XML 33 R22.htm IDEA: XBRL DOCUMENT v3.22.1
Segment Reporting
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 85 percent and 82 percent of consolidated net sales for the three months ended March 31, 2022 and 2021, respectively, manufactures and distributes a broad array of engineered components for the leading OEMs in the recreation and transportation product markets, consisting primarily of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment and other cargo; trucks; boats; trains; manufactured homes; and modular housing. Approximately 68 percent of the Company's OEM Segment net sales for the three months ended March 31, 2022 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 15 percent and 18 percent of consolidated net sales for the three months ended March 31, 2022 and 2021, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation product markets, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, and 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 chief operating decision maker ("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 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
(In thousands)
U.S. (a)
Int’l (b)
Total
U.S. (a)
Int’l (b)
Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$937,635 $15,591 $953,226 $486,542 $16,474 $503,016 
Motorhomes60,146 27,108 87,254 39,417 23,176 62,593 
Adjacent Industries OEMs311,648 44,454 356,102 211,682 38,959 250,641 
Total OEM Segment net sales1,309,429 87,153 1,396,582 737,641 78,609 816,250 
Aftermarket Segment:
Total Aftermarket Segment net sales230,167 17,819 247,986 171,410 12,598 184,008 
Total net sales$1,539,596 $104,972 $1,644,568 $909,051 $91,207 $1,000,258 
(a) Net sales to customers in the United States of America
(b) Net sales to customers in countries domiciled outside of the United States of America
The following table presents the Company's operating profit by segment:
 Three Months Ended 
March 31,
(In thousands)20222021
Operating profit:
OEM Segment$245,374 $79,287 
Aftermarket Segment24,327 22,144 
Total operating profit$269,701 $101,431 

The following table presents the Company's revenue disaggregated by product:
Three Months Ended 
March 31,
(In thousands)20222021
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$559,720 $287,061 
Windows and doors330,358 249,920 
Furniture and mattresses242,226 155,244 
Axles and suspension solutions97,045 55,122 
Other167,233 68,903 
Total OEM Segment net sales1,396,582 816,250 
Total Aftermarket Segment net sales247,986 184,008 
Total net sales$1,644,568 $1,000,258