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Segment Reporting | 12 Months Ended
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Dec. 31, 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 76 percent, 77 percent, and 83 percent of consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting 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, 47 percent, and 61 percent of the Company's OEM Segment net sales in 2024, 2023, and 2022, respectively, were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 24 percent, 23 percent, and 17 percent of consolidated net sales for each of the years ended December 31, 2024, 2023, and 2022, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation 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, and 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. The Company's CODM is its President and Chief Executive Officer. The decisions concerning the allocation of the Company's resources are made by the CODM with oversight by the Board of Directors. The CODM evaluates the performance of each segment and makes decisions concerning the allocation of resources based upon segment operating profit (loss), generally defined as income or loss before interest expense and income taxes. Segment assets are not reviewed by the Company's CODM and therefore are not disclosed below. 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 tables present 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:
|  |  | 2024 |  |
(In thousands) | U.S. (a) |  | Int'l (b) |  | Total
OEM Segment: |  |  |  |  |
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 1,486,108 |  |  | $ | 28,470 |  |  | $ | 1,514,578 |
Motorhomes | 130,545 |  |  | 102,521 |  |  | 233,066 |
Adjacent Industries OEMs | 927,276 |  |  | 185,530 |  |  | 1,112,806 |
Total OEM Segment net sales | 2,543,929 |  |  | 316,521 |  |  | 2,860,450 |
Aftermarket Segment: |  |  |  |  |
Total Aftermarket Segment net sales | 803,354 |  |  | 77,404 |  |  | 880,758 |
Total net sales | $ | 3,347,283 |  |  | $ | 393,925 |  |  | $ | 3,741,208 |
|  |  | 2023 |  |
(In thousands) | U.S. (a) |  | Int'l (b) |  | Total
OEM Segment: |  |  |  |  |
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 1,310,638 |  |  | $ | 48,215 |  |  | $ | 1,358,853 |
Motorhomes | 160,857 |  |  | 108,499 |  |  | 269,356
Adjacent Industries OEMs | 1,085,631 |  |  | 189,902 |  |  | 1,275,533
Total OEM Segment net sales | 2,557,126 |  |  | 346,616 |  |  | 2,903,742 |
Aftermarket Segment: |  |  |  |  |
Total Aftermarket Segment net sales | 814,103 |  |  | 66,963 |  |  | 881,066 |
Total net sales | $ | 3,371,229 |  |  | $ | 413,579 |  |  | $ | 3,784,808 |
|  |  | 2022 |  |
(In thousands) | U.S. (a) |  | Int'l (b) |  | Total
OEM Segment: |  |  |  |  |
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 2,561,683 |  |  | $ | 55,902 |  |  | $ | 2,617,585 |
Motorhomes | 238,613 |  |  | 100,484 |  |  | 339,097
Adjacent Industries OEMs | 1,184,459 |  |  | 174,729 |  |  | 1,359,188
Total OEM Segment net sales | 3,984,755 |  |  | 331,115 |  |  | 4,315,870 |
Aftermarket Segment: |  |  |  |  |
Total Aftermarket Segment net sales | 824,895 |  |  | 66,378 |  |  | 891,273 |
Total net sales | $ | 4,809,650 |  |  | $ | 397,493 |  |  | $ | 5,207,143 |
(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 $361.8 million and $399.4 million as of December 31, 2024 and 2023, 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
(In thousands) | OEM |  | Aftermarket |  |  |  |  |  | Total
2024 |  |  |  |  |  |  |  |  |
Net sales to external customers (a) | $ | 2,860,450 |  |  | $ | 880,758 |  |  |  |  |  |  | $ | 3,741,208 |
Cost of sales | 2,303,283 |  |  | 558,210 |  |  |  |  |  |  | 2,861,493 |
Gross profit | 557,167 |  |  | 322,548 |  |  |  |  |  |  | 879,715 |
Selling, general and administrative expenses (b) | 450,086 |  |  | 211,392 |  |  |  |  |  |  | 661,478 |
Operating profit | $ | 107,081 |  |  | $ | 111,156 |  |  |  |  |  |  | $ | 218,237 |
Expenditures for long-lived assets (c) | 28,593 |  |  | 19,469 |  |  |  |  |  |  | 48,062 |
Depreciation and amortization | 93,327 |  |  | 32,366 |  |  |  |  |  |  | 125,693 |
2023 |  |  |  |  |  |  |  |  |
Net sales to external customers (a) | $ | 2,903,742 |  |  | $ | 881,066 |  |  |  |  |  |  | $ | 3,784,808 |
Cost of sales | 2,448,176 |  |  | 560,442 |  |  |  |  |  |  | 3,008,618 |
Gross profit | 455,566 |  |  | 320,624 |  |  |  |  |  |  | 776,190 |
Selling, general and administrative expenses (b) | 438,205 |  |  | 214,557 |  |  |  |  |  |  | 652,762 |
Operating profit | $ | 17,361 |  |  | $ | 106,067 |  |  |  |  |  |  | $ | 123,428 |
Expenditures for long-lived assets (c) | 68,750 |  |  | 20,230 |  |  |  |  |  |  | 88,980 |
Depreciation and amortization | 99,976 |  |  | 31,792 |  |  |  |  |  |  | 131,768 |
2022 |  |  |  |  |  |  |  |  |
Net sales to external customers (a) | $ | 4,315,870 |  |  | $ | 891,273 |  |  |  |  |  |  | $ | 5,207,143 |
Cost of sales | 3,325,354 |  |  | 608,500 |  |  |  |  |  |  | 3,933,854 |
Gross profit | 990,516 |  |  | 282,773 |  |  |  |  |  |  | 1,273,289 |
Selling, general and administrative expenses (b) | 511,366 |  |  | 208,895 |  |  |  |  |  |  | 720,261 |
Operating profit | $ | 479,150 |  |  | $ | 73,878 |  |  |  |  |  |  | $ | 553,028 |
Expenditures for long-lived assets (c) | 173,732 |  |  | 33,245 |  |  |  |  |  |  | 206,977 |
Depreciation and amortization | 99,419 |  |  | 29,793 |  |  |  |  |  |  | 129,212 |
(a) Thor Industries, Inc., a customer of both segments, accounted for 16 percent, 16 percent, and 23 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 18 percent, 15 percent, and 20 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2024, 2023, and 2022. No customer accounted for more than 10 percent of consolidated accounts receivable, net at December 31, 2024 and 2023. (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) 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 $6.0 million, $28.3 million, and $78.7 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2024, 2023, and 2022, respectively. Net sales by OEM Segment product were as follows for the years ended December 31:
(In thousands) | 2024 |  | 2023 |  | 2022
OEM Segment: |  |  |  |  |
Chassis, chassis parts, and slide-out mechanisms | $ | 811,607 |  |  | $ | 785,158 |  |  | $ | 1,563,168 |
Windows and doors | 838,530 |  |  | 851,761 |  |  | 1,085,302 |
Furniture and mattresses | 404,021 |  |  | 464,113 |  |  | 790,664 |
Axles, ABS, and suspension solutions | 306,760 |  |  | 313,224 |  |  | 306,843 |
Other | 499,532 |  |  | 489,486 |  |  | 569,893 |
Total OEM Segment net sales | 2,860,450 |  |  | 2,903,742 |  |  | 4,315,870 |
Total Aftermarket Segment net sales | 880,758 |  |  | 881,066 |  |  | 891,273 |
Total net sales | $ | 3,741,208 |  |  | $ | 3,784,808 |  |  | $ | 5,207,143 |

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