XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.22.2

SEGMENTS | 6 Months Ended
--- | ---
Jun. 30, 2022
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS a. Segment Reporting As further described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, beginning in September 2021 the Company realigned its operating and reportable segments based on how the Chief Operating Decision Maker (“CODM”) manages the business, allocates resources, makes operating decisions, and evaluates operating performance. Based on this realignment, the Company eliminated the historical Commercial Trailer Products, Diversified Products, and Final Mile Products segments and established two operating and reportable segments: Transportation Solutions and Parts & Services. Additional information related to the composition of each segment is included below. ▪Transportation Solutions (“TS”): The TS segment comprises the design and manufacturing operations for the Company’s transportation-related equipment and products. This includes dry and refrigerated van trailers, platform trailers, and the Company’s wood flooring production facility, all of which were previously reported in the CTP segment. The Company’s EcoNex™ products that were historically included in both the CTP and FMP segments are now reported in the TS segment. In addition, the TS segment includes tank trailers and truck-mounted tanks that were historically reported in the DPG segment. Finally, truck-mounted dry and refrigerated bodies and service and stake bodies that were previously reported in the FMP segment are also in the TS segment. ▪Parts & Services (“P&S”): The P&S segment is comprised of each of the Company’s historical segments’ parts and services businesses as well as the upfitting component of our truck bodies business. In addition, the Company’s Composites business, which focuses on the use of DuraPlate® composite panels beyond the semi-trailer market, is also part of the P&S segment (previously reported in the DPG segment). Finally, the P&S segment includes the Company’s Engineered Products business (previously reported in the DPG segment), including stainless-steel storage tanks and silos, mixers, and processors for a variety of end markets. Growing and expanding the parts and services businesses is a key strategic initiative for the Company moving forward. The accounting policies of the TS and P&S 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. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance. Reportable segment information is as follows (in thousands):
Three Months Ended June 30, 2022 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 593,125 |  |  | $ | 49,644 |  |  |  |  | $ | — |  |  | $ | 642,769 |
Intersegment sales |  | 2,857 |  |  | 751 |  |  |  |  | (3,608) |  |  | — |
Total net sales |  | $ | 595,982 |  |  | $ | 50,395 |  |  |  |  | $ | (3,608) |  |  | $ | 642,769 |
Income (loss) from operations |  | $ | 47,973 |  |  | $ | 8,138 |  |  |  |  | $ | (20,203) |  |  | $ | 35,908 |
Three Months Ended June 30, 2021 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 401,085 |  |  | $ | 48,337 |  |  |  |  | $ | — |  |  | $ | 449,422 |
Intersegment sales |  | 1,092 |  |  | 415 |  |  |  |  | (1,507) |  |  | — |
Total net sales |  | $ | 402,177 |  |  | $ | 48,752 |  |  |  |  | $ | (1,507) |  |  | $ | 449,422 |
Income (loss) from operations |  | $ | 26,815 |  |  | $ | 8,061 |  |  |  |  | $ | (12,192) |  |  | $ | 22,684 |
Six Months Ended June 30, 2022 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,094,165 |  |  | $ | 95,365 |  |  |  |  | $ | — |  |  | $ | 1,189,530 |
Intersegment sales |  | 3,882 |  |  | 1,738 |  |  |  |  | (5,620) |  |  | — |
Total net sales |  | $ | 1,098,047 |  |  | $ | 97,103 |  |  |  |  | $ | (5,620) |  |  | $ | 1,189,530 |
Income (loss) from operations |  | $ | 79,670 |  |  | $ | 14,927 |  |  |  |  | $ | (38,554) |  |  | $ | 56,043 |
Six Months Ended June 30, 2021 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 745,423 |  |  | $ | 96,002 |  |  |  |  | $ | — |  |  | $ | 841,425 |
Intersegment sales |  | 1,873 |  |  | 1,345 |  |  |  |  | (3,218) |  |  | — |
Total net sales |  | $ | 747,296 |  |  | $ | 97,347 |  |  |  |  | $ | (3,218) |  |  | $ | 841,425 |
Income (loss) from operations |  | $ | 43,438 |  |  | $ | 14,445 |  |  |  |  | $ | (23,984) |  |  | $ | 33,899 |
b. Product Information The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and services, and (4) equipment and other (which includes truck bodies). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Three Months Ended June 30, 2022 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 508,430 |  |  | $ | 188 |  |  |  |  | $ | (361) |  |  | $ | 508,257 |  |  | 79.1 | %
Used trailers |  | — |  |  | 1,120 |  |  |  |  | — |  |  | 1,120 |  |  | 0.2 | %
Components, parts and services |  | — |  |  | 37,473 |  |  |  |  | — |  |  | 37,473 |  |  | 5.8 | %
Equipment and other |  | 87,552 |  |  | 11,614 |  |  |  |  | (3,247) |  |  | 95,919 |  |  | 14.9 | %
Total net sales |  | $ | 595,982 |  |  | $ | 50,395 |  |  |  |  | $ | (3,608) |  |  | $ | 642,769 |  |  | 100.0 | %
Three Months Ended June 30, 2021 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 321,833 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 321,833 |  |  | 71.6 | %
Used trailers |  | — |  |  | 378 |  |  |  |  | — |  |  | 378 |  |  | 0.1 | %
Components, parts and services |  | — |  |  | 34,260 |  |  |  |  | — |  |  | 34,260 |  |  | 7.6 | %
Equipment and other |  | 80,344 |  |  | 14,114 |  |  |  |  | (1,507) |  |  | 92,951 |  |  | 20.7 | %
Total net sales |  | $ | 402,177 |  |  | $ | 48,752 |  |  |  |  | $ | (1,507) |  |  | $ | 449,422 |  |  | 100.0 | %
Six Months Ended June 30, 2022 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 946,393 |  |  | $ | 242 |  |  |  |  | $ | (672) |  |  | $ | 945,963 |  |  | 79.5 | %
Used trailers |  | — |  |  | 1,689 |  |  |  |  | — |  |  | 1,689 |  |  | 0.1 | %
Components, parts and services |  | — |  |  | 71,037 |  |  |  |  | — |  |  | 71,037 |  |  | 6.0 | %
Equipment and other |  | 151,654 |  |  | 24,135 |  |  |  |  | (4,948) |  |  | 170,841 |  |  | 14.4 | %
Total net sales |  | $ | 1,098,047 |  |  | $ | 97,103 |  |  |  |  | $ | (5,620) |  |  | $ | 1,189,530 |  |  | 100.0 | %
Six Months Ended June 30, 2021 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 590,763 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 590,763 |  |  | 70.2 | %
Used trailers |  | 165 |  |  | 1,225 |  |  |  |  | — |  |  | 1,390 |  |  | 0.2 | %
Components, parts and services |  | — |  |  | 26,362 |  |  |  |  | — |  |  | 26,362 |  |  | 3.1 | %
Equipment and other |  | 156,368 |  |  | 69,760 |  |  |  |  | (3,218) |  |  | 222,910 |  |  | 26.5 | %
Total net sales |  | $ | 747,296 |  |  | $ | 97,347 |  |  |  |  | $ | (3,218) |  |  | $ | 841,425 |  |  | 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration