Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

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 & Trim components 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, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail, marine, power generation 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, 2023
	Vehicle Solutions		Electrical Systems		Aftermarket & Accessories			Industrial Automation		Corporate/ Other		Total
Revenues	$	587,119	$	228,424	$	140,236		$	38,900	$	—	$	994,679
Gross profit	$	68,129	$	35,397	$	27,187		$	3,010	$	—	$	133,723
Selling, general & administrative expenses	26,109		9,107		8,144		—	4,392		37,911		85,663
Operating income (loss)	$	42,020	$	26,290	$	19,043		$	(1,382)	$	(37,911)	$	48,060
Capital expenditures and other items:
Capital expenditures	$	8,509	$	9,096	$	1,762		$	9	$	320	$	19,696
Depreciation expense	$	8,199	$	3,972	$	1,313		$	288	$	468	$	14,240

	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 depreciation expense:
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

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

	Years Ended December 31,
	2023				2022				2021
	Revenues		Long-lived Assets		Revenues		Long-lived Assets		Revenues		Long-lived Assets
United States	$	752,824	$	72,272	$	749,700	$	70,047	$	738,937	$	60,260
All other countries	241,855		32,565		231,853		24,400		232,641		29,450
	$	994,679	$	104,837	$	981,553	$	94,447	$	971,578	$	89,710

Sales to one of our customers was individually in excess of 10% of total Company revenues in each of the years ended December 31, 2023, 2022 and 2021, as noted in the table below. The following table presents revenue from the above mentioned customer as a percentage of total revenue:

		Years Ended December 31,
Customer	Primary Segment	2023		2022		2021
Customer A	Vehicle Solutions	23	%	22	%	17	%