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Segment Reporting
 12 Months Ended
Dec. 31, 2024
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 76 percent, 77 percent, and 83 percent of consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting 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 53 percent, 47 percent, and 61 percent of the Company's OEM Segment net sales in 2024, 2023, and 2022, respectively, were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 24 percent, 23 percent, and 17 percent of consolidated net sales for each of the years ended December 31, 2024, 2023, and 2022, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation 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, and 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.

The Company's CODM is its President and Chief Executive Officer. The decisions concerning the allocation of the Company's resources are made by the CODM with oversight by the Board of Directors. The CODM evaluates the performance of each segment and makes decisions concerning the allocation of resources based upon segment operating profit (loss), generally defined as income or loss before interest expense and income taxes. Segment assets are not reviewed by the Company's CODM and therefore are not disclosed below. 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.

The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers for the years ended December 31:
2024
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,486,108 $28,470 $1,514,578 
Motorhomes130,545 102,521 233,066 
Adjacent Industries OEMs927,276 185,530 1,112,806 
Total OEM Segment net sales2,543,929 316,521 2,860,450 
Aftermarket Segment:
Total Aftermarket Segment net sales803,354 77,404 880,758 
Total net sales$3,347,283 $393,925 $3,741,208 
2023
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,310,638 $48,215 $1,358,853 
Motorhomes160,857 108,499 269,356
Adjacent Industries OEMs1,085,631 189,902 1,275,533
Total OEM Segment net sales2,557,126 346,616 2,903,742 
Aftermarket Segment:
Total Aftermarket Segment net sales814,103 66,963 881,066 
Total net sales$3,371,229 $413,579 $3,784,808 
2022
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$2,561,683 $55,902 $2,617,585 
Motorhomes238,613 100,484 339,097
Adjacent Industries OEMs1,184,459 174,729 1,359,188
Total OEM Segment net sales3,984,755 331,115 4,315,870 
Aftermarket Segment:
Total Aftermarket Segment net sales824,895 66,378 891,273 
Total net sales$4,809,650 $397,493 $5,207,143 
(a)     Net sales to customers in the United States of America
(b)     Net sales to customers domiciled in countries outside of the United States of America

Long-lived assets, including net fixed assets, operating lease right-of-use assets, goodwill, and other net intangible assets, domiciled in countries outside of the United States of America were $361.8 million and $399.4 million as of December 31, 2024 and 2023, respectively.
Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows for the years ended December 31:
Segments
(In thousands)OEMAftermarketTotal
2024
Net sales to external customers (a)
$2,860,450 $880,758 $3,741,208 
Cost of sales2,303,283 558,210 2,861,493 
Gross profit557,167 322,548 879,715 
Selling, general and administrative expenses (b)
450,086 211,392 661,478 
Operating profit
$107,081 $111,156 $218,237 
Expenditures for long-lived assets (c)
28,593 19,469 48,062 
Depreciation and amortization93,327 32,366 125,693 
2023
Net sales to external customers (a)
$2,903,742 $881,066 $3,784,808 
Cost of sales2,448,176 560,442 3,008,618 
Gross profit455,566 320,624 776,190 
Selling, general and administrative expenses (b)
438,205 214,557 652,762 
Operating profit
$17,361 $106,067 $123,428 
Expenditures for long-lived assets (c)
68,750 20,230 88,980 
Depreciation and amortization99,976 31,792 131,768 
2022
Net sales to external customers (a)
$4,315,870 $891,273 $5,207,143 
Cost of sales3,325,354 608,500 3,933,854 
Gross profit990,516 282,773 1,273,289 
Selling, general and administrative expenses (b)
511,366 208,895 720,261 
Operating profit
$479,150 $73,878 $553,028 
Expenditures for long-lived assets (c)
173,732 33,245 206,977 
Depreciation and amortization99,419 29,793 129,212 

(a)     Thor Industries, Inc., a customer of both segments, accounted for 16 percent, 16 percent, and 23 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 18 percent, 15 percent, and 20 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2024, 2023, and 2022. No customer accounted for more than 10 percent of consolidated accounts receivable, net at December 31, 2024 and 2023.
(b)     Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense.
(c)     Expenditures for long-lived assets include capital expenditures, as well as fixed assets, goodwill and other intangible assets purchased as part of the acquisition of businesses. The Company purchased $6.0 million, $28.3 million, and $78.7 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2024, 2023, and 2022, respectively.
Net sales by OEM Segment product were as follows for the years ended December 31:
(In thousands)202420232022
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$811,607 $785,158 $1,563,168 
Windows and doors838,530 851,761 1,085,302 
Furniture and mattresses404,021 464,113 790,664 
Axles, ABS, and suspension solutions306,760 313,224 306,843 
Other499,532 489,486 569,893 
Total OEM Segment net sales2,860,450 2,903,742 4,315,870 
Total Aftermarket Segment net sales880,758 881,066 891,273 
Total net sales$3,741,208 $3,784,808 $5,207,143