Segment Reporting

9 Months Ended

Sep. 30, 2022

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 has allowed 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:

	Three Months Ended September 30, 2022
	Vehicle Solutions		Warehouse Automation		Electrical Systems		Aftermarket and Accessories		Corporate/Other		Total
Revenues	$	154,024	$	14,116	$	46,129	$	37,143	$	—	$	251,412
Gross profit	13,839		404		6,210		6,389		—		26,842
Selling, general & administrative expenses	4,279		1,371		1,055		1,436		9,163		17,304
Operating income (loss)	$	9,560	$	(967)	$	5,155	$	4,953	$	(9,163)	$	9,538

	Three Months Ended September 30, 2021
	Vehicle Solutions		Warehouse Automation		Electrical Systems		Aftermarket and Accessories		Corporate/Other		Total
Revenues	$	117,914	$	51,681	$	40,085	$	29,930	$	—	$	239,610
Gross profit	10,143		9,486		6,633		3,885		(3)		30,144
Selling, general & administrative expenses	7,222		1,461		1,718		1,536		6,835		18,772
Operating income (loss)	$	2,921	$	8,025	$	4,915	$	2,349	$	(6,838)	$	11,372

	Nine Months Ended September 30, 2022
	Vehicle Solutions		Warehouse Automation		Electrical Systems		Aftermarket and Accessories		Corporate/Other		Total
Revenues	$	436,966	$	76,789	$	133,350	$	99,530	$	—	$	746,635
Gross profit	35,657		8,249		16,857		13,341		—		74,104
Selling, general & administrative expenses	18,269		4,242		3,998		4,636		18,810		49,955
Operating income (loss)	$	17,388	$	4,007	$	12,859	$	8,705	$	(18,810)	$	24,149

	Nine Months Ended September 30, 2021
	Vehicle Solutions		Warehouse Automation		Electrical Systems		Aftermarket and Accessories		Corporate/Other		Total
Revenues	$	372,487	$	150,378	$	130,742	$	89,066	$	—	$	742,673
Gross profit	38,914		24,612		17,545		14,605		(43)		95,633
Selling, general & administrative expenses	20,269		4,199		4,646		4,407		19,008		52,529
Operating income (loss)	$	18,645	$	20,413	$	12,899	$	10,198	$	(19,051)	$	43,104