XML 96 R20.htm IDEA: XBRL DOCUMENT
v2.4.1.9

SEGMENTS AND RELATED INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2014
Segment Reporting [Abstract] |
SEGMENTS AND RELATED INFORMATION |
13. | 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 and 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 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. In the fourth quarter of 2014, the Company’s wood flooring production business that manufactures laminated hard wood oak products primarily for the van trailer business was reclassified from the Diversified Products segment to the Company’s Commercial Trailer Products segment due to a change in how that business is managed internally as managment intends to drive improvements in the synergies between these two businesses. Financial performances for each of the Company’s reporting segments have been restated to reflect these changes. 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. The Company manages its assets and capital spending on a consolidated basis, not by operating segment, as the assets and capital spending of the Diversified Products segment are intermixed with those of the Commercial Trailer Products segment. Therefore, our chief operating decision maker does not review any asset or capital spending information by operating segment and, accordingly, we do not report asset or capital spending information by operating segment. Reportable segment information is as follows (in thousands):
|  | Commercial |  | Diversified |  |  |  | Corporate and |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Eliminations |  | Consolidated |
2014 |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,221,040 |  | $ | 453,160 |  | $ | 189,115 |  | $ | - |  | $ | 1,863,315 |
Intersegment sales |  |  | 73,124 |  |  | 13,078 |  |  | 965 |  |  | (87,167) |  | $ | - |
Total net sales |  | $ | 1,294,164 |  | $ | 466,238 |  | $ | 190,080 |  | $ | (87,167) |  | $ | 1,863,315 |
Depreciation and amortization |  |  | 11,332 |  |  | 23,806 |  |  | 2,061 |  |  | 1,630 |  |  | 38,829 |
Income (Loss) from operations |  |  | 81,141 |  |  | 54,879 |  |  | 3,785 |  |  | (17,419) |  |  | 122,386 |
Reconciling items to net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,165 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,759 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 37,532 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 60,930 |
2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,010,736 |  | $ | 444,804 |  | $ | 180,146 |  | $ | - |  | $ | 1,635,686 |
Intersegment sales |  |  | 71,718 |  |  | 13,871 |  |  | 1,340 |  |  | (86,929) |  | $ | - |
Total net sales |  | $ | 1,082,454 |  | $ | 458,675 |  | $ | 181,486 |  | $ | (86,929) |  | $ | 1,635,686 |
Depreciation and amortization |  |  | 11,127 |  |  | 23,320 |  |  | 2,029 |  |  | 1,860 |  |  | 38,336 |
Income (Loss) from operations |  |  | 57,543 |  |  | 59,126 |  |  | 2,885 |  |  | (16,363) |  |  | 103,191 |
Reconciling items to net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 26,308 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (740) |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,094 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 46,529 |
2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 995,164 |  | $ | 309,680 |  | $ | 157,010 |  | $ | - |  | $ | 1,461,854 |
Intersegment sales |  |  | 69,427 |  |  | 11,577 |  |  | 635 |  |  | (81,639) |  | $ | - |
Total net sales |  | $ | 1,064,591 |  | $ | 321,257 |  | $ | 157,645 |  | $ | (81,639) |  | $ | 1,461,854 |
Depreciation and amortization |  |  | 11,658 |  |  | 10,385 |  |  | 710 |  |  | 2,812 |  |  | 25,565 |
Income (Loss) from operations |  |  | 52,242 |  |  | 44,573 |  |  | 2,922 |  |  | (29,253) |  |  | 70,484 |
Reconciling items to net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 21,724 |
Other, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 97 |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (56,968) |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 105,631 |
| b. | Customer Concentration
The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 20%, 17% and 23% of the Company’s aggregate net sales in 2014, 2013 and 2012, respectively. In addition, for each of the last three years there were no customers whose revenue individually represented 10% or more of our aggregate net sales. 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):
|  | Commercial |  | Diversified |  |  |  |  |  |  |  |  |  |
Year ended December 31, |  | Trailer Products |  | Products |  | Retail |  | Consolidated |
2014 |  | $ |  | $ |  | $ |  | $ |  | % |
New trailers |  |  | 1,177,402 |  |  | 227,382 |  |  | 89,041 |  |  | 1,493,825 |  |  | 80.2 |
Used trailers |  |  | 23,576 |  |  | 4,593 |  |  | 16,946 |  |  | 45,115 |  |  | 2.4 |
Components, parts and service |  |  | 3,077 |  |  | 87,942 |  |  | 79,570 |  |  | 170,589 |  |  | 9.2 |
Equipment and other |  |  | 16,985 |  |  | 133,243 |  |  | 3,558 |  |  | 153,786 |  |  | 8.2 |
Total net external sales |  |  | 1,221,040 |  |  | 453,160 |  |  | 189,115 |  |  | 1,863,315 |  |  | 100.0 |
|  | Commercial |  | Diversified |  |  |  |  |  |  |  |  |  |
|  | Trailer Products |  | Products |  | Retail |  | Consolidated |
2013 |  | $ |  | $ |  | $ |  | $ |  | % |
New trailers |  |  | 959,116 |  |  | 204,812 |  |  | 82,995 |  |  | 1,246,923 |  |  | 76.2 |
Used trailers |  |  | 33,443 |  |  | 3,158 |  |  | 12,814 |  |  | 49,415 |  |  | 3.0 |
Components, parts and service |  |  | 7,387 |  |  | 92,869 |  |  | 80,070 |  |  | 180,326 |  |  | 11.0 |
Equipment and other |  |  | 10,790 |  |  | 143,965 |  |  | 4,267 |  |  | 159,022 |  |  | 9.8 |
Total net external sales |  |  | 1,010,736 |  |  | 444,804 |  |  | 180,146 |  |  | 1,635,686 |  |  | 100.0 |
|  | Commercial |  | Diversified |  |  |  |  |  |  |  |  |  |
|  | Trailer Products |  | 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 |  |  | 10,213 |  |  | 112,412 |  |  | 3,445 |  |  | 126,070 |  |  | 8.7 |
Total net external sales |  |  | 995,164 |  |  | 309,680 |  |  | 157,010 |  |  | 1,461,854 |  |  | 100.0 |

X
- Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration