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Industry Segments | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Industry Segments | Industry Segments Our business is organized into four operating segments, Vehicle Control, Temperature Control, Engineered Solutions and Nissens Automotive, each of which focuses on a specific line of business. Our automotive aftermarket business is comprised of three operating segments, Vehicle Control, Temperature Control and Nissens Automotive, while our Engineered Solutions operating segment offers a broad array of conventional and future-oriented technologies. Nissens Automotive is a new operating segment created in the fourth quarter of 2024 comprising of our acquisition in November 2024. There are no intersegment sales among our operating segments. Other consists of financial information related to the activities of our corporate headquarters function. The accounting policies of each segment are the same as those described in Note 1, "Summary of Significant Accounting Policies" in our Form 10-K for the year-ended December 31, 2024. The following tables contain financial information for each reportable operating segment (in thousands):
Three Months Ended March 31, 2025 |  | Vehicle Control |  | Temperature Control |  | Engineered Solutions |  | Nissens Automotive |  | Other |  | Total
Net sales |  | $ | 192,342 |  |  | $ | 88,883 |  |  | $ | 65,972 |  |  | $ | 66,182 |  |  | $ | — |  |  | $ | 413,379 |
Cost of sales |  | 130,181 |  |  | 61,285 |  |  | 54,263 |  |  | 42,928 |  |  | — |  |  | 288,657 |
Gross profit |  | 62,161 |  |  | 27,598 |  |  | 11,709 |  |  | 23,254 |  |  | — |  |  | 124,722 |
Selling and marketing expenses |  | 12,335 |  |  | 4,197 |  |  | 1,930 |  |  | 2,763 |  |  | — |  |  | 21,225 |
Distribution expenses |  | 15,447 |  |  | 8,113 |  |  | 1,496 |  |  | 9,347 |  |  | 487 |  |  | 34,890 |
General and administration expenses |  | 9,667 |  |  | 4,325 |  |  | 5,087 |  |  | 8,130 |  |  | 6,369 |  |  | 33,578 |
Supply chain financing expenses |  | 6,404 |  |  | 2,927 |  |  | — |  |  | — |  |  | — |  |  | 9,331 |
Restructuring and integration expenses |  | 526 |  |  | 136 |  |  | 20 |  |  | — |  |  | (9) |  |  | 673 |
Other expenses |  | — |  |  | — |  |  | — |  |  | 427 |  |  | 136 |  |  | 563 |
Total operating expenses |  | 44,379 |  |  | 19,698 |  |  | 8,533 |  |  | 20,667 |  |  | 6,983 |  |  | 100,260 |
Operating income (loss) |  | $ | 17,782 |  |  | $ | 7,900 |  |  | $ | 3,176 |  |  | $ | 2,587 |  |  | $ | (6,983) |  |  | $ | 24,462 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  | 2,248 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 7,761 |
Earnings from continuing operations before income taxes |  |  |  |  |  |  | $ | 18,949 |
Three Months Ended March 31, 2024 |  | Vehicle Control |  | Temperature Control |  | Engineered Solutions |  | Nissens Automotive |  | Other |  | Total
Net sales |  | $ | 185,524 |  |  | $ | 71,608 |  |  | $ | 74,271 |  |  | $ | — |  |  | $ | — |  |  | $ | 331,403 |
Cost of sales |  | 126,625 |  |  | 51,919 |  |  | 63,337 |  |  | — |  |  | — |  |  | 241,881 |
Gross profit |  | 58,899 |  |  | 19,689 |  |  | 10,934 |  |  | — |  |  | — |  |  | 89,522 |
Selling and marketing expenses |  | 12,136 |  |  | 3,981 |  |  | 1,856 |  |  | — |  |  | — |  |  | 17,973 |
Distribution expenses |  | 14,173 |  |  | 7,513 |  |  | 1,547 |  |  | — |  |  | 1,073 |  |  | 24,306 |
General and administration expenses |  | 9,205 |  |  | 3,820 |  |  | 5,266 |  |  | — |  |  | 4,111 |  |  | 22,402 |
Supply chain financing expenses |  | 7,744 |  |  | 2,286 |  |  | — |  |  | — |  |  | — |  |  | 10,030 |
Restructuring and integration expenses |  | 101 |  |  | 58 |  |  | 33 |  |  | — |  |  | — |  |  | 192 |
Other expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total operating expenses |  | 43,359 |  |  | 17,658 |  |  | 8,702 |  |  | — |  |  | 5,184 |  |  | 74,903 |
Operating income (loss) |  | $ | 15,540 |  |  | $ | 2,031 |  |  | $ | 2,232 |  |  | $ | — |  |  | $ | (5,184) |  |  | $ | 14,619 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  | 819 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 2,067 |
Earnings from continuing operations before income taxes |  |  |  |  |  |  | $ | 13,371 |
| Three Months Ended March 31,
| 2025 |  | 2024
Depreciation and amortization |  |  |
Vehicle Control | $ | 3,670 |  |  | $ | 3,524 |
Temperature Control | 778 |  |  | 898 |
Engineered Solutions | 2,500 |  |  | 2,469 |
Nissens Automotive | 2,987 |  |  | — |
Other | 332 |  |  | 410 |
Total depreciation and amortization | $ | 10,267 |  |  | $ | 7,301 |
Capital expenditures |  |  |
Vehicle Control | $ | 5,379 |  |  | $ | 5,385 |
Temperature Control | 1,301 |  |  | 458 |
Engineered Solutions | 1,656 |  |  | 2,300 |
Nissens Automotive | 136 |  |  | — |
Other | 660 |  |  | 1,943 |
Total capital expenditures | $ | 9,132 |  |  | $ | 10,086 |
| March 31, 2025 |  | December 31, 2024
Investment in unconsolidated affiliates |  |  |
Vehicle Control | $ | 2,550 |  |  | $ | 2,447 |
Temperature Control | 21,340 |  |  | 20,396 |
Engineered Solutions | 2,123 |  |  | 1,999 |
Nissens Automotive | — |  |  | — |
Other | — |  |  | — |
Total investment in unconsolidated affiliates | $ | 26,013 |  |  | $ | 24,842 |
Total assets |  |  |
Vehicle Control | $ | 685,575 |  |  | $ | 659,607 |
Temperature Control | 321,550 |  |  | 276,216 |
Engineered Solutions | 309,517 |  |  | 285,866 |
Nissens Automotive | 497,865 |  |  | 482,773 |
Other | 111,584 |  |  | 109,664 |
Total assets | $ | 1,926,091 |  |  | $ | 1,814,126 |
For the disaggregation of our net sales from contracts with customers by major product group and geographic area within each of our operating segments, see Note 17, “Net Sales.”

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