Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 21, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'DREW INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000763744 | ' | ' |
Trading Symbol | 'dw | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 23,507,416 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $770,779,400 |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Consolidated Statements Of Income [Abstract] | ' | ' | ' | |||
Net sales | $1,015,576 | [1] | $901,123 | [1] | $681,166 | [1] |
Cost of sales | 802,467 | 732,464 | 541,445 | |||
Gross profit | 213,109 | 168,659 | 139,721 | |||
Selling, general and administrative expenses | 132,935 | 109,071 | 91,173 | |||
Executive succession | 1,876 | 1,456 | ' | |||
Operating profit | 78,298 | [2] | 58,132 | [2] | 48,548 | [2] |
Interest expense, net | 351 | 330 | 292 | |||
Income before income taxes | 77,947 | 57,802 | 48,256 | |||
Provision for income taxes | 27,828 | 20,462 | 18,197 | |||
Net income | $50,119 | $37,340 | $30,059 | |||
Net income per common share: | ' | ' | ' | |||
Basic | $2.15 | $1.66 | $1.35 | |||
Diluted | $2.11 | $1.64 | $1.34 | |||
Weighted average common shares outstanding: | ' | ' | ' | |||
Basic | 23,321 | 22,558 | 22,267 | |||
Diluted | 23,753 | 22,828 | 22,444 | |||
[1] | Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. | |||||
[2] | Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Current assets | ' | ' | ||
Cash and cash equivalents | $66,280 | $9,939 | ||
Accounts receivable, net | 31,015 | 21,846 | ||
Inventories, net | 101,211 | 97,367 | ||
Deferred taxes | 12,557 | 10,073 | ||
Prepaid expenses and other current assets | 14,467 | 14,798 | ||
Total current assets | 225,530 | 154,023 | ||
Fixed assets, net | 125,982 | 107,936 | ||
Goodwill | 21,545 | 21,177 | ||
Other intangible assets, net | 59,392 | 69,218 | ||
Deferred taxes | 12,236 | 14,993 | ||
Other assets | 8,499 | 6,521 | ||
Total assets | 453,184 | [1] | 373,868 | [1] |
Current liabilities | ' | ' | ||
Accounts payable, trade | 24,063 | 21,725 | ||
Dividend payable | 46,706 | ' | ||
Accrued expenses and other current liabilities | 47,422 | 48,055 | ||
Total current liabilities | 118,191 | 69,780 | ||
Other long-term liabilities | 21,380 | 19,843 | ||
Total liabilities | 139,571 | 89,623 | ||
Stockholders' equity | ' | ' | ||
Common stock, par value $.01 per share: authorized 30,000 shares; issued 26,058 shares at December 31, 2013 and 25,376 shares at December 31, 2012 | 261 | 254 | ||
Paid-in capital | 126,360 | 100,412 | ||
Retained earnings | 216,459 | 213,046 | ||
Stockholders' equity before treasury stock | 343,080 | 313,712 | ||
Treasury stock, at cost, 2,684 shares at December 31, 2013 and December 31, 2012 | -29,467 | -29,467 | ||
Total stockholders' equity | 313,613 | 284,245 | ||
Total liabilities and stockholders' equity | $453,184 | $373,868 | ||
[1] | 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. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 26,058,000 | 25,376,000 |
Treasury stock, shares | 2,684,000 | 2,684,000 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $50,119 | $37,340 | $30,059 |
Adjustments to reconcile net income to cash flows provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 27,500 | 25,665 | 20,522 |
Stock-based compensation expense | 10,839 | 6,318 | 4,587 |
Deferred taxes | 269 | -668 | 821 |
Other non-cash items | 1,867 | 654 | 1,570 |
Changes in assets and liabilities, net of acquisitions of businesses: | ' | ' | ' |
Accounts receivable, net | -9,013 | 774 | -5,007 |
Inventories, net | -3,403 | -4,727 | -14,738 |
Prepaid expenses and other assets | -2,288 | -10,738 | -1,848 |
Accounts payable, trade | 2,296 | 5,983 | 4,391 |
Accrued expenses and other liabilities | 4,491 | 12,088 | -3,526 |
Net cash flows provided by operating activities | 82,677 | 72,689 | 36,831 |
Cash flows from investing activities: | ' | ' | ' |
Capital expenditures | -32,595 | -32,026 | -24,317 |
Acquisitions of businesses | -4,750 | -1,473 | -50,302 |
Proceeds from sales of fixed assets | 1,444 | 5,420 | 1,338 |
Proceeds from maturity of short-term investments | ' | ' | 5,000 |
Other investing activities | -154 | -119 | -843 |
Net cash flows used for investing activities | -36,055 | -28,198 | -69,124 |
Cash flows from financing activities: | ' | ' | ' |
Exercise of stock options and deferred stock units | 15,175 | 8,217 | 1,188 |
Proceeds from line of credit borrowings | 135,452 | 52,227 | 130,500 |
Repayments under line of credit borrowings | -135,452 | -52,227 | -130,500 |
Payment of special dividend | ' | -45,038 | ' |
Payment of contingent consideration related to acquisitions | -5,456 | -4,315 | -398 |
Purchase of treasury stock | ' | ' | -626 |
Other financing activities | ' | ' | -167 |
Net cash flows provided by (used for) financing activities | 9,719 | -41,136 | -3 |
Net increase (decrease) in cash | 56,341 | 3,355 | -32,296 |
Cash and cash equivalents at beginning of year | 9,939 | 6,584 | 38,880 |
Cash and cash equivalents at end of year | 66,280 | 9,939 | 6,584 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Interest | 364 | 369 | 284 |
Income taxes, net of refunds | $26,799 | $24,145 | $18,909 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
In Thousands | |||||
Balance - at Dec. 31, 2010 | $247 | $79,986 | $192,067 | ($28,841) | $243,459 |
Net income | ' | ' | 30,059 | ' | 30,059 |
Issuance of shares of common stock pursuant to stock options, deferred stock units and restricted stock | 1 | 996 | ' | ' | 997 |
Income tax benefit relating to issuance of common stock pursuant to stock options, deferred stock units and restricted stock | ' | 216 | ' | ' | 216 |
Reversal of deferred tax assets due to expiration of vested stock options | ' | -2,496 | ' | ' | -2,496 |
Stock-based compensation expense | ' | 4,587 | ' | ' | 4,587 |
Issuance of deferred stock units relating to prior year compensation | ' | 1,100 | ' | ' | 1,100 |
Purchase of shares of treasury stock | ' | ' | ' | -626 | -626 |
Balance - at Dec. 31, 2011 | 248 | 84,389 | 222,126 | -29,467 | 277,296 |
Net income | ' | ' | 37,340 | ' | 37,340 |
Issuance of shares of common stock pursuant to stock options, deferred stock units and restricted stock | 6 | 7,853 | ' | ' | 7,859 |
Income tax benefit relating to issuance of common stock pursuant to stock options, deferred stock units and restricted stock | ' | 270 | ' | ' | 270 |
Stock-based compensation expense | ' | 6,318 | ' | ' | 6,318 |
Issuance of deferred stock units relating to prior year compensation | ' | 200 | ' | ' | 200 |
Special cash dividend ($2.00 per share) | ' | ' | -45,038 | ' | -45,038 |
Dividend equivalents on deferred stock units, stock awards and restricted stock | ' | 1,382 | -1,382 | ' | ' |
Balance - at Dec. 31, 2012 | 254 | 100,412 | 213,046 | -29,467 | 284,245 |
Net income | ' | ' | 50,119 | ' | 50,119 |
Issuance of shares of common stock pursuant to stock options, deferred stock units and restricted stock | 7 | 13,440 | ' | ' | 13,447 |
Income tax benefit relating to issuance of common stock pursuant to stock options, deferred stock units and restricted stock | ' | 1,534 | ' | ' | 1,534 |
Stock-based compensation expense | ' | 10,839 | ' | ' | 10,839 |
Issuance of deferred stock units relating to prior year compensation | ' | 135 | ' | ' | 135 |
Special cash dividend ($2.00 per share) | ' | ' | -46,706 | ' | -46,706 |
Balance - at Dec. 31, 2013 | $261 | $126,360 | $216,459 | ($29,467) | $313,613 |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Consolidated Statements Of Stockholders' Equity [Abstract] | ' | ' | ' |
Issuance of common stock, shares | 681,426 | 550,352 | 151,150 |
Issuance of deferred stock units, shares | 3,776 | 7,548 | 47,506 |
Special cash dividend, per share | $2 | $2 | ' |
Purchase of treasury stock, shares | 535,135 | ' | 33,856 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The Consolidated Financial Statements include the accounts of Drew Industries Incorporated and its wholly-owned subsidiaries (collectively, "Drew" or the "Company"). Drew has no unconsolidated subsidiaries. Drew operates through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components"). Effective December 2013, the Company completed the tax-free reorganization of Kinro, Inc. and its subsidiaries with and into Lippert Components. Drew, through Lippert Components, manufactures a broad array of components for recreational vehicles ("RVs") and manufactured homes, and to a lesser extent manufactures components for modular housing, truck caps and buses, as well as for trailers used to haul boats, livestock, equipment and other cargo. At December 31, 2013, the Company operated 31 manufacturing facilities in 11 states. | |
Because of fluctuations in dealer inventories, and the impact of international, national and regional economic conditions and consumer confidence on retail sales of RVs and other products for which we sell our components, current and future seasonal industry trends may be different than in prior years. | |
The Company is not aware of any significant events, except as disclosed in the Notes to Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. | |
All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | |
Accounts Receivable | |
Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience and any specific customer collection issues identified by the Company. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected. | |
Inventories | |
Inventories are stated at the lower of cost (using the first-in, first-out method) or market. Cost includes material, labor and overhead; market is replacement cost or realizable value after allowance for costs of distribution. | |
Fixed Assets | |
Fixed assets which are owned are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred; significant improvements are capitalized. | |
Income Taxes | |
Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. | |
The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. | |
The Company classifies interest and penalties related to income taxes as income tax expense in its Consolidated Financial Statements. | |
Goodwill | |
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In 2013, 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. In 2012 and 2011, the impairment tests were based on fair value, determined using discounted cash flows, appraised values or management's estimates. | |
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. The amortization of other intangible assets is done using a method, straight-line or accelerated, which best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. | |
Impairment of Long-Lived Assets | |
Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets. | |
Asset Retirement Obligations | |
Asset retirement obligations are legal obligations associated with the retirement of long-lived assets. The Company records asset retirement obligations on certain of its owned and leased facilities and leased machinery and equipment. These liabilities are initially recorded at fair value and are adjusted for changes resulting from revisions to the timing or the amount of the original estimate. | |
Environmental Liabilities | |
Accruals for environmental matters are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated, based upon current law and existing technologies. These amounts, which are not discounted and are exclusive of claims against potentially responsible third parties, are adjusted periodically as assessment and remediation efforts progress or additional technical or legal information becomes available. Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies and remedial activities, advances in technology, changes in environmental laws and regulations and their application, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other potentially responsible parties and the Company's ability to obtain contributions from other parties, and the lengthy time periods over which site remediation occurs. It is possible some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably against the Company, and could materially affect operating results when resolved in future periods. | |
Financial Instruments | |
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value due to the short-term nature of these instruments. | |
Stock-Based Compensation | |
All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards that have a service only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair value for stock options is determined using the Black-Scholes option-pricing model, while the fair values of deferred stock units and restricted stock are based on the market price of the Company's Common Stock, all on the date the stock-based awards are granted. | |
Revenue Recognition | |
The Company recognizes revenue when products are shipped and the customer takes ownership and assumes risk of loss, collectability is reasonably assured, and the sales price is fixed or determinable. Sales taxes collected from customers and remitted to governmental authorities, which are not significant, are accounted for on a net basis and therefore are excluded from net sales in the Consolidated Statements of Income. | |
Shipping and Handling Costs | |
The Company records shipping and handling costs within selling, general and administrative expenses. Such costs aggregated $36.4 million, $32.7 million and $24.6 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |
Legal Costs | |
The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income. | |
Fair Value Measurements | |
Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, income taxes, warranty obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, executive succession, 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 that are not readily apparent from other resources. Actual results and events could differ significantly from management estimates. | |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Reporting | ' | |||||||||||
2. SEGMENT REPORTING | ||||||||||||
The Company has two reportable segments; the recreational vehicle products segment (the "RV Segment") and the manufactured housing products segment (the "MH Segment"). Intersegment sales are insignificant. | ||||||||||||
The RV Segment, which accounted for 88 percent, 87 percent and 84 percent of consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively, manufactures a variety of products used primarily in the production of RVs, including: | ||||||||||||
ÏSteel chassis for towable RVs | ÏAluminum windows and screens | |||||||||||
ÏAxles and suspension solutions for towable RVs | ÏChassis components | |||||||||||
ÏSlide-out mechanisms and solutions | ÏFurniture and mattresses | |||||||||||
ÏThermoformed bath, kitchen and other products | ÏEntry, baggage, patio and ramp doors | |||||||||||
ÏEntry steps | ÏAwnings | |||||||||||
ÏManual, electric and hydraulic stabilizer and leveling systems | ÏOther accessories | |||||||||||
The Company also supplies certain of these products to the RV aftermarket. In addition, the Company manufactures components for adjacent industries, including buses, trailers used to haul boats, livestock, equipment and other cargo, and truck caps. Approximately 81 percent of the Company's RV Segment net sales in 2013 were of products to original equipment manufacturers ("OEMs") of travel trailer and fifth-wheel RVs. | ||||||||||||
The MH Segment, which accounted for 12 percent, 13 percent and 16 percent of consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively, manufactures a variety of products used in the production of manufactured homes and to a lesser extent, modular housing and mobile office units, including: | ||||||||||||
ÏVinyl and aluminum windows and screens | ÏSteel chassis | |||||||||||
ÏThermoformed bath and kitchen products | ÏSteel chassis parts | |||||||||||
ÏSteel and fiberglass entry doors | ÏAxles | |||||||||||
ÏAluminum and vinyl patio doors | ||||||||||||
The Company also supplies certain of these products to the manufactured housing aftermarket. Certain of the Company's MH Segment customers manufacture both manufactured homes and modular homes, and certain of the products manufactured by the Company are suitable for both types of homes. As a result, the Company is not always able to determine in which type of home its products are installed. | ||||||||||||
Decisions concerning the allocation of the Company's resources are made by the Company's key executives, with oversight by the Board of Directors. This group evaluates the performance of each segment based upon segment operating profit or loss, defined as income or loss before interest, executive succession and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the RV and MH Segments are the same as those described in Note 1 of the Notes to Consolidated Financial Statements. | ||||||||||||
Effective with the second quarter of 2013, in connection with the management succession and relocation of the corporate office from New York to Indiana, corporate expenses, accretion related to contingent consideration and other non-segment items, which were previously reported on separate lines, have been included as part of segment operating profit. 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. The segment disclosures from prior years have been reclassified to conform to the current year presentation. | ||||||||||||
Information relating to segments follows for the years ended December 31: | ||||||||||||
Segments | Corporate | |||||||||||
(In thousands) | RV | MH | Total | and Other | Total | |||||||
2013 | ||||||||||||
Net sales to external customers(a) | $ | 893,694 | $ | 121,882 | $ | 1,015,576 | $ | - | $ | 1,015,576 | ||
Operating profit (loss)(b) | $ | 68,248 | $ | 11,926 | $ | 80,174 | $ | (1,876 | ) | $ | 78,298 | |
Total assets(c) | $ | 306,139 | $ | 32,948 | $ | 339,087 | $ | 114,097 | $ | 453,184 | ||
Expenditures for long-lived assets(d) | $ | 34,989 | $ | 2,682 | $ | 37,671 | $ | - | $ | 37,671 | ||
Depreciation and amortization | $ | 24,615 | $ | 2,806 | $ | 27,421 | $ | 79 | $ | 27,500 | ||
2012 | ||||||||||||
Net sales to external customers(a) | $ | 780,925 | $ | 120,198 | $ | 901,123 | $ | - | $ | 901,123 | ||
Operating profit (loss)(b) | $ | 47,172 | $ | 12,416 | $ | 59,588 | $ | (1,456 | ) | $ | 58,132 | |
Total assets(c) | $ | 281,728 | $ | 35,668 | $ | 317,396 | $ | 56,472 | $ | 373,868 | ||
Expenditures for long-lived assets(d) | $ | 30,893 | $ | 2,739 | $ | 33,632 | $ | - | $ | 33,632 | ||
Depreciation and amortization | $ | 22,750 | $ | 2,822 | $ | 25,572 | $ | 93 | $ | 25,665 | ||
2011 | ||||||||||||
Net sales to external customers(a) | $ | 570,643 | $ | 110,523 | $ | 681,166 | $ | - | $ | 681,166 | ||
Operating profit(b) | $ | 37,715 | $ | 10,833 | $ | 48,548 | $ | - | $ | 48,548 | ||
Total assets(c) | $ | 268,395 | $ | 40,737 | $ | 309,132 | $ | 41,951 | $ | 351,083 | ||
Expenditures for long-lived assets(d) | $ | 66,931 | $ | 3,378 | $ | 70,309 | $ | 103 | $ | 70,412 | ||
Depreciation and amortization | $ | 17,593 | $ | 2,834 | $ | 20,427 | $ | 95 | $ | 20,522 | ||
(a) Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
(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 $4.8 million, $1.5 million and $45.2 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Net sales by product were as follows for the years ended December 31: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
RV Segment: | ||||||||||||
Chassis, chassis parts and | ||||||||||||
slide-out mechanisms | $ | 493,244 | $ | 443,850 | $ | 316,580 | ||||||
Windows, doors and screens | 181,934 | 173,436 | 126,130 | |||||||||
Furniture and mattresses | 100,196 | 78,082 | 67,088 | |||||||||
Axles and suspension solutions | 69,818 | 57,275 | 43,669 | |||||||||
Other | 48,502 | 28,282 | 17,176 | |||||||||
Total RV Segment net sales | $ | 893,694 | $ | 780,925 | $ | 570,643 | ||||||
MH Segment: | ||||||||||||
Windows, doors and screens | $ | 67,029 | $ | 63,655 | $ | 58,377 | ||||||
Chassis and chassis parts | 38,359 | 41,874 | 38,754 | |||||||||
Other | 16,494 | 14,669 | 13,392 | |||||||||
Total MH Segment net sales | $ | 121,882 | $ | 120,198 | $ | 110,523 | ||||||
Total net sales | $ | 1,015,576 | $ | 901,123 | $ | 681,166 | ||||||
The composition of net sales was as follows for the years ended December 31: | ||||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net sales: | ||||||||||||
RV Segment: | ||||||||||||
RV OEMs | ||||||||||||
Travel trailers and fifth-wheels | $ | 727,783 | $ | 653,478 | $ | 497,544 | ||||||
Motorhomes | 47,937 | 34,612 | 17,492 | |||||||||
RV aftermarket | 25,334 | 19,119 | 14,660 | |||||||||
Adjacent industries | 92,640 | 73,716 | 40,947 | |||||||||
Total RV Segment net sales | $ | 893,694 | $ | 780,925 | $ | 570,643 | ||||||
MH Segment: | ||||||||||||
Manufactured housing OEMs | $ | 80,245 | $ | 80,392 | $ | 77,087 | ||||||
Manufactured housing aftermarket | 13,719 | 13,110 | 13,073 | |||||||||
Adjacent industries | 27,918 | 26,696 | 20,363 | |||||||||
Total MH Segment net sales | $ | 121,882 | $ | 120,198 | $ | 110,523 | ||||||
Total net sales | $ | 1,015,576 | $ | 901,123 | $ | 681,166 |
Acquisitions_Goodwill_And_Othe
Acquisitions, Goodwill And Other Intangible Assets | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Acquisitions, Goodwill And Other Intangible Assets [Abstract] | ' | ||||||||||
Acquisitions, Goodwill And Other Intangible Assets | ' | ||||||||||
3. ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||
Acquisition in 2014 | |||||||||||
Innovative Design Solutions, Inc. | |||||||||||
On February 27, 2014, the Company acquired Innovative Design Solutions, Inc. ("IDS"), a designer, developer and manufacturer of electronic systems encompassing a wide variety of RV applications. IDS also manufactures electronic systems for automotive, medical and industrial applications. IDS had annual sales of approximately $19 million in 2013, of which $13 million were to the Company. The purchase price was $36.0 million, of which $34.2 million was paid at closing, with the balance to be paid out annually over the subsequent three years, plus contingent consideration based on future sales. | |||||||||||
Acquisitions in 2013 | |||||||||||
Fortress Technologies, LLC | |||||||||||
On December 13, 2013, the Company acquired the business and certain assets of Fortress Technologies, LLC ("Fortress"). Fortress is a manufacturer of specialized RV chassis. The acquired business had annualized sales of approximately $3 million. The results of the acquired business have been included in the Company's RV Segment and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 3,299 | |||||||||
Working capital, net | $ | (111 | ) | ||||||||
Net tangible assets | 3,410 | ||||||||||
Total fair value of net assets acquired | $ | 3,299 | |||||||||
Midstates Tool & Die and Engineering, Inc. | |||||||||||
On June 24, 2013, the Company acquired the business and certain assets of Midstates Tool & Die and Engineering, Inc. ("Midstates"). Midstates is a manufacturer of tools and dies, as well as automation equipment. The acquired business had annualized sales of approximately $2 million. The results of the acquired business have been included in the Company's RV Segment and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 1,451 | |||||||||
Working capital, net | $ | 20 | |||||||||
Non-compete agreement | 40 | ||||||||||
Net tangible assets | 1,023 | ||||||||||
Total fair value of net assets acquired | $ | 1,083 | |||||||||
Goodwill (tax deductible) | $ | 368 | |||||||||
The consideration given was greater than the fair value of assets acquired, resulting in goodwill, because the Company anticipates the automation capabilities of the acquired business will help to improve its operating efficiencies. | |||||||||||
Acquisition in 2012 | |||||||||||
RV Entry Door Operation | |||||||||||
On February 21, 2012, the Company acquired the business and certain assets of the United States RV entry door operation of Euramax International, Inc. The acquired business had annualized sales of approximately $6 million. The purchase price was $1.7 million, of which $1.2 million was paid at closing, with the balance to be paid over the next three years. The results of the acquired business have been included in the Company's RV Segment and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 1,164 | |||||||||
Present value of future payments | 482 | ||||||||||
Total fair value of consideration given | $ | 1,646 | |||||||||
Customer relationships | $ | 270 | |||||||||
Other identifiable intangible assets | 40 | ||||||||||
Net tangible assets | 785 | ||||||||||
Total fair value of net assets acquired | $ | 1,095 | |||||||||
Goodwill (tax deductible) | $ | 551 | |||||||||
The customer relationships are being amortized over their estimated useful life of 7 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing manufacturing capacity and purchasing power to reduce costs in this product line. | |||||||||||
Acquisitions in 2011 | |||||||||||
The five acquisitions completed in 2011 added approximately $40 million in net sales for 2011 subsequent to their respective acquisition dates. Assuming that each of the acquisitions completed in 2011 had been completed at the beginning of 2011, net sales for 2011 would have been $55 million higher. | |||||||||||
M&M Fabricators | |||||||||||
On December 1, 2011, the Company acquired the business and certain assets of M&M Fabricators. M&M had annualized sales of approximately $3 million, comprised of chassis modification primarily for producers of transit buses, specialized commercial vehicles, and Class A and Class C motorhome RVs. The purchase price was $1.0 million paid at closing, plus contingent consideration based on future sales of this operation. The results of the acquired business have been included in the Company's RV Segment and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 961 | |||||||||
Contingent consideration | 450 | ||||||||||
Total fair value of consideration given | $ | 1,411 | |||||||||
Customer relationships | $ | 330 | |||||||||
Net tangible assets | 820 | ||||||||||
Total fair value of net assets acquired | $ | 1,150 | |||||||||
Goodwill (tax deductible) | $ | 261 | |||||||||
The consideration given was greater than the fair value of the assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and purchasing power with respect to these product lines. | |||||||||||
Starquest Products, LLC | |||||||||||
On August 29, 2011, the Company acquired the business and assets of Starquest Products, LLC and its affiliated company. Starquest had annual sales of approximately $22 million, comprised primarily of windows for truck caps, which are fiberglass enclosures that fit over the bed of pick-up trucks, painted to automotive standards and designed to exact truck bed specifications. Starquest also manufactures windows and doors for horse trailers and certain types of buses. The purchase price was $22.6 million paid at closing, plus contingent consideration based on future sales of certain products. The results of the acquired business have been included in the Company's RV Segment and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 22,600 | |||||||||
Contingent consideration | 40 | ||||||||||
Total fair value of consideration given | $ | 22,640 | |||||||||
Customer relationships | $ | 12,540 | |||||||||
Other identifiable intangible assets | 1,884 | ||||||||||
Net tangible assets | 2,871 | ||||||||||
Total fair value of net assets acquired | $ | 17,295 | |||||||||
Goodwill (tax deductible) | $ | 5,345 | |||||||||
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and purchasing power with respect to these product lines. | |||||||||||
EA Technologies, LLC | |||||||||||
On August 22, 2011, the Company acquired from EA Technologies, LLC the business and certain assets of the towable RV chassis and slide-out mechanism operation previously owned by Dexter Chassis Group. The acquired business had annual sales of more than $40 million. The purchase price was $13.5 million paid at closing. The results of the acquired business have been included in the Company's RV Segment and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 13,500 | |||||||||
Customer relationships | $ | 6,960 | |||||||||
Net tangible assets | 2,339 | ||||||||||
Total fair value of net assets acquired | $ | 9,299 | |||||||||
Goodwill (tax deductible) | $ | 4,201 | |||||||||
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. | |||||||||||
The consideration given was greater than the fair value of the assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and manufacturing capacity with respect to these product lines. | |||||||||||
M-Tec Corporation | |||||||||||
On July 19, 2011, the Company acquired certain assets and business of M-Tec Corporation. The acquired business had annual sales of approximately $12 million comprised primarily of components for RVs, mobile office units and manufactured homes. The purchase price was $6.0 million paid at closing, plus contingent consideration based on future sales of existing products. The results of the acquired business have been included in either the Company's RV or MH Segments, as appropriate, and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 5,990 | |||||||||
Contingent consideration | 450 | ||||||||||
Total fair value of consideration given | $ | 6,440 | |||||||||
Customer relationships | $ | 2,310 | |||||||||
Other identifiable intangible assets | 315 | ||||||||||
Net tangible assets | 1,723 | ||||||||||
Total fair value of net assets acquired | $ | 4,348 | |||||||||
Goodwill (tax deductible) | $ | 2,092 | |||||||||
The customer relationships intangible asset is being amortized over its estimated useful life of 15 years. The consideration given was greater than the fair value of the assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing manufacturing expertise and purchasing power with respect to these product lines. | |||||||||||
Home-Style Industries | |||||||||||
On January 28, 2011, the Company acquired the operating assets and business of Home-Style Industries, Inc., and its affiliated companies. Home-Style had annual sales of approximately $12 million comprised primarily of a full line of upholstered furniture and mattresses primarily for towable RVs, in the Northwest U.S. market. The purchase price was $7.3 million paid at closing, plus contingent consideration based on future sales of existing products in specific geographic regions. The results of the acquired business have been included in the Company's RV Segment and in the Consolidated Statements of Income since the acquisition date. | |||||||||||
The acquisition of this business was recorded on the acquisition date as follows (in thousands): | |||||||||||
Cash consideration | $ | 7,250 | |||||||||
Contingent consideration | 150 | ||||||||||
Total fair value of consideration given | $ | 7,400 | |||||||||
Customer relationships | $ | 3,350 | |||||||||
Other identifiable intangible assets | 365 | ||||||||||
Net tangible assets | 2,582 | ||||||||||
Total fair value of net assets acquired | $ | 6,297 | |||||||||
Goodwill (tax deductible) | $ | 1,103 | |||||||||
The customer relationships intangible asset is being amortized over its estimated useful life of 12 years. The consideration given was greater than the fair value of the assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing experience and purchasing power with respect to these product lines. | |||||||||||
Goodwill | |||||||||||
Goodwill by reportable segment was as follows: | |||||||||||
(In thousands) | RV Segment | MH Segment | Total | ||||||||
Accumulated cost | $ | 48,773 | $ | 9,251 | $ | 58,024 | |||||
Accumulated impairment | (41,276 | ) | (9,251 | ) | (50,527 | ) | |||||
Net balance – December 31, 2010 | 7,497 | - | 7,497 | ||||||||
Acquisitions – 2011 | 12,228 | 774 | 13,002 | ||||||||
Net balance – December 31, 2011 | 19,725 | 774 | 20,499 | ||||||||
Acquisitions – 2012 | 678 | - | 678 | ||||||||
Net balance – December 31, 2012 | 20,403 | 774 | 21,177 | ||||||||
Acquisitions – 2013 | 368 | - | 368 | ||||||||
Net balance – December 31, 2013 | $ | 20,771 | $ | 774 | $ | 21,545 | |||||
Accumulated cost | $ | 62,047 | $ | 10,025 | $ | 72,072 | |||||
Accumulated impairment | (41,276 | ) | (9,251 | ) | (50,527 | ) | |||||
Net balance – December 31, 2013 | $ | 20,771 | $ | 774 | $ | 21,545 | |||||
The Company performed its annual goodwill impairment procedures for all of its reporting units as of November 30 2013, 2012 and 2011, and concluded no goodwill impairment existed at that time. The Company plans to update its review as of November 30, 2014, or sooner if events occur or circumstances change that could reduce the fair value of a reporting unit below its carrying value. | |||||||||||
Other Intangible Assets | |||||||||||
Other intangible assets, by segment, consisted of the following at December 31: | |||||||||||
(In thousands) | 2013 | 2012 | |||||||||
RV Segment | $ | 56,954 | $ | 66,191 | |||||||
MH Segment | 2,438 | 3,027 | |||||||||
Other intangible assets | $ | 59,392 | $ | 69,218 | |||||||
Other intangible assets consisted of the following at December 31, 2013: | |||||||||||
Gross | Accumulated | Net | Estimated Useful | ||||||||
(In thousands) | Cost | Amortization | Balance | Life in Years | |||||||
Customer relationships | $ | 50,105 | $ | 21,999 | $ | 28,106 | 6 to 16 | ||||
Patents | 41,651 | 18,461 | 23,190 | 3 to 19 | |||||||
Tradenames | 7,959 | 5,976 | 1,983 | 5 to 15 | |||||||
Non-compete agreements | 3,866 | 2,210 | 1,656 | 3 to 6 | |||||||
Purchased research and | |||||||||||
development | 4,457 | - | 4,457 | Indefinite | |||||||
Other intangible assets | $ | 108,038 | $ | 48,646 | $ | 59,392 | |||||
Other intangible assets consisted of the following at December 31, 2012: | |||||||||||
Gross | Accumulated | Net | Estimated Useful | ||||||||
(In thousands) | Cost | Amortization | Balance | Life in Years | |||||||
Customer relationships | $ | 50,105 | $ | 17,857 | $ | 32,248 | 3 to 16 | ||||
Patents | 41,507 | 14,850 | 26,657 | 2 to 19 | |||||||
Tradenames | 7,959 | 4,525 | 3,434 | 5 to 15 | |||||||
Non-compete agreements | 4,989 | 2,567 | 2,422 | 1 to 7 | |||||||
Purchased research and | |||||||||||
development | 4,457 | - | 4,457 | Indefinite | |||||||
Other intangible assets | $ | 109,017 | $ | 39,799 | $ | 69,218 | |||||
Amortization expense related to other intangible assets was as follows for the years ended December 31: | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Cost of sales | $ | 3,610 | $ | 4,492 | $ | 3,393 | |||||
Selling, general and administrative expenses | 6,398 | 6,760 | 4,958 | ||||||||
Amortization expense | $ | 10,008 | $ | 11,252 | $ | 8,351 | |||||
Estimated amortization expense for other intangible assets for the next five years is as follows: | |||||||||||
(In thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||
Cost of sales | $ | 3,890 | $ | 4,028 | $ | 4,175 | $ | 3,816 | $ | 3,081 | |
Selling, general and | |||||||||||
administrative expense | $ | 5,217 | $ | 4,566 | $ | 3,696 | $ | 3,331 | $ | 3,037 | |
Amortization expense | $ | 9,107 | $ | 8,594 | $ | 7,871 | $ | 7,147 | $ | 6,118 | |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts Receivable [Abstract] | ' | |||||||||
Accounts Receivable | ' | |||||||||
4. ACCOUNTS RECEIVABLE | ||||||||||
The following table provides a reconciliation of the activity related to the Company's allowance for doubtful accounts receivable, for the years ended December 31: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Balance at beginning of period | $ | 677 | $ | 858 | $ | 499 | ||||
Provision for doubtful accounts | 194 | 304 | 72 | |||||||
Additions related to acquired businesses | 5 | - | 129 | |||||||
Recoveries | 1 | 8 | 340 | |||||||
Accounts written off | (172 | ) | (493 | ) | (182 | ) | ||||
Balance at end of period | $ | 705 | $ | 677 | $ | 858 | ||||
In addition to the allowance for doubtful accounts receivable, the Company had an allowance for prompt payment discounts in the amount of $0.3 million at December 31, 2013 and 2012, respectively. | ||||||||||
Inventories
Inventories | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventories [Abstract] | ' | ||||
Inventories | ' | ||||
5. INVENTORIES | |||||
Inventories consisted of the following at December 31: | |||||
(In thousands) | 2013 | 2012 | |||
Raw materials | $ | 84,279 | $ | 78,434 | |
Work in process | 3,038 | 2,074 | |||
Finished goods | 13,894 | 16,859 | |||
Inventories, net | $ | 101,211 | $ | 97,367 |
Fixed_Assets
Fixed Assets | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Fixed Assets [Abstract] | ' | ||||||
Fixed Assets | ' | ||||||
6. FIXED ASSETS | |||||||
Fixed assets consisted of the following at December 31: | |||||||
Estimated Useful | |||||||
(In thousands) | 2013 | 2012 | Life in Years | ||||
Land | $ | 12,018 | $ | 10,445 | |||
Buildings and improvements | 76,577 | 69,805 | 10 to 40 | ||||
Leasehold improvements | 2,044 | 1,329 | 3 to 10 | ||||
Machinery and equipment | 130,461 | 109,582 | 3 to 15 | ||||
Furniture and fixtures | 17,745 | 13,738 | 3 to 8 | ||||
Construction in progress | 2,771 | 6,190 | |||||
Fixed assets, at cost | 241,616 | 211,089 | |||||
Less accumulated depreciation and | |||||||
amortization | 115,634 | 103,153 | |||||
Fixed assets, net | $ | 125,982 | $ | 107,936 | |||
Depreciation and amortization of fixed assets was as follows for the years ended December 31: | |||||||
(In thousands) | 2013 | 2012 | 2011 | ||||
Cost of sales | $ | 14,667 | $ | 11,886 | $ | 10,130 | |
Selling, general and administrative expenses | 2,773 | 2,475 | 1,990 | ||||
Total | $ | 17,440 | $ | 14,361 | $ | 12,120 |
Accrued_Expenses_And_Other_Cur
Accrued Expenses And Other Current Liabilities | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accrued Expenses And Other Current Liabilities [Abstract] | ' | |||||||||
Accrued Expenses And Other Current Liabilities | ' | |||||||||
7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||||||||
Accrued expenses and other current liabilities consisted of the following at December 31: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Employee compensation and benefits | $ | 18,583 | $ | 18,490 | ||||||
Warranty | 11,731 | 9,125 | ||||||||
Sales rebates | 4,773 | 5,711 | ||||||||
Current portion of contingent consideration | ||||||||||
related to acquisitions | 3,462 | 5,429 | ||||||||
Other | 8,873 | 9,300 | ||||||||
Accrued expenses and other | ||||||||||
current liabilities | $ | 47,422 | $ | 48,055 | ||||||
Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's (i) historical warranty costs, (ii) current trends, (iii) product mix, and (iv) sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the years ended December 31: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Balance at beginning of period | $ | 12,729 | $ | 8,640 | $ | 5,892 | ||||
Provision for warranty expense | 13,874 | 12,383 | 6,750 | |||||||
Warranty liability from acquired businesses | 21 | 8 | 563 | |||||||
Warranty costs paid | (9,299 | ) | (8,302 | ) | (4,565 | ) | ||||
Total accrued warranty | 17,325 | 12,729 | 8,640 | |||||||
Less long-term portion | 5,594 | 3,604 | 2,758 | |||||||
Current accrued warranty | $ | 11,731 | $ | 9,125 | $ | 5,882 |
Retirement_And_Other_Benefit_P
Retirement And Other Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Retirement And Other Benefit Plans [Abstract] | ' |
Retirement And Other Benefit Plans | ' |
8. 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 $1.4 million, $1.1 million and $1.0 million to this plan during the years ended December 31, 2013, 2012 and 2011, respectively. | |
Deferred Compensation Plan | |
The Company has an Executive Non-Qualified Deferred Compensation Plan (the "Plan"). Pursuant to the Plan, certain management employees are eligible to defer all or a portion of their regular salary and incentive compensation. Participants deferred $1.7 million, $1.9 million and $2.0 million during the years ended December 31, 2013, 2012 and 2011, 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 and $0.6 million from the Plan during the years ended December 31, 2013, and 2011, respectively. There were no participant withdrawals in 2012. At December 31, 2013 and 2012, deferred compensation of $9.4 million and $7.0 million, respectively, was recorded in other long-term liabilities, and at December 31, 2013, deferred compensation of $0.2 million was recorded in accrued expenses and other current liabilities. | |
LongTerm_Indebtedness
Long-Term Indebtedness | 12 Months Ended |
Dec. 31, 2013 | |
Long-Term Indebtedness [Abstract] | ' |
Long-Term Indebtedness | ' |
9. LONG-TERM INDEBTEDNESS | |
The Company had no debt outstanding at December 31, 2013 and 2012. | |
The Company has a $50.0 million line of credit (the "Credit Agreement") with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. (collectively, the "Lenders"). The maximum borrowings under the Company's line of credit can be increased by $20.0 million upon approval of the Lenders. Interest on borrowings under the line of credit is designated from time to time by the Company as either (i) the Prime Rate, but not less than 2.5 percent, plus additional interest up to 0.8 percent (0 percent at December 31, 2013 and 2012), or (ii) LIBOR plus additional interest ranging from 2.0 percent to 2.8 percent (2.0 percent at December 31, 2013 and 2012) depending on the Company's performance and financial condition. The Credit Agreement, which was scheduled to expire on January 1, 2016, was amended and extended on February 24, 2014, and now expires on January 1, 2019. In connection with this amendment, the line of credit was increased to $75.0 million. At December 31, 2013 and 2012, the Company had $2.2 million and $3.0 million, respectively in outstanding letters of credit under the line of credit. Availability under the Company's line of credit was $47.8 million at December 31, 2013. | |
The Company also has a $150.0 million "shelf-loan" facility with Prudential Investment Management, Inc. and its affiliates ("Prudential"). The facility provides for Prudential to consider purchasing, at the Company's request, in one or a series of transactions, Senior Promissory Notes of the Company in the aggregate principal amount of up to $150.0 million, to mature no more than twelve years after the date of original issue of each Senior Promissory Note. Prudential has no obligation to purchase the Senior Promissory Notes. Interest payable on the Senior Promissory Notes will be at rates determined by Prudential within five business days after the Company issues a request to Prudential. At December 31, 2013 and 2012, there were no Senior Promissory Notes outstanding. This facility, which was scheduled to expire on February 24, 2014, was amended and extended on February 24, 2014, and now expires on February 24, 2017. | |
Both the line of credit pursuant to the Credit Agreement and the "shelf-loan" facility are subject to a maximum leverage ratio covenant which limits the amount of consolidated outstanding indebtedness to 2.5 times the trailing twelve-month EBITDA, as defined. This limitation did not impact the Company's borrowing availability at December 31, 2013. The remaining availability under these facilities was $197.8 million at December 31, 2013. The Company believes the availability under the amended line of credit and "shelf-loan" facility, together with the $66.3 million in cash at December 31, 2013, is more than adequate to finance the Company's anticipated cash requirements for 2014. | |
Pursuant to the Credit Agreement and "shelf-loan" facility, at December 31, 2013 and 2012 the Company was required to maintain minimum interest and fixed charge coverages, and to meet certain other financial requirements. At December 31, 2013 and 2012, the Company was in compliance with all such requirements, and expects to remain in compliance during 2014. | |
Borrowings under both the line of credit and the "shelf-loan" facility are secured on a pari-passu basis by first priority liens on the capital stock or other equity interests of each of the Company's direct and indirect subsidiaries. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
10. INCOME TAXES | ||||||||||
The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Current: | ||||||||||
Federal | $ | 23,430 | $ | 17,483 | $ | 13,875 | ||||
State | 4,129 | 3,647 | 3,501 | |||||||
Total current provision | $ | 27,559 | $ | 21,130 | $ | 17,376 | ||||
Deferred: | ||||||||||
Federal | 68 | (298 | ) | 590 | ||||||
State | 201 | (370 | ) | 231 | ||||||
Total deferred provision | $ | 269 | $ | (668 | ) | $ | 821 | |||
Provision for income taxes | $ | 27,828 | $ | 20,462 | $ | 18,197 | ||||
The provision for income taxes differs from the amount computed by applying the federal statutory rate to income before income taxes for the following reasons for the years ended December 31: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Income tax at federal statutory rate | $ | 27,281 | $ | 20,231 | $ | 16,889 | ||||
State income taxes, net of federal income | ||||||||||
tax impact | 2,815 | 2,130 | 2,426 | |||||||
Manufacturing credit pursuant to Jobs | ||||||||||
Creation Act | (1,444 | ) | (1,101 | ) | (828 | ) | ||||
Other | (824 | ) | (798 | ) | (290 | ) | ||||
Provision for income taxes | $ | 27,828 | $ | 20,462 | $ | 18,197 | ||||
At December 31, 2013, federal and state income taxes receivable of $3.7 million were included in prepaid expenses and other current assets. At December 31, 2012, federal income taxes receivable of $2.7 million were included in prepaid expenses and other current assets, and state income taxes payable of $0.2 million were included in accrued expenses and other current liabilities. | ||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31: | ||||||||||
(In thousands) | 2013 | 2012 | ||||||||
Deferred tax assets: | ||||||||||
Goodwill and other intangible assets | $ | 15,024 | $ | 15,768 | ||||||
Stock-based compensation | 5,116 | 4,272 | ||||||||
Deferred compensation | 3,722 | 2,713 | ||||||||
Warranty | 3,477 | 2,423 | ||||||||
Inventory | 3,245 | 3,248 | ||||||||
Other | 4,048 | 2,911 | ||||||||
Total deferred tax assets | 34,632 | 31,335 | ||||||||
Deferred tax liabilities: | ||||||||||
Fixed assets | (9,839 | ) | (6,269 | ) | ||||||
Net deferred tax assets | $ | 24,793 | $ | 25,066 | ||||||
The Company concluded it is more likely than not that the deferred tax assets at December 31, 2013 will be realized in the ordinary course of operations based on projected future taxable income and scheduling of deferred tax liabilities. | ||||||||||
Excess tax benefits on stock-based compensation of $1.5 million, $0.3 million and $0.2 million were credited directly to stockholders' equity during the years ended December 31, 2013, 2012 and 2011, respectively, relating to tax benefits which exceeded the compensation cost for stock-based compensation recognized in the Consolidated Financial Statements. | ||||||||||
In 2011, the Company reversed $2.5 million of deferred tax assets related to the expiration of vested stock options granted in prior years. This reversal was recorded as a reduction of stockholders' equity, against the pool of available excess tax benefits from prior exercises of stock-based compensation. At December 31, 2013, the remaining pool of excess tax benefits from prior exercises of stock-based compensation in stockholders' equity was $11.3 million. | ||||||||||
Unrecognized Tax Benefits | ||||||||||
The following table reconciles the total amounts of unrecognized tax benefits, at December 31: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Balance at beginning of period | $ | 1,701 | $ | 2,185 | $ | 2,213 | ||||
Changes in tax positions of prior years | (29 | ) | (297 | ) | (341 | ) | ||||
Additions based on tax positions | ||||||||||
related to the current year | 676 | 385 | 313 | |||||||
Payments | (126 | ) | - | - | ||||||
Closure of tax years | (853 | ) | (572 | ) | - | |||||
Balance at end of period | $ | 1,369 | $ | 1,701 | $ | 2,185 | ||||
In addition, the total amount of accrued interest and penalties related to taxes was $0.2 million, $0.4 million and $0.6 million at December 31, 2013, 2012 and 2011, respectively. | ||||||||||
The total amount of unrecognized tax benefits, net of federal income tax benefits, of $1.0 million, $1.2 million and $1.6 million at December 31, 2013, 2012 and 2011, respectively, would, if recognized, increase the Company's earnings, and lower the Company's annual effective tax rate in the year of recognition. | ||||||||||
The Company periodically undergoes examinations by the Internal Revenue Service ("IRS"), as well as various state taxing authorities. The IRS and other taxing authorities may challenge certain deductions and positions reported by the Company on its income tax returns. For federal income tax purposes, the tax years 2011 and 2012 remain subject to examination. For Indiana state income tax purposes, the tax years 2010 through 2012 remain subject to examination. Approximately 80 percent of the Company's operations are located in Indiana. | ||||||||||
The Company has assessed its risks associated with all tax return positions, and believes its tax reserve estimates reflect its best estimate of the deductions and positions it will be able to sustain, or it may be willing to concede as part of a settlement. At this time, the Company cannot estimate the range of reasonably possible change in its tax reserve estimates in 2014. While these tax matters could materially affect operating results when resolved in future periods, it is management's opinion that after final disposition, any monetary liability or financial impact to the Company beyond that provided for in the Consolidated Balance Sheet as of December 31, 2013, would not be material to the Company's financial position or annual results of operations. | ||||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Commitments And Contingencies [Abstract] | ' | |||||||||
Commitments And Contingencies | ' | |||||||||
11. COMMITMENTS AND CONTINGENCIES | ||||||||||
Leases | ||||||||||
The Company's lease commitments are primarily for real estate, machinery and equipment, and vehicles. The significant real estate leases provide for renewal options and require the Company to pay for property taxes and all other costs associated with the leased property. | ||||||||||
Future minimum lease payments under operating leases at December 31, 2013 are as follows (in thousands): | ||||||||||
2014 | $ | 3,496 | ||||||||
2015 | 2,518 | |||||||||
2016 | 2,101 | |||||||||
2017 | 1,867 | |||||||||
2018 | 1,666 | |||||||||
Thereafter | 3,605 | |||||||||
Total minimum lease payments | $ | 15,253 | ||||||||
In January 2014, the Company entered into a nine year operating lease with aggregate minimum lease payments of $6.1 million to consolidate manufacturing operations for efficiency improvements and expand capacity for its furniture and mattress operations. | ||||||||||
Rent expense for operating leases was $7.1 million, $5.6 million and $5.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||
Contingent Consideration | ||||||||||
In connection with several business acquisitions, if certain sales targets for the acquired products are achieved, the Company would pay additional cash consideration. The Company has recorded a liability for the fair value of this contingent consideration at December 31, 2013 and 2012, based on the present value of the expected future cash flows using a market participant's weighted average cost of capital of 15.5 percent and 14.9 percent, respectively. | ||||||||||
The following table summarizes the contingent consideration liability as of December 31, 2013: | ||||||||||
Fair Value of | ||||||||||
Estimated | Estimated | |||||||||
Remaining | Remaining | |||||||||
Acquisition (In thousands) | Payments | Payments | ||||||||
Schwintek products | $ | 5,188 | (a) $ | 3,871 | ||||||
Level-Up® six-point leveling system | 4,033 | (b) | 3,327 | |||||||
Other acquired products | 240 | (c) | 216 | |||||||
Total | $ | 9,461 | $ | 7,414 | ||||||
(a) | The remaining contingent consideration for two of the three products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the three products acquired have a combined remaining maximum contingent consideration of $4.4 million, of which the Company estimates $2.1 million will be paid. Other than expiration of the contingent consideration period, the remaining product has no maximum contingent consideration. | |||||||||
(b) | Other than expiration of the contingent consideration period in February 2016, this product has no maximum contingent consideration. | |||||||||
(c) | Contingent consideration expires at various dates through November 2025. Certain of these products have a combined remaining maximum contingent consideration of $3.1 million, while the remaining products have no maximum contingent consideration. | |||||||||
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) | 2013 | 2012 | 2011 | |||||||
Beginning balance | $ | 11,519 | $ | 14,561 | $ | 12,104 | ||||
Acquisitions | - | 67 | 1,090 | |||||||
Payments | (5,456 | ) | (4,315 | ) | (398 | ) | ||||
Accretion(a) | 1,308 | 1,756 | 1,886 | |||||||
Fair value adjustments(a) | 43 | (550 | ) | (121 | ) | |||||
Total ending balance | 7,414 | 11,519 | 14,561 | |||||||
Less current portion in accrued expenses | ||||||||||
and other current liabilities | (3,462 | ) | (5,429 | ) | (3,292 | ) | ||||
Total long-term portion in other long-term | ||||||||||
liabilities | $ | 3,952 | $ | 6,090 | $ | 11,269 | ||||
(a) Recorded in selling, general and administrative expense in the Consolidated Statements of Income. | ||||||||||
Litigation | ||||||||||
In the normal course of business, the Company is subject to proceedings, lawsuits and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management's opinion 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, 2013, would not be material to the Company's financial position or annual results of operations. | ||||||||||
Executive Succession and Severance | ||||||||||
On May 10, 2013, Fredric M. Zinn retired as President and Chief Executive Officer of Drew. Jason D. Lippert, Chairman and Chief Executive Officer of Lippert Components, succeeded Mr. Zinn as Chief Executive Officer of Drew. Scott T. Mereness, President of Lippert Components, succeeded Mr. Zinn as President of Drew. In June 2013, the Company also relocated its corporate headquarters from White Plains, New York to Elkhart County, Indiana, the location of the corporate headquarters of Lippert Components. | ||||||||||
In connection with the Company's executive succession and corporate relocation, the Company recorded pre-tax charges of $1.5 million in the fourth quarter of 2012 and $1.9 million in the first six months of 2013, related to contractual obligations for severance and the acceleration of equity awards held by certain employees whose employment terminated as a result of the executive succession and relocation to Indiana. No charges were recorded in the second half of 2013, and no other related charges are expected. The liability for executive succession and severance obligations will be paid through 2015. During the third quarter of 2013, the transition and corporate office relocation were completed. As a result, the Company expects to save an estimated $2 million annually in general and administrative costs. | ||||||||||
Unrelated to the executive succession, the Company incurred severance and relocation costs of $0.5 million, $0.2 million, and $0.1 million during the years ended December 31, 2013, 2012 and 2011, respectively, which were recorded in selling, general and administrative expenses in the Consolidated Statements of Income. | ||||||||||
The liability for executive succession and severance obligations, which will be paid through 2015, was recorded as follows at December 31: | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Other accrued expenses and current liabilities | $ | 1,064 | $ | 1,778 | $ | 449 | ||||
Other long-term liabilities | 315 | 671 | 1,028 | |||||||
Total executive succession and | ||||||||||
severance liability | $ | 1,379 | $ | 2,449 | $ | 1,477 |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Stockholders' Equity [Abstract] | ' | |||||||
Stockholders' Equity | ' | |||||||
12. STOCKHOLDERS' EQUITY | ||||||||
Special Dividend | ||||||||
On January 6, 2014, a special dividend of $2.00 per share of the Company's Common Stock, representing an aggregate of $46.7 million, was paid to stockholders of record as of December 20, 2013. On December 20, 2012, a special dividend of $2.00 per share of the Company's Common Stock, representing an aggregate of $45.0 million, was paid to stockholders of record as of December 10, 2012. In connection with these special dividends, holders of deferred stock units, restricted stock and stock awards were credited with deferred stock units, restricted stock or stock equal to $2.00 per deferred stock unit, restricted stock or stock, representing $1.4 million in total for each special dividend. In connection with these special cash dividends, the exercise price of all outstanding stock options was reduced by $2.00 per share. These reductions in exercise price were made pursuant to the terms of the outstanding awards, resulting in no incremental stock-based compensation expense. | ||||||||
Stock-Based Awards | ||||||||
Pursuant to the Drew Industries Incorporated Equity Award and Incentive Plan, as Amended and Restated (the "Equity Plan"), which was approved by stockholders in May 2011, the Company may grant to its directors, employees, and other eligible persons Common Stock-based awards, such as stock options, restricted stock and deferred stock units. All such awards granted under the Equity Plan must be approved by the Compensation Committee of Drew's Board of Directors (the "Committee"). The Committee determines the period for which all such awards may be exercisable, but in no event may such an award be exercisable more than 10 years from the date of grant. The number of shares available under the Equity Plan, and the exercise price of all such awards granted under the Equity Plan, are subject to adjustments by the Committee to reflect stock splits, dividends, recapitalization, mergers, or other major corporate actions. The number of shares available for granting awards was 246,368, 688,712 and 1,361,718 at December 31, 2013, 2012 and 2011, respectively. | ||||||||
Stock-based compensation resulted in charges to operations as follows for the years ended December 31: | ||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||
Stock options | $ | 2,325 | $ | 2,836 | $ | 3,218 | ||
Deferred stock units | 5,425 | 1,888 | 1,264 | |||||
Restricted stock | 911 | 849 | 105 | |||||
Stock awards | 2,178 | 745 | - | |||||
Stock-based compensation expense | $ | 10,839 | $ | 6,318 | $ | 4,587 | ||
Stock-based compensation expense is recorded in the Consolidated Statements of Income in the same line that cash compensation to those employees is recorded, primarily in selling, general and administrative expenses. | ||||||||
In addition, for the years ended December 31, 2013, 2012 and 2011, the Company issued deferred stock units to certain executive officers in lieu of cash for a portion of prior year incentive compensation, in accordance with their compensation arrangements, of $0.1 million, $0.2 million and $1.1 million, respectively. In February 2014, the Company issued 43,188 deferred stock units at $45.98 per share, or $2.0 million, to certain officers in lieu of cash for a portion of their 2013 salary and incentive compensation in accordance with their compensation arrangements. | ||||||||
The fair value of each stock option grant was estimated on the date of the grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | ||||||||
2011 | ||||||||
Risk-free interest rate | 0.71 | % | ||||||
Expected volatility | 55.2 | % | ||||||
Expected life | 4.1 years | |||||||
Contractual life | 6.0 years | |||||||
Dividend yield | N/A | |||||||
Fair value of stock options granted | $ | 10.02 | ||||||
The fair value of deferred stock units, restricted stock and stock grants was the market price of the Company's Common Stock on the grant date. | ||||||||
Stock Options | ||||||||
The Equity Plan provides for the grant of stock options that qualify as incentive stock options under Section 422 of the Internal Revenue Code, and non-qualified stock options. The exercise price for stock options granted under the Equity Plan must be at least equal to 100 percent of the fair market value of the shares subject to such stock option on the date of grant. The exercise price may be paid in cash or in shares of the Company's Common Stock which have been held for a minimum of six months. Historically, upon exercise of stock options, new shares have been issued instead of using treasury shares. | ||||||||
Outstanding stock options expire six years from the date of grant, and either vest ratably over the service period of five years for employees or, for certain executive officers, based on achievement of specified performance conditions. As a result of the Company's executive succession and corporate relocation, the vesting of certain stock options was accelerated pursuant to contractual obligations with certain employees whose employment terminated as a result of the relocation to Indiana. | ||||||||
Transactions in stock options under the Equity Plan are summarized as follows: | ||||||||
Weighted | ||||||||
Number of | Stock Option | Average | ||||||
Option Shares | Exercise Price | Exercise Price | ||||||
Outstanding at December 31, 2010 | 1,996,490 | $ | 10.09- $31.11 | $ | 21.7 | |||
Granted | 345,000 | $ | 23.17 | $ | 23.17 | |||
Exercised | (87,300 | ) | $ | 10.09- $19.67 | $ | 11.39 | ||
Forfeited | (100,900 | ) | $ | 10.09- $31.11 | $ | 22.37 | ||
Expired | (342,640 | ) | $ | 26.83- $27.21 | $ | 26.87 | ||
Outstanding at December 31, 2011 | 1,810,650 | $ | 10.09- $31.11 | $ | 21.46 | |||
Exercised | (422,131 | ) | $ | 8.09- $31.11 | $ | 19.13 | ||
Forfeited | (67,700 | ) | $ | 10.09- $31.11 | $ | 22.61 | ||
Reduction for cash dividend | - | $ | 8.09- $29.11 | $ | (2.00 | ) | ||
Outstanding at December 31, 2012 | 1,320,819 | $ | 8.09- $29.11 | $ | 19.92 | |||
Exercised | (574,288 | ) | $ | 8.09- $29.11 | $ | 23.04 | ||
Forfeited | (22,870 | ) | $ | 8.09- $29.11 | $ | 19.36 | ||
Reduction for cash dividend | - | $ | 6.09- $19.17 | $ | (2.00 | ) | ||
Outstanding at December 31, 2013 | 723,661 | $ | 6.09- $19.17 | $ | 15.46 | |||
Exercisable at December 31, 2013 | 388,521 | $ | 6.09- $19.17 | $ | 13.64 | |||
In 2013 and 2012, the Company granted deferred stock units in lieu of stock options. | ||||||||
Additional information for the exercise of stock options is as follows for the years ended December 31: | ||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||
Intrinsic value of stock options exercised | $ | 9,062 | $ | 4,838 | $ | 1,079 | ||
Cash receipts from stock options exercised | $ | 13,231 | $ | 8,075 | $ | 997 | ||
Income tax benefits from stock option | ||||||||
exercises | $ | 3,473 | $ | 1,852 | $ | 422 | ||
Grant date fair value of stock options vested $ | 2,252 | $ | 2,814 | $ | 3,207 | |||
The following table summarizes information about stock options outstanding at December 31, 2013: | ||||||||
Option | Remaining | Option | ||||||
Exercise | Shares | Life | Shares | |||||
Price | Outstanding | in Years | Exercisable | |||||
$ | 6.09 | 70,200 | 0.9 | 70,200 | ||||
$ | 7.53 | 400 | 0.9 | 400 | ||||
$ | 8.72 | 37,500 | 1 | 37,500 | ||||
$ | 15.49 | 131,181 | 1.9 | 94,281 | ||||
$ | 15.67 | 252,700 | 2.9 | 139,100 | ||||
$ | 19.17 | 231,680 | 3.9 | 47,040 | ||||
Total Shares | 723,661 | (a) | 388,521 | (a) | ||||
(a) The aggregate intrinsic value for option shares outstanding and option shares exercisable is $25.9 million and $14.6 million, respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 2.7 years and 2.2 years, respectively. Recorded in selling, general and administrative expense in the Consolidated Statements of Operations. | ||||||||
As of December 31, 2013, there was $2.7 million of total unrecognized compensation costs related to unvested stock options, which are expected to be recognized over a weighted average remaining period of 2.4 years. | ||||||||
Deferred Stock Units | ||||||||
The Equity Plan provides for the grant or issuance of deferred stock units ("DSUs") to directors, employees and other eligible persons. Recipients of DSUs are entitled to receive shares at the end of a specified deferral period. Holders of DSUs receive dividends granted to holders of the Common Stock, payable in additional DSUs, and are subject to the same vesting criteria as the original grant. | ||||||||
DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. As a result of the Company's executive succession and corporate relocation, the vesting of certain deferred stock units was accelerated pursuant to contractual obligations with certain employees whose employment terminated as a result of the relocation to Indiana. In addition, DSUs are issued in lieu of cash compensation. | ||||||||
Transactions in DSUs under the Equity Plan are summarized as follows: | ||||||||
Number of | ||||||||
Shares | Stock Price | |||||||
Outstanding at December 31, 2010 | 266,216 | $ | 5.50- $40.68 | |||||
Issued | 79,714 | $ | 18.67- $25.48 | |||||
Granted | 53,450 | $ | 23.17 | |||||
Forfeited | (2,660 | ) | $ | 20.89- $23.49 | ||||
Exercised | (27,587 | ) | $ | 6.16- $25.06 | ||||
Outstanding at December 31, 2011 | 369,133 | $ | 5.50- $40.68 | |||||
Issued | 23,713 | $ | 24.53- $32.07 | |||||
Granted | 282,925 | $ | 26.54- $30.50 | |||||
Dividend equivalents | 34,568 | $ | 33.32 | |||||
Exercised | (96,585 | ) | $ | 5.50- $40.68 | ||||
Outstanding at December 31, 2012 | 613,754 | $ | 6.16- $33.32 | |||||
Issued | 32,462 | $ | 33.84- $48.53 | |||||
Granted | 140,461 | $ | 36.58- $50.85 | |||||
Forfeited | (4,505 | ) | $ | 30.5 | ||||
Exercised | (89,211 | ) | $ | 20.20- $30.65 | ||||
Outstanding at December 31, 2013 | 692,961 | $ | 6.16- $50.85 | |||||
As of December 31, 2013, there was $8.9 million of total unrecognized compensation costs related to DSUs, which is expected to be recognized over a weighted average remaining period of 2.3 years. | ||||||||
Restricted Stock | ||||||||
The Equity Plan provides for the grant of restricted stock to directors, employees and other eligible persons. The restriction period is established by the Committee, but may not be less than one year. Holders of restricted stock have all the rights of a stockholder of the Company, including the right to vote and the right to receive dividends granted to holders of the Common Stock, payable in additional shares of restricted stock, and subject to the same vesting criteria as the original grant. All shares of restricted stock are not transferable during the restriction period, which lapses one year from the date of grant. Restricted stock grants, which were all made to directors, were as follows (in thousands except share and per share amounts): | ||||||||
2013 | 2012 | 2011 | ||||||
Granted | 17,885 | 29,841 | 36,260 | |||||
Stock price | $ | 50.89 | $ | 30.5 | $ | 23.17 | ||
Fair value of stock granted | $ | 910 | $ | 910 | $ | 840 | ||
As of December 31, 2013, there was $0.8 million of total unrecognized compensation costs related to restricted stock, which is expected to be recognized over a weighted average remaining period of 0.9 years. | ||||||||
Stock Awards | ||||||||
In accordance with the Executive Employment and Non-Competition Agreements for 2012 – 2014 with two of the Company's named executive officers, they are entitled to receive an annual long-term award consisting of the right to earn an aggregate of 85,000 shares of Common Stock. In accordance with compensation arrangements for 2013 – 2014 with certain other officers of the Company, they are entitled to receive an annual long-term award consisting of the right to earn an aggregate of 18,500 shares of the Common Stock. All of these shares are earned during the subsequent three year period based on growth in the Company's earnings per diluted share over that same three year period. As of December 31, 2013, there was $2.9 million of total unrecognized compensation costs related to outstanding stock awards, which is expected to be recognized over a weighted average remaining period of 1.8 years. The grant date fair value of the January 1, 2014 awards was $5.2 million. | ||||||||
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) | 2013 | 2012 | 2011 | |||||
Weighted average shares outstanding | ||||||||
for basic earnings per share | 23,321 | 22,558 | 22,267 | |||||
Common stock equivalents pertaining | ||||||||
to stock options and deferred | ||||||||
stock units | 432 | 270 | 177 | |||||
Weighted average shares outstanding | ||||||||
for diluted earnings per share | 23,753 | 22,828 | 22,444 | |||||
The weighted average diluted shares outstanding for the years ended December 31, 2013, 2012 and 2011, exclude the effect of 303,240, 426,788 and 1,311,330 shares of common stock, respectively, subject to stock options and deferred stock units. Such shares were excluded from total diluted shares because they were anti-dilutive or the specified performance conditions those shares were subject to were not yet achieved. | ||||||||
Treasury Stock | ||||||||
In 2007, the Board of Directors authorized the Company to repurchase up to 1 million shares of the Company's Common Stock from time to time in the open market, in privately negotiated transactions, or in block trades. The number of shares ultimately repurchased, and the timing of the purchases, will depend upon market conditions, share price and other factors. Treasury stock transactions under this authorization were as follows (in thousands except share and per share amounts): | ||||||||
Weighted | ||||||||
Average Price | ||||||||
Shares | Per Share | Cost | ||||||
Purchases through 2010 | 501,279 | $ | 18.7 | $ | 9,374 | |||
Purchases in 2011 | 33,856 | $ | 18.44 | $ | 626 | |||
Total purchases | 535,135 | $ | 18.64 | $ | 10,000 |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||
13. FAIR VALUE MEASUREMENTS | ||||||||||||||||||
Recurring | ||||||||||||||||||
The following table presents the Company's assets and liabilities that were measured at fair value on a recurring basis at December 31: | ||||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||||||||
Deferred compensation | $ | 6,535 | $ | 6,535 | $ | - | $ | - | $ | 4,540 | $ | 4,540 | $ | - | $ | - | ||
Derivative instruments | - | - | - | - | 223 | - | 223 | - | ||||||||||
Total assets | $ | 6,535 | $ | 6,535 | $ | - | $ | - | $ | 4,763 | $ | 4,540 | $ | 223 | $ | - | ||
Liabilities | ||||||||||||||||||
Contingent consideration $ | 7,414 | $ | - | $ | - | $ | 7,414 | $ | 11,519 | $ | - | $ | - | $ | 11,519 | |||
Deferred compensation | 9,673 | 9,673 | - | - | 7,015 | 7,015 | - | - | ||||||||||
Total liabilities | $ | 17,087 | $ | 9,673 | $ | - | $ | 7,414 | $ | 18,534 | $ | 7,015 | $ | - | $ | 11,519 | ||
Deferred Compensation | ||||||||||||||||||
The Company has an Executive Non-Qualified Deferred Compensation Plan (the "Plan"). The amounts deferred under the Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. The Company invests 65 percent of the amounts deferred by the Plan participants in life insurance contracts, matching the investments elected by the Plan participants. Deferred compensation assets and liabilities were valued using a market approach based on the quoted market prices of identical instruments. For further information on deferred compensation, see Note 8 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||
Contingent Consideration Related to Acquisitions | ||||||||||||||||||
Liabilities for contingent consideration related to acquisitions were valued using management's projections for long-term sales forecasts, including assumptions regarding market share gains and future industry-specific economic and market conditions, and a market participant's weighted average cost of capital. Over the next three years, the Company's long-term sales growth forecasts for products subject to contingent consideration arrangements average approximately 25 percent per year. For further information on the inputs used in determining the fair value, and a roll-forward of the contingent consideration liability, see Note 11 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||
Changes in either of the inputs in isolation would result in a change in the fair value measurement. A change in the assumptions used for sales forecasts would result in a directionally similar change in the fair value liability, while a change in the weighted average cost of capital would result in a directionally opposite change in the fair value liability. If there is an increase in the fair value liability, the Company would record a charge to selling, general and administrative expenses, and if there is a decrease in the fair value liability, the Company would record a benefit in selling, general and administrative expenses. | ||||||||||||||||||
Derivative Instruments | ||||||||||||||||||
At December 31, 2013, the Company had no derivative instruments outstanding. While outstanding, these derivative instruments were considered to be economic hedges of the underlying movement in the price of aluminum, but were not designated or accounted for as a hedge. These derivative instruments were valued at fair value using a market approach based on the quoted market prices of similar instruments at the end of each reporting period, and the resulting net gain or loss was recorded in cost of sales in the Consolidated Statements of Income. At December 31, 2012, the $0.2 million corresponding asset was recorded in prepaid expenses and other current assets in the Consolidated Balance Sheets. During 2013, derivative instruments for 4.7 million pounds of aluminum were settled at a loss of $0.3 million, which was recorded in cost of sales in the Consolidated Statements of Income. | ||||||||||||||||||
Non-recurring | ||||||||||||||||||
The following table presents the carrying value on the measurement date of any assets and liabilities which were measured at fair value and recorded at the lower of cost or fair value, on a non-recurring basis, using significant unobservable inputs (Level 3), and the corresponding non-recurring losses recognized during the years ended December 31: | ||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Carrying | Non-Recurring | Carrying | Non-Recurring | Carrying | Non-Recurring | |||||||||||||
(In thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||
Assets | ||||||||||||||||||
Vacant owned facilities | $ | 3,197 | $ | 145 | $ | 5,009 | $ | 523 | $ | 10,031 | $ | - | ||||||
Other intangible assets | - | - | - | 1,228 | - | - | ||||||||||||
Net assets of acquired | ||||||||||||||||||
businesses | 4,382 | - | 1,345 | - | 38,389 | - | ||||||||||||
Total assets | $ | 7,579 | $ | 145 | $ | 6,354 | $ | 1,751 | $ | 48,420 | $ | - | ||||||
Liabilities | ||||||||||||||||||
Vacant leased facilities | $ | - | $ | - | $ | - | $ | 50 | $ | 399 | $ | 203 | ||||||
Total liabilities | $ | - | $ | - | $ | - | $ | 50 | $ | 399 | $ | 203 | ||||||
Vacant Owned Facilities | ||||||||||||||||||
During 2013, 2012 and 2011, the Company reviewed the recoverability of the carrying value of its vacant owned facilities. The determination of fair value was based on the best information available, including internal cash flow estimates, market prices for similar assets, broker quotes and independent appraisals, as appropriate. | ||||||||||||||||||
During 2013, the fair value of two vacant owned facilities did not exceed its carrying value; therefore an impairment charge of $0.1 million was recorded in selling, general and administrative expenses in the Consolidated Statements of Income. A sale agreement has been signed on one facility, with closing scheduled for the first quarter of 2014. During 2013, the Company sold one of the facilities previously recorded as a vacant facility and reopened two facilities. At December 31, 2013, the Company had three vacant owned facilities, with an estimated combined fair value of $3.6 million and a combined carrying value of $3.2 million, including the one scheduled for closing in the first quarter of 2014, classified in fixed assets in the Consolidated Balance Sheets. | ||||||||||||||||||
During 2012, the carrying value of five vacant owned facilities exceeded their fair value; therefore an impairment charge of $0.5 million was recorded. During 2012, the Company sold at a gain of $0.8 million two of the facilities previously recorded as vacant facilities and reopened another. At December 31, 2012, the Company had four vacant owned facilities, with a combined carrying value of $5.0 million, classified in fixed assets in the Consolidated Balance Sheets. | ||||||||||||||||||
During 2011, the fair value of six vacant owned facilities exceeded their carrying value; therefore no impairment charges were recorded. At December 31, 2011, the Company had six vacant owned facilities with a combined carrying value of $10.0 million, classified in fixed assets in the Consolidated Balance Sheets. | ||||||||||||||||||
Other Intangible Assets | ||||||||||||||||||
During 2012, the Company reviewed the recoverability of amortizable intangible assets associated with an acquired patent. Based on the analyses, the $1.2 million carrying value of these intangible assets exceeded the undiscounted cash flows expected to be generated. As a result, the Company was required to determine the fair value of these intangible assets. Fair value was determined based on the present value of internal cash flow estimates. The resulting fair value of these intangible assets was nominal, therefore the Company recorded a non-cash impairment charge of $1.2 million, of which $1.0 million was recorded in cost of sales in the Consolidated Statements of Income. | ||||||||||||||||||
Net Assets of Acquired Businesses | ||||||||||||||||||
The Company valued the assets and liabilities associated with the acquisitions of businesses on the respective acquisition dates. Depending upon the type of asset or liability acquired, the Company used different valuation techniques in determining the fair value. Those techniques included comparable market prices, long-term sales, profitability and cash flow forecasts, assumptions regarding future industry-specific economic and market conditions, a market participant's weighted average cost of capital, as well as other techniques as circumstances required. For further information on acquired assets and liabilities, see Note 3 of the Notes to Consolidated Financial Statements. | ||||||||||||||||||
Vacant Leased Facilities | ||||||||||||||||||
The Company recorded charges of $0.1 million and $0.2 million for the years ended December 31, 2012 and 2011, respectively, in selling, general and administrative expenses in the Consolidated Statements of Income related to the exit from leased facilities. | ||||||||||||||||||
Quarterly_Results_Of_Operation
Quarterly Results Of Operations | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Quarterly Results Of Operations [Abstract] | ' | ||||||||||
Quarterly Results Of Operations | ' | ||||||||||
14. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | |||||||||||
Interim unaudited financial information follows: | |||||||||||
First | Second | Third | Fourth | ||||||||
(In thousands, except per share amounts) | Quarter | Quarter | Quarter | Quarter | Year | ||||||
Year ended December 31, 2013 | |||||||||||
Net sales | $ | 252,586 | $ | 287,192 | $ | 250,851 | $ | 224,947 | $ | 1,015,576 | |
Gross profit | $ | 47,591 | $ | 61,433 | $ | 56,126 | $ | 47,959 | $ | 213,109 | |
Income before income taxes | $ | 13,470 | $ | 25,623 | $ | 22,754 | $ | 16,100 | $ | 77,947 | |
Net income | $ | 8,372 | $ | 15,865 | $ | 14,805 | $ | 11,077 | $ | 50,119 | |
Net income per common share: | |||||||||||
Basic | $ | 0.36 | $ | 0.68 | $ | 0.63 | $ | 0.47 | $ | 2.15 | |
Diluted | $ | 0.36 | $ | 0.67 | $ | 0.62 | $ | 0.46 | $ | 2.11 | |
Stock market price: | |||||||||||
High | $ | 38.67 | $ | 41.25 | $ | 45.54 | $ | 54.21 | $ | 54.21 | |
Low | $ | 33.34 | $ | 34.13 | $ | 39.6 | $ | 45.86 | $ | 33.34 | |
Close (at end of quarter) | $ | 36.31 | $ | 39.32 | $ | 45.54 | $ | 51.2 | $ | 51.2 | |
Year ended December 31, 2012 | |||||||||||
Net sales | $ | 223,552 | $ | 251,014 | $ | 226,323 | $ | 200,234 | $ | 901,123 | |
Gross profit | $ | 44,823 | $ | 46,423 | $ | 41,542 | $ | 35,871 | $ | 168,659 | |
Income before income taxes | $ | 17,299 | $ | 18,912 | $ | 14,832 | $ | 6,759 | $ | 57,802 | |
Net income | $ | 11,116 | $ | 11,708 | $ | 9,771 | $ | 4,745 | $ | 37,340 | |
Net income per common share: | |||||||||||
Basic | $ | 0.5 | $ | 0.52 | $ | 0.43 | $ | 0.21 | $ | 1.66 | |
Diluted | $ | 0.49 | $ | 0.52 | $ | 0.43 | $ | 0.21 | $ | 1.64 | |
Stock market price: | |||||||||||
High | $ | 29.84 | $ | 30.02 | $ | 30.86 | $ | 33.32 | $ | 33.32 | |
Low | $ | 24.67 | $ | 25.83 | $ | 25.82 | $ | 29.48 | $ | 24.67 | |
Close (at end of quarter) | $ | 27.31 | $ | 27.85 | $ | 30.21 | $ | 32.25 | $ | 32.25 | |
The sum of per share amounts for the four quarters may not equal the total per share amounts for the year as a result of changes in the weighted average common shares outstanding or rounding. | |||||||||||
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The Consolidated Financial Statements include the accounts of Drew Industries Incorporated and its wholly-owned subsidiaries (collectively, "Drew" or the "Company"). Drew has no unconsolidated subsidiaries. Drew operates through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components"). Effective December 2013, the Company completed the tax-free reorganization of Kinro, Inc. and its subsidiaries with and into Lippert Components. Drew, through Lippert Components, manufactures a broad array of components for recreational vehicles ("RVs") and manufactured homes, and to a lesser extent manufactures components for modular housing, truck caps and buses, as well as for trailers used to haul boats, livestock, equipment and other cargo. At December 31, 2013, the Company operated 31 manufacturing facilities in 11 states. | |
Because of fluctuations in dealer inventories, and the impact of international, national and regional economic conditions and consumer confidence on retail sales of RVs and other products for which we sell our components, current and future seasonal industry trends may be different than in prior years. | |
The Company is not aware of any significant events, except as disclosed in the Notes to Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. | |
All significant intercompany balances and transactions have been eliminated. Certain prior year balances have been reclassified to conform to current year presentation. | |
Cash And Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | |
Accounts Receivable | ' |
Accounts Receivable | |
Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience and any specific customer collection issues identified by the Company. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected. | |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost (using the first-in, first-out method) or market. Cost includes material, labor and overhead; market is replacement cost or realizable value after allowance for costs of distribution. | |
Fixed Assets | ' |
Fixed Assets | |
Fixed assets which are owned are stated at cost less accumulated depreciation, and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred; significant improvements are capitalized. | |
Income Taxes | ' |
Income Taxes | |
Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. | |
The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. | |
The Company classifies interest and penalties related to income taxes as income tax expense in its Consolidated Financial Statements. | |
Goodwill | ' |
Goodwill | |
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In 2013, 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. In 2012 and 2011, the impairment tests were based on fair value, determined using discounted cash flows, appraised values or management's estimates. | |
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. The amortization of other intangible assets is done using a method, straight-line or accelerated, which best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. | |
Impairment Of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets. | |
Asset Retirement Obligations | ' |
Asset Retirement Obligations | |
Asset retirement obligations are legal obligations associated with the retirement of long-lived assets. The Company records asset retirement obligations on certain of its owned and leased facilities and leased machinery and equipment. These liabilities are initially recorded at fair value and are adjusted for changes resulting from revisions to the timing or the amount of the original estimate. | |
Environmental Liabilities | ' |
Environmental Liabilities | |
Accruals for environmental matters are recorded when it is probable a liability has been incurred and the amount of the liability can be reasonably estimated, based upon current law and existing technologies. These amounts, which are not discounted and are exclusive of claims against potentially responsible third parties, are adjusted periodically as assessment and remediation efforts progress or additional technical or legal information becomes available. Environmental exposures are difficult to assess for numerous reasons, including the identification of new sites, developments at sites resulting from investigatory studies and remedial activities, advances in technology, changes in environmental laws and regulations and their application, the scarcity of reliable data pertaining to identified sites, the difficulty in assessing the involvement and financial capability of other potentially responsible parties and the Company's ability to obtain contributions from other parties, and the lengthy time periods over which site remediation occurs. It is possible some of these matters (the outcomes of which are subject to various uncertainties) may be resolved unfavorably against the Company, and could materially affect operating results when resolved in future periods. | |
Financial Instruments | ' |
Financial Instruments | |
The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximated their fair value due to the short-term nature of these instruments. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards that have a service only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair value for stock options is determined using the Black-Scholes option-pricing model, while the fair values of deferred stock units and restricted stock are based on the market price of the Company's Common Stock, all on the date the stock-based awards are granted. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when products are shipped and the customer takes ownership and assumes risk of loss, collectability is reasonably assured, and the sales price is fixed or determinable. Sales taxes collected from customers and remitted to governmental authorities, which are not significant, are accounted for on a net basis and therefore are excluded from net sales in the Consolidated Statements of Income. | |
Shipping And Handling Costs | ' |
Shipping and Handling Costs | |
The Company records shipping and handling costs within selling, general and administrative expenses. Such costs aggregated $36.4 million, $32.7 million and $24.6 million in the years ended December 31, 2013, 2012 and 2011, respectively. | |
Legal Costs | ' |
Legal Costs | |
The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. | |
Use Of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, income taxes, warranty obligations, self-insurance obligations, lease terminations, asset retirement obligations, long-lived assets, executive succession, 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 that are not readily apparent from other resources. Actual results and events could differ significantly from management estimates. | |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Schedule Of Information Relating To Segments | ' | |||||||||||
Segments | Corporate | |||||||||||
(In thousands) | RV | MH | Total | and Other | Total | |||||||
2013 | ||||||||||||
Net sales to external customers(a) | $ | 893,694 | $ | 121,882 | $ | 1,015,576 | $ | - | $ | 1,015,576 | ||
Operating profit (loss)(b) | $ | 68,248 | $ | 11,926 | $ | 80,174 | $ | (1,876 | ) | $ | 78,298 | |
Total assets(c) | $ | 306,139 | $ | 32,948 | $ | 339,087 | $ | 114,097 | $ | 453,184 | ||
Expenditures for long-lived assets(d) | $ | 34,989 | $ | 2,682 | $ | 37,671 | $ | - | $ | 37,671 | ||
Depreciation and amortization | $ | 24,615 | $ | 2,806 | $ | 27,421 | $ | 79 | $ | 27,500 | ||
2012 | ||||||||||||
Net sales to external customers(a) | $ | 780,925 | $ | 120,198 | $ | 901,123 | $ | - | $ | 901,123 | ||
Operating profit (loss)(b) | $ | 47,172 | $ | 12,416 | $ | 59,588 | $ | (1,456 | ) | $ | 58,132 | |
Total assets(c) | $ | 281,728 | $ | 35,668 | $ | 317,396 | $ | 56,472 | $ | 373,868 | ||
Expenditures for long-lived assets(d) | $ | 30,893 | $ | 2,739 | $ | 33,632 | $ | - | $ | 33,632 | ||
Depreciation and amortization | $ | 22,750 | $ | 2,822 | $ | 25,572 | $ | 93 | $ | 25,665 | ||
2011 | ||||||||||||
Net sales to external customers(a) | $ | 570,643 | $ | 110,523 | $ | 681,166 | $ | - | $ | 681,166 | ||
Operating profit(b) | $ | 37,715 | $ | 10,833 | $ | 48,548 | $ | - | $ | 48,548 | ||
Total assets(c) | $ | 268,395 | $ | 40,737 | $ | 309,132 | $ | 41,951 | $ | 351,083 | ||
Expenditures for long-lived assets(d) | $ | 66,931 | $ | 3,378 | $ | 70,309 | $ | 103 | $ | 70,412 | ||
Depreciation and amortization | $ | 17,593 | $ | 2,834 | $ | 20,427 | $ | 95 | $ | 20,522 | ||
(a) Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. | ||||||||||||
(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 $4.8 million, $1.5 million and $45.2 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
Schedule Of Net Sales By Product | ' | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
RV Segment: | ||||||||||||
Chassis, chassis parts and | ||||||||||||
slide-out mechanisms | $ | 493,244 | $ | 443,850 | $ | 316,580 | ||||||
Windows, doors and screens | 181,934 | 173,436 | 126,130 | |||||||||
Furniture and mattresses | 100,196 | 78,082 | 67,088 | |||||||||
Axles and suspension solutions | 69,818 | 57,275 | 43,669 | |||||||||
Other | 48,502 | 28,282 | 17,176 | |||||||||
Total RV Segment net sales | $ | 893,694 | $ | 780,925 | $ | 570,643 | ||||||
MH Segment: | ||||||||||||
Windows, doors and screens | $ | 67,029 | $ | 63,655 | $ | 58,377 | ||||||
Chassis and chassis parts | 38,359 | 41,874 | 38,754 | |||||||||
Other | 16,494 | 14,669 | 13,392 | |||||||||
Total MH Segment net sales | $ | 121,882 | $ | 120,198 | $ | 110,523 | ||||||
Total net sales | $ | 1,015,576 | $ | 901,123 | $ | 681,166 | ||||||
Schedule Of Net Sales By Segment | ' | |||||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||||
Net sales: | ||||||||||||
RV Segment: | ||||||||||||
RV OEMs | ||||||||||||
Travel trailers and fifth-wheels | $ | 727,783 | $ | 653,478 | $ | 497,544 | ||||||
Motorhomes | 47,937 | 34,612 | 17,492 | |||||||||
RV aftermarket | 25,334 | 19,119 | 14,660 | |||||||||
Adjacent industries | 92,640 | 73,716 | 40,947 | |||||||||
Total RV Segment net sales | $ | 893,694 | $ | 780,925 | $ | 570,643 | ||||||
MH Segment: | ||||||||||||
Manufactured housing OEMs | $ | 80,245 | $ | 80,392 | $ | 77,087 | ||||||
Manufactured housing aftermarket | 13,719 | 13,110 | 13,073 | |||||||||
Adjacent industries | 27,918 | 26,696 | 20,363 | |||||||||
Total MH Segment net sales | $ | 121,882 | $ | 120,198 | $ | 110,523 | ||||||
Total net sales | $ | 1,015,576 | $ | 901,123 | $ | 681,166 |
Acquisitions_Goodwill_And_Othe1
Acquisitions, Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Goodwill By Reportable Segment | ' | ||||||||||
(In thousands) | RV Segment | MH Segment | Total | ||||||||
Accumulated cost | $ | 48,773 | $ | 9,251 | $ | 58,024 | |||||
Accumulated impairment | (41,276 | ) | (9,251 | ) | (50,527 | ) | |||||
Net balance – December 31, 2010 | 7,497 | - | 7,497 | ||||||||
Acquisitions – 2011 | 12,228 | 774 | 13,002 | ||||||||
Net balance – December 31, 2011 | 19,725 | 774 | 20,499 | ||||||||
Acquisitions – 2012 | 678 | - | 678 | ||||||||
Net balance – December 31, 2012 | 20,403 | 774 | 21,177 | ||||||||
Acquisitions – 2013 | 368 | - | 368 | ||||||||
Net balance – December 31, 2013 | $ | 20,771 | $ | 774 | $ | 21,545 | |||||
Accumulated cost | $ | 62,047 | $ | 10,025 | $ | 72,072 | |||||
Accumulated impairment | (41,276 | ) | (9,251 | ) | (50,527 | ) | |||||
Net balance – December 31, 2013 | $ | 20,771 | $ | 774 | $ | 21,545 | |||||
Schedule Of Other Intangible Assets By Segment | ' | ||||||||||
(In thousands) | 2013 | 2012 | |||||||||
RV Segment | $ | 56,954 | $ | 66,191 | |||||||
MH Segment | 2,438 | 3,027 | |||||||||
Other intangible assets | $ | 59,392 | $ | 69,218 | |||||||
Schedule Of Other Intangible Assets | ' | ||||||||||
Gross | Accumulated | Net | Estimated Useful | ||||||||
(In thousands) | Cost | Amortization | Balance | Life in Years | |||||||
Customer relationships | $ | 50,105 | $ | 21,999 | $ | 28,106 | 6 to 16 | ||||
Patents | 41,651 | 18,461 | 23,190 | 3 to 19 | |||||||
Tradenames | 7,959 | 5,976 | 1,983 | 5 to 15 | |||||||
Non-compete agreements | 3,866 | 2,210 | 1,656 | 3 to 6 | |||||||
Purchased research and | |||||||||||
development | 4,457 | - | 4,457 | Indefinite | |||||||
Other intangible assets | $ | 108,038 | $ | 48,646 | $ | 59,392 | |||||
Other intangible assets consisted of the following at December 31, 2012: | |||||||||||
Gross | Accumulated | Net | Estimated Useful | ||||||||
(In thousands) | Cost | Amortization | Balance | Life in Years | |||||||
Customer relationships | $ | 50,105 | $ | 17,857 | $ | 32,248 | 3 to 16 | ||||
Patents | 41,507 | 14,850 | 26,657 | 2 to 19 | |||||||
Tradenames | 7,959 | 4,525 | 3,434 | 5 to 15 | |||||||
Non-compete agreements | 4,989 | 2,567 | 2,422 | 1 to 7 | |||||||
Purchased research and | |||||||||||
development | 4,457 | - | 4,457 | Indefinite | |||||||
Other intangible assets | $ | 109,017 | $ | 39,799 | $ | 69,218 | |||||
Schedule Of Amortization Expense Of Other Intangible Assets | ' | ||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||
Cost of sales | $ | 3,610 | $ | 4,492 | $ | 3,393 | |||||
Selling, general and administrative expenses | 6,398 | 6,760 | 4,958 | ||||||||
Amortization expense | $ | 10,008 | $ | 11,252 | $ | 8,351 | |||||
Schedule Of Estimated Amortization Expense | ' | ||||||||||
(In thousands) | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||
Cost of sales | $ | 3,890 | $ | 4,028 | $ | 4,175 | $ | 3,816 | $ | 3,081 | |
Selling, general and | |||||||||||
administrative expense | $ | 5,217 | $ | 4,566 | $ | 3,696 | $ | 3,331 | $ | 3,037 | |
Amortization expense | $ | 9,107 | $ | 8,594 | $ | 7,871 | $ | 7,147 | $ | 6,118 | |
Fortress Technologies, LLC [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 3,299 | |||||||||
Working capital, net | $ | (111 | ) | ||||||||
Net tangible assets | 3,410 | ||||||||||
Total fair value of net assets acquired | $ | 3,299 | |||||||||
Midstates Tool & Die And Engineering Inc. [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 1,451 | |||||||||
Working capital, net | $ | 20 | |||||||||
Non-compete agreement | 40 | ||||||||||
Net tangible assets | 1,023 | ||||||||||
Total fair value of net assets acquired | $ | 1,083 | |||||||||
Goodwill (tax deductible) | $ | 368 | |||||||||
Euramax International, Inc - RV Entry Door Operation [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 1,164 | |||||||||
Present value of future payments | 482 | ||||||||||
Total fair value of consideration given | $ | 1,646 | |||||||||
Customer relationships | $ | 270 | |||||||||
Other identifiable intangible assets | 40 | ||||||||||
Net tangible assets | 785 | ||||||||||
Total fair value of net assets acquired | $ | 1,095 | |||||||||
Goodwill (tax deductible) | $ | 551 | |||||||||
M&M Fabricators [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 961 | |||||||||
Contingent consideration | 450 | ||||||||||
Total fair value of consideration given | $ | 1,411 | |||||||||
Customer relationships | $ | 330 | |||||||||
Net tangible assets | 820 | ||||||||||
Total fair value of net assets acquired | $ | 1,150 | |||||||||
Goodwill (tax deductible) | $ | 261 | |||||||||
Starquest Products, LLC [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 22,600 | |||||||||
Contingent consideration | 40 | ||||||||||
Total fair value of consideration given | $ | 22,640 | |||||||||
Customer relationships | $ | 12,540 | |||||||||
Other identifiable intangible assets | 1,884 | ||||||||||
Net tangible assets | 2,871 | ||||||||||
Total fair value of net assets acquired | $ | 17,295 | |||||||||
Goodwill (tax deductible) | $ | 5,345 | |||||||||
EA Technologies, LLC [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 13,500 | |||||||||
Customer relationships | $ | 6,960 | |||||||||
Net tangible assets | 2,339 | ||||||||||
Total fair value of net assets acquired | $ | 9,299 | |||||||||
Goodwill (tax deductible) | $ | 4,201 | |||||||||
M-Tec Corporation [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 5,990 | |||||||||
Contingent consideration | 450 | ||||||||||
Total fair value of consideration given | $ | 6,440 | |||||||||
Customer relationships | $ | 2,310 | |||||||||
Other identifiable intangible assets | 315 | ||||||||||
Net tangible assets | 1,723 | ||||||||||
Total fair value of net assets acquired | $ | 4,348 | |||||||||
Goodwill (tax deductible) | $ | 2,092 | |||||||||
Home-Style Industries [Member] | ' | ||||||||||
Business Acquisition [Line Items] | ' | ||||||||||
Schedule Of Business Acquisitions | ' | ||||||||||
Cash consideration | $ | 7,250 | |||||||||
Contingent consideration | 150 | ||||||||||
Total fair value of consideration given | $ | 7,400 | |||||||||
Customer relationships | $ | 3,350 | |||||||||
Other identifiable intangible assets | 365 | ||||||||||
Net tangible assets | 2,582 | ||||||||||
Total fair value of net assets acquired | $ | 6,297 | |||||||||
Goodwill (tax deductible) | $ | 1,103 |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts Receivable [Abstract] | ' | |||||||||
Schedule Of Allowance For Doubtful Accounts Receivable | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Balance at beginning of period | $ | 677 | $ | 858 | $ | 499 | ||||
Provision for doubtful accounts | 194 | 304 | 72 | |||||||
Additions related to acquired businesses | 5 | - | 129 | |||||||
Recoveries | 1 | 8 | 340 | |||||||
Accounts written off | (172 | ) | (493 | ) | (182 | ) | ||||
Balance at end of period | $ | 705 | $ | 677 | $ | 858 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Inventories [Abstract] | ' | ||||
Schedule Of Inventories | ' | ||||
(In thousands) | 2013 | 2012 | |||
Raw materials | $ | 84,279 | $ | 78,434 | |
Work in process | 3,038 | 2,074 | |||
Finished goods | 13,894 | 16,859 | |||
Inventories, net | $ | 101,211 | $ | 97,367 |
Fixed_Assets_Tables
Fixed Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Fixed Assets [Abstract] | ' | ||||||
Schedule Of Fixed Assets | ' | ||||||
Estimated Useful | |||||||
(In thousands) | 2013 | 2012 | Life in Years | ||||
Land | $ | 12,018 | $ | 10,445 | |||
Buildings and improvements | 76,577 | 69,805 | 10 to 40 | ||||
Leasehold improvements | 2,044 | 1,329 | 3 to 10 | ||||
Machinery and equipment | 130,461 | 109,582 | 3 to 15 | ||||
Furniture and fixtures | 17,745 | 13,738 | 3 to 8 | ||||
Construction in progress | 2,771 | 6,190 | |||||
Fixed assets, at cost | 241,616 | 211,089 | |||||
Less accumulated depreciation and | |||||||
amortization | 115,634 | 103,153 | |||||
Fixed assets, net | $ | 125,982 | $ | 107,936 | |||
Schedule Of Depreciation And Amortization Of Fixed Assets | ' | ||||||
(In thousands) | 2013 | 2012 | 2011 | ||||
Cost of sales | $ | 14,667 | $ | 11,886 | $ | 10,130 | |
Selling, general and administrative expenses | 2,773 | 2,475 | 1,990 | ||||
Total | $ | 17,440 | $ | 14,361 | $ | 12,120 |
Accrued_Expenses_And_Other_Cur1
Accrued Expenses And Other Current Liabilities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accrued Expenses And Other Current Liabilities [Abstract] | ' | |||||||||
Schedule Of Accrued Expenses And Other Current Liabilities | ' | |||||||||
(In thousands) | 2013 | 2012 | ||||||||
Employee compensation and benefits | $ | 18,583 | $ | 18,490 | ||||||
Warranty | 11,731 | 9,125 | ||||||||
Sales rebates | 4,773 | 5,711 | ||||||||
Current portion of contingent consideration | ||||||||||
related to acquisitions | 3,462 | 5,429 | ||||||||
Other | 8,873 | 9,300 | ||||||||
Accrued expenses and other | ||||||||||
current liabilities | $ | 47,422 | $ | 48,055 | ||||||
Schedule Of Reconciliation Of The Activity Related To Accrued Warranty | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Balance at beginning of period | $ | 12,729 | $ | 8,640 | $ | 5,892 | ||||
Provision for warranty expense | 13,874 | 12,383 | 6,750 | |||||||
Warranty liability from acquired businesses | 21 | 8 | 563 | |||||||
Warranty costs paid | (9,299 | ) | (8,302 | ) | (4,565 | ) | ||||
Total accrued warranty | 17,325 | 12,729 | 8,640 | |||||||
Less long-term portion | 5,594 | 3,604 | 2,758 | |||||||
Current accrued warranty | $ | 11,731 | $ | 9,125 | $ | 5,882 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Schedule Of Provisions Of Income Taxes | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Current: | ||||||||||
Federal | $ | 23,430 | $ | 17,483 | $ | 13,875 | ||||
State | 4,129 | 3,647 | 3,501 | |||||||
Total current provision | $ | 27,559 | $ | 21,130 | $ | 17,376 | ||||
Deferred: | ||||||||||
Federal | 68 | (298 | ) | 590 | ||||||
State | 201 | (370 | ) | 231 | ||||||
Total deferred provision | $ | 269 | $ | (668 | ) | $ | 821 | |||
Provision for income taxes | $ | 27,828 | $ | 20,462 | $ | 18,197 | ||||
Schedule Of Income Taxes Reconciliation | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Income tax at federal statutory rate | $ | 27,281 | $ | 20,231 | $ | 16,889 | ||||
State income taxes, net of federal income | ||||||||||
tax impact | 2,815 | 2,130 | 2,426 | |||||||
Manufacturing credit pursuant to Jobs | ||||||||||
Creation Act | (1,444 | ) | (1,101 | ) | (828 | ) | ||||
Other | (824 | ) | (798 | ) | (290 | ) | ||||
Provision for income taxes | $ | 27,828 | $ | 20,462 | $ | 18,197 | ||||
Schedule Of Deferred Tax Assets And Liabilities | ' | |||||||||
(In thousands) | 2013 | 2012 | ||||||||
Deferred tax assets: | ||||||||||
Goodwill and other intangible assets | $ | 15,024 | $ | 15,768 | ||||||
Stock-based compensation | 5,116 | 4,272 | ||||||||
Deferred compensation | 3,722 | 2,713 | ||||||||
Warranty | 3,477 | 2,423 | ||||||||
Inventory | 3,245 | 3,248 | ||||||||
Other | 4,048 | 2,911 | ||||||||
Total deferred tax assets | 34,632 | 31,335 | ||||||||
Deferred tax liabilities: | ||||||||||
Fixed assets | (9,839 | ) | (6,269 | ) | ||||||
Net deferred tax assets | $ | 24,793 | $ | 25,066 | ||||||
Schedule Of Unrecognized Tax Benefits | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Balance at beginning of period | $ | 1,701 | $ | 2,185 | $ | 2,213 | ||||
Changes in tax positions of prior years | (29 | ) | (297 | ) | (341 | ) | ||||
Additions based on tax positions | ||||||||||
related to the current year | 676 | 385 | 313 | |||||||
Payments | (126 | ) | - | - | ||||||
Closure of tax years | (853 | ) | (572 | ) | - | |||||
Balance at end of period | $ | 1,369 | $ | 1,701 | $ | 2,185 |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Commitments And Contingencies [Abstract] | ' | |||||||||
Schedule Of Future Minimum Lease Payments | ' | |||||||||
2014 | $ | 3,496 | ||||||||
2015 | 2,518 | |||||||||
2016 | 2,101 | |||||||||
2017 | 1,867 | |||||||||
2018 | 1,666 | |||||||||
Thereafter | 3,605 | |||||||||
Total minimum lease payments | $ | 15,253 | ||||||||
Summary Of Contingent Consideration Liability | ' | |||||||||
Fair Value of | ||||||||||
Estimated | Estimated | |||||||||
Remaining | Remaining | |||||||||
Acquisition (In thousands) | Payments | Payments | ||||||||
Schwintek products | $ | 5,188 | (a) $ | 3,871 | ||||||
Level-Up® six-point leveling system | 4,033 | (b) | 3,327 | |||||||
Other acquired products | 240 | (c) | 216 | |||||||
Total | $ | 9,461 | $ | 7,414 | ||||||
(a) | The remaining contingent consideration for two of the three products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the three products acquired have a combined remaining maximum contingent consideration of $4.4 million, of which the Company estimates $2.1 million will be paid. Other than expiration of the contingent consideration period, the remaining product has no maximum contingent consideration. | |||||||||
(b) | Other than expiration of the contingent consideration period in February 2016, this product has no maximum contingent consideration. | |||||||||
(c) | Contingent consideration expires at various dates through November 2025. Certain of these products have a combined remaining maximum contingent consideration of $3.1 million, while the remaining products have no maximum contingent consideration. | |||||||||
Reconciliation Of Contingent Consideration Liability | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Beginning balance | $ | 11,519 | $ | 14,561 | $ | 12,104 | ||||
Acquisitions | - | 67 | 1,090 | |||||||
Payments | (5,456 | ) | (4,315 | ) | (398 | ) | ||||
Accretion(a) | 1,308 | 1,756 | 1,886 | |||||||
Fair value adjustments(a) | 43 | (550 | ) | (121 | ) | |||||
Total ending balance | 7,414 | 11,519 | 14,561 | |||||||
Less current portion in accrued expenses | ||||||||||
and other current liabilities | (3,462 | ) | (5,429 | ) | (3,292 | ) | ||||
Total long-term portion in other long-term | ||||||||||
liabilities | $ | 3,952 | $ | 6,090 | $ | 11,269 | ||||
(a) Recorded in selling, general and administrative expense in the Consolidated Statements of Income. | ||||||||||
Schedule Of Severance Obligations | ' | |||||||||
(In thousands) | 2013 | 2012 | 2011 | |||||||
Other accrued expenses and current liabilities | $ | 1,064 | $ | 1,778 | $ | 449 | ||||
Other long-term liabilities | 315 | 671 | 1,028 | |||||||
Total executive succession and | ||||||||||
severance liability | $ | 1,379 | $ | 2,449 | $ | 1,477 |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Stockholders' Equity [Abstract] | ' | |||||||
Schedule Of Stock-Based Compensation | ' | |||||||
(In thousands) | 2013 | 2012 | 2011 | |||||
Stock options | $ | 2,325 | $ | 2,836 | $ | 3,218 | ||
Deferred stock units | 5,425 | 1,888 | 1,264 | |||||
Restricted stock | 911 | 849 | 105 | |||||
Stock awards | 2,178 | 745 | - | |||||
Stock-based compensation expense | $ | 10,839 | $ | 6,318 | $ | 4,587 | ||
Schedule Of Fair Value Of Stock Option Grant | ' | |||||||
2011 | ||||||||
Risk-free interest rate | 0.71 | % | ||||||
Expected volatility | 55.2 | % | ||||||
Expected life | 4.1 years | |||||||
Contractual life | 6.0 years | |||||||
Dividend yield | N/A | |||||||
Fair value of stock options granted | $ | 10.02 | ||||||
Schedule Of Stock Options | ' | |||||||
Weighted | ||||||||
Number of | Stock Option | Average | ||||||
Option Shares | Exercise Price | Exercise Price | ||||||
Outstanding at December 31, 2010 | 1,996,490 | $ | 10.09- $31.11 | $ | 21.7 | |||
Granted | 345,000 | $ | 23.17 | $ | 23.17 | |||
Exercised | (87,300 | ) | $ | 10.09- $19.67 | $ | 11.39 | ||
Forfeited | (100,900 | ) | $ | 10.09- $31.11 | $ | 22.37 | ||
Expired | (342,640 | ) | $ | 26.83- $27.21 | $ | 26.87 | ||
Outstanding at December 31, 2011 | 1,810,650 | $ | 10.09- $31.11 | $ | 21.46 | |||
Exercised | (422,131 | ) | $ | 8.09- $31.11 | $ | 19.13 | ||
Forfeited | (67,700 | ) | $ | 10.09- $31.11 | $ | 22.61 | ||
Reduction for cash dividend | - | $ | 8.09- $29.11 | $ | (2.00 | ) | ||
Outstanding at December 31, 2012 | 1,320,819 | $ | 8.09- $29.11 | $ | 19.92 | |||
Exercised | (574,288 | ) | $ | 8.09- $29.11 | $ | 23.04 | ||
Forfeited | (22,870 | ) | $ | 8.09- $29.11 | $ | 19.36 | ||
Reduction for cash dividend | - | $ | 6.09- $19.17 | $ | (2.00 | ) | ||
Outstanding at December 31, 2013 | 723,661 | $ | 6.09- $19.17 | $ | 15.46 | |||
Exercisable at December 31, 2013 | 388,521 | $ | 6.09- $19.17 | $ | 13.64 | |||
Schedule Exercise Of Stock Options | ' | |||||||
(In thousands) | 2013 | 2012 | 2011 | |||||
Intrinsic value of stock options exercised | $ | 9,062 | $ | 4,838 | $ | 1,079 | ||
Cash receipts from stock options exercised | $ | 13,231 | $ | 8,075 | $ | 997 | ||
Income tax benefits from stock option | ||||||||
exercises | $ | 3,473 | $ | 1,852 | $ | 422 | ||
Grant date fair value of stock options vested $ | 2,252 | $ | 2,814 | $ | 3,207 | |||
Summary Of Stock Options Outstanding | ' | |||||||
Option | Remaining | Option | ||||||
Exercise | Shares | Life | Shares | |||||
Price | Outstanding | in Years | Exercisable | |||||
$ | 6.09 | 70,200 | 0.9 | 70,200 | ||||
$ | 7.53 | 400 | 0.9 | 400 | ||||
$ | 8.72 | 37,500 | 1 | 37,500 | ||||
$ | 15.49 | 131,181 | 1.9 | 94,281 | ||||
$ | 15.67 | 252,700 | 2.9 | 139,100 | ||||
$ | 19.17 | 231,680 | 3.9 | 47,040 | ||||
Total Shares | 723,661 | (a) | 388,521 | (a) | ||||
(a) The aggregate intrinsic value for option shares outstanding and option shares exercisable is $25.9 million and $14.6 million, respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 2.7 years and 2.2 years, respectively. Recorded in selling, general and administrative expense in the Consolidated Statements of Operations. | ||||||||
Schedule Of Deferred Stock Units Transactions | ' | |||||||
Number of | ||||||||
Shares | Stock Price | |||||||
Outstanding at December 31, 2010 | 266,216 | $ | 5.50- $40.68 | |||||
Issued | 79,714 | $ | 18.67- $25.48 | |||||
Granted | 53,450 | $ | 23.17 | |||||
Forfeited | (2,660 | ) | $ | 20.89- $23.49 | ||||
Exercised | (27,587 | ) | $ | 6.16- $25.06 | ||||
Outstanding at December 31, 2011 | 369,133 | $ | 5.50- $40.68 | |||||
Issued | 23,713 | $ | 24.53- $32.07 | |||||
Granted | 282,925 | $ | 26.54- $30.50 | |||||
Dividend equivalents | 34,568 | $ | 33.32 | |||||
Exercised | (96,585 | ) | $ | 5.50- $40.68 | ||||
Outstanding at December 31, 2012 | 613,754 | $ | 6.16- $33.32 | |||||
Issued | 32,462 | $ | 33.84- $48.53 | |||||
Granted | 140,461 | $ | 36.58- $50.85 | |||||
Forfeited | (4,505 | ) | $ | 30.5 | ||||
Exercised | (89,211 | ) | $ | 20.20- $30.65 | ||||
Outstanding at December 31, 2013 | 692,961 | $ | 6.16- $50.85 | |||||
Schedule Of Restricted Stock Grants | ' | |||||||
2013 | 2012 | 2011 | ||||||
Granted | 17,885 | 29,841 | 36,260 | |||||
Stock price | $ | 50.89 | $ | 30.5 | $ | 23.17 | ||
Fair value of stock granted | $ | 910 | $ | 910 | $ | 840 | ||
Schedule Of Computation Of Basic And Diluted Earnings Per Share | ' | |||||||
(In thousands) | 2013 | 2012 | 2011 | |||||
Weighted average shares outstanding | ||||||||
for basic earnings per share | 23,321 | 22,558 | 22,267 | |||||
Common stock equivalents pertaining | ||||||||
to stock options and deferred | ||||||||
stock units | 432 | 270 | 177 | |||||
Weighted average shares outstanding | ||||||||
for diluted earnings per share | 23,753 | 22,828 | 22,444 | |||||
Schedule Of Treasury Stock | ' | |||||||
Weighted | ||||||||
Average Price | ||||||||
Shares | Per Share | Cost | ||||||
Purchases through 2010 | 501,279 | $ | 18.7 | $ | 9,374 | |||
Purchases in 2011 | 33,856 | $ | 18.44 | $ | 626 | |||
Total purchases | 535,135 | $ | 18.64 | $ | 10,000 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||||
Assets And Liabilities Measured At Fair Value On A Recurring Basis | ' | |||||||||||||||||
2013 | 2012 | |||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||
Assets | ||||||||||||||||||
Deferred compensation | $ | 6,535 | $ | 6,535 | $ | - | $ | - | $ | 4,540 | $ | 4,540 | $ | - | $ | - | ||
Derivative instruments | - | - | - | - | 223 | - | 223 | - | ||||||||||
Total assets | $ | 6,535 | $ | 6,535 | $ | - | $ | - | $ | 4,763 | $ | 4,540 | $ | 223 | $ | - | ||
Liabilities | ||||||||||||||||||
Contingent consideration $ | 7,414 | $ | - | $ | - | $ | 7,414 | $ | 11,519 | $ | - | $ | - | $ | 11,519 | |||
Deferred compensation | 9,673 | 9,673 | - | - | 7,015 | 7,015 | - | - | ||||||||||
Total liabilities | $ | 17,087 | $ | 9,673 | $ | - | $ | 7,414 | $ | 18,534 | $ | 7,015 | $ | - | $ | 11,519 | ||
Schedule Of Non-Recurring Losses Recognized Using Fair Value Measurements And The Carrying Value Of Any Assets And Liabilities Measured Using Fair Value Estimates | ' | |||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||
Carrying | Non-Recurring | Carrying | Non-Recurring | Carrying | Non-Recurring | |||||||||||||
(In thousands) | Value | Losses | Value | Losses | Value | Losses | ||||||||||||
Assets | ||||||||||||||||||
Vacant owned facilities | $ | 3,197 | $ | 145 | $ | 5,009 | $ | 523 | $ | 10,031 | $ | - | ||||||
Other intangible assets | - | - | - | 1,228 | - | - | ||||||||||||
Net assets of acquired | ||||||||||||||||||
businesses | 4,382 | - | 1,345 | - | 38,389 | - | ||||||||||||
Total assets | $ | 7,579 | $ | 145 | $ | 6,354 | $ | 1,751 | $ | 48,420 | $ | - | ||||||
Liabilities | ||||||||||||||||||
Vacant leased facilities | $ | - | $ | - | $ | - | $ | 50 | $ | 399 | $ | 203 | ||||||
Total liabilities | $ | - | $ | - | $ | - | $ | 50 | $ | 399 | $ | 203 |
Quarterly_Results_Of_Operation1
Quarterly Results Of Operations (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Quarterly Results Of Operations [Abstract] | ' | ||||||||||
Schedule Of Quarterly Results Of Operations | ' | ||||||||||
First | Second | Third | Fourth | ||||||||
(In thousands, except per share amounts) | Quarter | Quarter | Quarter | Quarter | Year | ||||||
Year ended December 31, 2013 | |||||||||||
Net sales | $ | 252,586 | $ | 287,192 | $ | 250,851 | $ | 224,947 | $ | 1,015,576 | |
Gross profit | $ | 47,591 | $ | 61,433 | $ | 56,126 | $ | 47,959 | $ | 213,109 | |
Income before income taxes | $ | 13,470 | $ | 25,623 | $ | 22,754 | $ | 16,100 | $ | 77,947 | |
Net income | $ | 8,372 | $ | 15,865 | $ | 14,805 | $ | 11,077 | $ | 50,119 | |
Net income per common share: | |||||||||||
Basic | $ | 0.36 | $ | 0.68 | $ | 0.63 | $ | 0.47 | $ | 2.15 | |
Diluted | $ | 0.36 | $ | 0.67 | $ | 0.62 | $ | 0.46 | $ | 2.11 | |
Stock market price: | |||||||||||
High | $ | 38.67 | $ | 41.25 | $ | 45.54 | $ | 54.21 | $ | 54.21 | |
Low | $ | 33.34 | $ | 34.13 | $ | 39.6 | $ | 45.86 | $ | 33.34 | |
Close (at end of quarter) | $ | 36.31 | $ | 39.32 | $ | 45.54 | $ | 51.2 | $ | 51.2 | |
Year ended December 31, 2012 | |||||||||||
Net sales | $ | 223,552 | $ | 251,014 | $ | 226,323 | $ | 200,234 | $ | 901,123 | |
Gross profit | $ | 44,823 | $ | 46,423 | $ | 41,542 | $ | 35,871 | $ | 168,659 | |
Income before income taxes | $ | 17,299 | $ | 18,912 | $ | 14,832 | $ | 6,759 | $ | 57,802 | |
Net income | $ | 11,116 | $ | 11,708 | $ | 9,771 | $ | 4,745 | $ | 37,340 | |
Net income per common share: | |||||||||||
Basic | $ | 0.5 | $ | 0.52 | $ | 0.43 | $ | 0.21 | $ | 1.66 | |
Diluted | $ | 0.49 | $ | 0.52 | $ | 0.43 | $ | 0.21 | $ | 1.64 | |
Stock market price: | |||||||||||
High | $ | 29.84 | $ | 30.02 | $ | 30.86 | $ | 33.32 | $ | 33.32 | |
Low | $ | 24.67 | $ | 25.83 | $ | 25.82 | $ | 29.48 | $ | 24.67 | |
Close (at end of quarter) | $ | 27.31 | $ | 27.85 | $ | 30.21 | $ | 32.25 | $ | 32.25 |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Number of unconsolidated subsidiaries | 0 | ' | ' |
Number of plants | 31 | ' | ' |
Number of states in which the company operates | 11 | ' | ' |
Selling, General, And Administrative Expense [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Shipping and handling costs | $36.40 | $32.70 | $24.60 |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of reportable segments | 2 | ' | ' |
RV Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated net sales, percentage | 88.00% | 87.00% | 84.00% |
MH Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Consolidated net sales, percentage | 12.00% | 13.00% | 16.00% |
Travel Trailer And Fifth-Wheels [Member] | RV Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Net sales components, percentage | 81.00% | ' | ' |
Segment_Reporting_Schedule_Of_
Segment Reporting (Schedule Of Information Relating To Segments) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to external customers | $224,947,000 | $250,851,000 | $287,192,000 | $252,586,000 | $200,234,000 | $226,323,000 | $251,014,000 | $223,552,000 | $1,015,576,000 | [1] | $901,123,000 | [1] | $681,166,000 | [1] | ||
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 78,298,000 | [2] | 58,132,000 | [2] | 48,548,000 | [2] | ||
Total assets | 453,184,000 | [3] | ' | ' | ' | 373,868,000 | [3] | ' | ' | ' | 453,184,000 | [3] | 373,868,000 | [3] | 351,083,000 | [3] |
Expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 37,671,000 | [4] | 33,632,000 | [4] | 70,412,000 | [4] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27,500,000 | 25,665,000 | 20,522,000 | |||||
Purchase of long-lived assets as part of business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 4,800,000 | 1,500,000 | 45,200,000 | |||||
Berkshire Hathaway Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Consolidated net sales, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 28.00% | 27.00% | 27.00% | |||||
RV Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 893,694,000 | [1] | 780,925,000 | [1] | 570,643,000 | [1] | ||
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 68,248,000 | [2] | 47,172,000 | [2] | 37,715,000 | [2] | ||
Total assets | 306,139,000 | [3] | ' | ' | ' | 281,728,000 | [3] | ' | ' | ' | 306,139,000 | [3] | 281,728,000 | [3] | 268,395,000 | [3] |
Expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 34,989,000 | [4] | 30,893,000 | [4] | 66,931,000 | [4] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 24,615,000 | 22,750,000 | 17,593,000 | |||||
Consolidated net sales, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 88.00% | 87.00% | 84.00% | |||||
RV Segment [Member] | Thor Industries, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Consolidated net sales, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | 34.00% | 36.00% | |||||
MH Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 121,882,000 | [1] | 120,198,000 | [1] | 110,523,000 | [1] | ||
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 11,926,000 | [2] | 12,416,000 | [2] | 10,833,000 | [2] | ||
Total assets | 32,948,000 | [3] | ' | ' | ' | 35,668,000 | [3] | ' | ' | ' | 32,948,000 | [3] | 35,668,000 | [3] | 40,737,000 | [3] |
Expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 2,682,000 | [4] | 2,739,000 | [4] | 3,378,000 | [4] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,806,000 | 2,822,000 | 2,834,000 | |||||
Consolidated net sales, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 13.00% | 16.00% | |||||
Total Segment Operating Profit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales to external customers | ' | ' | ' | ' | ' | ' | ' | ' | 1,015,576,000 | [1] | 901,123,000 | [1] | 681,166,000 | [1] | ||
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 80,174,000 | [2] | 59,588,000 | [2] | 48,548,000 | [2] | ||
Total assets | 339,087,000 | [3] | ' | ' | ' | 317,396,000 | [3] | ' | ' | ' | 339,087,000 | [3] | 317,396,000 | [3] | 309,132,000 | [3] |
Expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 37,671,000 | [4] | 33,632,000 | [4] | 70,309,000 | [4] | ||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27,421,000 | 25,572,000 | 20,427,000 | |||||
Corporate And Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Operating profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1,876,000 | [2] | -1,456,000 | [2] | ' | |||
Total assets | 114,097,000 | [3] | ' | ' | ' | 56,472,000 | [3] | ' | ' | ' | 114,097,000 | [3] | 56,472,000 | [3] | 41,951,000 | [3] |
Expenditures for long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 103,000 | [4] | ||||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | $79,000 | $93,000 | $95,000 | |||||
[1] | Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||
[2] | Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense. | |||||||||||||||
[3] | Segment assets include accounts receivable, inventories, fixed assets, goodwill and other intangible assets. Corporate and other assets include cash and cash equivalents, prepaid expenses and other current assets, deferred taxes, and other assets. | |||||||||||||||
[4] | 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 $4.8 million, $1.5 million and $45.2 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2013, 2012 and 2011, respectively. |
Segment_Reporting_Schedule_Of_1
Segment Reporting (Schedule Of Net Sales By Product) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | $224,947 | $250,851 | $287,192 | $252,586 | $200,234 | $226,323 | $251,014 | $223,552 | $1,015,576 | [1] | $901,123 | [1] | $681,166 | [1] |
RV Segment - Chassis, Chassis Parts And Slide-Out Mechanisms [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 493,244 | 443,850 | 316,580 | |||
RV Segment - Windows, Doors And Screens [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 181,934 | 173,436 | 126,130 | |||
RV Segment - Furniture And Mattresses [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 100,196 | 78,082 | 67,088 | |||
RV Segment - Axles And Suspension Solutions [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 69,818 | 57,275 | 43,669 | |||
RV Segment - Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 48,502 | 28,282 | 17,176 | |||
RV Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 893,694 | [1] | 780,925 | [1] | 570,643 | [1] |
MH Segment - Windows, Door And Screens [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 67,029 | 63,655 | 58,377 | |||
MH Segment - Chassis And Chassis Parts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 38,359 | 41,874 | 38,754 | |||
MH Segment - Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 16,494 | 14,669 | 13,392 | |||
MH Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | $121,882 | [1] | $120,198 | [1] | $110,523 | [1] |
[1] | Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. |
Segment_Reporting_Schedule_Of_2
Segment Reporting (Schedule Of Net Sales By Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | $224,947 | $250,851 | $287,192 | $252,586 | $200,234 | $226,323 | $251,014 | $223,552 | $1,015,576 | [1] | $901,123 | [1] | $681,166 | [1] |
Travel Trailer And Fifth-Wheels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 727,783 | 653,478 | 497,544 | |||
Motorhomes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 47,937 | 34,612 | 17,492 | |||
RV Aftermarket [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 25,334 | 19,119 | 14,660 | |||
RV Adjacent Industries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 92,640 | 73,716 | 40,947 | |||
RV Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 893,694 | [1] | 780,925 | [1] | 570,643 | [1] |
Manufactured Housing OEMs [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 80,245 | 80,392 | 77,087 | |||
Manufactured Housing Aftermarket [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 13,719 | 13,110 | 13,073 | |||
Manufactured Housing Adjacent Industries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 27,918 | 26,696 | 20,363 | |||
MH Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | $121,882 | [1] | $120,198 | [1] | $110,523 | [1] |
[1] | Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. |
Acquisitions_Goodwill_And_Othe2
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 27, 2014 | Dec. 31, 2013 | Feb. 27, 2014 | Dec. 31, 2013 | Dec. 13, 2013 | Dec. 31, 2013 | Jun. 24, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 21, 2012 | Dec. 31, 2011 | Dec. 01, 2011 | Dec. 31, 2011 | Aug. 29, 2011 | Dec. 31, 2011 | Aug. 22, 2011 | Dec. 31, 2011 | Jul. 19, 2011 | Dec. 31, 2011 | Jan. 28, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||
item | Innovative Design Solutions, Inc. [Member] | Innovative Design Solutions, Inc. [Member] | Innovative Design Solutions, Inc. [Member] | Fortress Technologies, LLC [Member] | Fortress Technologies, LLC [Member] | Midstates Tool & Die And Engineering Inc. [Member] | Midstates Tool & Die And Engineering Inc. [Member] | Euramax International, Inc - RV Entry Door Operation [Member] | Euramax International, Inc - RV Entry Door Operation [Member] | Euramax International, Inc - RV Entry Door Operation [Member] | M&M Fabricators [Member] | M&M Fabricators [Member] | Starquest Products, LLC [Member] | Starquest Products, LLC [Member] | EA Technologies, LLC [Member] | EA Technologies, LLC [Member] | M-Tec Corporation [Member] | M-Tec Corporation [Member] | Home-Style Industries [Member] | Home-Style Industries [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | |||||||||||||||||
Parent Company [Member] | Euramax International, Inc - RV Entry Door Operation [Member] | Starquest Products, LLC [Member] | EA Technologies, LLC [Member] | M-Tec Corporation [Member] | Home-Style Industries [Member] | |||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total net sales | ' | ' | ' | $224,947,000 | $250,851,000 | $287,192,000 | $252,586,000 | $200,234,000 | $226,323,000 | $251,014,000 | $223,552,000 | $1,015,576,000 | [1] | $901,123,000 | [1] | $681,166,000 | [1] | $19,000,000 | ' | $13,000,000 | $3,000,000 | ' | $2,000,000 | ' | ' | $6,000,000 | ' | $3,000,000 | ' | $22,000,000 | ' | $40,000,000 | ' | $12,000,000 | ' | $12,000,000 | ' | ' | ' | ' | ' | ' |
Purchase price, cash paid at closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,200,000 | ' | ' | ' | 3,299,000 | ' | 1,451,000 | ' | ' | 1,164,000 | ' | 961,000 | ' | 22,600,000 | ' | 13,500,000 | ' | 5,990,000 | ' | 7,250,000 | ' | ' | ' | ' | ' | |||
Purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,646,000 | ' | 1,411,000 | ' | 22,640,000 | ' | ' | ' | 6,440,000 | ' | 7,400,000 | ' | ' | ' | ' | ' | |||
Number of acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Subsequent increase in net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Increase in net sales had acquisitions been completed at the beginning of the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Balance of purchase price to be paid, period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated useful life in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '15 years | '15 years | '15 years | '12 years | |||
Goodwill impairment | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. |
Acquisitions_Goodwill_And_Othe3
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Business Acquisitions) (Details) (USD $) | Dec. 13, 2013 | Jun. 24, 2013 | Feb. 21, 2012 | Dec. 01, 2011 | Aug. 29, 2011 | Aug. 22, 2011 | Jul. 19, 2011 | Jan. 28, 2011 | Dec. 13, 2013 | Jun. 24, 2013 | Jun. 24, 2013 | Jun. 24, 2013 | Feb. 21, 2012 | Dec. 01, 2011 | Aug. 29, 2011 | Aug. 22, 2011 | Jul. 19, 2011 | Jan. 28, 2011 | Feb. 21, 2012 | Aug. 29, 2011 | Jul. 19, 2011 | Jan. 28, 2011 |
In Thousands, unless otherwise specified | Fortress Technologies, LLC [Member] | Midstates Tool & Die And Engineering Inc. [Member] | Euramax International, Inc - RV Entry Door Operation [Member] | M&M Fabricators [Member] | Starquest Products, LLC [Member] | EA Technologies, LLC [Member] | M-Tec Corporation [Member] | Home-Style Industries [Member] | Working Capital [Member] | Working Capital [Member] | Non-Compete Agreements [Member] | Tangible Assets [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] | Other Intangible Assets [Member] |
Fortress Technologies, LLC [Member] | Midstates Tool & Die And Engineering Inc. [Member] | Midstates Tool & Die And Engineering Inc. [Member] | Midstates Tool & Die And Engineering Inc. [Member] | Euramax International, Inc - RV Entry Door Operation [Member] | M&M Fabricators [Member] | Starquest Products, LLC [Member] | EA Technologies, LLC [Member] | M-Tec Corporation [Member] | Home-Style Industries [Member] | Euramax International, Inc - RV Entry Door Operation [Member] | Starquest Products, LLC [Member] | M-Tec Corporation [Member] | Home-Style Industries [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash consideration | $3,299 | $1,451 | $1,164 | $961 | $22,600 | $13,500 | $5,990 | $7,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration | ' | ' | ' | 450 | 40 | ' | 450 | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Present value of future payments | ' | ' | 482 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of consideration given | ' | ' | 1,646 | 1,411 | 22,640 | ' | 6,440 | 7,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 270 | ' | ' | ' | ' | ' | 40 | ' | ' | ' |
Net tangible assets | 3,410 | ' | 785 | 820 | 2,871 | 2,339 | 1,723 | 2,582 | -111 | 20 | 40 | 1,023 | ' | 330 | 12,540 | 6,960 | 2,310 | 3,350 | ' | 1,884 | 315 | 365 |
Total fair value of net assets acquired | 3,299 | 1,083 | 1,095 | 1,150 | 17,295 | 9,299 | 4,348 | 6,297 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill (tax deductible) | ' | $368 | $551 | $261 | $5,345 | $4,201 | $2,092 | $1,103 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Goodwill_And_Othe4
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Accumulated cost | $72,072 | ' | ' | $58,024 |
Accumulated impairment | -50,527 | ' | ' | -50,527 |
Net balance | 21,177 | 20,499 | 7,497 | ' |
Acquisitions | 368 | 678 | 13,002 | ' |
Net balance | 21,545 | 21,177 | 20,499 | ' |
RV Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Accumulated cost | 62,047 | ' | ' | 48,773 |
Accumulated impairment | -41,276 | ' | ' | -41,276 |
Net balance | 20,403 | 19,725 | 7,497 | ' |
Acquisitions | 368 | 678 | 12,228 | ' |
Net balance | 20,771 | 20,403 | 19,725 | ' |
MH Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Accumulated cost | 10,025 | ' | ' | 9,251 |
Accumulated impairment | -9,251 | ' | ' | -9,251 |
Acquisitions | ' | ' | 774 | ' |
Net balance | $774 | $774 | $774 | ' |
Acquisitions_Goodwill_And_Othe5
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets By Segment) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Other intangible assets | $59,392 | $69,218 |
RV Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Other intangible assets | 56,954 | 66,191 |
MH Segment [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Other intangible assets | $2,438 | $3,027 |
Acquisitions_Goodwill_And_Othe6
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Cost, Customer relationships | 50,105 | 50,105 |
Accumulated Amortization, Customer relationships | 21,999 | 17,857 |
Net Balance, Customer relationships | 28,106 | 32,248 |
Gross Cost, Patents | 41,651 | 41,507 |
Accumulated Amortization, Patents | 18,461 | 14,850 |
Net Balance, Patents | 23,190 | 26,657 |
Gross Cost, Tradenames | 7,959 | 7,959 |
Accumulated Amortization, Tradenames | 5,976 | 4,525 |
Net Balance, Tradenames | 1,983 | 3,434 |
Gross Cost, Non-compete agreements | 3,866 | 4,989 |
Accumulated Amortization, Non-compete agreements | 2,210 | 2,567 |
Net Balance, Non-compete agreements | 1,656 | 2,422 |
Gross Cost, Purchased research and development | 4,457 | 4,457 |
Net Balance, Purchased research and development | 4,457 | 4,457 |
Gross Cost, Other intangible assets | 108,038 | 109,017 |
Accumulated Amortization, Other intangible assets | 48,646 | 39,799 |
Net Balance, Other intangible assets | 59,392 | 69,218 |
Minimum [Member] | Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '6 years | '3 years |
Minimum [Member] | Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '3 years | '2 years |
Minimum [Member] | Tradenames [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '5 years | '5 years |
Minimum [Member] | Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '3 years | '1 year |
Maximum [Member] | Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '16 years | '16 years |
Maximum [Member] | Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '19 years | '19 years |
Maximum [Member] | Tradenames [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '15 years | '15 years |
Maximum [Member] | Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Estimated Useful Life in Years | '6 years | '7 years |
Acquisitions_Goodwill_And_Othe7
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Amortization Expense Of Other Intangible Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $10,008 | $11,252 | $8,351 |
Cost Of Sales [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 3,610 | 4,492 | 3,393 |
Selling, General, And Administrative Expense [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $6,398 | $6,760 | $4,958 |
Acquisitions_Goodwill_And_Othe8
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Amortization Expense, By Year [Line Items] | ' |
2014 | $9,107 |
2015 | 8,594 |
2016 | 7,871 |
2017 | 7,147 |
2018 | 6,118 |
Cost Of Sales [Member] | ' |
Amortization Expense, By Year [Line Items] | ' |
2014 | 3,890 |
2015 | 4,028 |
2016 | 4,175 |
2017 | 3,816 |
2018 | 3,081 |
Selling, General, And Administrative Expense [Member] | ' |
Amortization Expense, By Year [Line Items] | ' |
2014 | 5,217 |
2015 | 4,566 |
2016 | 3,696 |
2017 | 3,331 |
2018 | $3,037 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounts Receivable [Abstract] | ' | ' | ' |
Balance at beginning of period | $677,000 | $858,000 | $499,000 |
Provision for doubtful accounts | 194,000 | 304,000 | 72,000 |
Additions related to acquired businesses | 5,000 | ' | 129,000 |
Recoveries | 1,000 | 8,000 | 340,000 |
Accounts written off | -172,000 | -493,000 | -182,000 |
Balance at end of period | 705,000 | 677,000 | 858,000 |
Allowance for prompt payment discounts | $300,000 | $300,000 | ' |
Inventories_Schedule_Of_Invent
Inventories (Schedule Of Inventories) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $84,279 | $78,434 |
Work in process | 3,038 | 2,074 |
Finished goods | 13,894 | 16,859 |
Inventories, net | $101,211 | $97,367 |
Fixed_Assets_Schedule_Of_Fixed
Fixed Assets (Schedule Of Fixed Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Buildings And Improvements [Member] | Buildings And Improvements [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | Machinery And Equipment [Member] | Machinery And Equipment [Member] | Furniture And Fixtures [Member] | Furniture And Fixtures [Member] | Construction In Progress [Member] | Construction In Progress [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
Buildings And Improvements [Member] | Leasehold Improvements [Member] | Machinery And Equipment [Member] | Furniture And Fixtures [Member] | Buildings And Improvements [Member] | Leasehold Improvements [Member] | Machinery And Equipment [Member] | Furniture And Fixtures [Member] | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets, at cost | $241,616 | $211,089 | $12,018 | $10,445 | $76,577 | $69,805 | $2,044 | $1,329 | $130,461 | $109,582 | $17,745 | $13,738 | $2,771 | $6,190 | ' | ' | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation and amortization | 115,634 | 103,153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed assets, net | $125,982 | $107,936 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated Useful Life in Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '3 years | '3 years | '3 years | '40 years | '10 years | '15 years | '8 years |
Fixed_Assets_Schedule_Of_Depre
Fixed Assets (Schedule Of Depreciation And Amortization Of Fixed Assets) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fixed Assets [Abstract] | ' | ' | ' |
Cost of sales | $14,667 | $11,886 | $10,130 |
Selling, general and administrative expenses | 2,773 | 2,475 | 1,990 |
Total | $17,440 | $14,361 | $12,120 |
Accrued_Expenses_And_Other_Cur2
Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Accrued Expenses And Other Current Liabilities [Abstract] | ' | ' | ' |
Employee compensation and benefits | $18,583 | $18,490 | ' |
Warranty | 11,731 | 9,125 | 5,882 |
Sales rebates | 4,773 | 5,711 | ' |
Current portion of contingent consideration related to acquisitions | 3,462 | 5,429 | ' |
Other | 8,873 | 9,300 | ' |
Accrued expenses and other current liabilities | $47,422 | $48,055 | ' |
Accrued_Expenses_And_Other_Cur3
Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accrued Expenses And Other Current Liabilities [Abstract] | ' | ' | ' |
Balance at beginning of period | $12,729 | $8,640 | $5,892 |
Provision for warranty expense | 13,874 | 12,383 | 6,750 |
Warranty liability from acquired businesses | 21 | 8 | 563 |
Warranty costs paid | -9,299 | -8,302 | -4,565 |
Total accrued warranty | 17,325 | 12,729 | 8,640 |
Less long-term portion | 5,594 | 3,604 | 2,758 |
Current accrued warranty | $11,731 | $9,125 | $5,882 |
Retirement_And_Other_Benefit_P1
Retirement And Other Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Employer contributions to defined contribution plan | $1,400,000 | $1,100,000 | $1,000,000 |
Other long-term liabilities | 21,380,000 | 19,843,000 | ' |
Accrued expenses and other current liabilities | 8,873,000 | 9,300,000 | ' |
Deferred Compensation [Member] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ' | ' | ' |
Compensation deferred by participants | 1,700,000 | 1,900,000 | 2,000,000 |
Amount withdrawn from the Plan by participants | 200,000 | 0 | 600,000 |
Other long-term liabilities | 9,400,000 | 7,000,000 | ' |
Accrued expenses and other current liabilities | $200,000 | ' | ' |
LongTerm_Indebtedness_Details
Long-Term Indebtedness (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 24, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | Prudential Investment Management, Inc. [Member] | Senior Promissory Notes [Member] | Prime Rate [Member] | Prime Rate [Member] | Prime Rate [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | LIBOR Plus [Member] | |||||
Subsequent Event [Member] | Maximum [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | Maximum [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Prudential Investment Management, Inc. [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | JPMorgan Chase Bank, N.A. And Wells Fargo Bank, N.A. [Member] | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt outstanding | $0 | $0 | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit | ' | ' | ' | ' | 2,200,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit expiration date | ' | ' | ' | ' | 1-Jan-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit expiration date | ' | ' | ' | ' | ' | ' | ' | 24-Feb-17 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum borrowings under line of credit | ' | ' | ' | ' | 50,000,000 | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential increase in line of credit borrowing capacity | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum prime interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.80% | 2.00% | 2.00% | 2.00% | 2.80% |
Maturity period of Promissory Notes | ' | ' | ' | ' | ' | ' | ' | ' | '12 years | ' | ' | ' | ' | ' | ' | ' |
Period after request is issued, by company, for interest payable rate to be determined by Prudential | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum leverage ratio | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining availability under the facilities | 197,800,000 | ' | ' | ' | 47,800,000 | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $66,280,000 | $9,939,000 | $6,584,000 | $38,880,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Taxes [Abstract] | ' | ' | ' |
Federal income taxes receivable | $3,700,000 | $2,700,000 | ' |
State income taxes payable | ' | 200,000 | ' |
Excess tax benefits on stock-based compensation | 1,534,000 | 270,000 | 216,000 |
Reversal of deferred tax assets | ' | ' | 2,500,000 |
Remaining available pool of excess tax benefits from prior stock option exercises | 11,300,000 | ' | ' |
Accrued interest and penalties related to taxes | 200,000 | 400,000 | 600,000 |
Unrecognized tax benefits, net of federal income tax benefits | $1,000,000 | $1,200,000 | $1,600,000 |
Percentage of operating located in Indiana | 80.00% | ' | ' |
Income_Taxes_Schedule_Of_Provi
Income Taxes (Schedule Of Provisions Of Income Taxes) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Current: Federal | $23,430 | $17,483 | $13,875 |
Current: State | 4,129 | 3,647 | 3,501 |
Total current provision | 27,559 | 21,130 | 17,376 |
Deferred: Federal | 68 | -298 | 590 |
Deferred: State | 201 | -370 | 231 |
Total deferred provision | 269 | -668 | 821 |
Provision for income taxes | $27,828 | $20,462 | $18,197 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Taxes Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Income tax at federal statutory rate | $27,281 | $20,231 | $16,889 |
State income taxes, net of federal income tax impact | 2,815 | 2,130 | 2,426 |
Manufacturing credit pursuant to Jobs Creation Act | -1,444 | -1,101 | -828 |
Other | -824 | -798 | -290 |
Provision for income taxes | $27,828 | $20,462 | $18,197 |
Income_Taxes_Schedule_Of_Defer
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Income Taxes [Abstract] | ' | ' |
Goodwill and other intangible assets | $15,024 | $15,768 |
Stock-based compensation | 5,116 | 4,272 |
Deferred compensation | 3,722 | 2,713 |
Warranty | 3,477 | 2,423 |
Inventory | 3,245 | 3,248 |
Other | 4,048 | 2,911 |
Total deferred tax assets | 34,632 | 31,335 |
Fixed assets | -9,839 | -6,269 |
Net deferred tax assets | $24,793 | $25,066 |
Income_Taxes_Schedule_Of_Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Abstract] | ' | ' | ' |
Balance at beginning of period | $1,701 | $2,185 | $2,213 |
Changes in tax positions of prior years | -29 | -297 | -341 |
Additions based on tax positions related to the current year | 676 | 385 | 313 |
Payments | -126 | ' | ' |
Closure of tax years | -853 | -572 | ' |
Balance at end of period | $1,369 | $1,701 | $2,185 |
Commitments_And_Contingencies_1
Commitments And Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | |
Severance And Relocation Costs [Member] | Severance And Relocation Costs [Member] | Severance And Relocation Costs [Member] | Subsequent Event [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Length of operating lease | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years |
Aggregate minimum lease payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,100,000 |
Rent expense | ' | ' | ' | ' | 7,100,000 | 5,600,000 | 5,400,000 | ' | ' | ' | ' |
Percentage of weighted average cost of capital | ' | ' | ' | ' | 15.50% | 14.90% | ' | ' | ' | ' | ' |
Severance and acceleration of equity awards contract obligations | ' | 1,500,000 | 0 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' |
Savings in general and administrative costs | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | ' | ' | ' | ' | $132,935,000 | $109,071,000 | $91,173,000 | $500,000 | $200,000 | $100,000 | ' |
Commitments_And_Contingencies_2
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2014 | $3,496 |
2015 | 2,518 |
2016 | 2,101 |
2017 | 1,867 |
2018 | 1,666 |
Thereafter | 3,605 |
Total minimum lease payments | $15,253 |
Commitments_And_Contingencies_3
Commitments And Contingencies (Summary Of Contingent Consideration Liability) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | |
Estimated Remaining Payments | $9,461,000 | ' | ' | ' | |
Fair Value of Estimated Remaining Payments | 7,414,000 | 11,519,000 | 14,561,000 | 12,104,000 | |
Schwintek Products [Member] | ' | ' | ' | ' | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | |
Estimated Remaining Payments | 5,188,000 | [1] | ' | ' | ' |
Fair Value of Estimated Remaining Payments | 3,871,000 | ' | ' | ' | |
Contingent consideration period after product first sold to customers | '5 years | ' | ' | ' | |
Level-UpTM Six-Point Leveling System [Member] | ' | ' | ' | ' | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | |
Estimated Remaining Payments | 4,033,000 | [2] | ' | ' | ' |
Fair Value of Estimated Remaining Payments | 3,327,000 | ' | ' | ' | |
Other Acquired Products [Member] | ' | ' | ' | ' | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | |
Estimated Remaining Payments | 240,000 | [3] | ' | ' | ' |
Fair Value of Estimated Remaining Payments | 216,000 | ' | ' | ' | |
Remaining maximum earn-out payments | 3,100,000 | ' | ' | ' | |
Two Of Three Products [Member] | Schwintek Products [Member] | ' | ' | ' | ' | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | |
Estimated Remaining Payments | 2,100,000 | ' | ' | ' | |
Remaining maximum earn-out payments | 4,400,000 | ' | ' | ' | |
Remaining Product [Member] | Schwintek Products [Member] | ' | ' | ' | ' | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | |
Remaining maximum earn-out payments | 0 | ' | ' | ' | |
Remaining Product [Member] | Other Acquired Products [Member] | ' | ' | ' | ' | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | |
Remaining maximum earn-out payments | $0 | ' | ' | ' | |
[1] | The remaining contingent consideration for two of the three products expires in March 2014. Contingent consideration for the remaining product will cease five years after the product is first sold to customers. Two of the three products acquired have a combined remaining maximum contingent consideration of $4.4 million, of which the Company estimates $2.1 million will be paid. Other than expiration of the contingent consideration period, the remaining product has no maximum contingent consideration. | ||||
[2] | Other than expiration of the contingent consideration period in February 2016, this product has no maximum contingent consideration. | ||||
[3] | Contingent consideration expires at various dates through November 2025. Certain of these products have a combined remaining maximum contingent consideration of $3.1 million, while the remaining products have no maximum contingent consideration. |
Commitments_And_Contingencies_4
Commitments And Contingencies (Reconciliation Of Contingent Consideration Liability) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Commitments And Contingencies [Abstract] | ' | ' | ' | |||
Beginning balance | $11,519 | $14,561 | $12,104 | |||
Acquisitions | ' | 67 | 1,090 | |||
Payments | -5,456 | -4,315 | -398 | |||
Accretion | 1,308 | [1] | 1,756 | [1] | 1,886 | [1] |
Fair value adjustments | 43 | [1] | -550 | [1] | -121 | [1] |
Total ending balance | 7,414 | 11,519 | 14,561 | |||
Less current portion in accrued expenses and other current liabilities | -3,462 | -5,429 | -3,292 | |||
Total long-term portion in other long-term liabilities | $3,952 | $6,090 | $11,269 | |||
[1] | Recorded in selling, general and administrative expense in the Consolidated Statements of Income. |
Commitments_And_Contingencies_5
Commitments And Contingencies (Schedule Of Severance Obligations) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Other accrued expenses and current liabilities | $47,422 | $48,055 | ' |
Other long-term liabilities | 21,380 | 19,843 | ' |
Total liabilities | 139,571 | 89,623 | ' |
Executive Succession And Severance Obligations [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Other accrued expenses and current liabilities | 1,064 | 1,778 | 449 |
Other long-term liabilities | 315 | 671 | 1,028 |
Total liabilities | $1,379 | $2,449 | $1,477 |
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jan. 06, 2014 | Dec. 20, 2012 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Dividends paid per share | $2 | $2 | ' | ' | ' | ' | ' |
Dividends paid | $46.70 | $45 | ' | ' | ' | ' | ' |
Deferred stock units, per share | $2 | ' | $45.98 | ' | ' | ' | ' |
Deferred stock units, value | 1.4 | ' | 2 | ' | ' | ' | ' |
Reduction in outstanding options exercise price | $2 | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | ' | ' | 246,368 | 688,712 | 1,361,718 | ' |
Amount of compensation exchanged for deferred stock units | ' | ' | ' | 0.1 | 0.2 | 1.1 | ' |
Deferred stock units issued | ' | ' | 43,188 | ' | ' | ' | ' |
Minimum percentage stock option exercise price must be equal to fair market value | ' | ' | ' | 100.00% | ' | ' | ' |
Minimum holding period of common stock | ' | ' | ' | '6 months | ' | ' | ' |
Stock options expiration period, years after grant date | ' | ' | ' | '6 years | ' | ' | ' |
Vesting period | ' | ' | ' | '5 years | ' | ' | ' |
Unvested stock options, unrecognized compensation costs | ' | ' | ' | 2.7 | ' | ' | ' |
Weighted average diluted shares outstanding excludes shares of common stock subject to stock options | ' | ' | ' | 303,240 | 426,788 | 1,311,330 | ' |
Shares authorized to repurchase of Common Stock | ' | ' | ' | ' | ' | ' | 1,000,000 |
Executive Officers [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | ' | ' | 85,000 | ' | ' | ' |
Other Officers [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Shares available for grant | ' | ' | ' | 18,500 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted, restriction period | ' | ' | ' | '1 year | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Award exercise period | ' | ' | ' | '10 years | ' | ' | ' |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, weighted-average recognition period | ' | ' | ' | '2 years 4 months 24 days | ' | ' | ' |
Deferred Stock Units [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, weighted-average recognition period | ' | ' | ' | '2 years 3 months 18 days | ' | ' | ' |
Unrecognized compensation costs | ' | ' | ' | 8.9 | ' | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, weighted-average recognition period | ' | ' | ' | '10 months 24 days | ' | ' | ' |
Unrecognized compensation costs | ' | ' | ' | 0.8 | ' | ' | ' |
Stock Awards [Member] | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs, weighted-average recognition period | ' | ' | ' | '1 year 9 months 18 days | ' | ' | ' |
Unrecognized compensation costs | ' | ' | ' | 2.9 | ' | ' | ' |
Stock awards, performance period | ' | ' | ' | '3 years | ' | ' | ' |
Stock awards, grant date fair value | ' | ' | ' | $5.20 | ' | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Stock-Based Compensation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $10,839 | $6,318 | $4,587 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 2,325 | 2,836 | 3,218 |
Deferred Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 5,425 | 1,888 | 1,264 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 911 | 849 | 105 |
Stock Awards [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $2,178 | $745 | ' |
Recovered_Sheet1
Stockholders' Equity (Schedule Of Fair Value Of Stock Option Grant) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Stockholders' Equity [Abstract] | ' |
Risk-free interest rate | 0.71% |
Expected volatility | 55.20% |
Expected life | '4 years 1 month 6 days |
Contractual life | '6 years |
Fair value of stock options granted | $10.02 |
Stockholders_Equity_Schedule_O1
Stockholders' Equity (Schedule Of Stock Options) (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |
Number of Option Shares, Exercised | -681,426 | -550,352 | -151,150 | ' | |
Number of Option Shares, Outstanding | 723,661 | [1] | ' | ' | ' |
Number of Options Shares, Exercisable at December 31, 2013 | 388,521 | [1] | ' | ' | ' |
Stock Option Exercise Price, Outstanding, Minimum | $6.09 | $8.09 | $10.09 | $10.09 | |
Stock Option Exercise Price, Outstanding, Maximum | $19.17 | $29.11 | $31.11 | $31.11 | |
Stock Option Exercise Price, Granted | ' | ' | $23.17 | ' | |
Stock Option Exercise Price, Exercised, Minimum | $8.09 | $8.09 | $10.09 | ' | |
Stock Option Exercise Price, Exercised, Maximum | $29.11 | $31.11 | $19.67 | ' | |
Stock Option Exercise Price, Forfeited, Minimum | $8.09 | $10.09 | $10.09 | ' | |
Stock Option Exercise Price, Forfeited, Maximum | $29.11 | $31.11 | $31.11 | ' | |
Stock Option Exercise Price, Expired, Minimum | ' | ' | $26.83 | ' | |
Stock Option Exercise Price, Expired, Maximum | ' | ' | $27.21 | ' | |
Stock Option Exercise Price, Reduction For Cash Dividend, Minimum | $6.09 | $8.09 | ' | ' | |
Stock Option Exercise Price, Reduction For Cash Dividend, Maximum | $19.17 | $29.11 | ' | ' | |
Stock Option Exercise Price, Outstanding, Minimum | $6.09 | $8.09 | $10.09 | $10.09 | |
Stock Option Exercise Price, Outstanding, Maximum | $19.17 | $29.11 | $31.11 | $31.11 | |
Stock Option Exercise Price, Exercisable, Minimum | $6.09 | ' | ' | ' | |
Stock Option Exercise Price, Exercisable, Maximum | $19.17 | ' | ' | ' | |
Equity Plan [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | |
Number of Option Shares, Outstanding | 1,320,819 | 1,810,650 | 1,996,490 | ' | |
Number of Option Shares, Granted | ' | ' | 345,000 | ' | |
Number of Option Shares, Exercised | -574,288 | -422,131 | -87,300 | ' | |
Number of Option Shares, Forfeited | -22,870 | -67,700 | -100,900 | ' | |
Number of Option Shares, Expired | ' | ' | -342,640 | ' | |
Number of Option Shares, Outstanding | 723,661 | 1,320,819 | 1,810,650 | ' | |
Number of Options Shares, Exercisable at December 31, 2013 | 388,521 | ' | ' | ' | |
Weighted Average Exercise Price, Outstanding | $19.92 | $21.46 | $21.70 | ' | |
Weighted Average Exercise Price, Granted | ' | ' | $23.17 | ' | |
Weighted Average Exercise Price, Exercised | $23.04 | $19.13 | $11.39 | ' | |
Weighted Average Exercise Price, Forfeited | $19.36 | $22.61 | $22.37 | ' | |
Weighted Average Exercise Price, Expired | ' | ' | $26.87 | ' | |
Weighted Average Exercise Price, Reduction For Cash Dividend | ($2) | ($2) | ' | ' | |
Weighted Average Exercise Price, Outstanding | $15.46 | $19.92 | $21.46 | ' | |
Weighted Average Exercise Price, Exercisable | $13.64 | ' | ' | ' | |
[1] | The aggregate intrinsic value for option shares outstanding and option shares exercisable is $25.9 million and $14.6 million, respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 2.7 years and 2.2 years, respectively. Recorded in selling, general and administrative expense in the Consolidated Statements of Operations. |
Stockholders_Equity_Schedule_E
Stockholders' Equity (Schedule Exercise Of Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity [Abstract] | ' | ' | ' |
Intrinsic value of stock options exercised | $9,062 | $4,838 | $1,079 |
Cash receipts upon the exercise of stock options | 13,231 | 8,075 | 997 |
Income tax benefits from the exercise of stock options | 3,473 | 1,852 | 422 |
Grant date fair value of stock options that vested | $2,252 | $2,814 | $3,207 |
Stockholders_Equity_Summary_Of
Stockholders' Equity (Summary Of Stock Options Outstanding) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Options Shares Outstanding | 723,661 | [1] |
Option Shares Exercisable | 388,521 | [1] |
Aggregate intrinsic value, option shares outstanding | $25.90 | |
Aggregate intrinsic value, option shares exercisable | $14.60 | |
Weighted average remaining term, option shares outstanding | '2 years 8 months 12 days | |
Weighted average remaining term, option shares exercisable | '2 years 2 months 12 days | |
$6.09 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Exercise Price | $6.09 | |
Options Shares Outstanding | 70,200 | |
Remaining Life in Years | '10 months 24 days | |
Option Shares Exercisable | 70,200 | |
$7.53 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Exercise Price | $7.53 | |
Options Shares Outstanding | 400 | |
Remaining Life in Years | '10 months 24 days | |
Option Shares Exercisable | 400 | |
$8.72 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Exercise Price | $8.72 | |
Options Shares Outstanding | 37,500 | |
Remaining Life in Years | '1 year | |
Option Shares Exercisable | 37,500 | |
$15.49 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Exercise Price | $15.49 | |
Options Shares Outstanding | 131,181 | |
Remaining Life in Years | '1 year 10 months 24 days | |
Option Shares Exercisable | 94,281 | |
$15.67 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Exercise Price | $15.67 | |
Options Shares Outstanding | 252,700 | |
Remaining Life in Years | '2 years 10 months 24 days | |
Option Shares Exercisable | 139,100 | |
$19.17 [Member] | ' | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | |
Exercise Price | $19.17 | |
Options Shares Outstanding | 231,680 | |
Remaining Life in Years | '3 years 10 months 24 days | |
Option Shares Exercisable | 47,040 | |
[1] | The aggregate intrinsic value for option shares outstanding and option shares exercisable is $25.9 million and $14.6 million, respectively. The weighted average remaining term for option shares outstanding and option shares exercisable is 2.7 years and 2.2 years, respectively. Recorded in selling, general and administrative expense in the Consolidated Statements of Operations. |
Stockholders_Equity_Schedule_O2
Stockholders' Equity (Schedule Of Deferred Stock Units Transactions) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Outstanding | 613,754 | 369,133 | 266,216 |
Issued | 32,462 | 23,713 | 79,714 |
Granted | 140,461 | 282,925 | 53,450 |
Dividend equivalents | ' | 34,568 | ' |
Forfeited | -4,505 | ' | -2,660 |
Exercised | -89,211 | -96,585 | -27,587 |
Outstanding | 692,961 | 613,754 | 369,133 |
Stock Price, Granted | ' | ' | $23.17 |
Stock Price, Dividend equivalent | ' | $33.32 | ' |
Stock Price, Forfeited | $30.50 | ' | ' |
Minimum [Member] | ' | ' | ' |
Stock Price, Outstanding | $6.16 | $5.50 | $5.50 |
Stock Price, Issued | $33.84 | $24.53 | $18.67 |
Stock Price, Granted | $36.58 | $26.54 | ' |
Stock Price, Forfeited | ' | ' | $20.89 |
Stock Price, Exercised | $20.20 | $5.50 | $6.16 |
Stock Price, Outstanding | $6.16 | $6.16 | $5.50 |
Maximum [Member] | ' | ' | ' |
Stock Price, Outstanding | $33.32 | $40.68 | $40.68 |
Stock Price, Issued | $48.53 | $32.07 | $25.48 |
Stock Price, Granted | $50.85 | $30.50 | ' |
Stock Price, Forfeited | ' | ' | $23.49 |
Stock Price, Exercised | $30.65 | $40.68 | $25.06 |
Stock Price, Outstanding | $50.85 | $33.32 | $40.68 |
Stockholders_Equity_Schedule_O3
Stockholders' Equity (Schedule Of Restricted Stock Grants) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted | $17,885 | $29,841 | $36,260 |
Stock price | $50.89 | $30.50 | $23.17 |
Fair value of stock granted | 910 | 910 | 840 |
Stockholders_Equity_Schedule_O4
Stockholders' Equity (Schedule Of Computation Of Basic And Diluted Earnings Per Share) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity [Abstract] | ' | ' | ' |
Weighted average shares outstanding for basic earnings per share | 23,321 | 22,558 | 22,267 |
Common stock equivalents pertaining to stock options and deferred stock units | 432 | 270 | 177 |
Weighted average shares outstanding for diluted earnings per share | 23,753 | 22,828 | 22,444 |
Stockholders_Equity_Schedule_O5
Stockholders' Equity (Schedule Of Treasury Stock) (Details) (USD $) | 12 Months Ended | 48 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 |
Stockholders' Equity [Abstract] | ' | ' | ' |
Purchase of treasury stock, shares | 535,135 | 33,856 | 501,279 |
Weighted average price per share | $18.64 | $18.44 | $18.70 |
Cost | $10,000 | $626 | $9,374 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
lb | Vacant Owned Facilities [Member] | Vacant Owned Facilities [Member] | Vacant Owned Facilities [Member] | Vacant Owned Facilities Classified In Fixed Assets [Member] | Vacant Owned Facilities Classified In Fixed Assets [Member] | Vacant Owned Facilities Classified In Fixed Assets [Member] | Other Intangible Assets [Member] | Vacant Leased Facilities [Member] | Vacant Leased Facilities [Member] | Cost Of Sales [Member] | Cost Of Sales [Member] | |||
property | property | property | Other Intangible Assets [Member] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of deferred compensation invested in life insurance contracts | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of years long-term sales growth forecasted over | '4 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average long-term sales growth forecast, over next 4 years, percent per year | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments outstanding | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative asset recorded in prepaid expenses and other current assets | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of pounds of aluminum settled at loss | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount settled at loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' |
Number of vacant facilities reopened | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vacant owned facilities classified in fixed assets | ' | ' | ' | ' | 4 | 6 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vacant facilities owned that did not exceed their carrying value | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vacant owned facilities with carrying values exceeding fair value | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vacant owned facilities with fair values exceeding carrying value | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | 100,000 | 500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of facilities a sale agreement has been signed on | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vacant owned properties classified as fixed assets | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of facilities | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated combined fair value | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' |
Combined carrying value | ' | ' | ' | ' | ' | ' | 3,200,000 | 5,000,000 | 10,000,000 | ' | ' | ' | ' | ' |
Number of vacant owned facilities sold at carrying value | ' | ' | ' | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' |
Non-cash impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | 1,000,000 |
Charge due to early termination of leases of vacant facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 | $200,000 | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Deferred compensation | $6,535 | $4,540 |
Derivative instruments | ' | 223 |
Assets | 6,535 | 4,763 |
Contingent consideration | 7,414 | 11,519 |
Deferred compensation | 9,673 | 7,015 |
Liabilities | 17,087 | 18,534 |
Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Deferred compensation | 6,535 | 4,540 |
Assets | 6,535 | 4,540 |
Deferred compensation | 9,673 | 7,015 |
Liabilities | 9,673 | 7,015 |
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative instruments | ' | 223 |
Assets | ' | 223 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Contingent consideration | 7,414 | 11,519 |
Liabilities | $7,414 | $11,519 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule Of Non-Recurring Losses Recognized Using Fair Value Measurements And The Carrying Value Of Any Assets And Liabilities Measured Using Fair Value Estimates) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Assets, Carrying Value | $7,579 | $6,354 | $48,420 |
Assets, Non-Recurring Losses | 145 | 1,751 | ' |
Liabilities, Carrying Value | ' | ' | 399 |
Liabilities, Non-Recurring Losses | ' | 50 | 203 |
Vacant Leased Facilities [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Liabilities, Carrying Value | ' | ' | 399 |
Liabilities, Non-Recurring Losses | ' | 50 | 203 |
Vacant Owned Facilities [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Assets, Carrying Value | 3,197 | 5,009 | 10,031 |
Assets, Non-Recurring Losses | 145 | 523 | ' |
Other Intangible Assets [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Assets, Non-Recurring Losses | ' | 1,228 | ' |
Net Assets Of Acquired Businesses [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Assets, Carrying Value | $4,382 | $1,345 | $38,389 |
Quarterly_Results_Of_Operation2
Quarterly Results Of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net sales | $224,947 | $250,851 | $287,192 | $252,586 | $200,234 | $226,323 | $251,014 | $223,552 | $1,015,576 | [1] | $901,123 | [1] | $681,166 | [1] |
Gross profit | 47,959 | 56,126 | 61,433 | 47,591 | 35,871 | 41,542 | 46,423 | 44,823 | 213,109 | 168,659 | 139,721 | |||
Income before income taxes | 16,100 | 22,754 | 25,623 | 13,470 | 6,759 | 14,832 | 18,912 | 17,299 | 77,947 | 57,802 | 48,256 | |||
Net income | $11,077 | $14,805 | $15,865 | $8,372 | $4,745 | $9,771 | $11,708 | $11,116 | $50,119 | $37,340 | $30,059 | |||
Net income per common share, Basic | $0.47 | $0.63 | $0.68 | $0.36 | $0.21 | $0.43 | $0.52 | $0.50 | $2.15 | $1.66 | $1.35 | |||
Net income per common share, Diluted | $0.46 | $0.62 | $0.67 | $0.36 | $0.21 | $0.43 | $0.52 | $0.49 | $2.11 | $1.64 | $1.34 | |||
Stock market price, High | $54.21 | $45.54 | $41.25 | $38.67 | $33.32 | $30.86 | $30.02 | $29.84 | $54.21 | $33.32 | ' | |||
Stock market price, Low | $45.86 | $39.60 | $34.13 | $33.34 | $29.48 | $25.82 | $25.83 | $24.67 | $33.34 | $24.67 | ' | |||
Close (at end of quarter) | $51.20 | $45.54 | $39.32 | $36.31 | $32.25 | $30.21 | $27.85 | $27.31 | $51.20 | $32.25 | ' | |||
[1] | Thor Industries, Inc., a customer of the RV Segment, accounted for 31 percent, 34 percent and 36 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 28 percent, 27 percent and 27 percent of the Company's consolidated net sales for the years ended December 31, 2013, 2012 and 2011, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2013, 2012 and 2011. |