Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | DREW INDUSTRIES INC | |
Entity Central Index Key | 763744 | |
Trading Symbol | dw | |
Entity Filer Category | Large Accelerated Filer | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 24,130,601 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $361,457 | $285,377 |
Cost of sales | 285,054 | 222,177 |
Gross profit | 76,403 | 63,200 |
Selling, general and administrative expenses | 44,565 | 37,154 |
Operating profit | 31,838 | 26,046 |
Interest expense, net | 189 | 120 |
Income before income taxes | 31,649 | 25,926 |
Provision for income taxes | 11,576 | 9,762 |
Net income | $20,073 | $16,164 |
Net income per common share: | ||
Basic (in usd per share) | $0.83 | $0.68 |
Diluted (in usd per share) | $0.82 | $0.67 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 24,215 | 23,774 |
Diluted (in shares) | 24,541 | 24,188 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Current assets | |||
Cash and cash equivalents | $27,927 | $4 | $6,132 |
Accounts receivable, net | 89,798 | 37,987 | 75,763 |
Inventories, net | 138,276 | 132,492 | 99,017 |
Prepaid expenses and other current assets | 38,606 | 37,153 | 21,968 |
Total current assets | 294,607 | 207,636 | 202,880 |
Fixed assets, net | 149,087 | 146,788 | 129,060 |
Goodwill | 66,521 | 66,521 | 48,445 |
Other intangible assets, net | 93,898 | 96,959 | 75,456 |
Other assets | 25,061 | 25,937 | 21,485 |
Total assets | 629,174 | 543,841 | 477,326 |
Current liabilities | |||
Accounts payable, trade | 63,212 | 49,534 | 48,406 |
Dividend payable | 48,227 | 0 | 0 |
Accrued expenses and other current liabilities | 69,499 | 57,651 | 56,187 |
Total current liabilities | 180,938 | 107,185 | 104,593 |
Long-term indebtedness | 50,000 | 15,650 | 10,000 |
Other long-term liabilities | 28,230 | 26,108 | 25,025 |
Total liabilities | 259,168 | 148,943 | 139,618 |
Stockholders’ equity | |||
Common stock, par value $.01 per share | 268 | 265 | 263 |
Paid-in capital | 150,445 | 147,186 | 136,100 |
Retained earnings | 248,760 | 276,914 | 230,812 |
Stockholders’ equity before treasury stock | 399,473 | 424,365 | 367,175 |
Treasury stock, at cost | -29,467 | -29,467 | -29,467 |
Total stockholders’ equity | 370,006 | 394,898 | 337,708 |
Total liabilities and stockholders’ equity | $629,174 | $543,841 | $477,326 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $0.01 | $0.01 | $0.01 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $20,073 | $16,164 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||
Depreciation and amortization | 9,802 | 7,240 |
Stock-based compensation expense | 3,063 | 2,625 |
Other non-cash items | 153 | 679 |
Changes in assets and liabilities, net of acquisitions of businesses: | ||
Accounts receivable, net | -51,811 | -42,790 |
Inventories, net | -3,505 | 4,417 |
Prepaid expenses and other assets | -344 | 4,743 |
Accounts payable, trade | 13,678 | 23,374 |
Accrued expenses and other liabilities | 16,024 | 10,858 |
Net cash flows provided by operating activities | 7,133 | 27,310 |
Cash flows from investing activities: | ||
Capital expenditures | -8,593 | -6,824 |
Acquisitions of businesses | -2,723 | -46,657 |
Proceeds from sales of fixed assets | 68 | 707 |
Other investing activities | -177 | -4 |
Net cash flows used for investing activities | -11,425 | -52,778 |
Cash flows from financing activities: | ||
Exercise of stock-based awards, net of shares tendered for payment of taxes | -1,847 | 3,320 |
Proceeds from line of credit borrowings | 175,350 | 79,469 |
Repayments under line of credit borrowings | -191,000 | -69,469 |
Proceeds from shelf-loan borrowing | 50,000 | 0 |
Payment of special dividend | 0 | -46,706 |
Payment of contingent consideration related to acquisitions | -127 | -1,098 |
Other financing activities | -161 | -196 |
Net cash flows provided by (used for) financing activities | 32,215 | -34,680 |
Net increase (decrease) in cash | 27,923 | -60,148 |
Cash and cash equivalents at beginning of period | 4 | 66,280 |
Cash and cash equivalents at end of period | 27,927 | 6,132 |
Cash paid during the period for: | ||
Interest | 173 | 73 |
Income taxes, net of refunds | $84 | $922 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement Of Stockholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock |
In Thousands | |||||
December 31, 2014 at Dec. 31, 2014 | $394,898 | $265 | $147,186 | $276,914 | ($29,467) |
Net income | 20,073 | 20,073 | |||
Issuance of 283,724 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | -7,161 | 3 | -7,164 | ||
Income tax benefit relating to issuance of common stock pursuant to stock-based awards | 5,314 | 5,314 | |||
Stock-based compensation expense | 3,063 | 3,063 | |||
Issuance of 36,579 deferred stock units relating to prior year compensation | 2,046 | 2,046 | |||
Special cash dividend ($2.00 per share) | -48,227 | -48,227 | |||
March 31, 2015 at Mar. 31, 2015 | $370,006 | $268 | $150,445 | $248,760 | ($29,467) |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common stock (in shares) | 283,724 |
Issuance Of Deferred Stock Units Shares | 36,579 |
Special cash dividend (in usd per share) | $2 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
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 operates through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components”). Drew, through Lippert Components, supplies a broad array of components in the United States and abroad for the leading manufacturers of recreational vehicles (“RVs”) and manufactured homes and for the related aftermarkets of those industries, and to a lesser extent supplies components for adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; modular housing; and factory-built mobile office units. At March 31, 2015, the Company operated 38 manufacturing facilities in the United States. | |
The RV and manufactured housing industries, as well as other 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, 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. | |
The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2014 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 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. All such adjustments are of a normal recurring nature. 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. |
Segment_Reporting
Segment Reporting | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Reporting | SEGMENT REPORTING | |||||||
The Company has two reportable segments; the recreational vehicle products segment (the “RV Segment”) and the manufactured housing products segment (the “MH Segment”). Intersegment sales are insignificant. | ||||||||
The RV Segment, which accounted for 93 percent and 91 percent of consolidated net sales for the three month periods ended March 31, 2015 and 2014, respectively, manufactures a variety of products used in the production of RVs, including: | ||||||||
● Steel chassis for towable RVs | ● Chassis components | |||||||
● Axles and suspension solutions for towable RVs | ● Furniture and mattresses | |||||||
● Slide-out mechanisms and solutions | ● Entry, luggage, patio and ramp doors | |||||||
● Thermoformed bath, kitchen and other products | ● Electric and manual entry steps | |||||||
● Windows | ● Awnings and slide toppers | |||||||
● Manual, electric and hydraulic stabilizer and | ● Other accessories and electronic components | |||||||
leveling systems | ||||||||
The Company also supplies certain of these products to the RV aftermarket and to adjacent industries, including buses and trailers used to haul boats, livestock, equipment and other cargo. Approximately 78 percent of the Company’s RV Segment net sales for the last twelve months were of products to original equipment manufacturers (“OEMs”) of travel trailer and fifth-wheel RVs. | ||||||||
The MH Segment, which accounted for 7 percent and 9 percent of consolidated net sales for the three month periods ended March 31, 2015 and 2014, respectively, manufactures a variety of products used in the production of manufactured homes, including: | ||||||||
●Vinyl and aluminum windows | ●Aluminum and vinyl patio doors | |||||||
●Thermoformed bath and kitchen products | ●Steel chassis and related components | |||||||
●Steel and fiberglass entry doors | ●Axles | |||||||
The Company also supplies certain of these products to the manufactured housing aftermarket and to adjacent industries, including modular housing and mobile office units. Certain of the Company’s MH Segment customers manufacture both manufactured homes and modular homes, and certain of the products manufactured by the Company are suitable for both types of homes. As a result, the Company is not always able to determine in which type of home its products are installed. | ||||||||
Decisions concerning the allocation of the Company's resources are made by the Company's key executives, with oversight by the Board of Directors. This group 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 RV and MH 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, 2014. | ||||||||
Information relating to segments follows for the: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Net sales: | ||||||||
RV Segment: | ||||||||
RV OEMs: | ||||||||
Travel trailers and fifth-wheels | $ | 260,357 | $ | 212,130 | ||||
Motorhomes | 21,647 | 14,384 | ||||||
RV aftermarket | 17,209 | 7,094 | ||||||
Adjacent industries | 35,358 | 25,428 | ||||||
Total RV Segment net sales | 334,571 | 259,036 | ||||||
MH Segment: | ||||||||
Manufactured housing OEMs | 17,823 | 16,517 | ||||||
Manufactured housing aftermarket | 3,829 | 3,467 | ||||||
Adjacent industries | 5,234 | 6,357 | ||||||
Total MH Segment net sales | 26,886 | 26,341 | ||||||
Total net sales | $ | 361,457 | $ | 285,377 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Operating profit: | ||||||||
RV Segment | $ | 29,133 | $ | 23,729 | ||||
MH Segment | 2,705 | 2,317 | ||||||
Total operating profit | $ | 31,838 | $ | 26,046 | ||||
Potential Future Changes to Reporting Segments | ||||||||
Over the past several years, largely due to the growth the Company has experienced in its RV Segment, the MH Segment is now a smaller part of the Company. MH Segment net sales were 7 percent of consolidated net sales for the first three months of 2015. In addition, the Company has recently increased its focus on the significant opportunities in the RV aftermarket, which is currently included in the RV Segment. While there were no changes to the Company's segment reporting through March 31, 2015, the Company will continue to evaluate the information provided to its Chief Operating Decision Maker (“CODM”), and assess the impact of any changes to its reporting structures that will reflect how its CODM will assess the performance of the Company's operating segments and make decisions about resource allocations which impact the operating segments the Company reports. |
Acquisitions_Goodwill_And_Othe
Acquisitions, Goodwill And Other Intangible Assets | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | ||||||||||||||||
Acquisitions, Goodwill And Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||
Acquisitions in 2015 | ||||||||||||||||
Spectal Industries | ||||||||||||||||
On April 24, 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. Sales of Spectal for 2014 were $25 million. The purchase price was $22.3 million paid at closing, plus contingent consideration based on future sales of this operation. | ||||||||||||||||
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. Sales of EA Technologies for 2014 were $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 RV Segment and in the Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands): | ||||||||||||||||
Cash consideration | $ | 9,248 | ||||||||||||||
Customer relationships | $ | 400 | ||||||||||||||
Other identifiable intangible assets | 80 | |||||||||||||||
Net tangible assets | 8,868 | |||||||||||||||
Total fair value of net assets acquired | $ | 9,348 | ||||||||||||||
Gain on bargain purchase | $ | 100 | ||||||||||||||
Acquisitions in 2014 | ||||||||||||||||
Star Design | ||||||||||||||||
In March 2014, the Company acquired the business and certain assets of Star Design, LLC (“Star Design”). Star Design had annual sales of $10 million in 2013, comprised primarily of thermoformed sheet plastic products for the RV, bus and specialty vehicle industries. The purchase price was $12.2 million paid at closing. The results of the acquired business have been included in the Company's RV 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): | ||||||||||||||||
Cash consideration | $ | 12,232 | ||||||||||||||
Customer relationships | $ | 4,400 | ||||||||||||||
Other identifiable intangible assets | 610 | |||||||||||||||
Net tangible assets | 2,108 | |||||||||||||||
Total fair value of net assets acquired | $ | 7,118 | ||||||||||||||
Goodwill (tax deductible) | $ | 5,114 | ||||||||||||||
The customer relationships intangible asset is being amortized over its estimated useful life of 14 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. | ||||||||||||||||
Innovative Design Solutions | ||||||||||||||||
In February 2014, the Company acquired Innovative Design Solutions, Inc. (“IDS”), a designer, developer and manufacturer of electronic systems encompassing a wide variety of RV applications. IDS also manufactures electronic systems for automotive, medical and industrial applications. IDS had annual sales of $19 million in 2013, of which $15 million were to the Company. The purchase price was $35.9 million, of which $34.2 million was paid at closing, with the balance to be paid out annually over the subsequent three years, plus contingent consideration based on future sales of this operation. The results of the acquired business have been included in the Company's RV 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): | ||||||||||||||||
Cash consideration | $ | 34,175 | ||||||||||||||
Present value of future payments | 1,739 | |||||||||||||||
Contingent consideration | 710 | |||||||||||||||
Total fair value of consideration given | $ | 36,624 | ||||||||||||||
Patents | $ | 6,000 | ||||||||||||||
Customer relationships | 4,000 | |||||||||||||||
Other identifiable intangible assets | 3,180 | |||||||||||||||
Net tangible assets | 1,894 | |||||||||||||||
Total fair value of net assets acquired | $ | 15,074 | ||||||||||||||
Goodwill (tax deductible) | $ | 21,550 | ||||||||||||||
The patents are being amortized over their estimated useful life of 10 years and the customer relationships intangible asset is being amortized over its estimated useful life of 12 years. The consideration given was greater than the fair value of the assets acquired, resulting in goodwill, because the Company anticipates an increase in the markets for the acquired products, market share growth in both existing and new markets, as well as attainment of synergies. | ||||||||||||||||
Sale of Extrusion Assets | ||||||||||||||||
In April 2014, the Company entered into a six-year aluminum extrusion supply agreement, and concurrently sold certain aluminum extrusion assets. The Company recorded a pre-tax loss of $2.0 million in the second quarter of 2014 on the sale of the aluminum extrusion-related assets. In connection with the sale, the Company received $0.3 million at closing and a $7.2 million note receivable payable over the next four years, recorded at its present value of $6.4 million on the date of closing. During 2014, the Company received installments of $1.8 million under the note. At March 31, 2015, the present value of the remaining amount due under the note receivable was $5.0 million. | ||||||||||||||||
Goodwill | ||||||||||||||||
Goodwill by reportable segment was as follows: | ||||||||||||||||
(In thousands) | RV Segment | MH Segment | Total | |||||||||||||
Accumulated cost – December 31, 2014 | $ | 107,023 | $ | 10,025 | $ | 117,048 | ||||||||||
Accumulated impairment – December 31, 2014 | (41,276 | ) | (9,251 | ) | (50,527 | ) | ||||||||||
Net balance – December 31, 2014 | 65,747 | 774 | 66,521 | |||||||||||||
Acquisitions – 2015 | — | — | — | |||||||||||||
Net balance – March 31, 2015 | $ | 65,747 | $ | 774 | $ | 66,521 | ||||||||||
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. No impairment tests were required or performed during the three months ended March 31, 2015. | ||||||||||||||||
Other Intangible Assets | ||||||||||||||||
Other intangible assets consisted of the following at March 31, 2015: | ||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Estimated Useful | ||||||||||||
Cost | Amortization | Balance | Life in Years | |||||||||||||
Customer relationships | $ | 78,760 | $ | 26,404 | $ | 52,356 | 6 | to | 16 | |||||||
Patents | 54,321 | 23,870 | 30,451 | 3 | to | 19 | ||||||||||
Tradenames | 8,235 | 3,791 | 4,444 | 3 | to | 15 | ||||||||||
Non-compete agreements | 3,648 | 2,067 | 1,581 | 3 | to | 6 | ||||||||||
Purchased research and development | 4,687 | — | 4,687 | Indefinite | ||||||||||||
Other | 510 | 131 | 379 | 1 | to | 12 | ||||||||||
Other intangible assets | $ | 150,161 | $ | 56,263 | $ | 93,898 | ||||||||||
Other intangible assets consisted of the following at December 31, 2014: | ||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Estimated Useful | ||||||||||||
Cost | Amortization | Balance | Life in Years | |||||||||||||
Customer relationships | $ | 81,260 | $ | 27,553 | $ | 53,707 | 6 | to | 16 | |||||||
Patents | 54,333 | 22,389 | 31,944 | 3 | to | 19 | ||||||||||
Tradenames | 9,173 | 4,525 | 4,648 | 3 | to | 15 | ||||||||||
Non-compete agreements | 3,948 | 2,233 | 1,715 | 3 | to | 6 | ||||||||||
Purchased research and development | 4,687 | — | 4,687 | Indefinite | ||||||||||||
Other | 360 | 102 | 258 | 2 | to | 12 | ||||||||||
Other intangible assets | $ | 153,761 | $ | 56,802 | $ | 96,959 | ||||||||||
Inventories
Inventories | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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: | ||||||||||||
March 31, | December 31, | |||||||||||
(In thousands) | 2015 | 2014 | 2014 | |||||||||
Raw materials | $ | 119,213 | $ | 80,080 | $ | 111,366 | ||||||
Work in process | 4,395 | 4,583 | 2,624 | |||||||||
Finished goods | 14,668 | 14,354 | 18,502 | |||||||||
Inventories, net | $ | 138,276 | $ | 99,017 | $ | 132,492 | ||||||
Fixed_Assets
Fixed Assets | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Fixed Assets | FIXED ASSETS | |||||||||||
Fixed assets consisted of the following at: | ||||||||||||
March 31, | December 31, | |||||||||||
(In thousands) | 2015 | 2014 | 2014 | |||||||||
Fixed assets, at cost | $ | 279,699 | $ | 248,190 | $ | 272,177 | ||||||
Less accumulated depreciation and amortization | 130,612 | 119,130 | 125,389 | |||||||||
Fixed assets, net | $ | 149,087 | $ | 129,060 | $ | 146,788 | ||||||
Accrued_Expenses_And_Other_Cur
Accrued Expenses And Other Current Liabilities | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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: | ||||||||||||
March 31, | December 31, | |||||||||||
(In thousands) | 2015 | 2014 | 2014 | |||||||||
Employee compensation and benefits | $ | 23,727 | $ | 19,820 | $ | 21,473 | ||||||
Current portion of accrued warranty | 15,284 | 12,018 | 14,516 | |||||||||
Sales rebates | 7,016 | 6,021 | 5,515 | |||||||||
Other | 23,472 | 18,328 | 16,147 | |||||||||
Accrued expenses and other current liabilities | $ | 69,499 | $ | 56,187 | $ | 57,651 | ||||||
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 three months ended March 31: | ||||||||||||
(In thousands) | 2015 | 2014 | ||||||||||
Balance at beginning of period | $ | 21,641 | $ | 17,325 | ||||||||
Provision for warranty expense | 4,531 | 2,402 | ||||||||||
Warranty liability from acquired businesses | — | 75 | ||||||||||
Warranty costs paid | (2,666 | ) | (1,945 | ) | ||||||||
Balance at end of period | 23,506 | 17,857 | ||||||||||
Less long-term portion | 8,222 | 5,839 | ||||||||||
Current portion of accrued warranty | $ | 15,284 | $ | 12,018 | ||||||||
LongTerm_Indebtedness
Long-Term Indebtedness | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | LONG-TERM INDEBTEDNESS |
At March 31, 2015, the Company had no outstanding borrowings on its line of credit. At March 31, 2014 and December 31, 2014, the Company had $10.0 million and $15.7 million, respectively, of outstanding borrowings on its line of credit. | |
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 is designated from time to time by the Company as either (i) the Prime Rate, minus a rate ranging from 0.75 percent to 1.0 percent (minus 1.0 percent at March 31, 2015), but not less than 1.5 percent, or (ii) LIBOR, plus additional interest ranging from 1.75 percent to 2.0 percent (plus 1.75 percent at March 31, 2015) depending on the Company’s performance and financial condition. The Credit Agreement expires on January 1, 2019. At March 31, 2015, the Company had $2.7 million in outstanding letters of credit under the line of credit. Availability under the Company’s line of credit was $97.3 million at March 31, 2015. | |
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 twelve 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. This facility expires February 24, 2017. | |
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 March 31, 2015. Availability under the Company's “shelf-loan” facility, subject to the approval of Prudential, was $100.0 million at March 31, 2015. | |
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 each of the Company’s direct and indirect subsidiaries. | |
Pursuant to the Credit Agreement and “shelf-loan” facility, at March 31, 2015, the Company was required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At March 31, 2015, the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months. | |
Both the line of credit pursuant to the Credit Agreement and the “shelf-loan” facility are 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 March 31, 2015. The remaining availability under these facilities was $197.3 million at March 31, 2015. The Company believes the availability under the line of credit and “shelf-loan” facility is more than adequate to finance the Company’s anticipated cash requirements for the next twelve months. | |
The Company is currently negotiating a one-year extension of its line of credit and “shelf-loan” facility as well as an increase in its line of credit to $125.0 million. The Company is extending these arrangements now to meet the anticipated growth of the Company and to add the ability to borrow in international locations and currencies. |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES | |||||||
Contingent Consideration | ||||||||
In connection with several business acquisitions, if certain 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 March 31, 2015, based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 15.0 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. | ||||||||
The following table provides a reconciliation of the Company’s contingent consideration liability for the three months ended March 31: | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Balance at beginning of period | $ | 8,129 | $ | 7,414 | ||||
Acquisitions | — | 1,455 | ||||||
Payments | (127 | ) | (1,098 | ) | ||||
Accretion (a) | 289 | 261 | ||||||
Fair value adjustments (a) | (232 | ) | 410 | |||||
Balance at end of the period (b) | 8,059 | 8,442 | ||||||
Less current portion in accrued expenses and other current liabilities | (3,494 | ) | (2,656 | ) | ||||
Total long-term portion in other long-term liabilities | $ | 4,565 | $ | 5,786 | ||||
(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 March 31, 2015 are $11.3 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. | |||||||
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 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 March 31, 2015, would not be material to the Company’s financial position or annual results of operations. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Stockholders' Equity | STOCKHOLDERS' EQUITY | ||||||||
The following table summarizes information about shares of the Company’s common stock at: | |||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | 2014 | ||||||
Common stock authorized | 30,000 | 30,000 | 30,000 | ||||||
Common stock issued | 26,817 | 26,309 | 26,534 | ||||||
Treasury stock | 2,684 | 2,684 | 2,684 | ||||||
The following reconciliation details the denominator used in the computation of basic and diluted earnings per share: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In thousands) | 2015 | 2014 | |||||||
Weighted average shares outstanding for basic earnings per share | 24,215 | 23,774 | |||||||
Common stock equivalents pertaining to stock options and deferred stock units | 326 | 414 | |||||||
Weighted average shares outstanding for diluted earnings per share | 24,541 | 24,188 | |||||||
The weighted average diluted shares outstanding for the three months ended March 31, 2015 and 2014 exclude the effect of 218,323 and 322,542 shares of common stock, respectively, subject to stock-based awards. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions that those shares were subject to were not yet achieved. | |||||||||
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 stock-based awards were credited with deferred stock units, restricted stock or stock equal to $2.00 per stock-based award, representing $2.6 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. These reductions in exercise price were made pursuant to the terms of the outstanding awards, resulting in no incremental stock-based compensation expense. | |||||||||
On January 6, 2014, a special dividend of $2.00 per share of the Company’s common stock, representing an aggregate of $46.7 million, was paid to stockholders of record as of December 20, 2013. In connection with this special dividend, holders of stock-based awards were credited with deferred stock units, restricted stock or stock equal to $2.00 per stock-based 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. These reductions in exercise price were made pursuant to the terms of the outstanding awards, resulting in no incremental stock-based compensation expense. | |||||||||
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. In February 2014, the Company issued 43,188 deferred stock units at $45.98, or $2.0 million, to executive officers in lieu of cash for a portion of their 2013 incentive compensation. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Deferred compensation | $ | 8,214 | $ | 8,214 | $ | — | $ | — | $ | 7,388 | $ | 7,388 | $ | — | $ | — | ||||||||||
Total assets | $ | 8,214 | $ | 8,214 | $ | — | $ | — | $ | 7,388 | $ | 7,388 | $ | — | $ | — | ||||||||||
Liabilities | ||||||||||||||||||||||||||
Contingent consideration | $ | 8,059 | $ | — | $ | — | $ | 8,059 | $ | 8,129 | $ | — | $ | — | $ | 8,129 | ||||||||||
Deferred compensation | 12,599 | 12,599 | — | — | 11,478 | 11,478 | — | — | ||||||||||||||||||
Total liabilities | $ | 20,658 | $ | 12,599 | $ | — | $ | 8,059 | $ | 19,607 | $ | 11,478 | $ | — | $ | 8,129 | ||||||||||
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 and future industry-specific economic and market conditions, and a market participant’s weighted average cost of capital. Over the next three years, the Company’s long-term sales growth forecasts for products subject to contingent consideration arrangements average approximately 30 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 three months ended March 31: | ||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
(In thousands) | Carrying | Non-Recurring | Carrying | Non-Recurring | ||||||||||||||||||||||
Value | Losses / (Gains) | Value | Losses / (Gains) | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Vacant owned facilities | $ | 3,866 | $ | — | $ | 2,727 | $ | — | ||||||||||||||||||
Net assets of acquired businesses | 809 | — | 22,087 | — | ||||||||||||||||||||||
Total assets | $ | 4,675 | $ | — | $ | 24,814 | $ | — | ||||||||||||||||||
Vacant Owned Facilities | ||||||||||||||||||||||||||
During the first three months of 2015 and 2014, the Company reviewed the recoverability of the carrying value of its vacant owned facilities. 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. | ||||||||||||||||||||||||||
During the first three months of 2015, the Company reviewed the recoverability of the carrying value of three vacant owned facilities. At March 31, 2015, the Company had three vacant owned facilities, with an estimated combined fair value of $4.1 million and a combined carrying value of $3.9 million, classified in fixed assets in the Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||
During the first three months of 2014, the Company reviewed the recoverability of the carrying value of three vacant owned facilities, of which one of these facilities was sold. At March 31, 2014, the Company had two vacant owned facilities with an estimated combined fair value of $3.1 million and a combined carrying value of $2.7 million, classified in fixed assets in the Condensed Consolidated Balance Sheets. | ||||||||||||||||||||||||||
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 3 of the Notes to Condensed Consolidated Financial Statements. |
Accounting_Pronouncements
Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles | NEW ACCOUNTING PRONOUNCEMENTS |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 effective for annual periods, and interim periods within those years, beginning after December 15, 2016 and shall 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_Sign
Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates, Policy | 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 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. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Segment Reporting [Abstract] | ||||||||
Segment Reporting Information, RV Products and Services | ||||||||
● Steel chassis for towable RVs | ● Chassis components | |||||||
● Axles and suspension solutions for towable RVs | ● Furniture and mattresses | |||||||
● Slide-out mechanisms and solutions | ● Entry, luggage, patio and ramp doors | |||||||
● Thermoformed bath, kitchen and other products | ● Electric and manual entry steps | |||||||
● Windows | ● Awnings and slide toppers | |||||||
● Manual, electric and hydraulic stabilizer and | ● Other accessories and electronic components | |||||||
leveling systems | ||||||||
Segment Reporting Information, MH Products and Services | ||||||||
●Vinyl and aluminum windows | ●Aluminum and vinyl patio doors | |||||||
●Thermoformed bath and kitchen products | ●Steel chassis and related components | |||||||
●Steel and fiberglass entry doors | ●Axles | |||||||
Schedule Of Information Relating To Segments | ||||||||
Information relating to segments follows for the: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Net sales: | ||||||||
RV Segment: | ||||||||
RV OEMs: | ||||||||
Travel trailers and fifth-wheels | $ | 260,357 | $ | 212,130 | ||||
Motorhomes | 21,647 | 14,384 | ||||||
RV aftermarket | 17,209 | 7,094 | ||||||
Adjacent industries | 35,358 | 25,428 | ||||||
Total RV Segment net sales | 334,571 | 259,036 | ||||||
MH Segment: | ||||||||
Manufactured housing OEMs | 17,823 | 16,517 | ||||||
Manufactured housing aftermarket | 3,829 | 3,467 | ||||||
Adjacent industries | 5,234 | 6,357 | ||||||
Total MH Segment net sales | 26,886 | 26,341 | ||||||
Total net sales | $ | 361,457 | $ | 285,377 | ||||
Three Months Ended | ||||||||
March 31, | ||||||||
(In thousands) | 2015 | 2014 | ||||||
Operating profit: | ||||||||
RV Segment | $ | 29,133 | $ | 23,729 | ||||
MH Segment | 2,705 | 2,317 | ||||||
Total operating profit | $ | 31,838 | $ | 26,046 | ||||
Acquisitions_Goodwill_And_Othe1
Acquisitions, Goodwill And Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | ||||||||||||||||
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||||||
Cash consideration | $ | 34,175 | ||||||||||||||
Present value of future payments | 1,739 | |||||||||||||||
Contingent consideration | 710 | |||||||||||||||
Total fair value of consideration given | $ | 36,624 | ||||||||||||||
Patents | $ | 6,000 | ||||||||||||||
Customer relationships | 4,000 | |||||||||||||||
Other identifiable intangible assets | 3,180 | |||||||||||||||
Net tangible assets | 1,894 | |||||||||||||||
Total fair value of net assets acquired | $ | 15,074 | ||||||||||||||
Goodwill (tax deductible) | $ | 21,550 | ||||||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | ||||||||||||||||
Cash consideration | $ | 12,232 | ||||||||||||||
Customer relationships | $ | 4,400 | ||||||||||||||
Other identifiable intangible assets | 610 | |||||||||||||||
Net tangible assets | 2,108 | |||||||||||||||
Total fair value of net assets acquired | $ | 7,118 | ||||||||||||||
Goodwill (tax deductible) | $ | 5,114 | ||||||||||||||
The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands): | ||||||||||||||||
Cash consideration | $ | 9,248 | ||||||||||||||
Customer relationships | $ | 400 | ||||||||||||||
Other identifiable intangible assets | 80 | |||||||||||||||
Net tangible assets | 8,868 | |||||||||||||||
Total fair value of net assets acquired | $ | 9,348 | ||||||||||||||
Gain on bargain purchase | $ | 100 | ||||||||||||||
Schedule of Goodwill | Goodwill by reportable segment was as follows: | |||||||||||||||
(In thousands) | RV Segment | MH Segment | Total | |||||||||||||
Accumulated cost – December 31, 2014 | $ | 107,023 | $ | 10,025 | $ | 117,048 | ||||||||||
Accumulated impairment – December 31, 2014 | (41,276 | ) | (9,251 | ) | (50,527 | ) | ||||||||||
Net balance – December 31, 2014 | 65,747 | 774 | 66,521 | |||||||||||||
Acquisitions – 2015 | — | — | — | |||||||||||||
Net balance – March 31, 2015 | $ | 65,747 | $ | 774 | $ | 66,521 | ||||||||||
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at March 31, 2015: | |||||||||||||||
(In thousands) | Gross | Accumulated | Net | Estimated Useful | ||||||||||||
Cost | Amortization | Balance | Life in Years | |||||||||||||
Customer relationships | $ | 78,760 | $ | 26,404 | $ | 52,356 | 6 | to | 16 | |||||||
Patents | 54,321 | 23,870 | 30,451 | 3 | to | 19 | ||||||||||
Tradenames | 8,235 | 3,791 | 4,444 | 3 | to | 15 | ||||||||||
Non-compete agreements | 3,648 | 2,067 | 1,581 | 3 | to | 6 | ||||||||||
Purchased research and development | 4,687 | — | 4,687 | Indefinite | ||||||||||||
Other | 510 | 131 | 379 | 1 | to | 12 | ||||||||||
Other intangible assets | $ | 150,161 | $ | 56,263 | $ | 93,898 | ||||||||||
Other intangible assets consisted of the following at December 31, 2014: | ||||||||||||||||
(In thousands) | Gross | Accumulated | Net | Estimated Useful | ||||||||||||
Cost | Amortization | Balance | Life in Years | |||||||||||||
Customer relationships | $ | 81,260 | $ | 27,553 | $ | 53,707 | 6 | to | 16 | |||||||
Patents | 54,333 | 22,389 | 31,944 | 3 | to | 19 | ||||||||||
Tradenames | 9,173 | 4,525 | 4,648 | 3 | to | 15 | ||||||||||
Non-compete agreements | 3,948 | 2,233 | 1,715 | 3 | to | 6 | ||||||||||
Purchased research and development | 4,687 | — | 4,687 | Indefinite | ||||||||||||
Other | 360 | 102 | 258 | 2 | to | 12 | ||||||||||
Other intangible assets | $ | 153,761 | $ | 56,802 | $ | 96,959 | ||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
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: | |||||||||||
March 31, | December 31, | |||||||||||
(In thousands) | 2015 | 2014 | 2014 | |||||||||
Raw materials | $ | 119,213 | $ | 80,080 | $ | 111,366 | ||||||
Work in process | 4,395 | 4,583 | 2,624 | |||||||||
Finished goods | 14,668 | 14,354 | 18,502 | |||||||||
Inventories, net | $ | 138,276 | $ | 99,017 | $ | 132,492 | ||||||
Fixed_Assets_Tables
Fixed Assets (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||
Schedule Of Fixed Assets | Fixed assets consisted of the following at: | |||||||||||
March 31, | December 31, | |||||||||||
(In thousands) | 2015 | 2014 | 2014 | |||||||||
Fixed assets, at cost | $ | 279,699 | $ | 248,190 | $ | 272,177 | ||||||
Less accumulated depreciation and amortization | 130,612 | 119,130 | 125,389 | |||||||||
Fixed assets, net | $ | 149,087 | $ | 129,060 | $ | 146,788 | ||||||
Accrued_Expenses_And_Other_Cur1
Accrued Expenses And Other Current Liabilities (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Payables and Accruals [Abstract] | ||||||||||||
Schedule Of Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following at: | |||||||||||
March 31, | December 31, | |||||||||||
(In thousands) | 2015 | 2014 | 2014 | |||||||||
Employee compensation and benefits | $ | 23,727 | $ | 19,820 | $ | 21,473 | ||||||
Current portion of accrued warranty | 15,284 | 12,018 | 14,516 | |||||||||
Sales rebates | 7,016 | 6,021 | 5,515 | |||||||||
Other | 23,472 | 18,328 | 16,147 | |||||||||
Accrued expenses and other current liabilities | $ | 69,499 | $ | 56,187 | $ | 57,651 | ||||||
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 three months ended March 31: | |||||||||||
(In thousands) | 2015 | 2014 | ||||||||||
Balance at beginning of period | $ | 21,641 | $ | 17,325 | ||||||||
Provision for warranty expense | 4,531 | 2,402 | ||||||||||
Warranty liability from acquired businesses | — | 75 | ||||||||||
Warranty costs paid | (2,666 | ) | (1,945 | ) | ||||||||
Balance at end of period | 23,506 | 17,857 | ||||||||||
Less long-term portion | 8,222 | 5,839 | ||||||||||
Current portion of accrued warranty | $ | 15,284 | $ | 12,018 | ||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Reconciliation Of Contingent Consideration Liability | The following table provides a reconciliation of the Company’s contingent consideration liability for the three months ended March 31: | |||||||
(In thousands) | 2015 | 2014 | ||||||
Balance at beginning of period | $ | 8,129 | $ | 7,414 | ||||
Acquisitions | — | 1,455 | ||||||
Payments | (127 | ) | (1,098 | ) | ||||
Accretion (a) | 289 | 261 | ||||||
Fair value adjustments (a) | (232 | ) | 410 | |||||
Balance at end of the period (b) | 8,059 | 8,442 | ||||||
Less current portion in accrued expenses and other current liabilities | (3,494 | ) | (2,656 | ) | ||||
Total long-term portion in other long-term liabilities | $ | 4,565 | $ | 5,786 | ||||
(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 March 31, 2015 are $11.3 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. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Stockholders' Equity Note [Abstract] | |||||||||
Summary Of Common Stock Information | The following table summarizes information about shares of the Company’s common stock at: | ||||||||
March 31, | December 31, | ||||||||
(In thousands) | 2015 | 2014 | 2014 | ||||||
Common stock authorized | 30,000 | 30,000 | 30,000 | ||||||
Common stock issued | 26,817 | 26,309 | 26,534 | ||||||
Treasury stock | 2,684 | 2,684 | 2,684 | ||||||
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: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In thousands) | 2015 | 2014 | |||||||
Weighted average shares outstanding for basic earnings per share | 24,215 | 23,774 | |||||||
Common stock equivalents pertaining to stock options and deferred stock units | 326 | 414 | |||||||
Weighted average shares outstanding for diluted earnings per share | 24,541 | 24,188 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Deferred compensation | $ | 8,214 | $ | 8,214 | $ | — | $ | — | $ | 7,388 | $ | 7,388 | $ | — | $ | — | ||||||||||
Total assets | $ | 8,214 | $ | 8,214 | $ | — | $ | — | $ | 7,388 | $ | 7,388 | $ | — | $ | — | ||||||||||
Liabilities | ||||||||||||||||||||||||||
Contingent consideration | $ | 8,059 | $ | — | $ | — | $ | 8,059 | $ | 8,129 | $ | — | $ | — | $ | 8,129 | ||||||||||
Deferred compensation | 12,599 | 12,599 | — | — | 11,478 | 11,478 | — | — | ||||||||||||||||||
Total liabilities | $ | 20,658 | $ | 12,599 | $ | — | $ | 8,059 | $ | 19,607 | $ | 11,478 | $ | — | $ | 8,129 | ||||||||||
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 three months ended March 31: | |||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||
(In thousands) | Carrying | Non-Recurring | Carrying | Non-Recurring | ||||||||||||||||||||||
Value | Losses / (Gains) | Value | Losses / (Gains) | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Vacant owned facilities | $ | 3,866 | $ | — | $ | 2,727 | $ | — | ||||||||||||||||||
Net assets of acquired businesses | 809 | — | 22,087 | — | ||||||||||||||||||||||
Total assets | $ | 4,675 | $ | — | $ | 24,814 | $ | — | ||||||||||||||||||
Basis_of_Presentation_Details
Basis of Presentation (Details) (Manufacturing Facility) | Mar. 31, 2015 |
Manufacturing Facility | |
Property, Plant and Equipment | |
Manufacturing Facilities | 38 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information | ||
Number of reportable segments | 2 | |
RV Segment | ||
Segment Reporting Information | ||
Consolidated net sales, percentage | 93.00% | 91.00% |
Travel Trailer And Fifth-Wheels | Sales Revenue, Net | ||
Segment Reporting Information | ||
Net sales from RV aftermarket (percentage) | 78.00% | |
MH Segment | ||
Segment Reporting Information | ||
Consolidated net sales, percentage | 7.00% | 9.00% |
Product Concentration Risk | Manufactured Housing OEMs | Sales Revenue, Net | ||
Segment Reporting Information | ||
Consolidated net sales, percentage | 7.00% |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Information Relating To Segments) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information | ||
Net sales | $361,457 | $285,377 |
Operating profit | 31,838 | 26,046 |
RV Segment | ||
Segment Reporting Information | ||
Net sales | 334,571 | 259,036 |
Operating profit | 29,133 | 23,729 |
Travel Trailer And Fifth-Wheels | ||
Segment Reporting Information | ||
Net sales | 260,357 | 212,130 |
Motorhomes | ||
Segment Reporting Information | ||
Net sales | 21,647 | 14,384 |
RV Aftermarket | ||
Segment Reporting Information | ||
Net sales | 17,209 | 7,094 |
Adjacent Industries | ||
Segment Reporting Information | ||
Net sales | 35,358 | 25,428 |
MH Segment | ||
Segment Reporting Information | ||
Net sales | 26,886 | 26,341 |
Operating profit | 2,705 | 2,317 |
Manufactured Housing OEMs | ||
Segment Reporting Information | ||
Net sales | 17,823 | 16,517 |
Manufactured Housing Aftermarket | ||
Segment Reporting Information | ||
Net sales | 3,829 | 3,467 |
Adjacent Industries | ||
Segment Reporting Information | ||
Net sales | $5,234 | $6,357 |
Acquisitions_Goodwill_And_Othe2
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |
Apr. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Jan. 16, 2015 | Dec. 31, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Feb. 27, 2014 | Apr. 24, 2015 | |
Business Acquisition | ||||||||||
Long-term purchase commitment, time period | 6 | |||||||||
Pre-tax loss on sale of business assets | $2,000,000 | |||||||||
Proceeds from sale of aluminum extrusion assets, cash received | 300,000 | |||||||||
Proceeds from sale of aluminum extrusion assets, note receivable | 7,200,000 | |||||||||
Term of note receivable | 4 years | |||||||||
Proceeds from first installment of note receivable | 1,800,000 | |||||||||
Present value of note receivable | 6,400,000 | 5,000,000 | ||||||||
EA Technologies | ||||||||||
Business Acquisition | ||||||||||
Annual sales of acquired entity | 17,000,000 | |||||||||
Total fair value of consideration given | 9,200,000 | |||||||||
Cash consideration | 9,248,000 | 6,600,000 | ||||||||
Star Designs, LLC | ||||||||||
Business Acquisition | ||||||||||
Annual sales of acquired entity | 10,000,000 | |||||||||
Total fair value of consideration given | 12,200,000 | |||||||||
Cash consideration | 12,232,000 | |||||||||
Star Designs, LLC | Customer Relationships | ||||||||||
Business Acquisition | ||||||||||
Estimated useful life in years | 14 years | |||||||||
Innovative Design Solutions, Inc | ||||||||||
Business Acquisition | ||||||||||
Annual sales of acquired entity | 19,000,000 | |||||||||
Total fair value of consideration given | 36,624,000 | |||||||||
Cash consideration | 34,175,000 | |||||||||
Revenue from acquired entity to company for last annual period | 15,000,000 | |||||||||
Business combination consideration transferred total, less future payments | 35,900,000 | |||||||||
Payment term for remaining consideration to be paid | 3 years | |||||||||
Innovative Design Solutions, Inc | Patents | ||||||||||
Business Acquisition | ||||||||||
Estimated useful life in years | 10 years | |||||||||
Innovative Design Solutions, Inc | Customer Relationships | ||||||||||
Business Acquisition | ||||||||||
Estimated useful life in years | 12 years | |||||||||
Subsequent Event | Spectal Industries | ||||||||||
Business Acquisition | ||||||||||
Annual sales of acquired entity | 25,000,000 | |||||||||
Total fair value of consideration given | $22,300,000 |
Acquisitions_Goodwill_And_Othe3
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Business Acquisitions) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 16, 2015 | Dec. 31, 2014 | Mar. 14, 2014 | Mar. 31, 2014 | Feb. 27, 2014 | Mar. 31, 2015 |
Business Acquisition | ||||||
Goodwill (tax deductible) | $66,521 | $48,445 | $66,521 | |||
EA Technologies | ||||||
Business Acquisition | ||||||
Cash consideration | 9,248 | 6,600 | ||||
Total fair value of consideration given | 9,200 | |||||
Net tangible assets | 8,868 | |||||
Total fair value of net assets acquired | 9,348 | |||||
Star Designs, LLC | ||||||
Business Acquisition | ||||||
Cash consideration | 12,232 | |||||
Total fair value of consideration given | 12,200 | |||||
Net tangible assets | 2,108 | |||||
Total fair value of net assets acquired | 7,118 | |||||
Goodwill (tax deductible) | 5,114 | |||||
Innovative Design Solutions, Inc | ||||||
Business Acquisition | ||||||
Cash consideration | 34,175 | |||||
Present value of future payments | 1,739 | |||||
Contingent consideration | 710 | |||||
Total fair value of consideration given | 36,624 | |||||
Net tangible assets | 1,894 | |||||
Total fair value of net assets acquired | 15,074 | |||||
Goodwill (tax deductible) | 21,550 | |||||
Customer Relationships | EA Technologies | ||||||
Business Acquisition | ||||||
Intangible assets, excluding goodwill | 400 | |||||
Customer Relationships | Star Designs, LLC | ||||||
Business Acquisition | ||||||
Intangible assets, excluding goodwill | 4,400 | |||||
Customer Relationships | Innovative Design Solutions, Inc | ||||||
Business Acquisition | ||||||
Intangible assets, excluding goodwill | 4,000 | |||||
Patents | Innovative Design Solutions, Inc | ||||||
Business Acquisition | ||||||
Intangible assets, excluding goodwill | 6,000 | |||||
Other Identifiable Intangible Assets | EA Technologies | ||||||
Business Acquisition | ||||||
Intangible assets, excluding goodwill | 80 | |||||
Gain on bargain purchase | 100 | |||||
Other Identifiable Intangible Assets | Star Designs, LLC | ||||||
Business Acquisition | ||||||
Intangible assets, excluding goodwill | 610 | |||||
Other Identifiable Intangible Assets | Innovative Design Solutions, Inc | ||||||
Business Acquisition | ||||||
Intangible assets, excluding goodwill | $3,180 |
Acquisitions_Goodwill_And_Othe4
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Segment Reporting Information | |||
Accumulated cost – December 31, 2014 | $117,048 | ||
Accumulated impairment – December 31, 2014 | -50,527 | ||
Net balance – December 31, 2014 | 66,521 | 48,445 | |
Acquisitions – 2015 | 0 | ||
Net balance – March 31, 2015 | 66,521 | 48,445 | |
RV Segment | |||
Segment Reporting Information | |||
Accumulated cost – December 31, 2014 | 107,023 | ||
Accumulated impairment – December 31, 2014 | -41,276 | ||
Net balance – December 31, 2014 | 65,747 | ||
Acquisitions – 2015 | 0 | ||
Net balance – March 31, 2015 | 65,747 | ||
MH Segment | |||
Segment Reporting Information | |||
Accumulated cost – December 31, 2014 | 10,025 | ||
Accumulated impairment – December 31, 2014 | -9,251 | ||
Net balance – December 31, 2014 | 774 | ||
Acquisitions – 2015 | 0 | ||
Net balance – March 31, 2015 | $774 |
Acquisitions_Goodwill_And_Othe5
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 56,263 | 56,802 | |
Indefinite-Lived Intangible Assets - Purchased research and development | 4,687 | 4,687 | |
Intangible Assets, Gross (Excluding Goodwill) | 150,161 | 153,761 | |
Intangible Assets, Net (Excluding Goodwill) | 93,898 | 96,959 | 75,456 |
Customer Relationships | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | 78,760 | 81,260 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 26,404 | 27,553 | |
Finite-Lived Intangible Assets, Net | 52,356 | 53,707 | |
Customer Relationships | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 6 years | 6 years | |
Customer Relationships | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 16 years | 16 years | |
Patents | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | 54,321 | 54,333 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 23,870 | 22,389 | |
Finite-Lived Intangible Assets, Net | 30,451 | 31,944 | |
Patents | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 3 years | 3 years | |
Patents | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 19 years | 19 years | |
Tradenames | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | 8,235 | 9,173 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 3,791 | 4,525 | |
Finite-Lived Intangible Assets, Net | 4,444 | 4,648 | |
Tradenames | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 3 years | 3 years | |
Tradenames | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 15 years | 15 years | |
Non-compete Agreements | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | 3,648 | 3,948 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 2,067 | 2,233 | |
Finite-Lived Intangible Assets, Net | 1,581 | 1,715 | |
Non-compete Agreements | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 3 years | 3 years | |
Non-compete Agreements | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 6 years | 6 years | |
Other | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | 510 | 360 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 131 | 102 | |
Finite-Lived Intangible Assets, Net | 379 | 258 | |
Other | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 1 year | 2 years | |
Other | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 12 years | 12 years |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw materials | $119,213 | $111,366 | $80,080 |
Work in process | 4,395 | 2,624 | 4,583 |
Finished goods | 14,668 | 18,502 | 14,354 |
Inventories, net | $138,276 | $132,492 | $99,017 |
Fixed_Assets_Schedule_Of_Fixed
Fixed Assets (Schedule Of Fixed Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Abstract] | |||
Fixed assets, at cost | $279,699 | $272,177 | $248,190 |
Less accumulated depreciation and amortization | 130,612 | 125,389 | 119,130 |
Fixed assets, net | $149,087 | $146,788 | $129,060 |
Accrued_Expenses_And_Other_Cur2
Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $23,727 | $21,473 | $19,820 |
Current portion of accrued warranty | 15,284 | 14,516 | 12,018 |
Sales Rebates Accrual Current | 7,016 | 5,515 | 6,021 |
Other | 23,472 | 16,147 | 18,328 |
Accrued expenses and other current liabilities | $69,499 | $57,651 | $56,187 |
Accrued_Expenses_And_Other_Cur3
Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | |||
Balance at beginning of period | $21,641 | $17,325 | |
Provision for warranty expense | 4,531 | 2,402 | |
Warranty liability from acquired businesses | 0 | 75 | |
Warranty costs paid | -2,666 | -1,945 | |
Balance at end of period | 23,506 | 17,857 | |
Less long-term portion | 8,222 | 5,839 | |
Current portion of accrued warranty | $15,284 | $12,018 | $14,516 |
LongTerm_Indebtedness_Details
Long-Term Indebtedness (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Mar. 20, 2015 | Feb. 24, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 03, 2015 | |
Line of Credit Facility | ||||||
Long-term indebtedness | $50,000,000 | $15,650,000 | $10,000,000 | |||
Expected extension of credit facility agreement (in years) | 1 year | |||||
Proposed maximum borrowing capacity | 125,000,000 | |||||
Line of Credit | ||||||
Line of Credit Facility | ||||||
Debt outstanding at period end | 0 | 15,700,000 | 10,000,000 | |||
Remaining availability under the facilities | 197,300,000 | |||||
Maximum leverage ratio | 2.5 | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | ||||||
Line of Credit Facility | ||||||
Maximum borrowings under line of credit | 75,000,000 | 100,000,000 | ||||
Potential increase in line of credit borrowing capacity | 25,000,000 | |||||
Letter of credit | 2,700,000 | |||||
Remaining availability under the facilities | 97,300,000 | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Prime Rate | ||||||
Line of Credit Facility | ||||||
Interest rate | 1.00% | |||||
Minimum stated interest rate | 1.50% | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Prime Rate | Minimum | ||||||
Line of Credit Facility | ||||||
Interest rate | 0.75% | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Prime Rate | Maximum | ||||||
Line of Credit Facility | ||||||
Interest rate | 1.00% | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | LIBOR Plus | ||||||
Line of Credit Facility | ||||||
Interest rate | 1.75% | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | LIBOR Plus | Minimum | ||||||
Line of Credit Facility | ||||||
Interest rate | 1.75% | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | LIBOR Plus | Maximum | ||||||
Line of Credit Facility | ||||||
Interest rate | 2.00% | |||||
Prudential Investment Management Inc | Line of Credit | ||||||
Line of Credit Facility | ||||||
Remaining availability under the facilities | 100,000,000 | 150,000,000 | ||||
Period after request is issued, by company, for interest payable rate to be determined by Prudential | 5 days | |||||
Long-term indebtedness | $50,000,000 | |||||
Debt Instrument, Term | 5 years | |||||
Interest rate during period | 3.35% | |||||
Prudential Investment Management Inc | Line of Credit | Maximum | ||||||
Line of Credit Facility | ||||||
Maturity period of Promissory Notes | 12 years |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Percentage of weighted average cost of capital | 15.00% |
Commitments_And_Contingencies_2
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Business Combination, Contingent Consideration, Reconciliation of Change in Liability [Roll Forward] | ||||
Balance at beginning of period | $8,129,000 | $7,414,000 | ||
Acquisitions | 0 | 1,455,000 | ||
Payments | -127,000 | -1,098,000 | ||
Accretion (a) | 289,000 | [1] | 261,000 | [1] |
Fair value adjustments (a) | -232,000 | [1] | 410,000 | [1] |
Balance at end of the period (b) | 8,059,000 | 8,442,000 | [2] | |
Less current portion in accrued expenses and other current liabilities | -3,494,000 | -2,656,000 | ||
Total long-term portion in other long-term liabilities | 4,565,000 | 5,786,000 | ||
Contingent consideration, total remaining estimated payments | $11,300,000 | |||
[1] | Recorded in selling, general and administrative expense in the Condensed Consolidated Statements of Income | |||
[2] | Amounts represent the fair value of estimated remaining payments. The total estimated remaining payments as of March 31, 2015 are $11.3 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. |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | |
Jan. 06, 2014 | Feb. 28, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Apr. 10, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average diluted shares outstanding excludes shares of common stock subject to stock options | 218,323 | 322,542 | |||
Special cash dividend (in usd per share) | $2 | $2 | |||
Special dividend, stock per share or unit | $2 | ||||
Reduction in exercise price for all outstanding stock options | $2 | ||||
Deferred stock units issued to executive officers | 36,579 | 43,188 | |||
Deferred stock units issued to executive officers, exercise price | $45.98 | ||||
Deferred stock units issued to executive officers, aggregate fair value | 2,000,000 | 2,000,000 | |||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payments of special dividends | 46,700,000 | ||||
Deferred Stock Units, Restricted Stock and Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Special dividend, aggregate value | 1,800,000 | ||||
Weighted Average | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred stock units issued to executive officers, exercise price | $55.95 | ||||
Subsequent Event | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Special cash dividend (in usd per share) | $2 | ||||
Special dividend, stock per share or unit | 2 | ||||
Reduction in exercise price for all outstanding stock options | $2 | ||||
Subsequent Event | Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Payments of special dividends | 48,200,000 | ||||
Subsequent Event | Deferred Stock Units, Restricted Stock and Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Special dividend, aggregate value | $2,600,000 |
Stockholders_Equity_Summary_Of
Stockholders' Equity (Summary Of Common Stock Information) (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |||
Stockholders' Equity Note [Abstract] | |||
Common stock authorized | 30,000 | 30,000 | 30,000 |
Common stock issued | 26,817 | 26,534 | 26,309 |
Treasury stock | 2,684 | 2,684 | 2,684 |
Stockholders_Equity_Schedule_O
Stockholders' Equity (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders' Equity Note [Abstract] | ||
Weighted average shares outstanding for basic earnings per share (in shares) | 24,215 | 23,774 |
Common stock equivalents pertaining to stock options and deferred stock units | 326 | 414 |
Weighted average shares outstanding for diluted earnings per share (in shares) | 24,541 | 24,188 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
property | |||
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 | 3 years | ||
Average long-term sales growth forecast, over next 4 years, percent per year | 30.00% | ||
Combined carrying value | $149,087 | $129,060 | $146,788 |
Vacant Owned Facilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Number Of Vacant Owned Facilities | 3 | 3 | |
Number Of Vacant Owned Facilities Sold | 1 | ||
Number Of Properties Classified As Fixed Assets | 3 | 2 | |
Estimated combined fair value | 4,100 | 3,100 | |
Combined carrying value | $3,900 | $2,700 |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Recurring, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Deferred compensation | $8,214 | $7,388 |
Total assets | 8,214 | 7,388 |
Liabilities | ||
Contingent consideration | 8,059 | 8,129 |
Deferred compensation | 12,599 | 11,478 |
Total liabilities | 20,658 | 19,607 |
Level 1 | ||
Assets | ||
Deferred compensation | 8,214 | 7,388 |
Total assets | 8,214 | 7,388 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Deferred compensation | 12,599 | 11,478 |
Total liabilities | 12,599 | 11,478 |
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 | 8,059 | 8,129 |
Deferred compensation | 0 | 0 |
Total liabilities | $8,059 | $8,129 |
Fair_Value_Measurements_Schedu
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 $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Assets, carrying value | $4,675 | $24,814 |
Assets, non-recurring losses (gains) | 0 | 0 |
Vacant Owned Facilities | ||
Assets | ||
Assets, carrying value | 3,866 | 2,727 |
Assets, non-recurring losses (gains) | 0 | 0 |
Net Assets Of Acquired Businesses | ||
Assets | ||
Assets, carrying value | 809 | 22,087 |
Assets, non-recurring losses (gains) | $0 | $0 |