Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment results are as follows:


	For the Year Ended December 31, 2024
(in thousands)	Light Duty		Heavy Duty		Specialty Vehicle		Total
Net sales	$	1,565,601	$	231,515	$	212,081	$	2,009,197
Cost of goods sold	925,319		171,732		104,994		1,202,045
Factoring expense	51,252		—		—		51,252
Other segment expenses	304,866		53,303		74,752		432,921
Segment income from operations	$	284,164	$	6,480	$	32,335	$	322,979

Segment assets	$	1,203,165	$	157,493	$	85,606	$	1,446,264
Depreciation	$	26,485	$	3,725	$	3,750	$	33,960
Capital expenditures	$	34,164	$	2,421	$	2,836	$	39,421

	For the Year Ended December 31, 2023
(in thousands)	Light Duty		Heavy Duty		Specialty Vehicle		Total
Net sales	$	1,462,474	$	256,913	$	210,401	$	1,929,788
Cost of goods sold	928,983		192,729		110,840		1,232,552
Factoring expense	50,231		—		—		50,231
Other segment expenses	296,101		49,679		67,943		413,723
Segment income from operations	$	187,159	$	14,505	$	31,618	$	233,282

Segment assets	$	1,083,347	$	162,583	$	78,424	$	1,324,354
Depreciation	$	25,239	$	3,239	$	3,420	$	31,898
Capital expenditures	$	33,445	$	3,581	$	6,942	$	43,968

	For the Year Ended December 31, 2022
(in thousands)	Light Duty		Heavy Duty		Specialty Vehicle		Total
Net sales	$	1,425,892	$	258,215	$	49,642	$	1,733,749
Cost of goods sold	949,918		183,233		25,078		1,158,229
Factoring expense	37,188		—		—		37,188
Other segment expenses	269,207		45,244		16,027		330,478
Segment income from operations	$	169,579	$	29,738	$	8,537	$	207,854

Segment assets	$	1,047,987	$	177,557	$	106,219	$	1,331,763
Depreciation	$	25,062	$	2,772	$	798	$	28,632
Capital expenditures	$	31,682	$	4,769	$	1,432	$	37,883

A reconciliation of segment income from operations to consolidated income before income taxes is as follows:


	For the Year Ended December 31,
(in thousands)	2024		2023		2022
Segment income from operations	$	322,979	$	233,282	$	207,854
Acquisition-related intangible assets amortization	(22,476)		(21,817)		(14,070)
Acquisition-related transaction and other costs	(2,621)		(15,373)		(22,736)
Fair value adjustment to contingent consideration	—		20,469		—
Executive transition services expenses	—		(1,801)		—
Pretax reduction in workforce costs	(4,973)		—		—
Interest expense, net	(39,727)		(48,061)		(15,582)
Other income, net	3,070		1,804		735
Consolidated income before income taxes	$	256,252	$	168,503	$	156,201

A reconciliation of segment assets to consolidated assets is as follows: