Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Contemporaneously with the filing of this Form 10-K, we updated our reportable segments to rename Warehouse Automation to Industrial Automation. We continue to report our results in four segments - Vehicle Solutions, Electrical Systems, Aftermarket & Accessories and Industrial Automation. The segment name change did not result in any change to the composition of the Company's segments and therefore did not result in any change to historical results.

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 power sports markets; and Cab structures for the North American MD/HD truck market.

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, warehouse, 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 channels that provide repair and refurbishing. These channels include OES centers and retail distributors, and are spread across North America, Europe and Asia-Pacific.

•Commercial vehicle accessories including wipers, mirrors, and sensors. These products are sold both as Original Equipment and as repair products.

•Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific.

The Industrial 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.

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, 2022
	Vehicle Solutions		Electrical Systems		Aftermarket & Accessories		Industrial Automation		Corporate/ Other		Total
Revenues	$	579,731	$	180,404	$	133,671	$	87,747	$	—	$	981,553
Gross profit	$	45,979	$	23,993	$	18,836	$	(2,303)	$	—	$	86,505
Selling, general & administrative expenses	24,930		5,775		6,925		5,564		23,167		66,361
Operating income (loss)	$	21,049	$	18,218	$	11,911	$	(7,867)	$	(23,167)	$	20,144
Capital expenditures and other items:
Capital expenditures	$	8,151	$	3,936	$	3,692	$	3,702	$	229	$	19,710
Depreciation expense	$	8,343	$	3,496	$	1,323	$	503	$	1,105	$	14,770

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

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

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

	Years Ended December 31,
	2022				2021				2020
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues		Long-lived Assets
United States	$	749,700	$	70,047	$	738,937	$	60,260	$	536,846	$	60,605
All other countries	231,853		24,400		232,641		29,450		180,853		32,985
	$	981,553	$	94,447	$	971,578	$	89,710	$	717,699	$	93,590

Sales to two customers were individually in excess of 10% of total Company revenues in each of the years ended December 31, 2022, 2021 and 2020, 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	2022		2021		2020
Customer A	Vehicle Solutions	22	%	17	%	16	%
Customer B	Vehicle Solutions	12	%	12	%	14	%