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Acquisitions, Goodwill And Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Acquisitions, Goodwill And Other Intangible Assets [Abstract]

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Subsequent Event

Bigfoot

In October 2025, the Company acquired substantially all of the business assets of Leveltron, LLC, the provider of Bigfoot Hydraulic Systems ("Bigfoot"), which provides hydraulic leveling solutions and landing gear to the RV, utility trailer, and equine trailer markets. The purchase price was approximately $10.1 million, subject to customary adjustments related to working capital. The results of the acquired business will be included in both the OEM and Aftermarket Segments.

Acquisitions Completed During the Nine Months Ended September 30, 2025

Freedman Seating Company

In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The total fair value of consideration was approximately $79.4 million. The Company paid $68.6 million in cash

consideration at closing, and paid $0.8 million in August 2025 to true up net working capital. The Company also assumed $10.0 million of the seller's debt related to new market tax credits. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM Segment. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed for the opening balance sheet, including the fair value of the debt assumed and intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):

Cash consideration			$	69,361
Debt assumed			10,000
Total consideration			$	79,361
Customer relationships			$	25,600
Other identifiable intangible assets			8,700
Net tangible assets			25,366
Total fair value of net assets acquired			$	59,666
Goodwill (tax deductible)			$	19,695

The customer relationships intangible asset is being amortized over its estimated useful life of 10 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products.

Other Acquisitions in 2025

During the nine months ended September 30, 2025, the Company completed two other acquisitions totaling $33.7 million of cash purchase consideration, plus holdback payments of $0.5 million to be paid over the year following the closing of the applicable acquisition and contingent consideration payable if annual thresholds are met through 2027 for up to a maximum of $2.0 million. The preliminary purchase price allocations resulted in $3.2 million of goodwill (tax deductible) and $8.5 million of acquired identifiable intangible assets. As these acquisitions are not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)			OEM Segment						Aftermarket Segment						Total
Net balance – December 31, 2024			$	418,220					$	167,553					$	585,773
Acquisitions			22,878						—						22,878
Foreign currency translation			10,763						1,142						11,905
Net balance – September 30, 2025			$	451,861					$	168,695					$	620,556

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at September 30, 2025:

(In thousands)			Gross Cost						Accumulated Amortization						Net Balance						Estimated Useful Life in Years
Customer relationships			$	550,508					$	256,922					$	293,586					6			to			20
Patents			94,035						58,139						35,896						3			to			20
Trade names (finite life)			107,269						34,270						72,999						3			to			20
Trade names (indefinite life)			7,432						—						7,432						Indefinite
Non-compete agreements			4,874						4,638						236						3			to			6
Other			609						362						247						2			to			12
Other intangible assets			$	764,727					$	354,331					$	410,396

Other intangible assets consisted of the following at December 31, 2024:

(In thousands)			Gross Cost						Accumulated Amortization						Net Balance						Estimated Useful Life in Years
Customer relationships			$	508,945					$	228,332					$	280,613					6			to			20
Patents			111,934						74,010						37,924						3			to			20
Trade names (finite life)			95,879						30,524						65,355						3			to			20
Trade names (indefinite life)			7,432						—						7,432						Indefinite
Non-compete agreements			5,154						4,732						422						3			to			6
Other			609						337						272						2			to			12
Other intangible assets			$	729,953					$	337,935					$	392,018

Acquisitions, Goodwill And Other Intangible Assets

ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Subsequent Event

Bigfoot

In October 2025, the Company acquired substantially all of the business assets of Leveltron, LLC, the provider of Bigfoot Hydraulic Systems ("Bigfoot"), which provides hydraulic leveling solutions and landing gear to the RV, utility trailer, and equine trailer markets. The purchase price was approximately $10.1 million, subject to customary adjustments related to working capital. The results of the acquired business will be included in both the OEM and Aftermarket Segments.

Acquisitions Completed During the Nine Months Ended September 30, 2025

Freedman Seating Company

In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The total fair value of consideration was approximately $79.4 million. The Company paid $68.6 million in cash

consideration at closing, and paid $0.8 million in August 2025 to true up net working capital. The Company also assumed $10.0 million of the seller's debt related to new market tax credits. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM Segment. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed for the opening balance sheet, including the fair value of the debt assumed and intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):

Cash consideration			$	69,361
Debt assumed			10,000
Total consideration			$	79,361
Customer relationships			$	25,600
Other identifiable intangible assets			8,700
Net tangible assets			25,366
Total fair value of net assets acquired			$	59,666
Goodwill (tax deductible)			$	19,695

The customer relationships intangible asset is being amortized over its estimated useful life of 10 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products.

Other Acquisitions in 2025

During the nine months ended September 30, 2025, the Company completed two other acquisitions totaling $33.7 million of cash purchase consideration, plus holdback payments of $0.5 million to be paid over the year following the closing of the applicable acquisition and contingent consideration payable if annual thresholds are met through 2027 for up to a maximum of $2.0 million. The preliminary purchase price allocations resulted in $3.2 million of goodwill (tax deductible) and $8.5 million of acquired identifiable intangible assets. As these acquisitions are not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented.

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands)			OEM Segment						Aftermarket Segment						Total
Net balance – December 31, 2024			$	418,220					$	167,553					$	585,773
Acquisitions			22,878						—						22,878
Foreign currency translation			10,763						1,142						11,905
Net balance – September 30, 2025			$	451,861					$	168,695					$	620,556

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Other Intangible Assets

Other intangible assets consisted of the following at September 30, 2025:

(In thousands)			Gross Cost						Accumulated Amortization						Net Balance						Estimated Useful Life in Years
Customer relationships			$	550,508					$	256,922					$	293,586					6			to			20
Patents			94,035						58,139						35,896						3			to			20
Trade names (finite life)			107,269						34,270						72,999						3			to			20
Trade names (indefinite life)			7,432						—						7,432						Indefinite
Non-compete agreements			4,874						4,638						236						3			to			6
Other			609						362						247						2			to			12
Other intangible assets			$	764,727					$	354,331					$	410,396

Other intangible assets consisted of the following at December 31, 2024:

(In thousands)			Gross Cost						Accumulated Amortization						Net Balance						Estimated Useful Life in Years
Customer relationships			$	508,945					$	228,332					$	280,613					6			to			20
Patents			111,934						74,010						37,924						3			to			20
Trade names (finite life)			95,879						30,524						65,355						3			to			20
Trade names (indefinite life)			7,432						—						7,432						Indefinite
Non-compete agreements			5,154						4,732						422						3			to			6
Other			609						337						272						2			to			12
Other intangible assets			$	729,953					$	337,935					$	392,018

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- Definition

Acquisitions Goodwill And Other Intangible Assets Abstract

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No definition available.

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- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479907/805-20-50-5

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-URI https://asc.fasb.org/805/tableOfContent

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The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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