XML 33 R19.htm IDEA: XBRL DOCUMENT
v3.6.0.2

SEGMENTS AND RELATED INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2016
Segment Reporting [Abstract] |
SEGMENTS AND RELATED INFORMATION |
12. | SEGMENTS AND RELATED INFORMATION
| a. | Segment Reporting
During the second quarter of 2016, the Company realigned its reporting segments into two segments, Commercial Trailer Products and Diversified Products. As a result of the realignment, the businesses previously operating within the former retail segment are now reported under one of these two segments. The Company undertook the realignment in an effort to strengthen the alignment between its manufacturing businesses and its retail sales and service operations, improve profitability and capitalize on growth opportunities. Additionally, the Company performed an analysis to determine the allocations of goodwill and test for impairment. Based on this analysis, the Company determined that the portion of goodwill allocated to the retail branch operations was impaired resulting in an impairment charge of $1.7 million in the second quarter of 2016 for the Commercial Trailer Products segment. The Commercial Trailer Products segment manufactures standard and customized van and platform trailers, truck bodies and other transportation related equipment to customers who purchase directly from the Company, through independent dealers or Company owned branch locations through which the Company offers additional service and support. The Diversified Products segment, comprised of four strategic business units including, Tank Trailer, Aviation & Truck Equipment, Process Systems and Composites, 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. Financial performance for each of the Company’s reporting segments below has been restated to reflect the realignment. 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 segments. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. Reportable segment information is as follows (in thousands):
|  | Commercial |  | Diversified |  | Corporate and |  |  |
|  | Trailer Products |  | Products |  | Eliminations |  | Consolidated |
2016 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,506,070 |  | $ | 339,374 |  | $ | - |  | $ | 1,845,444 |
Intersegment sales |  |  | 40 |  |  | 13,030 |  |  | (13,070) |  |  | - |
Total net sales |  | $ | 1,506,110 |  | $ | 352,404 |  | $ | (13,070) |  | $ | 1,845,444 |
Depreciation and amortization |  |  | 12,345 |  |  | 22,970 |  |  | 1,454 |  |  | 36,769 |
Income (Loss) from operations |  |  | 212,351 |  |  | 24,595 |  |  | (34,414) |  |  | 202,532 |
Reconciling items to net income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 15,663 |
Other, net |  |  |  |  |  |  |  |  |  |  |  | 1,452 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 65,984 |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 119,433 |
Assets |  | $ | 312,848 |  | $ | 370,338 |  | $ | 215,547 |  | $ | 898,733 |
2015 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,582,019 |  | $ | 445,470 |  | $ | - |  | $ | 2,027,489 |
Intersegment sales |  |  | 222 |  |  | 11,457 |  |  | (11,679) |  |  | - |
Total net sales |  | $ | 1,582,241 |  | $ | 456,927 |  | $ | (11,679) |  | $ | 2,027,489 |
Depreciation and amortization |  |  | 12,674 |  |  | 23,888 |  |  | 1,436 |  |  | 37,998 |
Income (Loss) from operations |  |  | 159,385 |  |  | 51,078 |  |  | (30,094) |  |  | 180,369 |
Reconciling items to net income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 19,548 |
Other, net |  |  |  |  |  |  |  |  |  |  |  | (2,490) |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 59,022 |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 104,289 |
Assets |  | $ | 336,235 |  | $ | 397,892 |  | $ | 215,543 |  | $ | 949,670 |
2014 |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,380,195 |  | $ | 483,120 |  | $ | - |  | $ | 1,863,315 |
Intersegment sales |  |  | 428 |  |  | 11,872 |  |  | (12,300) |  |  | - |
Total net sales |  | $ | 1,380,623 |  | $ | 494,992 |  | $ | (12,300) |  | $ | 1,863,315 |
Depreciation and amortization |  |  | 12,331 |  |  | 24,868 |  |  | 1,630 |  |  | 38,829 |
Income (Loss) from operations |  |  | 82,290 |  |  | 57,635 |  |  | (17,539) |  |  | 122,386 |
Reconciling items to net income |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  |  |  | 22,165 |
Other, net |  |  |  |  |  |  |  |  |  |  |  | 1,759 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  | 37,532 |
Net income |  |  |  |  |  |  |  |  |  |  | $ | 60,930 |
Assets |  | $ | 342,015 |  | $ | 422,322 |  | $ | 163,109 |  | $ | 927,446 |
| b. | Customer Concentration
The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 24%, 25% and 20% of the Company’s aggregate net sales in 2016, 2015 and 2014, respectively. In addition, for each of the last three years there were no customers whose revenue individually represented 10% or more of the Company’s 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 |  | Eliminations |  | Consolidated |
2016 |  | $ |  | $ |  | $ |  | $ |  | % |
New trailers |  |  | 1,421,586 |  |  | 129,639 |  |  | (89) |  |  | 1,551,136 |  |  | 84.1 |
Used trailers |  |  | 11,998 |  |  | 3,176 |  |  | - |  |  | 15,174 |  |  | 0.8 |
Components, parts and service |  |  | 56,191 |  |  | 111,519 |  |  | (12,955) |  |  | 154,755 |  |  | 8.4 |
Equipment and other |  |  | 16,335 |  |  | 108,070 |  |  | (26) |  |  | 124,379 |  |  | 6.7 |
Total net external sales |  |  | 1,506,110 |  |  | 352,404 |  |  | (13,070) |  |  | 1,845,444 |  |  | 100.0 |
|  | Commercial |  | Diversified |  |  |  |  |
|  | Trailer Products |  | Products |  | Eliminations |  | Consolidated |
2015 |  | $ |  | $ |  | $ |  | $ |  | % |
New trailers |  |  | 1,474,201 |  |  | 218,028 |  |  | - |  |  | 1,692,229 |  |  | 83.5 |
Used trailers |  |  | 31,022 |  |  | 4,558 |  |  | - |  |  | 35,580 |  |  | 1.8 |
Components, parts and service |  |  | 60,482 |  |  | 119,696 |  |  | (11,628) |  |  | 168,550 |  |  | 8.3 |
Equipment and other |  |  | 16,536 |  |  | 114,645 |  |  | (51) |  |  | 131,130 |  |  | 6.4 |
Total net external sales |  |  | 1,582,241 |  |  | 456,927 |  |  | (11,679) |  |  | 2,027,489 |  |  | 100.0 |
|  | Commercial |  | Diversified |  |  |  |  |
|  | Trailer Products |  | Products |  | Eliminations |  | Consolidated |
2014 |  | $ |  | $ |  | $ |  | $ |  | % |
New trailers |  |  | 1,267,610 |  |  | 226,215 |  |  | - |  |  | 1,493,825 |  |  | 80.2 |
Used trailers |  |  | 41,027 |  |  | 4,088 |  |  | - |  |  | 45,115 |  |  | 2.4 |
Components, parts and service |  |  | 55,429 |  |  | 127,460 |  |  | (12,300) |  |  | 170,589 |  |  | 9.2 |
Equipment and other |  |  | 16,557 |  |  | 137,229 |  |  | - |  |  | 153,786 |  |  | 8.2 |
Total net external sales |  |  | 1,380,623 |  |  | 494,992 |  |  | (12,300) |  |  | 1,863,315 |  |  | 100.0 |

X
- References No definition available. + 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 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: 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=68060357&loc=d3e9038-108599 Reference 3: 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=68060357&loc=d3e8971-108599 Reference 4: 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=68060357&loc=d3e8595-108599 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=68060357&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 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: 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=68060357&loc=d3e8844-108599 Reference 8: 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=68060357&loc=d3e8984-108599 Reference 9: 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=68060357&loc=d3e9031-108599 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=68060357&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 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: 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=68060357&loc=d3e8864-108599 Reference 13: 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=68060357&loc=d3e8924-108599 Reference 14: 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=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration