☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-3250533 |
(State or other jurisdiction of | (I.R.S. Employer |
incorporation or organization) | Identification Number) |
3501 County Road 6 East | 46514 |
Elkhart, Indiana | (Zip Code) |
(Address of principal executive offices) |
Page | ||
PART I – | ||
PART II – | ||
EXHIBIT 31.1 - SECTION 302 CEO CERTIFICATION | ||
EXHIBIT 31.2 - SECTION 302 CFO CERTIFICATION | ||
EXHIBIT 32.1 - SECTION 906 CEO CERTIFICATION | ||
EXHIBIT 32.2 - SECTION 906 CFO CERTIFICATION |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands, except per share amounts) | |||||||||||||||
Net sales | $ | 1,275,999 | $ | 1,068,838 | $ | 412,370 | $ | 345,296 | |||||||
Cost of sales | 945,104 | 836,250 | 306,820 | 271,171 | |||||||||||
Gross profit | 330,895 | 232,588 | 105,550 | 74,125 | |||||||||||
Selling, general and administrative expenses | 170,641 | 139,945 | 60,412 | 46,954 | |||||||||||
Operating profit | 160,254 | 92,643 | 45,138 | 27,171 | |||||||||||
Interest expense, net | 1,285 | 1,399 | 396 | 595 | |||||||||||
Income before income taxes | 158,969 | 91,244 | 44,742 | 26,576 | |||||||||||
Provision for income taxes | 55,597 | 33,039 | 14,898 | 9,313 | |||||||||||
Net income | $ | 103,372 | $ | 58,205 | $ | 29,844 | $ | 17,263 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | 4.20 | $ | 2.40 | $ | 1.21 | $ | 0.71 | |||||||
Diluted | $ | 4.15 | $ | 2.36 | $ | 1.19 | $ | 0.70 | |||||||
Weighted average common shares outstanding: | |||||||||||||||
Basic | 24,587 | 24,261 | 24,724 | 24,289 | |||||||||||
Diluted | 24,882 | 24,614 | 25,060 | 24,686 |
September 30, | December 31, | ||||||||||
2016 | 2015 | 2015 | |||||||||
(In thousands, except per share amount) | |||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 95,060 | $ | 7,252 | $ | 12,305 | |||||
Accounts receivable, net | 89,626 | 84,381 | 41,509 | ||||||||
Inventories, net | 161,312 | 178,847 | 170,834 | ||||||||
Prepaid expenses and other current assets | 28,572 | 17,029 | 21,178 | ||||||||
Total current assets | 374,570 | 287,509 | 245,826 | ||||||||
Fixed assets, net | 153,167 | 150,424 | 150,600 | ||||||||
Goodwill | 93,925 | 84,551 | 83,619 | ||||||||
Other intangible assets, net | 109,553 | 104,109 | 100,935 | ||||||||
Deferred taxes | 29,208 | 28,414 | 29,391 | ||||||||
Other assets | 14,095 | 14,282 | 12,485 | ||||||||
Total assets | $ | 774,518 | $ | 669,289 | $ | 622,856 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable, trade | $ | 55,681 | $ | 53,095 | $ | 29,700 | |||||
Accrued expenses and other current liabilities | 97,733 | 75,561 | 69,162 | ||||||||
Total current liabilities | 153,414 | 128,656 | 98,862 | ||||||||
Long-term indebtedness | 49,940 | 91,729 | 49,910 | ||||||||
Other long-term liabilities | 39,796 | 31,273 | 35,509 | ||||||||
Total liabilities | 243,150 | 251,658 | 184,281 | ||||||||
Stockholders’ equity | |||||||||||
Common stock, par value $.01 per share | 273 | 268 | 270 | ||||||||
Paid-in capital | 179,434 | 161,764 | 166,566 | ||||||||
Retained earnings | 381,723 | 285,066 | 301,206 | ||||||||
Accumulated other comprehensive loss | (595 | ) | — | — | |||||||
Stockholders’ equity before treasury stock | 560,835 | 447,098 | 468,042 | ||||||||
Treasury stock, at cost | (29,467 | ) | (29,467 | ) | (29,467 | ) | |||||
Total stockholders’ equity | 531,368 | 417,631 | 438,575 | ||||||||
Total liabilities and stockholders’ equity | $ | 774,518 | $ | 669,289 | $ | 622,856 |
Nine Months Ended September 30, | |||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income | $ | 103,372 | $ | 58,205 | |||
Adjustments to reconcile net income to cash flows provided by operating activities: | |||||||
Depreciation and amortization | 33,720 | 30,663 | |||||
Stock-based compensation expense | 11,421 | 10,984 | |||||
Deferred taxes | 183 | — | |||||
Other non-cash items | 1,728 | 854 | |||||
Changes in assets and liabilities, net of acquisitions of businesses: | |||||||
Accounts receivable, net | (46,028 | ) | (40,761 | ) | |||
Inventories, net | 13,451 | (39,289 | ) | ||||
Prepaid expenses and other assets | (7,659 | ) | 1,976 | ||||
Accounts payable, trade | 23,827 | 1,612 | |||||
Accrued expenses and other liabilities | 30,093 | 20,507 | |||||
Net cash flows provided by operating activities | 164,108 | 44,751 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (21,927 | ) | (21,808 | ) | |||
Acquisitions of businesses, net of cash acquired | (34,237 | ) | (41,058 | ) | |||
Proceeds from sales of fixed assets | 533 | 2,141 | |||||
Other investing activities | (316 | ) | (272 | ) | |||
Net cash flows used for investing activities | (55,947 | ) | (60,997 | ) | |||
Cash flows from financing activities: | |||||||
Exercise of stock-based awards, net of shares tendered for payment of taxes | 409 | (275 | ) | ||||
Proceeds from line of credit borrowings | 81,458 | 563,325 | |||||
Repayments under line of credit borrowings | (81,458 | ) | (537,146 | ) | |||
Proceeds from shelf-loan borrowing | — | 50,000 | |||||
Payment of dividends | (22,078 | ) | (48,227 | ) | |||
Payment of contingent consideration related to acquisitions | (2,719 | ) | (3,963 | ) | |||
Other financing activities | (1,018 | ) | (220 | ) | |||
Net cash flows (used for) provided by financing activities | (25,406 | ) | 23,494 | ||||
Net increase in cash and cash equivalents | 82,755 | 7,248 | |||||
Cash and cash equivalents at beginning of period | 12,305 | 4 | |||||
Cash and cash equivalents at end of period | $ | 95,060 | $ | 7,252 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 1,525 | $ | 1,477 | |||
Income taxes, net of refunds | $ | 51,524 | $ | 21,963 |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
(In thousands) | |||||||||||||||
Consolidated net income | $ | 103,372 | $ | 58,205 | $ | 29,844 | $ | 17,263 | |||||||
Other comprehensive loss: | |||||||||||||||
Net foreign currency translation adjustment | (595 | ) | — | 164 | — | ||||||||||
Total comprehensive income | $ | 102,777 | $ | 58,205 | $ | 30,008 | $ | 17,263 |
Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Total Stockholders’ Equity | |||||||||||||
(In thousands, except shares and per share amounts) | ||||||||||||||||||
Balance - December 31, 2015 | $ | 270 | $ | 166,566 | $ | 301,206 | $ | — | $ | (29,467 | ) | $ | 438,575 | |||||
Net income | — | — | 103,372 | — | — | 103,372 | ||||||||||||
Issuance of 269,287 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | 3 | (3,234 | ) | — | — | — | (3,231 | ) | ||||||||||
Income tax benefit relating to issuance of common stock pursuant to stock-based awards | — | 3,640 | — | — | — | 3,640 | ||||||||||||
Stock-based compensation expense | — | 11,421 | — | — | — | 11,421 | ||||||||||||
Issuance of 4,784 deferred stock units relating to prior year compensation | — | 264 | — | — | — | 264 | ||||||||||||
Other comprehensive loss | — | — | — | (595 | ) | — | (595 | ) | ||||||||||
Cash dividends ($0.90 per share) | — | — | (22,078 | ) | — | — | (22,078 | ) | ||||||||||
Dividend equivalents on stock-based awards | — | 777 | (777 | ) | — | — | — | |||||||||||
Balance - September 30, 2016 | $ | 273 | $ | 179,434 | $ | 381,723 | $ | (595 | ) | $ | (29,467 | ) | $ | 531,368 |
Cash consideration net of cash acquired | $ | 16,137 | |
Contingent consideration | 1,322 | ||
Total fair value of consideration given | $ | 17,459 | |
Customer relationships | $ | 6,925 | |
Net other assets | 2,533 | ||
Total fair value of net assets acquired | $ | 9,458 | |
Goodwill (not tax deductible) | $ | 8,001 |
Cash consideration | $ | 8,100 | |
Customer relationships | $ | 3,700 | |
Net other assets | 2,378 | ||
Total fair value of net assets acquired | $ | 6,078 | |
Goodwill (tax deductible) | $ | 2,022 |
Cash consideration | $ | 10,000 | |
Customer relationships | $ | 8,100 | |
Net tangible assets | 1,307 | ||
Total fair value of net assets acquired | $ | 9,407 | |
Goodwill (tax deductible) | $ | 593 |
Cash consideration | $ | 16,000 | |
Contingent consideration | 3,556 | ||
Total fair value of consideration given | $ | 19,556 | |
Customer relationships | $ | 7,500 | |
Net other assets | 4,023 | ||
Total fair value of net assets acquired | $ | 11,523 | |
Goodwill (tax deductible) | $ | 8,033 |
Cash consideration | $ | 22,335 | |
Contingent consideration | 1,211 | ||
Total fair value of consideration given | $ | 23,546 | |
Customer relationships | $ | 10,100 | |
Net other assets | 4,381 | ||
Total fair value of net assets acquired | $ | 14,481 | |
Goodwill (tax deductible) | $ | 9,065 |
Cash consideration | $ | 9,248 | |
Identifiable intangible assets | 480 | ||
Net tangible assets | 8,868 | ||
Total fair value of net assets acquired | $ | 9,348 | |
Gain on bargain purchase | $ | 100 |
(In thousands) | OEM Segment | Aftermarket Segment | Total | ||||||||
Net balance – December 31, 2015 | $ | 79,206 | $ | 4,413 | $ | 83,619 | |||||
Acquisitions | 10,616 | — | 10,616 | ||||||||
Other | (310 | ) | — | (310 | ) | ||||||
Net balance – September 30, 2016 | $ | 89,512 | $ | 4,413 | $ | 93,925 |
(In thousands) | Gross Cost | Accumulated Amortization | Net Balance | Estimated Useful Life in Years | |||||||||||
Customer relationships | $ | 106,316 | $ | 30,226 | $ | 76,090 | 6 | to | 16 | ||||||
Patents | 55,172 | 32,290 | 22,882 | 3 | to | 19 | |||||||||
Tradenames | 9,876 | 5,332 | 4,544 | 3 | to | 15 | |||||||||
Non-compete agreements | 4,569 | 3,460 | 1,109 | 3 | to | 6 | |||||||||
Other | 309 | 68 | 241 | 2 | to | 12 | |||||||||
Purchased research and development | 4,687 | — | 4,687 | Indefinite | |||||||||||
Other intangible assets | $ | 180,929 | $ | 71,376 | $ | 109,553 |
(In thousands) | Gross Cost | Accumulated Amortization | Net Balance | Estimated Useful Life in Years | |||||||||||
Customer relationships | $ | 94,560 | $ | 30,514 | $ | 64,046 | 6 | to | 16 | ||||||
Patents | 54,293 | 28,255 | 26,038 | 3 | to | 19 | |||||||||
Tradenames | 8,935 | 4,751 | 4,184 | 3 | to | 15 | |||||||||
Non-compete agreements | 4,493 | 2,800 | 1,693 | 3 | to | 6 | |||||||||
Other | 594 | 307 | 287 | 2 | to | 12 | |||||||||
Purchased research and development | 4,687 | — | 4,687 | Indefinite | |||||||||||
Other intangible assets | $ | 167,562 | $ | 66,627 | $ | 100,935 |
September 30, | December 31, | ||||||||||
(In thousands) | 2016 | 2015 | 2015 | ||||||||
Raw materials | $ | 132,649 | $ | 155,938 | $ | 144,397 | |||||
Work in process | 6,286 | 5,917 | 4,932 | ||||||||
Finished goods | 22,377 | 16,992 | 21,505 | ||||||||
Inventories, net | $ | 161,312 | $ | 178,847 | $ | 170,834 |
September 30, | December 31, | ||||||||||
(In thousands) | 2016 | 2015 | 2015 | ||||||||
Fixed assets, at cost | $ | 313,057 | $ | 289,719 | $ | 291,776 | |||||
Less accumulated depreciation and amortization | 159,890 | 139,295 | 141,176 | ||||||||
Fixed assets, net | $ | 153,167 | $ | 150,424 | $ | 150,600 |
September 30, | December 31, | ||||||||||
(In thousands) | 2016 | 2015 | 2015 | ||||||||
Employee compensation and benefits | $ | 45,299 | $ | 31,870 | $ | 25,147 | |||||
Current portion of accrued warranty | 19,607 | 16,569 | 17,020 | ||||||||
Sales rebates | 10,998 | 7,508 | 7,993 | ||||||||
Taxes payable | — | 1,729 | — | ||||||||
Other | 21,829 | 17,885 | 19,002 | ||||||||
Accrued expenses and other current liabilities | $ | 97,733 | $ | 75,561 | $ | 69,162 |
(In thousands) | 2016 | 2015 | |||||||
Balance at beginning of period | $ | 26,204 | $ | 21,641 | |||||
Provision for warranty expense | 15,494 | 12,706 | |||||||
Warranty liability from acquired businesses | 125 | 240 | |||||||
Warranty costs paid | (10,833 | ) | (9,278 | ) | |||||
Balance at end of period | 30,990 | 25,309 | |||||||
Less long-term portion | 11,383 | 8,740 | |||||||
Current portion of accrued warranty | $ | 19,607 | $ | 16,569 |
(In thousands) | 2016 | 2015 | |||||
Balance at beginning of period | $ | 10,840 | $ | 8,129 | |||
Acquisitions | 1,322 | 4,767 | |||||
Payments | (2,719 | ) | (3,963 | ) | |||
Accretion (a) | 976 | 868 | |||||
Fair value adjustments (a) | 1,046 | 562 | |||||
Balance at end of the period (b) | 11,465 | 10,363 | |||||
Less current portion in accrued expenses and other current liabilities | (4,984 | ) | (2,681 | ) | |||
Total long-term portion in other long-term liabilities | $ | 6,481 | $ | 7,682 |
(a) | Recorded in selling, general and administrative expense in the Condensed Consolidated Statements of Income. |
(b) | Amounts represent the fair value of estimated remaining payments. The total estimated remaining payments as of September 30, 2016 are $14.0 million. The liability for contingent consideration expires at various dates through September 2029. Certain of the contingent consideration arrangements are subject to a maximum payment amount, while the remaining arrangements have no maximum contingent consideration. |
July 2015 - June 2016 | $ 60 million | |||
July 2016 - June 2017 | $ 90 million | |||
July 2017 - June 2018 | $127 million | |||
July 2018 - June 2019 | $172 million |
September 30, | December 31, | |||||||
(In thousands) | 2016 | 2015 | 2015 | |||||
Common stock authorized | 75,000 | 75,000 | 75,000 | |||||
Common stock issued | 27,308 | 26,827 | 27,039 | |||||
Treasury stock | 2,684 | 2,684 | 2,684 |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||
Weighted average shares outstanding for basic earnings per share | 24,587 | 24,261 | 24,724 | 24,289 | |||||||
Common stock equivalents pertaining to stock options and deferred stock units | 295 | 353 | 336 | 397 | |||||||
Weighted average shares outstanding for diluted earnings per share | 24,882 | 24,614 | 25,060 | 24,686 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets | |||||||||||||||||||||||||
Deferred compensation | $ | 8,213 | $ | 8,213 | $ | — | $ | — | $ | 7,774 | $ | 7,774 | $ | — | $ | — | |||||||||
Total assets | $ | 8,213 | $ | 8,213 | $ | — | $ | — | $ | 7,774 | $ | 7,774 | $ | — | $ | — | |||||||||
Liabilities | |||||||||||||||||||||||||
Contingent consideration | $ | 11,465 | $ | — | $ | — | $ | 11,465 | $ | 10,840 | $ | — | $ | — | $ | 10,840 | |||||||||
Deferred compensation | 13,377 | 13,377 | — | — | 11,836 | 11,836 | — | — | |||||||||||||||||
Total liabilities | $ | 24,842 | $ | 13,377 | $ | — | $ | 11,465 | $ | 22,676 | $ | 11,836 | $ | — | $ | 10,840 |
2016 | 2015 | ||||||||||||||
(In thousands) | Carrying Value | Non-Recurring Losses / (Gains) | Carrying Value | Non-Recurring Losses / (Gains) | |||||||||||
Vacant owned facilities | $ | 2,506 | $ | — | $ | 2,548 | $ | — | |||||||
Net assets of acquired businesses | 24,943 | — | 28,727 | — | |||||||||||
Total assets | $ | 27,449 | $ | — | $ | 31,275 | $ | — |
Information relating to segments follows for the: | |||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net sales: | |||||||||||||||
OEM Segment: | |||||||||||||||
RV OEMs: | |||||||||||||||
Travel trailers and fifth-wheels | $ | 836,634 | $ | 722,157 | $ | 263,579 | $ | 216,093 | |||||||
Motorhomes | 85,761 | 64,085 | 29,372 | 23,539 | |||||||||||
Adjacent industries OEMs | 253,088 | 205,690 | 82,963 | 75,581 | |||||||||||
Total OEM Segment net sales | 1,175,483 | 991,932 | 375,914 | 315,213 | |||||||||||
Aftermarket Segment: | |||||||||||||||
Total Aftermarket Segment net sales | 100,516 | 76,906 | 36,456 | 30,083 | |||||||||||
Total net sales | $ | 1,275,999 | $ | 1,068,838 | $ | 412,370 | $ | 345,296 |
Information relating to segments follows for the: | |||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Operating profit: | |||||||||||||||
OEM Segment | $ | 144,076 | $ | 81,671 | $ | 39,023 | $ | 22,468 | |||||||
Aftermarket Segment | 16,178 | 10,972 | 6,115 | 4,703 | |||||||||||
Total operating profit | $ | 160,254 | $ | 92,643 | $ | 45,138 | $ | 27,171 |
Nine Months Ended | Three Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(In thousands) | 2016 | 2015 | 2016 | 2015 | |||||||||||
Net sales: | |||||||||||||||
OEM Segment: | |||||||||||||||
RV OEMs: | |||||||||||||||
Travel trailers and fifth-wheels | $ | 836,634 | $ | 722,157 | $ | 263,579 | $ | 216,093 | |||||||
Motorhomes | 85,761 | 64,085 | 29,372 | 23,539 | |||||||||||
Adjacent industries OEMs | 253,088 | 205,690 | 82,963 | 75,581 | |||||||||||
Total OEM Segment net sales | 1,175,483 | 991,932 | 375,914 | 315,213 | |||||||||||
Aftermarket Segment: | |||||||||||||||
Total Aftermarket Segment net sales | 100,516 | 76,906 | 36,456 | 30,083 | |||||||||||
Total net sales | $ | 1,275,999 | $ | 1,068,838 | $ | 412,370 | $ | 345,296 | |||||||
Operating profit: | |||||||||||||||
OEM Segment | $ | 144,076 | $ | 81,671 | $ | 39,023 | $ | 22,468 | |||||||
Aftermarket Segment | 16,178 | 10,972 | 6,115 | 4,703 | |||||||||||
Total operating profit | $ | 160,254 | $ | 92,643 | $ | 45,138 | $ | 27,171 |
● Steel chassis and related components | ● Furniture and mattresses |
● Axles and suspension solutions | ● Electric and manual entry steps |
● Slide-out mechanisms and solutions | ● Awnings and awning accessories |
● Thermoformed bath, kitchen and other products | ● Electronic components |
● Vinyl, aluminum and frameless windows | ● Appliances |
● Manual, electric and hydraulic stabilizer and leveling systems | ● LED televisions, sound systems, navigation systems and wireless backup cameras |
● Entry, luggage, patio and ramp doors | ● Other accessories |
• | An estimated 20,800 unit increase in retail demand in the first nine months of 2016, or eight percent, as compared to the first nine months of 2015. In addition, retail demand is typically revised upward in subsequent months, primarily due to delayed RV registrations. |
• | Partially offset by RV dealers seasonally decreasing inventory levels by an estimated 15,600 units in the first nine months of 2016, lower than the decrease in inventory levels of 27,800 units in the first nine months of 2015. |
Estimated | |||||||||||
Wholesale | Retail | Unit Impact on | |||||||||
Units | Change | Units | Change | Dealer Inventories | |||||||
Quarter ended September 30, 2016(1) | 82,400 | 20% | 103,500 | 4% | (21,100) | ||||||
Quarter ended June 30, 2016 | 99,200 | 12% | 121,800 | 8% | (22,600) | ||||||
Quarter ended March 31, 2016 | 90,800 | 11% | 62,700 | 14% | 28,100 | ||||||
Quarter ended December 31, 2015 | 75,000 | 4% | 49,900 | 16% | 25,100 | ||||||
Twelve months ended September 30, 2016(1) | 347,400 | 11% | 337,900 | 9% | 9,500 | ||||||
Quarter ended September 30, 2015 | 68,700 | 5% | 99,500 | 13% | (30,800) | ||||||
Quarter ended June 30, 2015 | 88,900 | 4% | 112,800 | 12% | (23,900) | ||||||
Quarter ended March 31, 2015 | 81,800 | 8% | 54,900 | 19% | 26,900 | ||||||
Quarter ended December 31, 2014 | 72,300 | 20% | 42,900 | 18% | 29,400 | ||||||
Twelve months ended September 30, 2015 | 311,700 | 9% | 310,100 | 15% | 1,600 |
(1) | Retail sales data for September 2016 has not been published; therefore retail and dealer inventory data includes a Company estimate for retail units sold in September. |
• | Enclosed trailers. According to Statistical Surveys, approximately 183,000 and 167,000 enclosed trailers were sold in 2015 and 2014, respectively. |
• | Pontoon boats. Statistical Surveys also reported approximately 41,300 and 38,500 pontoon boats were sold in 2015 and 2014, respectively. |
• | School buses. According to Wards Communications and R.L. Polk & Co., there were approximately 29,600 and 28,200 school buses sold in 2015 and 2014, respectively. |
• | Manufactured housing. According to the Institute for Building Technology and Safety, there were approximately 70,500 and 64,300 manufactured home wholesale shipments in 2015 and 2014, respectively. |
• | Consolidated net sales in the third quarter of 2016 increased to $412 million, 19 percent higher than the 2015 third quarter. The increase in year-over-year net sales reflects industry-wide growth in wholesale shipments of towable RVs by OEMs, which increased by 20 percent in the third quarter of 2016, enhanced by acquisitions completed by the Company over the twelve months ended September 30, 2016, which added $13 million in net sales in the third quarter of 2016. |
• | OEM Segment net sales increased 19 percent, or $61 million, while Aftermarket Segment net sales increased 21 percent, or $6 million, compared to the third quarter of 2015. |
• | For the third quarter of 2016, the Company’s net income increased to $29.8 million, or $1.19 per diluted share, up from net income of $17.3 million, or $0.70 per diluted share, in the third quarter of 2015. |
• | Consolidated operating profits increased to $45.1 million in the third quarter of 2016 from $27.2 million in the third quarter of 2015. Operating profit margin increased to 10.9 percent in the third quarter of 2016 from 7.9 percent in the third quarter of 2015. The increased profitability is the result of several factors, primarily including higher sales leading to better overhead utilization, the impact of lower material costs, accretive acquisitions in both 2015 and 2016, cost management initiatives and changes in product sales mix including growth in the aftermarket. |
• | The Company continues to take actions to improve its cost structure. The Company seeks to continuously manage its labor cost, particularly indirect labor, while supporting the growth of the business. Lean manufacturing teams continue working to reduce cost and implement processes to better utilize available floorspace. The Company has also reduced direct labor attrition which improves efficiency and reduces other costs associated with workforce turnover. |
• | The cost of aluminum and steel used in certain of the Company’s manufactured components declined during the second half of 2015 and continued into 2016; however, certain commodities have experienced cost increases in the second and third quarters of 2016 from market low points. Raw material costs continue to fluctuate and are expected to remain volatile. |
• | Thus far in 2016, the Company completed three acquisitions, all of which have been accretive to earnings: |
• | Project 2000 S.r.l. -- An Italian manufacturer of innovative, space-saving bed lifts and retractable steps, with estimated annual sales of $14 million, completed May 2016; |
• | Flair Interiors -- A Goshen, Indiana manufacturer of RV furniture, with estimated annual sales of $25 million, completed February 2016; and |
• | Highwater Marine Furniture -- An Elkhart, Indiana marine furniture operation providing furniture solutions for Highwater Marine, LLC, a manufacturer of pontoon boats. Estimated annual sales for the marine furniture operation were $20 million, completed January 2016. |
• | Return on equity for the twelve months ended September 30, 2016, which is calculated by taking net income over equity, improved to 25.3 percent, from the 18.4 percent return on equity in 2015. |
• | In April, June and September 2016, the Company paid a quarterly dividend of $0.30 per share, aggregating $7.3 million, $7.4 million and $7.4 million, respectively. |
(In thousands) | 2016 | 2015 | Change | |||||||
RV OEMs: | ||||||||||
Travel trailers and fifth-wheels | $ | 263,579 | $ | 216,093 | 22 | % | ||||
Motorhomes | 29,372 | 23,539 | 25 | % | ||||||
Adjacent industries OEMs | 82,963 | 75,581 | 10 | % | ||||||
Total OEM Segment net sales | $ | 375,914 | $ | 315,213 | 19 | % |
2016 | 2015 | Change | ||||||
Travel trailer and fifth-wheel RVs | 82,400 | 68,700 | 20 | % | ||||
Motorhomes | 12,800 | 11,200 | 14 | % |
Content per: | 2016 | 2015 | Change | |||||||
Travel trailer and fifth-wheel RV | $ | 3,025 | $ | 2,952 | 2 | % | ||||
Motorhome | $ | 1,957 | $ | 1,807 | 8 | % |
• | Better fixed cost absorption by spreading fixed costs over a $61 million larger sales base. |
• | Increasing sales to Adjacent Industries OEMs. |
• | Lower material costs for certain raw materials. Steel and aluminum costs declined in the second half of 2015 and continued into 2016. Costs for these commodities experienced some increases in the second and third quarters of 2016. Material costs, which are subject to global supply and demand forces, are expected to remain volatile. |
• | Sales mix changes of products, including increased sales of fifth-wheel products. |
• | Indirect labor cost savings initiated in the fourth quarter of 2015 to reduce such costs on an annualized basis. |
• | Investments over the past several years to increase capacity and improve operating efficiencies. Further, the Company has implemented efficiency improvements, including lean manufacturing initiatives, increased use of automation and employee retention initiatives. The Company has also reduced direct labor attrition which improves efficiency and reduces other costs associated with workforce turnover. |
• | Lower group health and workers’ compensation claims. The Company actively works to manage and reduce these costs, however, these costs remain subject to fluctuation. |
• | Fixed costs which were approximately $1 million to $2 million higher than in the third quarter of 2015. Over the past couple of years, the Company made significant investments in manufacturing capacity, both facilities and personnel, to prepare for the expected increase in net sales in 2016 and beyond. In addition to investments in fixed costs to expand manufacturing capacity, the Company has made improvements in marketing, human resources, engineering, customer service and other critical departments. The Company also added the teams from acquired businesses, as well amortization costs of intangible assets related to those businesses. |
• | While the Company seeks to continuously manage its labor cost, it has added staff to support the growth of the business. The results also reflect variable compensation increases based on achieving profitability targets. |
(In thousands) | 2016 | 2015 | Change | |||||||
RV OEMs: | ||||||||||
Travel trailers and fifth-wheels | $ | 836,634 | $ | 722,157 | 16 | % | ||||
Motorhomes | 85,761 | 64,085 | 34 | % | ||||||
Adjacent industries OEMs | 253,088 | 205,690 | 23 | % | ||||||
Total OEM Segment net sales | $ | 1,175,483 | $ | 991,932 | 19 | % |
2016 | 2015 | Change | ||||||
Travel trailer and fifth-wheel RVs | 272,400 | 239,400 | 14 | % | ||||
Motorhomes | 41,600 | 35,900 | 16 | % |
• | Better fixed cost absorption by spreading fixed costs over a $184 million larger sales base. |
• | Increasing sales to Adjacent Industries OEMs. |
• | Lower material costs for certain raw materials. Steel and aluminum costs declined in the second half of 2015 and continued into 2016. Costs for these commodities experienced some increases in the second and third quarters of 2016. Material costs, which are subject to global supply and demand forces, are expected to remain volatile. |
• | Sales mix changes of products, including increased sales of fifth-wheel products. |
• | Indirect labor cost savings initiated in the fourth quarter of 2015 to reduce such costs on an annualized basis. |
• | Investments over the past several years to increase capacity and improve operating efficiencies. Further, the Company has implemented efficiency improvements, including lean manufacturing initiatives, increased use of automation and employee retention initiatives. The Company has also reduced direct labor attrition which improves efficiency and reduces other costs associated with workforce turnover. |
• | Lower group health and workers’ compensation claims. The Company actively works to manage and reduce these costs, however, these costs remain subject to fluctuation. |
• | Fixed costs which were approximately $4 million to $5 million higher than in the first nine months of 2015. Over the past couple of years, the Company made significant investments in manufacturing capacity, both facilities and personnel, to prepare for the expected increase in net sales in 2016 and beyond. In addition to investments in fixed costs to expand manufacturing capacity, the Company has made improvements in marketing, human resources, engineering, customer service and other critical departments. The Company also added the teams from acquired businesses, as well amortization costs of intangible assets related to those businesses. |
• | While the Company seeks to continuously manage its labor cost, it has added staff to support the growth of the business. The results also reflect variable compensation increases based on achieving profitability targets. |
(In thousands) | 2016 | 2015 | Change | |||||||
Total Aftermarket Segment net sales | $ | 36,456 | $ | 30,083 | 21 | % |
(In thousands) | 2016 | 2015 | Change | |||||||
Total Aftermarket Segment net sales | $ | 100,516 | $ | 76,906 | 31 | % |
(In thousands) | 2016 | 2015 | |||||
Net cash flows provided by operating activities | $ | 164,108 | $ | 44,751 | |||
Net cash flows used for investing activities | (55,947 | ) | (60,997 | ) | |||
Net cash flows (used for) provided by financing activities | (25,406 | ) | 23,494 | ||||
Net increase in cash and cash equivalents | $ | 82,755 | $ | 7,248 |
• | A $45.2 million increase in net income in the first nine months of 2016 compared to the first nine months of 2015. |
• | A $31.8 million larger increase in accounts payable and accrued expenses and other liabilities in the first nine months of 2016 compared to the first nine months of 2015, primarily due to the timing of payments. |
• | A decrease in inventories of $13.5 million in the first nine months of 2016 compared to an increase of $39.3 million in the first nine months of 2015. The decrease in inventories in the first nine months of 2016 was primarily due to an inventory reduction initiative. Inventory turnover for the twelve months ended September 30, 2016 increased to 7.3 turns compared to September 30, 2015 at 7.2 turns. The Company is working to improve inventory turnover over the coming quarters, however, inventory turns may trend lower due to growth in product categories such as import furniture and Furrion electronics. |
• | A $3.1 million increase in depreciation and amortization due to the investments in acquisitions and capital expenditures. |
• | A $5.3 million larger seasonal increase in accounts receivable in the first nine months of 2016 compared to the first nine months of 2015. This larger increase was primarily due to increased net sales partially offset by the timing of payments by the Company’s customers. Overall, accounts receivable balances remain current, with an average of 19 days sales outstanding at September 30, 2016. |
a) | Evaluation of Disclosure Controls and Procedures |
b) | Changes in Internal Control over Financial Reporting |
1) | 31.1 Certification of Principal Executive Officer required by Rule 13a-14(a). Exhibit 31.1 is filed herewith. |
2) | 31.2 Certification of Principal Financial Officer required by Rule 13a-14(a). Exhibit 31.2 is filed herewith. |
3) | 32.1 Certification of Principal Executive Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code. Exhibit 32.1 is filed herewith. |
4) | 32.2 Certification of Principal Financial Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code. Exhibit 32.2 is filed herewith. |
5) | 101 Interactive Data Files. |
DREW INDUSTRIES INCORPORATED | |
Registrant | |
By | /s/ Brian M. Hall |
Brian M. Hall | |
Corporate Controller and Interim Chief Financial Officer | |
(on behalf of the registrant and as principal financial officer) | |
November 8, 2016 |
1) | I have reviewed this quarterly report on Form 10-Q of Drew Industries Incorporated; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
1) | I have reviewed this quarterly report on Form 10-Q of Drew Industries Incorporated; |
2) | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3) | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4) | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5) | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By /s/ Jason D. Lippert |
Principal Executive Officer |
November 8, 2016 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By /s/ Brian M. Hall |
Principal Financial Officer |
November 8, 2016 |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | DREW INDUSTRIES INC | |
Entity Central Index Key | 0000763744 | |
Trading Symbol | dw | |
Entity Filer Category | Large Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 24,624,473 |
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Statement [Abstract] | ||||
Net sales | $ 412,370 | $ 345,296 | $ 1,275,999 | $ 1,068,838 |
Cost of sales | 306,820 | 271,171 | 945,104 | 836,250 |
Gross profit | 105,550 | 74,125 | 330,895 | 232,588 |
Selling, general and administrative expenses | 60,412 | 46,954 | 170,641 | 139,945 |
Operating profit | 45,138 | 27,171 | 160,254 | 92,643 |
Interest expense, net | 396 | 595 | 1,285 | 1,399 |
Income before income taxes | 44,742 | 26,576 | 158,969 | 91,244 |
Provision for income taxes | 14,898 | 9,313 | 55,597 | 33,039 |
Net income | $ 29,844 | $ 17,263 | $ 103,372 | $ 58,205 |
Net income per common share: | ||||
Basic (in usd per share) | $ 1.21 | $ 0.71 | $ 4.20 | $ 2.40 |
Diluted (in usd per share) | $ 1.19 | $ 0.70 | $ 4.15 | $ 2.36 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 24,724 | 24,289 | 24,587 | 24,261 |
Diluted (in shares) | 25,060 | 24,686 | 24,882 | 24,614 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Current assets | |||
Cash and cash equivalents | $ 95,060 | $ 12,305 | $ 7,252 |
Accounts receivable, net | 89,626 | 41,509 | 84,381 |
Inventories, net | 161,312 | 170,834 | 178,847 |
Prepaid expenses and other current assets | 28,572 | 21,178 | 17,029 |
Total current assets | 374,570 | 245,826 | 287,509 |
Fixed assets, net | 153,167 | 150,600 | 150,424 |
Goodwill | 93,925 | 83,619 | 84,551 |
Other intangible assets, net | 109,553 | 100,935 | 104,109 |
Deferred taxes | 29,208 | 29,391 | 28,414 |
Other assets | 14,095 | 12,485 | 14,282 |
Total assets | 774,518 | 622,856 | 669,289 |
Current liabilities | |||
Accounts payable, trade | 55,681 | 29,700 | 53,095 |
Accrued expenses and other current liabilities | 97,733 | 69,162 | 75,561 |
Total current liabilities | 153,414 | 98,862 | 128,656 |
Long-term indebtedness | 49,940 | 49,910 | 91,729 |
Other long-term liabilities | 39,796 | 35,509 | 31,273 |
Total liabilities | 243,150 | 184,281 | 251,658 |
Stockholders’ equity | |||
Common stock, par value $.01 per share | 273 | 270 | 268 |
Paid-in capital | 179,434 | 166,566 | 161,764 |
Retained earnings | 381,723 | 301,206 | 285,066 |
Accumulated other comprehensive loss | (595) | 0 | 0 |
Stockholders’ equity before treasury stock | 560,835 | 468,042 | 447,098 |
Treasury stock, at cost | (29,467) | (29,467) | (29,467) |
Total stockholders’ equity | 531,368 | 438,575 | 417,631 |
Total liabilities and stockholders’ equity | $ 774,518 | $ 622,856 | $ 669,289 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Condensed Consolidated Statement Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income | $ 29,844 | $ 17,263 | $ 103,372 | $ 58,205 |
Other comprehensive loss: | ||||
Net foreign currency translation adjustment | 164 | 0 | (595) | 0 |
Total comprehensive income | $ 30,008 | $ 17,263 | $ 102,777 | $ 58,205 |
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) |
9 Months Ended |
---|---|
Sep. 30, 2016
$ / shares
shares
| |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common stock (in shares) | 269,287 |
Issuance of deferred stock units (in shares) | 4,784 |
Special cash dividend (in usd per share) | $ / shares | $ 0.90 |
Basis Of Presentation |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The Condensed Consolidated Financial Statements include the accounts of Drew Industries Incorporated and its wholly-owned subsidiaries (“Drew” and collectively with its subsidiaries, the “Company”). Drew has no unconsolidated subsidiaries. Drew, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components” or “LCI”), supplies a broad array of components for the leading original equipment manufacturers (“OEMs”) of recreational vehicles (“RVs”) and adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; manufactured homes; modular housing; and factory-built mobile office units. The Company also supplies components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors and service centers. At September 30, 2016, the Company operated 45 manufacturing and distribution facilities located throughout the United States and in Canada and Italy. Most industries where the Company sells products or where its products are used historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, the Company’s sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national and regional economic conditions and consumer confidence on retail sales of RVs and other products for which the Company sells its components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends may be different than in prior years. Additionally, sales of components to the aftermarket channels of these industries tend to be counter-seasonal. The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2015 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies and litigation. The Company bases its estimates on historical experience, other available information and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates. In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. |
Acquisitions, Goodwill And Other Intangible Assets |
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Goodwill And Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions During the Nine Months Ended September 30, 2016 and Subsequent Atwood Seating and Chassis Components In October 2016, the Company agreed to acquire the business, manufacturing facility and certain assets of the seating and chassis components business of Atwood Mobile Products, LLC (“Atwood”), a subsidiary of Dometic Group. Net sales of the business in 2015 were approximately $30 million. The purchase price is $12.5 million, and will be paid in cash at closing. Project 2000 S.r.l. In May 2016, the Company acquired 100 percent of the equity interest of Project 2000 S.r.l. (“Project 2000”), an Italy-based manufacturer of innovative, space-saving bed lifts and retractable steps. Net sales reported by Project 2000 for 2015 were approximately $12 million. The purchase price was $18.8 million paid at closing, plus contingent consideration based on future sales by this operation. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The Company is validating account balances and finalizing the valuation for the acquisition. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its preliminary estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products. Flair Interiors In February 2016, the Company acquired the business and certain assets of Flair Interiors, Inc. (“Flair”), a manufacturer of RV furniture. Net sales reported by Flair for 2015 were approximately $25 million. The purchase price was $8.1 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products. Highwater Marine Furniture In January 2016, the Company acquired the business and certain assets of the pontoon furniture manufacturing operation of Highwater Marine, LLC (“Highwater”), a leading manufacturer of pontoon and other recreational boats located in Elkhart, Indiana. Estimated 2015 net sales of the marine furniture business were approximately $20 million. The purchase price was $10.0 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and manufacturing capacity with respect to these product lines. Acquisitions During the Nine Months Ended September 30, 2015 Signature Seating In August 2015, the Company acquired the business and certain assets of Roehm Marine, LLC, also known as Signature Seating (“Signature”), a manufacturer of furniture solutions for fresh water boat manufacturers, primarily pontoon boats. Net sales reported by Signature for the twelve months ended June 2015 were approximately $16 million. The purchase price was $16.0 million paid at closing, plus contingent consideration based on future sales of this operation. The results of the acquired business have been included in the Company’s OEM Segment and in the Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and manufacturing capacity with respect to these product lines, and also believes the diversified customer base will further its expansion into adjacent industries. Spectal Industries In April 2015, the Company acquired the business and certain assets of Industries Spectal, Inc. (“Spectal”), a Canada-based manufacturer of windows and doors primarily for school buses, as well as commercial buses, emergency vehicles, trucks, agricultural equipment and RVs. Net sales reported by Spectal for 2014 were approximately $25 million. The purchase price was $22.3 million paid at closing, plus contingent consideration based on future sales of this operation. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and manufacturing capacity with respect to these product lines, and also believes the diversified customer base will further its expansion into adjacent industries. EA Technologies In January 2015, the Company acquired the business and certain assets of EA Technologies, LLC (“EA Technologies”), a manufacturer of custom steel and aluminum parts and provider of electro-deposition (‘e-coat’) and powder coating services for RV, bus, medium-duty truck, automotive, recreational marine, specialty and utility trailer, and military applications. Net sales reported by EA Technologies for 2014 were approximately $17 million. The purchase price was $9.2 million, of which $6.6 million was paid in the fourth quarter of 2014, with the balance paid at closing. The results of the acquired business have been included in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
Goodwill Goodwill by reportable segment was as follows:
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In conjunction with the Company’s change in reportable operating segments (see Note 11), goodwill was reassigned to reporting units using a relative fair value allocation. In addition, the Company completed an assessment of any potential goodwill impairment for all reporting units immediately prior to the reallocation and determined that no impairment existed. Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as “Other” in the above table. Other Intangible Assets Other intangible assets consisted of the following at September 30, 2016:
Other intangible assets consisted of the following at December 31, 2015:
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Acquisitions | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions During the Nine Months Ended September 30, 2016 and Subsequent Atwood Seating and Chassis Components In October 2016, the Company agreed to acquire the business, manufacturing facility and certain assets of the seating and chassis components business of Atwood Mobile Products, LLC (“Atwood”), a subsidiary of Dometic Group. Net sales of the business in 2015 were approximately $30 million. The purchase price is $12.5 million, and will be paid in cash at closing. Project 2000 S.r.l. In May 2016, the Company acquired 100 percent of the equity interest of Project 2000 S.r.l. (“Project 2000”), an Italy-based manufacturer of innovative, space-saving bed lifts and retractable steps. Net sales reported by Project 2000 for 2015 were approximately $12 million. The purchase price was $18.8 million paid at closing, plus contingent consideration based on future sales by this operation. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The Company is validating account balances and finalizing the valuation for the acquisition. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its preliminary estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products. Flair Interiors In February 2016, the Company acquired the business and certain assets of Flair Interiors, Inc. (“Flair”), a manufacturer of RV furniture. Net sales reported by Flair for 2015 were approximately $25 million. The purchase price was $8.1 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products. Highwater Marine Furniture In January 2016, the Company acquired the business and certain assets of the pontoon furniture manufacturing operation of Highwater Marine, LLC (“Highwater”), a leading manufacturer of pontoon and other recreational boats located in Elkhart, Indiana. Estimated 2015 net sales of the marine furniture business were approximately $20 million. The purchase price was $10.0 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and manufacturing capacity with respect to these product lines. Acquisitions During the Nine Months Ended September 30, 2015 Signature Seating In August 2015, the Company acquired the business and certain assets of Roehm Marine, LLC, also known as Signature Seating (“Signature”), a manufacturer of furniture solutions for fresh water boat manufacturers, primarily pontoon boats. Net sales reported by Signature for the twelve months ended June 2015 were approximately $16 million. The purchase price was $16.0 million paid at closing, plus contingent consideration based on future sales of this operation. The results of the acquired business have been included in the Company’s OEM Segment and in the Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and manufacturing capacity with respect to these product lines, and also believes the diversified customer base will further its expansion into adjacent industries. Spectal Industries In April 2015, the Company acquired the business and certain assets of Industries Spectal, Inc. (“Spectal”), a Canada-based manufacturer of windows and doors primarily for school buses, as well as commercial buses, emergency vehicles, trucks, agricultural equipment and RVs. Net sales reported by Spectal for 2014 were approximately $25 million. The purchase price was $22.3 million paid at closing, plus contingent consideration based on future sales of this operation. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and manufacturing capacity with respect to these product lines, and also believes the diversified customer base will further its expansion into adjacent industries. EA Technologies In January 2015, the Company acquired the business and certain assets of EA Technologies, LLC (“EA Technologies”), a manufacturer of custom steel and aluminum parts and provider of electro-deposition (‘e-coat’) and powder coating services for RV, bus, medium-duty truck, automotive, recreational marine, specialty and utility trailer, and military applications. Net sales reported by EA Technologies for 2014 were approximately $17 million. The purchase price was $9.2 million, of which $6.6 million was paid in the fourth quarter of 2014, with the balance paid at closing. The results of the acquired business have been included in the Company’s OEM Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands):
Goodwill Goodwill by reportable segment was as follows:
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In conjunction with the Company’s change in reportable operating segments (see Note 11), goodwill was reassigned to reporting units using a relative fair value allocation. In addition, the Company completed an assessment of any potential goodwill impairment for all reporting units immediately prior to the reallocation and determined that no impairment existed. Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as “Other” in the above table. Other Intangible Assets Other intangible assets consisted of the following at September 30, 2016:
Other intangible assets consisted of the following at December 31, 2015:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories, valued at the lower of cost (first-in, first-out (FIFO) method) or market, consisted of the following at:
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Fixed Assets |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Assets | FIXED ASSETS Fixed assets consisted of the following at:
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Notes Receivable |
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Sep. 30, 2016 | |
Receivables [Abstract] | |
Notes Receivable | NOTES RECEIVABLE In April 2014, the Company entered into a six-year aluminum extrusion supply agreement, and concurrently sold certain aluminum extrusion assets. In connection with the sale, the Company received $0.3 million at closing and a $7.2 million note receivable collectible over the next four years, recorded at its present value of $6.4 million on the date of closing. At September 30, 2016, the present value of the remaining amount due under the note receivable was $3.3 million. In July 2015, the Company agreed to terminate the supply agreement, and as consideration the Company received a $2.0 million note receivable collectible in 2019 and 2020. The Company recorded this note receivable at its present value of $1.6 million and a corresponding gain of $1.6 million in the 2015 third quarter. At September 30, 2016, the present value of the remaining amount due under the note receivable was $1.7 million. |
Accrued Expenses And Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses And Other Current Liabilities | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at:
Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company’s (i) historical warranty costs, (ii) current trends, (iii) product mix, and (iv) sales. The following table provides a reconciliation of the activity related to the Company’s accrued warranty, including both the current and long-term portions, for the nine months ended September 30:
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Long-Term Indebtedness |
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Debt Disclosure [Abstract] | |
Long-Term Indebtedness | LONG-TERM INDEBTEDNESS At September 30, 2016 and December 31, 2015, the Company had no outstanding borrowings on its line of credit. At September 30, 2015, the Company had $41.8 million of outstanding borrowings on its line of credit with a weighted average interest rate of 2.0 percent. On February 24, 2014, the Company entered into a $75.0 million line of credit (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. On March 3, 2015, in accordance with the terms of the Credit Agreement, the Company increased its line of credit by $25.0 million to $100.0 million. Interest on borrowings under the line of credit was designated from time to time by the Company as either (i) the Prime Rate, minus a rate ranging from 0.75 to 1.0 percent (minus 1.0 percent at September 30, 2015), but not less than 1.5 percent, or (ii) LIBOR, plus additional interest ranging from 1.75 to 2.0 percent (plus 1.75 percent at September 30, 2015) depending on the Company’s performance and financial condition. On April 27, 2016, the Company announced the refinancing of its line of credit through an agreement with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank. The agreement amends and restates the existing line of credit, which was scheduled to expire on January 1, 2019, and now expires on April 27, 2021 (the “Amended Credit Agreement”). In connection with this amendment and restatement, the line of credit was increased from $100.0 million to $200.0 million, and contains a feature allowing the Company to draw up to $50.0 million in approved foreign currencies, including Australian dollars, Canadian dollars, pound sterling and euros. The maximum borrowings under the line of credit can be further increased by $125.0 million, subject to certain conditions. Interest on borrowings under the new line of credit is designated from time to time by the Company as either (i) the Alternate Base Rate (defined in the Amended Credit Agreement as the greatest of (a) the Prime Rate of JPMorgan Chase, (b) the federal funds effective rate plus 0.5 percent and (c) the Adjusted LIBO Rate (as defined in the Amended Credit Agreement) for a one month interest period plus 1.0 percent), plus additional interest ranging from 0.0 percent to 0.625 percent (0.0 percent at September 30, 2016) depending on the Company’s performance and financial condition, or (ii) the Adjusted LIBO Rate for a period equal to one, two, three, six or twelve months as selected by the Company, plus additional interest ranging from 1.0 percent to 1.625 percent (1.0 percent at September 30, 2016) depending on the Company’s performance and financial condition. At September 30, 2016, the Company had $2.5 million in outstanding, but undrawn, standby letters of credit under the line of credit. Availability under the Company’s line of credit was $197.5 million at September 30, 2016. On February 24, 2014, the Company also entered into a $150.0 million “shelf-loan” facility with Prudential Investment Management, Inc. and its affiliates (“Prudential”). The facility provides for Prudential to consider purchasing, at the Company’s request, in one or a series of transactions, Senior Promissory Notes of the Company in the aggregate principal amount of up to $150.0 million, to mature no more than 12 years after the date of original issue of each Senior Promissory Note. Prudential has no obligation to purchase the Senior Promissory Notes. Interest payable on the Senior Promissory Notes will be at rates determined by Prudential within five business days after the Company issues a request to Prudential. On March 20, 2015, the Company issued $50.0 million of Senior Promissory Notes to Prudential for a term of five years, at a fixed interest rate of 3.35 percent per annum, payable quarterly in arrears, of which the entire amount was outstanding at September 30, 2016. Availability under the Company’s “shelf-loan” facility, subject to the approval of Prudential, was $100.0 million at September 30, 2016. At September 30, 2016, the fair value of the Company’s long-term debt approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements. On April 27, 2016, the Company also amended and restated its “shelf-loan” facility with Prudential to conform certain covenants and other terms to the Amended Credit Agreement. The undrawn “shelf-loan” facility expires February 24, 2017. The Company is considering renewal options. Borrowings under both the line of credit and the “shelf-loan” facility are secured on a pari-passu basis by first priority liens on the capital stock or other equity interests of the Company’s direct and indirect subsidiaries (including up to 65 percent of the equity interest of certain “controlled foreign corporations.”) Pursuant to the Amended Credit Agreement and “shelf-loan” facility, the Company is required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At September 30, 2016, the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months. Availability under both the Amended Credit Agreement and the “shelf-loan” facility is subject to a maximum leverage ratio covenant which limits the amount of consolidated outstanding indebtedness to 2.5 times the trailing twelve-month EBITDA, as defined. This limitation did not impact the Company’s borrowing availability at September 30, 2016. The remaining availability under these facilities was $297.5 million at September 30, 2016. The Company believes the availability under the Amended Credit Agreement and “shelf-loan” facility is adequate to finance the Company’s anticipated cash requirements for the next twelve months. |
Commitments And Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Contingent Consideration In connection with certain business acquisitions, if agreed upon sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at September 30, 2016, based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 12.4 percent. As required, the liability for this contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods which may increase or decrease the liability. The following table provides a reconciliation of the Company’s contingent consideration liability for the nine months ended September 30:
Furrion Distribution and Supply Agreement In July 2015, the Company entered into a six-year exclusive distribution and supply agreement with Furrion Limited (“Furrion”), a Hong Kong based firm that designs, engineers and supplies premium electronics. This agreement provides the Company with the rights to distribute Furrion’s complete line of products to OEMs and aftermarket customers in the RV, specialty vehicle, utility trailer, horse trailer, marine, transit bus and school bus industries throughout the United States and Canada. Furrion currently supplies a premium line of LED televisions, sound systems, navigation systems, wireless backup cameras, solar prep units, power solutions and kitchen appliances, primarily to the RV industry. In connection with this agreement, the Company entered into the following minimum purchase obligations (“MPOs”), which the Company anticipates will be revised from time to time:
After the first year, Furrion and the Company have agreed to review these MPOs on an annual basis and adjust the MPOs as necessary based upon current economic and industry conditions, the development and customer acceptance of new Furrion products, competition and other factors which impact demand for Furrion products. There has been good market acceptance of Furrion products during the first year of the distribution agreement; however, the MPO was not achieved for the year ended June 30, 2016, primarily due to the timing of development and availability of anticipated new products from Furrion. As a result, the parties are currently in discussions to revise the MPOs, and the Company and Furrion are working together to increase product availability and new product introductions. Subject to agreed upon revisions to the MPOs, Furrion has the right to either terminate the distribution agreement with six months’ notice or remove exclusivity from the Company if the Company misses an MPO in any given year by more than ten percent, after taking into account excess purchases from the previous year. If exclusivity is withdrawn, the Company at its election may terminate the distribution agreement with six months’ notice. Upon termination of the agreement, Furrion has agreed to purchase from the Company any non-obsolete stocks of Furrion products at the cost paid by the Company. Product Recalls From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration (“NHTSA”) regarding reported incidents involving the Company’s products. As a result, the Company may incur expenditures for future investigations or product recalls. Environmental The Company’s operations are subject to certain Federal, state and local regulatory requirements relating to the use, storage, discharge and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards, and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites. Litigation In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management’s opinion that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2016, would not be material to the Company’s financial position or annual results of operations. |
Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following table summarizes information about shares of the Company’s common stock at:
The following reconciliation details the denominator used in the computation of basic and diluted earnings per share:
The weighted average diluted shares outstanding for the nine months ended September 30, 2016 and 2015 exclude the effect of 219,302 and 284,884 shares of common stock, respectively, subject to stock-based performance awards. The weighted average diluted shares outstanding for the three months ended September 30, 2016 and 2015 exclude the effect of 171,514 and 237,384 shares of common stock, respectively, subject to stock-based performance awards. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions those shares were subject to were not yet achieved. On April 15, 2016, June 17, 2016 and September 2, 2016, a dividend of $0.30 per share of the Company’s common stock, representing an aggregate of $7.3 million, $7.4 million and $7.4 million, respectively, was paid to stockholders of record as of April 1, 2016, June 6, 2016 and August 19, 2016, respectively. In connection with these dividends, holders of deferred stock units, restricted stock and stock awards were credited with deferred stock units, restricted stock or stock equal to $0.30 for each deferred stock unit, share of restricted stock or stock award, representing $0.3 million for each of these dividends, respectively. On April 10, 2015, a special dividend of $2.00 per share of the Company’s common stock, representing an aggregate of $48.2 million, was paid to stockholders of record as of March 27, 2015. In connection with this special dividend, holders of deferred stock units, restricted stock and stock awards were credited with deferred stock units, restricted stock or stock equal to $2.00 for each deferred stock unit, share of restricted stock or stock award, representing $1.8 million in total for this special dividend. In connection with this special cash dividend, the exercise price of all outstanding stock options was reduced by $2.00 per share. The reductions in exercise price were made pursuant to the terms of the outstanding awards, resulting in no incremental stock-based compensation expense. In February 2016, the Company issued 4,784 deferred stock units at the average price of $55.22, or $0.3 million, to executive officers in lieu of cash for a portion of their 2015 incentive compensation. In February 2015, the Company issued 36,579 deferred stock units at the average price of $55.95, or $2.0 million, to executive officers in lieu of cash for a portion of their 2014 incentive compensation. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Recurring The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at:
Deferred Compensation The Company has an Executive Non-Qualified Deferred Compensation Plan (the “Plan”). The amounts deferred under the Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. The Company invests approximately 65 percent of the amounts deferred by the Plan participants in life insurance contracts, matching the investments elected by the Plan participants. Deferred compensation assets and liabilities were valued using a market approach based on the quoted market prices of identical instruments. Contingent Consideration Related to Acquisitions Liabilities for contingent consideration related to acquisitions were fair valued using management’s projections for long-term sales forecasts, including assumptions regarding market share gains, foreign currency rates and future industry-specific economic and market conditions, and a market participant’s weighted average cost of capital. Over the next six years, the Company’s long-term sales growth forecasts for products subject to contingent consideration arrangements average approximately 15 percent per year. For further information on the inputs used in determining the fair value, and a roll-forward of the contingent consideration liability, see Note 8 of the Notes to Condensed Consolidated Financial Statements. Changes in either of the inputs in isolation would result in a change in the fair value measurement. A change in the assumptions used for sales forecasts would result in a directionally similar change in the fair value liability, while a change in the weighted average cost of capital would result in a directionally opposite change in the fair value liability. If there is an increase in the fair value liability, the Company would record a charge to selling, general and administrative expenses, and if there is a decrease in the fair value liability, the Company would record a benefit in selling, general and administrative expenses. Non-recurring The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses or (gains) recognized during the nine months ended September 30:
Vacant Owned Facilities During the first nine months of 2016, the Company reviewed the recoverability of the carrying value of one vacant owned facility. At September 30, 2016, the Company had one vacant owned facility, with an estimated fair value of over $3.0 million and a carrying value of $2.5 million, classified in fixed assets in the Condensed Consolidated Balance Sheets. During the first nine months of 2015, the Company reviewed the recoverability of the carrying value of three vacant owned facilities, of which one of these facilities was sold and one was reopened. At September 30, 2015, the Company had one vacant owned facility, with an estimated fair value of $3.0 million and a carrying value of $2.5 million, classified in fixed assets in the Condensed Consolidated Balance Sheets. The determination of fair value was based on the best information available, including internal cash flow estimates, market prices for similar assets, broker quotes and independent appraisals, as appropriate. Net Assets of Acquired Businesses The Company valued the assets and liabilities associated with the acquisitions of businesses on the respective acquisition dates. Depending upon the type of asset or liability acquired, the Company used different valuation techniques in determining the fair value. Those techniques included comparable market prices, long-term sales, profitability and cash flow forecasts, assumptions regarding future industry-specific economic and market conditions, a market participant’s weighted average cost of capital, as well as other techniques as circumstances required. For further information on acquired assets and liabilities, see Note 2 of the Notes to Condensed Consolidated Financial Statements. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting | SEGMENT REPORTING The Company previously had two reportable segments, the recreational vehicle products segment (the “RV Segment”) and the manufactured housing products segment (the “MH Segment”). The Company has recently increased its focus on the significant opportunities in the aftermarket for its products, primarily sales to retail dealers, wholesale distributors and service centers. Additionally, over the past several years, sales of components for manufactured homes have become a smaller part of the Company’s business, largely due to the growth the Company has experienced with respect to its components sold to customers for traditional recreational vehicles as well as the expanded use of its components in other non-RV applications, which we refer to as adjacent industries. Unit growth for MH Segment products has also been lower over the last decade, primarily due to the real estate, credit and economic environment, including the availability of site built homes at stable prices and high interest rate spreads between conventional mortgages for site-built homes and loans for manufactured homes. In response to these changes in the Company’s business, subsequent to March 31, 2016, the Company modified its internal reporting structure, reflecting a change in how its chief operating decision maker (“CODM”) assesses the performance of the Company’s operating results and make decisions about resource allocations. The Company’s new reportable segments are the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant. The OEM Segment, which accounted for 92 percent and 93 percent of consolidated net sales for each of the nine month periods ended September 30, 2016 and 2015, respectively, manufactures or distributes a broad array of components for the leading OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; manufactured homes; modular housing; and mobile office units. Approximately 71 percent of the Company’s OEM Segment net sales for the twelve months ended September 30, 2016 were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 8 percent and 7 percent of consolidated net sales for each of the nine month periods ended September 30, 2016 and 2015, respectively, supplies components to the related aftermarket channels of the RV and adjacent industries, primarily to retail dealers, wholesale distributors and service centers. The Aftermarket Segment also includes the sale of replacement glass and awnings to fulfill insurance claims. Decisions concerning the allocation of the Company’s resources are made by the Company’s CODM, with oversight by the Board of Directors. The CODM evaluates the performance of each segment based upon segment operating profit or loss, generally defined as income or loss before interest and income taxes. Decisions concerning the allocation of resources are also based on each segment’s utilization of assets. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The change in reported segments had no effect on the Company’s net income, total assets or liabilities, or stockholders’ equity.
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Accounting Pronouncements |
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Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Classification of Certain Cash Receipts and Cash Payments, which amends ASC 230, Statement of Cash Flows. This ASU provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. This ASU is effective for annual and interim periods beginning after December 15, 2017, and should be applied retrospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s results of operations, cash flows or financial position. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amended ASC 718, Compensation - Stock Compensation. This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 with early adoption permitted at the beginning of an interim or annual reporting period. The Company is evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued ASU 2016-02, Leases. This ASU requires, in most instances, a lessee to recognize on its balance sheet a liability to make lease payments (the lease liability) and also a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, using a modified retrospective approach with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This ASU requires entities with a classified balance sheet to present all deferred tax assets and liabilities as non-current. During the first quarter of 2016, the Company elected to retrospectively adopt ASU 2015-17, thus reclassifying current deferred tax assets to non-current on the accompanying Condensed Consolidated Balance Sheet. As a result, the Company reclassified $18,709 and $22,616 from current assets to long-term assets as of September 30, 2015 and December 31, 2015, respectively. The adoption of this guidance has no impact on the Company’s results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This ASU applies to inventory measured using the first-in, first-out (“FIFO”) or average cost methods. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. Adoption of this ASU will not have a material impact on the Company’s results of operations, cash flows or financial position. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs be presented on the balance sheet as a reduction from the carrying amount of the related debt liability. In August 2015, the FASB issued an ASU that allows the presentation of debt issuance costs related to line-of-credit arrangements to continue to be an asset on the balance sheet under the simplified guidance, regardless of whether there are any outstanding borrowings on the related arrangements. The amendments in these ASUs are to be applied retrospectively and are effective for interim and annual reporting periods beginning after December 15, 2015. The Company adopted these ASUs retrospectively effective January 1, 2016, and have reclassified all debt issuance costs, with the exception of those related to the revolving credit facility, as a reduction from the carrying amount of the related debt liability for both current and prior periods. The adoption of this guidance had no impact on the Company’s results of operations and cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is for annual periods, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for years beginning after December 15, 2016, to be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s results of operations, cash flows or financial position. |
Basis of Presentation and Significant Accounting Policies (Policies) |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies and litigation. The Company bases its estimates on historical experience, other available information and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates. |
New Accounting Pronouncements | In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Classification of Certain Cash Receipts and Cash Payments, which amends ASC 230, Statement of Cash Flows. This ASU provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. This ASU is effective for annual and interim periods beginning after December 15, 2017, and should be applied retrospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s results of operations, cash flows or financial position. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which amended ASC 718, Compensation - Stock Compensation. This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2016 with early adoption permitted at the beginning of an interim or annual reporting period. The Company is evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued ASU 2016-02, Leases. This ASU requires, in most instances, a lessee to recognize on its balance sheet a liability to make lease payments (the lease liability) and also a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, using a modified retrospective approach with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This ASU requires entities with a classified balance sheet to present all deferred tax assets and liabilities as non-current. During the first quarter of 2016, the Company elected to retrospectively adopt ASU 2015-17, thus reclassifying current deferred tax assets to non-current on the accompanying Condensed Consolidated Balance Sheet. As a result, the Company reclassified $18,709 and $22,616 from current assets to long-term assets as of September 30, 2015 and December 31, 2015, respectively. The adoption of this guidance has no impact on the Company’s results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This ASU applies to inventory measured using the first-in, first-out (“FIFO”) or average cost methods. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. Adoption of this ASU will not have a material impact on the Company’s results of operations, cash flows or financial position. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. This ASU requires debt issuance costs be presented on the balance sheet as a reduction from the carrying amount of the related debt liability. In August 2015, the FASB issued an ASU that allows the presentation of debt issuance costs related to line-of-credit arrangements to continue to be an asset on the balance sheet under the simplified guidance, regardless of whether there are any outstanding borrowings on the related arrangements. The amendments in these ASUs are to be applied retrospectively and are effective for interim and annual reporting periods beginning after December 15, 2015. The Company adopted these ASUs retrospectively effective January 1, 2016, and have reclassified all debt issuance costs, with the exception of those related to the revolving credit facility, as a reduction from the carrying amount of the related debt liability for both current and prior periods. The adoption of this guidance had no impact on the Company’s results of operations and cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. This ASU provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU is for annual periods, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for years beginning after December 15, 2016, to be applied retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s results of operations, cash flows or financial position. |
Acquisitions, Goodwill And Other Intangible Assets (Tables) |
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Schedule of Goodwill | Goodwill by reportable segment was as follows:
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Schedule of Other Intangible Assets | Other intangible assets consisted of the following at September 30, 2016:
Other intangible assets consisted of the following at December 31, 2015:
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Flair Interiors | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was recorded on the acquisition date as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Project 2000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands):
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Spectal Industries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was recorded on the acquisition date as follows (in thousands):
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highwater Marine Furniture | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was recorded on the acquisition date as follows (in thousands):
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Signature Seating | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was recorded on the acquisition date as follows (in thousands):
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EA Technologies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was recorded on the acquisition date as follows (in thousands):
|
Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventories | Inventories, valued at the lower of cost (first-in, first-out (FIFO) method) or market, consisted of the following at:
|
Fixed Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Fixed Assets | Fixed assets consisted of the following at:
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Accrued Expenses And Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following at:
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Schedule Of Reconciliation Of The Activity Related To Accrued Warranty | The following table provides a reconciliation of the activity related to the Company’s accrued warranty, including both the current and long-term portions, for the nine months ended September 30:
|
Commitments And Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Minimum Purchase Obligations | In connection with this agreement, the Company entered into the following minimum purchase obligations (“MPOs”), which the Company anticipates will be revised from time to time:
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Reconciliation Of Contingent Consideration Liability | The following table provides a reconciliation of the Company’s contingent consideration liability for the nine months ended September 30:
|
Stockholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Common Stock Information | The following table summarizes information about shares of the Company’s common stock at:
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Schedule Of Computation Of Basic And Diluted Earnings Per Share | The following reconciliation details the denominator used in the computation of basic and diluted earnings per share:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis at:
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Schedule Of Non-Recurring Losses Recognized Using Fair Value Measurements And The Carrying Value Of Any Assets And Liabilities Measured Using Fair Value Estimates | The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses or (gains) recognized during the nine months ended September 30:
|
Segment Reporting (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Information Relating To Segments |
|
Basis of Presentation (Details) |
Sep. 30, 2016 |
---|---|
Manufacturing Facility | |
Property, Plant and Equipment | |
Manufacturing Facilities | 45 |
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Segment Reporting Information | |
Net balance – December 31, 2015 | $ 83,619 |
Acquisitions | 10,616 |
Other | (310) |
Net balance – September 30, 2016 | 93,925 |
OEM Segment | |
Segment Reporting Information | |
Net balance – December 31, 2015 | 79,206 |
Acquisitions | 10,616 |
Other | (310) |
Net balance – September 30, 2016 | 89,512 |
Aftermarket Segment | |
Segment Reporting Information | |
Net balance – December 31, 2015 | 4,413 |
Acquisitions | 0 |
Other | 0 |
Net balance – September 30, 2016 | $ 4,413 |
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Raw materials | $ 132,649 | $ 144,397 | $ 155,938 |
Work in process | 6,286 | 4,932 | 5,917 |
Finished goods | 22,377 | 21,505 | 16,992 |
Inventories, net | $ 161,312 | $ 170,834 | $ 178,847 |
Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Property, Plant and Equipment [Abstract] | |||
Fixed assets, at cost | $ 313,057 | $ 291,776 | $ 289,719 |
Less accumulated depreciation and amortization | 159,890 | 141,176 | 139,295 |
Fixed assets, net | $ 153,167 | $ 150,600 | $ 150,424 |
Notes Receivable (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Apr. 30, 2014 |
Sep. 30, 2016 |
Jul. 31, 2015 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Long-term purchase commitment, time period | 6 years | ||
Proceeds from sale of extrusion assets | $ 300,000 | ||
Gain on contract termination | $ 1,600,000 | ||
Note Receivable for Sale of Assets | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable amount | $ 7,200,000.0 | ||
Note receivable term | 4 years | ||
Note receivable present value | $ 6,400,000 | 3,300,000 | |
Note Receivable for Contract Termination | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable amount | $ 2,000,000.0 | ||
Note receivable present value | $ 1,700,000 | $ 1,600,000 |
Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $ 45,299 | $ 25,147 | $ 31,870 |
Current portion of accrued warranty | 19,607 | 17,020 | 16,569 |
Sales rebates | 10,998 | 7,993 | 7,508 |
Taxes payable | 0 | 0 | 1,729 |
Other | 21,829 | 19,002 | 17,885 |
Accrued expenses and other current liabilities | $ 97,733 | $ 69,162 | $ 75,561 |
Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 26,204 | $ 21,641 | |
Provision for warranty expense | 15,494 | 12,706 | |
Warranty liability from acquired businesses | 125 | 240 | |
Warranty costs paid | (10,833) | (9,278) | |
Balance at end of period | 30,990 | 25,309 | |
Less long-term portion | 11,383 | 8,740 | |
Current portion of accrued warranty | $ 19,607 | $ 16,569 | $ 17,020 |
Commitments And Contingencies (Narrative) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016 | |
Loss Contingencies | |
Percentage of weighted average cost of capital | 12.40% |
Commitments And Contingencies (Schedule of Minimum Purchase Obligations) (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Jul. 31, 2015 |
Apr. 30, 2014 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Long-term Purchase Commitment | ||||||
Long-term purchase commitment, time period | 6 years | |||||
Net sales | $ 412,370 | $ 345,296 | $ 1,275,999 | $ 1,068,838 | ||
Furrion Limited | ||||||
Long-term Purchase Commitment | ||||||
Long-term purchase commitment, time period | 6 years | |||||
Furrion Limited | Inventories | ||||||
Long-term Purchase Commitment | ||||||
July 2015 - June 2016 | $ 60,000 | |||||
July 2016 - June 2017 | 90,000 | |||||
July 2017 - June 2018 | 127,000 | |||||
July 2018 - June 2019 | $ 172,000 |
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
||||||
Business Combination, Contingent Consideration, Reconciliation of Change in Liability [Roll Forward] | |||||||
Balance at beginning of period | $ 10,840 | $ 8,129 | |||||
Acquisitions | 1,322 | 4,767 | |||||
Payments | (2,719) | (3,963) | |||||
Accretion | [1] | 976 | 868 | ||||
Fair value adjustments | [1] | 1,046 | 562 | ||||
Balance at end of the period | [2] | 11,465 | 10,363 | ||||
Less current portion in accrued expenses and other current liabilities | (4,984) | (2,681) | |||||
Total long-term portion in other long-term liabilities | 6,481 | $ 7,682 | |||||
Contingent consideration, total remaining estimated payments | $ 14,000 | ||||||
|
Stockholders' Equity (Summary Of Common Stock Information) (Details) - shares shares in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Stockholders' Equity Note [Abstract] | |||
Common stock authorized | 75,000 | 75,000 | 75,000 |
Common stock issued | 27,308 | 27,039 | 26,827 |
Treasury stock | 2,684 | 2,684 | 2,684 |
Stockholders' Equity (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Stockholders' Equity Note [Abstract] | ||||
Weighted average shares outstanding for basic earnings per share (in shares) | 24,724 | 24,289 | 24,587 | 24,261 |
Common stock equivalents pertaining to stock options and deferred stock units | 336 | 397 | 295 | 353 |
Weighted average shares outstanding for diluted earnings per share (in shares) | 25,060 | 24,686 | 24,882 | 24,614 |
Fair Value Measurements (Narrative) (Details) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2016
USD ($)
property
|
Sep. 30, 2015
USD ($)
property
|
Dec. 31, 2015
USD ($)
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Percentage of deferred compensation invested in life insurance contracts | 65.00% | ||
Number of years long-term sales growth forecasted over | 6 years | ||
Average long-term sales growth forecast, over next 4 years, percent per year | 15.00% | ||
Combined carrying value | $ | $ 153,167 | $ 150,424 | $ 150,600 |
Vacant Owned Facilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Number Of Vacant Facilities Reopened | 1 | ||
Number of vacant owned facilities | 1 | 3 | |
Number Of Vacant Owned Facilities Sold | 1 | ||
Number of properties classified as fixed assets | 1 | 1 | |
Estimated combined fair value | $ | $ 3,000 | $ 3,000 | |
Combined carrying value | $ | $ 2,500 | $ 2,500 |
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Assets | ||
Deferred compensation | $ 8,213 | $ 7,774 |
Total assets | 8,213 | 7,774 |
Liabilities | ||
Contingent consideration | 11,465 | 10,840 |
Deferred compensation | 13,377 | 11,836 |
Total liabilities | 24,842 | 22,676 |
Level 1 | ||
Assets | ||
Deferred compensation | 8,213 | 7,774 |
Total assets | 8,213 | 7,774 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Deferred compensation | 13,377 | 11,836 |
Total liabilities | 13,377 | 11,836 |
Level 2 | ||
Assets | ||
Deferred compensation | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Deferred compensation | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | ||
Assets | ||
Deferred compensation | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Contingent consideration | 11,465 | 10,840 |
Deferred compensation | 0 | 0 |
Total liabilities | $ 11,465 | $ 10,840 |
Fair Value Measurements (Schedule Of Non-Recurring Losses Recognized Using Fair Value Measurements And The Carrying Value Of Any Assets And Liabilities Measured Using Fair Value Estimates) (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
---|---|---|
Assets | ||
Assets, carrying value | $ 27,449 | $ 31,275 |
Assets, non-recurring losses (gains) | 0 | 0 |
Vacant Owned Facilities | ||
Assets | ||
Assets, carrying value | 2,506 | 2,548 |
Assets, non-recurring losses (gains) | 0 | 0 |
Net Assets Of Acquired Businesses | ||
Assets | ||
Assets, carrying value | 24,943 | 28,727 |
Assets, non-recurring losses (gains) | $ 0 | $ 0 |
Segment Reporting (Narrative) (Details) - segment |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Jun. 30, 2016 |
|
Segment Reporting Information | |||
Number of reportable segments | 2 | ||
Net sales | OEM Segment | |||
Segment Reporting Information | |||
Concentration risk, percentage | 92.00% | 93.00% | |
Net sales | Travel Trailer And Fifth-Wheels | |||
Segment Reporting Information | |||
Percentage of net sales from business segment components | 71.00% | ||
Net sales | Aftermarket Segment | |||
Segment Reporting Information | |||
Concentration risk, percentage | 8.00% | 7.00% |
Segment Reporting (Schedule Of Information Relating To Segments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Segment Reporting Information | ||||
Net sales | $ 412,370 | $ 345,296 | $ 1,275,999 | $ 1,068,838 |
Operating profit | 45,138 | 27,171 | 160,254 | 92,643 |
OEM Segment | ||||
Segment Reporting Information | ||||
Net sales | 375,914 | 315,213 | 1,175,483 | 991,932 |
Operating profit | 39,023 | 22,468 | 144,076 | 81,671 |
Travel Trailer And Fifth-Wheels | ||||
Segment Reporting Information | ||||
Net sales | 263,579 | 216,093 | 836,634 | 722,157 |
Motorhomes | ||||
Segment Reporting Information | ||||
Net sales | 29,372 | 23,539 | 85,761 | 64,085 |
Adjacent Industries | ||||
Segment Reporting Information | ||||
Net sales | 82,963 | 75,581 | 253,088 | 205,690 |
Aftermarket Segment | ||||
Segment Reporting Information | ||||
Net sales | 36,456 | 30,083 | 100,516 | 76,906 |
Operating profit | $ 6,115 | $ 4,703 | $ 16,178 | $ 10,972 |
Accounting Pronouncements (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Current assets | $ (374,570) | $ (245,826) | $ (287,509) |
Accounting Standards Update 2015-17 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Long-term assets | 22,616 | 18,709 | |
Current assets | $ 22,616 | $ 18,709 |
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