XML 88 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
SEGMENTS AND RELATED INFORMATION
 12 Months Ended
Dec. 31, 2012
Segment Reporting [Abstract]  
SEGMENTS AND RELATED INFORMATION
14. SEGMENTS AND RELATED INFORMATION

a. Segment Reporting

The Company manages its business in three segments: Commercial Trailer Products, Diversified Products and Retail. The Commercial Trailer Products segment produces and sells new trailers to the Retail segment or to customers who purchase trailers directly from the Company or through independent dealers. The Diversified Products segment focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck and tank trailers and transportation equipment. The results of Walker from the date of the Walker Acquisition, May 8, 2012, are included in both the Diversified Products and Retail segments. The Retail segment includes the sale of new and used trailers, as well as the sale of after-market parts and service, through its retail branch network.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income from operations. The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segment. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. Reportable segment information is as follows (in thousands):

         
  Commercial
Trailer Products		   Diversified
Products		   Retail   Corporate and
Eliminations		   Consolidated
2012                                             
Net sales                                             
External customers   $    993,862     $    310,982     $   157,010     $          —     $    1,461,854  
Intersegment sales     69,427       45,011       635       (115,073 )    $ —  
Total net sales   $ 1,063,289     $ 355,993     $ 157,645     $ (115,073 )    $ 1,461,854  
Depreciation and amortization     11,014       11,029       710       2,812       25,565  
Income (Loss) from operations     47,314       49,824       2,922       (29,576 )      70,484  
Reconciling items to net income                                             
Interest expense                                         21,724  
Other, net                                         97  
Income tax expense                             (56,968 ) 
Net income                           $ 105,631  
Capital expenditures   $ 8,794     $ 5,163     $ 688     $ 271     $ 14,916  
Assets   $ 209,149     $ 484,785     $ 72,043     $ 136,649     $ 902,626  
2011                                             
Net sales                                             
External customers   $ 1,010,131     $ 52,048     $ 125,065     $ —     $ 1,187,244  
Intersegment sales     61,163       54,432       —       (115,595 )    $ —  
Total net sales   $ 1,071,294     $ 106,480     $ 125,065     $ (115,595 )    $ 1,187,244  
Depreciation and amortization     10,273       1,866       631       2,821       15,591  
Income (Loss) from operations     18,536       14,630       (275 )      (13,101 )      19,790  
Reconciling items to net income                                             
Interest expense                                         4,136  
Other, net                                         441  
Income tax expense                             171  
Net income                           $ 15,042  
Capital expenditures   $ 4,144     $ 2,724     $ 370     $ 26     $ 7,264  
Assets   $ 261,101     $ 52,733     $ 45,985     $ 28,231     $ 388,050  
2010                                             
Net sales                                             
External customers   $ 529,173     $ 22,053     $ 89,146     $ —     $ 640,372  
Intersegment sales     32,110       20,940       —       (53,050 )    $ —  
Total net sales   $ 561,283     $ 42,993     $ 89,146     $ (53,050 )    $ 640,372  
Depreciation and amortization     11,295       1,910       675       2,975       16,855  
(Loss) Income from operations     (2,591 )      2,440       (1,002 )      (14,264 )      (15,417 ) 
Reconciling items to net loss                                             
Increase in fair value of warrant                                         121,587  
Interest expense                                         4,140  
Other, net                                         667  
Income tax benefit                             (51 ) 
Net loss                           $ (141,760 ) 
Capital expenditures   $ 1,107     $ 161     $ 368     $ 146     $ 1,782  
Assets   $ 198,145     $ 36,589     $ 36,290     $ 31,810     $ 302,834  

b. Customer Concentration

The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 23%, 32% and 32% of the Company’s aggregate net sales in 2012, 2011 and 2010, respectively, with a different customer representing approximately 13% and 10% of net sales in each of 2011 and 2010, respectively. International sales, primarily to Canadian customers, accounted for less than 10% in each of the last three years.

c. Product Information

The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):

         
Year ended December 31,   Commercial
Trailer Products		   Diversified
Products		   Retail   Consolidated
2012   $   $   $   $   %
New trailers     959,094       131,236       73,524       1,163,854       79.6  
Used trailers     23,534       1,887       14,762       40,183       2.7  
Components, parts and service     2,323       64,145       65,279       131,747       9.0  
Equipment and other     8,911       113,714       3,445       126,070       8.7  
Total net external sales     993,862       310,982       157,010       1,461,854       100.0  

         
  Commercial Trailer Products   Diversified Products   Retail   Consolidated
2011   $   $   $   $   %
New trailers     983,896       —       66,578       1,050,474       88.5  
Used trailers     13,386       —       13,103       26,489       2.2  
Components, parts and service     2,847       44,114       45,289       92,250       7.8  
Equipment and other     10,002       7,934       95       18,031       1.5  
Total net external sales     1,010,131       52,048       125,065       1,187,244       100.0  

         
  Commercial Trailer Products   Diversified Products   Retail   Consolidated
2010   $   $   $   $   %
New trailers     511,973       —       38,497       550,470       86.0  
Used trailers     9,215       —       13,404       22,619       3.5  
Components, parts and service     3,583       20,923       37,150       61,656       9.6  
Equipment and other     4,402       1,130       95       5,627       0.9  
Total net external sales     529,173       22,053       89,146       640,372       100.0