Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-13646 | |
Entity Registrant Name | LCI INDUSTRIES | |
Entity Central Index Key | 0000763744 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-3250533 | |
Entity Address, Address Line One | 3501 County Road 6 East | |
Entity Address, City or Town | Elkhart, | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 46514 | |
City Area Code | 574 | |
Local Phone Number | 535-1125 | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | LCII | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,135,528 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Net sales | $ 659,670 | $ 592,172 |
Cost of sales | 501,065 | 459,578 |
Gross profit | 158,605 | 132,594 |
Selling, general and administrative expenses | 114,339 | 84,839 |
Operating profit | 44,266 | 47,755 |
Interest expense, net | 5,197 | 2,507 |
Income before income taxes | 39,069 | 45,248 |
Provision for income taxes | 10,855 | 10,882 |
Net income | $ 28,214 | $ 34,366 |
Net income per common share: | ||
Basic (in usd per share) | $ 1.13 | $ 1.38 |
Diluted (in usd per share) | $ 1.12 | $ 1.38 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 25,075 | 24,914 |
Diluted (in shares) | 25,143 | 24,929 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 28,214 | $ 34,366 |
Other comprehensive (loss) income: | ||
Net foreign currency translation adjustment | (4,740) | (1,175) |
Unrealized gain (loss) on fair value of derivative instruments | 1,200 | (153) |
Total comprehensive income | $ 24,674 | $ 33,038 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 97,999 | $ 35,359 |
Accounts receivable, net of allowances of $4,568 and $3,144 at March 31, 2020 and December 31, 2019, respectively | 280,952 | 199,976 |
Inventories, net | 350,514 | 393,607 |
Prepaid expenses and other current assets | 39,934 | 41,849 |
Total current assets | 769,399 | 670,791 |
Fixed assets, net | 372,113 | 366,309 |
Goodwill | 399,360 | 351,114 |
Other intangible assets, net | 377,932 | 341,426 |
Operating lease right-of-use assets | 101,968 | 98,774 |
Other assets | 30,441 | 34,181 |
Total assets | 2,051,213 | 1,862,595 |
Current liabilities | ||
Current maturities of long-term indebtedness | 18,299 | 17,883 |
Accounts payable, trade | 137,792 | 99,262 |
Current portion of operating lease obligations | 23,389 | 21,693 |
Accrued expenses and other current liabilities | 120,557 | 132,420 |
Total current liabilities | 300,037 | 271,258 |
Long-term indebtedness | 750,519 | 612,906 |
Operating lease obligations | 81,871 | 79,848 |
Deferred taxes | 47,600 | 35,740 |
Other long-term liabilities | 63,383 | 62,171 |
Total liabilities | 1,243,410 | 1,061,923 |
Stockholders’ equity | ||
Common stock, par value $.01 per share | 282 | 281 |
Paid-in capital | 211,559 | 212,485 |
Retained earnings | 656,541 | 644,945 |
Accumulated other comprehensive income | (2,417) | 1,123 |
Stockholders’ equity before treasury stock | 865,965 | 858,834 |
Treasury stock, at cost | (58,162) | (58,162) |
Total stockholders’ equity | 807,803 | 800,672 |
Total liabilities and stockholders’ equity | $ 2,051,213 | $ 1,862,595 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 4,568 | $ 3,144 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 28,214 | $ 34,366 | |
Adjustments to reconcile net income to cash flows provided by operating activities: | |||
Depreciation and amortization | 24,614 | 18,449 | |
Stock-based compensation expense | 3,295 | 3,733 | |
Other non-cash items | (2,231) | 611 | |
Changes in assets and liabilities, net of acquisitions of businesses: | |||
Accounts receivable, net | (74,776) | (57,753) | |
Inventories, net | 40,883 | 16,052 | |
Prepaid expenses and other assets | 6,350 | 10,268 | |
Accounts payable, trade | 31,878 | 11,581 | |
Accrued expenses and other liabilities | (13,468) | 15,278 | |
Net cash flows provided by operating activities | 44,759 | 52,585 | |
Cash flows from investing activities: | |||
Capital expenditures | (7,955) | (24,442) | |
Acquisitions of businesses, net of cash acquired | (95,766) | 0 | |
Other investing activities | 1,972 | 61 | |
Net cash flows used in investing activities | (101,749) | (24,381) | |
Cash flows from financing activities: | |||
Exercise of stock-based awards, net of shares tendered for payment of taxes | (4,517) | (6,348) | |
Proceeds from line of credit borrowings | 247,154 | 175,660 | |
Repayments under line of credit borrowings | (102,330) | (182,720) | |
Repayments under term loan borrowings | (3,750) | 0 | |
Payment of dividends | (16,321) | (14,999) | |
Other financing activities | (391) | (157) | |
Net cash flows provided by (used in) financing activities | 119,845 | (28,564) | |
Effect of exchange rate changes on cash and cash equivalents | (215) | (251) | |
Net decrease in cash and cash equivalents | 62,640 | (611) | |
Cash, cash equivalents, and restricted cash at beginning of period | 35,359 | 14,928 | $ 14,928 |
Cash, cash equivalents, and restricted cash at end of period | 97,999 | 14,317 | $ 35,359 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 5,536 | 2,394 | |
Cash paid during the period for income taxes, net of refunds | (73) | 59 | |
Purchase of property and equipment in accrued expenses | $ 2,459 | $ 1,202 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2018 | $ 706,255 | $ 280 | $ 203,246 | $ 563,496 | $ (2,605) | $ (58,162) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 34,366 | 34,366 | ||||
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | (6,348) | 1 | (6,349) | |||
Stock-based compensation expense | 3,733 | 3,733 | ||||
Other comprehensive income (loss) | (1,328) | |||||
Cash dividends | (14,999) | (14,999) | ||||
Dividend equivalents on stock-based awards | 0 | 304 | (304) | |||
Ending balance at Mar. 31, 2019 | 721,679 | 281 | 200,934 | 582,559 | (3,933) | (58,162) |
Beginning balance at Dec. 31, 2019 | 800,672 | 281 | 212,485 | 644,945 | 1,123 | (58,162) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 28,214 | 28,214 | ||||
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | (4,517) | 1 | (4,518) | |||
Stock-based compensation expense | 3,295 | 3,295 | ||||
Other comprehensive income (loss) | (3,540) | (3,540) | ||||
Cash dividends | (16,321) | (16,321) | ||||
Dividend equivalents on stock-based awards | 0 | 297 | (297) | |||
Ending balance at Mar. 31, 2020 | $ 807,803 | $ 282 | $ 211,559 | $ 656,541 | $ (2,417) | $ (58,162) |
Condensed Consolidated Statem_5
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock (in shares) | 87,833 | 137,040 |
Cash dividend (in usd per share) | $ 0.65 | $ 0.60 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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,” "we," "us," or "our"). 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 engineered components for the leading original equipment manufacturers (“OEMs”) in the recreation and transportation product markets, consisting of recreational vehicles (“RVs”) and adjacent industries including buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; boats; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers. At March 31, 2020, the Company operated over 90 manufacturing and distribution facilities located throughout North America and Europe. 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, 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, particularly as a result of the COVID-19 pandemic and related impacts. Additionally, sales of certain engineered components to the aftermarket channels of these industries tend to be counter-seasonal, but may be different in 2020 and future years as a result of the COVID-19 pandemic and related impacts. The Company is not aware of any significant events, except as disclosed in the Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements. 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. Results for interim periods should not be considered indicative of results for the full year. 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, operating lease right-of-use assets and obligations, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2019 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. Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification ("ASC") 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The new standard is effective for fiscal years beginning after December 15, 2021. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is evaluating the effect of adopting this new accounting guidance. Recently adopted accounting pronouncements 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. The Company adopted this ASU effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable forecasts. This ASU replaced the previous incurred loss model and is applicable to the measurement of credit losses on financial assets, including |
Acquisitions, Goodwill And Othe
Acquisitions, Goodwill And Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | |
Acquisitions | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions Completed in the First Quarter of 2020 Polyplastic In January 2020, the Company acquired 100 percent of the equity interests of Polyplastic Group B.V. (with its subsidiaries “Polyplastic”), a premier window supplier to the caravanning industry, headquartered in Rotterdam, Netherlands. The purchase price was $95.8 million, net of cash acquired, plus contingent consideration up to $7.7 million, based on future sales by this operation. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. As the acquisition of Polyplastic is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The Company is validating account balances and finalizing the valuation for customer relationship and other identifiable intangible assets and net tangible assets. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration, net of cash acquired $ 95,766 Contingent consideration 2,796 Total fair value of consideration given $ 98,562 Customer relationship and other identifiable intangible assets $ 53,674 Net tangible assets 7,234 Total fair value of net assets acquired $ 60,908 Goodwill (not tax deductible) $ 37,654 The customer relationship 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 with Measurement Period Adjustments in the First Quarter of 2020 CURT In December 2019, the Company acquired 100 percent of the equity interests of CURT Acquisition Holdings, Inc. (with its subsidiaries “CURT”), a leading manufacturer and distributor of branded towing products and truck accessories for the aftermarket, headquartered in Eau Claire, Wisconsin. The purchase price was $337.6 million, net of cash acquired, and is subject to potential post-closing adjustments related to net working capital, which are not expected to be material. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the Company’s Aftermarket Segment. During the three months ended March 31, 2020, the Company adjusted the preliminary purchase price allocation reported at December 31, 2019 to account for updates to assumptions and estimates related to the fair value of intangible assets and inventories. These measurement period adjustments would not have resulted in a material impact on the prior period results if the adjustments had been recognized as of the acquisition date. As of March 31, 2020, the valuation of amounts subject to net working capital adjustments are not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands) : Preliminary at December 31, 2019 Measurement Period Adjustments As Adjusted at March 31, 2020 Cash consideration, net of cash acquired $ 337,640 $ — $ 337,640 Assets Acquired Accounts receivable $ 28,611 $ — $ 28,611 Inventories 88,765 (6,648) 82,117 Fixed assets 24,036 — 24,036 Customer relationship 112,000 (7,800) 104,200 Tradename and other identifiable intangible assets 37,705 (300) 37,405 Operating lease right-of-use assets 27,925 — 27,925 Other tangible assets 4,060 (497) 3,563 Liabilities Assumed Accounts payable (18,577) — (18,577) Current portion of operating lease obligations (5,360) — (5,360) Accrued expenses and other current liabilities (10,002) — (10,002) Operating lease obligations (22,565) — (22,565) Deferred taxes (31,877) 1,752 (30,125) Total fair value of net assets acquired $ 234,721 $ (13,493) $ 221,228 Goodwill (not tax deductible) $ 102,919 $ 13,493 $ 116,412 The fair values of the customer relationship and tradename intangible assets are being amortized over their estimated useful lives of 16 years and 20 years, respectively. The fair values of these assets were determined using a discounted cash flow model, which is a level 3 input in the fair value hierarchy. 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. Lewmar Marine Ltd. In August 2019, the Company acquired 100 percent of the equity interests of Lewmar Marine Ltd. and related entities (collectively, “Lewmar”), a supplier of leisure marine equipment, headquartered in Havant, United Kingdom. The purchase price was $43.2 million, net of cash acquired. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date in the Company’s OEM Segment and Aftermarket Segment. As the acquisition of Lewmar is not considered to have a material impact on the Company’s financial statements, pro forma results of operations and other disclosures are not presented. During the three months ended March 31, 2020, the Company adjusted the preliminary purchase price allocation reported at December 31, 2019 to account for updates to assumptions and estimates related to the fair value of intangible assets and inventories. These measurement period adjustments would not have resulted in a material impact on the prior period results if the adjustments had been recognized as of the acquisition date. As of March 31, 2020, the valuations of customer relationships, other intangible assets, and fixed assets are not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands) : Preliminary at December 31, 2019 Measurement Period Adjustments As Adjusted at March 31, 2020 Cash consideration, net of cash acquired $ 43,224 $ — $ 43,224 Customer relationship and other identifiable intangible assets $ 19,580 $ 2,170 $ 21,750 Net tangible assets 3,286 (705) 2,581 Total fair value of net assets acquired $ 22,866 $ 1,465 $ 24,331 Goodwill (not tax deductible) $ 20,358 $ (1,465) $ 18,893 The customer relationship 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. Goodwill Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2019 $ 215,620 $ 135,494 $ 351,114 Acquisitions – 2020 37,654 — 37,654 Measurement period adjustments (586) 12,613 12,027 Foreign currency translations (1,152) (283) (1,435) Net balance – March 31, 2020 $ 251,536 $ 147,824 $ 399,360 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. Other Intangible Assets Other intangible assets consisted of the following at March 31, 2020: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 344,078 $ 75,473 $ 268,605 6 to 16 Patents 87,989 45,970 42,019 3 to 19 Trade names (finite life) 60,823 8,284 52,539 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 7,598 5,244 2,354 3 to 6 Other 309 181 128 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 513,084 $ 135,152 $ 377,932 Other intangible assets consisted of the following at December 31, 2019: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 319,934 $ 69,008 $ 250,926 6 to 16 Patents 76,206 44,611 31,595 3 to 19 Trade names (finite life) 50,917 7,086 43,831 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 7,598 4,947 2,651 3 to 6 Other 309 173 136 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 467,251 $ 125,825 $ 341,426 |
Goodwill And Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions Completed in the First Quarter of 2020 Polyplastic In January 2020, the Company acquired 100 percent of the equity interests of Polyplastic Group B.V. (with its subsidiaries “Polyplastic”), a premier window supplier to the caravanning industry, headquartered in Rotterdam, Netherlands. The purchase price was $95.8 million, net of cash acquired, plus contingent consideration up to $7.7 million, based on future sales by this operation. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. As the acquisition of Polyplastic is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The Company is validating account balances and finalizing the valuation for customer relationship and other identifiable intangible assets and net tangible assets. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration, net of cash acquired $ 95,766 Contingent consideration 2,796 Total fair value of consideration given $ 98,562 Customer relationship and other identifiable intangible assets $ 53,674 Net tangible assets 7,234 Total fair value of net assets acquired $ 60,908 Goodwill (not tax deductible) $ 37,654 The customer relationship 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 with Measurement Period Adjustments in the First Quarter of 2020 CURT In December 2019, the Company acquired 100 percent of the equity interests of CURT Acquisition Holdings, Inc. (with its subsidiaries “CURT”), a leading manufacturer and distributor of branded towing products and truck accessories for the aftermarket, headquartered in Eau Claire, Wisconsin. The purchase price was $337.6 million, net of cash acquired, and is subject to potential post-closing adjustments related to net working capital, which are not expected to be material. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the Company’s Aftermarket Segment. During the three months ended March 31, 2020, the Company adjusted the preliminary purchase price allocation reported at December 31, 2019 to account for updates to assumptions and estimates related to the fair value of intangible assets and inventories. These measurement period adjustments would not have resulted in a material impact on the prior period results if the adjustments had been recognized as of the acquisition date. As of March 31, 2020, the valuation of amounts subject to net working capital adjustments are not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands) : Preliminary at December 31, 2019 Measurement Period Adjustments As Adjusted at March 31, 2020 Cash consideration, net of cash acquired $ 337,640 $ — $ 337,640 Assets Acquired Accounts receivable $ 28,611 $ — $ 28,611 Inventories 88,765 (6,648) 82,117 Fixed assets 24,036 — 24,036 Customer relationship 112,000 (7,800) 104,200 Tradename and other identifiable intangible assets 37,705 (300) 37,405 Operating lease right-of-use assets 27,925 — 27,925 Other tangible assets 4,060 (497) 3,563 Liabilities Assumed Accounts payable (18,577) — (18,577) Current portion of operating lease obligations (5,360) — (5,360) Accrued expenses and other current liabilities (10,002) — (10,002) Operating lease obligations (22,565) — (22,565) Deferred taxes (31,877) 1,752 (30,125) Total fair value of net assets acquired $ 234,721 $ (13,493) $ 221,228 Goodwill (not tax deductible) $ 102,919 $ 13,493 $ 116,412 The fair values of the customer relationship and tradename intangible assets are being amortized over their estimated useful lives of 16 years and 20 years, respectively. The fair values of these assets were determined using a discounted cash flow model, which is a level 3 input in the fair value hierarchy. 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. Lewmar Marine Ltd. In August 2019, the Company acquired 100 percent of the equity interests of Lewmar Marine Ltd. and related entities (collectively, “Lewmar”), a supplier of leisure marine equipment, headquartered in Havant, United Kingdom. The purchase price was $43.2 million, net of cash acquired. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date in the Company’s OEM Segment and Aftermarket Segment. As the acquisition of Lewmar is not considered to have a material impact on the Company’s financial statements, pro forma results of operations and other disclosures are not presented. During the three months ended March 31, 2020, the Company adjusted the preliminary purchase price allocation reported at December 31, 2019 to account for updates to assumptions and estimates related to the fair value of intangible assets and inventories. These measurement period adjustments would not have resulted in a material impact on the prior period results if the adjustments had been recognized as of the acquisition date. As of March 31, 2020, the valuations of customer relationships, other intangible assets, and fixed assets are not complete. These amounts are subject to adjustment as additional information is obtained within the measurement period (not to exceed 12 months from the acquisition date). The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands) : Preliminary at December 31, 2019 Measurement Period Adjustments As Adjusted at March 31, 2020 Cash consideration, net of cash acquired $ 43,224 $ — $ 43,224 Customer relationship and other identifiable intangible assets $ 19,580 $ 2,170 $ 21,750 Net tangible assets 3,286 (705) 2,581 Total fair value of net assets acquired $ 22,866 $ 1,465 $ 24,331 Goodwill (not tax deductible) $ 20,358 $ (1,465) $ 18,893 The customer relationship 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. Goodwill Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2019 $ 215,620 $ 135,494 $ 351,114 Acquisitions – 2020 37,654 — 37,654 Measurement period adjustments (586) 12,613 12,027 Foreign currency translations (1,152) (283) (1,435) Net balance – March 31, 2020 $ 251,536 $ 147,824 $ 399,360 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. Other Intangible Assets Other intangible assets consisted of the following at March 31, 2020: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 344,078 $ 75,473 $ 268,605 6 to 16 Patents 87,989 45,970 42,019 3 to 19 Trade names (finite life) 60,823 8,284 52,539 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 7,598 5,244 2,354 3 to 6 Other 309 181 128 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 513,084 $ 135,152 $ 377,932 Other intangible assets consisted of the following at December 31, 2019: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 319,934 $ 69,008 $ 250,926 6 to 16 Patents 76,206 44,611 31,595 3 to 19 Trade names (finite life) 50,917 7,086 43,831 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 7,598 4,947 2,651 3 to 6 Other 309 173 136 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 467,251 $ 125,825 $ 341,426 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Raw materials $ 222,732 $ 256,850 Work in process 17,307 23,653 Finished goods 110,475 113,104 Inventories, net $ 350,514 $ 393,607 |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS Fixed assets consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Fixed assets, at cost $ 697,531 $ 678,367 Less accumulated depreciation and amortization 325,418 312,058 Fixed assets, net $ 372,113 $ 366,309 |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses And Other Current Liabilities | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Employee compensation and benefits $ 31,479 $ 45,612 Current portion of accrued warranty 28,643 29,898 Customer rebates 14,133 14,129 Other 46,302 42,781 Accrued expenses and other current liabilities $ 120,557 $ 132,420 Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company’s (i) historical warranty costs, (ii) current trends, (iii) product mix, and (iv) sales. The following table provides a reconciliation of the activity related to the Company’s accrued warranty, including both the current and long-term portions, for the three months ended March 31: (In thousands) 2020 2019 Balance at beginning of period $ 47,167 $ 46,530 Provision for warranty expense 5,879 9,616 Warranty costs paid (6,603) (6,734) Balance at end of period 46,443 49,412 Less long-term portion 17,800 14,550 Current portion of accrued warranty at end of period $ 28,643 $ 34,862 |
Long-Term Indebtedness
Long-Term Indebtedness | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | LONG-TERM INDEBTEDNESS Long-term indebtedness consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Revolving Credit Loan $ 408,310 $ 266,214 Term Loan 296,250 300,000 Shelf-Loan Facility 50,000 50,000 Other 15,903 16,349 Unamortized deferred financing fees (1,645) (1,774) 768,818 630,789 Less current portion (18,299) (17,883) Long-term indebtedness $ 750,519 $ 612,906 Amended Credit Agreement On December 14, 2018, the Company refinanced its credit agreement with JPMorgan Chase, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and other bank lenders (as amended, the “Amended Credit Agreement”). The Amended Credit Agreement amended and restated an existing credit agreement dated April 27, 2016 and now expires on December 14, 2023. The Amended Credit Agreement increased the revolving credit facility from $325.0 million to $600.0 million, and permits the Company to borrow up to $250.0 million in approved foreign currencies, including Australian dollars, Canadian dollars, pounds sterling, and euros ($138.3 million, or €126.0 million drawn at March 31, 2020). On December 19, 2019, the Company entered into an Incremental Joinder and Amendment No. 1 (“Amendment No. 1”) of the Amended Credit Agreement with several banks, which provided an incremental term loan in the amount of $300.0 million, which the Company borrowed to fund a portion of the purchase price for the acquisition of CURT. The term loan is required to be repaid in an amount equal to 1.25% of original principal amount of the term loan for the first eight quarterly periods commencing March 31, 2020, and then 1.875% of the original principal amount of the term loan for each quarter thereafter, until the maturity date of December 14, 2023. In addition, Amendment No. 1 modified the credit agreement to allow the Company to request an increase to the facility of up to an additional $300.0 million as an increase to the revolving credit facility or one, or more, incremental term loan facilities upon approval of the lenders and the Company receiving certain other consents. As a result of the new incremental term loan, the total borrowing capacity under the Amended Credit Agreement was increased from $600.0 million to $900.0 million. Interest on borrowings under the revolving credit facility and incremental term loan are 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 Bank, N.A., (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 (0.4 percent at March 31, 2020) depending on the Company’s total net leverage ratio, or (ii) the Adjusted LIBO Rate for a period equal to one, two, three, six, or twelve months (with the consent of each lender) as selected by the Company, plus additional interest ranging from 1.000 percent to 1.625 percent (1.000 percent at March 31, 2020) depending on the Company’s total net leverage ratio. At March 31, 2020, the Company had $2.7 million in issued, but undrawn, standby letters of credit under the revolving credit facility. Availability under the Company’s revolving credit facility was $191.7 million at March 31, 2020. Shelf-Loan Facility On February 24, 2014, the Company entered into a $150.0 million shelf-loan facility (as amended and restated, the “Shelf-Loan Facility”) with PGIM, Inc. (formerly 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. On March 29, 2019, the Company issued $50.0 million of Series B Senior Notes (the “Series B Notes”) to certain affiliates of Prudential for a term of three years, at a fixed interest rate of 3.80 percent per annum, payable quarterly in arrears, of which the entire amount was outstanding at March 31, 2020. The net proceeds of the Series B Notes were used to repay the Series A Notes. On November 11, 2019, the Company amended and restated the Shelf-Loan Facility to provide for a new $200.0 million shelf facility pursuant to which the Series B Notes are currently outstanding and to conform certain covenants to the Amended Credit Agreement. On March 31, 2020, the Company entered into a Consent and Amendment to the Shelf-Loan Facility to join certain Company subsidiaries that were acquired in the CURT acquisition as guarantors and permit other internal restructuring matters related to certain of the Company's subsidiaries. The Shelf-Loan Facility expires on November 11, 2022. The Shelf-Loan Facility provides for Prudential to consider purchasing, at the Company’s request, in one or a series of transactions, additional Senior Promissory Notes of the Company in the aggregate principal amount of up to $150.0 million (excluding the Company’s Series B 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. General At March 31, 2020, the fair value of the Company’s long-term debt under the Amended Credit Agreement and the Shelf-Loan Facility approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements. Borrowings under both the Amended Credit Agreement 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. Pursuant to the Amended Credit Agreement and Shelf-Loan Facility, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At March 31, 2020, the Company was in compliance with all such requirements. The Amended Credit Agreement and the Shelf-Loan Facility include a maximum net leverage ratio covenant which limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA, as defined. This limitation did not impact the Company’s ability to incur additional indebtedness under its revolving credit facility at March 31, 2020. The remaining availability under the revolving credit facility and Shelf-Loan Facility was $341.7 million at March 31, 2020. The Company believes the availability under the revolving credit facility and Shelf-Loan Facility, along with its cash flows from operations, are adequate to finance the Company’s anticipated cash requirements for the next twelve months. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The operating leases have remaining terms of up to 12 years and some leases include options to purchase, terminate, or extend for one or more years. The options are included in the lease term when it is reasonably certain the option will be exercised. Leases with an initial term of 12 months or less are recognized in lease expense on a straight-line basis over the lease term and not recorded on the Condensed Consolidated Balance Sheet. Certain of the Company’s lease arrangements contain lease components (such as minimum rent payments) and non-lease components (such as common-area or other maintenance costs and taxes). The Company generally accounts for each component separately based on the estimated standalone price of each component. Some of the Company’s lease arrangements include rental payments that are adjusted periodically for an index rate. These leases are initially measured using the projected payments in effect at the inception of the lease. Certain of the Company’s leased semi-tractors, trailers, and forklifts include variable costs for usage or mileage. Such variable costs are expensed as incurred and included in the variable lease cost item noted in the table below. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants. The components of lease cost for the three months ended March 31, 2020 and 2019 were as follows: (in thousands) Three Months Ended Three Months Ended Operating lease cost $ 7,822 $ 4,909 Short-term lease cost 878 798 Variable lease cost 621 406 Total lease cost $ 9,321 $ 6,113 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Contingent Consideration In connection with several business acquisitions, if certain performance targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at March 31, 2020, based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 11.4 percent. As required, the liability for this contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. The following table provides a reconciliation of the Company’s contingent consideration liability for the three months ended March 31, 2020: (In thousands) Balance at beginning of period $ 4,396 Acquisitions 2,796 Payments (3) Accretion (a) 237 Fair value adjustments (a) (b) 30 Net foreign currency translation adjustment (123) Balance at end of the period (c) 7,333 Less current portion in accrued expenses and other current liabilities (5,244) Total long-term portion in other long-term liabilities $ 2,089 (a) Recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income. (b) Includes adjustments to assumptions on weighted average cost of capital and relevant sales projections. (c) Amount represents the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of March 31, 2020 were $8.7 million. The liability for contingent consideration expires at various dates through September 2029. Certain of the contingent consideration arrangements are subject to a maximum payment amount, while the remaining arrangements have no maximum contingent consideration. Furrion Distribution and Supply Agreement In July 2015, the Company entered into a six specialty vehicle, utility trailer, horse trailer, marine, transit bus, manufactured housing, and school bus industries throughout the United States and Canada. In August 2019, the Company and Furrion agreed to terminate the agreement effective December 31, 2019, and transition all sale and distribution of Furrion products then handled by the Company to Furrion. Effective January 1, 2020, Furrion is responsible for distributing its products directly to the customer and assumed all responsibilities previously carried out by the Company relating to Furrion products. Upon termination of the agreement, Furrion purchased from the Company all non-obsolete stock and certain obsolete and slow-moving stock of Furrion products at the cost paid by the Company. At March 31, 2020 and December 31, 2019, the Company had receivables of $53.0 million and $40.0 million, respectively, recorded for purchases of inventory stock by Furrion. The agreement requires Furrion to make periodic payments throughout 2020 and the first six months of 2021. 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 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, and may in the future be 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, management believes 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 March 31, 2020, would not be material to the Company’s financial position or results of operations. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY The following table summarizes information about shares of the Company’s common stock at: March 31, December 31, (In thousands) 2020 2019 Common stock authorized 75,000 75,000 Common stock issued 28,221 28,133 Treasury stock 3,087 3,087 The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended (In thousands) 2020 2019 Weighted average shares outstanding for basic earnings per share 25,075 24,914 Common stock equivalents pertaining to stock-based awards 68 15 Weighted average shares outstanding for diluted earnings per share 25,143 24,929 Equity instruments excluded from diluted net earnings per share calculation as the effect would have been anti-dilutive 109 122 The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2020 and December 31, 2019: (In thousands, except per share data) Per Share Record Date Payment Date Total Paid First Quarter 2019 $ 0.60 03/08/19 03/22/19 $ 14,999 Second Quarter 2019 0.65 06/07/19 06/21/19 16,267 Third Quarter 2019 0.65 09/06/19 09/20/19 16,267 Fourth Quarter 2019 0.65 12/06/19 12/20/19 16,280 Total 2019 $ 2.55 $ 63,813 First Quarter 2020 $ 0.65 03/06/20 03/20/20 $ 16,321 Deferred and Restricted Stock Units The LCI Industries 2018 Omnibus Incentive Plan (“the 2018 Plan”) provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units (“DSUs”), and those with time-based vesting provisions, such as restricted stock units (“RSUs”), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the LCI Industries Equity Award and Incentive Plan, as Amended and Restated (“the 2011 Plan”) or the 2018 Plan, as applicable, are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2019 346,148 $ 87.54 Issued 2,175 66.83 Granted 135,475 98.01 Dividend equivalents 3,849 58.70 Forfeited (3,354) 92.45 Vested (130,266) 87.61 Outstanding at March 31, 2020 354,027 $ 89.73 Stock Awards and Performance Stock Units The 2011 Plan provides for stock awards and the 2018 Plan provides for performance stock units (“PSUs”) that vest at a specific future date based on achievement of specified performance conditions. Transactions in performance-based stock awards and PSUs under the 2011 Plan or the 2018 Plan, as applicable, are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2019 129,128 $ 96.21 Granted 57,333 96.55 Dividend equivalents 1,193 58.70 Forfeited (73,581) 107.91 Vested (5,152) 100.46 Outstanding at March 31, 2020 108,921 $ 87.92 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Recurring The following table presents the Company’s liabilities measured at fair value on a recurring basis at: March 31, 2020 December 31, 2019 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 7,333 $ — $ — 7,333 $ 4,396 $ — $ — $ 4,396 Derivative liabilities 165 — 165 — 679 — 679 — Contingent Consideration Related to Acquisitions Liabilities for contingent consideration related to acquisitions were estimated at fair value 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 9 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 The Company’s objectives in using commodity derivatives are to add stability to expense and to manage its exposure to certain commodity price movements. To accomplish this objective, the Company uses commodity swaps as part of its commodity risk management strategy. Commodity swaps designated as cash flow hedges involve fixing the price on a fixed volume of a commodity on specified dates. The commodity swaps are typically cash settled for their fair value at or close to their settlement dates. At March 31, 2020, the Company had one commodity swap derivative instrument for a total of 2.0 million pounds of steel used to hedge its commodity price risk on a portion of the exposure to movements associated with steel costs at an average |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2020 | |
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 81 percent and 90 percent of consolidated net sales for the three months ended March 31, 2020 and 2019, respectively, manufactures or distributes a broad array of engineered components for the leading OEMs in the recreation and transportation product markets, consisting of RVs and adjacent industries, including buses; trailers used to haul boats, livestock, equipment and other cargo; trucks; boats; trains; manufactured homes; and modular housing. Approximately 58 percent of the Company’s OEM Segment net sales for the three months ended March 31, 2020 were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 19 percent and 10 percent of consolidated net sales for the three months ended March 31, 2020 and 2019, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation product markets, primarily to retail dealers, wholesale distributors, and service centers. The Aftermarket Segment also includes biminis, covers, buoys, and fenders to the marine industry, towing products, and truck accessories, and 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 2 of the Notes to Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The following table presents the Company’s revenues disaggregated by segment and geography based on the billing address of the Company’s customers: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (In thousands) U.S. (a) Int’l (b) Total U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 303,682 $ 3,426 $ 307,108 $ 313,367 $ 3,504 $ 316,871 Motorhomes 26,914 11,173 38,087 31,921 13,079 45,000 Adjacent Industries OEMs 146,601 40,561 187,162 156,736 13,173 169,909 Total OEM Segment net sales 477,197 55,160 532,357 502,024 29,756 531,780 Aftermarket Segment: Total Aftermarket Segment net sales 121,618 5,695 127,313 56,532 3,860 60,392 Total net sales $ 598,815 $ 60,855 $ 659,670 $ 558,556 $ 33,616 $ 592,172 (a) Net sales to customers in the United States of America (b) Net sales to customers in countries domiciled outside of the United States of America The following table presents the Company’s operating profit by segment: Three Months Ended (In thousands) 2020 2019 Operating profit: OEM Segment $ 43,189 $ 40,408 Aftermarket Segment 1,077 7,347 Total operating profit $ 44,266 $ 47,755 The following table presents the Company’s revenue disaggregated by product: Three Months Ended (In thousands) 2020 2019 OEM Segment: Chassis, chassis parts, and slide-out mechanisms $ 202,263 $ 204,383 Windows and doors 156,031 151,919 Furniture and mattresses 87,180 91,357 Axles and suspension solutions 35,136 32,235 Other 51,747 51,886 Total OEM Segment net sales 532,357 531,780 Total Aftermarket Segment net sales 127,313 60,392 Total net sales $ 659,670 $ 592,172 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The full impact of the COVID-19 pandemic continues to evolve subsequent to the quarter ended March 31, 2020 and as of the date these unaudited condensed consolidated financial statements are issued. The full magnitude that the pandemic will have on the Company's financial condition, liquidity, and future results of operations is uncertain and will depend on future developments, including the duration and spread of the outbreak and the length of government-mandated stay-at-home orders, all of which are highly uncertain and cannot be predicted at this time. The COVID-19 pandemic has caused business disruption to the Company, including the temporary suspension of operations at the majority of its manufacturing facilities. As part of the Company's contingency planning efforts related to the pandemic, on April 8, 2020, the Company issued a press release with business updates related to COVID-19, including cost savings and cash preservation measures that it had taken, including temporary executive salary and director retainer reductions, rightsizing its workforce to match demand levels, delaying certain capital expenses and reducing or eliminating non-critical business expenses, initiating temporary hiring freezes in all locations and furloughs for non-critical team members, lease payment deferrals, postponing merit increases for salaried employees until the end of the fiscal year, and engaging with banking partners regarding options relative to future financial liquidity. The Company resumed operations to varying degrees for the majority of its facilities on May 4, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently issued accounting pronouncements not yet adopted In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codification ("ASC") 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. The new standard is effective for fiscal years beginning after December 15, 2021. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is evaluating the effect of adopting this new accounting guidance. Recently adopted accounting pronouncements 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. The Company adopted this ASU effective January 1, 2020. The adoption did not have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the Company to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable forecasts. This ASU replaced the previous incurred loss model and is applicable to the measurement of credit losses on financial assets, including |
Acquisitions, Goodwill And Ot_2
Acquisitions, Goodwill And Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration, net of cash acquired $ 95,766 Contingent consideration 2,796 Total fair value of consideration given $ 98,562 Customer relationship and other identifiable intangible assets $ 53,674 Net tangible assets 7,234 Total fair value of net assets acquired $ 60,908 Goodwill (not tax deductible) $ 37,654 The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands) : Preliminary at December 31, 2019 Measurement Period Adjustments As Adjusted at March 31, 2020 Cash consideration, net of cash acquired $ 337,640 $ — $ 337,640 Assets Acquired Accounts receivable $ 28,611 $ — $ 28,611 Inventories 88,765 (6,648) 82,117 Fixed assets 24,036 — 24,036 Customer relationship 112,000 (7,800) 104,200 Tradename and other identifiable intangible assets 37,705 (300) 37,405 Operating lease right-of-use assets 27,925 — 27,925 Other tangible assets 4,060 (497) 3,563 Liabilities Assumed Accounts payable (18,577) — (18,577) Current portion of operating lease obligations (5,360) — (5,360) Accrued expenses and other current liabilities (10,002) — (10,002) Operating lease obligations (22,565) — (22,565) Deferred taxes (31,877) 1,752 (30,125) Total fair value of net assets acquired $ 234,721 $ (13,493) $ 221,228 Goodwill (not tax deductible) $ 102,919 $ 13,493 $ 116,412 The acquisition of this business was recorded, as updated, on the acquisition date as follows (in thousands) : Preliminary at December 31, 2019 Measurement Period Adjustments As Adjusted at March 31, 2020 Cash consideration, net of cash acquired $ 43,224 $ — $ 43,224 Customer relationship and other identifiable intangible assets $ 19,580 $ 2,170 $ 21,750 Net tangible assets 3,286 (705) 2,581 Total fair value of net assets acquired $ 22,866 $ 1,465 $ 24,331 Goodwill (not tax deductible) $ 20,358 $ (1,465) $ 18,893 |
Schedule of Goodwill | Goodwill by reportable segment was as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2019 $ 215,620 $ 135,494 $ 351,114 Acquisitions – 2020 37,654 — 37,654 Measurement period adjustments (586) 12,613 12,027 Foreign currency translations (1,152) (283) (1,435) Net balance – March 31, 2020 $ 251,536 $ 147,824 $ 399,360 |
Schedule of Other Intangible Assets | Other intangible assets consisted of the following at March 31, 2020: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 344,078 $ 75,473 $ 268,605 6 to 16 Patents 87,989 45,970 42,019 3 to 19 Trade names (finite life) 60,823 8,284 52,539 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 7,598 5,244 2,354 3 to 6 Other 309 181 128 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 513,084 $ 135,152 $ 377,932 Other intangible assets consisted of the following at December 31, 2019: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 319,934 $ 69,008 $ 250,926 6 to 16 Patents 76,206 44,611 31,595 3 to 19 Trade names (finite life) 50,917 7,086 43,831 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 7,598 4,947 2,651 3 to 6 Other 309 173 136 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 467,251 $ 125,825 $ 341,426 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventories | Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Raw materials $ 222,732 $ 256,850 Work in process 17,307 23,653 Finished goods 110,475 113,104 Inventories, net $ 350,514 $ 393,607 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Fixed Assets | Fixed assets consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Fixed assets, at cost $ 697,531 $ 678,367 Less accumulated depreciation and amortization 325,418 312,058 Fixed assets, net $ 372,113 $ 366,309 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule Of Accrued Expenses And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Employee compensation and benefits $ 31,479 $ 45,612 Current portion of accrued warranty 28,643 29,898 Customer rebates 14,133 14,129 Other 46,302 42,781 Accrued expenses and other current liabilities $ 120,557 $ 132,420 |
Schedule Of Reconciliation Of The Activity Related To Accrued Warranty | The following table provides a reconciliation of the activity related to the Company’s accrued warranty, including both the current and long-term portions, for the three months ended March 31: (In thousands) 2020 2019 Balance at beginning of period $ 47,167 $ 46,530 Provision for warranty expense 5,879 9,616 Warranty costs paid (6,603) (6,734) Balance at end of period 46,443 49,412 Less long-term portion 17,800 14,550 Current portion of accrued warranty at end of period $ 28,643 $ 34,862 |
Long-Term Indebtedness (Tables)
Long-Term Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term indebtedness consisted of the following at: March 31, December 31, (In thousands) 2020 2019 Revolving Credit Loan $ 408,310 $ 266,214 Term Loan 296,250 300,000 Shelf-Loan Facility 50,000 50,000 Other 15,903 16,349 Unamortized deferred financing fees (1,645) (1,774) 768,818 630,789 Less current portion (18,299) (17,883) Long-term indebtedness $ 750,519 $ 612,906 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost for the three months ended March 31, 2020 and 2019 were as follows: (in thousands) Three Months Ended Three Months Ended Operating lease cost $ 7,822 $ 4,909 Short-term lease cost 878 798 Variable lease cost 621 406 Total lease cost $ 9,321 $ 6,113 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Reconciliation Of Contingent Consideration Liability | The following table provides a reconciliation of the Company’s contingent consideration liability for the three months ended March 31, 2020: (In thousands) Balance at beginning of period $ 4,396 Acquisitions 2,796 Payments (3) Accretion (a) 237 Fair value adjustments (a) (b) 30 Net foreign currency translation adjustment (123) Balance at end of the period (c) 7,333 Less current portion in accrued expenses and other current liabilities (5,244) Total long-term portion in other long-term liabilities $ 2,089 (a) Recorded in selling, general and administrative expenses in the Condensed Consolidated Statements of Income. (b) Includes adjustments to assumptions on weighted average cost of capital and relevant sales projections. (c) Amount represents the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of March 31, 2020 were $8.7 million. The liability for contingent consideration expires at various dates through September 2029. Certain of the contingent consideration arrangements are subject to a maximum payment amount, while the remaining arrangements have no maximum contingent consideration. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary Of Common Stock Information | The following table summarizes information about shares of the Company’s common stock at: March 31, December 31, (In thousands) 2020 2019 Common stock authorized 75,000 75,000 Common stock issued 28,221 28,133 Treasury stock 3,087 3,087 |
Schedule Of Computation Of Basic And Diluted Earnings Per Share | The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended (In thousands) 2020 2019 Weighted average shares outstanding for basic earnings per share 25,075 24,914 Common stock equivalents pertaining to stock-based awards 68 15 Weighted average shares outstanding for diluted earnings per share 25,143 24,929 Equity instruments excluded from diluted net earnings per share calculation as the effect would have been anti-dilutive 109 122 |
Schedule of Dividends Declared | The table below summarizes the regular quarterly dividends declared and paid during the periods ended March 31, 2020 and December 31, 2019: (In thousands, except per share data) Per Share Record Date Payment Date Total Paid First Quarter 2019 $ 0.60 03/08/19 03/22/19 $ 14,999 Second Quarter 2019 0.65 06/07/19 06/21/19 16,267 Third Quarter 2019 0.65 09/06/19 09/20/19 16,267 Fourth Quarter 2019 0.65 12/06/19 12/20/19 16,280 Total 2019 $ 2.55 $ 63,813 First Quarter 2020 $ 0.65 03/06/20 03/20/20 $ 16,321 |
Deferred And Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Awards and Units Activity | Transactions in DSUs and RSUs under the LCI Industries Equity Award and Incentive Plan, as Amended and Restated (“the 2011 Plan”) or the 2018 Plan, as applicable, are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2019 346,148 $ 87.54 Issued 2,175 66.83 Granted 135,475 98.01 Dividend equivalents 3,849 58.70 Forfeited (3,354) 92.45 Vested (130,266) 87.61 Outstanding at March 31, 2020 354,027 $ 89.73 |
Stock Awards and Performance Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Awards and Units Activity | Transactions in performance-based stock awards and PSUs under the 2011 Plan or the 2018 Plan, as applicable, are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2019 129,128 $ 96.21 Granted 57,333 96.55 Dividend equivalents 1,193 58.70 Forfeited (73,581) 107.91 Vested (5,152) 100.46 Outstanding at March 31, 2020 108,921 $ 87.92 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents the Company’s liabilities measured at fair value on a recurring basis at: March 31, 2020 December 31, 2019 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Liabilities Contingent consideration $ 7,333 $ — $ — 7,333 $ 4,396 $ — $ — $ 4,396 Derivative liabilities 165 — 165 — 679 — 679 — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by segment and geography based on the billing address of the Company’s customers: Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 (In thousands) U.S. (a) Int’l (b) Total U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 303,682 $ 3,426 $ 307,108 $ 313,367 $ 3,504 $ 316,871 Motorhomes 26,914 11,173 38,087 31,921 13,079 45,000 Adjacent Industries OEMs 146,601 40,561 187,162 156,736 13,173 169,909 Total OEM Segment net sales 477,197 55,160 532,357 502,024 29,756 531,780 Aftermarket Segment: Total Aftermarket Segment net sales 121,618 5,695 127,313 56,532 3,860 60,392 Total net sales $ 598,815 $ 60,855 $ 659,670 $ 558,556 $ 33,616 $ 592,172 (a) Net sales to customers in the United States of America (b) Net sales to customers in countries domiciled outside of the United States of America |
Schedule Of Information Relating To Segments | The following table presents the Company’s operating profit by segment: Three Months Ended (In thousands) 2020 2019 Operating profit: OEM Segment $ 43,189 $ 40,408 Aftermarket Segment 1,077 7,347 Total operating profit $ 44,266 $ 47,755 |
Revenue Disaggregated by Product | The following table presents the Company’s revenue disaggregated by product: Three Months Ended (In thousands) 2020 2019 OEM Segment: Chassis, chassis parts, and slide-out mechanisms $ 202,263 $ 204,383 Windows and doors 156,031 151,919 Furniture and mattresses 87,180 91,357 Axles and suspension solutions 35,136 32,235 Other 51,747 51,886 Total OEM Segment net sales 532,357 531,780 Total Aftermarket Segment net sales 127,313 60,392 Total net sales $ 659,670 $ 592,172 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2020 |
Manufacturing Facility | |
Property, Plant and Equipment | |
Manufacturing Facilities | 90 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 101,968,000 | $ 98,774,000 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 66,400,000 | ||
Operating lease liabilities | $ 69,000,000 |
Acquisitions, Goodwill And Ot_3
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||
Cash consideration, net of cash acquired | $ 95,766 | $ 0 | ||||
Measurement period adjustments | 12,027 | |||||
Goodwill | $ 351,114 | 399,360 | $ 351,114 | |||
Polyplastic | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interests acquired | 100.00% | |||||
Cash consideration, net of cash acquired | $ 95,766 | |||||
Contingent consideration maximum | 7,700 | |||||
Total fair value of consideration given | $ 98,562 | |||||
Acquired intangible assets useful life | 15 years | |||||
Identifiable intangible assets | $ 53,674 | |||||
Net tangible assets | 7,234 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 60,908 | |||||
Goodwill | $ 37,654 | |||||
CURT | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interests acquired | 100.00% | 100.00% | ||||
Cash consideration, net of cash acquired | $ 337,640 | 337,640 | ||||
Other tangible assets | (497) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | (13,493) | |||||
Measurement period adjustments | 13,493 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 234,721 | 221,228 | $ 234,721 | |||
Goodwill | $ 102,919 | 116,412 | 102,919 | |||
CURT | Minimum | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets useful life | 16 years | |||||
CURT | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets useful life | 20 years | |||||
CURT | Customer Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible assets | (7,800) | |||||
Identifiable intangible assets | $ 112,000 | 104,200 | 112,000 | |||
Lewmar Marine Limited | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of interests acquired | 100.00% | |||||
Cash consideration, net of cash acquired | 43,224 | 43,224 | ||||
Total fair value of consideration given | $ 43,200 | |||||
Intangible assets | 2,170 | |||||
Other tangible assets | (705) | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | 1,465 | |||||
Measurement period adjustments | (1,465) | |||||
Identifiable intangible assets | 19,580 | 21,750 | 19,580 | |||
Net tangible assets | 3,286 | 2,581 | 3,286 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 22,866 | 24,331 | 22,866 | |||
Goodwill | $ 20,358 | $ 18,893 | $ 20,358 | |||
Lewmar Marine Limited | Customer Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets useful life | 15 years |
Acquisitions, Goodwill And Ot_4
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Business Acquisitions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||||||
Cash consideration, net of cash acquired | $ 95,766 | $ 0 | ||||
Goodwill | $ 351,114 | 399,360 | $ 351,114 | |||
Measurement Period Adjustments | ||||||
Goodwill (not tax deductible) | 12,027 | |||||
Polyplastic | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration, net of cash acquired | $ 95,766 | |||||
Contingent consideration | 2,796 | |||||
Total fair value of consideration given | 98,562 | |||||
Identifiable intangible assets | 53,674 | |||||
Net tangible assets | 7,234 | |||||
Total fair value of net assets acquired | 60,908 | |||||
Goodwill | $ 37,654 | |||||
CURT | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration, net of cash acquired | 337,640 | 337,640 | ||||
Accounts receivable | 28,611 | 28,611 | 28,611 | |||
Inventories | 88,765 | 82,117 | 88,765 | |||
Fixed assets | 24,036 | 24,036 | 24,036 | |||
Operating lease right-of-use assets | 27,925 | 27,925 | 27,925 | |||
Other tangible assets | 4,060 | 3,563 | 4,060 | |||
Accounts payable | (18,577) | (18,577) | (18,577) | |||
Current portion of operating lease obligations | (5,360) | (5,360) | (5,360) | |||
Accrued expenses and other current liabilities | (10,002) | (10,002) | (10,002) | |||
Operating lease obligations | (22,565) | (22,565) | (22,565) | |||
Deferred taxes | (31,877) | (30,125) | (31,877) | |||
Total fair value of net assets acquired | 234,721 | 221,228 | 234,721 | |||
Goodwill | 102,919 | 116,412 | 102,919 | |||
Measurement Period Adjustments | ||||||
Inventories | (6,648) | |||||
Other tangible assets | (497) | |||||
Deferred taxes | 1,752 | |||||
Total fair value of net assets acquired | (13,493) | |||||
Goodwill (not tax deductible) | 13,493 | |||||
CURT | Customer Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | 112,000 | 104,200 | 112,000 | |||
Measurement Period Adjustments | ||||||
Intangible assets | (7,800) | |||||
CURT | Tradenames | ||||||
Business Acquisition [Line Items] | ||||||
Identifiable intangible assets | 37,705 | 37,405 | 37,705 | |||
Measurement Period Adjustments | ||||||
Intangible assets | (300) | |||||
Lewmar Marine Limited | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration, net of cash acquired | 43,224 | 43,224 | ||||
Total fair value of consideration given | $ 43,200 | |||||
Identifiable intangible assets | 19,580 | 21,750 | 19,580 | |||
Net tangible assets | 3,286 | 2,581 | 3,286 | |||
Total fair value of net assets acquired | 22,866 | 24,331 | 22,866 | |||
Goodwill | $ 20,358 | 18,893 | $ 20,358 | |||
Measurement Period Adjustments | ||||||
Intangible assets | 2,170 | |||||
Other tangible assets | (705) | |||||
Total fair value of net assets acquired | 1,465 | |||||
Goodwill (not tax deductible) | $ (1,465) |
Acquisitions, Goodwill And Ot_5
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Segment Reporting Information | |
Net balance – beginning of period | $ 351,114 |
Acquisitions | 37,654 |
Measurement period adjustments | 12,027 |
Foreign currency translations | (1,435) |
Net balance – end of period | 399,360 |
OEM Segment | |
Segment Reporting Information | |
Net balance – beginning of period | 215,620 |
Acquisitions | 37,654 |
Measurement period adjustments | (586) |
Foreign currency translations | (1,152) |
Net balance – end of period | 251,536 |
Aftermarket Segment | |
Segment Reporting Information | |
Net balance – beginning of period | 135,494 |
Acquisitions | 0 |
Measurement period adjustments | 12,613 |
Foreign currency translations | (283) |
Net balance – end of period | $ 147,824 |
Acquisitions, Goodwill And Ot_6
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Acquired Intangible Assets | ||
Accumulated Amortization | $ 135,152 | $ 125,825 |
Intangible Assets, Gross (Excluding Goodwill) | 513,084 | 467,251 |
Intangible Assets, Net (Excluding Goodwill) | 377,932 | 341,426 |
Tradenames | ||
Acquired Intangible Assets | ||
Indefinite-Lived Intangible Assets | 7,600 | 7,600 |
Purchased research and development | ||
Acquired Intangible Assets | ||
Indefinite-Lived Intangible Assets | 4,687 | 4,687 |
Customer Relationships | ||
Acquired Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | 344,078 | 319,934 |
Accumulated Amortization | 75,473 | 69,008 |
Net Balance | $ 268,605 | $ 250,926 |
Customer Relationships | Minimum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 6 years | 6 years |
Customer Relationships | Maximum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 16 years | 16 years |
Patents | ||
Acquired Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | $ 87,989 | $ 76,206 |
Accumulated Amortization | 45,970 | 44,611 |
Net Balance | $ 42,019 | $ 31,595 |
Patents | Minimum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 3 years | 3 years |
Patents | Maximum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 19 years | 19 years |
Tradenames | ||
Acquired Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | $ 60,823 | $ 50,917 |
Accumulated Amortization | 8,284 | 7,086 |
Net Balance | $ 52,539 | $ 43,831 |
Tradenames | Minimum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 3 years | 3 years |
Tradenames | Maximum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 20 years | 20 years |
Non-compete Agreements | ||
Acquired Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | $ 7,598 | $ 7,598 |
Accumulated Amortization | 5,244 | 4,947 |
Net Balance | $ 2,354 | $ 2,651 |
Non-compete Agreements | Minimum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 3 years | 3 years |
Non-compete Agreements | Maximum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 6 years | 6 years |
Other | ||
Acquired Intangible Assets | ||
Finite-Lived Intangible Assets, Gross | $ 309 | $ 309 |
Accumulated Amortization | 181 | 173 |
Net Balance | $ 128 | $ 136 |
Other | Minimum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 2 years | 2 years |
Other | Maximum | ||
Acquired Intangible Assets | ||
Estimated Useful Life in Years | 12 years | 12 years |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 222,732 | $ 256,850 |
Work in process | 17,307 | 23,653 |
Finished goods | 110,475 | 113,104 |
Inventories, net | $ 350,514 | $ 393,607 |
Fixed Assets (Schedule Of Fixed
Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Abstract] | ||
Fixed assets, at cost | $ 697,531 | $ 678,367 |
Less accumulated depreciation and amortization | 325,418 | 312,058 |
Fixed assets, net | $ 372,113 | $ 366,309 |
Accrued Expenses And Other Cu_3
Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $ 31,479 | $ 45,612 | |
Current portion of accrued warranty | 28,643 | 29,898 | $ 34,862 |
Customer rebates | 14,133 | 14,129 | |
Other | 46,302 | 42,781 | |
Accrued expenses and other current liabilities | $ 120,557 | $ 132,420 |
Accrued Expenses And Other Cu_4
Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Balance at beginning of period | $ 47,167 | $ 46,530 | |
Provision for warranty expense | 5,879 | 9,616 | |
Warranty costs paid | (6,603) | (6,734) | |
Balance at end of period | 46,443 | 49,412 | |
Less long-term portion | 17,800 | 14,550 | |
Current portion of accrued warranty | $ 28,643 | $ 34,862 | $ 29,898 |
Long-Term Indebtedness (Schedul
Long-Term Indebtedness (Schedule of Long-term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Unamortized deferred financing fees | $ (1,645) | $ (1,774) |
Long-term debt | 768,818 | 630,789 |
Less current portion | (18,299) | (17,883) |
Long-term debt, excluding current maturities | 750,519 | 612,906 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 408,310 | 266,214 |
Shelf Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 50,000 | 50,000 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 15,903 | 16,349 |
Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 296,250 | $ 300,000 |
Long-Term Indebtedness (Narrati
Long-Term Indebtedness (Narrative) (Details) € in Millions | Dec. 19, 2019USD ($) | Mar. 29, 2019USD ($) | Dec. 14, 2018USD ($) | Apr. 27, 2016USD ($) | Mar. 20, 2015USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Nov. 11, 2019USD ($) | Feb. 24, 2014USD ($) |
Line of Credit Facility | ||||||||||
Long-term indebtedness | $ 750,519,000 | $ 612,906,000 | ||||||||
Borrowings | 768,818,000 | $ 630,789,000 | ||||||||
Remaining availability under the facilities | 341,700,000 | |||||||||
Medium-term Notes [Member] | ||||||||||
Line of Credit Facility | ||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||||||
Medium-term Notes [Member] | Period one | ||||||||||
Line of Credit Facility | ||||||||||
Debt term | 2 years | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | |||||||||
Medium-term Notes [Member] | Period two | ||||||||||
Line of Credit Facility | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.875% | |||||||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | ||||||||||
Line of Credit Facility | ||||||||||
Maximum borrowings under line of credit | $ 325,000,000 | |||||||||
Long-term indebtedness | $ 250,000,000 | |||||||||
Borrowings | 138,300,000 | € 126 | ||||||||
Letter of credit | 2,700,000 | |||||||||
Remaining availability under the facilities | $ 191,700,000 | |||||||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Prime Rate | ||||||||||
Line of Credit Facility | ||||||||||
Basis spread on variable rate | 1.00% | |||||||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Prime Rate | Minimum | ||||||||||
Line of Credit Facility | ||||||||||
Basis spread on variable rate | 1.00% | |||||||||
Prudential Investment Management Inc | Line of Credit | ||||||||||
Line of Credit Facility | ||||||||||
Long-term indebtedness | $ 50,000,000 | $ 50,000,000 | $ 200,000,000 | |||||||
Remaining availability under the facilities | $ 150,000,000 | |||||||||
Debt term | 3 years | 5 years | ||||||||
Interest rate during period | 3.80% | 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 | $ 900,000,000 | $ 600,000,000 | ||||||||
Line of Credit Facility, Additional Maximum Borrowing Capacity Upon Approval | $ 300,000,000 | |||||||||
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 | Minimum | ||||||||||
Line of Credit Facility | ||||||||||
Debt instrument, additional margin interest rate | 0.00% | 0.40% | ||||||||
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% |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Mar. 31, 2020 |
Leases [Abstract] | |
Term of contract | 12 years |
Leases (Components of Lease Cos
Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 7,822 | $ 4,909 |
Short-term lease cost | 878 | 798 |
Variable lease cost | 621 | 406 |
Total lease cost | $ 9,321 | $ 6,113 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Millions | 1 Months Ended | ||
Jul. 31, 2015 | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Contract Termination | |||
Loss Contingencies | |||
Receivables | $ 53 | $ 40 | |
Furrion Limited | |||
Loss Contingencies | |||
Long-term purchase commitment, time period | 6 years | ||
Weighted Average Cost of Capital | |||
Loss Contingencies | |||
Weighted average cost of capital | 0.114 |
Commitments And Contingencies_3
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Business Combination, Contingent Consideration, Reconciliation of Change in Liability [Roll Forward] | |
Balance at beginning of period | $ 4,396 |
Acquisitions | 2,796 |
Payments | (3) |
Accretion | 237 |
Fair value adjustments | 30 |
Net foreign currency translation adjustment | (123) |
Balance at end of the period | 7,333 |
Less current portion in accrued expenses and other current liabilities | (5,244) |
Total long-term portion in other long-term liabilities | 2,089 |
Contingent consideration, total remaining estimated payments | $ 8,700 |
Stockholders' Equity (Summary O
Stockholders' Equity (Summary Of Common Stock Information) (Details) - shares shares in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity Note [Abstract] | ||
Common stock authorized (in shares) | 75,000 | 75,000 |
Common stock issued (in shares) | 28,221 | 28,133 |
Treasury stock (in shares) | 3,087 | 3,087 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Weighted average shares outstanding for basic earnings per share (in shares) | 25,075 | 24,914 |
Common stock equivalents pertaining to stock options and deferred stock units (in shares) | 68 | 15 |
Weighted average shares outstanding for diluted earnings per share (in shares) | 25,143 | 24,929 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 109 | 122 |
Stockholders' Equity (Summary_2
Stockholders' Equity (Summary of Regular Quarterly Dividend) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash dividend (in usd per share) | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.60 | $ 2.55 |
Payment of dividends | $ 16,321 | $ 14,999 | ||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payment of dividends | $ 16,321 | $ 16,280 | $ 16,267 | $ 16,267 | $ 14,999 | $ 63,813 |
Stockholders' Equity (Stock Awa
Stockholders' Equity (Stock Awards and Units Activity) (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Deferred And Restricted Stock Units | |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 346,148 |
Issued (in shares) | shares | 2,175 |
Granted (in shares) | shares | 135,475 |
Dividend equivalents (in shares) | shares | 3,849 |
Forfeited (in shares) | shares | (3,354) |
Vested (in shares) | shares | (130,266) |
Outstanding at end of period (in shares) | shares | 354,027 |
Weighted Average Price | |
Outstanding at beginning of period (in usd per share) | $ / shares | $ 87.54 |
Issued (in usd per share) | $ / shares | 66.83 |
Granted (in usd per share) | $ / shares | 98.01 |
Dividend equivalents (in usd per share) | $ / shares | 58.70 |
Forfeited (in usd per share) | $ / shares | 92.45 |
Vested (in usd per share) | $ / shares | 87.61 |
Outstanding at end of period (in usd per share) | $ / shares | $ 89.73 |
Stock Awards and Performance Stock Units | |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 129,128 |
Granted (in shares) | shares | 57,333 |
Dividend equivalents (in shares) | shares | 1,193 |
Forfeited (in shares) | shares | (73,581) |
Vested (in shares) | shares | (5,152) |
Outstanding at end of period (in shares) | shares | 108,921 |
Weighted Average Price | |
Outstanding at beginning of period (in usd per share) | $ / shares | $ 96.21 |
Granted (in usd per share) | $ / shares | 96.55 |
Dividend equivalents (in usd per share) | $ / shares | 58.70 |
Forfeited (in usd per share) | $ / shares | 107.91 |
Vested (in usd per share) | $ / shares | 100.46 |
Outstanding at end of period (in usd per share) | $ / shares | $ 87.92 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Liabilities | |||
Contingent consideration | $ 7,333 | $ 4,396 | |
Derivative liabilities | 165 | 679 | $ 200 |
Level 1 | |||
Liabilities | |||
Contingent consideration | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Level 2 | |||
Liabilities | |||
Contingent consideration | 0 | 0 | |
Derivative liabilities | 165 | 679 | |
Level 3 | |||
Liabilities | |||
Contingent consideration | 7,333 | 4,396 | |
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Thousands, lb in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)derivative_instrumentlb$ / lb | Dec. 31, 2019USD ($)derivative_instrumentlb$ / lb | Mar. 31, 2019USD ($) | |
Fair Value Disclosures [Abstract] | |||
Number of years long-term sales growth forecasted over | 6 years | ||
Average long-term sales growth forecast, over next 4 years, percent per year | 14.00% | ||
Derivative, number of instruments held | derivative_instrument | 1 | 6 | |
Underlying, derivative mass | $ / lb | 0.34 | 0.37 | |
Derivative, nonmonetary notional amount, mass | lb | 2 | 11.2 | |
Derivative liability | $ | $ 165 | $ 679 | $ 200 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - segment | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information | ||
Number of reportable segments | 2 | |
Net sales | OEM Segment | ||
Segment Reporting Information | ||
Concentration risk, percentage | 81.00% | 90.00% |
Net sales | Aftermarket Segment | ||
Segment Reporting Information | ||
Concentration risk, percentage | 19.00% | 10.00% |
Product Concentration Risk | Net sales | Travel trailers and fifth-wheels | ||
Segment Reporting Information | ||
Concentration risk, percentage | 58.00% |
Segment Reporting (Disaggregati
Segment Reporting (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 659,670 | $ 592,172 |
OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 532,357 | 531,780 |
Travel trailers and fifth-wheels | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 307,108 | 316,871 |
Motorhomes | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 38,087 | 45,000 |
Adjacent industries OEMs | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 187,162 | 169,909 |
Aftermarket Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 127,313 | 60,392 |
Chassis, chassis parts and slide-out mechanisms | OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 202,263 | 204,383 |
Windows and doors | OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 156,031 | 151,919 |
Furniture and mattresses | OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 87,180 | 91,357 |
Axles and suspension solutions | OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 35,136 | 32,235 |
Other | OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 51,747 | 51,886 |
U.S. | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 598,815 | 558,556 |
U.S. | OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 477,197 | 502,024 |
U.S. | Travel trailers and fifth-wheels | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 303,682 | 313,367 |
U.S. | Motorhomes | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 26,914 | 31,921 |
U.S. | Adjacent industries OEMs | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 146,601 | 156,736 |
U.S. | Aftermarket Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 121,618 | 56,532 |
International | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 60,855 | 33,616 |
International | OEM Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 55,160 | 29,756 |
International | Travel trailers and fifth-wheels | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 3,426 | 3,504 |
International | Motorhomes | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 11,173 | 13,079 |
International | Adjacent industries OEMs | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 40,561 | 13,173 |
International | Aftermarket Segment | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 5,695 | $ 3,860 |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Operating Profit by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information | ||
Operating profit | $ 44,266 | $ 47,755 |
Operating Segments | OEM Segment | ||
Segment Reporting Information | ||
Operating profit | 43,189 | 40,408 |
Operating Segments | Aftermarket Segment | ||
Segment Reporting Information | ||
Operating profit | $ 1,077 | $ 7,347 |