Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 15, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | DREW INDUSTRIES INC | ||
Entity Central Index Key | 763,744 | ||
Trading Symbol | dw | ||
Entity Filer Category | Large Accelerated Filer | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 24,380,291 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,332,983,449 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income Statement [Abstract] | ||||
Net sales | $ 1,403,066 | $ 1,190,782 | $ 1,015,576 | [1] |
Cost of sales | 1,097,064 | 935,859 | 802,467 | |
Gross profit | 306,002 | 254,923 | 213,109 | |
Selling, general and administrative expenses | 186,032 | 157,482 | 132,935 | |
Severance | 3,716 | 0 | 0 | |
Sale of extrusion assets | 0 | 1,954 | 0 | |
Executive succession | 0 | 0 | 1,876 | |
Operating profit | 116,254 | 95,487 | 78,298 | [2] |
Interest expense, net | 1,885 | 430 | 351 | |
Income before income taxes | 114,369 | 95,057 | 77,947 | |
Provision for income taxes | 40,024 | 32,791 | 27,828 | |
Net income | $ 74,345 | $ 62,266 | $ 50,119 | |
Net income per common share: | ||||
Basic (in usd per share) | $ 3.06 | $ 2.60 | $ 2.15 | |
Diluted (in usd per share) | $ 3.02 | $ 2.56 | $ 2.11 | |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 24,295 | 23,911 | 23,321 | |
Diluted (in shares) | 24,650 | 24,334 | 23,753 | |
[1] | (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent, 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent, 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015, 2014 and 2013. | |||
[2] | (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. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 12,305 | $ 4 |
Accounts receivable, net | 41,509 | 37,987 |
Inventories, net | 170,834 | 132,492 |
Deferred taxes | 22,616 | 18,709 |
Prepaid expenses and other current assets | 21,178 | 18,444 |
Total current assets | 268,442 | 207,636 |
Fixed assets, net | 150,600 | 146,788 |
Goodwill | 83,619 | 66,521 |
Other intangible assets, net | 100,935 | 96,959 |
Deferred taxes | 6,775 | 11,744 |
Other assets | 12,575 | 14,193 |
Total assets | 622,946 | 543,841 |
Current liabilities | ||
Accounts payable, trade | 29,700 | 49,534 |
Accrued expenses and other current liabilities | 69,162 | 57,651 |
Total current liabilities | 98,862 | 107,185 |
Long-term indebtedness | 50,000 | 15,650 |
Other long-term liabilities | 35,509 | 26,108 |
Total liabilities | 184,371 | 148,943 |
Stockholders’ equity | ||
Common stock, par value $.01 per share: authorized 30,000 shares; issued 26,534 at December 31, 2014 and 26,058 shares at December 31, 2013 | 270 | 265 |
Paid-in capital | 166,566 | 147,186 |
Retained earnings | 301,206 | 276,914 |
Stockholders’ equity before treasury stock | 468,042 | 424,365 |
Treasury stock, at cost, 2,684 shares at December 31, 2014 and December 31, 2013 | (29,467) | (29,467) |
Total stockholders’ equity | 438,575 | 394,898 |
Total liabilities and stockholders’ equity | $ 622,946 | $ 543,841 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 27,039 | 26,534 |
Common Stock, Shares Authorized | 75,000 | 30,000 |
Treasury Stock, Shares | 2,684 | 2,684 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 74,345 | $ 62,266 | $ 50,119 |
Adjustments to reconcile net income to cash flows provided by operating activities: | |||
Depreciation and amortization | 41,624 | 32,596 | 27,500 |
Stock-based compensation expense | 14,043 | 10,817 | 10,839 |
Deferred taxes | 1,062 | (5,493) | 269 |
Other non-cash items | 1,335 | 2,796 | 1,867 |
Changes in assets and liabilities, net of acquisitions of businesses: | |||
Accounts receivable, net | 2,082 | (606) | (9,013) |
Inventories, net | (31,276) | (21,940) | (3,403) |
Prepaid expenses and other assets | (2,249) | (4,610) | (2,288) |
Accounts payable, trade | (21,783) | 21,269 | 2,296 |
Accrued expenses and other liabilities | 15,835 | 9,925 | 4,491 |
Net cash flows provided by operating activities | 95,018 | 107,020 | 82,677 |
Cash flows from investing activities: | |||
Capital expenditures | (28,989) | (42,458) | (32,595) |
Acquisitions of businesses | (41,058) | (106,782) | (4,750) |
Proceeds from note receivable | 2,000 | 1,750 | 0 |
Proceeds from sales of fixed assets | 2,337 | 3,587 | 1,444 |
Other investing activities | (406) | (171) | (154) |
Net cash flows used for investing activities | (66,116) | (144,074) | (36,055) |
Cash flows from financing activities: | |||
Exercise of stock-based awards, net of shares tendered for payment of taxes | 1,470 | 5,769 | 15,175 |
Proceeds from line of credit borrowings | 614,629 | 425,330 | 135,452 |
Repayments under line of credit borrowings | (630,279) | (409,680) | (135,452) |
Payment of special dividend | (48,227) | (46,706) | 0 |
Proceeds from shelf-loan borrowing | 50,000 | 0 | 0 |
Payment of contingent consideration related to acquisitions | (3,974) | (3,739) | (5,456) |
Other financing activities | (220) | (196) | 0 |
Net cash flows (used for) provided by financing activities | (16,601) | (29,222) | 9,719 |
Net increase (decrease) in cash | 12,301 | (66,276) | 56,341 |
Cash and cash equivalents at beginning of year | 4 | 66,280 | 9,939 |
Cash and cash equivalents at end of year | 12,305 | 4 | 66,280 |
Cash paid during the year for: | |||
Interest | 2,113 | 641 | 364 |
Income taxes, net of refunds | $ 33,782 | $ 30,947 | $ 26,799 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Treasury Stock |
Balance - at Dec. 31, 2012 | $ 284,245 | $ 254 | $ 100,412 | $ 213,046 | $ (29,467) |
Net income | 50,119 | 50,119 | |||
Issuance of shares of common stock pursuant to stock options, deferred stock units and restricted stock | 13,447 | 7 | 13,440 | ||
Income tax benefit relating to issuance of common stock pursuant to stock-based awards | 1,534 | 1,534 | |||
Stock-based compensation expense | 10,839 | 10,839 | |||
Issuance of deferred stock units relating to prior year compensation | 135 | 135 | |||
Special cash dividend ($2.00 per share) | (46,706) | (46,706) | |||
Balance - at Dec. 31, 2013 | 313,613 | 261 | 126,360 | 216,459 | (29,467) |
Net income | 62,266 | 62,266 | |||
Issuance of shares of common stock pursuant to stock options, deferred stock units and restricted stock | 2,302 | 4 | 2,298 | ||
Income tax benefit relating to issuance of common stock pursuant to stock-based awards | 3,914 | 3,914 | |||
Stock-based compensation expense | 10,817 | 10,817 | |||
Issuance of deferred stock units relating to prior year compensation | 1,986 | 1,986 | |||
Special cash dividend ($2.00 per share) | 0 | (1,811) | |||
Dividend equivalents on stock-based awards | 1,811 | ||||
Balance - at Dec. 31, 2014 | 394,898 | 265 | 147,186 | 276,914 | (29,467) |
Net income | 74,345 | 74,345 | |||
Issuance of shares of common stock pursuant to stock options, deferred stock units and restricted stock | (7,558) | 5 | (7,563) | ||
Income tax benefit relating to issuance of common stock pursuant to stock-based awards | 9,028 | 9,028 | |||
Stock-based compensation expense | 14,043 | 14,043 | |||
Issuance of deferred stock units relating to prior year compensation | 2,046 | 2,046 | |||
Special cash dividend ($2.00 per share) | (48,227) | (48,227) | |||
Dividend equivalents on stock-based awards | 1,826 | (1,826) | |||
Balance - at Dec. 31, 2015 | $ 438,575 | $ 270 | $ 166,566 | $ 301,206 | $ (29,467) |
Condensed Consolidated Stateme7
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock (in shares) | 505,312 | 476,047 | 681,426 |
Issuance of deferred stock units (in shares) | 36,578 | 43,188 | 3,776 |
Special cash dividend, per share | $ 2 | $ 2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The 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, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components” or “LCI”), 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 also supplies components for adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; modular housing; and factory-built mobile office units. At December 31, 2015 , the Company operated 42 manufacturing and distribution facilities. 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, the timing of dealer orders, 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 Company is not aware of any significant events, except as disclosed in the Notes to Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Accounts Receivable Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience and any specific customer collection issues identified by the Company. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected. Inventories Inventories are stated at the lower of cost (using the first-in, first-out method) or market. Cost includes material, labor and overhead; market is replacement cost or realizable value after allowance for costs of distribution. Fixed Assets Fixed assets which are owned are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred; significant improvements are capitalized. Income Taxes Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. The Company classifies interest and penalties related to income taxes as income tax expense in its Consolidated Financial Statements. Goodwill 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. In 2015 and 2014 , the Company assessed qualitative factors of its reporting units to determine whether it was more likely than not the fair value of the reporting unit was less than its carrying amount, including goodwill. The qualitative impairment test consists of an assessment of qualitative factors, including general economic and industry conditions, market share and input costs. Other Intangible Assets Intangible assets with estimable useful lives are amortized, primarily on an accelerated basis, over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The amortization of other intangible assets is done using a method, straight-line or accelerated, which best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. The useful lives of intangible assets are determined after considering the expected cash flows and other specific facts and circumstances related to each intangible asset. Impairment of Long-Lived Assets Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets. Asset Retirement Obligations Asset retirement obligations are legal obligations associated with the retirement of long-lived assets. The Company records asset retirement obligations on certain of its owned and leased facilities and leased machinery and equipment. These liabilities are initially recorded at fair value and are adjusted for changes resulting from revisions to the timing or the amount of the original estimate. Environmental Liabilities Accruals for environmental matters are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated, based upon current law and existing technologies. These amounts, which are not discounted and are exclusive of claims against potentially responsible third parties, are adjusted periodically as assessment and remediation efforts progress or additional technical or legal information becomes available. Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies and remedial activities, advances in technology, changes in environmental laws and regulations and their application, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other potentially responsible parties and the Company’s ability to obtain contributions from other parties, and the lengthy time periods over which site remediation occurs. It is possible some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably against the Company, and could materially affect operating results when resolved in future periods. Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value due to the short-term nature of these instruments. Stock-Based Compensation All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards having a service-only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair value for stock options is determined using the Black-Scholes option-pricing model, while the fair values of deferred stock units, restricted stock and stock awards are based on the market price of the Company’s Common Stock, all on the date the stock-based awards are granted. Revenue Recognition The Company recognizes revenue when products are shipped and the customer takes ownership and assumes risk of loss, collectability is reasonably assured, and the sales price is fixed or determinable. Sales taxes collected from customers and remitted to governmental authorities, which are not significant, are accounted for on a net basis and therefore are excluded from net sales in the Consolidated Statements of Income. Shipping and Handling Costs The Company records shipping and handling costs within selling, general and administrative expenses. Such costs aggregated $45.8 million , $40.9 million and $36.4 million in the years ended December 31, 2015 , 2014 and 2013 , respectively. Legal Costs The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income. Fair Value Measurements Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. Use of Estimates 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 and product recall 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
Segment Reporting | 12 Months Ended |
Dec. 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 92 percent , 90 percent , and 88 percent of consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 respectively, manufactures or distributes a variety of products used in the production of RVs, including: ● Steel chassis for towable RVs ● Furniture and mattresses ● Axles and suspension solutions for towable RVs ● Entry, luggage, patio and ramp doors ● Slide-out mechanisms and solutions ● Electric and manual entry steps ● Thermoformed bath, kitchen and other products ● Awnings and awning accessories ● Windows ● Electronic components ● Manual, electric and hydraulic stabilizer and ● LED televisions, sound systems, navigation ● Chassis components ● Other accessories 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, and pontoon boats. Approximately 73 percent of the Company’s RV Segment net sales in 2015 were of products to original equipment manufacturers (“OEMs”) of travel trailer and fifth-wheel RVs. The MH Segment, which accounted for 8 percent , 10 percent and 12 percent of consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 , respectively, manufactures or distributes 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. 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 Corporate (In thousands) RV MH Total and Other Total 2015 Net sales to external customers (a) $ 1,284,928 $ 118,138 $ 1,403,066 $ — $ 1,403,066 Operating profit (loss) (b) $ 107,485 $ 12,485 $ 119,970 $ (3,716 ) $ 116,254 Total assets (c) $ 519,795 $ 27,702 $ 547,497 $ 75,449 $ 622,946 Expenditures for long - lived assets (d) $ 30,126 $ 1,193 $ 31,319 $ — $ 31,319 Depreciation and amortization $ 39,065 $ 2,412 $ 41,477 $ 147 $ 41,624 Segments Corporate (In thousands) RV MH Total and Other Total 2014 Net sales to external customers (a) $ 1,074,448 $ 116,334 $ 1,190,782 $ — $ 1,190,782 Operating profit (loss) (b) $ 86,571 $ 10,870 $ 97,441 $ (1,954 ) $ 95,487 Total assets (c) $ 451,264 $ 29,482 $ 480,746 $ 63,095 $ 543,841 Expenditures for long - lived assets (d) $ 145,406 $ 2,039 $ 147,445 $ — $ 147,445 Depreciation and amortization $ 29,933 $ 2,568 $ 32,501 $ 95 $ 32,596 2013 Net sales to external customers (a) $ 893,694 $ 121,882 $ 1,015,576 $ — $ 1,015,576 Operating profit (loss) (b) $ 68,248 $ 11,926 $ 80,174 $ (1,876 ) $ 78,298 Total assets (c) $ 306,139 $ 32,948 $ 339,087 $ 114,097 $ 453,184 Expenditures for long - lived assets (d) $ 34,989 $ 2,682 $ 37,671 $ — $ 37,671 Depreciation and amortization $ 24,615 $ 2,806 $ 27,421 $ 79 $ 27,500 (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent , 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 , respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent , 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 , respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015 . No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015 , 2014 and 2013 . (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) Segment assets include accounts receivable, inventories, fixed assets, goodwill and other intangible assets. Corporate and other assets include cash and cash equivalents, prepaid expenses and other current assets, deferred taxes, and other assets. (d) 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 $38.6 million , $105.0 million and $4.8 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2015 , 2014 and 2013 , respectively. Net sales by product were as follows for the years ended December 31: (In thousands) 2015 2014 2013 RV Segment: Chassis, chassis parts and slide-out mechanisms $ 638,261 $ 564,543 $ 493,244 Windows and doors 245,016 204,054 181,934 Furniture and mattresses 163,380 133,371 100,196 Axles and suspension solutions 114,531 92,261 69,818 Other 123,740 80,219 48,502 Total RV Segment net sales $ 1,284,928 $ 1,074,448 $ 893,694 MH Segment: Windows and doors $ 73,035 $ 66,140 $ 67,029 Chassis and chassis parts 29,798 33,842 38,359 Other 15,305 16,352 16,494 Total MH Segment net sales $ 118,138 $ 116,334 $ 121,882 Total net sales $ 1,403,066 $ 1,190,782 $ 1,015,576 The composition of net sales was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Net sales: RV Segment: RV OEMs: Travel trailers and fifth-wheels $ 938,787 $ 841,497 $ 727,783 Motorhomes 86,513 70,332 47,937 RV aftermarket 87,447 49,570 25,334 Adjacent industries 172,181 113,049 92,640 Total RV Segment net sales $ 1,284,928 $ 1,074,448 $ 893,694 MH Segment: Manufactured housing OEMs $ 82,032 $ 77,421 $ 80,245 Manufactured housing aftermarket 15,559 14,186 13,719 Adjacent industries 20,547 24,727 27,918 Total MH Segment net sales $ 118,138 $ 116,334 $ 121,882 Total net sales $ 1,403,066 $ 1,190,782 $ 1,015,576 In the third quarter of 2015, the Company refined its methodology for categorizing sales within the RV Segment. This change improves accuracy, but has no impact on total RV Segment net sales or trends. Prior periods have been reclassified to conform to this presentation. 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. Net sales to manufactured housing OEMs are 6 percent of consolidated net sales for the year ending December 31, 2015 . In addition, the Company has recently increased its focus on the significant opportunities in the aftermarket. The Company continues to evaluate the information provided to its Chief Operating Decision Maker (“CODM”), and assess how changes to its reporting structures would be used by the CODM to assess the performance of the Company’s operating segments and make decisions about resource allocations. Any such changes could necessitate a revision to the operating segments the Company reports. |
Acquisitions, Goodwill And Othe
Acquisitions, Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions in 2016 Flair Interiors In February 2016, the Company acquired the business and certain assets of Flair Interiors, Inc. (“Flair”), a manufacturer of RV furniture. Net sales reported by Flair for 2015 were approximately $25 million . The purchase price was $8.1 million paid at closing. Highwater Marine Furniture In January 2016, the Company acquired the business and certain assets of the pontoon furniture manufacturing operation of Highwater Marine, LLC (“Highwater”), a leading manufacturer of pontoon and other recreational boats located in Elkhart, Indiana. Estimated net sales of the marine furniture business were approximately $20 million . The purchase price was $10.0 million paid at closing. The results of the acquired business will be included in the Company’s RV Segment and in the Consolidated Statements of Income subsequent to the acquisition date. The Company is in the process of allocating the consideration for the fair value of the assets acquired. Acquisitions in 2015 Signature Seating In August 2015 , the Company acquired the business and certain assets of Roehm Marine, LLC, also known as Signature Seating (“Signature”), a manufacturer of furniture solutions for fresh water boat manufacturers, primarily pontoon boats. Net sales reported by Signature for the twelve months ended June 2015 were approximately $16 million . The purchase price was $16.0 million paid at closing, 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 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 $ 16,000 Contingent consideration 3,556 Total fair value of consideration given $ 19,556 Customer relationships $ 7,500 Other identifiable intangible assets 390 Net tangible assets 3,633 Total fair value of net assets acquired $ 11,523 Goodwill (tax deductible) $ 8,033 The customer relationships intangible asset is being amortized over its preliminary estimated useful life of 15 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. Spectal Industries In April 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. Net sales reported by 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. The results of the acquired business have been included in the Company’s RV Segment and in the 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 $ 22,335 Contingent consideration 1,211 Total fair value of consideration given $ 23,546 Customer relationships $ 10,100 Other identifiable intangible assets 700 Net tangible assets 3,681 Total fair value of net assets acquired $ 14,481 Goodwill (tax deductible) $ 9,065 The customer relationships intangible asset is being amortized over its estimated useful life of 15 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. 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. Net sales reported by 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 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 $ 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 Duncan Systems In August 2014 , the Company acquired the business and certain assets of Duncan Systems, Inc. (“Duncan Systems”), an aftermarket distributor of replacement motorhome windshields, awnings, and RV, heavy truck and specialty vehicle glass and windows, primarily to fulfill insurance claims. Net sales reported by Duncan Systems for the twelve months ended July 2014 were $26 million . The purchase price was $18.0 million paid at closing, 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 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 $ 18,000 Contingent consideration 1,914 Total fair value of consideration given $ 19,914 Customer relationships $ 10,500 Other identifiable intangible assets 930 Net tangible assets 4,070 Total fair value of net assets acquired $ 15,500 Goodwill (tax deductible) $ 4,414 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 assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in market share for the distributed products. Power Gear and Kwikee Brands In June 2014 , the Company acquired the RV business of Actuant Corporation, which manufactures leveling systems, slide-out mechanisms and steps, primarily for motorhome RVs, under the Power Gear and Kwikee brands. Net sales reported by the acquired business for the twelve months ended May 2014 were $28 million , consisting of sales to OEMs and the aftermarket. The purchase price was $35.5 million , paid at closing. The results of the acquired business have been included in the Company’s RV Segment and in the 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 $ 35,500 Customer relationships $ 12,300 Patents 5,300 Other identifiable intangible assets 2,130 Net tangible assets 2,227 Total fair value of net assets acquired $ 21,957 Goodwill (tax deductible) $ 13,543 The customer relationships intangible asset is being amortized over its estimated useful life of 14 years and the patents are being amortized over their estimated useful life of 8 years. The consideration given was greater than the fair value of the assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products. Star Design In March 2014 , the Company acquired the business and certain assets of Star Design, LLC (“Star Design”). Net sales reported by Star Design for 2013 were $10 million , 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 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. Net sales reported by IDS for 2013 were $19 million , 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 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. Acquisitions in 2013 Fortress Technologies In December 2013 , the Company acquired the business and certain assets of Fortress Technologies, LLC (“Fortress”), a manufacturer of specialized RV chassis. Net sales reported by Fortress for 2013 were $3 million . The results of the acquired business have been included in the Company’s RV Segment and in the 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 $ 3,299 Working capital, net $ (111 ) Net tangible assets 3,410 Total fair value of net assets acquired $ 3,299 Midstates Tool & Die and Engineering In June 2013 , the Company acquired the business and certain assets of Midstates Tool & Die and Engineering, Inc. (“Midstates”), a manufacturer of tools and dies, as well as automation equipment. Net sales reported by the acquired business for the twelve months ended May 2013 were $2 million . The results of the acquired business have been included in the Company’s RV Segment and in the 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 $ 1,451 Non-compete agreement $ 40 Net tangible assets 1,043 Total fair value of net assets acquired $ 1,083 Goodwill (tax deductible) $ 368 The consideration given was greater than the fair value of assets acquired, resulting in goodwill, because the Company anticipates the tool and die and automation capabilities of the acquired business will help improve its operating efficiencies. 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 collectible over the next four years , recorded at its present value of $6.4 million on the date of closing. During 2015 and 2014, the Company received installments of $3.8 million under the note. At December 31, 2015 , the present value of the remaining amount due under the note receivable was $3.2 million . In July 2015, the Company agreed to terminate the supply agreement, and as consideration the Company received a $2.0 million note receivable collectible in 2019 and 2020. The Company recorded this note receivable at its present value of $1.6 million and a corresponding gain of $1.6 million in the 2015 third quarter. At December 31, 2015 , the present value of the remaining amount due under the note receivable was $1.6 million . Goodwill Goodwill by reportable segment was as follows: (In thousands) RV Segment MH Segment Total Accumulated cost $ 61,679 $ 10,025 $ 71,704 Accumulated impairment (41,276 ) (9,251 ) (50,527 ) Net balance – December 31, 2012 20,403 774 21,177 Acquisitions – 2013 368 — 368 Net balance – December 31, 2013 20,771 774 21,545 Acquisitions – 2014 44,976 — 44,976 Net balance – December 31, 2014 65,747 774 66,521 Acquisitions – 2015 17,098 — 17,098 Net balance – December 31, 2015 $ 82,845 $ 774 $ 83,619 Accumulated cost $ 124,121 $ 10,025 $ 134,146 Accumulated impairment (41,276 ) (9,251 ) (50,527 ) Net balance – December 31, 2015 $ 82,845 $ 774 $ 83,619 The Company performed its annual goodwill impairment procedures for all of its reporting units as of November 30, 2015 , 2014 and 2013 , and concluded no goodwill impairment existed at that time. The Company plans to update its review as of November 30, 2016 , or sooner if events occur or circumstances change that could reduce the fair value of a reporting unit below its carrying value. Other Intangible Assets Other intangible assets, by segment, consisted of the following at December 31: (In thousands) 2015 2014 RV Segment $ 100,418 $ 95,075 MH Segment 517 1,884 Other intangible assets $ 100,935 $ 96,959 Other intangible assets consisted of the following at December 31, 2015 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 94,560 $ 30,514 $ 64,046 6 to 16 Patents 54,293 28,255 26,038 3 to 19 Tradenames 8,935 4,751 4,184 3 to 15 Non-compete agreements 4,493 2,800 1,693 3 to 6 Other 594 307 287 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 167,562 $ 66,627 $ 100,935 Other intangible assets consisted of the following at December 31, 2014 : (In thousands) Gross Accumulated Net Estimated Useful 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 Other 360 102 258 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 153,761 $ 56,802 $ 96,959 Amortization expense related to other intangible assets was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Cost of sales $ 6,017 $ 5,092 $ 3,610 Selling, general and administrative 10,038 7,612 6,398 Amortization expense $ 16,055 $ 12,704 $ 10,008 Estimated amortization expense for other intangible assets for the next five years is as follows: (In thousands) 2016 2017 2018 2019 2020 Cost of sales $ 6,186 $ 5,732 $ 4,911 $ 4,235 $ 3,014 Selling, general and administrative 9,523 8,460 7,813 7,174 5,983 Amortization expense $ 15,709 $ 14,192 $ 12,724 $ 11,409 $ 8,997 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Receivables | RECEIVABLES The following table provides a reconciliation of the activity related to the Company’s allowance for doubtful accounts receivable, for the years ended December 31: (In thousands) 2015 2014 2013 Balance at beginning of period $ 917 $ 705 $ 677 Provision for doubtful accounts (5 ) 178 194 Additions related to acquired businesses 33 58 5 Recoveries 8 4 1 Accounts written off (109 ) (28 ) (172 ) Balance at end of period $ 844 $ 917 $ 705 In addition to the allowance for doubtful accounts receivable, the Company had an allowance for prompt payment discounts in the amount of $0.4 million and $0.4 million at December 31, 2015 and 2014 , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following at December 31: (In thousands) 2015 2014 Raw materials $ 144,397 $ 111,366 Work in process 4,932 2,624 Finished goods 21,505 18,502 Inventories, net $ 170,834 $ 132,492 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS Fixed assets consisted of the following at December 31: Estimated Useful (In thousands) 2015 2014 Life in Years Land $ 11,064 $ 10,792 Buildings and improvements 89,616 85,002 10 to 40 Leasehold improvements 11,147 8,114 3 to 10 Machinery and equipment 153,784 138,025 3 to 15 Furniture and fixtures 20,653 20,729 3 to 8 Construction in progress 5,512 9,515 Fixed assets, at cost 291,776 272,177 Less accumulated depreciation and amortization 141,176 125,389 Fixed assets, net $ 150,600 $ 146,788 Depreciation and amortization of fixed assets was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Cost of sales $ 21,289 $ 16,364 $ 14,667 Selling, general and administrative expenses 4,137 3,440 2,773 Total $ 25,426 $ 19,804 $ 17,440 |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 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 December 31: (In thousands) 2015 2014 Employee compensation and benefits $ 25,147 $ 21,473 Current portion of accrued warranty 17,020 14,516 Other 26,995 21,662 Accrued expenses and other current liabilities $ 69,162 $ 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 years ended December 31 : (In thousands) 2015 2014 2013 Balance at beginning of period $ 21,641 $ 17,325 $ 12,729 Provision for warranty expense 17,267 12,860 13,874 Warranty liability from acquired businesses 240 688 21 Warranty costs paid (12,944 ) (9,232 ) (9,299 ) Balance at end of period 26,204 21,641 17,325 Less long-term portion 9,184 7,125 5,594 Current portion of accrued warranty $ 17,020 $ 14,516 $ 11,731 |
Retirement And Other Benefit Pl
Retirement And Other Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement and Other Benefit Plans | RETIREMENT AND OTHER BENEFIT PLANS Defined Contribution Plan The Company maintains a discretionary defined contribution 401(k) profit sharing plan covering all eligible employees. The Company contributed $2.5 million , $1.8 million and $1.4 million to this plan during the years ended December 31, 2015 , 2014 and 2013 , respectively. Deferred Compensation Plan The Company has an Executive Non-Qualified Deferred Compensation Plan (the “Plan”). Pursuant to the Plan, certain management employees are eligible to defer all or a portion of their regular salary and incentive compensation. Participants deferred $1.2 million , $1.6 million and $1.7 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. The amounts deferred under this Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. Each Plan participant is fully vested in their deferred compensation and earnings credited to his or her account as all contributions to the Plan are made by the participant. The Company is responsible for certain costs of Plan administration, which are not significant, and will not make any contributions to the Plan. Pursuant to the Plan, payments to the Plan participants are made from the general unrestricted assets of the Company, and the Company’s obligations pursuant to the Plan are unfunded and unsecured. Participants withdrew $0.8 million , $0.4 million and $0.2 million from the Plan during the years ended December 31, 2015 , 2014 and 2013 , respectively. At December 31, 2015 and 2014 , deferred compensation of $11.7 million and $10.7 million , respectively, was recorded in other long-term liabilities, and deferred compensation of $0.2 million and $0.8 million , respectively, was recorded in accrued expenses and other current liabilities. |
Long-Term Indebtedness
Long-Term Indebtedness | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | LONG-TERM INDEBTEDNESS At December 31, 2015 , the Company had no outstanding borrowings on its line of credit. At December 31, 2014 , the Company had $15.7 million of outstanding borrowings on its line of credit at a weighted average interest rate of 1.9 percent . 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 to 1.0 percent (minus 1.0 percent at December 31, 2015 ), but not less than 1.5 percent , or (ii) LIBOR, plus additional interest ranging from 1.75 to 2.0 percent (plus 1.75 percent at December 31, 2015 ) depending on the Company’s performance and financial condition. The Credit Agreement expires on January 1, 2019 . At December 31, 2015 and 2014 , the Company had $2.7 million and $1.9 million , respectively, in standby letters of credit under the line of credit. Availability under the Company’s line of credit was $97.3 million at December 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 on 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 December 31, 2015 . Availability under the Company’s “shelf-loan” facility, subject to the approval of Prudential, was $100.0 million at December 31, 2015 . At December 31, 2015 , the fair value of the Company’s long-term debt approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements. 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 December 31, 2015 and 2014 , the Company was required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At December 31, 2015 and 2014 , the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months. Availability under both the Credit Agreement and the “shelf-loan” facilities is 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 in the agreements. This limitation did not impact the Company’s borrowing availability at December 31, 2015 . The remaining availability under these facilities was $197.3 million at December 31, 2015 . The Company believes the availability under the Credit Agreement and “shelf-loan” facility in conjunction with cash from operations is adequate to finance the Company’s anticipated cash requirements for the next twelve months. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Current: Federal $ 31,292 $ 32,142 $ 23,430 State 7,670 6,142 4,129 Total current provision $ 38,962 $ 38,284 $ 27,559 Deferred: Federal $ 466 $ (4,545 ) $ 68 State 596 (948 ) 201 Total deferred provision $ 1,062 $ (5,493 ) $ 269 Provision for income taxes $ 40,024 $ 32,791 $ 27,828 The provision for income taxes differs from the amount computed by applying the federal statutory rate to income before income taxes for the following reasons for the years ended December 31: (In thousands) 2015 2014 2013 Income tax at federal statutory rate $ 40,029 $ 33,270 $ 27,281 State income tax, net of federal income tax impact 5,373 3,376 2,815 Manufacturing credit pursuant to Jobs Creation Act (2,336 ) (2,258 ) (1,444 ) Federal tax credits (1,049 ) (681 ) (747 ) Other (1,993 ) (916 ) (77 ) Provision for income taxes $ 40,024 $ 32,791 $ 27,828 At December 31, 2015 , federal income taxes receivable of $8.1 million and state income taxes receivable of $0.4 million were included in prepaid expenses and other current assets. At December 31, 2014 , federal and state income taxes receivable of $1.3 million were included in prepaid expenses and other current assets, and state income taxes payable of $0.8 million were included in accrued expenses and other current liabilities. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31: (In thousands) 2015 2014 Deferred tax assets: Goodwill and other intangible assets $ 11,879 $ 14,066 Stock-based compensation 7,428 7,172 Deferred compensation 5,310 5,040 Warranty 8,809 7,845 Inventory 5,974 3,897 Other 4,922 3,189 Total deferred tax assets 44,322 41,209 Deferred tax liabilities: Fixed assets (14,931 ) (10,756 ) Net deferred tax assets $ 29,391 $ 30,453 The Company concluded it is more likely than not the deferred tax assets at December 31, 2015 will be realized in the ordinary course of operations based on projected future taxable income and scheduling of deferred tax liabilities. Excess tax benefits on stock-based compensation of $9.0 million , $3.9 million and $1.5 million were credited directly to stockholders’ equity during the years ended December 31, 2015 , 2014 and 2013 , respectively, relating to tax benefits which exceeded the compensation cost for stock-based compensation recognized in the Consolidated Financial Statements. At December 31, 2015 , the remaining pool of excess tax benefits from prior exercises of stock-based compensation in stockholders’ equity was $23.4 million . Unrecognized Tax Benefits The following table reconciles the total amounts of unrecognized tax benefits, at December 31: (In thousands) 2015 2014 2013 Balance at beginning of period $ 1,526 $ 1,369 $ 1,701 Changes in tax positions of prior years 912 84 (29 ) Additions based on tax positions related to the current year 866 603 676 Payments (85 ) — (126 ) Closure of tax years (365 ) (530 ) (853 ) Balance at end of period $ 2,854 $ 1,526 $ 1,369 In addition, the total amount of accrued interest and penalties related to taxes was $0.2 million , $0.2 million and $0.2 million at December 31, 2015 , 2014 and 2013 , respectively. The total amount of unrecognized tax benefits, net of federal income tax benefits, of $2.7 million , $1.2 million and $1.0 million at December 31, 2015 , 2014 and 2013 , respectively, would, if recognized, increase the Company’s earnings, and lower the Company’s annual effective tax rate in the year of recognition. The Company periodically undergoes examinations by the Internal Revenue Service (“IRS”), as well as various state taxing authorities. The IRS and other taxing authorities may challenge certain deductions and positions reported by the Company on its income tax returns. For federal income tax purposes, the tax years 2012 through 2014 remain subject to examination. For Indiana state income tax purposes, the tax years 2012 through 2014 remain subject to examination. Approximately 80 percent of the Company’s operations are located in Indiana. The Company has assessed its risks associated with all tax return positions, and believes its tax reserve estimates reflect its best estimate of the deductions and positions it will be able to sustain, or it may be willing to concede as part of a settlement. At this time, the Company cannot estimate the range of reasonably possible change in its tax reserve estimates in 2016 . While these tax matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, any monetary liability or financial impact to the Company beyond that provided for in the Consolidated Balance Sheet as of December 31, 2015 , would not be material to the Company’s financial position or annual results of operations. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Leases The Company’s lease commitments are primarily for real estate, machinery and equipment, and vehicles. The significant real estate leases provide for renewal options and require the Company to pay for property taxes and all other costs associated with the leased property. Future minimum lease payments under operating leases at December 31, 2015 are as follows ( in thousands ): 2016 $ 7,472 2017 6,761 2018 5,553 2019 4,752 2020 4,043 Thereafter 11,093 Total minimum lease payments $ 39,674 Rent expense for operating leases was $9.8 million , $8.6 million and $7.1 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. 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 December 31, 2015 and 2014 , based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 13.9 percent and 15.0 percent , respectively. 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 years ended December 31 : (In thousands) 2015 2014 2013 Balance at beginning of period $ 8,129 $ 7,414 $ 11,519 Acquisitions 4,766 3,370 — Payments (3,974 ) (3,739 ) (5,456 ) Accretion (a) 1,196 1,075 1,308 Fair value adjustments (a) 723 9 43 Balance at end of the period (b) 10,840 8,129 7,414 Less current portion in accrued expenses and other current liabilities (3,877 ) (3,622 ) (3,462 ) Total long-term portion in other long-term liabilities $ 6,963 $ 4,507 $ 3,952 (a) Recorded in selling, general and administrative expense in the Consolidated Statements of Income. (b) Amounts represent the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of December 31, 2015 are $14.4 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. Furrion Distribution and Supply Agreement In July 2015, the Company entered into a 6 -year exclusive distribution and supply agreement with Furrion Limited (“Furrion”), a Hong Kong based firm that designs, engineers and manufactures premium electronics. This agreement provides the Company with the rights to distribute Furrion’s complete line of products to OEMs and aftermarket customers in the RV, specialty vehicle, utility trailer, horse trailer, marine, transit bus and school bus industries throughout the United States and Canada. Furrion currently supplies a premium line of LED televisions, sound systems, navigation systems, wireless backup cameras, solar prep units, power solutions and kitchen appliances, primarily to the RV industry. Furrion’s sales were approximately $35 million in 2014. In connection with this agreement, the Company acquired Furrion’s current inventory, as well as Furrion’s deposits on inventory scheduled for delivery, for approximately $11 million . In addition, the Company entered into the following minimum purchase obligations (“MPOs”): July 2015 - June 2016 $ 60 million July 2016 - June 2017 $ 90 million July 2017 - June 2018 $127 million July 2018 - June 2019 $172 million If the Company misses an MPO in any given year by more than ten percent, after taking into account excess purchases from the previous year, Furrion has the right to either terminate the distribution agreement with six months’ notice or remove exclusivity from the Company. If exclusivity is withdrawn, the Company, at its election, can terminate the distribution agreement with six months’ notice. Upon termination of the agreement, Furrion has agreed to purchase from the Company any non-obsolete stocks of Furrion products at the cost paid by the Company. After the first year, Furrion and the Company have agreed to review these MPOs on an annual basis and adjust the MPOs as necessary based upon current economic and industry conditions, the development and customer acceptance of new Furrion products, competition and other factors which impact demand for Furrion products. Product Recalls From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration (“NHTSA”) regarding reported incidents involving the Company’s products. In February 2015, NHTSA opened a Preliminary Evaluation as a result of four Vehicle Owner Questionnaires (VOQs) alleging failure of the Company’s electrically powered step (“Coach Step”), which was primarily supplied for motorhome RVs between model years 2008 and 2014. The Coach Step was no longer manufactured after 2014. In March 2015, NHTSA sent a formal request for information, data and supporting documentation from the Company regarding the Coach Step, which the Company provided in April 2015. After a thorough review of the design and operation of the Coach Step, the Company initiated a voluntary safety recall in September 2015 of all double and triple Coach Steps. The Company recorded a reserve of $1.1 million for the contingent obligation in selling, general and administrative expenses. Environmental The Company’s operations are subject to certain Federal, state and local regulatory requirements relating to the use, storage, discharge and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards, and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, and recorded a pre-tax charge of $1.5 million related to environmental costs in 2015. 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 that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Consolidated Balance Sheet as of December 31, 2015 , would not be material to the Company’s financial position or annual results of operations. Executive Succession and Severance In 2015, the Company initiated a focused program to reduce indirect labor costs. In connection with this cost reduction program, the Company incurred severance charges of $3.7 million . In 2013, in connection with the Company’s executive succession and corporate relocation from White Plains, New York to Elkhart County, Indiana, the Company recorded pre-tax charges of $1.9 million , related to contractual obligations for severance and the acceleration of equity awards held by certain employees whose employment terminated as a result of the executive succession and relocation to Indiana. The liability for executive succession and severance obligations were paid through 2015. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY Special Dividend 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. 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 these special dividends, holders of deferred stock units, restricted stock and stock awards were credited with deferred stock units, restricted stock or stock equal to $2.00 per special dividend for each deferred stock unit, share of restricted stock or stock award, representing $1.8 million in total for each of the 2015 and 2014 special dividends. In connection with each of these special cash dividends, 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. Stock-Based Awards Pursuant to the Drew Industries Incorporated Equity Award and Incentive Plan, as Amended and Restated (the “Equity Plan”), which was approved by stockholders in May 2011, the Company may grant to its directors, employees, and other eligible persons Common Stock-based awards, such as stock options, restricted stock and deferred stock units. All such awards granted under the Equity Plan must be approved by the Compensation Committee of Drew’s Board of Directors (the “Committee”). The Committee determines the period for which all such awards may be exercisable, but in no event may such an award be exercisable more than 10 years from the date of grant. The number of shares available under the Equity Plan, and the exercise price of all such awards granted under the Equity Plan, are subject to adjustments by the Committee to reflect stock splits, dividends, recapitalization, mergers, or other major corporate actions. At the Annual Meeting of Stockholders held on May 22, 2014 , stockholders approved an amendment to the Equity Plan to increase the number of shares of common stock available for issuance pursuant to awards by 1,678,632 shares. The number of shares available for granting awards was 1,305,440 , 1,389,506 and 246,368 at December 31, 2015 , 2014 and 2013 , respectively. Stock-based compensation resulted in charges to operations as follows for the years ended December 31: (In thousands) 2015 2014 2013 Stock options $ 974 $ 1,412 $ 2,325 Deferred stock units 7,023 4,343 5,425 Restricted stock 1,031 910 911 Stock awards 5,015 4,152 2,178 Stock-based compensation expense $ 14,043 $ 10,817 $ 10,839 Stock-based compensation expense is recorded in the Consolidated Statements of Income in the same line as cash compensation to those employees is recorded, primarily in selling, general and administrative expenses. In addition, for the years ended December 31, 2015 , 2014 and 2013 , the Company issued deferred stock units to certain executive officers in lieu of cash for a portion of prior year incentive compensation, in accordance with their compensation arrangements, of $2.0 million , $2.0 million and $0.1 million , respectively. In February 2016 , the Company issued deferred stock units valued at $0.3 million , to certain officers in lieu of cash for a portion of their 2015 incentive compensation in accordance with their compensation arrangements. Stock Options The Equity Plan provides for the grant of stock options that qualify as incentive stock options under Section 422 of the Internal Revenue Code, and non-qualified stock options. The exercise price for stock options granted under the Equity Plan must be at least equal to 100 percent of the fair market value of the shares subject to such stock option on the date of grant. The exercise price may be paid in cash or in shares of the Company’s Common Stock which have been held for a minimum of six months . Historically, upon exercise of stock options, new shares have been issued instead of using treasury shares. Outstanding stock options expire six years from the date of grant, and either vest ratably over the service period of five years for employees or, for certain executive officers, based on achievement of specified performance conditions. As a result of the Company’s executive succession and corporate relocation, the vesting of certain stock options was accelerated pursuant to contractual obligations with certain employees whose employment terminated as a result of the relocation to Indiana. Transactions in stock options under the Equity Plan are summarized as follows: Number of Option Shares Stock Option Exercise Price Weighted Average Exercise Price Outstanding at December 31, 2012 1,320,819 $ 8.09 - $29.11 $ 19.92 Exercised (574,288 ) $ 8.09 - $29.11 $ 23.04 Forfeited (22,870 ) $ 8.09 - $29.11 $ 19.36 Outstanding at December 31, 2013 723,661 $ 8.09 - $21.17 $ 15.46 Exercised (258,530 ) $ 6.09 - $19.17 $ 12.89 Forfeited (11,800 ) $6.09 - $19.17 $ 16.93 Reduction for cash dividend — $ 6.09 - $19.17 $ (2.00 ) Outstanding at December 31, 2014 453,331 $15.49 - $19.17 $ 16.89 Exercised (214,601 ) $13.49 - $19.17 $ 14.48 Forfeited (26,700 ) $13.49 - $19.17 $ 14.30 Reduction for cash dividend — $13.49 - $17.17 $ (2.00 ) Outstanding at December 31, 2015 212,030 $13.67 - $17.17 $ 15.38 Exercisable at December 31, 2015 162,170 $13.67 - $17.17 $ 14.83 Additional information for the exercise of stock options is as follows for the years ended December 31: (In thousands) 2015 2014 2013 Intrinsic value of stock options exercised $ 9,424 $ 7,860 $ 9,062 Cash receipts from stock options exercised $ 3,280 $ 3,333 $ 13,231 Income tax benefits from stock option exercises $ 2,885 $ 3,660 $ 3,473 Grant date fair value of stock options vested $ 1,055 $ 1,561 $ 2,252 The following table summarizes information about stock options outstanding at December 31, 2015 : Exercise Price Option Shares Outstanding Remaining Life in Years Option Shares Exercisable $ 13.67 108,450 0.9 108,450 $ 17.17 103,580 1.9 53,720 Total Shares 212,030 (a) 162,170 (a) (a) The aggregate intrinsic value for option shares outstanding and option shares exercisable is $9.6 million and $7.5 million , respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 1.4 years and 1.2 years , respectively. As of December 31, 2015 , there was $0.4 million of total unrecognized compensation costs related to unvested stock options, which are expected to be recognized over a weighted average remaining period of 0.9 years . Deferred Stock Units The Equity Plan provides for the grant or issuance of deferred stock units (“DSUs”) to directors, employees and other eligible persons. Recipients of DSUs are entitled to receive shares at the end of a specified deferral period. Holders of DSUs receive dividends granted to holders of the Common Stock, payable in additional DSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. As a result of the Company’s executive succession and corporate relocation, the vesting of certain deferred stock units was accelerated pursuant to contractual obligations with certain employees whose employment terminated. In addition, DSUs are issued in lieu of cash compensation. Transactions in DSUs under the Equity Plan are summarized as follows: Number of Shares Stock Price Outstanding at December 31, 2012 613,754 $ 6.16 - $33.32 Issued 32,462 $33.84 - $48.53 Granted 140,461 $36.58 - $50.85 Forfeited (4,505 ) $30.50 Exercised (89,211 ) $20.20 - $30.65 Outstanding at December 31, 2013 692,961 $ 6.16 - $50.85 Issued 56,212 $36.68 - $51.46 Granted 187,490 $45.98 - $46.95 Dividend equivalents 27,532 $50.45 Forfeited (38,855 ) $26.98 - $50.89 Exercised (187,052 ) $19.98 - $50.89 Outstanding at December 31, 2014 738,288 $ 6.16 - $51.20 Issued 54,982 $52.20 - $60.92 Granted 90,184 $52.20 - $61.53 Dividend equivalents 20,922 $59.94 Forfeited (23,604 ) $30.50 - $60.29 Exercised (353,259 ) $20.89 - $51.46 Outstanding at December 31, 2015 527,513 $ 6.16 - $61.53 As of December 31, 2015 , there was $12.7 million of total unrecognized compensation costs related to DSUs, which is expected to be recognized over a weighted average remaining period of 1.9 years . Restricted Stock The Equity Plan provides for the grant of restricted stock to directors, employees and other eligible persons. The restriction period is established by the Committee, but may not be less than one year. Holders of restricted stock have all the rights of a stockholder of the Company, including the right to vote and the right to receive dividends granted to holders of the Common Stock, payable in additional shares of restricted stock, and subject to the same vesting criteria as the original grant. Shares of restricted stock are not transferable during the restriction period. Restricted stock grants, which were all made to directors, were as follows (in thousands except share and per share amounts): 2015 2014 2013 Granted 20,558 19,439 17,885 Stock price $58.96 - $61.53 $ 46.82 $ 50.89 Fair value of stock granted $ 1,220 $ 910 $ 910 As of December 31, 2015 , there was $1.0 million of total unrecognized compensation costs related to restricted stock, which is expected to be recognized over a weighted average remaining period of 0.8 years . Stock Awards In accordance with the Executive Employment and Non-Competition Agreements for various officers of the Company, such officers are entitled to receive an annual long-term award consisting of the right to earn shares of common stock. These shares are earned during the subsequent three year period based on growth in the Company’s earnings per diluted share. Transactions in stock awards under the Equity Plan are summarized as follows: Number of Shares Stock Price Outstanding at December 31, 2012 90,102 $26.88 Granted 103,500 $32.25 - $43.70 Outstanding at December 31, 2013 193,602 $26.88 - $43.70 Granted 103,500 $51.20 Dividend equivalents 7,675 $50.45 Exercised (31,959 ) $26.88 Outstanding at December 31, 2014 272,818 $26.88 - $51.45 Granted 96,010 $60.29 Dividend equivalents 8,992 $59.94 Forfeited (16,534 ) $60.29 Exercised (98,830 ) $26.88 - $43.70 Outstanding at December 31, 2015 262,456 $32.25 - $60.29 As of December 31, 2015 , there was $6.7 million of total unrecognized compensation costs related to outstanding stock awards, which is expected to be recognized over a weighted average remaining period of 1.5 years . Weighted Average Common Shares Outstanding The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the years ended December 31: (In thousands) 2015 2014 2013 Weighted average shares outstanding for basic earnings per share 24,295 23,911 23,321 Common stock equivalents pertaining to stock-based awards 355 423 432 Weighted average shares outstanding for diluted earnings per share 24,650 24,334 23,753 The weighted average diluted shares outstanding for the years ended December 31, 2015 , 2014 and 2013 , exclude the effect of 255,547 , 293,860 and 303,240 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 December 31: 2015 2014 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Deferred compensation $ 7,774 $ 7,774 $ — $ — $ 7,388 $ 7,388 $ — $ — Total assets $ 7,774 $ 7,774 $ — $ — $ 7,388 $ 7,388 $ — $ — Liabilities Contingent consideration $ 10,840 $ — $ — $ 10,840 $ 8,129 $ — $ — $ 8,129 Deferred compensation 11,836 11,836 — — 11,478 11,478 — — Total liabilities $ 22,676 $ 11,836 $ — $ 10,840 $ 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 six years , the Company’s long-term sales growth forecasts for products subject to contingent consideration arrangements average approximately 13 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 11 of the Notes to 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 recognized during the years ended December 31 : 2015 2014 2013 (In thousands) Carrying Non-Recurring Carrying Non-Recurring Carrying Non-Recurring Assets Vacant owned facilities $ 2,537 $ — $ 3,863 $ — $ 3,197 $ 145 Other intangible assets — — — — — — Net assets of acquired businesses 28,727 — 66,169 — 4,382 — Total assets $ 31,264 $ — $ 70,032 $ — $ 7,579 $ 145 Vacant Owned Facilities During 2015 , the Company reviewed the recoverability of the carrying value of three vacant owned facilities, of which one of these facilities was sold and one was reopened. At December 31, 2015 , the Company had one vacant owned facility, with an estimated fair value of $3.1 million and a carrying value of $2.5 million , classified in fixed assets in the Consolidated Balance Sheets. During 2014 , the Company reviewed the recoverability of the carrying value of four vacant owned facilities. At December 31, 2014 , the Company had three vacant owned facilities with an estimated combined fair value of $4.2 million and a combined carrying value of $3.9 million , classified in fixed assets in the Consolidated Balance Sheets. During 2013 , the Company reviewed the recoverability of the carrying value of six vacant owned facilities. The fair value of two of these vacant owned facilities did not exceeded their carrying value, therefore an impairment charge of $0.1 million was recorded in selling, general, and administrative expenses in the Consolidated Statements of Income. At December 31, 2013 , the Company had three vacant owned facilities, with an estimated combined fair value of $3.6 million and a combined carrying value of $3.2 million , classified in fixed assets in the Consolidated Balance Sheets. 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. 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 Consolidated Financial Statements. |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, Balance Sheet Classification of Deferred Taxes. This ASU requires entities with a classified balance sheet to present all deferred tax assets and liabilities as non-current. This ASU is effective for annual and interim periods beginning after December 15, 2016, and can be applied prospectively or retrospectively to adjustments with early adoption permitted at the beginning of an interim or annual reporting period. 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. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments. This ASU applies to restating prior periods to reflect adjustments made to provisional amounts recognized in a business combination. Under the new guidance, an acquirer must recognize adjustments to provisional amounts identified during the measurement period in the reporting period in which the adjustment amounts are determined. This ASU is effective for annual and interim periods beginning after December 15, 2015, and is to be applied prospectively to adjustments to provisional amounts occurring after the effective date with early adoption permitted at the beginning of an interim or annual reporting period. 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. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory. This ASU applies to inventory measured using the first-in, first-out (“FIFO”) or average cost methods. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. Adoption of this ASU will not have a material impact on the Company’s results of operations, cash flows or financial position. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . This ASU requires debt issuance costs be presented on the balance sheet as a direct reduction from the related debt liability rather than as an asset. Amortization of the costs would be reported as interest expense. The amendments in this ASU are to be applied retrospectively and are effective for interim and annual reporting periods beginning after December 15, 2015. Adoption of this ASU will not have a material impact on the Company’s results of operations, cash flows or financial position. In May 2014, the FASB issued 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 for annual periods, and interim periods within those years, beginning after December 15, 2017, with early adoption permitted for years beginning after December 15, 2016, to 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. |
Quarterly Results Of Operations
Quarterly Results Of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Interim unaudited financial information follows: (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Year Year ended December 31, 2015 Net sales $ 361,457 $ 362,085 $ 345,296 $ 334,228 $ 1,403,066 Gross profit $ 76,403 $ 82,060 $ 74,125 $ 73,414 $ 306,002 Income before income taxes $ 31,649 $ 33,019 $ 26,576 $ 23,125 $ 114,369 Net income $ 20,073 $ 20,869 $ 17,263 $ 16,140 $ 74,345 Net income per common share: Basic $ 0.83 $ 0.86 $ 0.71 $ 0.66 $ 3.06 Diluted $ 0.82 $ 0.85 $ 0.70 $ 0.65 $ 3.02 Stock market price: High $ 64.61 $ 62.60 $ 59.42 $ 61.90 $ 64.61 Low $ 47.63 $ 55.26 $ 52.42 $ 53.55 $ 47.63 Close (at end of quarter) $ 61.54 $ 58.02 $ 54.61 $ 60.89 $ 60.89 Year ended December 31, 2014 Net sales $ 285,377 $ 321,783 $ 294,271 $ 289,351 $ 1,190,782 Gross profit $ 63,200 $ 72,012 $ 62,483 $ 57,228 $ 254,923 Income before income taxes $ 25,926 $ 29,075 $ 22,941 $ 17,115 $ 95,057 Net income $ 16,164 $ 18,618 $ 15,488 $ 11,996 $ 62,266 Net income per common share: Basic $ 0.68 $ 0.78 $ 0.65 $ 0.50 $ 2.60 Diluted $ 0.67 $ 0.77 $ 0.64 $ 0.49 $ 2.56 Stock market price: High $ 54.20 $ 54.15 $ 50.83 $ 51.69 $ 54.20 Low $ 45.53 $ 45.80 $ 41.00 $ 41.95 $ 41.00 Close (at end of quarter) $ 54.20 $ 50.01 $ 42.19 $ 51.07 $ 51.07 The sum of per share amounts for the four quarters may not equal the total per share amounts for the year as a result of changes in the weighted average common shares outstanding or rounding. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The 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, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components” or “LCI”), 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 also supplies components for adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; pontoon boats; modular housing; and factory-built mobile office units. At December 31, 2015 , the Company operated 42 manufacturing and distribution facilities. 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, the timing of dealer orders, 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 Company is not aware of any significant events, except as disclosed in the Notes to Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience and any specific customer collection issues identified by the Company. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected. |
Inventories | Inventories Inventories are stated at the lower of cost (using the first-in, first-out method) or market. Cost includes material, labor and overhead; market is replacement cost or realizable value after allowance for costs of distribution. |
Fixed Assets | Fixed Assets Fixed assets which are owned are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred; significant improvements are capitalized. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. The Company classifies interest and penalties related to income taxes as income tax expense in its Consolidated Financial Statements. |
Goodwill | Goodwill 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. In 2015 and 2014 , the Company assessed qualitative factors of its reporting units to determine whether it was more likely than not the fair value of the reporting unit was less than its carrying amount, including goodwill. The qualitative impairment test consists of an assessment of qualitative factors, including general economic and industry conditions, market share and input costs. |
Other Intangible Assets | Other Intangible Assets Intangible assets with estimable useful lives are amortized, primarily on an accelerated basis, over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. The amortization of other intangible assets is done using a method, straight-line or accelerated, which best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets. |
Asset Retirement Obligations | Asset Retirement Obligations Asset retirement obligations are legal obligations associated with the retirement of long-lived assets. The Company records asset retirement obligations on certain of its owned and leased facilities and leased machinery and equipment. These liabilities are initially recorded at fair value and are adjusted for changes resulting from revisions to the timing or the amount of the original estimate. |
Environmental Liabilities | Environmental Liabilities Accruals for environmental matters are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated, based upon current law and existing technologies. These amounts, which are not discounted and are exclusive of claims against potentially responsible third parties, are adjusted periodically as assessment and remediation efforts progress or additional technical or legal information becomes available. Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies and remedial activities, advances in technology, changes in environmental laws and regulations and their application, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other potentially responsible parties and the Company’s ability to obtain contributions from other parties, and the lengthy time periods over which site remediation occurs. It is possible some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably against the Company, and could materially affect operating results when resolved in future periods. |
Financial Instruments | Financial Instruments The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value due to the short-term nature of these instruments. |
Stock-Based Compensation | Stock-Based Compensation All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards having a service-only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair value for stock options is determined using the Black-Scholes option-pricing model, while the fair values of deferred stock units, restricted stock and stock awards are based on the market price of the Company’s Common Stock, all on the date the stock-based awards are granted. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when products are shipped and the customer takes ownership and assumes risk of loss, collectability is reasonably assured, and the sales price is fixed or determinable. Sales taxes collected from customers and remitted to governmental authorities, which are not significant, are accounted for on a net basis and therefore are excluded from net sales in the Consolidated Statements of Income. |
Shipping and Handling Costs | Shipping and Handling Costs The Company records shipping and handling costs within selling, general and administrative expenses. Such costs aggregated $45.8 million , $40.9 million and $36.4 million in the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Legal Costs | Legal Costs The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income. |
Fair Value Measurements | Fair Value Measurements Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. |
Use of Estimates | Use of Estimates 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 and product recall 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) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Information, RV Products and Services | ● Steel chassis for towable RVs ● Furniture and mattresses ● Axles and suspension solutions for towable RVs ● Entry, luggage, patio and ramp doors ● Slide-out mechanisms and solutions ● Electric and manual entry steps ● Thermoformed bath, kitchen and other products ● Awnings and awning accessories ● Windows ● Electronic components ● Manual, electric and hydraulic stabilizer and ● LED televisions, sound systems, navigation ● Chassis components ● Other accessories |
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 years ended December 31: Segments Corporate (In thousands) RV MH Total and Other Total 2015 Net sales to external customers (a) $ 1,284,928 $ 118,138 $ 1,403,066 $ — $ 1,403,066 Operating profit (loss) (b) $ 107,485 $ 12,485 $ 119,970 $ (3,716 ) $ 116,254 Total assets (c) $ 519,795 $ 27,702 $ 547,497 $ 75,449 $ 622,946 Expenditures for long - lived assets (d) $ 30,126 $ 1,193 $ 31,319 $ — $ 31,319 Depreciation and amortization $ 39,065 $ 2,412 $ 41,477 $ 147 $ 41,624 Segments Corporate (In thousands) RV MH Total and Other Total 2014 Net sales to external customers (a) $ 1,074,448 $ 116,334 $ 1,190,782 $ — $ 1,190,782 Operating profit (loss) (b) $ 86,571 $ 10,870 $ 97,441 $ (1,954 ) $ 95,487 Total assets (c) $ 451,264 $ 29,482 $ 480,746 $ 63,095 $ 543,841 Expenditures for long - lived assets (d) $ 145,406 $ 2,039 $ 147,445 $ — $ 147,445 Depreciation and amortization $ 29,933 $ 2,568 $ 32,501 $ 95 $ 32,596 2013 Net sales to external customers (a) $ 893,694 $ 121,882 $ 1,015,576 $ — $ 1,015,576 Operating profit (loss) (b) $ 68,248 $ 11,926 $ 80,174 $ (1,876 ) $ 78,298 Total assets (c) $ 306,139 $ 32,948 $ 339,087 $ 114,097 $ 453,184 Expenditures for long - lived assets (d) $ 34,989 $ 2,682 $ 37,671 $ — $ 37,671 Depreciation and amortization $ 24,615 $ 2,806 $ 27,421 $ 79 $ 27,500 (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent , 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 , respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent , 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015 , 2014 and 2013 , respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015 . No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015 , 2014 and 2013 . (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) Segment assets include accounts receivable, inventories, fixed assets, goodwill and other intangible assets. Corporate and other assets include cash and cash equivalents, prepaid expenses and other current assets, deferred taxes, and other assets. (d) 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 $38.6 million , $105.0 million and $4.8 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Schedule of Net Sales by Product | Net sales by product were as follows for the years ended December 31: (In thousands) 2015 2014 2013 RV Segment: Chassis, chassis parts and slide-out mechanisms $ 638,261 $ 564,543 $ 493,244 Windows and doors 245,016 204,054 181,934 Furniture and mattresses 163,380 133,371 100,196 Axles and suspension solutions 114,531 92,261 69,818 Other 123,740 80,219 48,502 Total RV Segment net sales $ 1,284,928 $ 1,074,448 $ 893,694 MH Segment: Windows and doors $ 73,035 $ 66,140 $ 67,029 Chassis and chassis parts 29,798 33,842 38,359 Other 15,305 16,352 16,494 Total MH Segment net sales $ 118,138 $ 116,334 $ 121,882 Total net sales $ 1,403,066 $ 1,190,782 $ 1,015,576 |
Schedule of Net Sales by Segment | The composition of net sales was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Net sales: RV Segment: RV OEMs: Travel trailers and fifth-wheels $ 938,787 $ 841,497 $ 727,783 Motorhomes 86,513 70,332 47,937 RV aftermarket 87,447 49,570 25,334 Adjacent industries 172,181 113,049 92,640 Total RV Segment net sales $ 1,284,928 $ 1,074,448 $ 893,694 MH Segment: Manufactured housing OEMs $ 82,032 $ 77,421 $ 80,245 Manufactured housing aftermarket 15,559 14,186 13,719 Adjacent industries 20,547 24,727 27,918 Total MH Segment net sales $ 118,138 $ 116,334 $ 121,882 Total net sales $ 1,403,066 $ 1,190,782 $ 1,015,576 |
Acquisitions, Goodwill And Ot25
Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition | |
Schedule of Goodwill | Goodwill by reportable segment was as follows: (In thousands) RV Segment MH Segment Total Accumulated cost $ 61,679 $ 10,025 $ 71,704 Accumulated impairment (41,276 ) (9,251 ) (50,527 ) Net balance – December 31, 2012 20,403 774 21,177 Acquisitions – 2013 368 — 368 Net balance – December 31, 2013 20,771 774 21,545 Acquisitions – 2014 44,976 — 44,976 Net balance – December 31, 2014 65,747 774 66,521 Acquisitions – 2015 17,098 — 17,098 Net balance – December 31, 2015 $ 82,845 $ 774 $ 83,619 Accumulated cost $ 124,121 $ 10,025 $ 134,146 Accumulated impairment (41,276 ) (9,251 ) (50,527 ) Net balance – December 31, 2015 $ 82,845 $ 774 $ 83,619 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, by segment, consisted of the following at December 31: (In thousands) 2015 2014 RV Segment $ 100,418 $ 95,075 MH Segment 517 1,884 Other intangible assets $ 100,935 $ 96,959 Other intangible assets consisted of the following at December 31, 2015 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 94,560 $ 30,514 $ 64,046 6 to 16 Patents 54,293 28,255 26,038 3 to 19 Tradenames 8,935 4,751 4,184 3 to 15 Non-compete agreements 4,493 2,800 1,693 3 to 6 Other 594 307 287 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 167,562 $ 66,627 $ 100,935 Other intangible assets consisted of the following at December 31, 2014 : (In thousands) Gross Accumulated Net Estimated Useful 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 Other 360 102 258 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 153,761 $ 56,802 $ 96,959 |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets, by segment, consisted of the following at December 31: (In thousands) 2015 2014 RV Segment $ 100,418 $ 95,075 MH Segment 517 1,884 Other intangible assets $ 100,935 $ 96,959 Other intangible assets consisted of the following at December 31, 2015 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 94,560 $ 30,514 $ 64,046 6 to 16 Patents 54,293 28,255 26,038 3 to 19 Tradenames 8,935 4,751 4,184 3 to 15 Non-compete agreements 4,493 2,800 1,693 3 to 6 Other 594 307 287 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 167,562 $ 66,627 $ 100,935 Other intangible assets consisted of the following at December 31, 2014 : (In thousands) Gross Accumulated Net Estimated Useful 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 Other 360 102 258 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 153,761 $ 56,802 $ 96,959 |
Schedule of Estimated Amortization Expense | Amortization expense related to other intangible assets was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Cost of sales $ 6,017 $ 5,092 $ 3,610 Selling, general and administrative 10,038 7,612 6,398 Amortization expense $ 16,055 $ 12,704 $ 10,008 Estimated amortization expense for other intangible assets for the next five years is as follows: (In thousands) 2016 2017 2018 2019 2020 Cost of sales $ 6,186 $ 5,732 $ 4,911 $ 4,235 $ 3,014 Selling, general and administrative 9,523 8,460 7,813 7,174 5,983 Amortization expense $ 15,709 $ 14,192 $ 12,724 $ 11,409 $ 8,997 |
Signature Seating | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 16,000 Contingent consideration 3,556 Total fair value of consideration given $ 19,556 Customer relationships $ 7,500 Other identifiable intangible assets 390 Net tangible assets 3,633 Total fair value of net assets acquired $ 11,523 Goodwill (tax deductible) $ 8,033 |
Spectal Industries, Inc. | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 22,335 Contingent consideration 1,211 Total fair value of consideration given $ 23,546 Customer relationships $ 10,100 Other identifiable intangible assets 700 Net tangible assets 3,681 Total fair value of net assets acquired $ 14,481 Goodwill (tax deductible) $ 9,065 |
EA Technologies, LLC | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was 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 |
Duncan Systems, Inc. | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 18,000 Contingent consideration 1,914 Total fair value of consideration given $ 19,914 Customer relationships $ 10,500 Other identifiable intangible assets 930 Net tangible assets 4,070 Total fair value of net assets acquired $ 15,500 Goodwill (tax deductible) $ 4,414 |
PowerGear and Kwikee Brands | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 35,500 Customer relationships $ 12,300 Patents 5,300 Other identifiable intangible assets 2,130 Net tangible assets 2,227 Total fair value of net assets acquired $ 21,957 Goodwill (tax deductible) $ 13,543 |
Star Designs, LLC | |
Business Acquisition | |
Schedule of Business Acquisitions | 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 |
Innovative Design Solutions, Inc | |
Business Acquisition | |
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 |
Fortress Technologies | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands): Cash consideration $ 3,299 Working capital, net $ (111 ) Net tangible assets 3,410 Total fair value of net assets acquired $ 3,299 |
Midstates Tool & Die and Engineering Inc. | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 1,451 Non-compete agreement $ 40 Net tangible assets 1,043 Total fair value of net assets acquired $ 1,083 Goodwill (tax deductible) $ 368 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Allowance for Doubtful Accounts Receivable | The following table provides a reconciliation of the activity related to the Company’s allowance for doubtful accounts receivable, for the years ended December 31: (In thousands) 2015 2014 2013 Balance at beginning of period $ 917 $ 705 $ 677 Provision for doubtful accounts (5 ) 178 194 Additions related to acquired businesses 33 58 5 Recoveries 8 4 1 Accounts written off (109 ) (28 ) (172 ) Balance at end of period $ 844 $ 917 $ 705 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at December 31: (In thousands) 2015 2014 Raw materials $ 144,397 $ 111,366 Work in process 4,932 2,624 Finished goods 21,505 18,502 Inventories, net $ 170,834 $ 132,492 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consisted of the following at December 31: Estimated Useful (In thousands) 2015 2014 Life in Years Land $ 11,064 $ 10,792 Buildings and improvements 89,616 85,002 10 to 40 Leasehold improvements 11,147 8,114 3 to 10 Machinery and equipment 153,784 138,025 3 to 15 Furniture and fixtures 20,653 20,729 3 to 8 Construction in progress 5,512 9,515 Fixed assets, at cost 291,776 272,177 Less accumulated depreciation and amortization 141,176 125,389 Fixed assets, net $ 150,600 $ 146,788 |
Schedule of Depreciation and Amortization of Fixed Assets | Depreciation and amortization of fixed assets was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Cost of sales $ 21,289 $ 16,364 $ 14,667 Selling, general and administrative expenses 4,137 3,440 2,773 Total $ 25,426 $ 19,804 $ 17,440 |
Accrued Expenses And Other Cu29
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 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 December 31: (In thousands) 2015 2014 Employee compensation and benefits $ 25,147 $ 21,473 Current portion of accrued warranty 17,020 14,516 Other 26,995 21,662 Accrued expenses and other current liabilities $ 69,162 $ 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 years ended December 31 : (In thousands) 2015 2014 2013 Balance at beginning of period $ 21,641 $ 17,325 $ 12,729 Provision for warranty expense 17,267 12,860 13,874 Warranty liability from acquired businesses 240 688 21 Warranty costs paid (12,944 ) (9,232 ) (9,299 ) Balance at end of period 26,204 21,641 17,325 Less long-term portion 9,184 7,125 5,594 Current portion of accrued warranty $ 17,020 $ 14,516 $ 11,731 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provisions of Income Taxes | The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31: (In thousands) 2015 2014 2013 Current: Federal $ 31,292 $ 32,142 $ 23,430 State 7,670 6,142 4,129 Total current provision $ 38,962 $ 38,284 $ 27,559 Deferred: Federal $ 466 $ (4,545 ) $ 68 State 596 (948 ) 201 Total deferred provision $ 1,062 $ (5,493 ) $ 269 Provision for income taxes $ 40,024 $ 32,791 $ 27,828 |
Schedule of Income Tax Reconciliation | The provision for income taxes differs from the amount computed by applying the federal statutory rate to income before income taxes for the following reasons for the years ended December 31: (In thousands) 2015 2014 2013 Income tax at federal statutory rate $ 40,029 $ 33,270 $ 27,281 State income tax, net of federal income tax impact 5,373 3,376 2,815 Manufacturing credit pursuant to Jobs Creation Act (2,336 ) (2,258 ) (1,444 ) Federal tax credits (1,049 ) (681 ) (747 ) Other (1,993 ) (916 ) (77 ) Provision for income taxes $ 40,024 $ 32,791 $ 27,828 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31: (In thousands) 2015 2014 Deferred tax assets: Goodwill and other intangible assets $ 11,879 $ 14,066 Stock-based compensation 7,428 7,172 Deferred compensation 5,310 5,040 Warranty 8,809 7,845 Inventory 5,974 3,897 Other 4,922 3,189 Total deferred tax assets 44,322 41,209 Deferred tax liabilities: Fixed assets (14,931 ) (10,756 ) Net deferred tax assets $ 29,391 $ 30,453 |
Schedule of Unrecognized Tax Benefits | The following table reconciles the total amounts of unrecognized tax benefits, at December 31: (In thousands) 2015 2014 2013 Balance at beginning of period $ 1,526 $ 1,369 $ 1,701 Changes in tax positions of prior years 912 84 (29 ) Additions based on tax positions related to the current year 866 603 676 Payments (85 ) — (126 ) Closure of tax years (365 ) (530 ) (853 ) Balance at end of period $ 2,854 $ 1,526 $ 1,369 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under operating leases at December 31, 2015 are as follows ( in thousands ): 2016 $ 7,472 2017 6,761 2018 5,553 2019 4,752 2020 4,043 Thereafter 11,093 Total minimum lease payments $ 39,674 |
Reconciliation of Contingent Consideration Liability | The following table provides a reconciliation of the Company’s contingent consideration liability for the years ended December 31 : (In thousands) 2015 2014 2013 Balance at beginning of period $ 8,129 $ 7,414 $ 11,519 Acquisitions 4,766 3,370 — Payments (3,974 ) (3,739 ) (5,456 ) Accretion (a) 1,196 1,075 1,308 Fair value adjustments (a) 723 9 43 Balance at end of the period (b) 10,840 8,129 7,414 Less current portion in accrued expenses and other current liabilities (3,877 ) (3,622 ) (3,462 ) Total long-term portion in other long-term liabilities $ 6,963 $ 4,507 $ 3,952 (a) Recorded in selling, general and administrative expense in the Consolidated Statements of Income. (b) Amounts represent the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of December 31, 2015 are $14.4 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) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stock-Based Compensation | Stock-based compensation resulted in charges to operations as follows for the years ended December 31: (In thousands) 2015 2014 2013 Stock options $ 974 $ 1,412 $ 2,325 Deferred stock units 7,023 4,343 5,425 Restricted stock 1,031 910 911 Stock awards 5,015 4,152 2,178 Stock-based compensation expense $ 14,043 $ 10,817 $ 10,839 |
Schedule of Stock Options | Transactions in stock options under the Equity Plan are summarized as follows: Number of Option Shares Stock Option Exercise Price Weighted Average Exercise Price Outstanding at December 31, 2012 1,320,819 $ 8.09 - $29.11 $ 19.92 Exercised (574,288 ) $ 8.09 - $29.11 $ 23.04 Forfeited (22,870 ) $ 8.09 - $29.11 $ 19.36 Outstanding at December 31, 2013 723,661 $ 8.09 - $21.17 $ 15.46 Exercised (258,530 ) $ 6.09 - $19.17 $ 12.89 Forfeited (11,800 ) $6.09 - $19.17 $ 16.93 Reduction for cash dividend — $ 6.09 - $19.17 $ (2.00 ) Outstanding at December 31, 2014 453,331 $15.49 - $19.17 $ 16.89 Exercised (214,601 ) $13.49 - $19.17 $ 14.48 Forfeited (26,700 ) $13.49 - $19.17 $ 14.30 Reduction for cash dividend — $13.49 - $17.17 $ (2.00 ) Outstanding at December 31, 2015 212,030 $13.67 - $17.17 $ 15.38 Exercisable at December 31, 2015 162,170 $13.67 - $17.17 $ 14.83 |
Schedule Exercise of Stock Options | Additional information for the exercise of stock options is as follows for the years ended December 31: (In thousands) 2015 2014 2013 Intrinsic value of stock options exercised $ 9,424 $ 7,860 $ 9,062 Cash receipts from stock options exercised $ 3,280 $ 3,333 $ 13,231 Income tax benefits from stock option exercises $ 2,885 $ 3,660 $ 3,473 Grant date fair value of stock options vested $ 1,055 $ 1,561 $ 2,252 |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2015 : Exercise Price Option Shares Outstanding Remaining Life in Years Option Shares Exercisable $ 13.67 108,450 0.9 108,450 $ 17.17 103,580 1.9 53,720 Total Shares 212,030 (a) 162,170 (a) (a) The aggregate intrinsic value for option shares outstanding and option shares exercisable is $9.6 million and $7.5 million , respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 1.4 years and 1.2 years , respectively. |
Schedule of Deferred Stock Units Transactions | Transactions in DSUs under the Equity Plan are summarized as follows: Number of Shares Stock Price Outstanding at December 31, 2012 613,754 $ 6.16 - $33.32 Issued 32,462 $33.84 - $48.53 Granted 140,461 $36.58 - $50.85 Forfeited (4,505 ) $30.50 Exercised (89,211 ) $20.20 - $30.65 Outstanding at December 31, 2013 692,961 $ 6.16 - $50.85 Issued 56,212 $36.68 - $51.46 Granted 187,490 $45.98 - $46.95 Dividend equivalents 27,532 $50.45 Forfeited (38,855 ) $26.98 - $50.89 Exercised (187,052 ) $19.98 - $50.89 Outstanding at December 31, 2014 738,288 $ 6.16 - $51.20 Issued 54,982 $52.20 - $60.92 Granted 90,184 $52.20 - $61.53 Dividend equivalents 20,922 $59.94 Forfeited (23,604 ) $30.50 - $60.29 Exercised (353,259 ) $20.89 - $51.46 Outstanding at December 31, 2015 527,513 $ 6.16 - $61.53 |
Schedule of Restricted Stock Grants | Restricted stock grants, which were all made to directors, were as follows (in thousands except share and per share amounts): 2015 2014 2013 Granted 20,558 19,439 17,885 Stock price $58.96 - $61.53 $ 46.82 $ 50.89 Fair value of stock granted $ 1,220 $ 910 $ 910 |
Schedule of Stock Awards | Transactions in stock awards under the Equity Plan are summarized as follows: Number of Shares Stock Price Outstanding at December 31, 2012 90,102 $26.88 Granted 103,500 $32.25 - $43.70 Outstanding at December 31, 2013 193,602 $26.88 - $43.70 Granted 103,500 $51.20 Dividend equivalents 7,675 $50.45 Exercised (31,959 ) $26.88 Outstanding at December 31, 2014 272,818 $26.88 - $51.45 Granted 96,010 $60.29 Dividend equivalents 8,992 $59.94 Forfeited (16,534 ) $60.29 Exercised (98,830 ) $26.88 - $43.70 Outstanding at December 31, 2015 262,456 $32.25 - $60.29 |
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 for the years ended December 31: (In thousands) 2015 2014 2013 Weighted average shares outstanding for basic earnings per share 24,295 23,911 23,321 Common stock equivalents pertaining to stock-based awards 355 423 432 Weighted average shares outstanding for diluted earnings per share 24,650 24,334 23,753 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 December 31: 2015 2014 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Deferred compensation $ 7,774 $ 7,774 $ — $ — $ 7,388 $ 7,388 $ — $ — Total assets $ 7,774 $ 7,774 $ — $ — $ 7,388 $ 7,388 $ — $ — Liabilities Contingent consideration $ 10,840 $ — $ — $ 10,840 $ 8,129 $ — $ — $ 8,129 Deferred compensation 11,836 11,836 — — 11,478 11,478 — — Total liabilities $ 22,676 $ 11,836 $ — $ 10,840 $ 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 recognized during the years ended December 31 : 2015 2014 2013 (In thousands) Carrying Non-Recurring Carrying Non-Recurring Carrying Non-Recurring Assets Vacant owned facilities $ 2,537 $ — $ 3,863 $ — $ 3,197 $ 145 Other intangible assets — — — — — — Net assets of acquired businesses 28,727 — 66,169 — 4,382 — Total assets $ 31,264 $ — $ 70,032 $ — $ 7,579 $ 145 |
Quarterly Results Of Operatio34
Quarterly Results Of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | Interim unaudited financial information follows: (In thousands, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Year Year ended December 31, 2015 Net sales $ 361,457 $ 362,085 $ 345,296 $ 334,228 $ 1,403,066 Gross profit $ 76,403 $ 82,060 $ 74,125 $ 73,414 $ 306,002 Income before income taxes $ 31,649 $ 33,019 $ 26,576 $ 23,125 $ 114,369 Net income $ 20,073 $ 20,869 $ 17,263 $ 16,140 $ 74,345 Net income per common share: Basic $ 0.83 $ 0.86 $ 0.71 $ 0.66 $ 3.06 Diluted $ 0.82 $ 0.85 $ 0.70 $ 0.65 $ 3.02 Stock market price: High $ 64.61 $ 62.60 $ 59.42 $ 61.90 $ 64.61 Low $ 47.63 $ 55.26 $ 52.42 $ 53.55 $ 47.63 Close (at end of quarter) $ 61.54 $ 58.02 $ 54.61 $ 60.89 $ 60.89 Year ended December 31, 2014 Net sales $ 285,377 $ 321,783 $ 294,271 $ 289,351 $ 1,190,782 Gross profit $ 63,200 $ 72,012 $ 62,483 $ 57,228 $ 254,923 Income before income taxes $ 25,926 $ 29,075 $ 22,941 $ 17,115 $ 95,057 Net income $ 16,164 $ 18,618 $ 15,488 $ 11,996 $ 62,266 Net income per common share: Basic $ 0.68 $ 0.78 $ 0.65 $ 0.50 $ 2.60 Diluted $ 0.67 $ 0.77 $ 0.64 $ 0.49 $ 2.56 Stock market price: High $ 54.20 $ 54.15 $ 50.83 $ 51.69 $ 54.20 Low $ 45.53 $ 45.80 $ 41.00 $ 41.95 $ 41.00 Close (at end of quarter) $ 54.20 $ 50.01 $ 42.19 $ 51.07 $ 51.07 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)subsidiarymanufacturing_facility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Property, Plant and Equipment | |||
Number of unconsolidated subsidiaries | subsidiary | 0 | ||
Manufacturing Facility | |||
Property, Plant and Equipment | |||
Manufacturing facilities | manufacturing_facility | 42 | ||
Selling, General and Administrative Expenses | |||
Property, Plant and Equipment | |||
Shipping, handling and transportation costs | $ | $ 45.8 | $ 40.9 | $ 36.4 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - segment | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information | |||
Number of reportable segments | 2 | ||
RV Segment | |||
Segment Reporting Information | |||
Consolidated net sales, percentage | 92.00% | 90.00% | 88.00% |
Travel Trailer and Fifth Wheels | Net sales | |||
Segment Reporting Information | |||
Net sales from RV aftermarket (percentage) | 73.00% | ||
MH Segment | |||
Segment Reporting Information | |||
Consolidated net sales, percentage | 8.00% | 10.00% | 12.00% |
Product Concentration Risk | Manufactured Housing OEMs | Net sales | |||
Segment Reporting Information | |||
Consolidated net sales, percentage | 6.00% |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Information Relating to Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information | ||||||||||||
Net sales to external customers | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 289,351 | $ 294,271 | $ 321,783 | $ 285,377 | $ 1,403,066 | $ 1,190,782 | $ 1,015,576 | [1] |
Operating profit (loss) | 116,254 | 95,487 | 78,298 | [2] | ||||||||
Total assets | 622,946 | 543,841 | 622,946 | 543,841 | 453,184 | [3] | ||||||
Expenditures for long-lived assets | 31,319 | 147,445 | 37,671 | [4] | ||||||||
Depreciation and amortization | 41,624 | 32,596 | 27,500 | |||||||||
Purchase of long-lived assets as part of business acquisition | 38,600 | 105,000 | 4,800 | |||||||||
RV Segment | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 1,284,928 | 1,074,448 | 893,694 | [1] | ||||||||
Operating profit (loss) | 107,485 | 86,571 | 68,248 | [2] | ||||||||
Total assets | 519,795 | 451,264 | 519,795 | 451,264 | 306,139 | [3] | ||||||
Expenditures for long-lived assets | 30,126 | 145,406 | 34,989 | [4] | ||||||||
Depreciation and amortization | $ 39,065 | $ 29,933 | $ 24,615 | |||||||||
Consolidated net sales, percentage | 92.00% | 90.00% | 88.00% | |||||||||
RV Segment | Thor Industries, Inc. | ||||||||||||
Segment Reporting Information | ||||||||||||
Consolidated net sales, percentage | 29.00% | 33.00% | 34.00% | |||||||||
RV Segment | Berkshire Hathaway Inc. | ||||||||||||
Segment Reporting Information | ||||||||||||
Consolidated net sales, percentage | 26.00% | 28.00% | 28.00% | |||||||||
RV Segment | Jayco, Inc. | ||||||||||||
Segment Reporting Information | ||||||||||||
Consolidated net sales, percentage | 10.00% | |||||||||||
Travel Trailer and Fifth Wheels | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | $ 938,787 | $ 841,497 | $ 727,783 | |||||||||
Motorhomes | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 86,513 | 70,332 | 47,937 | |||||||||
RV Aftermarket | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 87,447 | 49,570 | 25,334 | |||||||||
Adjacent Industries | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 172,181 | 113,049 | 92,640 | |||||||||
MH Segment | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 118,138 | 116,334 | 121,882 | [1] | ||||||||
Operating profit (loss) | 12,485 | 10,870 | 11,926 | [2] | ||||||||
Total assets | 27,702 | 29,482 | 27,702 | 29,482 | 32,948 | [3] | ||||||
Expenditures for long-lived assets | 1,193 | 2,039 | 2,682 | [4] | ||||||||
Depreciation and amortization | $ 2,412 | $ 2,568 | $ 2,806 | |||||||||
Consolidated net sales, percentage | 8.00% | 10.00% | 12.00% | |||||||||
Manufactured Housing OEMs | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | $ 82,032 | $ 77,421 | $ 80,245 | |||||||||
Manufactured Housing Aftermarket | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 15,559 | 14,186 | 13,719 | |||||||||
Adjacent Industries | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 20,547 | 24,727 | 27,918 | |||||||||
Operating Segments | ||||||||||||
Segment Reporting Information | ||||||||||||
Net sales to external customers | 1,403,066 | 1,190,782 | 1,015,576 | [1] | ||||||||
Operating profit (loss) | 119,970 | 97,441 | 80,174 | [2] | ||||||||
Total assets | 547,497 | 480,746 | 547,497 | 480,746 | 339,087 | [3] | ||||||
Expenditures for long-lived assets | 31,319 | 147,445 | 37,671 | [4] | ||||||||
Depreciation and amortization | 41,477 | 32,501 | 27,421 | |||||||||
Corporate and Other | ||||||||||||
Segment Reporting Information | ||||||||||||
Operating profit (loss) | (3,716) | (1,954) | (1,876) | [2] | ||||||||
Total assets | $ 75,449 | $ 63,095 | 75,449 | 63,095 | 114,097 | [3] | ||||||
Depreciation and amortization | $ 147 | $ 95 | $ 79 | |||||||||
[1] | (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent, 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent, 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015, 2014 and 2013. | |||||||||||
[2] | (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. | |||||||||||
[3] | (c) Segment assets include accounts receivable, inventories, fixed assets, goodwill and other intangible assets. Corporate and other assets include cash and cash equivalents, prepaid expenses and other current assets, deferred taxes, and other assets. | |||||||||||
[4] | (d) 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 $38.6 million, $105.0 million and $4.8 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2015, 2014 and 2013, respectively. |
Segment Reporting (Schedule o38
Segment Reporting (Schedule of Net Sales by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information | ||||||||||||
Total net sales | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 289,351 | $ 294,271 | $ 321,783 | $ 285,377 | $ 1,403,066 | $ 1,190,782 | $ 1,015,576 | [1] |
RV Segment | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 1,284,928 | 1,074,448 | 893,694 | [1] | ||||||||
RV Segment - Chassis, Chassis Parts and Slide-Out Mechanisms | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 638,261 | 564,543 | 493,244 | |||||||||
RV Segment - Windows, Doors and Screens | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 245,016 | 204,054 | 181,934 | |||||||||
RV Segment - Furniture and Mattresses | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 163,380 | 133,371 | 100,196 | |||||||||
RV Segment - Axles and Suspension Solutions | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 114,531 | 92,261 | 69,818 | |||||||||
RV Segment - Other | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 123,740 | 80,219 | 48,502 | |||||||||
MH Segment | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 118,138 | 116,334 | 121,882 | [1] | ||||||||
MH Segment - Windows, Door and Screens | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 73,035 | 66,140 | 67,029 | |||||||||
MH Segment - Chassis and Chassis Parts | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 29,798 | 33,842 | 38,359 | |||||||||
MH Segment - Other | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | $ 15,305 | $ 16,352 | $ 16,494 | |||||||||
[1] | (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent, 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent, 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015, 2014 and 2013. |
Segment Reporting (Schedule o39
Segment Reporting (Schedule of Net Sales by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information | ||||||||||||
Total net sales | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 289,351 | $ 294,271 | $ 321,783 | $ 285,377 | $ 1,403,066 | $ 1,190,782 | $ 1,015,576 | [1] |
Travel Trailer and Fifth Wheels | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 938,787 | 841,497 | 727,783 | |||||||||
Motorhomes | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 86,513 | 70,332 | 47,937 | |||||||||
RV Aftermarket | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 87,447 | 49,570 | 25,334 | |||||||||
RV Adjacent Industries | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 172,181 | 113,049 | 92,640 | |||||||||
RV Segment | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 1,284,928 | 1,074,448 | 893,694 | [1] | ||||||||
Manufactured Housing OEMs | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 82,032 | 77,421 | 80,245 | |||||||||
Manufactured Housing Aftermarket | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 15,559 | 14,186 | 13,719 | |||||||||
Manufactured Housing Adjacent Industries | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | 20,547 | 24,727 | 27,918 | |||||||||
MH Segment | ||||||||||||
Segment Reporting Information | ||||||||||||
Total net sales | $ 118,138 | $ 116,334 | $ 121,882 | [1] | ||||||||
[1] | (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent, 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent, 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015, 2014 and 2013. |
Acquisitions, Goodwill And Ot40
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 29, 2016 | Jan. 31, 2016 | Aug. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Aug. 31, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2015 | |
Business Acquisition | ||||||||||||||||||
Long-term purchase commitment, time period | 6 years | |||||||||||||||||
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 | 3,800,000 | $ 2,000,000 | $ 1,750,000 | $ 0 | ||||||||||||||
Present value of note receivable | $ 6,400,000 | $ 3,200,000 | $ 3,200,000 | |||||||||||||||
Note payable term (in years) | 3 years | |||||||||||||||||
Gain (loss) on contract termination | $ 1,600,000 | |||||||||||||||||
Signature Seating | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 16,000,000 | |||||||||||||||||
Cash consideration | 16,000,000 | |||||||||||||||||
Purchase price | $ 19,556,000 | |||||||||||||||||
Signature Seating | Customer Relationships | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Estimated useful life in years | 15 years | |||||||||||||||||
Spectal Industries, Inc. | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 25,000,000 | |||||||||||||||||
Cash consideration | 22,335,000 | |||||||||||||||||
Purchase price | $ 23,546,000 | |||||||||||||||||
Spectal Industries, Inc. | Customer Relationships | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Estimated useful life in years | 15 years | |||||||||||||||||
EA Technologies, LLC | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 17,000,000 | |||||||||||||||||
Cash consideration | 9,248,000 | $ 6,600,000 | ||||||||||||||||
Purchase price | $ 9,200,000 | |||||||||||||||||
Duncan Systems, Inc. | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 26,000,000 | |||||||||||||||||
Cash consideration | 18,000,000 | |||||||||||||||||
Purchase price | $ 19,914,000 | |||||||||||||||||
Duncan Systems, Inc. | Customer Relationships | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Estimated useful life in years | 14 years | |||||||||||||||||
PowerGear and Kwikee Brands | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 28,000,000 | |||||||||||||||||
Cash consideration | 35,500,000 | |||||||||||||||||
Purchase price | $ 35,500,000 | |||||||||||||||||
PowerGear and Kwikee Brands | Patents | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Estimated useful life in years | 8 years | |||||||||||||||||
PowerGear and Kwikee Brands | Customer Relationships | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Estimated useful life in years | 14 years | |||||||||||||||||
Star Designs, LLC | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 10,000,000 | |||||||||||||||||
Cash consideration | 12,232,000 | |||||||||||||||||
Purchase price | $ 12,200,000 | |||||||||||||||||
Star Designs, LLC | Customer Relationships | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Estimated useful life in years | 14 years | |||||||||||||||||
Fortress Technologies LLC | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 3,000,000 | |||||||||||||||||
Cash consideration | $ 3,299,000 | |||||||||||||||||
Innovative Design Solutions, Inc | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 19,000,000 | |||||||||||||||||
Revenue from acquired entity to company for last annual period | 15,000,000 | |||||||||||||||||
Consideration transferred total, less future payments | 35,900,000 | |||||||||||||||||
Cash consideration | 34,175,000 | |||||||||||||||||
Purchase price | $ 36,624,000 | |||||||||||||||||
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 | |||||||||||||||||
Midstates Tool & Die and Engineering Inc. | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 2,000,000 | |||||||||||||||||
Cash consideration | $ 1,451,000 | |||||||||||||||||
Note Receivable For Contract Termination | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Principal amount of note receivable | $ 2,000,000 | |||||||||||||||||
Present value of note receivable | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||
Subsequent Event | Flair Interiors, Inc. | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 25,000,000 | |||||||||||||||||
Cash consideration | $ 8,100,000 | |||||||||||||||||
Subsequent Event | Highwater Marine, LLC | ||||||||||||||||||
Business Acquisition | ||||||||||||||||||
Annual sales of acquired entity | $ 20,000,000 | |||||||||||||||||
Cash consideration | $ 10,000,000 |
Acquisitions, Goodwill And Ot41
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Business Acquisitions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||
Aug. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Aug. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | Jun. 13, 2014 | Apr. 30, 2014 | Feb. 27, 2014 | Dec. 13, 2013 | |
Business Acquisition | |||||||||||||||
Goodwill (tax deductible) | $ 66,521 | $ 83,619 | |||||||||||||
Signature Seating | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 16,000 | ||||||||||||||
Contingent consideration | 3,556 | ||||||||||||||
Total fair value of consideration given | 19,556 | ||||||||||||||
Net tangible assets | 3,633 | ||||||||||||||
Total fair value of net assets acquired | 11,523 | ||||||||||||||
Gain on bargain purchase | 8,033 | ||||||||||||||
Spectal Industries, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 22,335 | ||||||||||||||
Contingent consideration | 1,211 | ||||||||||||||
Total fair value of consideration given | $ 23,546 | ||||||||||||||
Net tangible assets | $ 3,681 | ||||||||||||||
Total fair value of net assets acquired | 14,481 | ||||||||||||||
Goodwill (tax deductible) | 9,065 | ||||||||||||||
EA Technologies, LLC | |||||||||||||||
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 | ||||||||||||||
Gain on bargain purchase | 100 | ||||||||||||||
Duncan Systems, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 18,000 | ||||||||||||||
Contingent consideration | 1,914 | ||||||||||||||
Total fair value of consideration given | 19,914 | ||||||||||||||
Net tangible assets | 4,070 | ||||||||||||||
Total fair value of net assets acquired | 15,500 | ||||||||||||||
Goodwill (tax deductible) | 4,414 | ||||||||||||||
PowerGear and Kwikee Brands | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 35,500 | ||||||||||||||
Total fair value of consideration given | $ 35,500 | ||||||||||||||
Net tangible assets | $ 2,227 | ||||||||||||||
Total fair value of net assets acquired | 21,957 | ||||||||||||||
Goodwill (tax deductible) | 13,543 | ||||||||||||||
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 | ||||||||||||||
Fortress Technologies LLC | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 3,299 | ||||||||||||||
Net tangible assets | $ 3,410 | ||||||||||||||
Total fair value of net assets acquired | 3,299 | ||||||||||||||
Midstates Tool & Die and Engineering Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 1,451 | ||||||||||||||
Net tangible assets | 1,043 | ||||||||||||||
Total fair value of net assets acquired | 1,083 | ||||||||||||||
Goodwill (tax deductible) | 368 | ||||||||||||||
Customer Relationships | Signature Seating | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | 7,500 | ||||||||||||||
Customer Relationships | Spectal Industries, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | 10,100 | ||||||||||||||
Customer Relationships | EA Technologies, LLC | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | 400 | ||||||||||||||
Customer Relationships | Duncan Systems, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | 10,500 | ||||||||||||||
Customer Relationships | PowerGear and Kwikee Brands | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | 12,300 | ||||||||||||||
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 | PowerGear and Kwikee Brands | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | 5,300 | ||||||||||||||
Patents | Innovative Design Solutions, Inc | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | 6,000 | ||||||||||||||
Other Identifiable Intangible Assets | Signature Seating | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | $ 390 | ||||||||||||||
Other Identifiable Intangible Assets | Spectal Industries, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | $ 700 | ||||||||||||||
Other Identifiable Intangible Assets | EA Technologies, LLC | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | $ 80 | ||||||||||||||
Other Identifiable Intangible Assets | Duncan Systems, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | $ 930 | ||||||||||||||
Other Identifiable Intangible Assets | PowerGear and Kwikee Brands | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | $ 2,130 | ||||||||||||||
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 | ||||||||||||||
Working capital, net | Fortress Technologies LLC | |||||||||||||||
Business Acquisition | |||||||||||||||
Net tangible assets | $ (111) | ||||||||||||||
Non-compete Agreement | Midstates Tool & Die and Engineering Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Intangible assets, excluding goodwill | $ 40 |
Acquisitions, Goodwill And Ot42
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill | ||||
Net balance | $ 66,521 | |||
Net balance | 83,619 | $ 66,521 | ||
Operating Segments | ||||
Segment Reporting Information | ||||
Accumulated cost | 134,146 | $ 71,704 | ||
Accumulated impairment | (50,527) | $ (21,545) | (50,527) | |
Goodwill | ||||
Net balance | 66,521 | 21,177 | ||
Acquisitions | 17,098 | 44,976 | 368 | |
Net balance | 83,619 | 66,521 | ||
Operating Segments | RV Segment | ||||
Segment Reporting Information | ||||
Accumulated cost | 124,121 | 61,679 | ||
Accumulated impairment | (41,276) | (20,771) | (41,276) | |
Goodwill | ||||
Net balance | 65,747 | 20,403 | ||
Acquisitions | 17,098 | 44,976 | 368 | |
Net balance | 82,845 | 65,747 | ||
Operating Segments | MH Segment | ||||
Segment Reporting Information | ||||
Accumulated cost | 10,025 | 10,025 | ||
Accumulated impairment | (9,251) | (774) | $ (9,251) | |
Goodwill | ||||
Net balance | 774 | 774 | ||
Acquisitions | 0 | 0 | $ 0 | |
Net balance | $ 774 | $ 774 |
Acquisitions, Goodwill And Ot43
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets | |||
Accumulated amortization | $ 66,627 | $ 56,802 | |
Net balance | 16,055 | 12,704 | $ 10,008 |
Indefinite-lived Intangible Assets | |||
Total gross cost | 167,562 | 153,761 | |
Total net balance | 100,935 | 96,959 | |
Purchased Research and Development | |||
Indefinite-lived Intangible Assets | |||
Gross cost and net balance | 4,687 | 4,687 | |
RV Segment | |||
Indefinite-lived Intangible Assets | |||
Total net balance | 100,418 | 95,075 | |
MH Segment | |||
Indefinite-lived Intangible Assets | |||
Total net balance | 517 | 1,884 | |
Customer Relationships | |||
Finite-Lived Intangible Assets | |||
Gross cost | 94,560 | 81,260 | |
Accumulated amortization | 30,514 | 27,553 | |
Net balance | $ 64,046 | $ 53,707 | |
Customer Relationships | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 6 years | 6 years | |
Customer Relationships | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 16 years | 16 years | |
Patents | |||
Finite-Lived Intangible Assets | |||
Gross cost | $ 54,293 | $ 54,333 | |
Accumulated amortization | 28,255 | 22,389 | |
Net balance | $ 26,038 | $ 31,944 | |
Patents | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 3 years | 3 years | |
Patents | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 19 years | 19 years | |
Tradenames | |||
Finite-Lived Intangible Assets | |||
Gross cost | $ 8,935 | $ 9,173 | |
Accumulated amortization | 4,751 | 4,525 | |
Net balance | $ 4,184 | $ 4,648 | |
Tradenames | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 3 years | 3 years | |
Tradenames | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 15 years | 15 years | |
Non-compete Agreements | |||
Finite-Lived Intangible Assets | |||
Gross cost | $ 4,493 | $ 3,948 | |
Accumulated amortization | 2,800 | 2,233 | |
Net balance | $ 1,693 | $ 1,715 | |
Non-compete Agreements | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 3 years | 3 years | |
Non-compete Agreements | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 6 years | 6 years | |
Other | |||
Finite-Lived Intangible Assets | |||
Gross cost | $ 594 | $ 360 | |
Accumulated amortization | 307 | 102 | |
Net balance | $ 287 | $ 258 | |
Other | Minimum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 2 years | 2 years | |
Other | Maximum | |||
Finite-Lived Intangible Assets | |||
Estimated useful life in years | 12 years | 12 years |
Acquisitions, Goodwill And Ot44
Acquisitions, Goodwill And Other Intangible Assets (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets | |||
Amortization expense | $ 16,055 | $ 12,704 | $ 10,008 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2,016 | 15,709 | ||
2,017 | 14,192 | ||
2,018 | 12,724 | ||
2,019 | 11,409 | ||
2,020 | 8,997 | ||
Cost of Sales | |||
Finite-Lived Intangible Assets | |||
Amortization expense | 6,017 | 5,092 | 3,610 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2,016 | 6,186 | ||
2,017 | 5,732 | ||
2,018 | 4,911 | ||
2,019 | 4,235 | ||
2,020 | 3,014 | ||
Selling, General and Administrative Expenses | |||
Finite-Lived Intangible Assets | |||
Amortization expense | 10,038 | $ 7,612 | $ 6,398 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2,016 | 9,523 | ||
2,017 | 8,460 | ||
2,018 | 7,813 | ||
2,019 | 7,174 | ||
2,020 | $ 5,983 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of period | $ 917 | $ 705 | $ 677 |
Provision for doubtful accounts | (5) | 178 | 194 |
Additions related to acquired businesses | 33 | 58 | 5 |
Recoveries | 8 | 4 | 1 |
Accounts written off | (109) | (28) | (172) |
Balance at end of period | 844 | 917 | $ 705 |
Allowance for prompt payment discounts | $ 400 | $ 400 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 144,397 | $ 111,366 |
Work in process | 4,932 | 2,624 |
Finished goods | 21,505 | 18,502 |
Inventories, net | $ 170,834 | $ 132,492 |
Fixed Assets (Schedule of Fixed
Fixed Assets (Schedule of Fixed Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment | ||
Fixed assets, at cost | $ 291,776 | $ 272,177 |
Less accumulated depreciation and amortization | 141,176 | 125,389 |
Fixed assets, net | 150,600 | 146,788 |
Land | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 11,064 | 10,792 |
Buildings and Improvements | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 89,616 | 85,002 |
Leasehold Improvements | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 11,147 | 8,114 |
Machinery and Equipment | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 153,784 | 138,025 |
Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 20,653 | 20,729 |
Construction in Progress | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | $ 5,512 | $ 9,515 |
Minimum | Buildings and Improvements | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 10 years | |
Minimum | Leasehold Improvements | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 3 years | |
Minimum | Machinery and Equipment | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 3 years | |
Minimum | Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 3 years | |
Maximum | Buildings and Improvements | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 40 years | |
Maximum | Leasehold Improvements | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 10 years | |
Maximum | Machinery and Equipment | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 15 years | |
Maximum | Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Estimated useful life in years | 8 years |
Fixed Assets (Schedule of Depre
Fixed Assets (Schedule of Depreciation and Amortization of Fixed Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Cost of sales | $ 21,289 | $ 16,364 | $ 14,667 |
Selling, general and administrative expenses | 4,137 | 3,440 | 2,773 |
Total | $ 25,426 | $ 19,804 | $ 17,440 |
Accrued Expenses And Other Cu49
Accrued Expenses And Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $ 25,147 | $ 21,473 | |
Current portion of accrued warranty | 17,020 | 14,516 | $ 11,731 |
Other | 26,995 | 21,662 | |
Accrued expenses and other current liabilities | $ 69,162 | $ 57,651 |
Accrued Expenses And Other Cu50
Accrued Expenses And Other Current Liabilities (Schedule of Reconciliation of the Activity Related to Accrued Warranty) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) | |||
Balance at beginning of period | $ 21,641 | $ 17,325 | $ 12,729 |
Provision for warranty expense | 17,267 | 12,860 | 13,874 |
Warranty liability from acquired businesses | 240 | 688 | 21 |
Warranty costs paid | (12,944) | (9,232) | (9,299) |
Balance at end of period | 26,204 | 21,641 | 17,325 |
Less long-term portion | 9,184 | 7,125 | 5,594 |
Current portion of accrued warranty | $ 17,020 | $ 14,516 | $ 11,731 |
Retirement And Other Benefit 51
Retirement And Other Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Employer contributions to defined contribution plan | $ 2,500 | $ 1,800 | $ 1,400 |
Other long-term liabilities | 35,509 | 26,108 | |
Accrued expenses and other current liabilities | 26,995 | 21,662 | |
Deferred Compensation | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Compensation deferred by participants | 1,200 | 1,600 | 1,700 |
Amount withdrawn from the Plan by participants | 800 | 400 | $ 200 |
Other long-term liabilities | 11,700 | 10,700 | |
Accrued expenses and other current liabilities | $ 200 | $ 800 |
Long-Term Indebtedness (Details
Long-Term Indebtedness (Details) | Mar. 20, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 03, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 24, 2014USD ($) |
Line of Credit Facility | ||||||
Long-term indebtedness | $ 50,000,000 | $ 50,000,000 | $ 15,650,000 | |||
Line of Credit | ||||||
Line of Credit Facility | ||||||
Amount outstanding | 0 | 0 | ||||
Remaining availability under the facilities | $ 197,300,000 | $ 197,300,000 | ||||
Maximum leverage ratio | 2.5 | 2.5 | ||||
Line of Credit | Maximum | ||||||
Line of Credit Facility | ||||||
Weighted average interest rate | 1.90% | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | ||||||
Line of Credit Facility | ||||||
Maximum borrowings under line of credit | $ 100,000,000 | $ 75,000,000 | ||||
Potential increase in line of credit borrowing capacity | 25,000,000 | |||||
Letter of credit | $ 2,700,000 | $ 2,700,000 | 1,900,000 | |||
Remaining availability under the facilities | 97,300,000 | $ 97,300,000 | ||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Prime Rate | ||||||
Line of Credit Facility | ||||||
Interest rate | 1.00% | |||||
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 | ||||||
Amount outstanding | $ 0 | |||||
Long-term indebtedness | $ 50,000,000 | |||||
Weighted average interest rate | 3.35% | |||||
Remaining availability under the facilities | $ 100,000,000 | $ 100,000,000 | $ 150,000,000 | |||
Period after request is issued, by company, for interest payable rate to be determined by Prudential | 5 days | |||||
Debt instrument term (in years) | 5 years | |||||
Prudential Investment Management Inc | Line of Credit | Maximum | ||||||
Line of Credit Facility | ||||||
Maturity period of Promissory Notes | 12 years |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Examination | |||
Federal income taxes receivable | $ 8,100 | ||
State and Local income taxes receivable | 400 | ||
Federal, State and Local income taxes receivable | $ 1,300 | ||
State income taxes payable | 800 | ||
Excess tax benefits on stock-based compensation | 9,028 | 3,914 | $ 1,534 |
Remaining available pool of excess tax benefits from prior stock option exercises | 23,400 | ||
Accrued interest and penalties related to taxes | 200 | 200 | 200 |
Unrecognized tax benefits, net of federal income tax benefits | $ 2,700 | $ 1,200 | $ 1,000 |
Indiana | |||
Income Tax Examination | |||
Percentage of operating located in Indiana | 80.00% |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provisions of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Income Tax Expense (Benefit), Continuing Operations | |||
Federal | $ 31,292 | $ 32,142 | $ 23,430 |
State | 7,670 | 6,142 | 4,129 |
Total current provision | 38,962 | 38,284 | 27,559 |
Deferred Income Tax Expense (Benefit), Continuing Operations | |||
Federal | 466 | (4,545) | 68 |
State | 596 | (948) | 201 |
Total deferred provision | 1,062 | (5,493) | 269 |
Provision for income taxes | $ 40,024 | $ 32,791 | $ 27,828 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Taxes Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 40,029 | $ 33,270 | $ 27,281 |
State income tax, net of federal income tax impact | 5,373 | 3,376 | 2,815 |
Manufacturing credit pursuant to Jobs Creation Act | (2,336) | (2,258) | (1,444) |
Federal tax credits | 1,049 | 681 | 747 |
Other | (1,993) | (916) | (77) |
Provision for income taxes | $ 40,024 | $ 32,791 | $ 27,828 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Goodwill and other intangible assets | $ 11,879 | $ 14,066 |
Stock-based compensation | 7,428 | 7,172 |
Deferred compensation | 5,310 | 5,040 |
Warranty | 8,809 | 7,845 |
Inventory | 5,974 | 3,897 |
Other | 4,922 | 3,189 |
Total deferred tax assets | 44,322 | 41,209 |
Fixed assets | (14,931) | (10,756) |
Net deferred tax assets | $ 29,391 | $ 30,453 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of period | $ 1,526 | $ 1,369 | $ 1,701 |
Changes in tax positions of prior years | 912 | 84 | (29) |
Additions based on tax positions related to the current year | 866 | 603 | 676 |
Payments | (85) | 0 | (126) |
Closure of tax years | (365) | (530) | (853) |
Balance at end of period | $ 2,854 | $ 1,526 | $ 1,369 |
Commitments And Contingencies58
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 9,800 | $ 8,600 | $ 7,100 |
Percentage of weighted average cost of capital | 13.90% | 15.00% | |
Loss Contingencies | |||
Pre-tax environmental costs | $ 1,500 | ||
Severance | 3,716 | $ 0 | 0 |
Restructuring charges | $ 1,900 | ||
Selling, General and Administrative Expenses | |||
Loss Contingencies | |||
Reserve for contingent obligation | $ 1,100 |
Commitments And Contingencies59
Commitments And Contingencies (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,015 | $ 7,472 |
2,016 | 6,761 |
2,017 | 5,553 |
2,018 | 4,752 |
2,019 | 4,043 |
Thereafter | 11,093 |
Total minimum lease payments | $ 39,674 |
Commitments And Contingencies60
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Business Combination, Contingent Consideration, Reconciliation of Change in Liability | |||||||
Balance at beginning of period | $ 8,129 | [1] | $ 7,414 | [1] | $ 11,519 | ||
Acquisitions | 4,766 | 3,370 | 0 | ||||
Payments | (3,974) | (3,739) | (5,456) | ||||
Accretion | [2] | 1,196 | 1,075 | 1,308 | |||
Fair value adjustments | [2] | $ 723 | 723 | 9 | 43 | ||
Balance at end of the period | [1] | 10,840 | 10,840 | 8,129 | 7,414 | ||
Less current portion in accrued expenses and other current liabilities | (3,877) | (3,877) | (3,622) | (3,462) | |||
Total long-term portion in other long-term liabilities | 6,963 | $ 6,963 | $ 4,507 | $ 3,952 | |||
Contingent consideration, total remaining estimated payments | $ 14,400 | ||||||
[1] | Amounts represent the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of December 31, 2015 are $14.4 million. The liability for contingent consideration expires at various dates through September 2029. Certain of the contingent consideration arrangements are subject to a maximum payment amount, while the remaining arrangements have no maximum contingent consideration. | ||||||
[2] | Recorded in selling, general and administrative expense in the Consolidated Statements of Income |
Commitments And Contingencies61
Commitments And Contingencies (Schedule of Minimum Purchase Obligations) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2015 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [1] | |
Long-term Purchase Commitment | |||||||||||||
Long-term purchase commitment, time period | 6 years | ||||||||||||
Net sales | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 289,351 | $ 294,271 | $ 321,783 | $ 285,377 | $ 1,403,066 | $ 1,190,782 | $ 1,015,576 | ||
Inventories | |||||||||||||
Long-term Purchase Commitment | |||||||||||||
Deposits on inventory scheduled for delivery | $ 11,000 | ||||||||||||
Furrion Limited | |||||||||||||
Long-term Purchase Commitment | |||||||||||||
Long-term purchase commitment, time period | 6 years | ||||||||||||
Net sales | $ 35,000 | ||||||||||||
Furrion Limited | Inventories | |||||||||||||
Long-term Purchase Commitment | |||||||||||||
July 2015 - June 2016 | $ 60,000 | ||||||||||||
July 2016 - June 2017 | 90,000 | ||||||||||||
July 2017 - June 2018 | 127,000 | ||||||||||||
July 2018 - June 2019 | $ 172,000 | ||||||||||||
[1] | (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent, 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent, 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015, 2014 and 2013. |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 10, 2015 | May. 22, 2014 | Jan. 06, 2014 | Jan. 06, 2014 | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Dividends paid per share | $ 2 | $ 2 | ||||||
Reduction in outstanding options exercise price | $ 2 | |||||||
Number of shares available for issuance following increase | 1,678,632 | |||||||
Shares available for grant | 1,305,440 | 1,389,506 | 246,368 | |||||
Amount of compensation exchanged for deferred stock units | $ 2 | $ 2 | $ 0.1 | |||||
Minimum percentage stock option exercise price must be equal to fair market value | 100.00% | |||||||
Minimum holding period of common stock | 6 months | |||||||
Weighted average diluted shares outstanding excludes shares of common stock subject to stock options | 255,547 | 293,860 | 303,240 | |||||
Maximum | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Expiration period in years | 10 years | |||||||
Deferred Stock Units, Restricted Stock and Stock Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Deferred stock units, per share | $ 2 | |||||||
Value of stock issued during period | $ 1.8 | |||||||
Stock Options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Expiration period of stock options | 6 years | |||||||
Vesting period | 5 years | |||||||
Unvested stock options, unrecognized compensation costs | $ 0.4 | |||||||
Unrecognized compensation costs, weighted-average recognition period | 10 months 8 days | |||||||
Deferred Stock Unit | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Unrecognized compensation costs, weighted-average recognition period | 1 year 11 months 5 days | |||||||
Unrecognized compensation costs | $ 12.7 | |||||||
Restricted Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Unrecognized compensation costs, weighted-average recognition period | 10 months | |||||||
Unrecognized compensation costs | $ 1 | |||||||
Stock Awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Unrecognized compensation costs, weighted-average recognition period | 1 year 6 months | |||||||
Unrecognized compensation costs | $ 6.7 | |||||||
Stock awards, performance period | 3 years | |||||||
Common Stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Payments of dividends | $ 48.2 | $ 46.7 | ||||||
Subsequent Event | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||||
Deferred stock units, value | $ 0.3 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 14,043 | $ 10,817 | $ 10,839 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 974 | 1,412 | 2,325 |
Deferred Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 7,023 | 4,343 | 5,425 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 1,031 | 910 | 911 |
Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 5,015 | $ 4,152 | $ 2,178 |
Stockholders' Equity (Schedul64
Stockholders' Equity (Schedule of Stock Options) (Details) - $ / shares | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Number of Option Shares | |||||
Exercised (in shares) | (505,312) | (476,047) | (681,426) | ||
Balance at end of the period (in shares) | [1] | 212,030 | |||
Exercisable at December 31, 2015 (in shares) | [1] | 162,170 | |||
Equity Plan | |||||
Number of Option Shares | |||||
Balance at beginning of the period (in shares) | 453,331 | 723,661 | 1,320,819 | ||
Exercised (in shares) | (214,601) | (258,530) | (574,288) | ||
Forfeited (in shares) | (26,700) | (11,800) | (22,870) | ||
Reduction for cash dividend (in shares) | 0 | 0 | |||
Balance at end of the period (in shares) | 212,030 | 453,331 | 723,661 | 1,320,819 | |
Exercisable at December 31, 2015 (in shares) | 162,170 | ||||
Weighted Average Exercise Price | |||||
Balance at beginning of the period (in usd per share) | $ 16.89 | $ 15.46 | $ 19.92 | ||
Exercised (in usd per share) | 14.48 | 12.89 | 23.04 | ||
Forfeited (in usd per share) | 14.30 | 16.93 | 19.36 | ||
Reduction for cash dividend (in usd per share) | (2) | (2) | |||
Balance at end of the period (in usd per share) | 15.38 | 16.89 | 15.46 | $ 19.92 | |
Exercisable at December 31, 2015 (in usd per share) | 14.83 | ||||
Outstanding exercise price (minimum, in usd per share) | 15.49 | 6.09 | 8.09 | 10.09 | |
Outstanding exercise price (maximum, in usd per share) | 19.17 | 19.17 | 29.11 | $ 31.11 | |
Exercised (minimum, in usd per share) | 6.09 | 8.09 | 8.09 | ||
Exercised (maximum, in usd per share) | 19.17 | 29.11 | 31.11 | ||
Forfeited (minimum, in usd per share) | 6.09 | 8.09 | 10.09 | ||
Forfeited (maximum, in usd per share) | 19.17 | 29.11 | $ 31.11 | ||
Reduction for cash dividend (minimum, in usd per share) | 6.09 | ||||
Reduction for cash dividend (maximum, in usd per share) | $ 19.17 | ||||
Exercisable (minimum, in usd per share) | 15.49 | ||||
Exercisable (maximum, in usd per share) | $ 19.17 | ||||
[1] | The aggregate intrinsic value for option shares outstanding and option shares exercisable is $9.6 million and $7.5 million, respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 1.4 years and 1.2 years, respectively. |
Stockholders' Equity (Schedul65
Stockholders' Equity (Schedule Exercise of Stock Options) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | |||
Intrinsic value of stock options exercised | $ 9,424 | $ 7,860 | $ 9,062 |
Cash receipts upon the exercise of stock options | 3,280 | 3,333 | 13,231 |
Income tax benefits from the exercise of stock options | 2,885 | 3,660 | 3,473 |
Grant date fair value of stock options that vested | $ 1,055 | $ 1,561 | $ 2,252 |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Stock Options Outstanding) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / sharesshares | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
Options shares outstanding | 212,030 | [1] |
Option shares exercisable (in shares) | 162,170 | [1] |
Aggregate intrinsic value, option shares outstanding | $ | $ 9.6 | |
Aggregate intrinsic value, option shares exercisable | $ | $ 7.5 | |
Weighted average remaining term, option shares outstanding | 1 year 5 months | |
Weighted average remaining term, option shares exercisable | 1 year 2 months | |
$ 13.67 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
Exercise price | $ / shares | $ 13.67 | |
Options shares outstanding | 108,450 | |
Remaining life in years | 10 months 8 days | |
Option shares exercisable (in shares) | 108,450 | |
$ 17.17 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ||
Exercise price | $ / shares | $ 17.17 | |
Options shares outstanding | 103,580 | |
Remaining life in years | 1 year 10 months 8 days | |
Option shares exercisable (in shares) | 53,720 | |
[1] | The aggregate intrinsic value for option shares outstanding and option shares exercisable is $9.6 million and $7.5 million, respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 1.4 years and 1.2 years, respectively. |
Stockholders' Equity (Schedul67
Stockholders' Equity (Schedule of Deferred Stock Units Transactions) (Details) - Deferred Stock Unit - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Balance at beginning of the period (in shares) | 738,288 | 692,961 | 613,754 |
Issued (in shares) | 54,982 | 56,212 | 32,462 |
Granted (in shares) | 90,184 | 187,490 | 140,461 |
Dividend equivalents (in shares) | 20,922 | 27,532 | (4,505) |
Forfeited (in shares) | (23,604) | (38,855) | |
Exercised (in shares) | (353,259) | (187,052) | (89,211) |
Balance at end of the period (in shares) | 527,513 | 738,288 | 692,961 |
Dividend equivalent (in usd per share) | $ 59.94 | $ 50.45 | |
Forfeited (in usd per share) | $ 30.50 | ||
Minimum | |||
Number of Shares | |||
Outstanding exercise price (in usd per share) | 6.16 | 6.16 | 6.16 |
Issued (in usd per share) | 52.20 | 36.68 | 33.84 |
Granted (in usd per share) | 52.20 | 45.98 | 36.58 |
Forfeited (in usd per share) | 30.50 | 26.98 | |
Exercised (in usd per share) | 20.89 | 19.98 | 20.20 |
Outstanding exercise price (in usd per share) | 6.16 | 6.16 | 6.16 |
Maximum | |||
Number of Shares | |||
Outstanding exercise price (in usd per share) | 51.20 | 50.85 | 33.32 |
Issued (in usd per share) | 60.92 | 51.46 | 48.53 |
Granted (in usd per share) | 61.53 | 46.95 | 50.85 |
Forfeited (in usd per share) | 60.29 | 50.89 | |
Exercised (in usd per share) | 51.46 | 50.89 | 30.65 |
Outstanding exercise price (in usd per share) | $ 61.53 | $ 51.20 | $ 50.85 |
Stockholders' Equity (Schedul68
Stockholders' Equity (Schedule of Restricted Stock Grants) (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Granted | $ 20,558 | $ 19,439 | $ 17,885 |
Stock price | $ 46.82 | $ 50.89 | |
Fair value of stock granted | 1,220 | 910 | 910 |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock price | $ 58.96 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock price | $ 61.53 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock Awards (Details) - Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | |||
Balance at beginning of the period (in shares) | 272,818 | 193,602 | 90,102 |
Granted (in shares) | 96,010 | 103,500 | 103,500 |
Dividend equivalents (in shares) | 8,992 | 7,675 | |
Forfeited (in shares) | (16,534) | ||
Exercised (in shares) | (98,830) | (31,959) | |
Balance at end of the period (in shares) | 262,456 | 272,818 | 193,602 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding exercise price (in usd per share) | $ 26.88 | ||
Granted (in usd per share) | $ 60.29 | $ 51.20 | |
Dividend equivalents (in usd per share) | 59.94 | 50.45 | |
Forfeited (in usd per share) | $ 60.29 | ||
Exercised (in usd per share) | 26.88 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding exercise price (in usd per share) | $ 26.88 | $ 26.88 | |
Granted (in usd per share) | 32.25 | ||
Exercised (in usd per share) | 26.88 | ||
Outstanding exercise price (in usd per share) | $ 32.25 | 26.88 | 26.88 |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding exercise price (in usd per share) | $ 51.45 | 43.70 | |
Granted (in usd per share) | 43.70 | ||
Exercised (in usd per share) | 43.70 | ||
Outstanding exercise price (in usd per share) | $ 60.29 | $ 51.45 | $ 43.70 |
Stockholders' Equity (Schedul70
Stockholders' Equity (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | |||
Weighted average shares outstanding for basic earnings per share | 24,295 | 23,911 | 23,321 |
Common stock equivalents pertaining to stock options and deferred stock units | 355 | 423 | 432 |
Weighted average shares outstanding for diluted earnings per share | 24,650 | 24,334 | 23,753 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | Dec. 31, 2013USD ($)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 | 6 years | ||
Average long-term sales growth forecast, over next 4 years, percent per year | 13.00% | ||
Combined carrying value | $ 150,600 | $ 146,788 | |
Vacant Owned Facilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Number of vacant owned properties | property | 3 | 4 | 6 |
Number properties classified as fixed assets | property | 1 | 3 | 3 |
Number of vacant facilities owned, not exceeding carrying value | property | 2 | ||
Estimated combined fair value | $ 3,100 | $ 3,600 | |
Combined carrying value | $ 2,500 | ||
Tangible asset impairment charges | 100 | ||
Vacant Owned Facilities Classified in Fixed Assets | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Estimated combined fair value | $ 4,200 | ||
Combined carrying value | $ 3,900 | $ 3,200 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Deferred compensation | $ 7,774 | $ 7,388 |
Total assets | 7,774 | 7,388 |
Liabilities | ||
Contingent consideration | 10,840 | 8,129 |
Deferred compensation | 11,836 | 11,478 |
Total liabilities | 22,676 | 19,607 |
Level 1 | ||
Assets | ||
Deferred compensation | 7,774 | 7,388 |
Total assets | 7,774 | 7,388 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Deferred compensation | 11,836 | 11,478 |
Total liabilities | 11,836 | 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 | 10,840 | 8,129 |
Deferred compensation | 0 | 0 |
Total liabilities | $ 10,840 | $ 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) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | |||
Assets, carrying value | $ 31,264 | $ 70,032 | $ 7,579 |
Assets, non-recurring losses | 0 | 0 | 145 |
Vacant Owned Facilities | |||
Assets | |||
Assets, carrying value | 2,537 | 3,863 | 3,197 |
Assets, non-recurring losses | 0 | 0 | 145 |
Other Intangible Assets | |||
Assets | |||
Assets, carrying value | 0 | 0 | 0 |
Assets, non-recurring losses | 0 | 0 | 0 |
Net Assets of Acquired Businesses | |||
Assets | |||
Assets, carrying value | 28,727 | 66,169 | 4,382 |
Assets, non-recurring losses | $ 0 | $ 0 | $ 0 |
Quarterly Results Of Operatio74
Quarterly Results Of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 289,351 | $ 294,271 | $ 321,783 | $ 285,377 | $ 1,403,066 | $ 1,190,782 | $ 1,015,576 | [1] |
Gross profit | 73,414 | 74,125 | 82,060 | 76,403 | 57,228 | 62,483 | 72,012 | 63,200 | 306,002 | 254,923 | 213,109 | |
Income before income taxes | 23,125 | 26,576 | 33,019 | 31,649 | 17,115 | 22,941 | 29,075 | 25,926 | 114,369 | 95,057 | 77,947 | |
Net income | $ 16,140 | $ 17,263 | $ 20,869 | $ 20,073 | $ 11,996 | $ 15,488 | $ 18,618 | $ 16,164 | $ 74,345 | $ 62,266 | $ 50,119 | |
Net income per common share, Basic | $ 0.66 | $ 0.71 | $ 0.86 | $ 0.83 | $ 0.50 | $ 0.65 | $ 0.78 | $ 0.68 | $ 3.06 | $ 2.60 | $ 2.15 | |
Net income per common share, Diluted | 0.65 | 0.70 | 0.85 | 0.82 | 0.49 | 0.64 | 0.77 | 0.67 | 3.02 | 2.56 | $ 2.11 | |
Stock market price, High | 61.90 | 59.42 | 62.60 | 64.61 | 51.69 | 50.83 | 54.15 | 54.20 | 64.61 | 54.20 | ||
Stock market price, Low | 53.55 | 52.42 | 55.26 | 47.63 | 41.95 | 41 | 45.80 | 45.53 | 47.63 | 41 | ||
Close (at end of quarter) | $ 60.89 | $ 54.61 | $ 58.02 | $ 61.54 | $ 51.07 | $ 42.19 | $ 50.01 | $ 54.20 | $ 60.89 | $ 51.07 | ||
[1] | (a) Thor Industries, Inc., a customer of the RV Segment, accounted for 29 percent, 33 percent and 34 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent, 28 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2015, 2014 and 2013, respectively. Jayco, Inc., a customer of the RV Segment, accounted for 10 percent of the Company's consolidated net sales for the year ended December 31, 2015. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2015, 2014 and 2013. |