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SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Segment Reporting
Based on how the Chief Operating Decision Maker (“CODM”) manages the business, allocates resources, makes operating decisions, and evaluates operating performance, the Company manages its business in 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. The Company’s EcoNex™ products, which are under the Company’s Acutherm™ portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. In addition, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies and service and stake bodies are also in the TS segment.
▪Parts & Services (“P&S”): The P&S segment is comprised of the Company’s 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. This segment also includes the Wabash Parts LLC and Linq Venture Holdings LLC entities we created with our partners during the second quarter of 2022 and the fourth quarter of 2023 as further described in Note 6. Our Trailers as a Service (TAAS) initiatives are included in the P&S segment as well. Finally, the P&S segment includes the Company’s Engineered Products business, which manufactures 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 SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
2023
Net sales
External customers$2,320,274 $216,226 $— $2,536,500 
Intersegment sales18,330 4,647 (22,977)— 
Total net sales$2,338,604 $220,873 $(22,977)$2,536,500 
Depreciation and amortization$40,443 $2,201 $2,676 $45,320 
Income (loss) from operations$366,928 $44,649 $(99,628)$311,949 
2022
Net sales
External customers$2,312,637 $189,492 $— $2,502,129 
Intersegment sales8,277 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 sales4,625 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 
Customer Concentration
The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 32%, 33%, and 30% of the Company’s aggregate net sales in 2023, 2022, and 2021, respectively. Our largest customer accounted for 12% of our aggregate net sales in 2023. No individual customer accounted for more than 10% of our aggregate net sales in either 2022 or 2021. 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, 2023Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,924,700 $— $(5,901)$1,918,799 75.7%
Used trailers— 4,978 — 4,978 0.2%
Components, parts and services— 148,256 — 148,256 5.8%
Equipment and other413,904 67,639 (17,076)464,467 18.3%
Total net external sales$2,338,604 $220,873 $(22,977)$2,536,500 100.0%
Year ended December 31, 2022Transportation SolutionsParts & ServicesEliminationsConsolidated
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 other308,486 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, 2021Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,354,375 $179 $(181)$1,354,373 75.0%
Used trailers165 2,349 — 2,514 0.1%
Components, parts and services— 131,929 — 131,929 7.3%
Equipment and other278,779 42,709 (7,036)314,452 17.4%
Total net external sales$1,633,319 $177,166 $(7,217)$1,803,268 100.0%