XML 32 R20.htm IDEA: XBRL DOCUMENT v3.23.1
Segment Reporting
 3 Months Ended
Mar. 31, 2023
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 78 percent and 85 percent of consolidated net sales for the three months ended March 31, 2023 and 2022, 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 boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 44 percent of the Company's OEM Segment net sales for the three months ended March 31, 2023 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 22 percent and 15 percent of consolidated net sales for the three months ended March 31, 2023 and 2022, 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, tankless water heaters, 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, 2022.
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, 2023Three Months Ended March 31, 2022
(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$314,982 $15,571 $330,553 $937,635 $15,591 $953,226 
Motorhomes44,004 25,547 69,551 60,146 27,108 87,254 
Adjacent Industries OEMs309,466 48,603 358,069 311,648 44,454 356,102 
Total OEM Segment net sales668,452 89,721 758,173 1,309,429 87,153 1,396,582 
Aftermarket Segment:
Total Aftermarket Segment net sales200,486 14,651 215,137 230,167 17,819 247,986 
Total net sales$868,938 $104,372 $973,310 $1,539,596 $104,972 $1,644,568 
(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 (loss) profit by segment:
 Three Months Ended 
March 31,
(In thousands)20232022
Operating (loss) profit:
OEM Segment$(721)$245,374 
Aftermarket Segment20,764 24,327 
Total operating profit$20,043 $269,701 

The following table presents the Company's revenue disaggregated by product:
Three Months Ended 
March 31,
(In thousands)20232022
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$198,056 $559,720 
Windows and doors218,611 330,358 
Furniture and mattresses140,563 242,226 
Axles and suspension solutions75,749 97,045 
Other125,194 167,233 
Total OEM Segment net sales758,173 1,396,582 
Total Aftermarket Segment net sales215,137 247,986 
Total net sales$973,310 $1,644,568