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SEGMENTS | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS Segment Reporting The Company has historically managed its business in three segments: CTP, DPG, and FMP. The Company began its One Wabash organizational transformation during the first quarter of 2020 to better align its resources and processes on serving the customer and enable long-term growth. In connection with the substantial completion of the Company’s One Wabash strategic initiatives during the third quarter of 2021, including organizational and structural changes as well as portfolio rationalization, beginning in September 2021 the Company realigned its operating and reportable segments based on how the CODM manages the business, allocates resources, makes operating decisions, and evaluates operating performance. Based on this realignment, the Company eliminated the historical CTP, DPG, and FMP segments and established two operating and reportable segments: TS and P&S. While the Company has historically generated a small portion of its revenue and profitability from streams like aftermarket parts, repair and maintenance services, and upfitting and equipment services, historically these businesses existed scattered throughout the Company’s siloed organization structure. During the One Wabash transformation that culminated with segment realignment, the Company brought these previously siloed businesses together to leverage the Company’s strengths and better reach the customer, which included shifting significant resources and talent to lead these parts and services businesses. The Company continues to formulate aggressive plans that now underpin growth initiatives under the One Wabash approach. 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):
| Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
2022 |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |
External customers | $ | 2,312,637 |  |  | $ | 189,492 |  |  |  |  | $ | — |  |  | $ | 2,502,129 |
Intersegment sales | 8,277 |  |  | 3,984 |  |  |  |  | (12,261) |  |  | — |
Total net sales | $ | 2,320,914 |  |  | $ | 193,476 |  |  |  |  | $ | (12,261) |  |  | $ | 2,502,129 |
Depreciation and amortization | $ | 41,187 |  |  | $ | 2,717 |  |  |  |  | $ | 3,065 |  |  | $ | 46,969 |
Income (Loss) from operations | $ | 209,942 |  |  | $ | 30,558 |  |  |  |  | $ | (73,858) |  |  | $ | 166,642 |
2021 |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |
External customers | $ | 1,628,694 |  |  | $ | 174,574 |  |  |  |  | $ | — |  |  | $ | 1,803,268 |
Intersegment sales | 4,625 |  |  | 2,592 |  |  |  |  | (7,217) |  |  | — |
Total net sales | $ | 1,633,319 |  |  | $ | 177,166 |  |  |  |  | $ | (7,217) |  |  | $ | 1,803,268 |
Depreciation and amortization | $ | 41,819 |  |  | $ | 4,781 |  |  |  |  | $ | 2,242 |  |  | $ | 48,842 |
Income (Loss) from operations | $ | 61,869 |  |  | $ | 20,201 |  |  |  |  | $ | (48,528) |  |  | $ | 33,542 |
2020 |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |
External customers | $ | 1,308,935 |  |  | $ | 172,954 |  |  |  |  | $ | — |  |  | $ | 1,481,889 |
Intersegment sales | 6,494 |  |  | 6,520 |  |  |  |  | (13,014) |  |  | — |
Total net sales | $ | 1,315,429 |  |  | $ | 179,474 |  |  |  |  | $ | (13,014) |  |  | $ | 1,481,889 |
Depreciation and amortization | $ | 40,236 |  |  | $ | 5,512 |  |  |  |  | $ | 2,222 |  |  | $ | 47,970 |
Loss from operations | $ | (29,702) |  |  | $ | (12,658) |  |  |  |  | $ | (43,248) |  |  | $ | (85,608) |
Customer Concentration The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 33%, 30%, and 21% of the Company’s aggregate net sales in 2022, 2021, and 2020, 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 accounted for less than 10% in each of the last three years. 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 new truck body sales). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Year ended December 31, 2022 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 2,012,428 |  |  | $ | 1,722 |  |  |  |  | $ | (1,286) |  |  | $ | 2,012,864 |  |  | 80.4%
Used trailers |  | — |  |  | 2,905 |  |  |  |  | — |  |  | 2,905 |  |  | 0.1%
Components, parts and services |  | — |  |  | 139,762 |  |  |  |  | — |  |  | 139,762 |  |  | 5.6%
Equipment and other |  | 308,486 |  |  | 49,087 |  |  |  |  | (10,975) |  |  | 346,598 |  |  | 13.9%
Total net external sales |  | $ | 2,320,914 |  |  | $ | 193,476 |  |  |  |  | $ | (12,261) |  |  | $ | 2,502,129 |  |  | 100.0%
Year ended December 31, 2021 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 1,354,375 |  |  | $ | 179 |  |  |  |  | $ | (181) |  |  | $ | 1,354,373 |  |  | 75.2%
Used trailers |  | 165 |  |  | 2,349 |  |  |  |  | — |  |  | 2,514 |  |  | 0.1%
Components, parts and services |  | — |  |  | 131,929 |  |  |  |  | — |  |  | 131,929 |  |  | 7.3%
Equipment and other |  | 278,779 |  |  | 42,709 |  |  |  |  | (7,036) |  |  | 314,452 |  |  | 17.4%
Total net external sales |  | $ | 1,633,319 |  |  | $ | 177,166 |  |  |  |  | $ | (7,217) |  |  | $ | 1,803,268 |  |  | 100.0%
Year ended December 31, 2020 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 1,087,978 |  |  | $ | 3,387 |  |  |  |  | $ | (3,545) |  |  | $ | 1,087,820 |  |  | 73.3%
Used trailers |  | 3,677 |  |  | 4,709 |  |  |  |  | — |  |  | 8,386 |  |  | 0.6%
Components, parts and services |  | — |  |  | 123,517 |  |  |  |  | — |  |  | 123,517 |  |  | 8.3%
Equipment and other |  | 223,774 |  |  | 47,861 |  |  |  |  | (9,469) |  |  | 262,166 |  |  | 17.7%
Total net external sales |  | $ | 1,315,429 |  |  | $ | 179,474 |  |  |  |  | $ | (13,014) |  |  | $ | 1,481,889 |  |  | 100.0%

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- 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
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