Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Registrant Name | LCI INDUSTRIES | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Central Index Key | 0000763744 | ||
Trading Symbol | LCII | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 25,159,069 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2,108,137,750 | ||
Entity File Number | 001-13646 | ||
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, $.01 par value | ||
Security Exchange Name | NYSE | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the 2021 Annual Meeting of Stockholders to be held on May 20, 2021 are incorporated by reference into Part III of this Annual Report on Form 10-K. | ||
ICFR Auditor Attestation Flag | true |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 2,796,166 | $ 2,371,482 | $ 2,475,807 |
Cost of sales | 2,090,076 | 1,832,280 | 1,955,463 |
Gross profit | 706,090 | 539,202 | 520,344 |
Selling, general and administrative expenses | 483,156 | 338,992 | 321,556 |
Operating profit | 222,934 | 200,210 | 198,788 |
Interest expense, net | 13,453 | 8,796 | 6,436 |
Income before income taxes | 209,481 | 191,414 | 192,352 |
Provision for income taxes | 51,041 | 44,905 | 43,801 |
Net income | $ 158,440 | $ 146,509 | $ 148,551 |
Net income per common share: | |||
Basic (in usd per share) | $ 6.30 | $ 5.86 | $ 5.90 |
Diluted (in usd per share) | $ 6.27 | $ 5.84 | $ 5.83 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 25,134 | 24,998 | 25,178 |
Diluted (in shares) | 25,255 | 25,093 | 25,463 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 158,440 | $ 146,509 | $ 148,551 |
Other comprehensive (loss) income: | |||
Net foreign currency translation adjustment | 4,531 | 4,262 | (3,936) |
Actuarial loss on pension plans | (207) | 0 | 0 |
Derivative instrument adjustment | 1,642 | (534) | (1,108) |
Total comprehensive income | $ 164,406 | $ 150,237 | $ 143,507 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 51,821 | $ 35,359 |
Accounts receivable, net of allowances of $1,895 and $1,536 at December 31, 2018 and 2017, respectively | 268,625 | 199,976 |
Inventories, net | 493,899 | 393,607 |
Prepaid expenses and other current assets | 55,456 | 41,849 |
Total current assets | 869,801 | 670,791 |
Fixed assets, net | 387,218 | 366,309 |
Goodwill | 454,728 | 351,114 |
Other intangible assets, net | 420,885 | 341,426 |
Operating lease right-of-use assets | 104,179 | 98,774 |
Other assets | 61,220 | 34,181 |
Total assets | 2,298,031 | 1,862,595 |
Current liabilities | ||
Current maturities of long-term indebtedness | 17,831 | 17,883 |
Accounts payable, trade | 184,931 | 99,262 |
Current portion of operating lease obligations | 25,432 | 21,693 |
Accrued expenses and other current liabilities | 188,200 | 132,420 |
Total current liabilities | 416,394 | 271,258 |
Long-term indebtedness | 720,418 | 612,906 |
Operating lease obligations | 82,707 | 79,848 |
Deferred taxes | 53,833 | 35,740 |
Other long-term liabilities | 116,353 | 62,171 |
Total liabilities | 1,389,705 | 1,061,923 |
Stockholders’ equity | ||
Common stock, par value $.01 per share: authorized 75,000 shares; issued 27,948 shares at December 31, 2018 and 27,674 shares at December 31, 2017 | 282 | 281 |
Paid-in capital | 227,407 | 212,485 |
Retained earnings | 731,710 | 644,945 |
Accumulated other comprehensive (loss) income | 7,089 | 1,123 |
Stockholders’ equity before treasury stock | 966,488 | 858,834 |
Treasury stock, at cost, 3,087 shares at December 31, 2018 and 2,648 shares at December 31, 2017 | (58,162) | (58,162) |
Total stockholders’ equity | 908,326 | 800,672 |
Total liabilities and stockholders’ equity | $ 2,298,031 | $ 1,862,595 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 5,642 | $ 3,144 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 28,243,000 | 28,133,000 |
Common stock, shares outstanding | 25,156,000 | 25,046,000 |
Treasury stock, shares | 3,087,000 | 3,087,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 158,440 | $ 146,509 | $ 148,551 |
Adjustments to reconcile net income to cash flows provided by operating activities: | |||
Depreciation and amortization | 97,980 | 75,358 | 67,526 |
Stock-based compensation expense | 18,502 | 16,077 | 14,065 |
Deferred taxes | (1,504) | 3,416 | 13,874 |
Other non-cash items | 2,229 | (1,553) | (13) |
Changes in assets and liabilities, net of acquisitions of businesses: | |||
Accounts receivable, net | (45,028) | (25,452) | (11,352) |
Inventories, net | (86,898) | 57,790 | (34,730) |
Prepaid expenses and other assets | (29,158) | 6,882 | (17,691) |
Accounts payable, trade | 67,679 | (12,189) | (17,335) |
Accrued expenses and other liabilities | 49,158 | 2,687 | (6,287) |
Net cash flows provided by operating activities | 231,400 | 269,525 | 156,608 |
Cash flows from investing activities: | |||
Capital expenditures | (57,346) | (58,202) | (119,827) |
Acquisitions of businesses, net of cash acquired | (182,130) | (447,764) | (184,792) |
Other investing activities | 7,175 | 2,132 | 1,824 |
Net cash flows used in investing activities | (232,301) | (503,834) | (302,795) |
Cash flows from financing activities: | |||
Vesting of stock-based awards, net of shares tendered for payment of taxes | (4,853) | (8,084) | (16,097) |
Proceeds from revolving credit facility | 543,991 | 655,387 | 1,387,013 |
Repayments under revolving credit facility | (430,390) | (628,891) | (1,146,953) |
Proceeds from term loan borrowings | 0 | 300,000 | 0 |
Repayments under term loan and other borrowings | (22,444) | 0 | 0 |
Payment of dividends | (70,401) | (63,813) | (59,270) |
Payment of contingent consideration related to acquisitions | (1,633) | (10) | (3,068) |
Repurchases of common stock | 0 | 0 | (28,695) |
Other financing activities | (222) | 382 | 2,136 |
Net cash flows provided by (used in) financing activities | 14,048 | 254,971 | 135,066 |
Effect of exchange rate changes on cash and cash equivalents | 3,315 | (231) | 0 |
Net increase (decrease) in cash and cash equivalents | 16,462 | 20,431 | (11,121) |
Cash and cash equivalents at beginning of period | 35,359 | 14,928 | 26,049 |
Cash and cash equivalents cash at end of period | 51,821 | 35,359 | 14,928 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 16,910 | 9,143 | 5,645 |
Cash paid during the period for income taxes, net of refunds | 33,247 | 37,836 | 39,991 |
Purchase of property and equipment in accrued expenses | $ 2,739 | $ 3,417 | $ 385 |
Consolidated Statement Of Stock
Consolidated Statement Of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Beginning Balance at Dec. 31, 2017 | $ 652,745 | $ 277 | $ 203,990 | $ 475,506 | $ 2,439 | $ (29,467) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 148,551 | 148,551 | ||||
Issuance of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | (16,097) | 3 | (16,100) | |||
Stock-based compensation expense | 14,065 | 14,065 | ||||
Repurchases of common stock | (28,695) | (28,695) | ||||
Other comprehensive income (loss) | (5,044) | (5,044) | ||||
Cash dividends | (59,270) | (59,270) | ||||
Dividend equivalents on stock-based awards | 0 | 1,291 | (1,291) | |||
Ending 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 | 146,509 | 146,509 | ||||
Issuance of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | (8,084) | 1 | (8,085) | |||
Stock-based compensation expense | 16,077 | 16,077 | ||||
Other comprehensive income (loss) | 3,728 | 3,728 | ||||
Cash dividends | (63,813) | (63,813) | ||||
Dividend equivalents on stock-based awards | 0 | 1,247 | (1,247) | |||
Ending 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 | 158,440 | 158,440 | ||||
Issuance of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | (4,853) | 1 | (4,854) | |||
Stock-based compensation expense | 18,502 | 18,502 | ||||
Repurchases of common stock | (28,700) | |||||
Other comprehensive income (loss) | 5,966 | 5,966 | ||||
Cash dividends | (70,401) | (70,401) | ||||
Dividend equivalents on stock-based awards | 0 | 1,274 | (1,274) | |||
Ending Balance at Dec. 31, 2020 | $ 908,326 | $ 282 | $ 227,407 | $ 731,710 | $ 7,089 | $ (58,162) |
Consolidated Statement Of Sto_2
Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock (in shares) | 109,621,000 | 185,020,000 | 274,177,000 |
Repurchases of common stock (in shares) | 402,570 | 402,570,000 | |
Special cash dividend, per share | $ 2.80 | $ 2.55 | $ 2.35 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries (“LCII” and collectively with its subsidiaries, the “Company”). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components” or “LCI”), supplies, domestically and internationally, a broad array of 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 December 31, 2020, the Company operated over 100 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 and consumer confidence on retail sales of RVs, and other products for which the Company sells its components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends may be different than in prior years, particularly as a result of the coronavirus ("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 were different in 2020 and may be different in 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 Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the current year presentation. 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, pension and 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. Impact of COVID-19 The COVID-19 pandemic has caused significant uncertainty and disruption in the global economy and financial markets. On March 25, 2020, the Company issued a press release providing a business update regarding COVID-19, including that it was temporarily suspending production at select manufacturing facilities across North America and Europe. The temporary suspension of production was made on a plant-by-plant basis, consistent with government mandates or due to customer closures. Production at facilities considered essential continued, utilizing reduced staff in conjunction with heightened cleaning and sanitation processes. On April 8, 2020, the Company issued a press release with additional 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. Additionally, the April 8 press release announced community support initiatives including donations of personal protective equipment and other supplies throughout local communities, manufacturing medical face shields used by doctors and nurses in Italy, and the establishment of a temporary emergency fund to aid team members who have faced personal and financial difficulties due to the COVID-19 pandemic. The Company resumed operations to varying degrees for the majority of its facilities on May 4, 2020 to meet the demand requirements of its customers, and by later in the second quarter, the Company's facilities were fully operational. As the Company returned to fully operational status, several of the cost savings and cash preservation measures previously announced on April 8, 2020 were reversed, including executive salary and director retainer reductions, furloughs, and hiring freezes, and discussions with banking partners about additional or alternative financing options were halted. The extent to which COVID-19 may impact the Company's future liquidity, financial condition, and results of operations remains uncertain. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. Accounts Receivable Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience, current conditions, and reasonable forecasts. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected. Inventories Inventories are stated at the lower of cost (using the first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Fixed Assets Fixed assets which are owned are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred. Leases The Company leases certain manufacturing and distribution facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. At contract inception, the Company determines whether a contract is or contains a lease and whether the lease should be classified as an operating or finance lease. The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate based on information available at lease inception in determining the present value of the lease payments. The Company applies a portfolio approach for determining the incremental borrowing rate based on applicable lease terms and the current economic environment. Many of the Company's leases include renewal options, which 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 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 variable lease costs. Finance leases and lease arrangements under which the Company is the lessor are not material to the Company's consolidated financial statements. The Company's lease agreements typically do not contain any significant residual value guarantees or restrictive covenants. Warranty The Company provides warranty terms based upon the type of product sold. The Company estimates the warranty accrual based upon various factors, including historical warranty costs, warranty claim lag, current trends, product mix, and sales. The accounting for warranty accruals requires the Company to make assumptions and judgments, and to the extent actual results differ from original estimates, adjustments to recorded accruals may be required. See Note 6 - Accrued Expenses and Other Current Liabilities for further detail. Income Taxes Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. The Company classifies interest and penalties related to income taxes as a component of income tax expense in its Consolidated Statements of Income. Goodwill Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In 2020 and 2019, the Company assessed qualitative factors of its reporting units to determine whether it was more likely than not the fair value of the reporting unit was less than its carrying amount, including goodwill. The qualitative impairment test consists of an assessment of qualitative factors, including general economic and industry conditions, market share, and input costs. Other Intangible Assets Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. Intangible assets are amortized using either an accelerated or straight-line method, whichever best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. The useful lives of intangible assets are determined after considering the expected cash flows and other specific facts and circumstances related to each intangible asset. Intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. Impairment of Long-Lived Assets Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets. Foreign Currency Translation The financial statements of the Company’s international subsidiaries generally are measured using the local currency as the functional currency. The translation from the applicable foreign currency to U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average exchange rate for the period. The resulting translation adjustments are recorded in accumulated other comprehensive income as a component of stockholders’ equity. The Company reflects net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of foreign currency exchange gains or losses in selling, general and administrative expenses in the Consolidated Statements of Income. Stock-Based Compensation All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards having a service-only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair values of deferred stock units, restricted stock units, restricted stock, and stock awards are based on the market price of the Company’s common stock, all on the date the stock-based awards are granted. Revenue Recognition The Company recognizes revenue when performance obligations under the terms of contracts with customers are satisfied, which occurs with the transfer of control of the Company’s products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products to its customers. Sales, value added and other taxes collected concurrent with revenue-producing activities are excluded from revenue. For the majority of product sales, the Company transfers control and recognizes revenue when it ships the product from its facility to its customer. The amount of consideration the Company receives and the revenue recognized varies with sales discounts, volume rebate programs and indexed material pricing. When the Company offers customers retrospective volume rebates, it estimates the expected rebates based on an analysis of historical experience. The Company adjusts its estimate of revenue related to volume rebates at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. When the Company offers customers prompt pay sales discounts or agrees to variable pricing based on material indices, it estimates the expected discounts or pricing adjustments based on an analysis of historical experience. The Company adjusts its estimate of revenue related to sales discounts and indexed material pricing to the expected value of the consideration to which the Company will be entitled. The Company includes the variable consideration in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue will not occur when the volume, discount or indexed material price uncertainties are resolved. See Note 14 - Segment Reporting for the Company’s disclosures of disaggregated revenue. Shipping and Handling Costs The Company recognizes shipping and handling costs as fulfillment costs when control over products has transferred to the customer, and records the expense within selling, general and administrative expenses. Such costs aggregated $104.4 million, $77.3 million, and $83.2 million in the years ended December 31, 2020, 2019, and 2018, respectively. Legal Costs The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income. Fair Value Measurements Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. 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, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codifications ("ASC") 740, Income Taxes, |
Acquisitions, Goodwill And Othe
Acquisitions, Goodwill And Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS Acquisitions in 2020 Veada In December 2020, the Company acquired 100 percent of the outstanding capital stock of Veada Industries, Inc. ("Veada"), a manufacturer and distributor of boat seating and marine accessories based in New Paris, Indiana. The purchase price was $69.0 million, net of cash acquired, which includes holdback payments of $12.2 million to be paid over the next two years. The holdback payments are recorded in the Consolidated Balance Sheet in accrued expenses and other current liabilities ($10.4 million) and other long-term liabilities ($1.8 million) at December 31, 2020. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company's OEM Segment. As the acquisition of Veada 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 the acquisition. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration $ 56,760 Holdback payment 12,219 Total value of consideration given $ 68,979 Customer relationship $ 30,000 Other identifiable intangible assets 7,250 Net tangible assets 8,864 Total fair value of net assets acquired $ 46,114 Goodwill (not tax deductible) $ 22,865 The customer relationship intangible asset is being amortized over its estimated useful life of 15 years. The fair value of this asset was 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. Challenger In November 2020, the Company acquired substantially all of the business assets of Challenger Door, LLC ("Challenger"), a leading manufacturer and distributor of branded doors for the RV industry and products for specialty and cargo trailers, based in Nappanee, Indiana. The purchase price was $35.0 million, which includes holdback payments of $4.5 million to be paid over the next two years. The holdback payments are recorded in the Consolidated Balance Sheet in accrued expenses and other current liabilities ($3.5 million) and other long-term liabilities ($1.0 million) at December 31, 2020. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. As the acquisition of Challenger 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 the acquisition. The acquisition of this business was preliminarily recorded on the acquisition date as follows (in thousands) : Cash consideration $ 30,461 Holdback payment 4,500 Total value of consideration given $ 34,961 Customer relationship and other identifiable intangible assets $ 12,900 Net tangible assets 8,983 Total fair value of net assets acquired $ 21,883 Goodwill (tax deductible) $ 13,078 The customer relationship intangible asset is being amortized over its estimated useful life of 7 years. The fair value of this asset was 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. 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 caravaning 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 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 acquisition of this business was recorded as of 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 $ 37,012 Other identifiable intangible assets 26,614 Net tangible assets, excluding pension obligation 14,247 Unfunded pension benefit obligation $ (28,665) Total fair value of net assets acquired $ 49,208 Goodwill (not tax deductible) $ 49,354 The acquisition of Polyplastic included the assumption of two partially-funded defined benefit pension plans (the "Dutch pension plans") based in the Netherlands. See Note 7 for a description of the Dutch pension plans. The Company recorded the estimated unfunded pension benefit obligation of the Dutch pension plans during the quarter ended June 30, 2020 in other long-term liabilities on the Consolidated Balance Sheet, as information related to the plans and preliminary assumptions and actuarial reports became available. The key assumptions used to measure the benefit obligation at the acquisition date were a discount rate of 1.2 percent, an expected rate of return on plan assets of 1.2 percent, wage inflation of 2.0 percent, and expected indexation that conforms to the growth path established by Dutch pension law, which ranged from 0.0 percent at acquisition to 2.0 percent in 2034 and thereafter. The Company also recorded a deferred tax asset related to the Dutch pension plans, which is included in net tangible assets in the above table. The customer relationship intangible asset is being amortized over its estimated useful life of 15 years. The fair value of this asset was 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. Acquisitions in 2019 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 $336.6 million, net of cash acquired. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s Aftermarket Segment. During the year ended December 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, and to adjust the purchase price for final net working capital balances. 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. 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 December 31, 2020 Cash consideration, net of cash acquired $ 337,640 $ (1,053) $ 336,587 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 (1,550) 2,510 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 $ (14,546) $ 220,175 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. The Company incurred costs during the year ended December 31, 2019 related specifically to this acquisition of $1.0 million, which are included in selling, general, and administrative expenses in the Consolidated Statements of Income. PWR-ARM In November 2019, the Company acquired the PWR-ARM brand and electric powered Bimini business assets of Schwintek, Inc. (“PWR-ARM”), a premier electric sunshade solution for pontoon and smaller power boats. The purchase price was $45.0 million, which included holdback payments of $5.0 million to be paid over the subsequent two years. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. 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 (“U.K.”). The purchase price was $43.2 million, net of cash acquired. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. Other Acquisitions in 2019 During fiscal 2019, the Company completed four other acquisitions totaling $26.9 million of purchase consideration, net of cash acquired. Acquisitions in 2018 Smoker Craft Furniture In November 2018, the Company acquired the business and certain assets of the furniture manufacturing operation of Smoker Craft Inc., a leading pontoon, aluminum fishing, and fiberglass boat manufacturer located in New Paris, Indiana. The purchase price was $28.1 million paid at closing. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. ST.LA. S.r.l. In June 2018, the Company acquired 100 percent of the equity interests of ST.LA. S.r.l., a manufacturer of bed lifts and other RV components for the European caravan market, headquartered in Pontedera, Italy. The purchase price was $14.8 million, net of cash acquired, paid at closing. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. Hehr In February 2018, the Company acquired substantially all of the business assets of Hehr International Inc., (“Hehr”), a manufacturer of windows and tempered and laminated glass for the RV, transit, specialty vehicle, and other adjacent industries, headquartered in Los Angeles, California. The purchase price was $51.5 million paid at closing. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. Taylor Made In January 2018, the Company acquired 100 percent of the equity interests of Taylor Made Group, LLC, (“Taylor Made”), a marine supplier to boat builders and the aftermarket, as well as a key supplier to a host of other industrial end markets, headquartered in Gloversville, New York. The purchase price was $90.4 million, net of cash acquired, paid at closing. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company’s OEM Segment. Goodwill Changes in the carrying amount of goodwill by reportable segment were as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2018 $ 160,257 $ 19,911 $ 180,168 Acquisitions – 2019 57,245 115,178 172,423 Other (1,882) 405 (1,477) Net balance – December 31, 2019 215,620 135,494 351,114 Acquisitions – 2020 84,774 523 85,297 Measurement period adjustments (2,251) 12,613 10,362 Foreign currency translation 7,810 145 7,955 Net balance – December 31, 2020 $ 305,953 $ 148,775 $ 454,728 The Company performed its annual goodwill impairment procedures for all of its reporting units as of November 30, 2020, 2019, and 2018, and concluded no goodwill impairment existed at that time. The Company plans to update its assessment as of November 30, 2021, or sooner if events occur or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying value. The goodwill balance as of each of December 31, 2020, 2019, and 2018 included $50.5 million of accumulated impairment, which occurred prior to December 31, 2018. Other Intangible Assets Other intangible assets, by segment, at December 31 were as follows: (In thousands) 2020 2019 OEM Segment $ 260,778 $ 164,047 Aftermarket Segment 160,107 177,379 Other intangible assets $ 420,885 $ 341,426 Other intangible assets consisted of the following at December 31, 2020: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 398,613 $ 95,443 $ 303,170 6 to 17 Patents 92,128 47,090 45,038 3 to 20 Trade names (finite life) 69,686 11,272 58,414 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 6,478 4,617 1,861 3 to 6 Other 309 194 115 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 579,501 $ 158,616 $ 420,885 The Company performed its annual impairment test for indefinite lived intangible assets as of November 30, 2020, 2019, and 2018, and concluded no impairment existed at that time. 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 17 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 Amortization expense related to other intangible assets was as follows for the years ended December 31: (In thousands) 2020 2019 2018 Cost of sales $ 5,101 $ 5,200 $ 5,350 Selling, general and administrative expense 32,772 18,558 15,912 Amortization expense $ 37,873 $ 23,758 $ 21,262 Estimated amortization expense for other intangible assets for the next five years is as follows: (In thousands) 2021 2022 2023 2024 2025 Cost of sales $ 5,554 $ 5,208 $ 4,782 $ 4,329 $ 3,465 Selling, general and administrative expense 35,945 35,453 34,801 33,781 31,444 Amortization expense $ 41,499 $ 40,661 $ 39,583 $ 38,110 $ 34,909 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Inventories consisted of the following at December 31: (In thousands) 2020 2019 Raw materials $ 356,921 $ 256,850 Work in process 24,189 23,653 Finished goods 112,789 113,104 Inventories, net $ 493,899 $ 393,607 |
Fixed Assets
Fixed Assets | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | FIXED ASSETS Fixed assets consisted of the following at December 31: Estimated Useful Life (In thousands) 2020 2019 in Years Land $ 23,063 $ 23,868 Buildings and improvements 197,291 185,744 10 to 40 Leasehold improvements 27,606 23,012 3 to 20 Machinery and equipment 369,990 311,554 3 to 15 Furniture and fixtures 94,055 85,901 3 to 15 Construction in progress 38,133 48,288 Fixed assets, at cost 750,138 678,367 Less accumulated depreciation and amortization 362,920 312,058 Fixed assets, net $ 387,218 $ 366,309 Depreciation and amortization of fixed assets was as follows for the years ended December 31: (In thousands) 2020 2019 2018 Cost of sales $ 45,388 $ 39,442 $ 35,656 Selling, general and administrative expenses 14,719 12,158 10,608 Total $ 60,107 $ 51,600 $ 46,264 |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 12 Months Ended |
Dec. 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 December 31: (In thousands) 2020 2019 Employee compensation and benefits $ 62,555 $ 45,612 Current portion of accrued warranty 32,451 29,898 Customer rebates 23,670 14,129 Other 69,524 42,781 Accrued expenses and other current liabilities $ 188,200 $ 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 historical warranty costs, warranty claim lag, current trends, product mix, and sales. The following table provides a reconciliation of the activity related to the Company’s accrued warranty, including both the current and long-term portions, for the years ended December 31: (In thousands) 2020 2019 2018 Balance at beginning of period $ 47,167 $ 46,530 $ 38,502 Provision for warranty expense 19,037 30,520 31,819 Warranty liability from acquired businesses 2,915 287 760 Warranty costs paid (22,028) (30,170) (24,551) Balance at end of period 47,091 47,167 46,530 Less long-term portion 14,640 17,269 14,350 Current portion of accrued warranty at end of period $ 32,451 $ 29,898 $ 32,180 |
Retirement And Other Benefit Pl
Retirement And Other Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement and Other Benefit Plans | RETIREMENT AND OTHER BENEFIT PLANS Defined Contribution Plan The Company maintains a discretionary defined contribution 401(k) profit sharing plan covering all eligible employees. The Company contributed $9.0 million, $7.7 million, and $6.8 million to this plan during the years ended December 31, 2020, 2019, and 2018, respectively. Deferred Compensation Plan The Company has an Executive Non-Qualified Deferred Compensation Plan (the “Plan”). Pursuant to the Plan, certain management employees are eligible to defer all or a portion of their regular salary and incentive compensation. Participants deferred $2.9 million, $0.9 million, and $6.9 million during the years ended December 31, 2020, 2019, and 2018, respectively. The amounts deferred under this Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. Each Plan participant is fully vested in their deferred compensation and earnings credited to his or her account as all contributions to the Plan are made by the participant. The Company is responsible for certain costs of Plan administration, which are not significant, and will not make any contributions to the Plan. Pursuant to the Plan, payments to the Plan participants are made from the general unrestricted assets of the Company, and the Company’s obligations pursuant to the Plan are unfunded and unsecured. Participants withdrew $0.2 million, $1.7 million, and $0.2 million from the Plan during the years ended December 31, 2020, 2019, and 2018, respectively. At December 31, 2020 and 2019, deferred compensation of $38.5 million and $30.3 million, respectively, was recorded in other long-term liabilities, and deferred compensation of $0.2 million and $0.2 million, respectively, was recorded in accrued expenses and other current liabilities. The Company invests approximately 99 percent of the amounts deferred by the Plan participants in life insurance contracts, matching the investments elected by the Plan participants. Deferred compensation assets and liabilities are recorded at contract value. At December 31, 2020 and 2019, life insurance contract assets of $35.3 million and $30.1 million, respectively, were recorded in other assets. Dutch Pension Plans The acquisition of Polyplastic in January 2020 included the assumption of two partially-funded defined benefit pension plans (the "Dutch pension plans") based in the Netherlands. The Dutch pension plans, which are qualified defined benefit pension plans, provide benefits based on years of service and average pay. The benefits earned by the employees are immediately vested. The Company funds the future obligations of the Dutch pension plans by purchasing an insurance contract from a large multi-national insurance company. Each year the Company will make premium payments to the insurance company (1) to provide for the benefit obligation of the current year of service based on each employee's age, gender, and current salary, and (2) for indexations for both active and post-active participants. The Company determines the fair value of the plan assets with the assistance of an actuary using unobservable inputs (Level 3), which is determined as the present value of the accrued benefits guaranteed by the insurer. The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch pension plans for the year ended December 31, 2020 (in thousands) : Projected Benefit Obligation Projected benefit obligation at Polyplastic acquisition date $ 78,579 Interest cost 1,007 Net service cost 3,357 Employee contributions 571 Benefits paid (925) Actuarial loss, net 5,453 Unrealized loss on foreign exchange 8,670 Projected benefit obligation at end of year 96,712 Fair Value of Plan Assets Fair value of plan assets at Polyplastic acquisition date $ 49,914 Increase in plan asset value 5,887 Employer contributions 1,222 Employee contributions 571 Benefits and administrative expenses paid (1,201) Unrealized gain on foreign exchange 5,543 Fair value of plan assets at end of year 61,936 Underfunded status of the plans at end of the year $ 34,776 Accumulated benefit obligation $ 96,712 The following actuarial assumptions were used to determine the actuarial present value of the projected benefit obligation and the net periodic pension costs for the Dutch pension plans at December 31, 2020: Discount rate 0.70 % Expected return on plan assets 0.70 % Wage inflation 2.00 % Additionally, the Company assumed expected indexation that conforms to the growth path established by Dutch pension law, which ranged from 0.0 percent at acquisition to 2.0 percent in 2034 and thereafter. Amounts recognized for the Dutch pension plans in the Consolidated Balance Sheet at December 31, 2020 consist of the following (in thousands) : Deferred taxes $ 8,694 Other long-term liabilities 34,776 Accumulated other comprehensive income (loss) (207) The components of net periodic pension cost for the Dutch pension plans for the year ended December 31, 2020 included the following (in thousands) : Net service cost $ (3,357) Interest cost (1,007) Expected return on plan assets 626 Administrative charges (276) Net periodic pension cost $ (4,014) Plan assets at December 31, 2020 consisted of insurance contracts. Under Dutch pension law, the pension insurer is legally required to pay the funded benefits to the participants. The insurer cannot unilaterally return the obligation to the employer and the employer has no risks related to the assets. As the surrender value of the contract is less than the guarantee value, the guarantee value is used as the value of the plan assets. This value is the net present value of the accrued benefits against the same assumptions as applied in the valuation of the liability. As such, the expected return is equal to the discount rate. The Company's 2021 minimum funding requirements are expected to be $1.3 million. The estimate of future annual contributions is based on current funding and the unconditional indexation requirements, and the Company believes these contributions will be sufficient to fund the Dutch pension plans. Expected benefit payments to eligible participants under the Dutch pension plans for the next ten years are as follows (in thousands): 2021 $ 1,139 2022 1,245 2023 1,301 2024 1,390 2025 1,515 2026 - 2030 9,501 |
Long-Term Indebtedness
Long-Term Indebtedness | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Indebtedness | LONG-TERM INDEBTEDNESS Long-term debt consisted of the following at December 31: (In thousands) 2020 2019 Term Loan $ 285,000 $ 300,000 Revolving Credit Loan 394,888 266,214 Shelf-Loan Facility 50,000 50,000 Other 9,652 16,349 Unamortized deferred financing fees (1,291) (1,774) 738,249 630,789 Less current portion (17,831) (17,883) Long-term indebtedness $ 720,418 $ 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 ($169.9 million, or €138.0 million drawn at December 31, 2020). On December 19, 2019, the Company entered into an Incremental Joinder and Amendment No. 1 (“Amendment No. 1”) to 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 percent of original principal amount of the term loan for the first eight quarterly periods commencing March 31, 2020, and then 1.875 percent 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 (0.375 percent at December 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 0.875 percent to 1.625 percent (1.375 percent at December 31, 2020) depending on the Company’s total net leverage ratio. At December 31, 2020 and 2019, the Company had $2.9 million and $2.5 million, respectively, in issued, but undrawn, standby letters of credit under the revolving credit facility. Availability under the Company’s revolving credit facility was $202.2 million at December 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 3.8 percent per annum, payable quarterly in arrears, of which the entire amount was outstanding at December 31, 2020. The net proceeds of the Series B Notes were used to repay the Series A Notes. On November 11, 2019, the Company further 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. On September 21, 2020, the Company entered into a Second Amendment to the Shelf-Loan Facility to conform additional covenants to the Amended Credit Agreement. 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 December 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 (including up to 65 percent of the equity interest of certain “controlled foreign corporations”). Pursuant to the Amended Credit Agreement and Shelf-Loan Facility, the Company 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 December 31, 2020 and 2019, the Company was in compliance with all such requirements, and expects to remain in compliance for the next twelve months. 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 in the Amended Credit Agreement and the Shelf-Loan Facility. This limitation did not impact the Company’s ability to incur additional indebtedness under its revolving credit facility at December 31, 2020. The combined remaining availability under the revolving credit facility and the potential additional notes issuable under the Shelf-Loan Facility was $352.2 million at December 31, 2020. The Company believes the availability of $202.2 million under the revolving credit facility under the Amended Credit Agreement, along with its cash flows from operations, are adequate to finance the Company’s anticipated cash requirements for the next twelve months. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of earnings (loss) before income taxes consisted of the following for the years ended December 31: (In thousands) 2020 2019 2018 United States $ 216,234 $ 189,834 $ 191,095 Foreign (6,753) 1,580 1,257 Total earnings before income taxes $ 209,481 $ 191,414 $ 192,352 The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31: (In thousands) 2020 2019 2018 Current: Federal $ 42,541 $ 33,655 $ 22,297 State and local 9,165 6,764 6,416 Foreign 839 1,070 1,214 Total current provision 52,545 41,489 29,927 Deferred: Federal 2,342 5,923 12,478 State and local (671) (969) 1,639 Foreign (3,175) (1,538) (243) Total deferred provision (1,504) 3,416 13,874 Provision for income taxes $ 51,041 $ 44,905 $ 43,801 The Company has historically reinvested all unremitted earnings of our foreign subsidiaries and affiliates, and therefore has not recognized any U.S. deferred tax liability on those earnings. However, the Tax Cuts and Jobs Act (the "TCJA") change in the U.S. taxation of foreign income has led the Company to reassess its position as it relates to permanent reinvestment and it has now determined that it will only assert permanent reinvestment in its Canadian subsidiaries. The Company examined the potential liabilities related to investments in foreign subsidiaries and concluded that there is no material deferred tax liabilities that should be recorded. The provision for income taxes differs from the amount computed by applying the federal statutory rate of 21 percent for 2020, 2019, and 2018 to income before income taxes for the following reasons for the years ended December 31: (In thousands) 2020 2019 2018 Income tax at federal statutory rate $ 43,991 $ 40,197 $ 40,394 State income tax, net of federal income tax impact 6,710 4,578 6,261 Section 162(m) permanent addback 3,015 587 894 Federal tax credits (1,307) (1,435) (1,876) Share-based payment compensation excess tax benefit (190) (1,579) (2,914) Changes in tax law (TCJA) — — 612 Other (1,178) 2,557 430 Provision for income taxes $ 51,041 $ 44,905 $ 43,801 At December 31, 2020, the Company had domestic federal income taxes payable of $7.2 million, domestic state income taxes payable of $1.9 million, and foreign taxes receivable of $1.8 million recorded. At December 31, 2019, the Company had domestic federal income taxes receivable of $7.1 million, domestic state income taxes receivable of $4.6 million, and foreign taxes payable of $0.5 million recorded. Deferred Income Tax Assets and Liabilities and Valuation Allowances The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31: (In thousands) 2020 2019 Deferred tax assets: Stock-based compensation $ 2,084 $ 2,290 Pension 8,694 — Deferred compensation 13,325 5,976 Warranty 10,848 11,246 Inventory 7,443 8,001 Other 6,390 2,585 Lease obligation asset 22,488 25,055 Net operating loss and interest carryforwards 4,857 7,352 Total deferred tax assets before valuation allowance 76,129 62,505 Less: Valuation allowance (2,809) (1,662) Total deferred tax assets net of valuation allowance 73,320 60,843 Deferred tax liabilities: Lease obligation liability (21,523) (24,368) Fixed assets (35,637) (27,898) Intangible assets (69,992) (44,317) Total deferred tax liabilities (127,152) (96,583) Net deferred tax liabilities $ (53,832) $ (35,740) At December 31, 2020 and 2019, the Company had net foreign deferred tax liabilities of $17.3 million and $9.7 million, respectively, primarily related to intangible assets and foreign pension obligations included in other long-term liabilities on the Consolidated Balance Sheets. As of December 31, 2020, the Company had deferred tax assets recorded related to foreign net operating losses and tax credit carryforwards of $4.3 million, net. This includes $2.6 million related to U.K. entities and $1.7 million related to Italian entities. The net operating losses and tax credit carryforwards have indefinite lives. The U.K. valuation allowance for deferred tax assets as of December 31, 2020 and 2019 was $2.6 million and $1.7 million, respectively. These valuation allowances at 2020 and 2019 were related to net operating losses and tax credit carryforwards related to the U.K. entities. The net change in the total valuation allowance for the year ended December 31, 2020 was an increase of $0.9 million. The increase in the valuation allowance related to the current year losses in the U.K. Based upon historical results and estimated future results, it is the judgment of management that these tax carryforward attributes related to the U.K. entities are not likely to be realized. As of December 31, 2019, the Company had a domestic deferred tax asset recorded related to interest expense limitation of $4.4 million net, which was fully utilized during 2020. The Company has concluded it is more likely than not that it will realize the benefit of all other existing deferred tax assets, net of the valuation allowances mentioned above. Unrecognized Tax Benefits The following table reconciles the total amounts of unrecognized tax benefits, at December 31: (In thousands) 2020 2019 2018 Balance at beginning of period $ 8,214 $ 4,325 $ 4,145 Changes in tax positions of prior years — 480 114 Additions based on tax positions related to the current year 1,720 4,288 802 Closure of tax years (1,013) (879) (736) Balance at end of period $ 8,921 $ 8,214 $ 4,325 In addition, the total amount of accrued interest and penalties related to taxes, recognized as a liability, was $0.7 million, $0.4 million, and $0.2 million at December 31, 2020, 2019, and 2018, respectively. The total amount of unrecognized tax benefits, net of federal income tax benefits, of $8.8 million, $7.9 million, and $3.9 million at December 31, 2020, 2019, and 2018, respectively, would, if recognized, increase the Company’s earnings, and lower the Company’s annual effective tax rate in the year of recognition. The Company is subject to taxation in the United States and various states and foreign jurisdictions. In the normal course of business, the Company is subject to examinations by taxing authorities in these jurisdictions. For U.S. federal and state income tax purposes, tax years 2019, 2018, and 2017 remain subject to examination. The Company is currently under examination by the U.S. Internal Revenue Service for the tax year 2018. The Company has assessed its risks associated with all tax return positions, and believes its tax reserve estimates reflect its best estimate of the deductions and positions it will be able to sustain, or it may be willing to concede as part of a settlement. At this time, the Company does not anticipate any material change in its tax reserves in the next twelve months. The Company will continue to monitor the progress and conclusion of all audits and will adjust its estimated liability as necessary. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES The components of lease cost were as follows for the years ended December 31: (in thousands) 2020 2019 Operating lease cost $ 33,046 $ 21,899 Short-term lease cost 2,272 2,611 Variable lease cost 2,266 1,781 Total lease cost $ 37,584 $ 26,291 Rent expense for operating leases was $24.2 million for the year ended December 31, 2018. At December 31, 2020, the Company’s operating leases had a weighted-average remaining lease term of 7.0 years and a weighted-average discount rate of 5.2 percent. Cash Flows On January 1, 2019, the Company adopted FASB ASU 2016-02, Leases (Topic 842) , which requires lessees to recognize right-of-use assets and lease liabilities on the balance sheet for leases greater than twelve months. As a result of the adoption, the initial right-of-use assets of $66.4 million were recognized as non-cash asset additions upon adoption of Topic 842 at January 1, 2019. Additional right-of use assets of $31.4 million and $50.5 million were recognized as non-cash asset additions that resulted from new operating lease obligations during the twelve months ended December 31, 2020 and 2019, respectively, which included $13.2 million and $34.3 million of right-of-use assets from acquisitions, respectively. Cash paid for amounts included in the present value of operating lease obligations and included in cash flows from operations was $29.6 million and $21.8 million for the twelve months ended December 31, 2020 and 2019, respectively. Future minimum lease payments under operating leases as of December 31, 2020 were as follows: (in thousands) Year Ending December 31, 2021 $ 29,927 2022 23,812 2023 16,992 2024 14,157 2025 11,827 Thereafter 35,055 Total future minimum lease payments 131,770 Less: Interest (23,631) Present value of operating lease liabilities $ 108,139 |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Contingent Consideration In connection with several business acquisitions, if certain sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at December 31, 2020 and 2019, based on the present value of the expected future cash flows using a market participant’s weighted average cost of capital of 13.0 percent and 11.4 percent, respectively. As required, the liability for this contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. The following table provides a reconciliation of the Company’s contingent consideration liability for the years ended December 31: (In thousands) 2020 2019 2018 Balance at beginning of period $ 4,396 $ 7,302 $ 12,545 Acquisitions 2,796 — 43 Payments (1,633) (10) (4,803) Accretion (a) 601 792 951 Fair value adjustments (a) (b) (1,947) (3,691) (944) Net foreign currency translation adjustment 396 3 (490) Balance at end of the period (c) 4,609 4,396 7,302 Less current portion in accrued expenses and other current liabilities (2,683) (2,351) (17) Total long-term portion in other long-term liabilities $ 1,926 $ 2,045 $ 7,285 a. Recorded in selling, general and administrative expenses in the Consolidated Statements of Income. b. Includes adjustments to assumptions on weighted average cost of capital and relevant sales projections. c. Amounts represent the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of December 31, 2020 were $5.6 million. The liability for contingent consideration expires at various dates through September 2029. Certain of the contingent consideration arrangements are subject to a maximum payment amount, while the remaining arrangements have no maximum contingent consideration. Furrion Distribution and Supply Agreement In July 2015, the Company entered into a six-year exclusive distribution and supply agreement with Furrion Limited (“Furrion”), a Hong Kong based firm that designs, engineers, and supplies premium electronics. This agreement provided the Company with the rights to distribute Furrion’s complete line of products to OEMs and aftermarket customers in the RV, specialty vehicle, utility trailer, horse trailer, marine, transit bus, 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 took responsibility 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 December 31, 2020 and 2019, the Company had receivables of $42.3 million and $40.0 million, respectively, recorded for purchases of inventory stock by Furrion. The agreement required Furrion to make periodic payments throughout 2020 and the first six months of 2021. Due to the impacts of the COVID-19 pandemic, the Company is currently in negotiations that would impact the timing of the repayment of this receivable. Accordingly, the Company has classified $17.6 million of the receivable as long-term, and recorded the receivable at its present value at December 31, 2020 based on the currently proposed payment plan which extends through July 2022. 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 Consolidated Balance Sheet as of December 31, 2020, would not be material to the Company’s financial position or annual results of operations. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Dividends In 2016, the Company initiated the payment of regular quarterly dividends. The table below summarizes the regular quarterly dividends declared and paid during the years ended December 31, 2020, 2019, and 2018: (In thousands, except per share data) Per Share Record Date Payment Date Total Paid First Quarter 2018 $ 0.55 03/16/18 03/29/18 $ 13,858 Second Quarter 2018 0.60 06/04/18 06/15/18 15,127 Third Quarter 2018 0.60 08/31/18 09/14/18 15,129 Fourth Quarter 2018 0.60 11/26/18 12/07/18 15,156 Total 2018 $ 2.35 $ 59,270 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 Second Quarter 2020 0.65 06/05/20 06/19/20 16,349 Third Quarter 2020 0.75 09/04/20 09/18/20 18,865 Fourth Quarter 2020 0.75 12/04/20 12/18/20 18,866 Total 2020 $ 2.80 $ 70,401 Stock-Based Awards Prior to stockholder approval of the LCI Industries 2018 Omnibus Incentive Plan (the “2018 Plan) in May 2018, the Company granted to its directors, employees, and other eligible persons common stock-based awards, such as stock options, deferred and restricted stock units, restricted stock, and stock awards pursuant to the LCI Industries Equity Award and Incentive Plan, as Amended and Restated (the “2011 Plan”), which was approved by stockholders in May 2011. On May 24, 2018, the Company’s stockholders approved the 2018 Plan, which provides that the number of shares of common stock that may be the subject of awards and issued under the 2018 Plan is 1,500,000, plus shares subject to any awards outstanding as of May 24, 2018 under the 2011 Plan that subsequently expire, are forfeited or canceled, are settled for cash, are not issued in shares, or are tendered or withheld to pay the exercise price or satisfy any tax withholding obligations related to the award. Following the stockholders’ approval of the 2018 Plan, no further awards may be made under the 2011 Plan. Executive officers and other employees of the Company and its subsidiaries and affiliates, and independent directors, consultants, and others who provide substantial services to the Company and its subsidiaries and affiliates, are eligible to be granted awards under the 2018 Plan. Under the 2018 Plan, the Compensation Committee of LCII’s Board of Directors is authorized to grant stock options, stock appreciation rights, restricted stock awards, stock unit awards, other stock-based awards, and cash incentive awards. The number of shares available for future awards under the 2018 Plan was 1,300,115, 1,361,748, and 1,570,274 at December 31, 2020, 2019, and 2018, respectively. Stock-based compensation resulted in charges to operations as follows for the years ended December 31: (In thousands) 2020 2019 2018 Deferred and restricted stock units $ 14,329 $ 14,342 $ 12,427 Restricted stock — — 590 Stock awards 4,173 1,735 1,048 Stock-based compensation expense $ 18,502 $ 16,077 $ 14,065 Stock-based compensation expense is recorded in the Consolidated Statements of Income in the same line as cash compensation to those employees is recorded, primarily in selling, general and administrative expenses. Deferred and Restricted Stock Units 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. As a result of the Company’s executive succession, the vesting of certain DSUs was accelerated pursuant to contractual obligations with certain employees whose employment terminated. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2011 Plan or the 2018 Plan, as applicable, are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2017 449,055 $ 72.55 Issued 5,354 106.10 Granted 101,650 103.20 Dividend equivalents 8,036 89.66 Forfeited (9,557) 76.71 Vested (290,132) 74.83 Outstanding at December 31, 2018 264,406 $ 83.84 Issued 6,073 89.82 Granted 252,068 81.07 Dividend equivalents 10,243 89.65 Forfeited (9,079) 89.67 Vested (177,563) 69.65 Outstanding at December 31, 2019 346,148 $ 87.54 Issued 5,703 97.42 Granted 150,319 97.70 Dividend equivalents 10,042 95.08 Forfeited (21,856) 91.79 Vested (155,269) 87.69 Outstanding at December 31, 2020 335,087 $ 90.04 As of December 31, 2020, there was $17.0 million of total unrecognized compensation cost related to DSUs and RSUs, which is expected to be recognized over a weighted average remaining period of 1.2 years. Stock Awards and Performance Stock Units The 2011 Plan provided 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 Stock Price Outstanding at December 31, 2017 271,819 $ 70.29 Issued 5,641 106.10 Granted 111,246 106.10 Dividend equivalents 6,280 90.47 Forfeited (71,618) 86.65 Vested (136,000) 64.32 Outstanding at December 31, 2018 187,368 $ 91.39 Granted 48,995 78.11 Dividend equivalents 3,658 67.03 Forfeited (8,459) 106.10 Vested (102,434) 77.93 Outstanding at December 31, 2019 129,128 $ 96.21 Granted 66,029 98.98 Dividend equivalents 3,303 96.54 Forfeited (73,581) 107.91 Vested (5,152) 100.46 Outstanding at December 31, 2020 119,727 $ 89.92 As of December 31, 2020, there was $5.2 million of total unrecognized compensation cost related to outstanding stock awards and PSUs, which is expected to be recognized over a weighted average remaining period of 0.9 years. Weighted Average Common Shares Outstanding The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the years ended December 31: (In thousands) 2020 2019 2018 Weighted average shares outstanding for basic earnings per share 25,134 24,998 25,178 Common stock equivalents pertaining to stock-based awards 121 95 285 Weighted average shares outstanding for diluted earnings per share 25,255 25,093 25,463 The weighted average diluted shares outstanding for the years ended December 31, 2020, 2019, and 2018, exclude the effect of 110,900, 122,775, and 94,747 shares of common stock, respectively, subject to stock-based awards. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions that those shares were subject to were not yet achieved. Stock Repurchase Program On October 31, 2018, the Company’s Board of Directors authorized a new stock repurchase program granting the Company authority to repurchase up to $150.0 million of the Company’s common stock over a three-year period. The timing of stock repurchases and the number of shares repurchased will depend upon the market conditions and other factors. Share |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31: 2020 2019 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Pension plan assets (Note 7) $ 61,936 $ — $ — $ 61,936 $ — $ — $ — $ — Liabilities Contingent consideration $ 4,609 $ — $ — $ 4,609 $ 4,396 $ — $ — $ 4,396 Derivative liabilities — — — — 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 13 percent per year. For further information on the inputs used in determining the fair value, and a roll-forward of the contingent consideration liability, see Note 11 of the Notes to Consolidated Financial Statements. Changes in either of the inputs in isolation would result in a change in the fair value measurement. A change in the assumptions used for sales forecasts would result in a directionally similar change in the fair value liability, while a change in the weighted average cost of capital would result in a directionally opposite change in the fair value liability. If there is an increase in the fair value liability, the Company would record a charge to selling, general and administrative expenses, and if there is a decrease in the fair value liability, the Company would record a benefit in selling, general and administrative expenses. Financial Instruments The carrying values of cash and cash equivalents, accounts receivable, derivative instruments, and accounts payable approximate their fair value due to the short-term nature of these instruments. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 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 78 percent, 88 percent, and 91 percent of consolidated net sales for each of the years ended December 31, 2020, 2019, and 2018, respectively, manufactures and distributes a broad array of engineered components for the leading OEMs in the recreation and industrial 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 61 percent, 61 percent, and 64 percent of the Company’s OEM Segment net sales in 2020, 2019, and 2018, respectively, were of components for travel trailer and fifth-wheel RVs. The Aftermarket Segment, which accounted for 22 percent, 12 percent, and 9 percent of consolidated net sales for each of the years ended December 31, 2020, 2019, and 2018, respectively, supplies engineered components to the related aftermarket channels of the RV and adjacent industries, primarily to retail dealers, wholesale distributors, e-commerce, and service centers. The Aftermarket Segment also includes the sale of replacement glass and awnings to fulfill insurance claims, biminis, covers, buoys, and fenders to the marine industry, and towing products and truck accessories. 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. The following table presents the Company’s revenues disaggregated by segment and geography based on the billing address of the Company’s customers for the years ended December 31: 2020 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,288,209 $ 33,358 $ 1,321,567 Motorhomes 100,950 57,146 158,096 Adjacent Industries OEMs 563,082 125,166 688,248 Total OEM Segment net sales 1,952,241 215,670 2,167,911 Aftermarket Segment: Total Aftermarket Segment net sales 607,112 21,143 628,255 Total net sales $ 2,559,353 $ 236,813 $ 2,796,166 2019 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,264,404 $ 12,314 $ 1,276,718 Motorhomes 110,405 45,218 155,623 Adjacent Industries OEMs 587,521 72,039 659,560 Total OEM Segment net sales 1,962,330 129,571 2,091,901 Aftermarket Segment: Total Aftermarket Segment net sales 263,382 16,199 279,581 Total net sales $ 2,225,712 $ 145,770 $ 2,371,482 2018 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,431,574 $ 9,156 $ 1,440,730 Motorhomes 143,488 43,809 187,297 Adjacent Industries OEMs 574,100 40,489 614,589 Total OEM Segment net sales 2,149,162 93,454 2,242,616 Aftermarket Segment: Total Aftermarket Segment net sales 222,588 10,603 233,191 Total net sales $ 2,371,750 $ 104,057 $ 2,475,807 (a) Net sales to customers in the United States of America (b) Net sales to customers domiciled in countries outside of the United States of America Long-lived assets, including net fixed assets, operating lease right-of-use assets, goodwill, and other net intangible assets, domiciled in countries outside of the United States of America were $306.8 million and $160.1 million as of December 31, 2020 and 2019, respectively. Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows for the years ended December 31: Segments Corporate (In thousands) OEM Aftermarket Subtotal and Other Total 2020 Net sales to external customers (a) $ 2,167,911 $ 628,255 $ 2,796,166 $ — $ 2,796,166 Operating profit (b) 156,092 66,842 222,934 — 222,934 Total assets (c) 1,559,953 615,425 2,175,378 122,653 2,298,031 Expenditures for long-lived assets (d) 284,109 15,150 299,259 — 299,259 Depreciation and amortization 74,088 23,892 97,980 — 97,980 2019 Net sales to external customers (a) $ 2,091,901 $ 279,581 $ 2,371,482 $ — $ 2,371,482 Operating profit (b) 165,290 34,920 200,210 — 200,210 Total assets (c) 1,167,899 595,688 1,763,587 99,008 1,862,595 Expenditures for long-lived assets (d) 166,331 302,857 469,188 — 469,188 Depreciation and amortization 66,807 8,551 75,358 — 75,358 2018 Net sales to external customers (a) $ 2,242,616 $ 233,191 $ 2,475,807 $ — $ 2,475,807 Operating profit (b) 167,459 31,329 198,788 — 198,788 Total assets (c) 1,034,254 129,776 1,164,030 79,863 1,243,893 Expenditures for long-lived assets (d) 247,895 20,544 268,439 — 268,439 Depreciation and amortization 63,447 4,079 67,526 — 67,526 (a) Thor Industries, Inc. (“Thor”), a customer of both segments, accounted for 21 percent, 27 percent, and 31 percent of the Company’s consolidated net sales for the years ended December 31, 2020, 2019, and 2018, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 19 percent, 21 percent, and 23 percent of the Company’s consolidated net sales for the years ended December 31, 2020, 2019, and 2018, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2020, 2019, and 2018. (b) Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense. (c) Segment assets include accounts receivable, inventories, fixed assets, goodwill and other intangible assets. Corporate and other assets include cash and cash equivalents, prepaid expenses and other current assets, deferred taxes, and other assets. (d) Expenditures for long-lived assets include capital expenditures, as well as fixed assets, goodwill and other intangible assets purchased as part of the acquisition of businesses. The Company purchased $299.3 million, $395.6 million, and $150.9 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2020, 2019, and 2018, respectively. Net sales by OEM Segment product were as follows for the years ended December 31: (In thousands) 2020 2019 2018 OEM Segment: Chassis, chassis parts, and slide-out mechanisms $ 815,706 $ 796,434 $ 908,065 Windows and doors 620,372 585,464 615,644 Furniture and mattresses 351,107 342,691 380,514 Axles and suspension solutions 145,989 129,471 122,897 Other 234,737 237,841 215,496 Total OEM Segment net sales 2,167,911 2,091,901 2,242,616 Total Aftermarket Segment net sales 628,255 279,581 233,191 Total net sales $ 2,796,166 $ 2,371,482 $ 2,475,807 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries (“LCII” and collectively with its subsidiaries, the “Company”). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, “Lippert Components” or “LCI”), supplies, domestically and internationally, a broad array of 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 December 31, 2020, the Company operated over 100 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 and consumer confidence on retail sales of RVs, and other products for which the Company sells its components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends may be different than in prior years, particularly as a result of the coronavirus ("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 were different in 2020 and may be different in 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 Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the current year presentation. |
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, pension and 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. Impact of COVID-19 The COVID-19 pandemic has caused significant uncertainty and disruption in the global economy and financial markets. On March 25, 2020, the Company issued a press release providing a business update regarding COVID-19, including that it was temporarily suspending production at select manufacturing facilities across North America and Europe. The temporary suspension of production was made on a plant-by-plant basis, consistent with government mandates or due to customer closures. Production at facilities considered essential continued, utilizing reduced staff in conjunction with heightened cleaning and sanitation processes. On April 8, 2020, the Company issued a press release with additional 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. Additionally, the April 8 press release announced community support initiatives including donations of personal protective equipment and other supplies throughout local communities, manufacturing medical face shields used by doctors and nurses in Italy, and the establishment of a temporary emergency fund to aid team members who have faced personal and financial difficulties due to the COVID-19 pandemic. The Company resumed operations to varying degrees for the majority of its facilities on May 4, 2020 to meet the demand requirements of its customers, and by later in the second quarter, the Company's facilities were fully operational. As the Company returned to fully operational status, several of the cost savings and cash preservation measures previously announced on April 8, 2020 were reversed, including executive salary and director retainer reductions, furloughs, and hiring freezes, and discussions with banking partners about additional or alternative financing options were halted. The extent to which COVID-19 may impact the Company's future liquidity, financial condition, and results of operations remains uncertain. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. |
Accounts Receivable | Accounts Receivable Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience, current conditions, and reasonable forecasts. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected. |
Inventories | Inventories Inventories are stated at the lower of cost (using the first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. |
Fixed Assets | Fixed Assets Fixed assets which are owned are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred. |
Leases | Leases The Company leases certain manufacturing and distribution facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. At contract inception, the Company determines whether a contract is or contains a lease and whether the lease should be classified as an operating or finance lease. The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate based on information available at lease inception in determining the present value of the lease payments. The Company applies a portfolio approach for determining the incremental borrowing rate based on applicable lease terms and the current economic environment. Many of the Company's leases include renewal options, which 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 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 variable lease costs. Finance leases and lease arrangements under which the Company is the lessor are not material to the Company's consolidated financial statements. The Company's lease agreements typically do not contain any significant residual value guarantees or restrictive covenants. |
Warranty | Warranty The Company provides warranty terms based upon the type of product sold. The Company estimates the warranty accrual based upon various factors, including historical warranty costs, warranty claim lag, current trends, product mix, and sales. The accounting for warranty accruals requires the Company to make assumptions and judgments, and to the extent actual results differ from original estimates, adjustments to recorded accruals may be required. See Note 6 - Accrued Expenses and Other Current Liabilities for further detail. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized. The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. The Company classifies interest and penalties related to income taxes as a component of income tax expense in its Consolidated Statements of Income. |
Goodwill | Goodwill Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In 2020 and 2019, the Company assessed qualitative factors of its reporting units to determine whether it was more likely than not the fair value of the reporting unit was less than its carrying amount, including goodwill. The qualitative impairment test consists of an assessment of qualitative factors, including general economic and industry conditions, market share, and input costs. |
Other Intangible Assets | Other Intangible Assets Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment. Intangible assets are amortized using either an accelerated or straight-line method, whichever best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. The useful lives of intangible assets are determined after considering the expected cash flows and other specific facts and circumstances related to each intangible asset. Intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of the Company’s international subsidiaries generally are measured using the local currency as the functional currency. The translation from the applicable foreign currency to U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average exchange rate for the period. The resulting translation adjustments are recorded in accumulated other comprehensive income as a component of stockholders’ equity. The Company reflects net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of foreign currency exchange gains or losses in selling, general and administrative expenses in the Consolidated Statements of Income. |
Stock-Based Compensation | Stock-Based Compensation All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards having a service-only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair values of deferred stock units, restricted stock units, restricted stock, and stock awards are based on the market price of the Company’s common stock, all on the date the stock-based awards are granted. |
Revenue recognition | Revenue Recognition The Company recognizes revenue when performance obligations under the terms of contracts with customers are satisfied, which occurs with the transfer of control of the Company’s products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products to its customers. Sales, value added and other taxes collected concurrent with revenue-producing activities are excluded from revenue. For the majority of product sales, the Company transfers control and recognizes revenue when it ships the product from its facility to its customer. The amount of consideration the Company receives and the revenue recognized varies with sales discounts, volume rebate programs and indexed material pricing. When the Company offers customers retrospective volume rebates, it estimates the expected rebates based on an analysis of historical experience. The Company adjusts its estimate of revenue related to volume rebates at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. When the Company offers customers prompt pay sales discounts or agrees to variable pricing based on material indices, it estimates the expected discounts or pricing adjustments based on an analysis of historical experience. The Company adjusts its estimate of revenue related to sales discounts and indexed material pricing to the expected value of the consideration to which the Company will be entitled. The Company includes the variable consideration in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue will not occur when the volume, discount or indexed material price uncertainties are resolved. See Note 14 - Segment Reporting for the Company’s disclosures of disaggregated revenue. Shipping and Handling Costs |
Legal Costs | Legal Costs The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income. |
Fair Value Measurements | Fair Value Measurements Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. |
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, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes, eliminates certain exceptions within Accounting Standards Codifications ("ASC") 740, Income Taxes, |
Acquisitions, Goodwill And Ot_2
Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 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 $ 56,760 Holdback payment 12,219 Total value of consideration given $ 68,979 Customer relationship $ 30,000 Other identifiable intangible assets 7,250 Net tangible assets 8,864 Total fair value of net assets acquired $ 46,114 Goodwill (not tax deductible) $ 22,865 (in thousands) : Cash consideration $ 30,461 Holdback payment 4,500 Total value of consideration given $ 34,961 Customer relationship and other identifiable intangible assets $ 12,900 Net tangible assets 8,983 Total fair value of net assets acquired $ 21,883 Goodwill (tax deductible) $ 13,078 (in thousands) : Cash consideration, net of cash acquired $ 95,766 Contingent consideration 2,796 Total fair value of consideration given $ 98,562 Customer relationship $ 37,012 Other identifiable intangible assets 26,614 Net tangible assets, excluding pension obligation 14,247 Unfunded pension benefit obligation $ (28,665) Total fair value of net assets acquired $ 49,208 Goodwill (not tax deductible) $ 49,354 (in thousands) : Preliminary at December 31, 2019 Measurement Period Adjustments As Adjusted at December 31, 2020 Cash consideration, net of cash acquired $ 337,640 $ (1,053) $ 336,587 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 (1,550) 2,510 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 $ (14,546) $ 220,175 Goodwill (not tax deductible) $ 102,919 $ 13,493 $ 116,412 |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reportable segment were as follows: (In thousands) OEM Segment Aftermarket Segment Total Net balance – December 31, 2018 $ 160,257 $ 19,911 $ 180,168 Acquisitions – 2019 57,245 115,178 172,423 Other (1,882) 405 (1,477) Net balance – December 31, 2019 215,620 135,494 351,114 Acquisitions – 2020 84,774 523 85,297 Measurement period adjustments (2,251) 12,613 10,362 Foreign currency translation 7,810 145 7,955 Net balance – December 31, 2020 $ 305,953 $ 148,775 $ 454,728 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows: (In thousands) 2020 2019 OEM Segment $ 260,778 $ 164,047 Aftermarket Segment 160,107 177,379 Other intangible assets $ 420,885 $ 341,426 Other intangible assets consisted of the following at December 31, 2020: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 398,613 $ 95,443 $ 303,170 6 to 17 Patents 92,128 47,090 45,038 3 to 20 Trade names (finite life) 69,686 11,272 58,414 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 6,478 4,617 1,861 3 to 6 Other 309 194 115 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 579,501 $ 158,616 $ 420,885 |
Schedule of Finite-Lived Intangible Assets | 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 17 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 |
Schedule of Indefinite-Lived Intangible Assets | Other intangible assets, by segment, at December 31 were as follows: (In thousands) 2020 2019 OEM Segment $ 260,778 $ 164,047 Aftermarket Segment 160,107 177,379 Other intangible assets $ 420,885 $ 341,426 Other intangible assets consisted of the following at December 31, 2020: (In thousands) Gross Accumulated Net Estimated Useful Customer relationships $ 398,613 $ 95,443 $ 303,170 6 to 17 Patents 92,128 47,090 45,038 3 to 20 Trade names (finite life) 69,686 11,272 58,414 3 to 20 Trade names (indefinite life) 7,600 — 7,600 Indefinite Non-compete agreements 6,478 4,617 1,861 3 to 6 Other 309 194 115 2 to 12 Purchased research and development 4,687 — 4,687 Indefinite Other intangible assets $ 579,501 $ 158,616 $ 420,885 |
Schedule of Indefinite-lived Intangible Assets | 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 17 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 |
Schedule of Estimated Amortization Expense | Amortization expense related to other intangible assets was as follows for the years ended December 31: (In thousands) 2020 2019 2018 Cost of sales $ 5,101 $ 5,200 $ 5,350 Selling, general and administrative expense 32,772 18,558 15,912 Amortization expense $ 37,873 $ 23,758 $ 21,262 Estimated amortization expense for other intangible assets for the next five years is as follows: (In thousands) 2021 2022 2023 2024 2025 Cost of sales $ 5,554 $ 5,208 $ 4,782 $ 4,329 $ 3,465 Selling, general and administrative expense 35,945 35,453 34,801 33,781 31,444 Amortization expense $ 41,499 $ 40,661 $ 39,583 $ 38,110 $ 34,909 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following at December 31: (In thousands) 2020 2019 Raw materials $ 356,921 $ 256,850 Work in process 24,189 23,653 Finished goods 112,789 113,104 Inventories, net $ 493,899 $ 393,607 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Fixed Assets | Fixed assets consisted of the following at December 31: Estimated Useful Life (In thousands) 2020 2019 in Years Land $ 23,063 $ 23,868 Buildings and improvements 197,291 185,744 10 to 40 Leasehold improvements 27,606 23,012 3 to 20 Machinery and equipment 369,990 311,554 3 to 15 Furniture and fixtures 94,055 85,901 3 to 15 Construction in progress 38,133 48,288 Fixed assets, at cost 750,138 678,367 Less accumulated depreciation and amortization 362,920 312,058 Fixed assets, net $ 387,218 $ 366,309 |
Schedule of Depreciation and Amortization of Fixed Assets | Depreciation and amortization of fixed assets was as follows for the years ended December 31: (In thousands) 2020 2019 2018 Cost of sales $ 45,388 $ 39,442 $ 35,656 Selling, general and administrative expenses 14,719 12,158 10,608 Total $ 60,107 $ 51,600 $ 46,264 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 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 December 31: (In thousands) 2020 2019 Employee compensation and benefits $ 62,555 $ 45,612 Current portion of accrued warranty 32,451 29,898 Customer rebates 23,670 14,129 Other 69,524 42,781 Accrued expenses and other current liabilities $ 188,200 $ 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 years ended December 31: (In thousands) 2020 2019 2018 Balance at beginning of period $ 47,167 $ 46,530 $ 38,502 Provision for warranty expense 19,037 30,520 31,819 Warranty liability from acquired businesses 2,915 287 760 Warranty costs paid (22,028) (30,170) (24,551) Balance at end of period 47,091 47,167 46,530 Less long-term portion 14,640 17,269 14,350 Current portion of accrued warranty at end of period $ 32,451 $ 29,898 $ 32,180 |
Retirement And Other Benefit _2
Retirement And Other Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch pension plans for the year ended December 31, 2020 (in thousands) : Projected Benefit Obligation Projected benefit obligation at Polyplastic acquisition date $ 78,579 Interest cost 1,007 Net service cost 3,357 Employee contributions 571 Benefits paid (925) Actuarial loss, net 5,453 Unrealized loss on foreign exchange 8,670 Projected benefit obligation at end of year 96,712 Fair Value of Plan Assets Fair value of plan assets at Polyplastic acquisition date $ 49,914 Increase in plan asset value 5,887 Employer contributions 1,222 Employee contributions 571 Benefits and administrative expenses paid (1,201) Unrealized gain on foreign exchange 5,543 Fair value of plan assets at end of year 61,936 Underfunded status of the plans at end of the year $ 34,776 Accumulated benefit obligation $ 96,712 |
Defined Benefit Plan, Assumptions | The following actuarial assumptions were used to determine the actuarial present value of the projected benefit obligation and the net periodic pension costs for the Dutch pension plans at December 31, 2020: Discount rate 0.70 % Expected return on plan assets 0.70 % Wage inflation 2.00 % |
Schedule of Defined Benefit Plans Disclosures | Amounts recognized for the Dutch pension plans in the Consolidated Balance Sheet at December 31, 2020 consist of the following (in thousands) : Deferred taxes $ 8,694 Other long-term liabilities 34,776 Accumulated other comprehensive income (loss) (207) Expected benefit payments to eligible participants under the Dutch pension plans for the next ten years are as follows (in thousands): 2021 $ 1,139 2022 1,245 2023 1,301 2024 1,390 2025 1,515 2026 - 2030 9,501 |
Schedule of Net Benefit Costs | The components of net periodic pension cost for the Dutch pension plans for the year ended December 31, 2020 included the following (in thousands) : Net service cost $ (3,357) Interest cost (1,007) Expected return on plan assets 626 Administrative charges (276) Net periodic pension cost $ (4,014) |
Long-Term Indebtedness (Tables)
Long-Term Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Long-term debt consisted of the following at December 31: (In thousands) 2020 2019 Term Loan $ 285,000 $ 300,000 Revolving Credit Loan 394,888 266,214 Shelf-Loan Facility 50,000 50,000 Other 9,652 16,349 Unamortized deferred financing fees (1,291) (1,774) 738,249 630,789 Less current portion (17,831) (17,883) Long-term indebtedness $ 720,418 $ 612,906 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of earnings (loss) before income taxes consisted of the following for the years ended December 31: (In thousands) 2020 2019 2018 United States $ 216,234 $ 189,834 $ 191,095 Foreign (6,753) 1,580 1,257 Total earnings before income taxes $ 209,481 $ 191,414 $ 192,352 |
Schedule of Provisions of Income Taxes | The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31: (In thousands) 2020 2019 2018 Current: Federal $ 42,541 $ 33,655 $ 22,297 State and local 9,165 6,764 6,416 Foreign 839 1,070 1,214 Total current provision 52,545 41,489 29,927 Deferred: Federal 2,342 5,923 12,478 State and local (671) (969) 1,639 Foreign (3,175) (1,538) (243) Total deferred provision (1,504) 3,416 13,874 Provision for income taxes $ 51,041 $ 44,905 $ 43,801 |
Schedule of Income Tax Reconciliation | The provision for income taxes differs from the amount computed by applying the federal statutory rate of 21 percent for 2020, 2019, and 2018 to income before income taxes for the following reasons for the years ended December 31: (In thousands) 2020 2019 2018 Income tax at federal statutory rate $ 43,991 $ 40,197 $ 40,394 State income tax, net of federal income tax impact 6,710 4,578 6,261 Section 162(m) permanent addback 3,015 587 894 Federal tax credits (1,307) (1,435) (1,876) Share-based payment compensation excess tax benefit (190) (1,579) (2,914) Changes in tax law (TCJA) — — 612 Other (1,178) 2,557 430 Provision for income taxes $ 51,041 $ 44,905 $ 43,801 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31: (In thousands) 2020 2019 Deferred tax assets: Stock-based compensation $ 2,084 $ 2,290 Pension 8,694 — Deferred compensation 13,325 5,976 Warranty 10,848 11,246 Inventory 7,443 8,001 Other 6,390 2,585 Lease obligation asset 22,488 25,055 Net operating loss and interest carryforwards 4,857 7,352 Total deferred tax assets before valuation allowance 76,129 62,505 Less: Valuation allowance (2,809) (1,662) Total deferred tax assets net of valuation allowance 73,320 60,843 Deferred tax liabilities: Lease obligation liability (21,523) (24,368) Fixed assets (35,637) (27,898) Intangible assets (69,992) (44,317) Total deferred tax liabilities (127,152) (96,583) Net deferred tax liabilities $ (53,832) $ (35,740) |
Schedule of Unrecognized Tax Benefits | The following table reconciles the total amounts of unrecognized tax benefits, at December 31: (In thousands) 2020 2019 2018 Balance at beginning of period $ 8,214 $ 4,325 $ 4,145 Changes in tax positions of prior years — 480 114 Additions based on tax positions related to the current year 1,720 4,288 802 Closure of tax years (1,013) (879) (736) Balance at end of period $ 8,921 $ 8,214 $ 4,325 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost were as follows for the years ended December 31: (in thousands) 2020 2019 Operating lease cost $ 33,046 $ 21,899 Short-term lease cost 2,272 2,611 Variable lease cost 2,266 1,781 Total lease cost $ 37,584 $ 26,291 |
Schedule of Operating Lease Liability Maturity | Future minimum lease payments under operating leases as of December 31, 2020 were as follows: (in thousands) Year Ending December 31, 2021 $ 29,927 2022 23,812 2023 16,992 2024 14,157 2025 11,827 Thereafter 35,055 Total future minimum lease payments 131,770 Less: Interest (23,631) Present value of operating lease liabilities $ 108,139 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 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 years ended December 31: (In thousands) 2020 2019 2018 Balance at beginning of period $ 4,396 $ 7,302 $ 12,545 Acquisitions 2,796 — 43 Payments (1,633) (10) (4,803) Accretion (a) 601 792 951 Fair value adjustments (a) (b) (1,947) (3,691) (944) Net foreign currency translation adjustment 396 3 (490) Balance at end of the period (c) 4,609 4,396 7,302 Less current portion in accrued expenses and other current liabilities (2,683) (2,351) (17) Total long-term portion in other long-term liabilities $ 1,926 $ 2,045 $ 7,285 a. Recorded in selling, general and administrative expenses in the Consolidated Statements of Income. b. Includes adjustments to assumptions on weighted average cost of capital and relevant sales projections. c. Amounts represent the fair value of estimated remaining payments. The total estimated remaining undiscounted payments as of December 31, 2020 were $5.6 million. The liability for contingent consideration expires at various dates through September 2029. Certain of the contingent consideration arrangements are subject to a maximum payment amount, while the remaining arrangements have no maximum contingent consideration. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends Declared and Paid | The table below summarizes the regular quarterly dividends declared and paid during the years ended December 31, 2020, 2019, and 2018: (In thousands, except per share data) Per Share Record Date Payment Date Total Paid First Quarter 2018 $ 0.55 03/16/18 03/29/18 $ 13,858 Second Quarter 2018 0.60 06/04/18 06/15/18 15,127 Third Quarter 2018 0.60 08/31/18 09/14/18 15,129 Fourth Quarter 2018 0.60 11/26/18 12/07/18 15,156 Total 2018 $ 2.35 $ 59,270 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 Second Quarter 2020 0.65 06/05/20 06/19/20 16,349 Third Quarter 2020 0.75 09/04/20 09/18/20 18,865 Fourth Quarter 2020 0.75 12/04/20 12/18/20 18,866 Total 2020 $ 2.80 $ 70,401 |
Schedule of Stock-Based Compensation | Stock-based compensation resulted in charges to operations as follows for the years ended December 31: (In thousands) 2020 2019 2018 Deferred and restricted stock units $ 14,329 $ 14,342 $ 12,427 Restricted stock — — 590 Stock awards 4,173 1,735 1,048 Stock-based compensation expense $ 18,502 $ 16,077 $ 14,065 |
Schedule of Deferred Stock Units Transactions | Transactions in DSUs and RSUs under the 2011 Plan or the 2018 Plan, as applicable, are summarized as follows: Number of Shares Weighted Average Price Outstanding at December 31, 2017 449,055 $ 72.55 Issued 5,354 106.10 Granted 101,650 103.20 Dividend equivalents 8,036 89.66 Forfeited (9,557) 76.71 Vested (290,132) 74.83 Outstanding at December 31, 2018 264,406 $ 83.84 Issued 6,073 89.82 Granted 252,068 81.07 Dividend equivalents 10,243 89.65 Forfeited (9,079) 89.67 Vested (177,563) 69.65 Outstanding at December 31, 2019 346,148 $ 87.54 Issued 5,703 97.42 Granted 150,319 97.70 Dividend equivalents 10,042 95.08 Forfeited (21,856) 91.79 Vested (155,269) 87.69 Outstanding at December 31, 2020 335,087 $ 90.04 |
Schedule of Stock Awards | 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 Stock Price Outstanding at December 31, 2017 271,819 $ 70.29 Issued 5,641 106.10 Granted 111,246 106.10 Dividend equivalents 6,280 90.47 Forfeited (71,618) 86.65 Vested (136,000) 64.32 Outstanding at December 31, 2018 187,368 $ 91.39 Granted 48,995 78.11 Dividend equivalents 3,658 67.03 Forfeited (8,459) 106.10 Vested (102,434) 77.93 Outstanding at December 31, 2019 129,128 $ 96.21 Granted 66,029 98.98 Dividend equivalents 3,303 96.54 Forfeited (73,581) 107.91 Vested (5,152) 100.46 Outstanding at December 31, 2020 119,727 $ 89.92 |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the years ended December 31: (In thousands) 2020 2019 2018 Weighted average shares outstanding for basic earnings per share 25,134 24,998 25,178 Common stock equivalents pertaining to stock-based awards 121 95 285 Weighted average shares outstanding for diluted earnings per share 25,255 25,093 25,463 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 December 31: 2020 2019 (In thousands) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets Pension plan assets (Note 7) $ 61,936 $ — $ — $ 61,936 $ — $ — $ — $ — Liabilities Contingent consideration $ 4,609 $ — $ — $ 4,609 $ 4,396 $ — $ — $ 4,396 Derivative liabilities — — — — 679 — 679 — |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Net Sales by Product | The following table presents the Company’s revenues disaggregated by segment and geography based on the billing address of the Company’s customers for the years ended December 31: 2020 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,288,209 $ 33,358 $ 1,321,567 Motorhomes 100,950 57,146 158,096 Adjacent Industries OEMs 563,082 125,166 688,248 Total OEM Segment net sales 1,952,241 215,670 2,167,911 Aftermarket Segment: Total Aftermarket Segment net sales 607,112 21,143 628,255 Total net sales $ 2,559,353 $ 236,813 $ 2,796,166 2019 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,264,404 $ 12,314 $ 1,276,718 Motorhomes 110,405 45,218 155,623 Adjacent Industries OEMs 587,521 72,039 659,560 Total OEM Segment net sales 1,962,330 129,571 2,091,901 Aftermarket Segment: Total Aftermarket Segment net sales 263,382 16,199 279,581 Total net sales $ 2,225,712 $ 145,770 $ 2,371,482 2018 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,431,574 $ 9,156 $ 1,440,730 Motorhomes 143,488 43,809 187,297 Adjacent Industries OEMs 574,100 40,489 614,589 Total OEM Segment net sales 2,149,162 93,454 2,242,616 Aftermarket Segment: Total Aftermarket Segment net sales 222,588 10,603 233,191 Total net sales $ 2,371,750 $ 104,057 $ 2,475,807 (a) Net sales to customers in the United States of America (b) Net sales to customers domiciled in countries outside of the United States of America |
Schedule of Net Sales by Geographic Areas | The following table presents the Company’s revenues disaggregated by segment and geography based on the billing address of the Company’s customers for the years ended December 31: 2020 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,288,209 $ 33,358 $ 1,321,567 Motorhomes 100,950 57,146 158,096 Adjacent Industries OEMs 563,082 125,166 688,248 Total OEM Segment net sales 1,952,241 215,670 2,167,911 Aftermarket Segment: Total Aftermarket Segment net sales 607,112 21,143 628,255 Total net sales $ 2,559,353 $ 236,813 $ 2,796,166 2019 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,264,404 $ 12,314 $ 1,276,718 Motorhomes 110,405 45,218 155,623 Adjacent Industries OEMs 587,521 72,039 659,560 Total OEM Segment net sales 1,962,330 129,571 2,091,901 Aftermarket Segment: Total Aftermarket Segment net sales 263,382 16,199 279,581 Total net sales $ 2,225,712 $ 145,770 $ 2,371,482 2018 (In thousands) U.S. (a) Int’l (b) Total OEM Segment: RV OEMs: Travel trailers and fifth-wheels $ 1,431,574 $ 9,156 $ 1,440,730 Motorhomes 143,488 43,809 187,297 Adjacent Industries OEMs 574,100 40,489 614,589 Total OEM Segment net sales 2,149,162 93,454 2,242,616 Aftermarket Segment: Total Aftermarket Segment net sales 222,588 10,603 233,191 Total net sales $ 2,371,750 $ 104,057 $ 2,475,807 (a) Net sales to customers in the United States of America (b) Net sales to customers domiciled in countries outside of the United States of America |
Schedule of Information Relating to Segments | Information relating to segments follows for the years ended December 31: Segments Corporate (In thousands) OEM Aftermarket Subtotal and Other Total 2020 Net sales to external customers (a) $ 2,167,911 $ 628,255 $ 2,796,166 $ — $ 2,796,166 Operating profit (b) 156,092 66,842 222,934 — 222,934 Total assets (c) 1,559,953 615,425 2,175,378 122,653 2,298,031 Expenditures for long-lived assets (d) 284,109 15,150 299,259 — 299,259 Depreciation and amortization 74,088 23,892 97,980 — 97,980 2019 Net sales to external customers (a) $ 2,091,901 $ 279,581 $ 2,371,482 $ — $ 2,371,482 Operating profit (b) 165,290 34,920 200,210 — 200,210 Total assets (c) 1,167,899 595,688 1,763,587 99,008 1,862,595 Expenditures for long-lived assets (d) 166,331 302,857 469,188 — 469,188 Depreciation and amortization 66,807 8,551 75,358 — 75,358 2018 Net sales to external customers (a) $ 2,242,616 $ 233,191 $ 2,475,807 $ — $ 2,475,807 Operating profit (b) 167,459 31,329 198,788 — 198,788 Total assets (c) 1,034,254 129,776 1,164,030 79,863 1,243,893 Expenditures for long-lived assets (d) 247,895 20,544 268,439 — 268,439 Depreciation and amortization 63,447 4,079 67,526 — 67,526 (a) Thor Industries, Inc. (“Thor”), a customer of both segments, accounted for 21 percent, 27 percent, and 31 percent of the Company’s consolidated net sales for the years ended December 31, 2020, 2019, and 2018, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 19 percent, 21 percent, and 23 percent of the Company’s consolidated net sales for the years ended December 31, 2020, 2019, and 2018, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2020, 2019, and 2018. (b) Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense. (c) Segment assets include accounts receivable, inventories, fixed assets, goodwill and other intangible assets. Corporate and other assets include cash and cash equivalents, prepaid expenses and other current assets, deferred taxes, and other assets. (d) Expenditures for long-lived assets include capital expenditures, as well as fixed assets, goodwill and other intangible assets purchased as part of the acquisition of businesses. The Company purchased $299.3 million, $395.6 million, and $150.9 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2020, 2019, and 2018, respectively. |
Schedule of Net Sales by Segment Product | Net sales by OEM Segment product were as follows for the years ended December 31: (In thousands) 2020 2019 2018 OEM Segment: Chassis, chassis parts, and slide-out mechanisms $ 815,706 $ 796,434 $ 908,065 Windows and doors 620,372 585,464 615,644 Furniture and mattresses 351,107 342,691 380,514 Axles and suspension solutions 145,989 129,471 122,897 Other 234,737 237,841 215,496 Total OEM Segment net sales 2,167,911 2,091,901 2,242,616 Total Aftermarket Segment net sales 628,255 279,581 233,191 Total net sales $ 2,796,166 $ 2,371,482 $ 2,475,807 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended |
Dec. 31, 2020subsidiary | |
Property, Plant and Equipment [Line Items] | |
Number of unconsolidated subsidiaries | 0 |
Manufacturing Facility | |
Property, Plant and Equipment [Line Items] | |
Number of manufacturing facilities | 100 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selling, General and Administrative Expenses | |||
Disaggregation of Revenue [Line Items] | |||
Shipping, and handling costs | $ 104.4 | $ 77.3 | $ 83.2 |
Acquisitions, Goodwill And Ot_3
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) $ in Thousands | Nov. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Nov. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) | Aug. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 31, 2020USD ($)businessAcquired | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2020 |
Business Acquisition | ||||||||||||||
Cash consideration, net of cash acquired | $ 182,130 | $ 447,764 | $ 184,792 | |||||||||||
Measurement period adjustments | 10,362 | |||||||||||||
Acquisition related costs expensed | 1,000 | |||||||||||||
Goodwill | $ 454,728 | $ 351,114 | $ 454,728 | $ 351,114 | 180,168 | |||||||||
Veada | ||||||||||||||
Business Acquisition | ||||||||||||||
Percentage of outstanding shares acquired | 100.00% | 100.00% | ||||||||||||
Purchase price | $ 68,979 | |||||||||||||
Cash consideration, net of cash acquired | 56,760 | |||||||||||||
Holdback payment | $ 12,219 | |||||||||||||
Holdback payment, term | 2 years | |||||||||||||
Weighted average useful life of acquired intangible assets | 15 years | |||||||||||||
Goodwill | $ 22,865 | $ 22,865 | ||||||||||||
Veada | Accrued expenses and other current liabilities | ||||||||||||||
Business Acquisition | ||||||||||||||
Holdback payment | 10,400 | |||||||||||||
Veada | Other long-term liabilities | ||||||||||||||
Business Acquisition | ||||||||||||||
Holdback payment | $ 1,800 | |||||||||||||
Challenger | ||||||||||||||
Business Acquisition | ||||||||||||||
Purchase price | $ 34,961 | |||||||||||||
Cash consideration, net of cash acquired | 30,461 | |||||||||||||
Holdback payment | $ 4,500 | |||||||||||||
Holdback payment, term | 2 years | |||||||||||||
Weighted average useful life of acquired intangible assets | 7 years | |||||||||||||
Goodwill | $ 13,078 | |||||||||||||
Challenger | Accrued expenses and other current liabilities | ||||||||||||||
Business Acquisition | ||||||||||||||
Holdback payment | 3,500 | |||||||||||||
Challenger | Other long-term liabilities | ||||||||||||||
Business Acquisition | ||||||||||||||
Holdback payment | $ 1,000 | |||||||||||||
Polyplastic | ||||||||||||||
Business Acquisition | ||||||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||||||
Purchase price | $ 98,562 | |||||||||||||
Cash consideration, net of cash acquired | 95,766 | |||||||||||||
Contingent consideration arrangements, range of outcomes, high | $ 7,700 | |||||||||||||
Weighted average useful life of acquired intangible assets | 15 years | |||||||||||||
Discount rate | 1.20% | 1.20% | ||||||||||||
Expected rate of return on plan assets | 1.20% | 1.20% | ||||||||||||
Rate of compensation increase | 2.00% | 2.00% | ||||||||||||
Goodwill | $ 49,354 | |||||||||||||
Polyplastic | Minimum | ||||||||||||||
Business Acquisition | ||||||||||||||
Expected indexation | 0.00% | 0.00% | ||||||||||||
Polyplastic | Maximum | ||||||||||||||
Business Acquisition | ||||||||||||||
Expected indexation | 2.00% | 2.00% | ||||||||||||
CURT | ||||||||||||||
Business Acquisition | ||||||||||||||
Percentage of outstanding shares acquired | 100.00% | 100.00% | ||||||||||||
Purchase price | $ 336,600 | |||||||||||||
Cash consideration, net of cash acquired | 337,640 | $ 336,587 | ||||||||||||
Measurement period adjustments | 13,493 | |||||||||||||
Goodwill | $ 116,412 | $ 102,919 | 116,412 | $ 102,919 | ||||||||||
CURT | Customer relationships | ||||||||||||||
Business Acquisition | ||||||||||||||
Weighted average useful life of acquired intangible assets | 16 years | |||||||||||||
CURT | Trade name | ||||||||||||||
Business Acquisition | ||||||||||||||
Weighted average useful life of acquired intangible assets | 20 years | |||||||||||||
PWR-ARM | ||||||||||||||
Business Acquisition | ||||||||||||||
Purchase price | $ 45,000 | |||||||||||||
Holdback payment | $ 5,000 | |||||||||||||
Lewmar Marine Limited | ||||||||||||||
Business Acquisition | ||||||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||||||
Purchase price | $ 43,200 | |||||||||||||
Other Acquisitions | ||||||||||||||
Business Acquisition | ||||||||||||||
Purchase price | $ 26,900 | |||||||||||||
Number of Businesses Acquired | businessAcquired | 4 | |||||||||||||
Smoker Craft | ||||||||||||||
Business Acquisition | ||||||||||||||
Purchase price | $ 28,100 | |||||||||||||
STLA | ||||||||||||||
Business Acquisition | ||||||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||||||
Purchase price | $ 14,800 | |||||||||||||
Hehr | ||||||||||||||
Business Acquisition | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 51,500 | |||||||||||||
Taylor Made | ||||||||||||||
Business Acquisition | ||||||||||||||
Percentage of outstanding shares acquired | 100.00% | |||||||||||||
Payments to Acquire Businesses, Gross | $ 90,400 | |||||||||||||
OEM Segment | ||||||||||||||
Business Acquisition | ||||||||||||||
Measurement period adjustments | $ (2,251) | |||||||||||||
Goodwill | 305,953 | $ 215,620 | 305,953 | 215,620 | 160,257 | |||||||||
Operating Segments | OEM Segment | ||||||||||||||
Business Acquisition | ||||||||||||||
Accumulated impairment | $ 50,500 | $ 50,500 | $ 50,500 | $ 50,500 | $ 50,500 |
Acquisitions, Goodwill And Ot_4
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Business Acquisitions) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2020 | Nov. 30, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Aug. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition | |||||||||
Cash consideration, net of cash acquired | $ 182,130 | $ 447,764 | $ 184,792 | ||||||
Assets Acquired | |||||||||
Operating lease right-of-use assets | $ 13,200 | $ 34,300 | 13,200 | 34,300 | |||||
Liabilities Assumed | |||||||||
Goodwill | 454,728 | 351,114 | 454,728 | 351,114 | $ 180,168 | ||||
Measurement Period Adjustments | |||||||||
Goodwill (not tax deductible) | 10,362 | ||||||||
Veada | |||||||||
Business Acquisition | |||||||||
Cash consideration, net of cash acquired | 56,760 | ||||||||
Holdback payment | 12,219 | ||||||||
Total fair value of consideration given | 68,979 | ||||||||
Assets Acquired | |||||||||
Net tangible assets, excluding pension obligation | 8,864 | 8,864 | |||||||
Liabilities Assumed | |||||||||
Total fair value of net assets acquired | 46,114 | 46,114 | |||||||
Goodwill | 22,865 | 22,865 | |||||||
Challenger | |||||||||
Business Acquisition | |||||||||
Cash consideration, net of cash acquired | $ 30,461 | ||||||||
Holdback payment | 4,500 | ||||||||
Total fair value of consideration given | 34,961 | ||||||||
Assets Acquired | |||||||||
Identifiable intangible assets | 12,900 | ||||||||
Net tangible assets, excluding pension obligation | 8,983 | ||||||||
Liabilities Assumed | |||||||||
Total fair value of net assets acquired | 21,883 | ||||||||
Goodwill | $ 13,078 | ||||||||
Polyplastic | |||||||||
Business Acquisition | |||||||||
Cash consideration, net of cash acquired | $ 95,766 | ||||||||
Contingent consideration | 2,796 | ||||||||
Total fair value of consideration given | 98,562 | ||||||||
Assets Acquired | |||||||||
Net tangible assets, excluding pension obligation | 14,247 | ||||||||
Liabilities Assumed | |||||||||
Accrued expenses and other current liabilities | (28,665) | ||||||||
Total fair value of net assets acquired | 49,208 | ||||||||
Goodwill | 49,354 | ||||||||
CURT | |||||||||
Business Acquisition | |||||||||
Cash consideration, net of cash acquired | 337,640 | 336,587 | |||||||
Total fair value of consideration given | 336,600 | ||||||||
Assets Acquired | |||||||||
Accounts receivable | 28,611 | 28,611 | 28,611 | 28,611 | |||||
Inventories | 82,117 | 88,765 | 82,117 | 88,765 | |||||
Fixed assets | 24,036 | 24,036 | 24,036 | 24,036 | |||||
Operating lease right-of-use assets | 27,925 | 27,925 | 27,925 | 27,925 | |||||
Other tangible assets | 2,510 | 4,060 | 2,510 | 4,060 | |||||
Liabilities Assumed | |||||||||
Accounts payable | (18,577) | (18,577) | (18,577) | (18,577) | |||||
Current portion of operating lease obligations | (5,360) | (5,360) | (5,360) | (5,360) | |||||
Accrued expenses and other current liabilities | (10,002) | (10,002) | (10,002) | (10,002) | |||||
Operating lease obligations | (22,565) | (22,565) | (22,565) | (22,565) | |||||
Deferred taxes | (30,125) | (31,877) | (30,125) | (31,877) | |||||
Total fair value of net assets acquired | 220,175 | 234,721 | 220,175 | 234,721 | |||||
Goodwill | 116,412 | 102,919 | 116,412 | 102,919 | |||||
Cash consideration, net of cash acquired | (1,053) | ||||||||
Measurement Period Adjustments | |||||||||
Cash consideration, net of cash acquired | (1,053) | ||||||||
Inventories | (6,648) | ||||||||
Other tangible assets | (1,550) | ||||||||
Deferred taxes | 1,752 | ||||||||
Total fair value of net assets acquired | (14,546) | ||||||||
Goodwill (not tax deductible) | 13,493 | ||||||||
PWR-ARM | |||||||||
Business Acquisition | |||||||||
Holdback payment | $ 5,000 | ||||||||
Total fair value of consideration given | $ 45,000 | ||||||||
Lewmar Marine Limited | |||||||||
Business Acquisition | |||||||||
Total fair value of consideration given | $ 43,200 | ||||||||
Customer relationships | Veada | |||||||||
Assets Acquired | |||||||||
Identifiable intangible assets | 30,000 | 30,000 | |||||||
Customer relationships | Polyplastic | |||||||||
Assets Acquired | |||||||||
Identifiable intangible assets | 37,012 | ||||||||
Customer relationships | CURT | |||||||||
Assets Acquired | |||||||||
Identifiable intangible assets | 104,200 | 112,000 | 104,200 | 112,000 | |||||
Measurement Period Adjustments | |||||||||
Intangible assets | (7,800) | ||||||||
Other intangible assets | Veada | |||||||||
Assets Acquired | |||||||||
Identifiable intangible assets | 7,250 | 7,250 | |||||||
Other intangible assets | Polyplastic | |||||||||
Assets Acquired | |||||||||
Identifiable intangible assets | $ 26,614 | ||||||||
Trade name | CURT | |||||||||
Assets Acquired | |||||||||
Identifiable intangible assets | $ 37,405 | $ 37,705 | 37,405 | $ 37,705 | |||||
Measurement Period Adjustments | |||||||||
Intangible assets | $ (300) |
Acquisitions, Goodwill And Ot_5
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill | ||
Net balance, Beginning | $ 351,114 | $ 180,168 |
Acquisitions | 85,297 | 172,423 |
Other | (1,477) | |
Measurement period adjustments | 10,362 | |
Foreign currency translation | 7,955 | |
Net balance, Ending | 454,728 | 351,114 |
OEM Segment | ||
Goodwill | ||
Net balance, Beginning | 215,620 | 160,257 |
Acquisitions | 84,774 | 57,245 |
Other | (1,882) | |
Measurement period adjustments | (2,251) | |
Foreign currency translation | 7,810 | |
Net balance, Ending | 305,953 | 215,620 |
Aftermarket Segment | ||
Goodwill | ||
Net balance, Beginning | 135,494 | 19,911 |
Acquisitions | 523 | 115,178 |
Other | 405 | |
Measurement period adjustments | 12,613 | |
Foreign currency translation | 145 | |
Net balance, Ending | $ 148,775 | $ 135,494 |
Acquisitions, Goodwill And Ot_6
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets | ||
Accumulated amortization | $ 158,616 | $ 125,825 |
Total gross cost | 579,501 | 467,251 |
Total net balance | 420,885 | 341,426 |
OEM Segment | ||
Finite-Lived Intangible Assets | ||
Total net balance | 260,778 | 164,047 |
Aftermarket Segment | ||
Finite-Lived Intangible Assets | ||
Total net balance | 160,107 | 177,379 |
Purchased Research and Development | ||
Finite-Lived Intangible Assets | ||
Gross cost and net balance | 4,687 | 4,687 |
Trade name | ||
Finite-Lived Intangible Assets | ||
Gross cost and net balance | 7,600 | 7,600 |
Customer relationships | ||
Finite-Lived Intangible Assets | ||
Gross cost | 398,613 | 319,934 |
Accumulated amortization | 95,443 | 69,008 |
Net balance | $ 303,170 | $ 250,926 |
Customer relationships | Minimum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 6 years | 6 years |
Customer relationships | Maximum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 17 years | 17 years |
Patents | ||
Finite-Lived Intangible Assets | ||
Gross cost | $ 92,128 | $ 76,206 |
Accumulated amortization | 47,090 | 44,611 |
Net balance | $ 45,038 | $ 31,595 |
Patents | Minimum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 3 years | 3 years |
Patents | Maximum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 20 years | 19 years |
Trade name | ||
Finite-Lived Intangible Assets | ||
Gross cost | $ 69,686 | $ 50,917 |
Accumulated amortization | 11,272 | 7,086 |
Net balance | $ 58,414 | $ 43,831 |
Trade name | Minimum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 3 years | 3 years |
Trade name | Maximum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 20 years | 20 years |
Non-compete agreements | ||
Finite-Lived Intangible Assets | ||
Gross cost | $ 6,478 | $ 7,598 |
Accumulated amortization | 4,617 | 4,947 |
Net balance | $ 1,861 | $ 2,651 |
Non-compete agreements | Minimum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 3 years | 3 years |
Non-compete agreements | Maximum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 6 years | 6 years |
Other | ||
Finite-Lived Intangible Assets | ||
Gross cost | $ 309 | $ 309 |
Accumulated amortization | 194 | 173 |
Net balance | $ 115 | $ 136 |
Other | Minimum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 2 years | 2 years |
Other | Maximum | ||
Finite-Lived Intangible Assets | ||
Estimated useful life in years | 12 years | 12 years |
Acquisitions, Goodwill And Ot_7
Acquisitions, Goodwill And Other Intangible Assets (Summary of Estimated Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets | |||
Amortization expense | $ 37,873 | $ 23,758 | $ 21,262 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2019 | 41,499 | ||
2020 | 40,661 | ||
2021 | 39,583 | ||
2022 | 38,110 | ||
2023 | 34,909 | ||
Cost of Sales | |||
Finite-Lived Intangible Assets | |||
Amortization expense | 5,101 | 5,200 | 5,350 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2019 | 5,554 | ||
2020 | 5,208 | ||
2021 | 4,782 | ||
2022 | 4,329 | ||
2023 | 3,465 | ||
Selling, General and Administrative Expenses | |||
Finite-Lived Intangible Assets | |||
Amortization expense | 32,772 | $ 18,558 | $ 15,912 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | |||
2019 | 35,945 | ||
2020 | 35,453 | ||
2021 | 34,801 | ||
2022 | 33,781 | ||
2023 | $ 31,444 |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 356,921 | $ 256,850 |
Work in process | 24,189 | 23,653 |
Finished goods | 112,789 | 113,104 |
Inventories, net | $ 493,899 | $ 393,607 |
Fixed Assets (Schedule of Fixed
Fixed Assets (Schedule of Fixed Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 750,138 | $ 678,367 |
Less accumulated depreciation and amortization | 362,920 | 312,058 |
Fixed assets, net | 387,218 | 366,309 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 23,063 | 23,868 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 197,291 | 185,744 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 27,606 | 23,012 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 369,990 | 311,554 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | 94,055 | 85,901 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, at cost | $ 38,133 | $ 48,288 |
Minimum | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 10 years | |
Minimum | Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 3 years | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 3 years | |
Minimum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 3 years | |
Maximum | Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 40 years | |
Maximum | Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 20 years | |
Maximum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 15 years | |
Maximum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life in years | 15 years |
Fixed Assets (Schedule of Depre
Fixed Assets (Schedule of Depreciation and Amortization of Fixed Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Cost of sales | $ 45,388 | $ 39,442 | $ 35,656 |
Selling, general and administrative expenses | 14,719 | 12,158 | 10,608 |
Total | $ 60,107 | $ 51,600 | $ 46,264 |
Accrued Expenses And Other Cu_3
Accrued Expenses And Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | |||
Employee compensation and benefits | $ 62,555 | $ 45,612 | |
Current portion of accrued warranty | 32,451 | 29,898 | $ 32,180 |
Customer rebates | 23,670 | 14,129 | |
Other | 69,524 | 42,781 | |
Accrued expenses and other current liabilities | $ 188,200 | $ 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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) | |||
Balance at beginning of period | $ 47,167 | $ 46,530 | $ 38,502 |
Provision for warranty expense | 19,037 | 30,520 | 31,819 |
Warranty liability from acquired businesses | 2,915 | 287 | 760 |
Warranty costs paid | (22,028) | (30,170) | (24,551) |
Balance at end of period | 47,091 | 47,167 | 46,530 |
Less long-term portion | 14,640 | 17,269 | 14,350 |
Current portion of accrued warranty | $ 32,451 | $ 29,898 | $ 32,180 |
Retirement And Other Benefit _3
Retirement And Other Benefit Plans - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Employer contributions to defined contribution plan | $ 9,000 | $ 7,700 | $ 6,800 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Other long-term liabilities | 116,353 | 62,171 | |
Accrued expenses and other current liabilities | $ 69,524 | 42,781 | |
Deferred compensation, percentage of funds invested | 99.00% | ||
Wage inflation | 2.00% | ||
Next fiscal year minimum funding requirements | $ 1,300 | ||
Minimum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Wage inflation | 0.00% | ||
Maximum | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Wage inflation | 2.00% | ||
Deferred Compensation | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits | |||
Compensation deferred by participants | $ 2,900 | 900 | 6,900 |
Amount withdrawn from the Plan by participants | 200 | 1,700 | $ 200 |
Other long-term liabilities | 38,500 | 30,300 | |
Accrued expenses and other current liabilities | 200 | 200 | |
Life insurance contract assets | $ 35,300 | $ 30,100 |
Retirement And Other Benefit _4
Retirement And Other Benefit Plans - Summary of Change in Projected Benefit Obligation and Fair Value of Plan Assets (Details) $ in Thousands | 11 Months Ended | 12 Months Ended |
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Projected Benefit Obligation | ||
Benefit obligation, beginning balance | $ 78,579 | |
Interest cost | 1,007 | $ 1,007 |
Net service cost | 3,357 | 3,357 |
Employee contributions | 571 | |
Benefits paid | (925) | |
Actuarial loss, net | 5,453 | |
Unrealized loss on foreign exchange | 8,670 | |
Benefit obligation, ending balance | 96,712 | 96,712 |
Fair Value of Plan Assets | ||
Pension plan assets, beginning balance | 49,914 | |
Increase in plan asset value | 5,887 | |
Employer contributions | 1,222 | |
Employee contributions | 571 | |
Benefits and administrative expenses paid | (1,201) | |
Unrealized gain on foreign exchange | 5,543 | |
Pension plan assets, ending balance | 61,936 | 61,936 |
Underfunded status of the plans at end of the year | 34,776 | 34,776 |
Accumulated benefit obligation | $ 96,712 | $ 96,712 |
Retirement And Other Benefit _5
Retirement And Other Benefit Plans - Schedule of Actuarial Assumptions (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Discount rate | 0.70% |
Expected return on plan assets | 0.70% |
Wage inflation | 2.00% |
Retirement And Other Benefit _6
Retirement And Other Benefit Plans - Statement of Financial Position (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Retirement Benefits [Abstract] | |
Deferred taxes | $ 8,694 |
Other long-term liabilities | 34,776 |
Accumulated other comprehensive income (loss) | $ (207) |
Retirement And Other Benefit _7
Retirement And Other Benefit Plans - Schedule of Net Periodic Pension Costs (Details) - USD ($) $ in Thousands | 11 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Net service cost | $ (3,357) | $ (3,357) |
Interest cost | $ (1,007) | (1,007) |
Expected return on plan assets | 626 | |
Administrative charges | (276) | |
Net periodic pension cost | $ (4,014) |
Retirement And Other Benefit _8
Retirement And Other Benefit Plans - Schedule of Expected Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2021 | $ 1,139 |
2022 | 1,245 |
2023 | 1,301 |
2024 | 1,390 |
2025 | 1,515 |
2026 - 2030 | $ 9,501 |
Long-Term Indebtedness (Schedul
Long-Term Indebtedness (Schedule) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Unamortized deferred financing fees | $ (1,291) | $ (1,774) |
Long-term debt, net | 738,249 | 630,789 |
Less current portion | 17,831 | 17,883 |
Long-term debt | 720,418 | 612,906 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 285,000 | 300,000 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 394,888 | 266,214 |
Shelf-Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 50,000 | 50,000 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 9,652 | $ 16,349 |
Long-Term Indebtedness (Narrati
Long-Term Indebtedness (Narrative) (Details) € in Millions | Dec. 19, 2019USD ($) | Mar. 29, 2019USD ($) | Apr. 27, 2016USD ($) | Mar. 20, 2015USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Nov. 11, 2019USD ($) | Dec. 14, 2018USD ($) | Mar. 30, 2017USD ($) | Feb. 24, 2014USD ($) |
Line of Credit Facility | |||||||||||
Long-term indebtedness | $ 720,418,000 | $ 612,906,000 | |||||||||
Long-term debt, net | $ 738,249,000 | 630,789,000 | |||||||||
Term Loan | |||||||||||
Line of Credit Facility | |||||||||||
Face amount | $ 300,000,000 | ||||||||||
Term Loan | Period One | |||||||||||
Line of Credit Facility | |||||||||||
Stated rate | 1.25% | ||||||||||
Debt instrument term (in years) | 2 years | ||||||||||
Term Loan | Period Two | |||||||||||
Line of Credit Facility | |||||||||||
Stated rate | 1.875% | ||||||||||
Maximum | |||||||||||
Line of Credit Facility | |||||||||||
Ownership percentage | 65.00% | 65.00% | |||||||||
Line of Credit | |||||||||||
Line of Credit Facility | |||||||||||
Remaining availability under the facilities | $ 352,200,000 | ||||||||||
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 debt, net | 169,900,000 | € 138 | |||||||||
Letter of credit | 2,900,000 | $ 2,500,000 | |||||||||
Remaining availability under the facilities | $ 202,200,000 | ||||||||||
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Prime Rate | |||||||||||
Line of Credit Facility | |||||||||||
Interest rate | 1.00% | ||||||||||
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 | |||||||||
Additional maximum borrowing capacity upon approval | $ 300,000,000 | ||||||||||
Prudential Investment Management Inc | Line of Credit | |||||||||||
Line of Credit Facility | |||||||||||
Long-term indebtedness | $ 50,000,000 | $ 50,000,000 | $ 200,000,000 | $ 250,000,000 | |||||||
Remaining availability under the facilities | $ 150,000,000 | $ 150,000,000 | |||||||||
Weighted average interest rate | 380.00% | 3.35% | |||||||||
Debt instrument term (in years) | 3 years | 5 years | |||||||||
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 additional margin interest rate | 0.00% | 0.375% | |||||||||
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 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 | |||||||||||
Interest rate | 0.50% | ||||||||||
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | LIBOR | |||||||||||
Line of Credit Facility | |||||||||||
Interest rate | 1.375% | ||||||||||
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 | Minimum | |||||||||||
Line of Credit Facility | |||||||||||
Interest rate | 0.875% | ||||||||||
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 | |||||||||||
Interest rate | 1.625% |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Earnings before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States | $ 216,234 | $ 189,834 | $ 191,095 |
Foreign | (6,753) | 1,580 | 1,257 |
Income before income taxes | $ 209,481 | $ 191,414 | $ 192,352 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provisions of Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Income Tax Expense (Benefit), Continuing Operations | |||
Federal | $ 42,541 | $ 33,655 | $ 22,297 |
State and local | 9,165 | 6,764 | 6,416 |
Foreign | 839 | 1,070 | 1,214 |
Total current provision | 52,545 | 41,489 | 29,927 |
Deferred Income Tax Expense (Benefit), Continuing Operations | |||
Federal | 2,342 | 5,923 | 12,478 |
State and local | (671) | (969) | 1,639 |
Foreign | (3,175) | (1,538) | (243) |
Total deferred provision | (1,504) | 3,416 | 13,874 |
Provision for income taxes | $ 51,041 | $ 44,905 | $ 43,801 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Taxes Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax at federal statutory rate | $ 43,991 | $ 40,197 | $ 40,394 |
State income tax, net of federal income tax impact | 6,710 | 4,578 | 6,261 |
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | 3,015 | 587 | 894 |
Federal tax credits | (1,307) | (1,435) | (1,876) |
Share-based payment compensation excess tax benefit | (190) | (1,579) | (2,914) |
Changes in tax law (TCJA) | 0 | 0 | 612 |
Other | (1,178) | 2,557 | 430 |
Provision for income taxes | $ 51,041 | $ 44,905 | $ 43,801 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Examination | |||
Deferred tax liabilities | $ 53,832 | $ 35,740 | |
Net operating loss carryforwards - foreign | 4,300 | ||
Valuation allowance | 2,809 | 1,662 | |
Increase in deferred tax assets, valuation allowance | 900 | ||
Deferred tax asset, interest carryforward | 4,400 | ||
Accrued interest and penalties related to taxes | 700 | 400 | $ 200 |
Unrecognized tax benefits, net of federal income tax benefits | 8,800 | 7,900 | $ 3,900 |
Federal | |||
Income Tax Examination | |||
Taxes payable | 7,200 | ||
Income taxes receivable | 7,100 | ||
State | |||
Income Tax Examination | |||
Taxes payable | 1,900 | ||
Income taxes receivable | 4,600 | ||
Foreign | |||
Income Tax Examination | |||
Taxes payable | 500 | ||
Income taxes receivable | 1,800 | ||
Deferred tax liabilities | 17,300 | 9,700 | |
Valuation allowance | 2,600 | $ 1,700 | |
Tax Authority, UK | |||
Income Tax Examination | |||
Net operating loss carryforwards - foreign | 2,600 | ||
Tax Authority, Italy | |||
Income Tax Examination | |||
Net operating loss carryforwards - foreign | $ 1,700 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Stock-based compensation | $ 2,084 | $ 2,290 |
Pension | 8,694 | 0 |
Deferred compensation | 13,325 | 5,976 |
Warranty | 10,848 | 11,246 |
Inventory | 7,443 | 8,001 |
Other | 6,390 | 2,585 |
Lease obligation asset | 22,488 | 25,055 |
Net operating loss and interest carryforwards | 4,857 | 7,352 |
Total deferred tax assets | 76,129 | 62,505 |
Less: Valuation allowance - foreign | (2,809) | (1,662) |
Total deferred tax assets net of valuation allowance | 73,320 | 60,843 |
Lease obligation liability | (21,523) | (24,368) |
Fixed assets | (35,637) | (27,898) |
Intangible assets | (69,992) | (44,317) |
Total deferred tax liabilities | (127,152) | (96,583) |
Deferred Tax Liabilities, Net | $ (53,832) | $ (35,740) |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of period | $ 8,214 | $ 4,325 | $ 4,145 |
Changes in tax positions of prior years | 0 | 480 | 114 |
Additions based on tax positions related to the current year | 1,720 | 4,288 | 802 |
Closure of tax years | (1,013) | (879) | (736) |
Balance at end of period | $ 8,921 | $ 8,214 | $ 4,325 |
Leases (Components of Lease Cos
Leases (Components of Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 33,046 | $ 21,899 |
Short-term lease cost | 2,272 | 2,611 |
Variable lease cost | 2,266 | 1,781 |
Total lease cost | $ 37,584 | $ 26,291 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | |||
Rent expense | $ 24,200 | ||
Remaining lease term | 7 years | ||
Discount rate | 5.20% | ||
Operating lease right-of-use assets | $ 104,179 | 98,774 | $ 66,400 |
Right-of-use asset obtained in exchange for operating lease | 31,400 | 50,500 | |
Operating lease right-of-use assets | 13,200 | $ 34,300 | |
Operating lease payments | $ 21,800 |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 29,927 |
2022 | 23,812 |
2023 | 16,992 |
2024 | 14,157 |
2025 | 11,827 |
Thereafter | 35,055 |
Total future minimum lease payments | 131,770 |
Less: Interest | (23,631) |
Present value of operating lease liabilities | $ 108,139 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Millions | 1 Months Ended | ||
Jul. 31, 2015 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Contract termination | |||
Long-term Purchase Commitment [Line Items] | |||
Receivables | $ 42.3 | $ 40 | |
Nontrade Receivables, Noncurrent | $ 17.6 | ||
Furrion Limited | |||
Long-term Purchase Commitment [Line Items] | |||
Long-term purchase commitment, time period | 6 years | ||
Weighted Average Cost of Capital | |||
Long-term Purchase Commitment [Line Items] | |||
Percentage of weighted average cost of capital | 0.130 | 0.114 |
Commitments And Contingencies_3
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combination, Contingent Consideration, Reconciliation of Change in Liability | |||
Balance at beginning of period | $ 4,396 | $ 7,302 | $ 12,545 |
Acquisitions | 2,796 | 0 | 43 |
Payments | (1,633) | (10) | (4,803) |
Accretion | 601 | 792 | 951 |
Fair value adjustments | (1,947) | (3,691) | (944) |
Net foreign currency translation adjustment | 396 | 3 | (490) |
Balance at end of the period | 4,609 | 4,396 | 7,302 |
Less current portion in accrued expenses and other current liabilities | (2,683) | (2,351) | (17) |
Total long-term portion in other long-term liabilities | 1,926 | $ 2,045 | $ 7,285 |
Contingent consideration, total remaining estimated payments | $ 5,600 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Quarterly Dividends Declared and Paid) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||||||||||
Dividends paid per share (in usd per share) | $ 0.75 | $ 0.75 | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.65 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.55 | $ 2.80 | $ 2.55 | $ 2.35 |
Payment of dividends | $ 70,401 | $ 63,813 | $ 59,270 | ||||||||||||
Common Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Payment of dividends | $ 18,866 | $ 18,865 | $ 16,349 | $ 16,321 | $ 16,280 | $ 16,267 | $ 16,267 | $ 14,999 | $ 15,156 | $ 15,129 | $ 15,127 | $ 13,858 | $ 70,401 | $ 63,813 | $ 59,270 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 | May 24, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Number of shares of common stock subject to awards | 1,500,000 | ||||
Shares available for grant | 1,300,115 | 1,361,748 | 1,570,274 | ||
Weighted average diluted shares outstanding excludes shares of common stock subject to stock options | 110,900 | 122,775 | 94,747 | ||
Number of shares authorized to be repurchased (in shares) | 150,000,000 | ||||
Stock repurchase program, period in force | 3 years | ||||
Stock repurchased during period (in shares) | 402,570 | 402,570,000 | |||
Weighted average price (in usd per share) | $ 71.28 | ||||
Stock repurchased during period | $ 28,700 | $ 28,695 | |||
Deferred and Restricted Stock Unit | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Unrecognized compensation costs | $ 17,000 | ||||
Unrecognized compensation costs, weighted-average recognition period | 1 year 2 months 12 days | ||||
Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award | |||||
Unrecognized compensation costs | $ 5,200 | ||||
Unrecognized compensation costs, weighted-average recognition period | 10 months 24 days |
Stockholders' Equity (Schedul_2
Stockholders' Equity (Schedule of Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 18,502 | $ 16,077 | $ 14,065 |
Deferred and Restricted Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 14,329 | 14,342 | 12,427 |
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | 0 | 0 | 590 |
Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Stock-based compensation expense | $ 4,173 | $ 1,735 | $ 1,048 |
Stockholders' Equity (Schedul_3
Stockholders' Equity (Schedule of Deferred and Restricted Stock Units Transactions) (Details) - Deferred and Restricted Stock Unit - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | |||
Balance at beginning of the period (in shares) | 346,148 | 264,406 | 449,055 |
Issued (in shares) | 5,703 | 6,073 | 5,354 |
Granted (in shares) | 150,319 | 252,068 | 101,650 |
Dividend equivalents (in shares) | 10,042 | 10,243 | 8,036 |
Forfeited (in shares) | (21,856) | (9,079) | (9,557) |
Vested (in shares) | (155,269) | (177,563) | (290,132) |
Balance at end of the period (in shares) | 335,087 | 346,148 | 264,406 |
Weighted Average Price | |||
Outstanding exercise price (in usd per share) | $ 87.54 | $ 83.84 | $ 72.55 |
Issued (in usd per share) | 97.42 | 89.82 | 106.10 |
Granted (in usd per share) | 97.70 | 81.07 | 103.20 |
Dividend equivalent (in usd per share) | 95.08 | 89.65 | 89.66 |
Forfeited (in usd per share) | 91.79 | 89.67 | 76.71 |
Exercised (in usd per share) | 87.69 | 69.65 | 74.83 |
Outstanding exercise price (in usd per share) | $ 90.04 | $ 87.54 | $ 83.84 |
Stockholders' Equity (Schedul_4
Stockholders' Equity (Schedule of Stock Awards) (Details) - Stock Awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of Shares | |||
Balance at beginning of the period (in shares) | 129,128 | 187,368 | 271,819 |
Issued (in shares) | 5,641 | ||
Granted (in shares) | 66,029 | 48,995 | 111,246 |
Dividend equivalents (in shares) | 3,303 | 3,658 | 6,280 |
Forfeited (in shares) | (73,581) | (8,459) | (71,618) |
Vested (in shares) | (5,152) | (102,434) | (136,000) |
Balance at end of the period (in shares) | 119,727 | 129,128 | 187,368 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Outstanding exercise price (in usd per share) | $ 96.21 | $ 91.39 | $ 70.29 |
Issued (in usd per share) | 106.10 | ||
Granted (in usd per share) | 98.98 | 78.11 | 106.10 |
Dividend equivalents (in usd per share) | 96.54 | 67.03 | 90.47 |
Forfeited (in usd per share) | 107.91 | 106.10 | 86.65 |
Vested (in usd per share) | 100.46 | 77.93 | 64.32 |
Outstanding exercise price (in usd per share) | $ 89.92 | $ 96.21 | $ 91.39 |
Stockholders' Equity (Schedul_5
Stockholders' Equity (Schedule of Computation of Basic and Diluted Earnings Per Share) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |||
Weighted average shares outstanding for basic earnings per share | 25,134 | 24,998 | 25,178 |
Common stock equivalents pertaining to stock options and deferred stock units | 121 | 95 | 285 |
Weighted average shares outstanding for diluted earnings per share | 25,255 | 25,093 | 25,463 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 31, 2020 | Dec. 31, 2019 |
Assets | |||
Pension plan assets | $ 61,936 | $ 49,914 | |
Recurring | |||
Assets | |||
Pension plan assets | 61,936 | $ 0 | |
Liabilities | |||
Contingent consideration | 4,609 | 4,396 | |
Derivative liabilities | 0 | 679 | |
Recurring | Level 1 | |||
Assets | |||
Pension plan assets | 0 | 0 | |
Liabilities | |||
Contingent consideration | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring | Level 2 | |||
Assets | |||
Pension plan assets | 0 | 0 | |
Liabilities | |||
Contingent consideration | 0 | 0 | |
Derivative liabilities | 0 | 679 | |
Recurring | Level 3 | |||
Assets | |||
Pension plan assets | 61,936 | 0 | |
Liabilities | |||
Contingent consideration | 4,609 | 4,396 | |
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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 | 13.00% |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
Segment Reporting Information | |||
Number of reportable segments | segment | 2 | ||
Int'l | |||
Segment Reporting Information | |||
Long-lived assets | $ | $ 306.8 | $ 160.1 | |
Aftermarket Segment | Net sales | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 22.00% | 12.00% | 9.00% |
OEM Segment | Net sales | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 78.00% | 88.00% | 91.00% |
Product Concentration Risk | Travel Trailer and Fifth Wheels | Net sales | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 61.00% | 61.00% | 64.00% |
Segment Reporting (Schedule of
Segment Reporting (Schedule of Net Sales by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information | |||
Net sales | $ 2,796,166 | $ 2,371,482 | $ 2,475,807 |
OEM Segment | |||
Segment Reporting Information | |||
Net sales | 2,167,911 | 2,091,901 | 2,242,616 |
Travel Trailer and Fifth Wheels | |||
Segment Reporting Information | |||
Net sales | 1,321,567 | 1,276,718 | 1,440,730 |
Motorhomes | |||
Segment Reporting Information | |||
Net sales | 158,096 | 155,623 | 187,297 |
OEMs Adjacent Industries | |||
Segment Reporting Information | |||
Net sales | 688,248 | 659,560 | 614,589 |
Aftermarket Segment | |||
Segment Reporting Information | |||
Net sales | 628,255 | 279,581 | 233,191 |
U.S. | |||
Segment Reporting Information | |||
Net sales | 2,559,353 | 2,225,712 | 2,371,750 |
U.S. | OEM Segment | |||
Segment Reporting Information | |||
Net sales | 1,952,241 | 1,962,330 | 2,149,162 |
U.S. | Travel Trailer and Fifth Wheels | |||
Segment Reporting Information | |||
Net sales | 1,288,209 | 1,264,404 | 1,431,574 |
U.S. | Motorhomes | |||
Segment Reporting Information | |||
Net sales | 100,950 | 110,405 | 143,488 |
U.S. | OEMs Adjacent Industries | |||
Segment Reporting Information | |||
Net sales | 563,082 | 587,521 | 574,100 |
U.S. | Aftermarket Segment | |||
Segment Reporting Information | |||
Net sales | 607,112 | 263,382 | 222,588 |
Int'l | |||
Segment Reporting Information | |||
Net sales | 236,813 | 145,770 | 104,057 |
Int'l | OEM Segment | |||
Segment Reporting Information | |||
Net sales | 215,670 | 129,571 | 93,454 |
Int'l | Travel Trailer and Fifth Wheels | |||
Segment Reporting Information | |||
Net sales | 33,358 | 12,314 | 9,156 |
Int'l | Motorhomes | |||
Segment Reporting Information | |||
Net sales | 57,146 | 45,218 | 43,809 |
Int'l | OEMs Adjacent Industries | |||
Segment Reporting Information | |||
Net sales | 125,166 | 72,039 | 40,489 |
Int'l | Aftermarket Segment | |||
Segment Reporting Information | |||
Net sales | $ 21,143 | $ 16,199 | $ 10,603 |
Segment Reporting (Schedule o_2
Segment Reporting (Schedule of Information Relating to Segments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information | |||
Net sales | $ 2,796,166 | $ 2,371,482 | $ 2,475,807 |
Operating profit (loss) | 222,934 | 200,210 | 198,788 |
Total assets | 2,298,031 | 1,862,595 | 1,243,893 |
Expenditures for long-lived assets | 299,259 | 469,188 | 268,439 |
Depreciation and amortization | 97,980 | 75,358 | 67,526 |
Purchase of long-lived assets as part of business acquisition | 299,300 | 395,600 | 150,900 |
OEM Segment | |||
Segment Reporting Information | |||
Net sales | 2,167,911 | 2,091,901 | 2,242,616 |
Aftermarket Segment | |||
Segment Reporting Information | |||
Net sales | 628,255 | 279,581 | 233,191 |
Corporate and Other | |||
Segment Reporting Information | |||
Operating profit (loss) | 0 | 0 | 0 |
Total assets | 122,653 | 99,008 | 79,863 |
Depreciation and amortization | $ 0 | $ 0 | $ 0 |
Net sales | OEM Segment | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 78.00% | 88.00% | 91.00% |
Net sales | Aftermarket Segment | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 22.00% | 12.00% | 9.00% |
Customer Concentration Risk | Net sales | Thor Industries, Inc. | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 21.00% | 27.00% | 31.00% |
Customer Concentration Risk | Net sales | Berkshire Hathaway Inc. | |||
Segment Reporting Information | |||
Consolidated risk, percentage | 19.00% | 21.00% | 23.00% |
Operating Segments | |||
Segment Reporting Information | |||
Net sales | $ 2,796,166 | $ 2,371,482 | $ 2,475,807 |
Operating profit (loss) | 222,934 | 200,210 | 198,788 |
Total assets | 2,175,378 | 1,763,587 | 1,164,030 |
Expenditures for long-lived assets | 299,259 | 469,188 | 268,439 |
Depreciation and amortization | 97,980 | 75,358 | 67,526 |
Operating Segments | OEM Segment | |||
Segment Reporting Information | |||
Net sales | 2,167,911 | 2,091,901 | 2,242,616 |
Operating profit (loss) | 156,092 | 165,290 | 167,459 |
Total assets | 1,559,953 | 1,167,899 | 1,034,254 |
Expenditures for long-lived assets | 284,109 | 166,331 | 247,895 |
Depreciation and amortization | 74,088 | 66,807 | 63,447 |
Operating Segments | Aftermarket Segment | |||
Segment Reporting Information | |||
Net sales | 628,255 | 279,581 | 233,191 |
Operating profit (loss) | 66,842 | 34,920 | 31,329 |
Total assets | 615,425 | 595,688 | 129,776 |
Expenditures for long-lived assets | 15,150 | 302,857 | 20,544 |
Depreciation and amortization | $ 23,892 | $ 8,551 | $ 4,079 |
Segment Reporting (Schedule o_3
Segment Reporting (Schedule of Net Sales by Product) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information | |||
Total net sales | $ 2,796,166 | $ 2,371,482 | $ 2,475,807 |
OEM Segment | |||
Segment Reporting Information | |||
Total net sales | 2,167,911 | 2,091,901 | 2,242,616 |
Aftermarket Segment | |||
Segment Reporting Information | |||
Total net sales | 628,255 | 279,581 | 233,191 |
Chassis, Chassis Parts and Slide-out Mechanisms | OEM Segment | |||
Segment Reporting Information | |||
Total net sales | 815,706 | 796,434 | 908,065 |
Windows and Doors | OEM Segment | |||
Segment Reporting Information | |||
Total net sales | 620,372 | 585,464 | 615,644 |
Furniture and Mattresses | OEM Segment | |||
Segment Reporting Information | |||
Total net sales | 351,107 | 342,691 | 380,514 |
Axles and Suspension Solutions | OEM Segment | |||
Segment Reporting Information | |||
Total net sales | 145,989 | 129,471 | 122,897 |
Other Products | OEM Segment | |||
Segment Reporting Information | |||
Total net sales | $ 234,737 | $ 237,841 | $ 215,496 |