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Segment Reporting | 6 Months Ended
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Jun. 30, 2025
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 of consolidated net sales for each of the six months ended June 30, 2025 and 2024, 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 55 percent of the Company's OEM Segment net sales for the six months ended June 30, 2025 were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 23 percent of consolidated net sales for each of the six months ended June 30, 2025 and 2024, 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 directly 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 chief operating decision maker ("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, generally defined as income before interest expense and income taxes. Segment assets are not reviewed by the 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 in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. 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, 2025 |  | Three Months Ended June 30, 2024
(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 | $ | 437,205 |  |  | $ | 4,721 |  |  | $ | 441,926 |  |  | $ | 418,947 |  |  | $ | 7,402 |  |  | $ | 426,349 |
Motorhomes | 36,514 |  |  | 24,858 |  |  | 61,372 |  |  | 32,889 |  |  | 30,731 |  |  | 63,620 |
Adjacent Industries OEMs | 285,949 |  |  | 50,312 |  |  | 336,261 |  |  | 254,778 |  |  | 51,377 |  |  | 306,155 |
Total OEM Segment net sales | 759,668 |  |  | 79,891 |  |  | 839,559 |  |  | 706,614 |  |  | 89,510 |  |  | 796,124 |
Aftermarket Segment: |  |  |  |  |  |  |  |  |  |  |
Total Aftermarket Segment net sales | 243,292 |  |  | 24,399 |  |  | 267,691 |  |  | 235,273 |  |  | 23,147 |  |  | 258,420 |
Total net sales | $ | 1,002,960 |  |  | $ | 104,290 |  |  | $ | 1,107,250 |  |  | $ | 941,887 |  |  | $ | 112,657 |  |  | $ | 1,054,544 |
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
(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 | $ | 903,558 |  |  | $ | 9,562 |  |  | $ | 913,120 |  |  | $ | 799,109 |  |  | $ | 18,003 |  |  | $ | 817,112 |
Motorhomes | 72,703 |  |  | 48,277 |  |  | 120,980 |  |  | 72,893 |  |  | 59,565 |  |  | 132,458 |
Adjacent Industries OEMs | 531,480 |  |  | 97,534 |  |  | 629,014 |  |  | 503,291 |  |  | 101,575 |  |  | 604,866 |
Total OEM Segment net sales | 1,507,741 |  |  | 155,373 |  |  | 1,663,114 |  |  | 1,375,293 |  |  | 179,143 |  |  | 1,554,436 |
Aftermarket Segment: |  |  |  |  |  |  |  |  |  |  |
Total Aftermarket Segment net sales | 443,015 |  |  | 46,711 |  |  | 489,726 |  |  | 424,921 |  |  | 43,216 |  |  | 468,137 |
Total net sales | $ | 1,950,756 |  |  | $ | 202,084 |  |  | $ | 2,152,840 |  |  | $ | 1,800,214 |  |  | $ | 222,359 |  |  | $ | 2,022,573 |
(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 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:
| Three Months Ended June 30, 2025 |  | Three Months Ended June 30, 2024
(In thousands) | OEM |  | Aftermarket |  | Total |  | OEM |  | Aftermarket |  | Total
Net sales to external customers | $ | 839,559 |  |  | $ | 267,691 |  |  | $ | 1,107,250 |  |  | $ | 796,124 |  |  | $ | 258,420 |  |  | $ | 1,054,544 |
Cost of sales | 665,422 |  |  | 171,807 |  |  | 837,229 |  |  | 626,330 |  |  | 161,769 |  |  | 788,099 |
Gross profit | 174,137 |  |  | 95,884 |  |  | 270,021 |  |  | 169,794 |  |  | 96,651 |  |  | 266,445 |
Selling, general and administrative expenses | 122,453 |  |  | 59,764 |  |  | 182,217 |  |  | 119,232 |  |  | 56,609 |  |  | 175,841 |
Operating profit | $ | 51,684 |  |  | $ | 36,120 |  |  | $ | 87,804 |  |  | $ | 50,562 |  |  | $ | 40,042 |  |  | $ | 90,604 |
| Six Months Ended June 30, 2025 |  | Six Months Ended June 30, 2024
(In thousands) | OEM |  | Aftermarket |  | Total |  | OEM |  | Aftermarket |  | Total
Net sales to external customers | $ | 1,663,114 |  |  | $ | 489,726 |  |  | $ | 2,152,840 |  |  | $ | 1,554,436 |  |  | $ | 468,137 |  |  | $ | 2,022,573 |
Cost of sales | 1,311,902 |  |  | 319,168 |  |  | 1,631,070 |  |  | 1,237,313 |  |  | 294,909 |  |  | 1,532,222 |
Gross profit | 351,212 |  |  | 170,558 |  |  | 521,770 |  |  | 317,123 |  |  | 173,228 |  |  | 490,351 |
Selling, general and administrative expenses | 237,555 |  |  | 115,094 |  |  | 352,649 |  |  | 233,724 |  |  | 108,412 |  |  | 342,136 |
Operating profit | $ | 113,657 |  |  | $ | 55,464 |  |  | $ | 169,121 |  |  | $ | 83,399 |  |  | $ | 64,816 |  |  | $ | 148,215 |
The following table presents the Company's revenue disaggregated by product:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
OEM Segment: |  |  |  |  |  |  |
Chassis, chassis parts, and slide-out mechanisms | $ | 230,542 |  |  | $ | 229,934 |  |  | $ | 473,462 |  |  | $ | 442,073 |
Windows and doors | 225,251 |  |  | 228,957 |  |  | 454,772 |  |  | 446,579 |
Furniture and mattresses | 130,909 |  |  | 110,720 |  |  | 244,089 |  |  | 216,169 |
Axles, ABS, and suspension solutions | 93,918 |  |  | 89,277 |  |  | 182,528 |  |  | 174,569 |
Appliances | 87,441 |  |  | 70,958 |  |  | 165,091 |  |  | 140,616 |
Other | 71,498 |  |  | 66,278 |  |  | 143,172 |  |  | 134,430 |
Total OEM Segment net sales | 839,559 |  |  | 796,124 |  |  | 1,663,114 |  |  | 1,554,436 |
Total Aftermarket Segment net sales | 267,691 |  |  | 258,420 |  |  | 489,726 |  |  | 468,137 |
Total net sales | $ | 1,107,250 |  |  | $ | 1,054,544 |  |  | $ | 2,152,840 |  |  | $ | 2,022,573 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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