Segment Reporting

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

In the quarter ended December 31, 2021, we completed a strategic reorganization of our operations into four segments,

Vehicle Solutions, Warehouse Automation, Electrical Systems and Aftermarket & Accessories. The reorganization will allow the Company to better focus on growth opportunities, capital allocation and enhancing shareholder value. As a result of the strategic reorganization, the prior period amounts have been reclassified to conform to the new organization structure.

Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker (“CODM”), which is our President and Chief Executive Officer. Each of these segments consists of a number of manufacturing facilities. Certain of our facilities manufacture and sell products through multiple segments. Our segments are more specifically described below.

The Vehicle Solutions segment designs, manufactures and sells the following products:

•Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segment includes a portion of the company’s activities in the electric vehicle market;

•Plastic components ("Trim") primarily for the North America commercial vehicle market and recreational vehicle markets; and Cab structures for the North American medium-duty/heavy-duty ("MD/HD") truck market.

The Warehouse Automation segment designs, manufactures and sells the following products:

•Warehouse automation subsystems including control panels, electro-mechanical assemblies, cable assemblies, and power and communication solutions.

•The end markets for these products primarily include e-commerce, warehouse integration, transportation and the military/defense industry.

The Electrical Systems segment designs, manufactures and sells the following products:

•Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications.

•The end markets for these products are construction, agricultural, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail and the military/ defense industries in North America, Europe and Asia-Pacific.

The Aftermarket & Accessories segment designs, manufactures and sells the following products:

•Seats and components sold into the commercial vehicle markets in North America, Europe and Asia-Pacific;

•Commercial vehicle accessories including wipers, mirrors, and sensors; and

•Office seats primarily in Europe and Asia-Pacific.

Corporate expenses consist of certain overhead and shared costs that are not directly attributable to the operations of a segment. For purposes of business segment performance measurement, some of these costs that are for the benefit of the operations are allocated based on a combination of methodologies. The costs that are not allocated to a segment are considered stewardship costs and remain at corporate in our segment reporting.

The following tables present financial information for the Company's reportable segments for the periods indicated:

	For the year ended December 31, 2021
	Vehicle Solutions		Warehouse Automation		Electrical Systems		Aftermarket and Accessories		Corporate/ Other		Total
Revenues	$	498,913	$	187,912	$	168,971	$	115,782	$	—	$	971,578
Gross profit	$	50,608	$	29,669	$	20,773	$	17,980	$	(43)	$	118,987
Selling, general & administrative expenses	26,959		6,106		6,213		5,889		24,239		69,406
Operating income (loss)	$	23,649	$	23,563	$	14,560	$	12,091	$	(24,282)	$	49,581
Capital expenditures and other items:
Capital expenditures	$	6,203	$	4,480	$	5,976	$	482	$	512	$	17,653
Depreciation expense	$	7,911	$	687	$	3,550	$	1,240	$	1,671	$	15,059

	For the year ended December 31, 2020
	Vehicle Solutions		Warehouse Automation		Electrical Systems		Aftermarket and Accessories		Corporate/ Other		Total
Revenues	$	366,636	$	101,655	$	141,094	$	108,314	$	—	$	717,699
Gross profit	$	32,398	$	13,205	$	12,185	$	16,658	$	(370)	$	74,076
Selling, general & administrative expenses	22,510		9,698		3,996		5,396		26,628		68,228
Goodwill and other impairment	7,245		19,829		1,150		—		793		29,017
Operating income (loss)	$	2,643	$	(16,322)	$	7,039	$	11,262	$	(27,791)	$	(23,169)
Capital expenditures and depreciation expense:
Capital expenditures	$	3,599	$	1,288	$	857	$	358	$	1,040	$	7,142
Depreciation expense	$	7,682	$	377	$	3,552	$	1,436	$	2,012	$	15,059

	For the year ended December 31, 2019
	Vehicle Solutions		Warehouse Automation		Electrical Systems		Aftermarket and Accessories		Corporate/ Other		Total
Revenues	$	577,989	$	12,803	$	178,398	$	132,048	$	—	$	901,238
Gross profit	$	65,121	$	1,248	$	16,588	$	22,252	$	(72)	$	105,137
Selling, general & administrative expenses	24,875		1,396		5,331		6,594		26,305		64,501
Operating income (loss)	$	40,246	$	(148)	$	11,257	$	15,658	$	(26,377)	$	40,636
Capital expenditures and depreciation expense:
Capital expenditures	$	13,967	$	433	$	6,586	$	463	$	2,668	$	24,117
Depreciation expense	$	6,876	$	49	$	3,027	$	1,126	$	2,484	$	13,562

The following table presents revenues and long-lived assets for the geographic areas in which we operate:

	Years Ended December 31,
	2021				2020				2019
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues		Long-lived Assets
United States	$	738,937	$	60,260	$	536,846	$	60,605	$	691,224	$	70,870
All other countries	232,641		29,450		180,853		32,985		210,014		38,568
	$	971,578	$	89,710	$	717,699	$	93,590	$	901,238	$	109,438

Sales to A.B. Volvo and two other customers, were in excess of 10% of total Company revenues in each of the years ended December 31, 2021, 2020 and 2019, as noted in the table below. No other customers exceed 10% of the Company’s revenues in any period presented. The following table presents revenue from the above mentioned customers as a percentage of total revenue:

		Years Ended December 31,
Customer	Primary Segment	2021		2020		2019
A.B. Volvo	Vehicle Solutions	17	%	16	%	22	%
Customer B	Warehouse Automation	17	%	9	%	—	%
Customer C	Vehicle Solutions	12	%	14	%	17	%