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SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS Segment Reporting The Company’s Chief Operating Decision Maker (“CODM”) is comprised of the Chief Executive Officer and the Board of Directors. Based on how the 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 part of the Company’s Acutherm™ portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. Additionally, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies, as well as service and stake bodies, are also in the TS segment. ▪Parts & Services (“P&S”): The P&S segment comprises the Company’s Parts and Services business, as well as the Upfitting Solutions and Services business (a component of our Truck Bodies business). Additionally, 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, which we created with our partners as further described in Note 6. Our Trailers as a Service (TaaS)SM initiatives, which combine our market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network to provide a valuable suite of services to our customers, 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 our Parts and Services offerings continues to be a key strategic initiative for the Company. 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 CODM evaluates performance by considering comparative period and forecast-to-actual variances for these measures monthly. 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
2024 |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |
External customers | $ | 1,747,039 |  |  | $ | 199,701 |  |  |  |  | $ | — |  |  | $ | 1,946,740 |
Intersegment sales | 8,094 |  |  | 5,361 |  |  |  |  | (13,455) |  |  | — |
Total net sales | 1,755,133 |  |  | 205,062 |  |  |  |  | (13,455) |  |  | 1,946,740 |
Cost of sales | 1,537,515 |  |  | 157,608 |  |  |  |  | (13,455) |  |  | 1,681,668 |
Gross profit | 217,618 |  |  | 47,454 |  |  |  |  | — |  |  | 265,072 |
Other operating expenses (1) | 69,341 |  |  | 12,037 |  |  |  |  | 539,798 |  |  | 621,176 |
Segment income (loss) from operations | 148,277 |  |  | 35,417 |  |  |  |  | (539,798) |  |  | (356,104) |
Product liability matter | — |  |  | — |  |  |  |  | 450,000 |  |  | 450,000 |
Consolidated income (loss) from operations | $ | 148,277 |  |  | $ | 35,417 |  |  |  |  | $ | (89,798) |  |  | $ | 93,896 |
Depreciation and amortization | $ | 49,987 |  |  | $ | 2,681 |  |  |  |  | $ | 4,317 |  |  | $ | 56,985 |
2023 |  |  |  |  |  |  |  |  |
Net sales |  |  |  |  |  |  |  |  |
External customers | $ | 2,320,274 |  |  | $ | 216,226 |  |  |  |  | $ | — |  |  | $ | 2,536,500 |
Intersegment sales | 18,330 |  |  | 4,647 |  |  |  |  | (22,977) |  |  | — |
Total net sales | 2,338,604 |  |  | 220,873 |  |  |  |  | (22,977) |  |  | 2,536,500 |
Cost of sales | 1,898,740 |  |  | 162,550 |  |  |  |  | (22,977) |  |  | 2,038,313 |
Gross profit | 439,864 |  |  | 58,323 |  |  |  |  | — |  |  | 498,187 |
Other operating expenses (1) | 72,936 |  |  | 13,674 |  |  |  |  | 99,628 |  |  | 186,238 |
Consolidated income (loss) from operations | $ | 366,928 |  |  | $ | 44,649 |  |  |  |  | $ | (99,628) |  |  | $ | 311,949 |
Depreciation and amortization | $ | 40,443 |  |  | $ | 2,201 |  |  |  |  | $ | 2,676 |  |  | $ | 45,320 |
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 |
Cost of sales | 2,043,072 |  |  | 148,627 |  |  |  |  | (12,261) |  |  | 2,179,438 |
Gross profit | 277,842 |  |  | 44,849 |  |  |  |  | — |  |  | 322,691 |
Other operating expenses (1) | 67,900 |  |  | 14,291 |  |  |  |  | 73,858 |  |  | 156,049 |
Consolidated income (loss) from operations | $ | 209,942 |  |  | $ | 30,558 |  |  |  |  | $ | (73,858) |  |  | $ | 166,642 |
Depreciation and amortization | $ | 41,187 |  |  | $ | 2,717 |  |  |  |  | $ | 3,065 |  |  | $ | 46,969 |
————————— (1)Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net. Customer Concentration The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 42%, 32%, and 33% of the Company’s aggregate net sales in 2024, 2023, and 2022, respectively. Our largest customer, included as part of the Transportation Solutions segment, accounted for 15% and 12% of our aggregate net sales in 2024 and 2023, respectively. No individual customer accounted for more than 10% of our aggregate net sales in 2022. 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, 2024 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
New trailers |  | $ | 1,335,902 |  |  | $ | — |  |  |  |  | $ | (3,978) |  |  | $ | 1,331,924 |  |  | 68.4%
Used trailers |  | 71 |  |  | 4,012 |  |  |  |  | (71) |  |  | 4,012 |  |  | 0.2%
Components, parts and services |  | — |  |  | 128,565 |  |  |  |  | — |  |  | 128,565 |  |  | 6.6%
Equipment and other |  | 419,160 |  |  | 72,485 |  |  |  |  | (9,406) |  |  | 482,239 |  |  | 24.8%
Total net external sales |  | $ | 1,755,133 |  |  | $ | 205,062 |  |  |  |  | $ | (13,455) |  |  | $ | 1,946,740 |  |  | 100.0%
Year ended December 31, 2023 |  | Transportation Solutions |  | Parts & Services |  |  |  | Eliminations |  | Consolidated
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 other |  | 413,904 |  |  | 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, 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%

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- Definition The entire disclosure for reporting segments including data and tables. 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