Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 24,927,932 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 547,483 | $ 440,831 | $ 1,045,819 | $ 863,629 |
Cost of sales | 416,396 | 323,927 | 790,718 | 638,284 |
Gross profit | 131,087 | 116,904 | 255,101 | 225,345 |
Selling, general and administrative expenses | 68,047 | 57,516 | 132,932 | 110,229 |
Operating profit | 63,040 | 59,388 | 122,169 | 115,116 |
Interest expense, net | 414 | 413 | 851 | 889 |
Income before income taxes | 62,626 | 58,975 | 121,318 | 114,227 |
Provision for income taxes | 22,489 | 21,406 | 38,036 | 40,699 |
Net income | $ 40,137 | $ 37,569 | $ 83,282 | $ 73,528 |
Net income per common share: | ||||
Basic (in usd per share) | $ 1.61 | $ 1.52 | $ 3.34 | $ 3 |
Diluted (in usd per share) | $ 1.59 | $ 1.51 | $ 3.29 | $ 2.96 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 24,992 | 24,662 | 24,959 | 24,542 |
Diluted (in shares) | 25,305 | 24,916 | 25,296 | 24,822 |
Condensed Consolidated Stateme3
Condensed Consolidated Statement Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income | $ 40,137 | $ 37,569 | $ 83,282 | $ 73,528 |
Other comprehensive income (loss): | ||||
Net foreign currency translation adjustment | 2,066 | (759) | 2,415 | (759) |
Total comprehensive income | $ 42,203 | $ 36,810 | $ 85,697 | $ 72,769 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Current assets | |||
Cash and cash equivalents | $ 37,961 | $ 86,170 | $ 78,560 |
Accounts receivable, net | 130,514 | 57,374 | 102,355 |
Inventories, net | 202,635 | 188,743 | 149,163 |
Prepaid expenses and other current assets | 43,977 | 35,107 | 25,613 |
Total current assets | 415,087 | 367,394 | 355,691 |
Fixed assets, net | 203,204 | 172,748 | 151,250 |
Goodwill | 122,275 | 89,198 | 93,831 |
Other intangible assets, net | 138,876 | 112,943 | 114,000 |
Deferred taxes | 31,864 | 31,989 | 29,391 |
Other assets | 13,344 | 12,632 | 13,656 |
Total assets | 924,650 | 786,904 | 757,819 |
Current liabilities | |||
Accounts payable, trade | 80,596 | 50,616 | 53,330 |
Accrued expenses and other current liabilities | 114,454 | 98,735 | 113,244 |
Total current liabilities | 195,050 | 149,351 | 166,574 |
Long-term indebtedness | 49,911 | 49,949 | 49,930 |
Other long-term liabilities | 59,934 | 37,335 | 38,284 |
Total liabilities | 304,895 | 236,635 | 254,788 |
Stockholders’ equity | |||
Common stock, par value $.01 per share | 276 | 274 | 273 |
Paid-in capital | 195,452 | 185,981 | 173,474 |
Retained earnings | 452,877 | 395,279 | 359,510 |
Accumulated other comprehensive income (loss) | 617 | (1,798) | (759) |
Stockholders’ equity before treasury stock | 649,222 | 579,736 | 532,498 |
Treasury stock, at cost | (29,467) | (29,467) | (29,467) |
Total stockholders’ equity | 619,755 | 550,269 | 503,031 |
Total liabilities and stockholders’ equity | $ 924,650 | $ 786,904 | $ 757,819 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 83,282 | $ 73,528 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ||
Depreciation and amortization | 25,530 | 22,190 |
Stock-based compensation expense | 9,312 | 7,274 |
Other non-cash items | 2,198 | 809 |
Changes in assets and liabilities, net of acquisitions of businesses: | ||
Accounts receivable, net | (61,455) | (58,777) |
Inventories, net | (6,804) | 25,590 |
Prepaid expenses and other assets | (9,337) | (4,199) |
Accounts payable, trade | 22,542 | 21,496 |
Accrued expenses and other liabilities | 32,476 | 45,440 |
Net cash flows provided by operating activities | 97,744 | 133,351 |
Cash flows from investing activities: | ||
Capital expenditures | (43,276) | (13,309) |
Acquisitions of businesses, net of cash acquired | (67,876) | (34,237) |
Proceeds from sales of fixed assets | 265 | 337 |
Other investing activities | (8) | (237) |
Net cash flows used for investing activities | (110,895) | (47,446) |
Cash flows from financing activities: | ||
Exercise of stock-based awards, net of shares tendered for payment of taxes | (7,543) | (1,144) |
Proceeds from line of credit borrowings | 0 | 81,458 |
Repayments under line of credit borrowings | 0 | (81,458) |
Payment of dividends | 24,887 | 14,707 |
Payment of contingent consideration related to acquisitions | (2,569) | (2,715) |
Other financing activities | (59) | (1,084) |
Net cash flows used for financing activities | (35,058) | (19,650) |
Net (decrease) increase in cash and cash equivalents | (48,209) | 66,255 |
Cash and cash equivalents at beginning of period | 86,170 | 12,305 |
Cash and cash equivalents at end of period | 37,961 | 78,560 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 941 | 1,082 |
Cash paid during the period for income taxes, net of refunds | 17,620 | 19,134 |
Purchase of property and equipment in accrued expenses | $ 2,072 | $ 308 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement Of Stockholders' Equity - 6 months ended Jun. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Beginning balance at Dec. 31, 2016 | $ 550,269 | $ 274 | $ 185,981 | $ 395,279 | $ (1,798) | $ (29,467) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 83,282 | 83,282 | ||||
Issuance of 176,272 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | (7,543) | 2 | (7,545) | |||
Stock-based compensation expense | 9,312 | 9,312 | ||||
Issuance of 63,677 deferred stock units relating to prior year compensation | 6,907 | 6,907 | ||||
Other comprehensive income | 2,415 | |||||
Cash dividends ($1.00 per share) | (24,887) | (24,887) | ||||
Dividend equivalents on stock-based awards | 797 | (797) | ||||
Ending balance at Jun. 30, 2017 | $ 619,755 | $ 276 | $ 195,452 | $ 452,877 | $ 617 | $ (29,467) |
Condensed Consolidated Stateme8
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common stock (in shares) | 176,272 |
Issuance of deferred stock units (in shares) | 63,677 |
Special cash dividend (in usd per share) | $ / shares | $ 1 |
Basis Of Presentation
Basis Of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The Condensed 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 June 30, 2017 , the Company operated 52 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 Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2016 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty 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. In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. |
Acquisitions, Goodwill And Othe
Acquisitions, Goodwill And Other Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions During the Six Months Ended June 30, 2017 Metallarte S.r.l. On June 30, 2017, the Company acquired 100 percent of the equity interests of Metallarte S.r.l. (“Metallarte”), a manufacturer of entry and compartment doors for the European caravan market located near Siena, Italy, and its subsidiary, RV Doors, S.r.l., a manufacturer of driver-side doors located near Venice, Italy. The purchase price was $14.1 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 Condensed 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 $ 13,501 Contingent consideration 2,366 Total fair value of consideration given $ 15,867 Customer relationships $ 7,000 Other identifiable intangible assets 2,150 Net tangible assets 167 Total fair value of net assets acquired $ 9,317 Goodwill (not tax deductible) $ 6,550 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. Lexington In May 2017, the Company acquired the business and certain assets of Lexington LLC (“Lexington”), a manufacturer of high quality seating solutions for the marine, RV, transportation, medical and office furniture industries located in Elkhart, Indiana. The purchase price was $40.0 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed 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 $ 40,062 Customer relationships $ 16,900 Other identifiable intangible assets 1,830 Net tangible assets 5,001 Total fair value of net assets acquired $ 23,731 Goodwill (tax deductible) $ 16,331 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. Sessa Klein S.p.A. In February 2017, the Company acquired 100 percent of the outstanding shares of Sessa Klein S.p.A. (“Sessa Klein”), 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 results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed 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 $ 6,502 Contingent consideration 4,922 Total fair value of consideration given $ 11,424 Customer relationships $ 3,189 Other identifiable intangible assets 1,329 Net tangible assets 585 Total fair value of net assets acquired $ 5,103 Goodwill (not tax deductible) $ 6,321 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. Acquisitions During the Six Months Ended June 30, 2016 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 acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration net of cash acquired $ 16,618 Contingent consideration 1,322 Total fair value of consideration given $ 17,940 Customer relationships $ 9,696 Other identifiable intangible assets 6,141 Net other liabilities (3,482 ) Total fair value of net assets acquired $ 12,355 Goodwill (not tax deductible) $ 5,585 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. 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 Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 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 Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 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. Goodwill Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2016 $ 74,663 $ 14,535 $ 89,198 Acquisitions – 2017 29,277 — 29,277 Other 3,793 7 3,800 Net balance – June 30, 2017 $ 107,733 $ 14,542 $ 122,275 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. 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 consisted of the following at June 30, 2017 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 138,258 $ 37,190 $ 101,068 6 to 16 Patents 57,202 35,874 21,328 3 to 19 Tradenames 10,337 4,068 6,269 3 to 15 Non-compete agreements 8,354 3,046 5,308 3 to 6 Other 309 93 216 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 219,147 $ 80,271 $ 138,876 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 |
Acquisitions | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions During the Six Months Ended June 30, 2017 Metallarte S.r.l. On June 30, 2017, the Company acquired 100 percent of the equity interests of Metallarte S.r.l. (“Metallarte”), a manufacturer of entry and compartment doors for the European caravan market located near Siena, Italy, and its subsidiary, RV Doors, S.r.l., a manufacturer of driver-side doors located near Venice, Italy. The purchase price was $14.1 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 Condensed 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 $ 13,501 Contingent consideration 2,366 Total fair value of consideration given $ 15,867 Customer relationships $ 7,000 Other identifiable intangible assets 2,150 Net tangible assets 167 Total fair value of net assets acquired $ 9,317 Goodwill (not tax deductible) $ 6,550 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. Lexington In May 2017, the Company acquired the business and certain assets of Lexington LLC (“Lexington”), a manufacturer of high quality seating solutions for the marine, RV, transportation, medical and office furniture industries located in Elkhart, Indiana. The purchase price was $40.0 million paid at closing. The results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed 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 $ 40,062 Customer relationships $ 16,900 Other identifiable intangible assets 1,830 Net tangible assets 5,001 Total fair value of net assets acquired $ 23,731 Goodwill (tax deductible) $ 16,331 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. Sessa Klein S.p.A. In February 2017, the Company acquired 100 percent of the outstanding shares of Sessa Klein S.p.A. (“Sessa Klein”), 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 results of the acquired business have been included primarily in the Company’s OEM Segment and in the Condensed 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 $ 6,502 Contingent consideration 4,922 Total fair value of consideration given $ 11,424 Customer relationships $ 3,189 Other identifiable intangible assets 1,329 Net tangible assets 585 Total fair value of net assets acquired $ 5,103 Goodwill (not tax deductible) $ 6,321 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. Acquisitions During the Six Months Ended June 30, 2016 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 acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration net of cash acquired $ 16,618 Contingent consideration 1,322 Total fair value of consideration given $ 17,940 Customer relationships $ 9,696 Other identifiable intangible assets 6,141 Net other liabilities (3,482 ) Total fair value of net assets acquired $ 12,355 Goodwill (not tax deductible) $ 5,585 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. 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 Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 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 Condensed Consolidated Statements of Income since the acquisition date. The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration $ 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. Goodwill Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2016 $ 74,663 $ 14,535 $ 89,198 Acquisitions – 2017 29,277 — 29,277 Other 3,793 7 3,800 Net balance – June 30, 2017 $ 107,733 $ 14,542 $ 122,275 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. 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 consisted of the following at June 30, 2017 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 138,258 $ 37,190 $ 101,068 6 to 16 Patents 57,202 35,874 21,328 3 to 19 Tradenames 10,337 4,068 6,269 3 to 15 Non-compete agreements 8,354 3,046 5,308 3 to 6 Other 309 93 216 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 219,147 $ 80,271 $ 138,876 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 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories, valued at the lower of cost (first-in, first-out (FIFO) method) or market, consisted of the following at: June 30, December 31, (In thousands) 2017 2016 2016 Raw materials $ 164,964 $ 122,049 $ 155,044 Work in process 10,358 9,256 7,509 Finished goods 27,313 17,858 26,190 Inventories, net $ 202,635 $ 149,163 $ 188,743 |
Fixed Assets
Fixed Assets | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS Fixed assets consisted of the following at: June 30, December 31, (In thousands) 2017 2016 2016 Fixed assets, at cost $ 381,650 $ 304,982 $ 337,362 Less accumulated depreciation and amortization 178,446 153,732 164,614 Fixed assets, net $ 203,204 $ 151,250 $ 172,748 |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, December 31, (In thousands) 2017 2016 2016 Employee compensation and benefits $ 36,861 $ 41,467 $ 47,459 Current portion of accrued warranty 21,705 18,914 20,393 Taxes payable 19,235 19,028 41 Customer rebates 11,397 11,711 9,329 Other 25,256 22,124 21,513 Accrued expenses and other current liabilities $ 114,454 $ 113,244 $ 98,735 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 six months ended June 30 : (In thousands) 2017 2016 Balance at beginning of period $ 32,393 $ 26,204 Provision for warranty expense 11,833 10,472 Warranty liability from acquired businesses 150 125 Warranty costs paid (9,079 ) (7,038 ) Balance at end of period 35,297 29,763 Less long-term portion 13,592 10,849 Current portion of accrued warranty $ 21,705 $ 18,914 |
Long-Term Indebtedness
Long-Term Indebtedness | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | LONG-TERM INDEBTEDNESS At June 30, 2017 and 2016 , and December 31, 2016 , the Company had no outstanding borrowings on its line of credit. 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 amended and restated the existing line of credit, which 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 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 June 30, 2017 ) 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 June 30, 2017 ) depending on the Company’s performance and financial condition. At June 30, 2017 and 2016 , the Company had $2.4 million and $2.5 million , respectively, in issued, but undrawn, standby letters of credit under the line of credit. Availability under the Company’s line of credit was $197.6 million at June 30, 2017 . On February 24, 2014, the Company entered into a $150.0 million “shelf-loan” facility with Prudential Investment Management, Inc. and its affiliates (“Prudential”) . On March 20, 2015, the Company issued $50.0 million of Senior Promissory Notes (“Series A 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 June 30, 2017 . At June 30, 2017 , 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 March 30, 2017, the Company amended its “shelf-loan” facility to extend the term through March 30, 2020. In connection with this amendment, 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 (excluding the Company’s Series A Notes already outstanding). 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 was $150.0 million at June 30, 2017 . However, the Amended Credit Agreement limits the aggregate indebtedness outstanding to Prudential from time to time to $150.0 million ; therefore, currently the Company can only access an additional $100 million under the shelf-loan facility. The Company is currently discussing a proposed amendment to the Amended Credit Agreement with JPMorgan Chase and the other lenders to address this limitation. 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 June 30, 2017 and 2016 , 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 June 30, 2017 . The remaining availability under these facilities was $297.6 million at June 30, 2017 . The Company believes the availability under the Amended Credit Agreement and “shelf-loan” facility is adequate to finance the Company’s anticipated cash requirements for the next twelve months. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Contingent Consideration In connection with several business acquisitions, if certain sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at June 30, 2017 and 2016 , based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 13.6 percent and 12.4 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 six months ended June 30 : (In thousands) 2017 2016 Balance at beginning of period $ 9,241 $ 10,840 Acquisitions 7,288 1,322 Payments (2,569 ) (2,715 ) Accretion (a) 716 664 Fair value adjustments (a) 1,137 421 Net foreign currency translation adjustment 353 — Balance at end of the period (b) 16,166 10,532 Less current portion in accrued expenses and other current liabilities (6,263 ) (4,720 ) Total long-term portion in other long-term liabilities $ 9,903 $ 5,812 (a) Recorded in selling, general and administrative expense in the Condensed Consolidated Statements of Income. (b) Amounts represent the fair value of estimated remaining payments. The total estimated remaining payments as of June 30, 2017 are $20.2 million undiscounted. 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, fireplaces and kitchen appliances, primarily to the RV industry. In connection with this agreement, the Company entered into minimum purchase obligations (“MPOs”), which Furrion and the Company agreed to review after the first year on an annual basis and adjust 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. 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 Condensed Consolidated Balance Sheet as of June 30, 2017 , would not be material to the Company’s financial position or annual results of operations. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following table summarizes information about shares of the Company’s common stock at: June 30, December 31, (In thousands) 2017 2016 2016 Common stock authorized 75,000 75,000 75,000 Common stock issued 27,610 27,271 27,434 Treasury stock 2,684 2,684 2,684 The following reconciliation details the denominator used in the computation of basic and diluted earnings per share: Six Months Ended Three Months Ended (In thousands) 2017 2016 2017 2016 Weighted average shares outstanding for basic earnings per share 24,959 24,542 24,992 24,662 Common stock equivalents pertaining to stock-based awards 337 280 313 254 Weighted average shares outstanding for diluted earnings per share 25,296 24,822 25,305 24,916 The weighted average diluted shares outstanding for the six months ended June 30, 2017 and 2016 , exclude the effect of 143,658 and 243,197 shares of common stock, respectively, subject to stock-based awards. The weighted average diluted shares outstanding for the three months ended June 30, 2017 and 2016 , exclude the effect of 144,046 and 244,219 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 those shares were subject to were not yet achieved. In 2016, the Company initiated the payment of regular quarterly dividends. The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2017 and 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 First Quarter 2017 $ 0.50 03/06/17 03/17/17 $ 12,442 Second Quarter 2017 0.50 05/19/17 06/02/17 12,445 Six Months Ended June 30, 2017 $ 1.00 $ 24,887 In February 2017 , the Company issued 63,677 deferred stock units at the average price of $108.47 , or $6.9 million , to executive officers in lieu of cash for a portion of their 2016 incentive compensation. In February 2016 , the Company issued 4,784 deferred stock units at the average price of $55.22 , or $0.3 million , to executive officers in lieu of cash for a portion of their 2015 incentive compensation. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, 2017 December 31, 2016 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Unrealized gain on derivative $ 1,928 $ — $ 1,928 $ — $ 2,296 $ — $ 2,296 $ — Liabilities Contingent consideration $ 16,166 $ — $ — $ 16,166 $ 9,241 $ — $ — $ 9,241 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 7 of the Notes to Condensed Consolidated Financial Statements. Changes in either of the inputs in isolation would result in a change in the fair value measurement. A change in the assumptions used for sales forecasts would result in a directionally similar change in the fair value liability, while a change in the weighted average cost of capital would result in a directionally opposite change in the fair value liability. If there is an increase in the fair value liability, the Company would record a charge to selling, general and administrative expenses, and if there is a decrease in the fair value liability, the Company would record a benefit in selling, general and administrative expenses. Derivative Instruments At June 30, 2017 , the Company had derivative instruments for 26.4 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 loss was recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income. At June 30, 2017 , the $1.9 million corresponding asset was recorded in other current assets as reflected in the Condensed Consolidated Balance Sheets. A net loss of $0.4 million was recorded in cost of sales in the Condensed Consolidated Statements of Income during the six months ended June 30, 2017 . Non-recurring The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses or (gains) recognized during the six months ended June 30 : 2017 2016 (In thousands) Carrying Non-Recurring Carrying Non-Recurring Vacant owned facilities $ 2,475 $ — $ 2,520 $ — Net assets of acquired businesses 38,151 — 27,840 — Total assets $ 40,626 $ — $ 30,360 $ — Vacant Owned Facilities During the first six months of 2017 , the Company reviewed the recoverability of the carrying value of one vacant owned facility. At June 30, 2017 , 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 Condensed Consolidated Balance Sheets. During the first six months of 2016 , the Company reviewed the recoverability of the carrying value of one vacant owned facility. At June 30, 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 Condensed 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 Condensed Consolidated Financial Statements. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting | SEGMENT REPORTING The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant. The OEM Segment, which accounted for 92 percent and 93 percent of consolidated net sales for each of the six month periods ended June 30, 2017 and 2016 , 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 for the six months ended June 30, 2017 were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 8 percent and 7 percent of consolidated net sales for each of the six month periods ended June 30, 2017 and 2016 , 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 chief operating decision maker (“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 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . Information relating to segments follows for the: Six Months Ended Three Months Ended (In thousands) 2017 2016 2017 2016 Net sales: OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 687,525 $ 573,055 $ 357,251 $ 289,686 Motorhomes 73,292 56,389 36,248 27,866 Adjacent industries OEMs 203,987 170,125 109,276 89,364 Total OEM Segment net sales 964,804 799,569 502,775 406,916 Aftermarket Segment: Total Aftermarket Segment net sales 81,015 64,060 44,708 33,915 Total net sales $ 1,045,819 $ 863,629 $ 547,483 $ 440,831 Operating profit: OEM Segment $ 110,842 $ 105,053 $ 56,445 $ 54,402 Aftermarket Segment 11,327 10,063 6,595 4,986 Total operating profit $ 122,169 $ 115,116 $ 63,040 $ 59,388 |
Accounting Pronouncements
Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The updated guidance is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company does not believe the updated requirements will materially impact the Company’s Condensed Consolidated Financial Statements. In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends ASC 715, Compensation - Retirement Benefits. This ASU requires the service cost component of net periodic benefit cost be presented in the same income statement line item as other employee compensation costs arising from services rendered during the period, and other components of the net periodic benefit cost be presented separately from the line item that includes the service cost and outside of any subtotal of operating income. This ASU is effective for interim and annual reporting periods beginning after December 15, 2017. The Company is evaluating the effect of adopting this new accounting guidance. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment, which amends ASC 350, Intangibles - Goodwill and Other. This ASU simplifies how an entity is required to test goodwill for impairment by eliminating step 2 from the goodwill impairment test. Step 2 measures goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This ASU is effective for interim and annual reporting periods, beginning after December 15, 2019 with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on the Company’s Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-01, Clarifying the Definition of a Business, which amends ASC 805, Business Combinations . This ASU clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. This ASU is effective for interim and annual reporting periods beginning after December 15, 2017. The adoption of this ASU 2017-01 is not expected to have a material impact on the Company’s Condensed Consolidated Financial Statements. In August 2016, the FASB issued 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 Condensed Consolidated Financial Statements. 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. Under the new standard, all excess tax benefits and tax deficiencies are recorded as a component of the provision for income taxes in the reporting period in which they occur. Additionally, ASU 2016-09 requires that the Company present excess tax benefits on the consolidated statement of cash flows as an operating activity. The adoption of the ASU resulted in the recognition of excess tax benefits in the provision for income taxes within the Condensed Consolidated Financial Statements of $5.2 million for the six months ended June 30, 2017 . Additionally, the Condensed Consolidated Statement of Cash Flows now present excess tax benefits as an operating activity, adjusted prospectively. Finally, the Company elected to continue to estimate forfeitures based on historical data and recognizes forfeiture compensation expense over the vesting period of the award. The Company adopted ASU 2016-09 in the first quarter of 2017 and elected to apply this adoption prospectively. Prior periods have not been adjusted. 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 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 Condensed Consolidated Financial Statements. The Company continues to evaluate transition methods, and expects to finalize its determination once all other significant matters are concluded. |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. |
New Accounting Pronouncements | In August 2016, the FASB issued 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 Condensed Consolidated Financial Statements. 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. Under the new standard, all excess tax benefits and tax deficiencies are recorded as a component of the provision for income taxes in the reporting period in which they occur. Additionally, ASU 2016-09 requires that the Company present excess tax benefits on the consolidated statement of cash flows as an operating activity. The adoption of the ASU resulted in the recognition of excess tax benefits in the provision for income taxes within the Condensed Consolidated Financial Statements of $5.2 million for the six months ended June 30, 2017 . Additionally, the Condensed Consolidated Statement of Cash Flows now present excess tax benefits as an operating activity, adjusted prospectively. Finally, the Company elected to continue to estimate forfeitures based on historical data and recognizes forfeiture compensation expense over the vesting period of the award. The Company adopted ASU 2016-09 in the first quarter of 2017 and elected to apply this adoption prospectively. Prior periods have not been adjusted. 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 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 Condensed Consolidated Financial Statements. The Company continues to evaluate transition methods, and expects to finalize its determination once all other significant matters are concluded. |
Acquisitions, Goodwill And Ot21
Acquisitions, Goodwill And Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Goodwill | Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2016 $ 74,663 $ 14,535 $ 89,198 Acquisitions – 2017 29,277 — 29,277 Other 3,793 7 3,800 Net balance – June 30, 2017 $ 107,733 $ 14,542 $ 122,275 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at June 30, 2017 : (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 138,258 $ 37,190 $ 101,068 6 to 16 Patents 57,202 35,874 21,328 3 to 19 Tradenames 10,337 4,068 6,269 3 to 15 Non-compete agreements 8,354 3,046 5,308 3 to 6 Other 309 93 216 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 219,147 $ 80,271 $ 138,876 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 |
Metallarte S.p.A. | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration, net of cash acquired $ 13,501 Contingent consideration 2,366 Total fair value of consideration given $ 15,867 Customer relationships $ 7,000 Other identifiable intangible assets 2,150 Net tangible assets 167 Total fair value of net assets acquired $ 9,317 Goodwill (not tax deductible) $ 6,550 |
Lexington | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration $ 40,062 Customer relationships $ 16,900 Other identifiable intangible assets 1,830 Net tangible assets 5,001 Total fair value of net assets acquired $ 23,731 Goodwill (tax deductible) $ 16,331 |
SessaKlein S.p.A. | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration net of cash acquired $ 6,502 Contingent consideration 4,922 Total fair value of consideration given $ 11,424 Customer relationships $ 3,189 Other identifiable intangible assets 1,329 Net tangible assets 585 Total fair value of net assets acquired $ 5,103 Goodwill (not tax deductible) $ 6,321 |
Project 2,000 | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The acquisition of this business was recorded on the acquisition date as follows (in thousands) : Cash consideration net of cash acquired $ 16,618 Contingent consideration 1,322 Total fair value of consideration given $ 17,940 Customer relationships $ 9,696 Other identifiable intangible assets 6,141 Net other liabilities (3,482 ) Total fair value of net assets acquired $ 12,355 Goodwill (not tax deductible) $ 5,585 |
Flair Interiors | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 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 |
Highwater Marine Furniture | |
Business Acquisition [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 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 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories, valued at the lower of cost (first-in, first-out (FIFO) method) or market, consisted of the following at: June 30, December 31, (In thousands) 2017 2016 2016 Raw materials $ 164,964 $ 122,049 $ 155,044 Work in process 10,358 9,256 7,509 Finished goods 27,313 17,858 26,190 Inventories, net $ 202,635 $ 149,163 $ 188,743 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Fixed Assets | Fixed assets consisted of the following at: June 30, December 31, (In thousands) 2017 2016 2016 Fixed assets, at cost $ 381,650 $ 304,982 $ 337,362 Less accumulated depreciation and amortization 178,446 153,732 164,614 Fixed assets, net $ 203,204 $ 151,250 $ 172,748 |
Accrued Expenses And Other Cu24
Accrued Expenses And Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following at: June 30, December 31, (In thousands) 2017 2016 2016 Employee compensation and benefits $ 36,861 $ 41,467 $ 47,459 Current portion of accrued warranty 21,705 18,914 20,393 Taxes payable 19,235 19,028 41 Customer rebates 11,397 11,711 9,329 Other 25,256 22,124 21,513 Accrued expenses and other current liabilities $ 114,454 $ 113,244 $ 98,735 |
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 six months ended June 30 : (In thousands) 2017 2016 Balance at beginning of period $ 32,393 $ 26,204 Provision for warranty expense 11,833 10,472 Warranty liability from acquired businesses 150 125 Warranty costs paid (9,079 ) (7,038 ) Balance at end of period 35,297 29,763 Less long-term portion 13,592 10,849 Current portion of accrued warranty $ 21,705 $ 18,914 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Reconciliation Of Contingent Consideration Liability | The following table provides a reconciliation of the Company’s contingent consideration liability for the six months ended June 30 : (In thousands) 2017 2016 Balance at beginning of period $ 9,241 $ 10,840 Acquisitions 7,288 1,322 Payments (2,569 ) (2,715 ) Accretion (a) 716 664 Fair value adjustments (a) 1,137 421 Net foreign currency translation adjustment 353 — Balance at end of the period (b) 16,166 10,532 Less current portion in accrued expenses and other current liabilities (6,263 ) (4,720 ) Total long-term portion in other long-term liabilities $ 9,903 $ 5,812 (a) Recorded in selling, general and administrative expense in the Condensed Consolidated Statements of Income. (b) Amounts represent the fair value of estimated remaining payments. The total estimated remaining payments as of June 30, 2017 are $20.2 million undiscounted. 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) | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Summary Of Common Stock Information | The following table summarizes information about shares of the Company’s common stock at: June 30, December 31, (In thousands) 2017 2016 2016 Common stock authorized 75,000 75,000 75,000 Common stock issued 27,610 27,271 27,434 Treasury stock 2,684 2,684 2,684 |
Schedule Of Computation Of Basic And Diluted Earnings Per Share | The following reconciliation details the denominator used in the computation of basic and diluted earnings per share: Six Months Ended Three Months Ended (In thousands) 2017 2016 2017 2016 Weighted average shares outstanding for basic earnings per share 24,959 24,542 24,992 24,662 Common stock equivalents pertaining to stock-based awards 337 280 313 254 Weighted average shares outstanding for diluted earnings per share 25,296 24,822 25,305 24,916 |
Schedule of Dividends Declared | The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2017 and 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 First Quarter 2017 $ 0.50 03/06/17 03/17/17 $ 12,442 Second Quarter 2017 0.50 05/19/17 06/02/17 12,445 Six Months Ended June 30, 2017 $ 1.00 $ 24,887 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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: June 30, 2017 December 31, 2016 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Unrealized gain on derivative $ 1,928 $ — $ 1,928 $ — $ 2,296 $ — $ 2,296 $ — Liabilities Contingent consideration $ 16,166 $ — $ — $ 16,166 $ 9,241 $ — $ — $ 9,241 |
Schedule Of Non-Recurring Losses Recognized Using Fair Value Measurements And The Carrying Value Of Any Assets And Liabilities Measured Using Fair Value Estimates | The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses or (gains) recognized during the six months ended June 30 : 2017 2016 (In thousands) Carrying Non-Recurring Carrying Non-Recurring Vacant owned facilities $ 2,475 $ — $ 2,520 $ — Net assets of acquired businesses 38,151 — 27,840 — Total assets $ 40,626 $ — $ 30,360 $ — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule Of Information Relating To Segments | Information relating to segments follows for the: Six Months Ended Three Months Ended (In thousands) 2017 2016 2017 2016 Net sales: OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 687,525 $ 573,055 $ 357,251 $ 289,686 Motorhomes 73,292 56,389 36,248 27,866 Adjacent industries OEMs 203,987 170,125 109,276 89,364 Total OEM Segment net sales 964,804 799,569 502,775 406,916 Aftermarket Segment: Total Aftermarket Segment net sales 81,015 64,060 44,708 33,915 Total net sales $ 1,045,819 $ 863,629 $ 547,483 $ 440,831 Operating profit: OEM Segment $ 110,842 $ 105,053 $ 56,445 $ 54,402 Aftermarket Segment 11,327 10,063 6,595 4,986 Total operating profit $ 122,169 $ 115,116 $ 63,040 $ 59,388 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Jun. 30, 2017 |
Manufacturing Facility | |
Property, Plant and Equipment | |
Manufacturing Facilities | 52 |
Acquisitions, Goodwill And Ot30
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Feb. 01, 2017 | Jun. 30, 2017 | May 31, 2017 | Feb. 28, 2017 | May 31, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Jun. 30, 2017 |
Business Acquisition [Line Items] | |||||||||
Other change in goodwill | $ 3,800 | ||||||||
Metallarte S.p.A. | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of interests acquired | 100.00% | 100.00% | 100.00% | ||||||
Total purchase price | $ 15,867 | ||||||||
Cash consideration | $ 14,100 | ||||||||
Metallarte S.p.A. | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets useful life | 15 years | ||||||||
Lexington | |||||||||
Business Acquisition [Line Items] | |||||||||
Total purchase price | $ 40,000 | ||||||||
Cash consideration | $ 40,062 | ||||||||
Lexington | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets useful life | 15 years | ||||||||
SessaKlein S.p.A. | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of interests acquired | 100.00% | ||||||||
Total purchase price | $ 11,424 | $ 8,500 | |||||||
SessaKlein S.p.A. | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets useful life | 15 years | ||||||||
Project 2,000 | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of interests acquired | 100.00% | ||||||||
Total purchase price | $ 17,940 | ||||||||
Cash consideration | $ 18,800 | ||||||||
Project 2000 | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets useful life | 15 years | ||||||||
Flair Interiors | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 8,100 | ||||||||
Flair Interiors | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets useful life | 15 years | ||||||||
Highwater Marine Furniture | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash consideration | $ 10,000 | ||||||||
Highwater Marine Furniture | Customer Relationships | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquired intangible assets useful life | 15 years |
Acquisitions, Goodwill And Ot31
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Business Acquisitions) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Feb. 01, 2017 | May 31, 2017 | Feb. 28, 2017 | May 31, 2016 | Feb. 29, 2016 | Jan. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | May 01, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||||||
Cash consideration net of cash acquired | $ 67,876 | $ 34,237 | |||||||||
Goodwill | $ 122,275 | 122,275 | $ 93,831 | $ 89,198 | |||||||
Metallarte S.p.A. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash consideration | 14,100 | ||||||||||
Cash consideration net of cash acquired | 13,501 | ||||||||||
Contingent consideration | 2,366 | ||||||||||
Total fair value of consideration given | 15,867 | ||||||||||
Net other assets | 167 | 167 | |||||||||
Total fair value of net assets acquired | 9,317 | 9,317 | |||||||||
Goodwill | 6,550 | 6,550 | |||||||||
Lexington | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash consideration | $ 40,062 | ||||||||||
Total fair value of consideration given | $ 40,000 | ||||||||||
Net other assets | $ 5,001 | ||||||||||
Total fair value of net assets acquired | 23,731 | ||||||||||
Goodwill | 16,331 | ||||||||||
SessaKlein S.p.A. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash consideration net of cash acquired | $ 6,502 | ||||||||||
Contingent consideration | 4,922 | ||||||||||
Total fair value of consideration given | 11,424 | $ 8,500 | |||||||||
Net other assets | 585 | ||||||||||
Total fair value of net assets acquired | 5,103 | ||||||||||
Goodwill | 6,321 | ||||||||||
Project 2,000 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash consideration | $ 18,800 | ||||||||||
Cash consideration net of cash acquired | 16,618 | ||||||||||
Contingent consideration | 1,322 | ||||||||||
Total fair value of consideration given | 17,940 | ||||||||||
Net other assets | (3,482) | ||||||||||
Total fair value of net assets acquired | 12,355 | ||||||||||
Goodwill | 5,585 | ||||||||||
Highwater Marine Furniture | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash consideration | $ 10,000 | ||||||||||
Net tangible assets | 1,307 | ||||||||||
Total fair value of net assets acquired | 9,407 | ||||||||||
Goodwill | 593 | ||||||||||
Flair Interiors | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Cash consideration | $ 8,100 | ||||||||||
Net other assets | 2,378 | ||||||||||
Total fair value of net assets acquired | 6,078 | ||||||||||
Goodwill | 2,022 | ||||||||||
Customer Relationships | Metallarte S.p.A. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | 7,000 | 7,000 | |||||||||
Customer Relationships | Lexington | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | 16,900 | ||||||||||
Customer Relationships | SessaKlein S.p.A. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | 3,189 | ||||||||||
Customer Relationships | Project 2000 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | 9,696 | ||||||||||
Customer Relationships | Highwater Marine Furniture | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 8,100 | ||||||||||
Customer Relationships | Flair Interiors | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 3,700 | ||||||||||
Other Intangible Assets | Metallarte S.p.A. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 2,150 | $ 2,150 | |||||||||
Other Intangible Assets | Lexington | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,830 | ||||||||||
Other Intangible Assets | SessaKlein S.p.A. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 1,329 | ||||||||||
Other Intangible Assets | Project 2000 | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Identifiable intangible assets | $ 6,141 |
Acquisitions, Goodwill And Ot32
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Segment Reporting Information | |
Net balance – December 31, 2016 | $ 89,198 |
Acquisitions – 2017 | 29,277 |
Other | 3,800 |
Net balance – June 30, 2017 | 122,275 |
OEM Segment | |
Segment Reporting Information | |
Net balance – December 31, 2016 | 74,663 |
Acquisitions – 2017 | 29,277 |
Other | 3,793 |
Net balance – June 30, 2017 | 107,733 |
Aftermarket Segment | |
Segment Reporting Information | |
Net balance – December 31, 2016 | 14,535 |
Acquisitions – 2017 | 0 |
Other | 7 |
Net balance – June 30, 2017 | $ 14,542 |
Acquisitions, Goodwill And Ot33
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | |
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 80,271 | $ 75,198 | |
Intangible Assets, Gross (Excluding Goodwill) | 219,147 | 188,141 | |
Intangible Assets, Net (Excluding Goodwill) | 138,876 | 112,943 | $ 114,000 |
Customer Relationships | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | 138,258 | 110,784 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 37,190 | 32,414 | |
Finite-Lived Intangible Assets, Net | $ 101,068 | 78,370 | |
Customer Relationships | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 6 years | ||
Customer Relationships | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 16 years | ||
Patents | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | $ 57,202 | 56,468 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 35,874 | 34,066 | |
Finite-Lived Intangible Assets, Net | $ 21,328 | 22,402 | |
Patents | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 3 years | ||
Patents | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 19 years | ||
Tradenames | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | $ 10,337 | 10,041 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 4,068 | 5,667 | |
Finite-Lived Intangible Assets, Net | $ 6,269 | 4,374 | |
Tradenames | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 3 years | ||
Tradenames | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 15 years | ||
Non-compete Agreements | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | $ 8,354 | 5,852 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 3,046 | 2,975 | |
Finite-Lived Intangible Assets, Net | $ 5,308 | 2,877 | |
Non-compete Agreements | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 3 years | ||
Non-compete Agreements | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 6 years | ||
Other | |||
Acquired Intangible Assets | |||
Finite-Lived Intangible Assets, Gross | $ 309 | 309 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 93 | 76 | |
Finite-Lived Intangible Assets, Net | $ 216 | 233 | |
Other | Minimum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 2 years | ||
Other | Maximum | |||
Acquired Intangible Assets | |||
Estimated useful life in years | 12 years | ||
Purchased research and development | |||
Acquired Intangible Assets | |||
Indefinite-Lived Intangible Assets - Purchased research and development | $ 4,687 | $ 4,687 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Inventory Disclosure [Abstract] | |||
Raw materials | $ 164,964 | $ 155,044 | $ 122,049 |
Work in process | 10,358 | 7,509 | 9,256 |
Finished goods | 27,313 | 26,190 | 17,858 |
Inventories, net | $ 202,635 | $ 188,743 | $ 149,163 |
Fixed Assets (Schedule Of Fixed
Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Property, Plant and Equipment [Abstract] | |||
Fixed assets, at cost | $ 381,650 | $ 337,362 | $ 304,982 |
Less accumulated depreciation and amortization | 178,446 | 164,614 | 153,732 |
Fixed assets, net | $ 203,204 | $ 172,748 | $ 151,250 |
Accrued Expenses And Other Cu36
Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $ 36,861 | $ 47,459 | $ 41,467 |
Current portion of accrued warranty | 21,705 | 20,393 | 18,914 |
Taxes payable | 19,235 | 41 | 19,028 |
Customer rebates | 11,397 | 9,329 | 11,711 |
Other | 25,256 | 21,513 | 22,124 |
Accrued expenses and other current liabilities | $ 114,454 | $ 98,735 | $ 113,244 |
Accrued Expenses And Other Cu37
Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 32,393 | $ 26,204 | |
Provision for warranty expense | 11,833 | 10,472 | |
Warranty liability from acquired businesses | 150 | 125 | |
Warranty costs paid | (9,079) | (7,038) | |
Balance at end of period | 35,297 | 29,763 | |
Less long-term portion | 13,592 | 10,849 | |
Current portion of accrued warranty | $ 21,705 | $ 18,914 | $ 20,393 |
Long-Term Indebtedness (Details
Long-Term Indebtedness (Details) | Apr. 27, 2016USD ($) | Mar. 20, 2015USD ($) | Feb. 24, 2014USD ($) | Jun. 30, 2017USD ($) | Mar. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 03, 2015USD ($) |
Line of Credit Facility | ||||||||
Long-term indebtedness | $ 49,911,000 | $ 49,949,000 | $ 49,930,000 | |||||
Maximum | ||||||||
Line of Credit Facility | ||||||||
Equity interest percentage | 65.00% | |||||||
Line of Credit | ||||||||
Line of Credit Facility | ||||||||
Debt outstanding at period end | 0 | $ 0 | 0 | |||||
Remaining availability under the facilities | $ 297,600,000 | |||||||
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 | $ 100,000,000 | ||||||
Letters of credit outstanding amount | $ 2,400,000 | $ 2,500,000 | ||||||
Remaining availability under the facilities | $ 197,600,000 | |||||||
Prudential Investment Management Inc | Line of Credit | ||||||||
Line of Credit Facility | ||||||||
Remaining availability under the facilities | $ 150,000,000 | |||||||
Period after request is issued, by company, for interest payable rate to be determined by Prudential | 5 days | |||||||
Long-term indebtedness | $ 50,000,000 | |||||||
Debt Instrument, Term | 5 years | |||||||
Interest rate during period | 3.35% | |||||||
JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | ||||||||
Line of Credit Facility | ||||||||
Maximum borrowings under line of credit | $ 200,000,000 | |||||||
Maximum draw capacity in approved foreign currencies | 50,000,000 | |||||||
Additional maximum borrowing capacity upon approval | $ 125,000,000 | |||||||
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | LIBOR | ||||||||
Line of Credit Facility | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | LIBOR | Minimum | ||||||||
Line of Credit Facility | ||||||||
Debt instrument, 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 | Line of Credit | LIBOR | Maximum | ||||||||
Line of Credit Facility | ||||||||
Debt instrument, 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 | Line of Credit | Federal Funds Effective Rate | ||||||||
Line of Credit Facility | ||||||||
Basis spread on variable rate | 0.50% | |||||||
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | LIBOR | Maximum | ||||||||
Line of Credit Facility | ||||||||
Basis spread on variable rate | 1.625% |
Commitments And Contingencies39
Commitments And Contingencies (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jul. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2017 | |
Loss Contingencies | |||
Percentage of weighted average cost of capital | 12.40% | 13.60% | |
Furrion Limited [Member] | |||
Loss Contingencies | |||
Long-term purchase commitment, time period | 6 years |
Commitments And Contingencies40
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Business Combination, Contingent Consideration, Reconciliation of Change in Liability [Roll Forward] | ||
Balance at beginning of period | $ 9,241 | $ 10,840 |
Acquisitions | (7,288) | (1,322) |
Payments | (2,569) | (2,715) |
Accretion | 716 | 664 |
Fair value adjustments | 1,137 | 421 |
Net foreign currency translation adjustment | 353 | 0 |
Balance at end of the period | 16,166 | 10,532 |
Less current portion in accrued expenses and other current liabilities | (6,263) | (4,720) |
Total long-term portion in other long-term liabilities | 9,903 | $ 5,812 |
Contingent consideration, total remaining estimated payments | $ 20,200 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Common Stock Information) (Details) - shares shares in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Stockholders' Equity Note [Abstract] | |||
Common stock authorized (in shares) | 75,000 | 75,000 | 75,000 |
Common stock issued (in shares) | 27,610 | 27,434 | 27,271 |
Treasury stock (in shares) | 2,684 | 2,684 | 2,684 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | ||||
Weighted average shares outstanding for basic earnings per share (in shares) | 24,992 | 24,662 | 24,959 | 24,542 |
Common stock equivalents pertaining to stock options and deferred stock units (in shares) | 313 | 254 | 337 | 280 |
Weighted average shares outstanding for diluted earnings per share (in shares) | 25,305 | 24,916 | 25,296 | 24,822 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2017 | Feb. 29, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average diluted shares outstanding excludes shares of common stock subject to stock options | 144,046 | 244,219 | 143,658 | 243,197 | ||
Deferred stock units issued to executive officers | 63,677 | 4,784 | ||||
Deferred stock units issued to executive officers, aggregate fair value | $ 6.9 | $ 0.3 | ||||
Weighted Average | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred stock units issued to executive officers, exercise price | $ 108.47 | $ 55.22 |
Stockholders' Equity (Summary44
Stockholders' Equity (Summary of Regular Quarterly Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cash dividend (in usd per share) | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.3 | $ 0.3 | $ 0.3 | $ 1 | $ 1.4 | |
Payment of dividends | $ 24,887 | $ 14,707 | |||||||
Common Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Payment of dividends | $ 12,445 | $ 12,442 | $ 12,359 | $ 7,371 | $ 7,363 | $ 7,344 | $ 24,887 | $ 34,437 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands, lb in Millions | 6 Months Ended | ||
Jun. 30, 2017USD ($)propertylb$ / lb | Jun. 30, 2016USD ($)property | Dec. 31, 2016USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
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% | ||
Combined carrying value | $ 203,204 | $ 151,250 | $ 172,748 |
Derivative, Nonmonetary Notional Amount, Mass | lb | 26.4 | ||
Underlying, Derivative Mass | $ / lb | 0.25 | ||
Derivative Asset | $ 1,900 | ||
Derivative, Gain (Loss) on Derivative, Net | $ 400 | ||
Vacant owned facilities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | |||
Number of vacant owned facilities | property | 1 | 1 | |
Number of properties classified as fixed assets | property | 1 | 1 | |
Estimated combined fair value | $ 3,000 | $ 3,000 | |
Combined carrying value | $ 2,500 | $ 2,500 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Unrealized gain on derivative instruments | $ 1,928 | $ 2,296 |
Liabilities | ||
Contingent consideration | 16,166 | 9,241 |
Level 1 | ||
Assets | ||
Unrealized gain on derivative instruments | 0 | 0 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Level 2 | ||
Assets | ||
Unrealized gain on derivative instruments | 1,928 | 2,296 |
Liabilities | ||
Contingent consideration | 0 | 0 |
Level 3 | ||
Assets | ||
Unrealized gain on derivative instruments | 0 | 0 |
Liabilities | ||
Contingent consideration | $ 16,166 | $ 9,241 |
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) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Assets | ||
Assets, carrying value | $ 40,626 | $ 30,360 |
Assets, non-recurring losses (gains) | 0 | 0 |
Vacant owned facilities | ||
Assets | ||
Assets, carrying value | 2,475 | 2,520 |
Assets, non-recurring losses (gains) | 0 | 0 |
Net assets of acquired businesses | ||
Assets | ||
Assets, carrying value | 38,151 | 27,840 |
Assets, non-recurring losses (gains) | $ 0 | $ 0 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - segment | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information | ||
Number of reportable segments | 2 | |
Net sales | OEM Segment | ||
Segment Reporting Information | ||
Concentration risk, percentage | 92.00% | 93.00% |
Net sales | Aftermarket Segment | ||
Segment Reporting Information | ||
Concentration risk, percentage | 8.00% | 7.00% |
Product Concentration Risk [Member] | Net sales | Travel Trailer And Fifth-Wheels | ||
Segment Reporting Information | ||
Concentration risk, percentage | 71.00% |
Segment Reporting (Schedule Of
Segment Reporting (Schedule Of Information Relating To Segments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information | ||||
Net sales | $ 547,483 | $ 440,831 | $ 1,045,819 | $ 863,629 |
Operating profit | 63,040 | 59,388 | 122,169 | 115,116 |
Travel Trailer And Fifth-Wheels | ||||
Segment Reporting Information | ||||
Net sales | 357,251 | 289,686 | 687,525 | 573,055 |
Motorhomes | ||||
Segment Reporting Information | ||||
Net sales | 36,248 | 27,866 | 73,292 | 56,389 |
Adjacent Industries OEMs | ||||
Segment Reporting Information | ||||
Net sales | 109,276 | 89,364 | 203,987 | 170,125 |
Operating Segments | OEM Segment | ||||
Segment Reporting Information | ||||
Net sales | 502,775 | 406,916 | 964,804 | 799,569 |
Operating profit | 56,445 | 54,402 | 110,842 | 105,053 |
Operating Segments | Aftermarket Segment | ||||
Segment Reporting Information | ||||
Net sales | 44,708 | 33,915 | 81,015 | 64,060 |
Operating profit | $ 6,595 | $ 4,986 | $ 11,327 | $ 10,063 |
Accounting Pronouncements (Deta
Accounting Pronouncements (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Accounting Standards Update 2016-09 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ 5.2 |