | $ | 229,934 |  |  | $ | 202,735 |  |  | $ | 442,073 |  |  | $ | 400,791 |
Windows and doors | 228,957 |  |  | 220,094 |  |  | 446,579 |  |  | 438,705 |
Furniture and mattresses | 110,720 |  |  | 125,346 |  |  | 216,169 |  |  | 265,909 |
Axles, ABS, and suspension solutions | 89,277 |  |  | 88,635 |  |  | 174,569 |  |  | 164,384 |
Other | 137,236 |  |  | 122,198 |  |  | 275,046 |  |  | 247,391 |
Total OEM Segment net sales | 796,124 |  |  | 759,008 |  |  | 1,554,436 |  |  | 1,517,180 |
Total Aftermarket Segment net sales | 258,420 |  |  | 255,631 |  |  | 468,137 |  |  | 470,769 |
Total net sales | $ | 1,054,544 |  |  | $ | 1,014,639 |  |  | $ | 2,022,573 |  |  | $ | 1,987,949 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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