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Industry Segments | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Industry Segments | Industry Segments Our business is organized into four operating segments, Vehicle Control, Temperature Control, Nissens Automotive and Engineered Solutions, 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 June 30, 2025 |  | Vehicle Control |  | Temperature Control |  | Nissens Automotive |  | Engineered Solutions |  | Other |  | Total
Net sales |  | $ | 201,699 |  |  | $ | 131,365 |  |  | $ | 90,537 |  |  | $ | 70,252 |  |  | $ | — |  |  | $ | 493,853 |
Cost of sales |  | 141,051 |  |  | 89,002 |  |  | 55,348 |  |  | 57,563 |  |  | — |  |  | 342,964 |
Gross profit |  | 60,648 |  |  | 42,363 |  |  | 35,189 |  |  | 12,689 |  |  | — |  |  | 150,889 |
Selling and marketing expenses |  | 9,940 |  |  | 3,466 |  |  | 6,356 |  |  | 2,266 |  |  | — |  |  | 22,028 |
Distribution expenses |  | 15,998 |  |  | 9,497 |  |  | 8,419 |  |  | 1,290 |  |  | 582 |  |  | 35,786 |
General and administration expenses |  | 10,456 |  |  | 4,760 |  |  | 9,184 |  |  | 5,140 |  |  | 6,557 |  |  | 36,097 |
Supply chain financing expenses |  | 7,235 |  |  | 5,051 |  |  | — |  |  | — |  |  | — |  |  | 12,286 |
Restructuring expenses |  | 479 |  |  | 53 |  |  | — |  |  | 39 |  |  | 11 |  |  | 582 |
Other expenses |  | — |  |  | — |  |  | 1,196 |  |  | — |  |  | 78 |  |  | 1,274 |
Total operating expenses |  | 44,108 |  |  | 22,827 |  |  | 25,155 |  |  | 8,735 |  |  | 7,228 |  |  | 108,053 |
Operating income (loss) |  | $ | 16,540 |  |  | $ | 19,536 |  |  | $ | 10,034 |  |  | $ | 3,954 |  |  | $ | (7,228) |  |  | 42,836 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  | 1,875 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 8,295 |
Earnings from continuing operations before income taxes |  |  |  |  |  |  | $ | 36,416 |
Three Months Ended June 30, 2024 |  | Vehicle Control |  | Temperature Control |  | Nissens Automotive |  | Engineered Solutions |  | Other |  | Total
Net sales |  | $ | 188,741 |  |  | $ | 124,481 |  |  | $ | — |  |  | $ | 76,607 |  |  | $ | — |  |  | $ | 389,829 |
Cost of sales |  | 128,772 |  |  | 87,872 |  |  | — |  |  | 61,738 |  |  | — |  |  | 278,382 |
Gross profit |  | 59,969 |  |  | 36,609 |  |  | — |  |  | 14,869 |  |  | — |  |  | 111,447 |
Selling and marketing expenses |  | 10,988 |  |  | 3,826 |  |  | — |  |  | 2,157 |  |  | — |  |  | 16,971 |
Distribution expenses |  | 14,857 |  |  | 9,843 |  |  | — |  |  | 1,151 |  |  | 1,260 |  |  | 27,111 |
General and administration expenses |  | 9,652 |  |  | 4,438 |  |  | — |  |  | 5,384 |  |  | 4,529 |  |  | 24,003 |
Supply chain financing expenses |  | 8,348 |  |  | 5,058 |  |  | — |  |  | — |  |  | — |  |  | 13,406 |
Restructuring expenses |  | 1,008 |  |  | 247 |  |  | — |  |  | 365 |  |  | 939 |  |  | 2,559 |
Other expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,411 |  |  | 2,411 |
Total operating expenses |  | 44,853 |  |  | 23,412 |  |  | — |  |  | 9,057 |  |  | 9,139 |  |  | 86,461 |
Operating income (loss) |  | $ | 15,116 |  |  | $ | 13,197 |  |  | $ | — |  |  | $ | 5,812 |  |  | $ | (9,139) |  |  | 24,986 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  | 2,199 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 2,752 |
Earnings from continuing operations before income taxes |  |  |  |  |  |  | $ | 24,433 |
Six Months Ended June 30, 2025 |  | Vehicle Control |  | Temperature Control |  | Nissens Automotive |  | Engineered Solutions |  | Other |  | Total
Net sales |  | $ | 394,041 |  |  | $ | 220,248 |  |  | $ | 156,719 |  |  | $ | 136,224 |  |  | $ | — |  |  | $ | 907,232 |
Cost of sales |  | 271,232 |  |  | 150,287 |  |  | 98,276 |  |  | 111,826 |  |  | — |  |  | 631,621 |
Gross profit |  | 122,809 |  |  | 69,961 |  |  | 58,443 |  |  | 24,398 |  |  | — |  |  | 275,611 |
Selling and marketing expenses |  | 22,275 |  |  | 7,663 |  |  | 9,119 |  |  | 4,196 |  |  | — |  |  | 43,253 |
Distribution expenses |  | 31,445 |  |  | 17,610 |  |  | 17,766 |  |  | 2,786 |  |  | 1,069 |  |  | 70,676 |
General and administration expenses |  | 20,123 |  |  | 9,085 |  |  | 17,314 |  |  | 10,227 |  |  | 12,926 |  |  | 69,675 |
Supply chain financing expenses |  | 13,639 |  |  | 7,978 |  |  | — |  |  | — |  |  | — |  |  | 21,617 |
Restructuring expenses |  | 1,005 |  |  | 189 |  |  | — |  |  | 59 |  |  | 2 |  |  | 1,255 |
Other expenses |  | — |  |  | — |  |  | 1,623 |  |  | — |  |  | 214 |  |  | 1,837 |
Total operating expenses |  | 88,487 |  |  | 42,525 |  |  | 45,822 |  |  | 17,268 |  |  | 14,211 |  |  | 208,313 |
Operating income (loss) |  | $ | 34,322 |  |  | $ | 27,436 |  |  | $ | 12,621 |  |  | $ | 7,130 |  |  | $ | (14,211) |  |  | 67,298 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  | 4,123 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 16,056 |
Earnings from continuing operations before income taxes |  |  |  |  |  |  | $ | 55,365 |
Six Months Ended June 30, 2024 |  | Vehicle Control |  | Temperature Control |  | Nissens Automotive |  | Engineered Solutions |  | Other |  | Total
Net sales |  | $ | 374,265 |  |  | $ | 196,089 |  |  | $ | — |  |  | $ | 150,878 |  |  | $ | — |  |  | $ | 721,232 |
Cost of sales |  | 255,397 |  |  | 139,791 |  |  | — |  |  | 125,075 |  |  | — |  |  | 520,263 |
Gross profit |  | 118,868 |  |  | 56,298 |  |  | — |  |  | 25,803 |  |  | — |  |  | 200,969 |
Selling and marketing expenses |  | 23,124 |  |  | 7,807 |  |  | — |  |  | 4,013 |  |  | — |  |  | 34,944 |
Distribution expenses |  | 29,030 |  |  | 17,356 |  |  | — |  |  | 2,698 |  |  | 2,333 |  |  | 51,417 |
General and administration expenses |  | 18,857 |  |  | 8,258 |  |  | — |  |  | 10,650 |  |  | 8,640 |  |  | 46,405 |
Supply chain financing expenses |  | 16,092 |  |  | 7,344 |  |  | — |  |  | — |  |  | — |  |  | 23,436 |
Restructuring expenses |  | 1,109 |  |  | 305 |  |  | — |  |  | 398 |  |  | 939 |  |  | 2,751 |
Other expenses |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,411 |  |  | 2,411 |
Total operating expenses |  | 88,212 |  |  | 41,070 |  |  | — |  |  | 17,759 |  |  | 14,323 |  |  | 161,364 |
Operating income (loss) |  | $ | 30,656 |  |  | $ | 15,228 |  |  | $ | — |  |  | $ | 8,044 |  |  | $ | (14,323) |  |  | 39,605 |
Other non-operating income, net |  |  |  |  |  |  |  |  |  |  |  | 3,018 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 4,819 |
Earnings from continuing operations before income taxes |  |  |  |  |  |  | $ | 37,804 |
| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |  |  |
Vehicle Control | $ | 4,070 |  |  | $ | 3,607 |  |  | $ | 7,740 |  |  | $ | 7,131 |
Temperature Control | 784 |  |  | 780 |  |  | 1,562 |  |  | 1,678 |
Nissens Automotive | 3,325 |  |  | — |  |  | 6,312 |  |  | — |
Engineered Solutions | 2,427 |  |  | 2,463 |  |  | 4,927 |  |  | 4,932 |
Other | 319 |  |  | 468 |  |  | 651 |  |  | 878 |
Total depreciation and amortization | $ | 10,925 |  |  | $ | 7,318 |  |  | $ | 21,192 |  |  | $ | 14,619 |
Capital expenditures |  |  |  |  |  |  |
Vehicle Control | $ | 6,123 |  |  | $ | 9,765 |  |  | $ | 11,502 |  |  | $ | 15,150 |
Temperature Control | 970 |  |  | 316 |  |  | 2,271 |  |  | 774 |
Nissens Automotive | 549 |  |  | — |  |  | 685 |  |  | — |
Engineered Solutions | 2,144 |  |  | 2,632 |  |  | 3,800 |  |  | 4,932 |
Other | 377 |  |  | 142 |  |  | 1,037 |  |  | 2,085 |
Total capital expenditures | $ | 10,163 |  |  | $ | 12,855 |  |  | $ | 19,295 |  |  | $ | 22,941 |
| June 30, 2025 |  | December 31, 2024
Investment in unconsolidated affiliates |  |  |
Vehicle Control | $ | 2,802 |  |  | $ | 2,447 |
Temperature Control | 18,787 |  |  | 20,396 |
Nissens Automotive | — |  |  | — |
Engineered Solutions | 1,906 |  |  | 1,999 |
Other | — |  |  | — |
Total investment in unconsolidated affiliates | $ | 23,495 |  |  | $ | 24,842 |
Total assets |  |  |
Vehicle Control | $ | 688,779 |  |  | $ | 659,607 |
Temperature Control | 341,238 |  |  | 276,216 |
Nissens Automotive | 552,907 |  |  | 482,773 |
Engineered Solutions | 313,359 |  |  | 285,866 |
Other | 111,065 |  |  | 109,664 |
Total assets | $ | 2,007,348 |  |  | $ | 1,814,126 |

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