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SEGMENTS
6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
a. Segment Reporting
The Company manages its business in three segments: Commercial Trailer Products, Diversified Products, and Final Mile Products. The Commercial Trailer Products segment manufactures standard and customized van and platform trailers and other transportation related equipment for customers who purchase directly from the Company or through independent dealers. The Diversified Products segment, comprised of three strategic business units including, Tank Trailer, 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. The Final Mile Products segment manufactures truck bodies for customers in the final mile space.
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 (loss) 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):
Three Months Ended June 30, 2021Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$296,103 $72,296 $81,023 $— $449,422 
Intersegment sales239 4,282 — (4,521)— 
Total net sales$296,342 $76,578 $81,023 $(4,521)$449,422 
Income (loss) from operations$32,299 $5,824 $(3,247)$(12,192)$22,684 
Assets$310,179 $256,905 $375,336 $238,080 $1,180,500 
Three Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$232,247 $56,074 $50,832 $— $339,153 
Intersegment sales7,877 — (7,884)— 
Total net sales$232,254 $63,951 $50,832 $(7,884)$339,153 
Income (loss) from operations$18,599 $2,242 $(6,569)$(8,273)$5,999 
Assets$347,072 $289,927 $370,915 $134,351 $1,142,265 
Six Months Ended June 30, 2021Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$542,874 $140,463 $158,088 $— $841,425 
Intersegment sales1,177 10,123 — (11,300)— 
Total net sales$544,051 $150,586 $158,088 $(11,300)$841,425 
Income (loss) from operations$53,164 $11,913 $(7,194)$(23,984)$33,899 
Assets$310,179 $256,905 $375,336 $238,080 $1,180,500 
Six Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$483,192 $131,933 $111,102 $— $726,227 
Intersegment sales37 14,976 — (15,013)— 
Total net sales$483,229 $146,909 $111,102 $(15,013)$726,227 
Income (loss) from operations$34,470 $(3,828)$(114,610)$(20,089)$(104,057)
Assets$347,072 $289,927 $370,915 $134,351 $1,142,265 
b.  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):
Three Months Ended June 30, 2021Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$287,741 $34,090 $— $— $321,831 71.6 %
Used trailers19 359 — — 378 0.1 %
Components, parts and service5,529 27,544 3,965 (4,282)32,756 7.3 %
Equipment and other3,053 14,585 77,058 (239)94,457 21.0 %
Total net sales$296,342 $76,578 $81,023 $(4,521)$449,422 100.0 %
Three Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$218,753 $28,176 $— $— $246,929 72.8 %
Used trailers2,273 1,323 — — 3,596 1.1 %
Components, parts and service9,571 22,166 2,453 (7,884)26,306 7.8 %
Equipment and other1,657 12,286 48,379 — 62,322 18.4 %
Total net sales$232,254 $63,951 $50,832 $(7,884)$339,153 100.0 %
Six Months Ended June 30, 2021Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$526,406 $64,356 $— $— $590,762 70.2 %
Used trailers184 1,206 — — 1,390 0.2 %
Components, parts and service11,470 57,510 7,688 (10,125)66,543 7.9 %
Equipment and other5,991 27,514 150,400 (1,175)182,730 21.7 %
Total net sales$544,051 $150,586 $158,088 $(11,300)$841,425 100.0 %
Six Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$456,654 $71,488 $— $— $528,142 72.7 %
Used trailers2,591 2,533 — — 5,124 0.7 %
Components, parts and service18,843 48,248 6,175 (14,984)58,282 8.0 %
Equipment and other5,141 24,640 104,927 (29)134,679 18.5 %
Total net sales$483,229 $146,909 $111,102 $(15,013)$726,227 100.0 %