XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.24.3

SEGMENTS | 9 Months Ended
--- | ---
Sep. 30, 2024
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS a. 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 TM 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 business as well as the Upfitting Solutions and Services business (a 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 as further described in Note 5. Our Trailers as a Service (TAAS)SM 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):
Three Months Ended September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 413,321 |  |  | $ | 50,719 |  |  |  |  | $ | — |  |  | $ | 464,040 |
Intersegment sales |  | 2,185 |  |  | 1,605 |  |  |  |  | (3,790) |  |  | — |
Total net sales |  | $ | 415,506 |  |  | $ | 52,324 |  |  |  |  | $ | (3,790) |  |  | $ | 464,040 |
Income (loss) from operations |  | $ | 29,162 |  |  | $ | 8,316 |  |  |  |  | $ | (470,506) |  |  | $ | (433,028) |
Three Months Ended September 30, 2023 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 577,232 |  |  | $ | 55,596 |  |  |  |  | $ | — |  |  | $ | 632,828 |
Intersegment sales |  | 5,638 |  |  | 845 |  |  |  |  | (6,483) |  |  | — |
Total net sales |  | $ | 582,870 |  |  | $ | 56,441 |  |  |  |  | $ | (6,483) |  |  | $ | 632,828 |
Income (loss) from operations |  | $ | 89,413 |  |  | $ | 12,358 |  |  |  |  | $ | (24,134) |  |  | $ | 77,637 |
Nine Months Ended September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,377,544 |  |  | $ | 152,382 |  |  |  |  | $ | — |  |  | $ | 1,529,926 |
Intersegment sales |  | 7,095 |  |  | 4,077 |  |  |  |  | (11,172) |  |  | — |
Total net sales |  | $ | 1,384,639 |  |  | $ | 156,459 |  |  |  |  | $ | (11,172) |  |  | $ | 1,529,926 |
Income (loss) from operations |  | $ | 130,335 |  |  | $ | 30,923 |  |  |  |  | $ | (520,948) |  |  | $ | (359,690) |
Nine Months Ended September 30, 2023 |  | Transportation Solutions |  | Parts & Services |  |  |  | Corporate and Eliminations |  | Consolidated
Net sales |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 1,778,246 |  |  | $ | 162,154 |  |  |  |  | $ | — |  |  | $ | 1,940,400 |
Intersegment sales |  | 13,377 |  |  | 3,493 |  |  |  |  | (16,870) |  |  | — |
Total net sales |  | $ | 1,791,623 |  |  | $ | 165,647 |  |  |  |  | $ | (16,870) |  |  | $ | 1,940,400 |
Income (loss) from operations |  | $ | 292,335 |  |  | $ | 34,504 |  |  |  |  | $ | (75,992) |  |  | $ | 250,847 |
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 September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 308,577 |  |  | $ | — |  |  |  |  | $ | (1,661) |  |  | $ | 306,916 |  |  | 66.1 | %
Used trailers |  | 71 |  |  | 396 |  |  |  |  | (71) |  |  | 396 |  |  | 0.1 | %
Components, parts and services |  | — |  |  | 31,539 |  |  |  |  | — |  |  | 31,539 |  |  | 6.8 | %
Equipment and other |  | 106,858 |  |  | 20,389 |  |  |  |  | (2,058) |  |  | 125,189 |  |  | 27.0 | %
Total net sales |  | $ | 415,506 |  |  | $ | 52,324 |  |  |  |  | $ | (3,790) |  |  | $ | 464,040 |  |  | 100.0 | %
Three Months Ended September 30, 2023 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 477,802 |  |  | $ | — |  |  |  |  | $ | (2,216) |  |  | $ | 475,586 |  |  | 75.2 | %
Used trailers |  | — |  |  | 1,340 |  |  |  |  | — |  |  | 1,340 |  |  | 0.2 | %
Components, parts and services |  | — |  |  | 38,091 |  |  |  |  | — |  |  | 38,091 |  |  | 6.0 | %
Equipment and other |  | 105,068 |  |  | 17,010 |  |  |  |  | (4,267) |  |  | 117,811 |  |  | 18.6 | %
Total net sales |  | $ | 582,870 |  |  | $ | 56,441 |  |  |  |  | $ | (6,483) |  |  | $ | 632,828 |  |  | 100.0 | %
Nine Months Ended September 30, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 1,057,880 |  |  | $ | — |  |  |  |  | $ | (3,162) |  |  | $ | 1,054,718 |  |  | 68.9 | %
Used trailers |  | 71 |  |  | 2,884 |  |  |  |  | (71) |  |  | 2,884 |  |  | 0.2 | %
Components, parts and services |  | — |  |  | 101,622 |  |  |  |  | — |  |  | 101,622 |  |  | 6.6 | %
Equipment and other |  | 326,688 |  |  | 51,953 |  |  |  |  | (7,939) |  |  | 370,702 |  |  | 24.2 | %
Total net sales |  | $ | 1,384,639 |  |  | $ | 156,459 |  |  |  |  | $ | (11,172) |  |  | $ | 1,529,926 |  |  | 100.0 | %
Nine Months Ended September 30, 2023 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 1,486,587 |  |  | $ | — |  |  |  |  | $ | (4,580) |  |  | $ | 1,482,007 |  |  | 76.4 | %
Used trailers |  | — |  |  | 2,396 |  |  |  |  | — |  |  | 2,396 |  |  | 0.1 | %
Components, parts and services |  | — |  |  | 113,567 |  |  |  |  | — |  |  | 113,567 |  |  | 5.9 | %
Equipment and other |  | 305,036 |  |  | 49,684 |  |  |  |  | (12,290) |  |  | 342,430 |  |  | 17.6 | %
Total net sales |  | $ | 1,791,623 |  |  | $ | 165,647 |  |  |  |  | $ | (16,870) |  |  | $ | 1,940,400 |  |  | 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration