Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | LCI INDUSTRIES | ||
Entity Central Index Key | 763,744 | ||
Trading Symbol | lcii | ||
Entity Filer Category | Large Accelerated Filer | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 24,756,229 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,940,584,601 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net sales | $ 1,678,898 | $ 1,403,066 | $ 1,190,782 |
Cost of sales | 1,249,995 | 1,097,064 | 935,859 |
Gross profit | 428,903 | 306,002 | 254,923 |
Selling, general and administrative expenses | 228,053 | 186,032 | 157,482 |
Severance | 0 | 3,716 | 0 |
Sale of extrusion assets | 0 | 0 | 1,954 |
Operating profit | 200,850 | 116,254 | 95,487 |
Interest expense, net | 1,678 | 1,885 | 430 |
Income before income taxes | 199,172 | 114,369 | 95,057 |
Provision for income taxes | 69,501 | 40,024 | 32,791 |
Net income | $ 129,671 | $ 74,345 | $ 62,266 |
Net income per common share: | |||
Basic (in usd per share) | $ 5.26 | $ 3.06 | $ 2.60 |
Diluted (in usd per share) | $ 5.20 | $ 3.02 | $ 2.56 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 24,631 | 24,295 | 23,911 |
Diluted (in shares) | 24,933 | 24,650 | 24,334 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 86,170 | $ 12,305 |
Accounts receivable, net | 57,374 | 41,509 |
Inventories, net | 188,743 | 170,834 |
Prepaid expenses and other current assets | 35,107 | 21,178 |
Total current assets | 367,394 | 245,826 |
Fixed assets, net | 172,748 | 150,600 |
Goodwill | 89,198 | 83,619 |
Other intangible assets, net | 112,943 | 100,935 |
Deferred taxes | 31,989 | 29,391 |
Other assets | 12,632 | 12,485 |
Total assets | 786,904 | 622,856 |
Current liabilities | ||
Accounts payable, trade | 50,616 | 29,700 |
Accrued expenses and other current liabilities | 98,735 | 69,162 |
Total current liabilities | 149,351 | 98,862 |
Long-term indebtedness | 49,949 | 49,910 |
Other long-term liabilities | 37,335 | 35,509 |
Total liabilities | 236,635 | 184,281 |
Stockholders’ equity | ||
Common stock, par value $.01 per share: authorized 75,000 shares; issued 27,434 at December 31, 2016 and 27,039 shares at December 31, 2015 | 274 | 270 |
Paid-in capital | 185,981 | 166,566 |
Retained earnings | 395,279 | 301,206 |
Accumulated other comprehensive loss | 0 | |
Stockholders’ equity before treasury stock | 579,736 | 468,042 |
Treasury stock, at cost, 2,684 shares at December 31, 2016 and December 31, 2015 | (29,467) | (29,467) |
Total stockholders’ equity | 550,269 | 438,575 |
Total liabilities and stockholders’ equity | $ 786,904 | $ 622,856 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 27,434 | 27,039 |
Common Stock, Shares Authorized | 75,000 | 75,000 |
Treasury Stock, Shares | 2,684 | 2,684 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income | $ 129,671 | $ 74,345 | $ 62,266 |
Adjustments to reconcile net income to cash flows provided by operating activities: | |||
Depreciation and amortization | 46,167 | 41,624 | 32,596 |
Stock-based compensation expense | 15,420 | 14,043 | 10,817 |
Deferred taxes | (2,598) | 1,062 | (5,493) |
Other non-cash items | 1,540 | 1,335 | 2,796 |
Changes in assets and liabilities, net of acquisitions of businesses: | |||
Accounts receivable, net | (13,899) | 2,082 | (606) |
Inventories, net | (7,856) | (31,276) | (21,940) |
Prepaid expenses and other assets | (15,553) | (2,249) | (4,610) |
Accounts payable, trade | 18,800 | (21,783) | 21,269 |
Accrued expenses and other liabilities | 31,715 | 15,835 | 9,925 |
Net cash flows provided by operating activities | 203,407 | 95,018 | 107,020 |
Cash flows from investing activities: | |||
Capital expenditures | (44,671) | (28,989) | (42,458) |
Acquisitions of businesses, net of cash acquired | (48,725) | (41,058) | (106,782) |
Proceeds from note receivable | 2,000 | 2,000 | 1,750 |
Proceeds from sales of fixed assets | 698 | 2,337 | 3,587 |
Other investing activities | (1,009) | (406) | (171) |
Net cash flows used for investing activities | (91,707) | (66,116) | (144,074) |
Cash flows from financing activities: | |||
Exercise of stock-based awards, net of shares tendered for payment of taxes | 2,574 | 1,470 | 5,769 |
Proceeds from line of credit borrowings | 81,458 | 614,629 | 425,330 |
Repayments under line of credit borrowings | (81,458) | (630,279) | (409,680) |
Payment of dividends | (34,437) | (48,227) | (46,706) |
Proceeds from shelf-loan borrowing | 0 | 50,000 | 0 |
Payment of contingent consideration related to acquisitions | (4,944) | (3,974) | (3,739) |
Other financing activities | (1,028) | (220) | (196) |
Net cash flows used for financing activities | (37,835) | (16,601) | (29,222) |
Net increase (decrease) in cash and cash equivalents | 73,865 | 12,301 | (66,276) |
Cash and cash equivalents at beginning of year | 12,305 | 4 | 66,280 |
Cash and cash equivalents at end of year | 86,170 | 12,305 | 4 |
Cash paid during the year for: | |||
Interest | 1,992 | 2,113 | 641 |
Income taxes, net of refunds | $ 65,792 | $ 33,782 | $ 30,947 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Accumulated Other Comprehensive Loss | Retained Earnings | Treasury Stock |
Beginning 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 | ||||
Dividend equivalents on stock-based awards | 1,811 | (1,811) | ||||
Ending 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 | ||||
Cash dividend | (48,227) | |||||
Dividend equivalents on stock-based awards | 1,826 | (1,826) | ||||
Ending Balance at Dec. 31, 2015 | 438,575 | 270 | 166,566 | 301,206 | (29,467) | |
Net income | 129,671 | 129,671 | ||||
Issuance of shares of common stock pursuant to stock options, deferred stock units and restricted stock | (5,409) | 4 | (5,413) | |||
Income tax benefit relating to issuance of common stock pursuant to stock-based awards | 7,983 | 7,983 | ||||
Stock-based compensation expense | 15,420 | 15,420 | ||||
Issuance of deferred stock units relating to prior year compensation | 264 | 264 | ||||
Other comprehensive loss | $ (1,798) | |||||
Cash dividend | (34,437) | (34,437) | ||||
Dividend equivalents on stock-based awards | 1,161 | (1,161) | ||||
Ending Balance at Dec. 31, 2016 | $ 550,269 | $ 274 | $ 185,981 | $ 395,279 | $ (29,467) |
Condensed Consolidated Stateme7
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock (in shares) | 395,274 | 505,312 | 476,047 |
Issuance of deferred stock units (in shares) | 4,784 | 36,578 | 43,188 |
Special cash dividend, per share | $ 1.4 | $ 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Consolidated net income | $ 129,671 | $ 74,345 | $ 62,266 |
Other comprehensive loss: | |||
Net foreign currency translation adjustment | (1,798) | 0 | 0 |
Total comprehensive income | $ 127,873 | $ 74,345 | $ 62,266 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries (“LCII” and collectively with its subsidiaries, the “Company”). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components” or “LCI”), supplies, domestically and internationally, a broad array of components for the leading original equipment manufacturers (“OEMs”) of recreational vehicles (“RVs”) and adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; trucks; pontoon boats; trains; manufactured homes; and modular housing . The Company also supplies components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors and service centers. At December 31, 2016 , the Company operated 48 manufacturing and distribution facilities located throughout the United States and in Canada and Italy . Most 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. Additionally, sales of components to the aftermarket channels of these industries tend to be counter-seasonal. 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. Warranty The Company provides warranty terms based upon the type of product sold. The Company estimates the warranty accrual based upon various factors, including (i) historical warranty costs, (ii) current trends, (iii) product mix, and (iv) sales. The accounting for warranty accruals requires the Company to make assumptions and judgments, and to the extent actual results differ from original estimates, adjustments to recorded accruals may be required. 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 2016 and 2015 , 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. Foreign Currency Translation The “functional currency” of the Company’s subsidiaries in Italy is the respective local currency. The translation from the applicable foreign currency to U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average exchange rate for the period. The resulting translation adjustments are recorded as a component of Accumulated Other Comprehensive Income (Loss). 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 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 $51.8 million , $45.8 million and $40.9 million in the years ended December 31, 2016 , 2015 and 2014 , 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. |
Acquisitions, Goodwill And Othe
Acquisitions, Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions in 2017 SessaKlein S.p.A. In February 2017 , the Company acquired 100 percent of the outstanding shares of Sessa Klein S.p.A. (“SessaKlein”), a manufacturer of highly engineered side window systems for both high speed and commuter trains, located near Varese, Italy. The purchase price was $8.5 million paid at closing, plus contingent consideration based on future sales by this operation. The Company is unable to make all the disclosures required by ASC 805-10-50-2 at this time as the initial accounting and pro forma analysis for this business combination is incomplete. Acquisitions in 2016 Camping Connection In November 2016 , the Company acquired the service centers and related business of Camping Connection, Inc., an RV repair and service provider located in Myrtle Beach, South Carolina and Kissimmee, Florida. The purchase price was $2.0 million paid at closing. Atwood Seating and Chassis Components In November 2016 , the Company acquired the business, manufacturing facility and certain assets of the seating and chassis components business of Atwood Mobile Products, LLC (“Atwood”), a subsidiary of Dometic Group, located in Elkhart, Indiana. The purchase price was $12.5 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Consolidated Statements of Income since the acquisition date. The Company is validating account balances and finalizing the valuation for the acquisition. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration $ 12,463 Customer relationships $ 2,116 Net other assets 10,347 Total fair value of net assets acquired $ 12,463 The customer relationships intangible asset is being amortized over its preliminary estimated useful life of 15 years . Project 2000 S.r.l. In May 2016 , the Company acquired 100 percent of the equity interest of Project 2000 S.r.l. (“Project 2000”), a manufacturer of innovative, space-saving bed lifts and retractable steps, located near Florence, Italy. The purchase price was $18.8 million paid at closing, plus contingent consideration based on future sales by this operation. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Consolidated Statements of Income since the acquisition date. The Company is validating account balances and finalizing the valuation for the acquisition. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration net of cash acquired $ 16,137 Contingent consideration 1,322 Total fair value of consideration given $ 17,459 Customer relationships $ 9,694 Other identifiable intangible assets 5,193 Net other assets 128 Total fair value of net assets acquired $ 15,015 Goodwill (not tax deductible) $ 2,444 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 the attainment of synergies and an increase in the markets for the acquired products. Flair Interiors In February 2016 , the Company acquired the business and certain assets of Flair Interiors, Inc. (“Flair”), a manufacturer of RV furniture located in Goshen, Indiana. The purchase price was $8.1 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM 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 $ 8,100 Customer relationships $ 3,700 Net other assets 2,378 Total fair value of net assets acquired $ 6,078 Goodwill (tax deductible) $ 2,022 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 the attainment of synergies and an increase in the markets for the acquired products. 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. The purchase price was $10.0 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM 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 $ 10,000 Customer relationships $ 8,100 Net tangible assets 1,307 Total fair value of net assets acquired $ 9,407 Goodwill (tax deductible) $ 593 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. 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. 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 OEM 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 Net other assets 4,023 Total fair value of net assets acquired $ 11,523 Goodwill (tax deductible) $ 8,033 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. Spectal Industries In April 2015 , the Company acquired the business and certain assets of Industries Spectal, Inc. (“Spectal”), a Quebec, Canada-based manufacturer of windows and doors primarily for school buses, as well as commercial buses, emergency vehicles, trucks, agricultural equipment and RVs. 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 primarily in the Company’s OEM 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 Net other assets 4,381 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. 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 OEM 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 Identifiable intangible assets $ 480 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. 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 Aftermarket 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 Net other assets 5,000 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. The purchase price was $35.5 million , paid at closing. The results of the acquired business have been included primarily in the Company’s OEM 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 eight 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”).The purchase price was $12.2 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM 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 Net other assets 2,718 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. 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 primarily in the Company’s OEM 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. Goodwill Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2014 $ 52,815 $ 13,706 $ 66,521 Acquisitions – 2015 17,007 91 17,098 Net balance – December 31, 2015 69,822 13,797 83,619 Acquisitions – 2016 5,059 738 5,797 Other (218 ) — (218 ) Net balance – December 31, 2016 $ 74,663 $ 14,535 $ 89,198 The Company performed its annual goodwill impairment procedures for all of its reporting units as of November 30, 2016 , 2015 and 2014 , and concluded no goodwill impairment existed at that time. The Company plans to update its review as of November 30, 2017 , or sooner if events occur or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying value. In conjunction with the Company’s change in reportable segments during the second quarter of 2016 (see Note 14 ), goodwill was reassigned to reporting units using a relative fair value allocation. In addition, the Company completed an assessment of any potential goodwill impairment for all reporting units immediately prior to the reallocation and determined that no impairment existed. The goodwill balance includes $50.5 million of accumulated impairment, which occurred prior to December 31, 2014. Any change in the goodwill amounts resulting from foreign currency translations and purchase accounting adjustments are presented as “Other” in the above table. Other Intangible Assets Other intangible assets, by segment, consisted of the following at December 31: (In thousands) 2016 2015 OEM Segment $ 97,689 $ 84,752 Aftermarket Segment 15,254 16,183 Other intangible assets $ 112,943 $ 100,935 Other intangible assets consisted of the following at December 31, 2016 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 110,784 $ 32,414 $ 78,370 6 to 16 Patents 56,468 34,066 22,402 3 to 19 Tradenames 10,041 5,667 4,374 3 to 15 Non-compete agreements 5,852 2,975 2,877 3 to 6 Other 309 76 233 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 188,141 $ 75,198 $ 112,943 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 Amortization expense related to other intangible assets was as follows for the years ended December 31: (In thousands) 2016 2015 2014 Cost of sales $ 5,967 $ 6,017 $ 5,092 Selling, general and administrative 11,791 10,038 7,612 Amortization expense $ 17,758 $ 16,055 $ 12,704 Estimated amortization expense for other intangible assets for the next five years is as follows: (In thousands) 2017 2018 2019 2020 2021 Cost of sales $ 5,809 $ 4,973 $ 4,330 $ 3,283 $ 2,743 Selling, general and administrative 10,989 10,405 9,362 8,060 7,466 Amortization expense $ 16,798 $ 15,378 $ 13,692 $ 11,343 $ 10,209 |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Balance at beginning of period $ 844 $ 917 $ 705 Provision for doubtful accounts (83 ) (5 ) 178 Additions related to acquired businesses 29 33 58 Recoveries — 8 4 Accounts written off (135 ) (109 ) (28 ) Balance at end of period $ 655 $ 844 $ 917 In addition to the allowance for doubtful accounts receivable, the Company had an allowance for prompt payment discounts in the amount of $0.5 million and $0.4 million at December 31, 2016 and 2015 , respectively. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following at December 31: (In thousands) 2016 2015 Raw materials $ 155,044 $ 144,397 Work in process 7,509 4,932 Finished goods 26,190 21,505 Inventories, net $ 188,743 $ 170,834 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS Fixed assets consisted of the following at December 31: Estimated Useful (In thousands) 2016 2015 Life in Years Land $ 13,802 $ 11,064 Buildings and improvements 106,831 89,616 10 to 40 Leasehold improvements 11,918 11,147 3 to 10 Machinery and equipment 167,691 153,784 3 to 15 Furniture and fixtures 27,053 20,653 3 to 8 Construction in progress 10,067 5,512 Fixed assets, at cost 337,362 291,776 Less accumulated depreciation and amortization 164,614 141,176 Fixed assets, net $ 172,748 $ 150,600 Depreciation and amortization of fixed assets was as follows for the years ended December 31: (In thousands) 2016 2015 2014 Cost of sales $ 22,993 $ 21,289 $ 16,364 Selling, general and administrative expenses 5,140 4,137 3,440 Total $ 28,133 $ 25,426 $ 19,804 |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTES RECEIVABLE 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 2016 - 2014, the Company received installments of $5.8 million under the note. At December 31, 2016 , the present value of the remaining amount due under the note receivable was $1.4 million included in prepaid expenses and other current assets. 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, 2016 , the present value of the remaining amount due under the note receivable was $1.7 million included in other assets. |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 Employee compensation and benefits $ 47,459 $ 25,147 Current portion of accrued warranty 20,393 17,020 Customer rebates 9,329 7,993 Other 21,554 19,002 Accrued expenses and other current liabilities $ 98,735 $ 69,162 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) 2016 2015 2014 Balance at beginning of period $ 26,204 $ 21,641 $ 17,325 Provision for warranty expense 20,985 17,267 12,860 Warranty liability from acquired businesses 125 240 688 Warranty costs paid (14,921 ) (12,944 ) (9,232 ) Balance at end of period 32,393 26,204 21,641 Less long-term portion 12,000 9,184 7,125 Current portion of accrued warranty $ 20,393 $ 17,020 $ 14,516 |
Retirement And Other Benefit Pl
Retirement And Other Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
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 $3.1 million , $2.5 million and $1.8 million to this plan during the years ended December 31, 2016 , 2015 and 2014 , 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 $2.3 million , $1.2 million and $1.6 million during the years ended December 31, 2016 , 2015 and 2014 , 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 $1.5 million , $0.8 million and $0.4 million from the Plan during the years ended December 31, 2016 , 2015 and 2014 , respectively. At December 31, 2016 and 2015 , deferred compensation of $13.4 million and $11.7 million , respectively, was recorded in other long-term liabilities, and deferred compensation of $0.2 million and $0.2 million , respectively, was recorded in accrued expenses and other current liabilities. The Company invests approximately 60 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 are recorded at contract value. At December 31, 2016 and 2015 , life insurance contract assets of $8.2 million and $7.8 million , respectively, were recorded in other assets. |
Long-Term Indebtedness
Long-Term Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | LONG-TERM INDEBTEDNESS At December 31, 2016 and 2015 , the Company had no outstanding borrowings on its line of credit. On February 24, 2014, the Company entered into a $75.0 million line of credit (the “Credit Agreement”) with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. On March 3, 2015, in accordance with the terms of the Credit Agreement, the Company increased its line of credit by $25.0 million to $100.0 million . Interest on borrowings under the line of credit was 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. On April 27, 2016, the Company announced the refinancing of its line of credit through an agreement with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank. The agreement amends and restates the existing line of credit, which was scheduled to expire on January 1, 2019, and now expires on April 27, 2021 (the “Amended Credit Agreement”). In connection with this amendment and restatement, the line of credit was increased from $100.0 million to $200.0 million , and contains a feature allowing the Company to draw up to $50.0 million in approved foreign currencies, including Australian dollars, Canadian dollars, pound sterling and euros. The maximum borrowings under the line of credit can be further increased by $125.0 million , subject to certain conditions. Interest on borrowings under the new line of credit is designated from time to time by the Company as either (i) the Alternate Base Rate (defined in the Amended Credit Agreement as the greatest of (a) the Prime Rate of JPMorgan Chase, (b) the federal funds effective rate plus 0.5 percent and (c) the Adjusted LIBO Rate (as defined in the Amended Credit Agreement) for a one month interest period plus 1.0 percent ), plus additional interest ranging from 0.0 percent to 0.625 percent ( 0.0 percent at December 31, 2016 ) depending on the Company’s performance and financial condition, or (ii) the Adjusted LIBO Rate for a period equal to one, two, three, six or twelve months as selected by the Company, plus additional interest ranging from 1.0 percent to 1.625 percent ( 1.0 percent at December 31, 2016 ) depending on the Company’s performance and financial condition. At December 31, 2016 and 2015 , the Company had $2.5 million and $2.7 million , respectively, in outstanding, but undrawn, standby letters of credit under the line of credit. Availability under the Company’s line of credit was $197.5 million at December 31, 2016 . 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 12 years after the date of original issue of each Senior Promissory Note. 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, 2016 . At December 31, 2016 , 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. On April 27, 2016, the Company also amended and restated its “shelf-loan” facility with Prudential to conform certain covenants and other terms to the Amended Credit Agreement. 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. Availability under the Company’s “shelf-loan” facility, subject to the approval of Prudential, was $100.0 million at December 31, 2016 . 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 the Company’s direct and indirect subsidiaries (including up to 65 percent of the equity interest of certain “controlled foreign corporations.”) Pursuant to the Amended Credit Agreement and “shelf-loan” facility, the Company is required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At December 31, 2016 and 2015 , the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months. Availability under both the Amended Credit Agreement and the “shelf-loan” facility 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. This limitation did not impact the Company’s borrowing availability at December 31, 2016 . The remaining availability under these facilities was $297.5 million at December 31, 2016 . The undrawn “shelf-loan” facility expired February 24, 2017, and the Company and Prudential are currently discussing renewal terms. The Company believes the availability under the Amended Credit Agreement is adequate to finance the Company’s anticipated cash requirements for the next twelve months. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of earnings before income taxes consisted of the following for the years ended December 31: (In thousands) 2016 2015 2014 United States $ 196,827 $ 113,280 $ 95,057 Foreign 2,345 1,089 — Total earnings before income taxes $ 199,172 $ 114,369 $ 95,057 The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31: (In thousands) 2016 2015 2014 Current: Federal $ 61,073 $ 31,132 $ 32,142 State and local 10,560 7,670 6,142 Foreign 466 160 — Total current provision 72,099 38,962 38,284 Deferred: Federal (2,506 ) 466 (4,545 ) State and local (110 ) 596 (948 ) Foreign 18 — — Total deferred provision (2,598 ) 1,062 (5,493 ) Provision for income taxes $ 69,501 $ 40,024 $ 32,791 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) 2016 2015 2014 Income tax at federal statutory rate $ 69,710 $ 40,029 $ 33,270 State income tax, net of federal income tax impact 6,480 4,386 3,376 Foreign tax rate differential (614 ) (82 ) — Manufacturing credit pursuant to Jobs Creation Act (5,067 ) (2,336 ) (2,258 ) Federal tax credits (1,736 ) (919 ) (681 ) Other 728 (1,054 ) (916 ) Provision for income taxes $ 69,501 $ 40,024 $ 32,791 At December 31, 2016 , federal income taxes receivable of $12.7 million and state income taxes receivable of $0.4 million were included in prepaid expenses and other current assets. At December 31, 2015 , federal and state income taxes receivable of $8.1 million were included in prepaid expenses and other current assets, and state income taxes payable of $0.4 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) 2016 2015 Deferred tax assets: Goodwill and other intangible assets $ 10,952 $ 11,879 Stock-based compensation 7,550 7,428 Deferred compensation 5,184 5,310 Warranty 11,679 8,809 Inventory 6,572 5,974 Other 5,000 4,922 Total deferred tax assets 46,937 44,322 Deferred tax liabilities: Fixed assets (14,948 ) (14,931 ) Net deferred tax assets $ 31,989 $ 29,391 The Company concluded it is more likely than not the deferred tax assets at December 31, 2016 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 $8.0 million , $9.0 million and $3.9 million were credited directly to stockholders’ equity during the years ended December 31, 2016 , 2015 and 2014 , respectively, relating to tax benefits which exceeded the compensation cost for stock-based compensation recognized in the Consolidated Financial Statements. At December 31, 2016 , the remaining pool of excess tax benefits from prior exercises of stock-based compensation in stockholders’ equity was $31.5 million . Unrecognized Tax Benefits The following table reconciles the total amounts of unrecognized tax benefits, at December 31: (In thousands) 2016 2015 2014 Balance at beginning of period $ 2,854 $ 1,526 $ 1,369 Changes in tax positions of prior years 214 912 84 Additions based on tax positions related to the current year 1,252 866 603 Payments — (85 ) — Closure of tax years (573 ) (365 ) (530 ) Balance at end of period $ 3,747 $ 2,854 $ 1,526 In addition, the total amount of accrued interest and penalties related to taxes, recognized as a liability, was $0.2 million , $0.2 million and $0.2 million at December 31, 2016 , 2015 and 2014 , respectively. The total amount of unrecognized tax benefits, net of federal income tax benefits, of $2.9 million , $2.7 million and $1.2 million at December 31, 2016 , 2015 and 2014 , 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 is subject to taxation in the United States and various states and foreign jurisdictions. The Company periodically undergoes examinations by the Internal Revenue Service (“IRS”), as well as various state and foreign taxing authorities. The IRS and other taxing authorities may challenge certain deductions and positions reported by the Company on its income tax returns. For U.S. federal income tax purposes, the tax year 2014 is currently under audit, while tax years 2013 and 2015 remain subject to examination. For Indiana state income tax purposes, the tax years 2013 through 2015 remain subject to examination. Approximately 80 percent of the Company’s operations are located in Indiana. In other major jurisdictions, open years are generally 2013 or later. 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 2017 . 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, 2016 , 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, 2016 | |
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, 2016 are as follows ( in thousands ): 2017 $ 9,388 2018 7,978 2019 6,068 2020 4,936 2021 4,116 Thereafter 8,017 Total minimum lease payments $ 40,503 Rent expense for operating leases was $11.5 million , $9.8 million and $8.6 million for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 and 2015 , based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 13.7 percent and 13.9 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) 2016 2015 2014 Balance at beginning of period $ 10,840 $ 8,129 $ 7,414 Acquisitions 1,322 4,766 3,370 Payments (4,944 ) (3,974 ) (3,739 ) Accretion (a) 1,274 1,196 1,075 Fair value adjustments (a) 749 723 9 Balance at end of the period (b) 9,241 10,840 8,129 Less current portion in accrued expenses and other current liabilities (5,829 ) (3,877 ) (3,622 ) Total long-term portion in other long-term liabilities $ 3,412 $ 6,963 $ 4,507 (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, 2016 are $11.6 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 six -year exclusive distribution and supply agreement with Furrion Limited (“Furrion”), a Hong Kong based firm that designs, engineers and supplies 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 televisions, sound systems, navigation systems, wireless backup cameras, solar prep units, power solutions and kitchen appliances, primarily to the RV industry. In connection with this agreement, the Company entered into the following minimum purchase obligations (“MPOs”), which the Company anticipates will be revised from time to time: July 2016 - June 2017 $ 90 million July 2017 - June 2018 $127 million July 2018 - June 2019 $172 million Furrion and the Company agreed to review these MPOs after the first year 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. Despite good market acceptance of Furrion products during the first year of the distribution agreement, the MPO was not achieved for the year ended June 30, 2016 , primarily due to the timing of development and availability of anticipated new products from Furrion. As a result, the parties are currently in discussions to revise the MPOs, and the Company and Furrion are working together to increase product availability and new product introductions. Subject to agreed upon revisions to the MPOs, Furrion has the right to either terminate the distribution agreement with six months’ notice or remove exclusivity from the Company 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. If exclusivity is withdrawn, the Company at its election may 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. 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. As a result, the Company has incurred expenses associated with product recalls from time to time, and may incur expenditures for future investigations or product recalls. 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, including in conjunction with voluntary remediation programs or third party claims. 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, 2016 , would not be material to the Company’s financial position or annual results of operations. Severance In 2015, the Company initiated a focused program to reduce indirect labor costs. In connection with this cost reduction program and certain changes at the executive level, the Company incurred severance charges of $3.7 million . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Dividends 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. In 2016, the Company initiated the payment of regular quarterly dividends. The table below summarizes the regular quarterly dividends declared and paid during the year ended December 31, 2016 : (In thousands, except per share data) Per Share Record Date Payment Date Total Paid First Quarter 2016 $ 0.30 04/01/16 04/15/16 $ 7,344 Second Quarter 2016 0.30 06/06/16 06/17/16 7,363 Third Quarter 2016 0.30 08/19/16 09/02/16 7,371 Fourth Quarter 2016 0.50 11/28/16 12/09/16 12,359 Total 2016 $ 1.40 $ 34,437 Stock-Based Awards Pursuant to the LCI Industries 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 LCII’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 1,049,752 , 1,305,440 and 1,389,506 at December 31, 2016 , 2015 and 2014 , respectively. Stock-based compensation resulted in charges to operations as follows for the years ended December 31: (In thousands) 2016 2015 2014 Stock options $ 444 $ 974 $ 1,412 Deferred stock units 7,830 7,023 4,343 Restricted stock 1,770 1,031 910 Stock awards 5,376 5,015 4,152 Stock-based compensation expense $ 15,420 $ 14,043 $ 10,817 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, 2016 , 2015 and 2014 , 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 $0.3 million , $2.0 million and $2.0 million , respectively. In February 2017 , the Company issued deferred stock units valued at $6.9 million , to certain officers in lieu of cash for a portion of their 2016 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 Weighted Average Exercise Price Outstanding at December 31, 2013 723,661 $ 15.46 Exercised (258,530 ) $ 12.89 Forfeited (11,800 ) $ 16.93 Reduction for special cash dividend — $ (2.00 ) Outstanding at December 31, 2014 453,331 $ 16.89 Exercised (214,601 ) $ 14.48 Forfeited (26,700 ) $ 14.30 Reduction for special cash dividend — $ (2.00 ) Outstanding at December 31, 2015 212,030 $ 15.38 Exercised (183,600 ) $ 15.10 Forfeited (1,550 ) $ 17.17 Outstanding at December 31, 2016 (a) 26,880 $ 17.17 Exercisable at December 31, 2016 (a) 26,880 $ 17.17 (a) The aggregate intrinsic value for option shares outstanding and option shares exercisable is $2.4 million . The weighted average remaining term for option shares outstanding and option shares exercisable is 0.9 years . Additional information for the exercise of stock options is as follows for the years ended December 31: (In thousands) 2016 2015 2014 Intrinsic value of stock options exercised $ 13,204 $ 9,424 $ 7,860 Cash receipts from stock options exercised $ 2,772 $ 3,280 $ 3,333 Income tax benefits from stock option exercises $ 4,435 $ 2,885 $ 3,660 Grant date fair value of stock options vested $ 506 $ 1,055 $ 1,561 Deferred and Restricted Stock Units The Equity Plan provides for the grant or issuance of deferred stock units (“DSUs”) and restricted stock units (“RSUs”) to directors, employees and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividends granted to holders of the Common Stock, payable in additional DSUs and RSUs, 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. RSUs vest (i) ratably over the service period or (ii) at a specified future date. 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 and RSUs under the Equity Plan are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2013 692,961 $ 30.26 Issued 56,212 $ 46.08 Granted 187,490 $ 46.94 Dividend equivalents 27,532 $ 50.45 Forfeited (38,855 ) $ 29.83 Exercised (187,052 ) $ 29.90 Outstanding at December 31, 2014 738,288 $ 36.96 Issued 54,982 $ 47.51 Granted 90,184 $ 60.22 Dividend equivalents 20,922 $ 59.94 Forfeited (23,604 ) $ 44.78 Exercised (353,259 ) $ 32.62 Outstanding at December 31, 2015 527,513 $ 44.94 Issued 10,742 $ 72.01 Granted 173,097 $ 54.67 Dividend equivalents 9,075 $ 87.01 Forfeited (10,893 ) $ 48.98 Exercised (203,087 ) $ 43.55 Outstanding at December 31, 2016 506,447 $ 50.00 As of December 31, 2016 , there was $14.4 million of total unrecognized compensation costs related to DSUs and RSUs, which is expected to be recognized over a weighted average remaining period of 1.5 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): 2016 2015 2014 Granted 17,439 20,558 19,439 Weighted average stock price $ 74.55 $ 59.60 $ 46.82 Fair value of stock granted $ 1,300 $ 1,220 $ 910 As of December 31, 2016 , there was $0.5 million of total unrecognized compensation costs related to restricted stock, which is expected to be recognized over a weighted average remaining period of 0.4 years . Stock Awards In accordance with the employment 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, 2013 193,602 $ 30.84 Granted 103,500 $ 51.20 Dividend equivalents 7,675 $ 50.45 Exercised (31,959 ) $ 26.88 Outstanding at December 31, 2014 272,818 $ 39.03 Granted 96,010 $ 60.29 Dividend equivalents 8,992 $ 59.94 Forfeited (16,534 ) $ 60.29 Exercised (98,830 ) $ 29.70 Outstanding at December 31, 2015 262,456 $ 49.36 Granted 86,918 $ 54.47 Dividend equivalents 3,811 $ 88.04 Forfeited (10,832 ) $ 53.95 Exercised (109,731 ) $ 39.94 Outstanding at December 31, 2016 232,622 $ 55.60 As of December 31, 2016 , there was $7.6 million of total unrecognized compensation costs related to outstanding stock awards, which is expected to be recognized over a weighted average remaining period of 1.4 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) 2016 2015 2014 Weighted average shares outstanding for basic earnings per share 24,631 24,295 23,911 Common stock equivalents pertaining to stock-based awards 302 355 423 Weighted average shares outstanding for diluted earnings per share 24,933 24,650 24,334 The weighted average diluted shares outstanding for the years ended December 31, 2016 , 2015 and 2014 , exclude the effect of 184,277 , 255,547 and 293,860 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, 2016 | |
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: 2016 2015 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Unrealized gain on derivative instruments $ 2,296 $ — $ 2,296 $ — $ — $ — $ — $ — Liabilities Contingent consideration $ 9,241 $ — $ — $ 9,241 $ 10,836 $ — $ — $ 10,836 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 14 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. Derivative Instruments At December 31, 2016 , the Company had derivative instruments for 40.8 million pounds of steel, in order to manage a portion of the exposure to movements associated with steel costs. These derivative instruments expire through December 2018 , at an average steel price of $0.25 per pound. While these derivative instruments are considered to be economic hedges of the underlying movement in the price of steel, they are not designated or accounted for as a hedge. These derivative instruments were valued at fair value using a market approach based on the quoted market prices of similar instruments at the end of each reporting period, and the resulting net gain was recorded in cost of sales in the Consolidated Statements of Income. At December 31, 2016 the $2.3 million corresponding asset was recorded in other current assets as reflected in the Consolidated Balance Sheets. 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 : 2016 2015 2014 (In thousands) Carrying Non-Recurring Carrying Non-Recurring Carrying Non-Recurring Assets Vacant owned facilities $ 2,496 $ — $ 2,537 $ — $ 3,863 $ — Net assets of acquired businesses 44,250 — 28,727 — 66,169 — Total assets $ 46,746 $ — $ 31,264 $ — $ 70,032 $ — Vacant Owned Facilities During 2016 , the Company reviewed the recoverability of the carrying value of one vacant owned facility. At December 31, 2016 , the Company had one vacant owned facility, with an estimated fair value of over $3.0 million and a carrying value of $2.5 million , classified in fixed assets in the Consolidated Balance Sheets. 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 over $3.0 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 combined estimated fair value of $4.2 million and a combined carrying value of $3.9 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 2 of the Notes to Consolidated Financial Statements. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company previously had two reportable segments, the recreational vehicle products segment (the “RV Segment”) and the manufactured housing products segment (the “MH Segment”). The Company has recently increased its focus on the significant opportunities in the aftermarket for its products, primarily sales to retail dealers, wholesale distributors and service centers. Additionally, over the past several years, sales of components for manufactured homes have become a smaller part of the Company’s business, largely due to the growth the Company has experienced with respect to its components sold to customers for traditional recreational vehicles as well as the expanded use of its components in other non-RV applications, which we refer to as adjacent industries. Unit growth for MH Segment products has also been lower over the last decade, primarily due to the real estate, credit and economic environment, including the availability of site built homes at stable prices and high interest rate spreads between conventional mortgages for site-built homes and loans for manufactured homes. In response to these changes in the Company’s business, subsequent to March 31, 2016, the Company modified its internal reporting structure, reflecting a change in how its chief operating decision maker (“CODM”) assesses the performance of the Company’s operating results and makes decisions about resource allocations. The Company’s new reportable segments are the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant. The OEM Segment, which accounted for 92 percent , 93 percent and 95 percent of consolidated net sales for each of the years ended December 31, 2016 , 2015 and 2014 , respectively, manufactures or distributes a broad array of components for the leading OEMs of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment and other cargo; trucks; pontoon boats; trains; manufactured homes; and modular housing . Approximately 71 percent of the Company’s OEM Segment net sales in 2016 were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 8 percent , 7 percent and 5 percent of consolidated net sales for each of the years ended December 31, 2016 , 2015 and 2014 , respectively, supplies components to the related aftermarket channels of the RV and adjacent industries, primarily to retail dealers, wholesale distributors and service centers. The Aftermarket Segment also includes the sale of replacement glass and awnings to fulfill insurance claims. Decisions concerning the allocation of the Company’s resources are made by the Company’s CODM, with oversight by the Board of Directors. The CODM evaluates the performance of each segment based upon segment operating profit or loss, generally defined as income or loss before interest and income taxes. Decisions concerning the allocation of resources are also based on each segment’s utilization of assets. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements. The change in reported segments had no effect on the Company’s net income, total assets or liabilities, or stockholders’ equity. 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) OEM Aftermarket Total and Other Total 2016 Net sales to external customers (a) $ 1,548,091 $ 130,807 $ 1,678,898 $ — $ 1,678,898 Operating profit (b) 180,850 20,000 200,850 — 200,850 Total assets (c) 569,385 65,211 634,596 152,308 786,904 Expenditures for long - lived assets (d) 80,588 6,014 86,602 — 86,602 Depreciation and amortization $ 42,593 $ 3,298 $ 45,891 $ 276 $ 46,167 2015 Net sales to external customers (a) $ 1,300,060 $ 103,006 $ 1,403,066 $ — $ 1,403,066 Operating profit (loss) (b) 105,224 14,746 119,970 (3,716 ) 116,254 Total assets (c) 500,734 56,683 557,417 65,439 622,856 Expenditures for long - lived assets (d) 65,492 2,095 67,587 — 67,587 Depreciation and amortization $ 38,583 $ 2,898 $ 41,481 $ 143 $ 41,624 2014 Net sales to external customers (a) $ 1,127,026 $ 63,756 $ 1,190,782 $ — $ 1,190,782 Operating profit (loss) (b) 88,744 8,697 97,441 (1,954 ) 95,487 Total assets (c) 441,127 54,489 495,616 48,225 543,841 Expenditures for long - lived assets (d) 119,715 27,655 147,370 — 147,370 Depreciation and amortization $ 30,954 $ 1,554 $ 32,508 $ 88 $ 32,596 (a) Thor Industries, Inc. (“Thor”), a customer of both segments, accounted for 37 percent , 28 percent and 33 percent of the Company’s consolidated net sales for the years ended December 31, 2016 , 2015 and 2014 , respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent , 26 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2016 , 2015 and 2014 , respectively. Jayco, Inc., a customer of both segments, accounted for 10 percent of the Company’s consolidated net sales for the year ended December 31, 2015, this customer was subsequently acquired by Thor and is included in the Thor’s 2016 percentage above. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2016 , 2015 and 2014 . International sales, primarily in Europe and Australia, and export sales represented approximately 2 percent , 1 percent and 1 percent of consolidated net sales in 2016 , 2015 and 2014 , respectively. (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 $42.0 million , $38.6 million and $105.0 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2016 , 2015 and 2014 , respectively. Net sales by product were as follows for the years ended December 31: (In thousands) 2016 2015 2014 OEM Segment: Chassis, chassis parts and slide-out mechanisms $ 743,160 $ 664,542 $ 593,756 Windows and doors 335,717 301,171 258,915 Furniture and mattresses 245,596 161,840 132,356 Axles and suspension solutions 115,538 108,464 88,909 Other 108,080 64,043 53,090 Total OEM Segment net sales 1,548,091 1,300,060 1,127,026 Total Aftermarket Segment net sales 130,807 103,006 63,756 Total net sales $ 1,678,898 $ 1,403,066 $ 1,190,782 The composition of net sales was as follows for the years ended December 31: (In thousands) 2016 2015 2014 Net sales: OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,099,882 $ 938,787 $ 841,497 Motorhomes 116,191 86,513 70,332 Adjacent industries OEMs 332,018 274,760 215,197 Total OEM Segment net sales 1,548,091 1,300,060 1,127,026 Aftermarket Segment: Total Aftermarket Segment net sales 130,807 103,006 63,756 Total net sales $ 1,678,898 $ 1,403,066 $ 1,190,782 |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-15, Classification of Certain Cash Receipts and Cash Payments , which amends ASC 230, Statement of Cash Flows . This ASU provides guidance on the statement of cash flows presentation of certain transactions where diversity in practice exists. This ASU is effective for annual and interim periods beginning after December 15, 2017, and should be applied retrospectively 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 March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which amended ASC 718, Compensation - Stock Compensation . This ASU simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, the classification of awards as either equity or liabilities, and the classification on the statement of cash flows. This pronouncement is effective for reporting periods beginning after December 15, 2016. The guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. Upon adoption, any future excess tax benefits or deficiencies will be recorded to the provision for income taxes in the consolidated statement of income, instead of additional paid-in capital in the consolidated balance sheet. For the years ended December 31, 2016, 2015 and 2014, $8.0 million, $9.0 million and $3.9 million, respectively, of excess tax benefits were recorded to additional paid-in capital that would have been recorded as a reduction to the provision for income taxes if this new guidance had been adopted as of the respective dates. Additionally, excess tax benefits will be classified as operating activities in the consolidated statement of cash flow instead of in financing activities as required under the current guidance. The Company has not selected a transition method, and except as described above, does not expect the provisions of ASU 2016-09 to have an impact on the Company’s consolidated financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, Leases . This ASU requires, in most instances, a lessee to recognize on its balance sheet a liability to make lease payments (the lease liability) and also a right-of-use asset representing its right to use the underlying asset for the lease term. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within those periods, using a modified retrospective approach with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance. In November 2015, the FASB issued 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. During the first quarter of 2016, the Company elected to retrospectively adopt ASU 2015-17, thus reclassifying current deferred tax assets to non-current on the accompanying Consolidated Balance Sheet. As a result, the Company reclassified $22,616 from current assets to long-term assets as of December 31, 2015. The adoption of this guidance has no impact on the Company’s results of operations and cash flows. 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 reduction from the carrying amount of the related debt liability. In August 2015, the FASB issued an ASU that allows the presentation of debt issuance costs related to line-of-credit arrangements to continue to be an asset on the balance sheet under the simplified guidance, regardless of whether there are any outstanding borrowings on the related arrangements. The amendments in these ASUs are to be applied retrospectively and are effective for interim and annual reporting periods beginning after December 15, 2015. The Company adopted these ASUs retrospectively effective January 1, 2016, and has reclassified all debt issuance costs, with the exception of those related to the revolving credit facility, as a reduction from the carrying amount of the related debt liability for both current and prior periods. The adoption of this guidance had no impact on the Company’s results of operations and cash flows. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers . This ASU outlines a single, comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance issued by the FASB, including industry specific guidance. ASU 2014-09 provides accounting guidance for all revenue arising from contracts with customers and affects all entities that enter into contracts with customers to provide goods and services. The guidance also provides a model for the measurement and recognition of gains and losses on the sale of certain non-financial assets, such as property and equipment, including real estate. ASU 2014-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. The new standard must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. ASU 2014-09 also requires entities to disclose both quantitative and qualitative information to enable users of the financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company does not anticipate the adoption of this standard will have a material impact on its reported current net sales; however, given its acquisition strategy, there may be additional revenue streams acquired prior to the adoption date. The Company’s technical analysis is on-going with respect to variable consideration, whether certain contracts’ revenues will be recognized over time or at a point in time, and whether costs to obtain a contract will be capitalized. Further, the Company is continuing to assess what incremental disaggregated revenue disclosures will be required in its consolidated financial statements. The Company continues to evaluate transition methods, and expect to finalize its determination once all other significant matters are concluded. |
Quarterly Results Of Operations
Quarterly Results Of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Net sales $ 422,798 $ 440,831 $ 412,370 $ 402,899 $ 1,678,898 Gross profit $ 108,441 $ 116,904 $ 105,550 $ 98,008 $ 428,903 Income before income taxes $ 55,252 $ 58,975 $ 44,742 $ 40,203 $ 199,172 Net income $ 35,959 $ 37,569 $ 29,844 $ 26,299 $ 129,671 Net income per common share: Basic $ 1.46 $ 1.52 $ 1.21 $ 1.06 $ 5.26 Diluted $ 1.45 $ 1.51 $ 1.19 $ 1.05 $ 5.20 Stock market price: High $ 64.46 $ 85.09 $ 102.46 $ 112.95 $ 112.95 Low $ 52.85 $ 60.75 $ 84.61 $ 84.20 $ 52.85 Close (at end of quarter) $ 64.46 $ 84.84 $ 98.02 $ 107.75 $ 107.75 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 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 Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries (“LCII” and collectively with its subsidiaries, the “Company”). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components” or “LCI”), supplies, domestically and internationally, a broad array of components for the leading original equipment manufacturers (“OEMs”) of recreational vehicles (“RVs”) and adjacent industries including buses; trailers used to haul boats, livestock, equipment and other cargo; trucks; pontoon boats; trains; manufactured homes; and modular housing . The Company also supplies components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors and service centers. At December 31, 2016 , the Company operated 48 manufacturing and distribution facilities located throughout the United States and in Canada and Italy . Most 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. Additionally, sales of components to the aftermarket channels of these industries tend to be counter-seasonal. 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. |
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 2016 and 2015 , 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 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 $51.8 million , $45.8 million and $40.9 million in the years ended December 31, 2016 , 2015 and 2014 , 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. |
Acquisitions, Goodwill And Ot26
Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition | |
Schedule of Goodwill | Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2014 $ 52,815 $ 13,706 $ 66,521 Acquisitions – 2015 17,007 91 17,098 Net balance – December 31, 2015 69,822 13,797 83,619 Acquisitions – 2016 5,059 738 5,797 Other (218 ) — (218 ) Net balance – December 31, 2016 $ 74,663 $ 14,535 $ 89,198 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, by segment, consisted of the following at December 31: (In thousands) 2016 2015 OEM Segment $ 97,689 $ 84,752 Aftermarket Segment 15,254 16,183 Other intangible assets $ 112,943 $ 100,935 Other intangible assets consisted of the following at December 31, 2016 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 110,784 $ 32,414 $ 78,370 6 to 16 Patents 56,468 34,066 22,402 3 to 19 Tradenames 10,041 5,667 4,374 3 to 15 Non-compete agreements 5,852 2,975 2,877 3 to 6 Other 309 76 233 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 188,141 $ 75,198 $ 112,943 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 |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets, by segment, consisted of the following at December 31: (In thousands) 2016 2015 OEM Segment $ 97,689 $ 84,752 Aftermarket Segment 15,254 16,183 Other intangible assets $ 112,943 $ 100,935 Other intangible assets consisted of the following at December 31, 2016 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 110,784 $ 32,414 $ 78,370 6 to 16 Patents 56,468 34,066 22,402 3 to 19 Tradenames 10,041 5,667 4,374 3 to 15 Non-compete agreements 5,852 2,975 2,877 3 to 6 Other 309 76 233 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 188,141 $ 75,198 $ 112,943 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 |
Schedule of Estimated Amortization Expense | Amortization expense related to other intangible assets was as follows for the years ended December 31: (In thousands) 2016 2015 2014 Cost of sales $ 5,967 $ 6,017 $ 5,092 Selling, general and administrative 11,791 10,038 7,612 Amortization expense $ 17,758 $ 16,055 $ 12,704 Estimated amortization expense for other intangible assets for the next five years is as follows: (In thousands) 2017 2018 2019 2020 2021 Cost of sales $ 5,809 $ 4,973 $ 4,330 $ 3,283 $ 2,743 Selling, general and administrative 10,989 10,405 9,362 8,060 7,466 Amortization expense $ 16,798 $ 15,378 $ 13,692 $ 11,343 $ 10,209 |
Atwood Mobile Products, LLC | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration $ 12,463 Customer relationships $ 2,116 Net other assets 10,347 Total fair value of net assets acquired $ 12,463 |
Project 2,000 | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration net of cash acquired $ 16,137 Contingent consideration 1,322 Total fair value of consideration given $ 17,459 Customer relationships $ 9,694 Other identifiable intangible assets 5,193 Net other assets 128 Total fair value of net assets acquired $ 15,015 Goodwill (not tax deductible) $ 2,444 |
Highwater | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 10,000 Customer relationships $ 8,100 Net tangible assets 1,307 Total fair value of net assets acquired $ 9,407 Goodwill (tax deductible) $ 593 |
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 Net other assets 4,023 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 Net other assets 4,381 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 Identifiable intangible assets $ 480 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 Net other assets 5,000 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 Net other assets 2,718 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 |
Flair Interiors | |
Business Acquisition | |
Schedule of Business Acquisitions | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 8,100 Customer relationships $ 3,700 Net other assets 2,378 Total fair value of net assets acquired $ 6,078 Goodwill (tax deductible) $ 2,022 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 2014 Balance at beginning of period $ 844 $ 917 $ 705 Provision for doubtful accounts (83 ) (5 ) 178 Additions related to acquired businesses 29 33 58 Recoveries — 8 4 Accounts written off (135 ) (109 ) (28 ) Balance at end of period $ 655 $ 844 $ 917 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at December 31: (In thousands) 2016 2015 Raw materials $ 155,044 $ 144,397 Work in process 7,509 4,932 Finished goods 26,190 21,505 Inventories, net $ 188,743 $ 170,834 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consisted of the following at December 31: Estimated Useful (In thousands) 2016 2015 Life in Years Land $ 13,802 $ 11,064 Buildings and improvements 106,831 89,616 10 to 40 Leasehold improvements 11,918 11,147 3 to 10 Machinery and equipment 167,691 153,784 3 to 15 Furniture and fixtures 27,053 20,653 3 to 8 Construction in progress 10,067 5,512 Fixed assets, at cost 337,362 291,776 Less accumulated depreciation and amortization 164,614 141,176 Fixed assets, net $ 172,748 $ 150,600 |
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) 2016 2015 2014 Cost of sales $ 22,993 $ 21,289 $ 16,364 Selling, general and administrative expenses 5,140 4,137 3,440 Total $ 28,133 $ 25,426 $ 19,804 |
Accrued Expenses And Other Cu30
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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) 2016 2015 Employee compensation and benefits $ 47,459 $ 25,147 Current portion of accrued warranty 20,393 17,020 Customer rebates 9,329 7,993 Other 21,554 19,002 Accrued expenses and other current liabilities $ 98,735 $ 69,162 |
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) 2016 2015 2014 Balance at beginning of period $ 26,204 $ 21,641 $ 17,325 Provision for warranty expense 20,985 17,267 12,860 Warranty liability from acquired businesses 125 240 688 Warranty costs paid (14,921 ) (12,944 ) (9,232 ) Balance at end of period 32,393 26,204 21,641 Less long-term portion 12,000 9,184 7,125 Current portion of accrued warranty $ 20,393 $ 17,020 $ 14,516 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of earnings before income taxes consisted of the following for the years ended December 31: (In thousands) 2016 2015 2014 United States $ 196,827 $ 113,280 $ 95,057 Foreign 2,345 1,089 — Total earnings before income taxes $ 199,172 $ 114,369 $ 95,057 |
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) 2016 2015 2014 Current: Federal $ 61,073 $ 31,132 $ 32,142 State and local 10,560 7,670 6,142 Foreign 466 160 — Total current provision 72,099 38,962 38,284 Deferred: Federal (2,506 ) 466 (4,545 ) State and local (110 ) 596 (948 ) Foreign 18 — — Total deferred provision (2,598 ) 1,062 (5,493 ) Provision for income taxes $ 69,501 $ 40,024 $ 32,791 |
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) 2016 2015 2014 Income tax at federal statutory rate $ 69,710 $ 40,029 $ 33,270 State income tax, net of federal income tax impact 6,480 4,386 3,376 Foreign tax rate differential (614 ) (82 ) — Manufacturing credit pursuant to Jobs Creation Act (5,067 ) (2,336 ) (2,258 ) Federal tax credits (1,736 ) (919 ) (681 ) Other 728 (1,054 ) (916 ) Provision for income taxes $ 69,501 $ 40,024 $ 32,791 |
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) 2016 2015 Deferred tax assets: Goodwill and other intangible assets $ 10,952 $ 11,879 Stock-based compensation 7,550 7,428 Deferred compensation 5,184 5,310 Warranty 11,679 8,809 Inventory 6,572 5,974 Other 5,000 4,922 Total deferred tax assets 46,937 44,322 Deferred tax liabilities: Fixed assets (14,948 ) (14,931 ) Net deferred tax assets $ 31,989 $ 29,391 |
Schedule of Unrecognized Tax Benefits | The following table reconciles the total amounts of unrecognized tax benefits, at December 31: (In thousands) 2016 2015 2014 Balance at beginning of period $ 2,854 $ 1,526 $ 1,369 Changes in tax positions of prior years 214 912 84 Additions based on tax positions related to the current year 1,252 866 603 Payments — (85 ) — Closure of tax years (573 ) (365 ) (530 ) Balance at end of period $ 3,747 $ 2,854 $ 1,526 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments under operating leases at December 31, 2016 are as follows ( in thousands ): 2017 $ 9,388 2018 7,978 2019 6,068 2020 4,936 2021 4,116 Thereafter 8,017 Total minimum lease payments $ 40,503 |
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) 2016 2015 2014 Balance at beginning of period $ 10,840 $ 8,129 $ 7,414 Acquisitions 1,322 4,766 3,370 Payments (4,944 ) (3,974 ) (3,739 ) Accretion (a) 1,274 1,196 1,075 Fair value adjustments (a) 749 723 9 Balance at end of the period (b) 9,241 10,840 8,129 Less current portion in accrued expenses and other current liabilities (5,829 ) (3,877 ) (3,622 ) Total long-term portion in other long-term liabilities $ 3,412 $ 6,963 $ 4,507 (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, 2016 are $11.6 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, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends Declared and Paid | The table below summarizes the regular quarterly dividends declared and paid during the year ended December 31, 2016 : (In thousands, except per share data) Per Share Record Date Payment Date Total Paid First Quarter 2016 $ 0.30 04/01/16 04/15/16 $ 7,344 Second Quarter 2016 0.30 06/06/16 06/17/16 7,363 Third Quarter 2016 0.30 08/19/16 09/02/16 7,371 Fourth Quarter 2016 0.50 11/28/16 12/09/16 12,359 Total 2016 $ 1.40 $ 34,437 |
Schedule of Stock-Based Compensation | Stock-based compensation resulted in charges to operations as follows for the years ended December 31: (In thousands) 2016 2015 2014 Stock options $ 444 $ 974 $ 1,412 Deferred stock units 7,830 7,023 4,343 Restricted stock 1,770 1,031 910 Stock awards 5,376 5,015 4,152 Stock-based compensation expense $ 15,420 $ 14,043 $ 10,817 |
Schedule of Stock Options | Transactions in stock options under the Equity Plan are summarized as follows: Number of Option Shares Weighted Average Exercise Price Outstanding at December 31, 2013 723,661 $ 15.46 Exercised (258,530 ) $ 12.89 Forfeited (11,800 ) $ 16.93 Reduction for special cash dividend — $ (2.00 ) Outstanding at December 31, 2014 453,331 $ 16.89 Exercised (214,601 ) $ 14.48 Forfeited (26,700 ) $ 14.30 Reduction for special cash dividend — $ (2.00 ) Outstanding at December 31, 2015 212,030 $ 15.38 Exercised (183,600 ) $ 15.10 Forfeited (1,550 ) $ 17.17 Outstanding at December 31, 2016 (a) 26,880 $ 17.17 Exercisable at December 31, 2016 (a) 26,880 $ 17.17 |
Schedule Exercise of Stock Options | Additional information for the exercise of stock options is as follows for the years ended December 31: (In thousands) 2016 2015 2014 Intrinsic value of stock options exercised $ 13,204 $ 9,424 $ 7,860 Cash receipts from stock options exercised $ 2,772 $ 3,280 $ 3,333 Income tax benefits from stock option exercises $ 4,435 $ 2,885 $ 3,660 Grant date fair value of stock options vested $ 506 $ 1,055 $ 1,561 |
Schedule of Deferred Stock Units Transactions | Transactions in DSUs and RSUs under the Equity Plan are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2013 692,961 $ 30.26 Issued 56,212 $ 46.08 Granted 187,490 $ 46.94 Dividend equivalents 27,532 $ 50.45 Forfeited (38,855 ) $ 29.83 Exercised (187,052 ) $ 29.90 Outstanding at December 31, 2014 738,288 $ 36.96 Issued 54,982 $ 47.51 Granted 90,184 $ 60.22 Dividend equivalents 20,922 $ 59.94 Forfeited (23,604 ) $ 44.78 Exercised (353,259 ) $ 32.62 Outstanding at December 31, 2015 527,513 $ 44.94 Issued 10,742 $ 72.01 Granted 173,097 $ 54.67 Dividend equivalents 9,075 $ 87.01 Forfeited (10,893 ) $ 48.98 Exercised (203,087 ) $ 43.55 Outstanding at December 31, 2016 506,447 $ 50.00 |
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): 2016 2015 2014 Granted 17,439 20,558 19,439 Weighted average stock price $ 74.55 $ 59.60 $ 46.82 Fair value of stock granted $ 1,300 $ 1,220 $ 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, 2013 193,602 $ 30.84 Granted 103,500 $ 51.20 Dividend equivalents 7,675 $ 50.45 Exercised (31,959 ) $ 26.88 Outstanding at December 31, 2014 272,818 $ 39.03 Granted 96,010 $ 60.29 Dividend equivalents 8,992 $ 59.94 Forfeited (16,534 ) $ 60.29 Exercised (98,830 ) $ 29.70 Outstanding at December 31, 2015 262,456 $ 49.36 Granted 86,918 $ 54.47 Dividend equivalents 3,811 $ 88.04 Forfeited (10,832 ) $ 53.95 Exercised (109,731 ) $ 39.94 Outstanding at December 31, 2016 232,622 $ 55.60 |
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) 2016 2015 2014 Weighted average shares outstanding for basic earnings per share 24,631 24,295 23,911 Common stock equivalents pertaining to stock-based awards 302 355 423 Weighted average shares outstanding for diluted earnings per share 24,933 24,650 24,334 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Unrealized gain on derivative instruments $ 2,296 $ — $ 2,296 $ — $ — $ — $ — $ — Liabilities Contingent consideration $ 9,241 $ — $ — $ 9,241 $ 10,836 $ — $ — $ 10,836 |
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 : 2016 2015 2014 (In thousands) Carrying Non-Recurring Carrying Non-Recurring Carrying Non-Recurring Assets Vacant owned facilities $ 2,496 $ — $ 2,537 $ — $ 3,863 $ — Net assets of acquired businesses 44,250 — 28,727 — 66,169 — Total assets $ 46,746 $ — $ 31,264 $ — $ 70,032 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Information Relating to Segments | Information relating to segments follows for the years ended December 31: Segments Corporate (In thousands) OEM Aftermarket Total and Other Total 2016 Net sales to external customers (a) $ 1,548,091 $ 130,807 $ 1,678,898 $ — $ 1,678,898 Operating profit (b) 180,850 20,000 200,850 — 200,850 Total assets (c) 569,385 65,211 634,596 152,308 786,904 Expenditures for long - lived assets (d) 80,588 6,014 86,602 — 86,602 Depreciation and amortization $ 42,593 $ 3,298 $ 45,891 $ 276 $ 46,167 2015 Net sales to external customers (a) $ 1,300,060 $ 103,006 $ 1,403,066 $ — $ 1,403,066 Operating profit (loss) (b) 105,224 14,746 119,970 (3,716 ) 116,254 Total assets (c) 500,734 56,683 557,417 65,439 622,856 Expenditures for long - lived assets (d) 65,492 2,095 67,587 — 67,587 Depreciation and amortization $ 38,583 $ 2,898 $ 41,481 $ 143 $ 41,624 2014 Net sales to external customers (a) $ 1,127,026 $ 63,756 $ 1,190,782 $ — $ 1,190,782 Operating profit (loss) (b) 88,744 8,697 97,441 (1,954 ) 95,487 Total assets (c) 441,127 54,489 495,616 48,225 543,841 Expenditures for long - lived assets (d) 119,715 27,655 147,370 — 147,370 Depreciation and amortization $ 30,954 $ 1,554 $ 32,508 $ 88 $ 32,596 (a) Thor Industries, Inc. (“Thor”), a customer of both segments, accounted for 37 percent , 28 percent and 33 percent of the Company’s consolidated net sales for the years ended December 31, 2016 , 2015 and 2014 , respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 26 percent , 26 percent and 28 percent of the Company’s consolidated net sales for the years ended December 31, 2016 , 2015 and 2014 , respectively. Jayco, Inc., a customer of both segments, accounted for 10 percent of the Company’s consolidated net sales for the year ended December 31, 2015, this customer was subsequently acquired by Thor and is included in the Thor’s 2016 percentage above. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2016 , 2015 and 2014 . International sales, primarily in Europe and Australia, and export sales represented approximately 2 percent , 1 percent and 1 percent of consolidated net sales in 2016 , 2015 and 2014 , respectively. (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 $42.0 million , $38.6 million and $105.0 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Schedule of Net Sales by Product | Net sales by product were as follows for the years ended December 31: (In thousands) 2016 2015 2014 OEM Segment: Chassis, chassis parts and slide-out mechanisms $ 743,160 $ 664,542 $ 593,756 Windows and doors 335,717 301,171 258,915 Furniture and mattresses 245,596 161,840 132,356 Axles and suspension solutions 115,538 108,464 88,909 Other 108,080 64,043 53,090 Total OEM Segment net sales 1,548,091 1,300,060 1,127,026 Total Aftermarket Segment net sales 130,807 103,006 63,756 Total net sales $ 1,678,898 $ 1,403,066 $ 1,190,782 |
Schedule of Net Sales by Segment | The composition of net sales was as follows for the years ended December 31: (In thousands) 2016 2015 2014 Net sales: OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,099,882 $ 938,787 $ 841,497 Motorhomes 116,191 86,513 70,332 Adjacent industries OEMs 332,018 274,760 215,197 Total OEM Segment net sales 1,548,091 1,300,060 1,127,026 Aftermarket Segment: Total Aftermarket Segment net sales 130,807 103,006 63,756 Total net sales $ 1,678,898 $ 1,403,066 $ 1,190,782 |
Quarterly Results Of Operatio36
Quarterly Results Of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 Net sales $ 422,798 $ 440,831 $ 412,370 $ 402,899 $ 1,678,898 Gross profit $ 108,441 $ 116,904 $ 105,550 $ 98,008 $ 428,903 Income before income taxes $ 55,252 $ 58,975 $ 44,742 $ 40,203 $ 199,172 Net income $ 35,959 $ 37,569 $ 29,844 $ 26,299 $ 129,671 Net income per common share: Basic $ 1.46 $ 1.52 $ 1.21 $ 1.06 $ 5.26 Diluted $ 1.45 $ 1.51 $ 1.19 $ 1.05 $ 5.20 Stock market price: High $ 64.46 $ 85.09 $ 102.46 $ 112.95 $ 112.95 Low $ 52.85 $ 60.75 $ 84.61 $ 84.20 $ 52.85 Close (at end of quarter) $ 64.46 $ 84.84 $ 98.02 $ 107.75 $ 107.75 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 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)subsidiarymanufacturing_facility | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Property, Plant and Equipment | |||
Number of unconsolidated subsidiaries | subsidiary | 0 | ||
Manufacturing Facility | |||
Property, Plant and Equipment | |||
Manufacturing facilities | manufacturing_facility | 48 | ||
Selling, General and Administrative Expenses | |||
Property, Plant and Equipment | |||
Shipping, handling and transportation costs | $ | $ 51.8 | $ 45.8 | $ 40.9 |
Acquisitions, Goodwill And Ot38
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Feb. 01, 2017 | Nov. 30, 2016 | May 31, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Aug. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Aug. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition | |||||||||||||||
Note payable term (in years) | 3 years | ||||||||||||||
Camping Connection, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | $ 2,000 | ||||||||||||||
Atwood Mobile Products, LLC | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | 12,500 | ||||||||||||||
Cash consideration | $ 12,463 | ||||||||||||||
Atwood Mobile Products, LLC | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Weighted average useful life of acquired intangible assets | 15 years | ||||||||||||||
Project 2,000 | |||||||||||||||
Business Acquisition | |||||||||||||||
Percentage of outstanding shares acquired | 100.00% | ||||||||||||||
Purchase price | $ 17,459 | ||||||||||||||
Cash consideration | $ 18,800 | ||||||||||||||
Project 2000 | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Weighted average useful life of acquired intangible assets | 15 years | ||||||||||||||
Flair Interiors | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 8,100 | ||||||||||||||
Flair Interiors | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Weighted average useful life of acquired intangible assets | 15 years | ||||||||||||||
Highwater | |||||||||||||||
Business Acquisition | |||||||||||||||
Cash consideration | $ 10,000 | ||||||||||||||
Highwater | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Weighted average useful life of acquired intangible assets | 15 years | ||||||||||||||
Signature Seating | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | $ 19,556 | ||||||||||||||
Cash consideration | $ 16,000 | ||||||||||||||
Signature Seating | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Estimated useful life in years | 15 years | ||||||||||||||
Spectal Industries, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | $ 23,546 | ||||||||||||||
Cash consideration | $ 22,335 | ||||||||||||||
Spectal Industries, Inc. | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Estimated useful life in years | 15 years | ||||||||||||||
EA Technologies, LLC | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | $ 9,200 | ||||||||||||||
Cash consideration | $ 9,248 | $ 6,600 | |||||||||||||
Duncan Systems, Inc. | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | $ 19,914 | ||||||||||||||
Cash consideration | $ 18,000 | ||||||||||||||
Duncan Systems, Inc. | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Estimated useful life in years | 14 years | ||||||||||||||
PowerGear and Kwikee Brands | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | $ 35,500 | ||||||||||||||
Cash consideration | $ 35,500 | ||||||||||||||
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 | |||||||||||||||
Purchase price | $ 12,200 | ||||||||||||||
Cash consideration | $ 12,232 | ||||||||||||||
Star Designs, LLC | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Estimated useful life in years | 14 years | ||||||||||||||
Innovative Design Solutions, Inc | |||||||||||||||
Business Acquisition | |||||||||||||||
Purchase price | $ 36,624 | ||||||||||||||
Consideration transferred total, less future payments | 35,900 | ||||||||||||||
Cash consideration | $ 34,175 | ||||||||||||||
Innovative Design Solutions, Inc | Patents | |||||||||||||||
Business Acquisition | |||||||||||||||
Estimated useful life in years | 10 years | ||||||||||||||
Innovative Design Solutions, Inc | Customer Relationships | |||||||||||||||
Business Acquisition | |||||||||||||||
Estimated useful life in years | 12 years | ||||||||||||||
Subsequent Event | Sessa Klein S.p.A. | |||||||||||||||
Business Acquisition | |||||||||||||||
Percentage of outstanding shares acquired | 100.00% | ||||||||||||||
Purchase price | $ 8,500 | ||||||||||||||
Operating Segments | OEM Segment | |||||||||||||||
Business Acquisition | |||||||||||||||
Accumulated impairment | $ (50,500) |
Acquisitions, Goodwill And Ot39
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Business Acquisitions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||
Nov. 30, 2016 | May 31, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Aug. 31, 2015 | Apr. 30, 2015 | Jan. 31, 2015 | Aug. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 13, 2014 | Apr. 30, 2014 | Feb. 27, 2014 | |
Business Acquisition | |||||||||||||||||
Cash consideration net of cash acquired | $ 48,725 | $ 41,058 | $ 106,782 | ||||||||||||||
Goodwill (tax deductible) | $ 89,198 | 83,619 | |||||||||||||||
Flair Interiors | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Cash consideration | $ 8,100 | ||||||||||||||||
Net other assets | 2,378 | ||||||||||||||||
Total fair value of net assets acquired | 6,078 | ||||||||||||||||
Goodwill (tax deductible) | 2,022 | ||||||||||||||||
Highwater | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Cash consideration | $ 10,000 | ||||||||||||||||
Net tangible assets | 1,307 | ||||||||||||||||
Total fair value of net assets acquired | 9,407 | ||||||||||||||||
Goodwill (tax deductible) | 593 | ||||||||||||||||
Atwood Mobile Products, LLC | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Cash consideration | $ 12,463 | ||||||||||||||||
Total fair value of consideration given | 12,500 | ||||||||||||||||
Net other assets | 10,347 | ||||||||||||||||
Total fair value of net assets acquired | 12,463 | ||||||||||||||||
Project 2,000 | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Cash consideration net of cash acquired | $ 16,137 | ||||||||||||||||
Cash consideration | 18,800 | ||||||||||||||||
Contingent consideration | 1,322 | ||||||||||||||||
Total fair value of consideration given | 17,459 | ||||||||||||||||
Net other assets | 128 | ||||||||||||||||
Total fair value of net assets acquired | 15,015 | ||||||||||||||||
Goodwill (tax deductible) | 2,444 | ||||||||||||||||
Signature Seating | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Cash consideration | $ 16,000 | ||||||||||||||||
Contingent consideration | 3,556 | ||||||||||||||||
Total fair value of consideration given | 19,556 | ||||||||||||||||
Net other assets | 4,023 | ||||||||||||||||
Total fair value of net assets acquired | 11,523 | ||||||||||||||||
Goodwill (tax deductible) | 8,033 | ||||||||||||||||
Spectal Industries, Inc. | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Cash consideration | $ 22,335 | ||||||||||||||||
Contingent consideration | 1,211 | ||||||||||||||||
Total fair value of consideration given | $ 23,546 | ||||||||||||||||
Net other assets | $ 4,381 | ||||||||||||||||
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 other assets | 5,000 | ||||||||||||||||
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 other assets | 2,718 | ||||||||||||||||
Total fair value of net assets acquired | 7,118 | ||||||||||||||||
Goodwill (tax deductible) | 5,114 | ||||||||||||||||
Innovative Design Solutions, Inc | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Cash consideration | $ 34,175 | ||||||||||||||||
Present value of future payments | 1,739 | ||||||||||||||||
Contingent consideration | 710 | ||||||||||||||||
Total fair value of consideration given | $ 36,624 | ||||||||||||||||
Net tangible assets | $ 1,894 | ||||||||||||||||
Total fair value of net assets acquired | 15,074 | ||||||||||||||||
Goodwill (tax deductible) | 21,550 | ||||||||||||||||
Customer Relationships | Flair Interiors | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 3,700 | ||||||||||||||||
Customer Relationships | Highwater | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 8,100 | ||||||||||||||||
Customer Relationships | Atwood Mobile Products, LLC | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 2,116 | ||||||||||||||||
Customer Relationships | Project 2000 | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | 9,694 | ||||||||||||||||
Customer Relationships | Signature Seating | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 7,500 | ||||||||||||||||
Customer Relationships | Spectal Industries, Inc. | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 10,100 | ||||||||||||||||
Customer Relationships | Duncan Systems, Inc. | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 10,500 | ||||||||||||||||
Customer Relationships | PowerGear and Kwikee Brands | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | 12,300 | ||||||||||||||||
Customer Relationships | Star Designs, LLC | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 4,400 | ||||||||||||||||
Customer Relationships | Innovative Design Solutions, Inc | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | 4,000 | ||||||||||||||||
Patents | PowerGear and Kwikee Brands | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | 5,300 | ||||||||||||||||
Patents | Innovative Design Solutions, Inc | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | 6,000 | ||||||||||||||||
Other Identifiable Intangible Assets | Project 2000 | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 5,193 | ||||||||||||||||
Other Identifiable Intangible Assets | EA Technologies, LLC | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 480 | ||||||||||||||||
Other Identifiable Intangible Assets | PowerGear and Kwikee Brands | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 2,130 | ||||||||||||||||
Other Identifiable Intangible Assets | Innovative Design Solutions, Inc | |||||||||||||||||
Business Acquisition | |||||||||||||||||
Identifiable intangible assets | $ 3,180 |
Acquisitions, Goodwill And Ot40
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill | ||
Net balance, Beginning | $ 83,619 | |
Net balance, Ending | 89,198 | $ 83,619 |
Operating Segments | ||
Goodwill | ||
Net balance, Beginning | 83,619 | 66,521 |
Acquisitions | 5,797 | 17,098 |
Other | (218) | |
Net balance, Ending | 89,198 | 83,619 |
Operating Segments | OEM Segment | ||
Goodwill | ||
Net balance, Beginning | 69,822 | 52,815 |
Acquisitions | 5,059 | 17,007 |
Other | (218) | |
Net balance, Ending | 74,663 | 69,822 |
Operating Segments | Aftermarket Segment | ||
Goodwill | ||
Net balance, Beginning | 13,797 | 13,706 |
Acquisitions | 738 | 91 |
Other | 0 | |
Net balance, Ending | $ 14,535 | $ 13,797 |
Acquisitions, Goodwill And Ot41
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets | |||
Accumulated amortization | $ 75,198 | $ 66,627 | |
Net balance | 17,758 | 16,055 | $ 12,704 |
Indefinite-lived Intangible Assets | |||
Total gross cost | 188,141 | 167,562 | |
Total net balance | 112,943 | 100,935 | |
Purchased Research and Development | |||
Indefinite-lived Intangible Assets | |||
Gross cost and net balance | 4,687 | 4,687 | |
OEM Segment | |||
Indefinite-lived Intangible Assets | |||
Total net balance | 97,689 | 84,752 | |
Aftermarket Segment | |||
Indefinite-lived Intangible Assets | |||
Total net balance | 15,254 | 16,183 | |
Customer Relationships | |||
Finite-Lived Intangible Assets | |||
Gross cost | 110,784 | 94,560 | |
Accumulated amortization | 32,414 | 30,514 | |
Net balance | $ 78,370 | $ 64,046 | |
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 | $ 56,468 | $ 54,293 | |
Accumulated amortization | 34,066 | 28,255 | |
Net balance | $ 22,402 | $ 26,038 | |
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 | $ 10,041 | $ 8,935 | |
Accumulated amortization | 5,667 | 4,751 | |
Net balance | $ 4,374 | $ 4,184 | |
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 | $ 5,852 | $ 4,493 | |
Accumulated amortization | 2,975 | 2,800 | |
Net balance | $ 2,877 | $ 1,693 | |
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 | $ 309 | $ 594 | |
Accumulated amortization | 76 | 307 | |
Net balance | $ 233 | $ 287 | |
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 Ot42
Acquisitions, Goodwill And Other Intangible Assets (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets | |||
Amortization expense | $ 17,758 | $ 16,055 | $ 12,704 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2,017 | 16,798 | ||
2,018 | 15,378 | ||
2,019 | 13,692 | ||
2,020 | 11,343 | ||
2,021 | 10,209 | ||
Cost of Sales | |||
Finite-Lived Intangible Assets | |||
Amortization expense | 5,967 | 6,017 | 5,092 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2,017 | 5,809 | ||
2,018 | 4,973 | ||
2,019 | 4,330 | ||
2,020 | 3,283 | ||
2,021 | 2,743 | ||
Selling, General and Administrative Expenses | |||
Finite-Lived Intangible Assets | |||
Amortization expense | 11,791 | $ 10,038 | $ 7,612 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2,017 | 10,989 | ||
2,018 | 10,405 | ||
2,019 | 9,362 | ||
2,020 | 8,060 | ||
2,021 | $ 7,466 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses | |||
Balance at beginning of period | $ 844 | $ 917 | $ 705 |
Provision for doubtful accounts | (83) | (5) | 178 |
Additions related to acquired businesses | 29 | 33 | 58 |
Recoveries | 0 | 8 | 4 |
Accounts written off | (135) | (109) | (28) |
Balance at end of period | 655 | 844 | $ 917 |
Allowance for prompt payment discounts | $ 500 | $ 400 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 155,044 | $ 144,397 |
Work in process | 7,509 | 4,932 |
Finished goods | 26,190 | 21,505 |
Inventories, net | $ 188,743 | $ 170,834 |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Long-term purchase commitment, time period | 6 years | ||||||
Pre-tax loss on sale of assets | $ 2,000,000 | ||||||
Proceeds from sale of assets | $ 300,000 | ||||||
Receivable face amount | $ 7,200,000 | ||||||
Receivable term | 4 years | ||||||
Receivable net amount | $ 6,400,000 | 1,400,000 | $ 1,400,000 | ||||
Proceeds from note receivable | $ 5,800,000 | $ 2,000,000 | $ 2,000,000 | $ 1,750,000 | |||
Gain on contract termination | $ 1,600,000 | ||||||
Note Receivable For Contract Termination | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Notes receivable, face amount | $ 2,000,000 | ||||||
Financing receivable, net | $ 1,700,000 | $ 1,600,000 |
Fixed Assets (Schedule of Fixed
Fixed Assets (Schedule of Fixed Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment | ||
Fixed assets, at cost | $ 337,362 | $ 291,776 |
Less accumulated depreciation and amortization | 164,614 | 141,176 |
Fixed assets, net | 172,748 | 150,600 |
Land | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 13,802 | 11,064 |
Buildings and Improvements | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 106,831 | 89,616 |
Leasehold Improvements | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 11,918 | 11,147 |
Machinery and Equipment | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 167,691 | 153,784 |
Furniture and Fixtures | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | 27,053 | 20,653 |
Construction in Progress | ||
Property, Plant and Equipment | ||
Fixed assets, at cost | $ 10,067 | $ 5,512 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Cost of sales | $ 22,993 | $ 21,289 | $ 16,364 |
Selling, general and administrative expenses | 5,140 | 4,137 | 3,440 |
Total | $ 28,133 | $ 25,426 | $ 19,804 |
Accrued Expenses And Other Cu48
Accrued Expenses And Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $ 47,459 | $ 25,147 | |
Current portion of accrued warranty | 20,393 | 17,020 | $ 14,516 |
Customer rebates | 9,329 | 7,993 | |
Other | 21,554 | 19,002 | |
Accrued expenses and other current liabilities | $ 98,735 | $ 69,162 |
Accrued Expenses And Other Cu49
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) | |||
Balance at beginning of period | $ 26,204 | $ 21,641 | $ 17,325 |
Provision for warranty expense | 20,985 | 17,267 | 12,860 |
Warranty liability from acquired businesses | 125 | 240 | 688 |
Warranty costs paid | (14,921) | (12,944) | (9,232) |
Balance at end of period | 32,393 | 26,204 | 21,641 |
Less long-term portion | 12,000 | 9,184 | 7,125 |
Current portion of accrued warranty | $ 20,393 | $ 17,020 | $ 14,516 |
Retirement And Other Benefit 50
Retirement And Other Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Employer contributions to defined contribution plan | $ 3,100 | $ 2,500 | $ 1,800 |
Other long-term liabilities | 37,335 | 35,509 | |
Accrued expenses and other current liabilities | $ 21,554 | 19,002 | |
Deferred Compensation, Percentage Of Funds Invested | 60.00% | ||
Deferred Compensation | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Compensation deferred by participants | $ 2,300 | 1,200 | 1,600 |
Amount withdrawn from the Plan by participants | 1,500 | 800 | $ 400 |
Other long-term liabilities | 13,400 | 11,700 | |
Accrued expenses and other current liabilities | 200 | 200 | |
Other Assets | $ 8,200 | $ 7,800 |
Long-Term Indebtedness (Details
Long-Term Indebtedness (Details) | Apr. 27, 2016USD ($) | Mar. 20, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 03, 2015USD ($) | Feb. 24, 2014USD ($) |
Line of Credit Facility | ||||||
Long-term indebtedness | $ 49,949,000 | $ 49,910,000 | ||||
Maximum | ||||||
Line of Credit Facility | ||||||
Equity Method Investment, Ownership Percentage | 65.00% | |||||
Line of Credit | ||||||
Line of Credit Facility | ||||||
Amount outstanding | 0 | 0 | ||||
Remaining availability under the facilities | $ 297,500,000 | |||||
Maximum leverage ratio | 2.5 | |||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | ||||||
Line of Credit Facility | ||||||
Maximum borrowings under line of credit | $ 100,000,000 | $ 75,000,000 | ||||
Potential increase in line of credit borrowing capacity | 25,000,000 | |||||
Letter of credit | $ 2,500,000 | $ 2,700,000 | ||||
Remaining availability under the facilities | $ 197,500,000 | |||||
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% | |||||
JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank [Member] | Line of Credit | ||||||
Line of Credit Facility | ||||||
Maximum borrowings under line of credit | $ 200,000,000 | |||||
Additional maximum borrowing capacity upon approval | $ 125,000,000 | |||||
Prudential Investment Management Inc | Line of Credit | ||||||
Line of Credit Facility | ||||||
Long-term indebtedness | $ 50,000,000 | |||||
Weighted average interest rate | 3.35% | |||||
Remaining availability under the facilities | $ 100,000,000 | $ 150,000,000 | ||||
Debt instrument term (in years) | 5 years | |||||
Period after request is issued, by company, for interest payable rate to be determined by Prudential | 5 days | |||||
Prudential Investment Management Inc | Line of Credit | Maximum | ||||||
Line of Credit Facility | ||||||
Maturity period of Promissory Notes | 12 years | |||||
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank [Member] | Line of Credit | London Interbank Offered Rate (LIBOR) [Member] | Minimum | ||||||
Line of Credit Facility | ||||||
Debt additional margin interest rate | 0.00% | |||||
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank [Member] | Line of Credit | London Interbank Offered Rate (LIBOR) [Member] | Maximum | ||||||
Line of Credit Facility | ||||||
Debt additional margin interest rate | 0.625% | |||||
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank [Member] | Line of Credit | Federal Funds Effective Swap Rate [Member] | ||||||
Line of Credit Facility | ||||||
Interest rate | 0.50% | |||||
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank [Member] | Line of Credit | London Interbank Offered Rate (LIBOR) [Member] | Maximum | ||||||
Line of Credit Facility | ||||||
Interest rate | 1.625% |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Earnings before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||
United States | $ 196,827 | $ 113,280 | $ 95,057 | ||||||||
Foreign | 2,345 | 1,089 | 0 | ||||||||
Income before income taxes | $ 40,203 | $ 44,742 | $ 58,975 | $ 55,252 | $ 23,125 | $ 26,576 | $ 33,019 | $ 31,649 | $ 199,172 | $ 114,369 | $ 95,057 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Examination | |||
Federal income taxes receivable | $ 12,700 | ||
State and Local income taxes receivable | 400 | ||
Federal, State and Local income taxes receivable | $ 8,100 | ||
State income taxes payable | 400 | ||
Excess tax benefits on stock-based compensation | 7,983 | 9,028 | $ 3,914 |
Remaining available pool of excess tax benefits from prior stock option exercises | 31,500 | ||
Accrued interest and penalties related to taxes | 200 | 200 | 200 |
Unrecognized tax benefits, net of federal income tax benefits | $ 2,900 | $ 2,700 | $ 1,200 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Income Tax Expense (Benefit), Continuing Operations | |||
Federal | $ 61,073 | $ 31,132 | $ 32,142 |
State and local | 10,560 | 7,670 | 6,142 |
Foreign | 466 | 160 | 0 |
Total current provision | 72,099 | 38,962 | 38,284 |
Deferred Income Tax Expense (Benefit), Continuing Operations | |||
Federal | (2,506) | 466 | (4,545) |
State and local | (110) | 596 | (948) |
Foreign | 18 | 0 | 0 |
Total deferred provision | (2,598) | 1,062 | (5,493) |
Provision for income taxes | $ 69,501 | $ 40,024 | $ 32,791 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Taxes Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 69,710 | $ 40,029 | $ 33,270 |
State income tax, net of federal income tax impact | 6,480 | 4,386 | 3,376 |
Foreign tax rate differential | (614) | (82) | 0 |
Manufacturing credit pursuant to Jobs Creation Act | (5,067) | (2,336) | (2,258) |
Federal tax credits | (1,736) | (919) | (681) |
Other | 728 | (1,054) | (916) |
Provision for income taxes | $ 69,501 | $ 40,024 | $ 32,791 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Goodwill and other intangible assets | $ 10,952 | $ 11,879 |
Stock-based compensation | 7,550 | 7,428 |
Deferred compensation | 5,184 | 5,310 |
Warranty | 11,679 | 8,809 |
Inventory | 6,572 | 5,974 |
Other | 5,000 | 4,922 |
Total deferred tax assets | 46,937 | 44,322 |
Fixed assets | (14,948) | (14,931) |
Net deferred tax assets | $ 31,989 | $ 29,391 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of period | $ 2,854 | $ 1,526 | $ 1,369 |
Changes in tax positions of prior years | 214 | 912 | 84 |
Additions based on tax positions related to the current year | 1,252 | 866 | 603 |
Payments | 0 | (85) | 0 |
Closure of tax years | (573) | (365) | (530) |
Balance at end of period | $ 3,747 | $ 2,854 | $ 1,526 |
Commitments And Contingencies58
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 11,500 | $ 9,800 | $ 8,600 |
Percentage of weighted average cost of capital | 13.70% | 13.90% | |
Severance | $ 0 | $ 3,716 | $ 0 |
Commitments And Contingencies59
Commitments And Contingencies (Schedule of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 9,388 |
2,018 | 7,978 |
2,019 | 6,068 |
2,020 | 4,936 |
2,021 | 4,116 |
Thereafter | 8,017 |
Total minimum lease payments | $ 40,503 |
Commitments And Contingencies60
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination, Contingent Consideration, Reconciliation of Change in Liability | ||||
Balance at beginning of period | $ 10,840 | $ 8,129 | $ 7,414 | |
Acquisitions | 1,322 | 4,766 | 3,370 | |
Payments | (4,944) | (3,974) | (3,739) | |
Accretion | 1,274 | 1,196 | 1,075 | |
Fair value adjustments | $ 749 | 749 | 723 | 9 |
Balance at end of the period | 9,241 | 9,241 | 10,840 | 8,129 |
Less current portion in accrued expenses and other current liabilities | (5,829) | (5,829) | (3,877) | (3,622) |
Total long-term portion in other long-term liabilities | 3,412 | $ 3,412 | $ 6,963 | $ 4,507 |
Contingent consideration, total remaining estimated payments | $ 11,600 |
Commitments And Contingencies61
Commitments And Contingencies (Schedule of Minimum Purchase Obligations) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jul. 31, 2015 | Dec. 31, 2016 | |
Long-term Purchase Commitment | ||
Long-term purchase commitment, time period | 6 years | |
Furrion Limited | ||
Long-term Purchase Commitment | ||
Long-term purchase commitment, time period | 6 years | |
Furrion Limited | Inventories | ||
Long-term Purchase Commitment | ||
July 2016 - June 2017 | $ 90 | |
July 2017 - June 2018 | 127 | |
July 2018 - June 2019 | $ 172 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2017 | May 22, 2014 | Jan. 06, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Aggregate intrinsic value, option shares outstanding | $ 2.4 | |||||
Reduction in outstanding options exercise price | $ 2 | |||||
Number of shares available for issuance following increase | 1,678,632 | |||||
Shares available for grant | 1,049,752 | 1,305,440 | 1,389,506 | |||
Amount of compensation exchanged for deferred stock units | $ 0.3 | $ 2 | $ 2 | |||
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 | 184,277 | 255,547 | 293,860 | |||
Weighted average remaining term, option shares outstanding | 10 months 22 days | |||||
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 | |||||
Deferred Stock Unit | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Unrecognized compensation costs, weighted-average recognition period | 1 year 6 months | |||||
Unrecognized compensation costs | $ 14.4 | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Unrecognized compensation costs, weighted-average recognition period | 5 months | |||||
Unrecognized compensation costs | $ 0.5 | |||||
Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Unrecognized compensation costs, weighted-average recognition period | 1 year 5 months | |||||
Unrecognized compensation costs | $ 7.6 | |||||
Stock awards, performance period | 3 years | |||||
Subsequent Event | ||||||
Share-based Compensation Arrangement by Share-based Payment Award | ||||||
Deferred stock units, value | $ 6.9 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Quarterly Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 10, 2015 | Jan. 06, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||||
Dividends paid per share | $ 2 | $ 2 | $ 0.5 | $ 0.3 | $ 0.3 | $ 0.3 | $ 1.4 |
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Payments of dividends | $ 48,200 | $ 46,700 | $ 12,359 | $ 7,371 | $ 7,363 | $ 7,344 | $ 34,437 |
Stockholders' Equity (Schedul64
Stockholders' Equity (Schedule of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 15,420 | $ 14,043 | $ 10,817 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 444 | 974 | 1,412 |
Deferred Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 7,830 | 7,023 | 4,343 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 1,770 | 1,031 | 910 |
Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 5,376 | $ 5,015 | $ 4,152 |
Stockholders' Equity (Schedul65
Stockholders' Equity (Schedule of Stock Options) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Option Shares | |||
Exercised (in shares) | (395,274) | (505,312) | (476,047) |
Equity Plan | |||
Number of Option Shares | |||
Balance at beginning of the period (in shares) | 212,030 | 453,331 | 723,661 |
Exercised (in shares) | (183,600) | (214,601) | (258,530) |
Forfeited (in shares) | (1,550) | (26,700) | (11,800) |
Reduction for cash dividend (in shares) | 0 | 0 | |
Balance at end of the period (in shares) | 26,880 | 212,030 | 453,331 |
Exercisable at December 31, 2016 (in shares) | 26,880 | ||
Weighted Average Exercise Price | |||
Balance at beginning of the period (in usd per share) | $ 15.38 | $ 16.89 | $ 15.46 |
Exercised (in usd per share) | 15.10 | 14.48 | 12.89 |
Forfeited (in usd per share) | 17.17 | 14.30 | 16.93 |
Reduction for cash dividend (in usd per share) | (2) | (2) | |
Balance at end of the period (in usd per share) | 17.17 | $ 15.38 | $ 16.89 |
Exercisable at December 31, 2016 (in usd per share) | $ 17.17 |
Stockholders' Equity (Schedul66
Stockholders' Equity (Schedule of Exercise of Stock Options) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |||
Intrinsic value of stock options exercised | $ 13,204 | $ 9,424 | $ 7,860 |
Cash receipts from stock options exercised | 2,772 | 3,280 | 3,333 |
Income tax benefits from stock option exercises | 4,435 | 2,885 | 3,660 |
Grant date fair value of stock options vested | $ 506 | $ 1,055 | $ 1,561 |
Stockholders' Equity (Summary o
Stockholders' Equity (Summary of Stock Options Outstanding) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Stockholders' Equity Note [Abstract] | |
Aggregate intrinsic value, option shares outstanding | $ 2.4 |
Weighted average remaining term, option shares outstanding | 10 months 22 days |
Stockholders' Equity (Schedul68
Stockholders' Equity (Schedule of Deferred Stock Units Transactions) (Details) - Deferred Stock Unit - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | |||
Balance at beginning of the period (in shares) | 527,513 | 738,288 | 692,961 |
Issued (in shares) | 10,742 | 54,982 | 56,212 |
Granted (in shares) | 173,097 | 90,184 | 187,490 |
Dividend equivalents (in shares) | 9,075 | 20,922 | 27,532 |
Forfeited (in shares) | (10,893) | (23,604) | (38,855) |
Exercised (in shares) | (203,087) | (353,259) | (187,052) |
Balance at end of the period (in shares) | 506,447 | 527,513 | 738,288 |
Outstanding exercise price (in usd per share) | $ 44.94 | $ 36.96 | $ 30.26 |
Issued (in usd per share) | 72.01 | 47.51 | 46.08 |
Granted (in usd per share) | 54.67 | 60.22 | 46.94 |
Dividend equivalent (in usd per share) | 87.01 | 59.94 | 50.45 |
Forfeited (in usd per share) | 48.98 | 44.78 | 29.83 |
Exercised (in usd per share) | 43.55 | 32.62 | 29.90 |
Outstanding exercise price (in usd per share) | $ 50 | $ 44.94 | $ 36.96 |
Stockholders' Equity (Schedul69
Stockholders' Equity (Schedule of Restricted Stock Grants) (Details) - Restricted Stock - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Granted | $ 17,439 | $ 20,558 | $ 19,439 |
Weighted average stock price | $ 74.55 | $ 59.60 | $ 46.82 |
Fair value of stock granted | 1,300 | 1,220 | 910 |
Stockholders' Equity (Schedul70
Stockholders' Equity (Schedule of Stock Awards) (Details) - Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Number of Shares | |||
Balance at beginning of the period (in shares) | 262,456 | 272,818 | 193,602 |
Granted (in shares) | 86,918 | 96,010 | 103,500 |
Dividend equivalents (in shares) | 3,811 | 8,992 | 7,675 |
Forfeited (in shares) | (10,832) | (16,534) | |
Exercised (in shares) | (109,731) | (98,830) | (31,959) |
Balance at end of the period (in shares) | 232,622 | 262,456 | 272,818 |
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) | $ 49.36 | $ 39.03 | $ 30.84 |
Granted (in usd per share) | $ 54.47 | $ 60.29 | $ 51.20 |
Dividend equivalents (in usd per share) | 88.04 | 59.94 | 50.45 |
Forfeited (in usd per share) | $ 53.95 | $ 60.29 | |
Exercised (in usd per share) | 39.94 | 29.70 | 26.88 |
Outstanding exercise price (in usd per share) | $ 55.60 | $ 49.36 | $ 39.03 |
Stockholders' Equity (Schedul71
Stockholders' Equity (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |||
Weighted average shares outstanding for basic earnings per share | 24,631 | 24,295 | 23,911 |
Common stock equivalents pertaining to stock options and deferred stock units | 302 | 355 | 423 |
Weighted average shares outstanding for diluted earnings per share | 24,933 | 24,650 | 24,334 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands, lb in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)propertylb$ / lb | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($)property | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Deferred Compensation, Percentage Of Funds Invested | 60.00% | ||
Number of years long-term sales growth forecasted over | 6 years | ||
Average long-term sales growth forecast, over next 4 years, percent per year | 14.00% | ||
Derivative nonmonetary notional amount, mass | lb | 40.8 | ||
Underlying derivative mass | $ / lb | 0.25 | ||
Derivative asset | $ 2,300 | ||
Combined carrying value | $ 172,748 | $ 150,600 | |
Vacant Owned Facilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Number of vacant owned properties | property | 1 | 3 | 4 |
Number properties classified as fixed assets | property | 1 | 1 | 3 |
Number of vacant owned facilities sold | property | 1 | ||
Number of vacant facilities reopened | property | 1 | ||
Estimated combined fair value | $ 3,000 | ||
Combined carrying value | $ 2,500 | ||
Vacant Owned Facilities Classified in Fixed Assets | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Estimated combined fair value | $ 3,000 | $ 4,200 | |
Combined carrying value | $ 2,500 | $ 3,900 |
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, 2016 | Dec. 31, 2015 |
Assets | ||
Unrealized Gain on Derivative Instruments | $ 2,296 | $ 0 |
Liabilities | ||
Contingent consideration | 9,241 | 10,836 |
Level 1 | ||
Assets | ||
Unrealized Gain on Derivative Instruments | 0 | 0 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Level 2 | ||
Assets | ||
Unrealized Gain on Derivative Instruments | 2,296 | 0 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Level 3 | ||
Assets | ||
Unrealized Gain on Derivative Instruments | 0 | 0 |
Liabilities | ||
Contingent consideration | $ 9,241 | $ 10,836 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | |||
Assets, carrying value | $ 46,746 | $ 31,264 | $ 70,032 |
Assets, non-recurring losses | 0 | 0 | 0 |
Vacant Owned Facilities | |||
Assets | |||
Assets, carrying value | 2,496 | 2,537 | 3,863 |
Assets, non-recurring losses | 0 | 0 | 0 |
Net Assets of Acquired Businesses | |||
Assets | |||
Assets, carrying value | 44,250 | 28,727 | 66,169 |
Assets, non-recurring losses | $ 0 | $ 0 | $ 0 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - segment | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information | |||
Number of reportable segments | 2 | ||
Aftermarket Segment | Net sales | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 8.00% | 7.00% | 5.00% |
OEM Segment | Net sales | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 92.00% | 93.00% | 95.00% |
Product Concentration Risk | Travel Trailer and Fifth Wheels | Net sales | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 71.00% |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Information Relating to Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information | |||||||||||
Net sales to external customers | $ 402,899 | $ 412,370 | $ 440,831 | $ 422,798 | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 1,678,898 | $ 1,403,066 | $ 1,190,782 |
Operating profit (loss) | 200,850 | 116,254 | 95,487 | ||||||||
Total assets | 786,904 | 622,856 | 786,904 | 622,856 | 543,841 | ||||||
Expenditures for long-lived assets | 86,602 | 67,587 | 147,370 | ||||||||
Depreciation and amortization | 46,167 | 41,624 | 32,596 | ||||||||
Purchase of long-lived assets as part of business acquisition | 42,000 | 38,600 | 105,000 | ||||||||
OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Net sales to external customers | 1,548,091 | 1,300,060 | 1,127,026 | ||||||||
Aftermarket Segment | |||||||||||
Segment Reporting Information | |||||||||||
Net sales to external customers | 130,807 | 103,006 | 63,756 | ||||||||
Corporate and Other | |||||||||||
Segment Reporting Information | |||||||||||
Operating profit (loss) | 0 | (3,716) | (1,954) | ||||||||
Total assets | 152,308 | 65,439 | 152,308 | 65,439 | 48,225 | ||||||
Depreciation and amortization | $ 276 | $ 143 | $ 88 | ||||||||
Net sales | OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Consolidated risk, percentage | 92.00% | 93.00% | 95.00% | ||||||||
Net sales | Aftermarket Segment | |||||||||||
Segment Reporting Information | |||||||||||
Consolidated risk, percentage | 8.00% | 7.00% | 5.00% | ||||||||
Customer Concentration Risk | Net sales | Thor Industries, Inc. | |||||||||||
Segment Reporting Information | |||||||||||
Consolidated risk, percentage | 37.00% | 28.00% | 33.00% | ||||||||
Customer Concentration Risk | Net sales | Berkshire Hathaway Inc. | |||||||||||
Segment Reporting Information | |||||||||||
Consolidated risk, percentage | 26.00% | 26.00% | 28.00% | ||||||||
Customer Concentration Risk | Net sales | Jayco, Inc. | |||||||||||
Segment Reporting Information | |||||||||||
Consolidated risk, percentage | 10.00% | ||||||||||
International | Geographic Concentration Risk | Net sales | |||||||||||
Segment Reporting Information | |||||||||||
Consolidated risk, percentage | 2.00% | 1.00% | 1.00% | ||||||||
Operating Segments | |||||||||||
Segment Reporting Information | |||||||||||
Net sales to external customers | $ 1,678,898 | $ 1,403,066 | $ 1,190,782 | ||||||||
Operating profit (loss) | 200,850 | 119,970 | 97,441 | ||||||||
Total assets | 634,596 | 557,417 | 634,596 | 557,417 | 495,616 | ||||||
Expenditures for long-lived assets | 86,602 | 67,587 | 147,370 | ||||||||
Depreciation and amortization | 45,891 | 41,481 | 32,508 | ||||||||
Operating Segments | OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Net sales to external customers | 1,548,091 | 1,300,060 | 1,127,026 | ||||||||
Operating profit (loss) | 180,850 | 105,224 | 88,744 | ||||||||
Total assets | 569,385 | 500,734 | 569,385 | 500,734 | 441,127 | ||||||
Expenditures for long-lived assets | 80,588 | 65,492 | 119,715 | ||||||||
Depreciation and amortization | 42,593 | 38,583 | 30,954 | ||||||||
Operating Segments | Aftermarket Segment | |||||||||||
Segment Reporting Information | |||||||||||
Net sales to external customers | 130,807 | 103,006 | 63,756 | ||||||||
Operating profit (loss) | 20,000 | 14,746 | 8,697 | ||||||||
Total assets | $ 65,211 | $ 56,683 | 65,211 | 56,683 | 54,489 | ||||||
Expenditures for long-lived assets | 6,014 | 2,095 | 27,655 | ||||||||
Depreciation and amortization | $ 3,298 | $ 2,898 | $ 1,554 |
Segment Reporting (Schedule o77
Segment Reporting (Schedule of Net Sales by Product) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information | |||||||||||
Total net sales | $ 402,899 | $ 412,370 | $ 440,831 | $ 422,798 | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 1,678,898 | $ 1,403,066 | $ 1,190,782 |
OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 1,548,091 | 1,300,060 | 1,127,026 | ||||||||
Aftermarket Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 130,807 | 103,006 | 63,756 | ||||||||
Chassis, Chassis Parts and Slide-out Mechanisms | OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 743,160 | 664,542 | 593,756 | ||||||||
Windows and Doors | OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 335,717 | 301,171 | 258,915 | ||||||||
Furniture and Mattresses | OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 245,596 | 161,840 | 132,356 | ||||||||
Axles and Suspension Solutions | OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 115,538 | 108,464 | 88,909 | ||||||||
Other Products | OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | $ 108,080 | $ 64,043 | $ 53,090 |
Segment Reporting (Schedule o78
Segment Reporting (Schedule of Net Sales by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information | |||||||||||
Total net sales | $ 402,899 | $ 412,370 | $ 440,831 | $ 422,798 | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 1,678,898 | $ 1,403,066 | $ 1,190,782 |
OEM Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 1,548,091 | 1,300,060 | 1,127,026 | ||||||||
Travel Trailer and Fifth Wheels | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 1,099,882 | 938,787 | 841,497 | ||||||||
Motorhomes | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 116,191 | 86,513 | 70,332 | ||||||||
OEMs Adjacent Industries | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | 332,018 | 274,760 | 215,197 | ||||||||
Aftermarket Segment | |||||||||||
Segment Reporting Information | |||||||||||
Total net sales | $ 130,807 | $ 103,006 | $ 63,756 |
Quarterly Results Of Operatio79
Quarterly Results Of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 402,899 | $ 412,370 | $ 440,831 | $ 422,798 | $ 334,228 | $ 345,296 | $ 362,085 | $ 361,457 | $ 1,678,898 | $ 1,403,066 | $ 1,190,782 |
Gross profit | 98,008 | 105,550 | 116,904 | 108,441 | 73,414 | 74,125 | 82,060 | 76,403 | 428,903 | 306,002 | 254,923 |
Income before income taxes | 40,203 | 44,742 | 58,975 | 55,252 | 23,125 | 26,576 | 33,019 | 31,649 | 199,172 | 114,369 | 95,057 |
Net income | $ 26,299 | $ 29,844 | $ 37,569 | $ 35,959 | $ 16,140 | $ 17,263 | $ 20,869 | $ 20,073 | $ 129,671 | $ 74,345 | $ 62,266 |
Net income per common share, Basic | $ 1.06 | $ 1.21 | $ 1.52 | $ 1.46 | $ 0.66 | $ 0.71 | $ 0.86 | $ 0.83 | $ 5.26 | $ 3.06 | $ 2.60 |
Net income per common share, Diluted | 1.05 | 1.19 | 1.51 | 1.45 | 0.65 | 0.70 | 0.85 | 0.82 | 5.20 | 3.02 | $ 2.56 |
Stock market price, High | 112.95 | 102.46 | 85.09 | 64.46 | 61.90 | 59.42 | 62.60 | 64.61 | 112.95 | 64.61 | |
Stock market price, Low | 84.20 | 84.61 | 60.75 | 52.85 | 53.55 | 52.42 | 55.26 | 47.63 | 52.85 | 47.63 | |
Close (at end of quarter) | $ 107.75 | $ 98.02 | $ 84.84 | $ 64.46 | $ 60.89 | $ 54.61 | $ 58.02 | $ 61.54 | $ 107.75 | $ 60.89 |