Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 24, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-10883 | |
Entity Registrant Name | WABASH NATIONAL CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 52-1375208 | |
Entity Address, Address Line One | 1000 Sagamore Parkway South | |
Entity Address, City or Town | Lafayette | |
Entity Address, State or Province | IN | |
Entity Address, Postal Zip Code | 47905 | |
City Area Code | 765 | |
Local Phone Number | 771-5300 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | WNC | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 52,912,988 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000879526 | |
Current Fiscal Year End Date | --12-31 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 135,993 | $ 140,516 |
Accounts receivable, net | 123,952 | 172,737 |
Inventories | 201,068 | 186,914 |
Prepaid expenses and other | 41,836 | 41,222 |
Total current assets | 502,849 | 541,389 |
Property, plant, and equipment, net | 218,637 | 221,346 |
Goodwill | 204,418 | 311,026 |
Intangible assets, net | 178,836 | 189,898 |
Other assets | 37,525 | 40,932 |
Total assets | 1,142,265 | 1,304,591 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 0 |
Current portion of finance lease obligations | 337 | 327 |
Accounts payable | 124,747 | 134,821 |
Other accrued liabilities | 107,030 | 124,230 |
Total current liabilities | 232,114 | 259,378 |
Long-term debt | 455,800 | 455,386 |
Finance lease obligations | 206 | 378 |
Deferred income taxes | 35,179 | 37,576 |
Other non-current liabilities | 25,749 | 30,885 |
Total liabilities | 749,048 | 783,603 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock 200,000,000 shares authorized, $0.01 par value, 52,906,115 and 53,473,620 shares outstanding, respectively | 753 | 750 |
Additional paid-in capital | 639,330 | 638,917 |
Retained earnings | 106,656 | 221,841 |
Accumulated other comprehensive losses | (6,915) | (3,978) |
Treasury stock at cost, 22,500,750 and 21,640,109 common shares, respectively | (346,607) | (336,542) |
Total stockholders' equity | 393,217 | 520,988 |
Total liabilities and stockholders’ equity | $ 1,142,265 | $ 1,304,591 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 52,906,115 | 53,473,620 |
Treasury stock, shares (in shares) | 22,500,750 | 21,640,109 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 339,153 | $ 626,053 | $ 726,227 | $ 1,159,227 |
Cost of sales | 304,832 | 538,403 | 655,163 | 1,002,887 |
Gross profit | 34,321 | 87,650 | 71,064 | 156,340 |
General and administrative expenses | 19,633 | 26,509 | 45,825 | 56,649 |
Selling expenses | 4,886 | 8,494 | 12,884 | 16,717 |
Amortization of intangible assets | 5,493 | 5,109 | 10,988 | 10,238 |
Asset Impairment Charges and Other | (1,690) | 0 | 105,424 | 0 |
Income (loss) from operations | 5,999 | 47,538 | (104,057) | 72,736 |
Other income (expense): | ||||
Interest expense | (5,882) | (7,020) | (12,154) | (14,110) |
Other, net | 285 | 1,081 | 405 | 912 |
Other expense, net | (5,597) | (5,939) | (11,749) | (13,198) |
Income (loss) before income tax expense (benefit) | 402 | 41,599 | (115,806) | 59,538 |
Income tax expense (benefit) | 548 | 10,639 | (9,013) | 13,798 |
Net (loss) income | $ (146) | $ 30,960 | $ (106,793) | $ 45,740 |
Net (loss) income per share: | ||||
Basic (in usd per share) | $ 0 | $ 0.56 | $ (2.01) | $ 0.83 |
Diluted (in usd per share) | $ 0 | $ 0.56 | $ (2.01) | $ 0.82 |
Weighted average common shares outstanding (in thousands): | ||||
Basic (in shares) | 52,874 | 55,197 | 53,015 | 55,233 |
Diluted (in shares) | 52,874 | 55,668 | 53,015 | 55,719 |
Dividends declared per share (in usd per share) | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (146) | $ 30,960 | $ (106,793) | $ 45,740 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | 318 | (115) | (1,318) | 183 |
Unrealized gain (loss) on derivative instruments | 2,264 | 78 | (1,619) | (736) |
Total other comprehensive income (loss) | 2,582 | (37) | (2,937) | (553) |
Comprehensive income (loss) | $ 2,436 | $ 30,923 | $ (109,730) | $ 45,187 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net loss for the period | $ (106,793) | $ 45,740 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities | ||
Depreciation | 11,657 | 10,957 |
Amortization of intangibles | 10,988 | 10,238 |
Net (gain) loss on sale of property, plant and equipment | (1,690) | 481 |
Loss on debt extinguishment | 0 | 53 |
Deferred income taxes | (2,648) | (2,214) |
Stock-based compensation | 416 | 5,377 |
Impairment | 107,114 | 0 |
Non-cash interest expense | 535 | 523 |
Accounts receivable | 48,785 | 10,886 |
Inventories | (14,154) | (80,163) |
Prepaid expenses and other | (8,195) | (325) |
Accounts payable and accrued liabilities | (22,126) | 58,210 |
Other, net | (1,235) | 1,210 |
Net cash provided by operating activities | 22,654 | 60,973 |
Cash flows from investing activities | ||
Capital expenditures | (10,921) | (14,995) |
Proceeds from the sale of property, plant, and equipment | 2,725 | 38 |
Net cash used in investing activities | (8,196) | (14,957) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 0 | 55 |
Dividends paid | (8,742) | (9,061) |
Borrowings under revolving credit facilities | 45,449 | 288 |
Payments under revolving credit facilities | (45,449) | (288) |
Finance Lease, Principal Payments | (162) | (152) |
Principal payments under term loan credit facility | 0 | (15,470) |
Debt issuance costs paid | (12) | (71) |
Stock repurchase | (10,065) | (13,852) |
Net cash used in financing activities | (18,981) | (38,551) |
Cash and cash equivalents: | ||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (4,523) | 7,465 |
Cash, cash equivalents and restricted cash at beginning of period | 140,516 | 132,690 |
Cash, cash equivalents, and restricted cash at end of period | 135,993 | 140,155 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 11,732 | 13,661 |
(Refunds received) cash paid for income taxes | $ (520) | $ 10,567 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Losses | Treasury Stock |
Balance at beginning of period (in shares) at Dec. 31, 2018 | 55,135,788 | |||||
Balance at beginning of period at Dec. 31, 2018 | $ 473,849 | $ 744 | $ 629,039 | $ 150,244 | $ (3,343) | $ (302,835) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss for the period | 14,780 | 14,780 | ||||
Foreign currency translation and other | 298 | 298 | ||||
Stock-based compensation (in shares) | 273,158 | |||||
Stock-based compensation | 2,586 | $ 5 | 2,581 | |||
Stock repurchase | (2,635) | (2,635) | ||||
Common stock dividends | (4,512) | (4,512) | ||||
Unrealized loss on derivative instruments, net of tax | (814) | (814) | ||||
Stock option exercises (in shares) | 15,187 | |||||
Stock option exercises | 54 | 54 | ||||
Balance at end of period (in shares) at Mar. 31, 2019 | 55,424,133 | |||||
Balance at end of period at Mar. 31, 2019 | 483,606 | $ 749 | 631,674 | 160,512 | (3,859) | (305,470) |
Balance at beginning of period (in shares) at Dec. 31, 2018 | 55,135,788 | |||||
Balance at beginning of period at Dec. 31, 2018 | 473,849 | $ 744 | 629,039 | 150,244 | (3,343) | (302,835) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss for the period | 45,740 | |||||
Foreign currency translation and other | 183 | |||||
Balance at end of period (in shares) at Jun. 30, 2019 | 54,675,691 | |||||
Balance at end of period at Jun. 30, 2019 | 501,565 | $ 749 | 634,465 | 186,934 | (3,896) | (316,687) |
Balance at beginning of period (in shares) at Mar. 31, 2019 | 55,424,133 | |||||
Balance at beginning of period at Mar. 31, 2019 | 483,606 | $ 749 | 631,674 | 160,512 | (3,859) | (305,470) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss for the period | 30,960 | 30,960 | ||||
Foreign currency translation and other | (115) | (115) | ||||
Stock-based compensation (in shares) | 26,639 | |||||
Stock-based compensation | 2,791 | 2,791 | ||||
Stock repurchase (in shares) | (775,081) | |||||
Stock repurchase | (11,217) | (11,217) | ||||
Common stock dividends | (4,538) | (4,538) | ||||
Unrealized loss on derivative instruments, net of tax | 78 | 78 | ||||
Balance at end of period (in shares) at Jun. 30, 2019 | 54,675,691 | |||||
Balance at end of period at Jun. 30, 2019 | 501,565 | $ 749 | 634,465 | 186,934 | (3,896) | (316,687) |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 53,473,620 | |||||
Balance at beginning of period at Dec. 31, 2019 | 520,988 | $ 750 | 638,917 | 221,841 | (3,978) | (336,542) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss for the period | (106,647) | (106,647) | ||||
Foreign currency translation and other | (1,636) | (1,636) | ||||
Stock-based compensation (in shares) | 141,223 | |||||
Stock-based compensation | (917) | $ 3 | (920) | |||
Stock repurchase (in shares) | (766,122) | |||||
Stock repurchase | (10,051) | (10,051) | ||||
Common stock dividends | (3,885) | (3,885) | ||||
Unrealized loss on derivative instruments, net of tax | (3,883) | (3,883) | ||||
Balance at end of period (in shares) at Mar. 31, 2020 | 52,848,721 | |||||
Balance at end of period at Mar. 31, 2020 | 393,969 | $ 753 | 637,997 | 111,309 | (9,497) | (346,593) |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 53,473,620 | |||||
Balance at beginning of period at Dec. 31, 2019 | 520,988 | $ 750 | 638,917 | 221,841 | (3,978) | (336,542) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss for the period | (106,793) | |||||
Foreign currency translation and other | (1,318) | |||||
Balance at end of period (in shares) at Jun. 30, 2020 | 52,906,115 | |||||
Balance at end of period at Jun. 30, 2020 | 393,217 | $ 753 | 639,330 | 106,656 | (6,915) | (346,607) |
Balance at beginning of period (in shares) at Mar. 31, 2020 | 52,848,721 | |||||
Balance at beginning of period at Mar. 31, 2020 | 393,969 | $ 753 | 637,997 | 111,309 | (9,497) | (346,593) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss for the period | (146) | (146) | ||||
Foreign currency translation and other | 318 | 318 | ||||
Stock-based compensation (in shares) | 57,394 | |||||
Stock-based compensation | 1,333 | 1,333 | ||||
Stock repurchase | (14) | (14) | ||||
Common stock dividends | (4,507) | (4,507) | ||||
Unrealized loss on derivative instruments, net of tax | 2,264 | 2,264 | ||||
Balance at end of period (in shares) at Jun. 30, 2020 | 52,906,115 | |||||
Balance at end of period at Jun. 30, 2020 | $ 393,217 | $ 753 | $ 639,330 | $ 106,656 | $ (6,915) | $ (346,607) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATIONThe condensed consolidated financial statements of Wabash National Corporation (the “Company”) have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations, and its cash flows. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATIONThe Company recognizes all share-based payments based upon their fair value. The Company grants restricted stock units subject to specific service, performance, and/or market conditions. The Company’s policy is to recognize expense for awards that have service conditions only subject to graded vesting using the straight-line attribution method. The fair value of service and performance based units is based on the market price of a share of underlying common stock at the date of grant. The fair value of the market based units is based on a lattice valuation model. The amount of compensation costs related to restricted stock units and performance units not yet recognized was $15.9 million at June 30, 2020, for which the expense will be recognized through 2023. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTSIn June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses,” which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. The Company adopted the standard using the modified retrospective approach as required on January 1, 2020. The adoption of the new credit losses model did not have a material impact on the Company’s condensed consolidated financial statements. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense. For performance obligations satisfied over time, which include certain equipment-related sales within our Diversified Products reportable segment that have no alternative use and contain an enforceable right to payment, as well as service work whereby the customer simultaneously receives and consumes the benefits provided, the Company recognizes revenue on the basis of the Company’s efforts or inputs to the satisfaction of these performance obligations, measured by actual total cost incurred to the total estimated costs for each project. Total revenue recognized over time was not material to the condensed consolidated financial statements for all periods presented. The Company has identified three separate and distinct performance obligations: 1) the sale of a trailer or equipment, 2) the sale of replacement parts, and 3) service work. For trailer, truck body, equipment, and replacement part sales, control is transferred and revenue is recognized from the sale upon shipment to or pick up by the customer in accordance with the contract terms. The Company does not have any material extended payment terms as payment is received shortly after the point of sale. Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does have customers who pay for the product prior to the transfer of control which is recorded as customer deposits in Other accrued liabilities as shown in Note 10. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product. |
GOODWILL IMPAIRMENT
GOODWILL IMPAIRMENT | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL IMPAIRMENT | GOODWILL IMPAIRMENT Goodwill As of December 31, 2019, goodwill allocated to our Commercial Trailer Products, Diversified Products (“DPG”), and Final Mile Products (“FMP”) segments was approximately $2.6 million, $140.7 million, and $167.7 million, respectively. Within the DPG segment, goodwill was allocated between the Tank Trailers and Process Systems reporting units in the amount of $98.4 million and $42.3 million, respectively. The Company did not perform in-line with expectations during the first quarter of 2020, partially as a result of the ongoing COVID-19 pandemic. In addition, subsequent to December 31, 2019, the Company’s share price and market capitalization declined. As a result, indicators of impairment were identified and the Company performed an interim quantitative assessment as of March 31, 2020, utilizing a combination of the income and market approaches, which were weighted evenly. The results of the quantitative analysis indicated the carrying value of the FMP and Tank Trailers reporting units exceeded their respective fair values and, accordingly, goodwill impairment charges of $95.8 million and $11.0 million, respectively, were recorded during the first quarter of 2020. The goodwill impairment charges, which are based on Level 3 fair value measurements, are included in Impairment and other, net in the Condensed Consolidated Statements of Operations. The Company considered whether there were any indicators of impairment during the three months ended June 30, 2020 and concluded there were none. For the period ended June 30, 2020, the changes in the carrying amounts of goodwill were as follows (in thousands): Commercial Trailer Products Diversified Products Final Mile Products Total Balance at December 31, 2018 Goodwill $ 4,288 $ 145,688 $ 167,715 $ 317,691 Accumulated impairment losses (1,663) (4,944) — (6,607) Net balance as of December 31, 2018 2,625 140,744 167,715 311,084 Impact of divestiture on goodwill — (4,944) — (4,944) Impact of divestiture on accumulated impairment losses — 4,944 — 4,944 Effects of foreign currency — (58) — (58) Balance as of December 31, 2019 Goodwill 4,288 140,686 167,715 312,689 Accumulated impairment losses (1,663) — — (1,663) Net balance as of December 31, 2019 2,625 140,686 167,715 311,026 Goodwill impairments — (10,971) (95,766) (106,737) Effects of foreign currency — 131 — 131 Balance at March 31, 2020 Goodwill 4,288 140,817 167,715 312,820 Accumulated impairment losses (1,663) (10,971) (95,766) (108,400) Net balance as of March 31, 2020 2,625 129,846 71,949 204,420 Goodwill impairments — — — — Effects of foreign currency — (2) — (2) Balance at June 30, 2020 Goodwill 4,288 140,815 167,715 312,818 Accumulated impairment losses (1,663) (10,971) (95,766) (108,400) Net balance as of June 30, 2020 $ 2,625 $ 129,844 $ 71,949 $ 204,418 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories consist of the following components (in thousands): June 30, December 31, Raw materials and components $ 103,347 $ 105,332 Finished goods 74,573 58,224 Work in progress 13,421 14,269 Aftermarket parts 7,462 6,590 Used trailers 2,265 2,499 $ 201,068 $ 186,914 |
PREPAID EXPENSES
PREPAID EXPENSES | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES | PREPAID EXPENSES Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Chassis converter pool agreements $ 3,527 $ 10,164 Assets held for sale 3,020 3,020 Income tax receivables 12,326 8,701 Insurance premiums & maintenance agreements 7,154 3,217 All other 15,809 16,120 $ 41,836 $ 41,222 Chassis converter pool agreements represent chassis transferred to the Company on a restricted basis by the manufacturer, who retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales to the manufacturer’s dealers. Assets held for sale are primarily related to the Company’s remaining retail location and unused land parcels, which are actively being marketed for sale. Insurance premiums and maintenance agreements are charged to expenses over the contractual life, which is generally one year or less. Additionally, prepaid expenses include contract assets related to contracts for which the Company recognizes revenue over time as services are completed. There is no restricted cash included in prepaid expenses and other current assets as of June 30, 2020 and December 31, 2019. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Long-term debt consists of the following (in thousands): June 30, December 31, Senior notes due 2025 $ 325,000 $ 325,000 Term loan credit agreement due 2022 135,228 135,228 460,228 460,228 Less: unamortized discount and fees (4,428) (4,842) Less: current portion — — $ 455,800 $ 455,386 Senior Notes On September 26, 2017, the Company issued Senior Notes due 2025 (the “Senior Notes”) with an aggregate principal amount of $325 million. The Senior Notes bear interest at the rate of 5.50% per annum from the date of issuance, and pay interest semi-annually in cash on April 1 and October 1 of each year. The Company used the net proceeds of $318.9 million from the sale of the Senior Notes to finance a portion of the acquisition of Supreme and to pay related fees and expenses. The Senior Notes are guaranteed on a senior unsecured basis by all direct and indirect existing and future domestic restricted subsidiaries, subject to certain restrictions. The Senior Notes and related guarantees are the Company’s and the guarantors’ general unsecured senior obligations and are subordinate to all of the Company’s and the guarantors’ existing and future secured debt to the extent of the assets securing that secured obligation. In addition, the Senior Notes are structurally subordinate to any existing and future debt of any of the Company’s subsidiaries that are not guarantors, to the extent of the assets of those subsidiaries. The Senior Notes will mature on October 1, 2025. The indenture for the Senior Notes restricts the Company’s ability and the ability of certain of its subsidiaries, subject to certain exceptions and qualifications, to: (i) incur additional indebtedness; (ii) pay dividends or make other distributions in respect of, or repurchase or redeem, its capital stock or with respect to any other interest or participation in, or measured by, its profits; (iii) make loans and certain investments; (iv) sell assets; (v) create or incur liens; (vi) enter into transactions with affiliates; and (vii) consolidate, merge or sell all or substantially all of its assets. The indenture for the Senior Notes contains customary events of default and covenants. As of June 30, 2020, the Company was in compliance with all covenants, and while the duration and severity of the COVID-19 pandemic are unknown at this time, the Company does not anticipate that the pandemic will impact its ability to remain in compliance with these covenants. Contractual coupon interest expense and accretion of discount and fees for the Senior Notes was $4.6 million and $9.3 million for the three- and six-month periods ended June 30, 2020, respectively, while contractual coupon interest expense and accretion of discount and fees for the Senior Notes was $4.6 million and $9.2 million for the three- and six-month periods ended June 30, 2019, respectively. Contractual coupon interest expense and accretion of discount and fees are included in Interest expense on the Company’s Condensed Consolidated Statements of Operations. Revolving Credit Agreement On December 21, 2018, the Company entered into the Second Amended and Restated Credit Agreement (the “Revolving Credit Agreement” or “Revolving Facility”), among the Company, certain of its subsidiaries as borrowers (together with the Company, the “Borrowers”), the lenders from time to time party thereto, Wells Fargo Capital Finance, LLC, and Citizens Business Capital, which amended and restated the Company’s existing amended and restated revolving credit agreement, dated as of May 8, 2012. The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Revolver Guarantors”) and is secured by (i) first priority security interests in substantially all personal property of the Borrowers and the Revolver Guarantors, consisting of accounts receivable, inventory, cash, deposit and securities accounts and any cash or other assets in such accounts and, to the extent evidencing or otherwise related to such property, all general intangibles, licenses, intercompany debt, letter of credit rights, commercial tort claims, chattel paper, instruments, supporting obligations, documents and payment intangibles (collectively, the “Revolver Priority Collateral”), and (ii) second-priority liens on and security interests in (A) equity interests of each direct subsidiary held by the Borrowers and each Revolver Guarantor, and (B) substantially all other tangible and intangible assets of the Borrowers and the Revolver Guarantors, excluding real property (the “Term Priority Collateral”). The Revolving Credit Agreement has a scheduled maturity date of December 21, 2023, subject to certain springing maturity events. Under the Revolving Credit Agreement, the lenders agree to make available to the Company a $175 million revolving credit facility. The Company has the option to increase the total commitment under the facility to up to $275 million, subject to certain conditions. Subject to availability, the Revolving Credit Agreement provides for a letter of credit subfacility in an amount not in excess of $15 million, and allows for swingline loans in an amount not in excess of $17.5 million. Outstanding borrowings under the Revolving Credit agreement will bear interest at an annual rate, at the Borrowers’ election, equal to (i) LIBOR plus a margin ranging from 1.25% to 1.75% or (ii) a base rate plus a margin ranging from 0.25% to 0.75%, in each case depending upon the monthly average excess availability under the revolving loan facility. The Borrowers are required to pay a monthly unused line fee equal to 0.20% times the average daily unused availability along with other customary fees and expenses thereunder. The Revolving Credit Agreement contains various customary covenants. In addition, the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 as of the end of any period of 12 fiscal months when excess availability under the Revolving Credit Agreement is less than 10% of the total revolving commitment. During the three-month period ended March 31, 2020, the Company drew $45.0 million under the Revolving Credit Agreement in response to the uncertainty caused by the COVID-19 pandemic as a precautionary measure. During the second quarter of 2020, the Company repaid the $45.0 million in outstanding borrowings, and as of June 30, 2020 there were no amounts outstanding under the Revolving Credit Facility. The Company was in compliance with all covenants as of June 30, 2020, and while the duration and severity of the COVID-19 pandemic are unknown at this time, the Company does not anticipate that the pandemic will impact its ability to remain in compliance with these covenants. For the three- and six-month periods ended June 30, 2020, the Company paid approximately $0.2 million of interest under the Revolving Credit Agreement. During the three- and six-month periods ended June 30, 2019, the Company had no outstanding borrowings under the Revolving Credit Agreement and paid no interest. The Company’s liquidity position, defined as cash on hand and available borrowing capacity on the Revolving Credit Facility, amounted to $303.6 million as of June 30, 2020, and $308.1 million as of December 31, 2019. Term Loan Credit Agreement In May 2012, the Company entered into the Term Loan Credit Agreement (as amended, the “Term Loan Credit Agreement”), which provides for, among other things, (x) a senior secured term loan of $188.0 million that matures on March 19, 2022, subject to certain springing maturity events (the “Term Loans”), and (y) an uncommitted accordion feature to provide for additional senior secured term loans of up to $75 million plus an unlimited amount provided that the senior secured leverage ratio would not exceed 3.00 to 1.00, subject to certain conditions (the “Term Loan Facility”). On November 17, 2017, the Company entered into Amendment No. 5 to the Term Loan Credit Agreement (“Amendment No. 5”). As of the Amendment No. 5 date, $188.0 million of the Term Loans were outstanding. Under Amendment No. 5, the lenders agreed to provide to the Company term loans in the same aggregate principal amount of the outstanding Term Loans, which were used to refinance the outstanding Term Loans. The Term Loan Credit Agreement is guaranteed by certain of the Company’s subsidiaries, and is secured by (i) first-priority liens on, and security interests in, the Term Priority Collateral, and (ii) second-priority security interests in the Revolver Priority Collateral. The Term Loan Credit Agreement contains various customary covenants. As of June 30, 2020, the Company was in compliance with all covenants, and while the duration and severity of the COVID-19 pandemic are unknown at this time, the Company does not anticipate that the pandemic will impact its ability to remain in compliance with these covenants. For the three-month period ended June 30, 2020, under the Term Loan Credit Agreement the Company paid interest of $1.0 million and made no principal payments. For the three-month period ended June 30, 2019, the Company paid interest of $2.2 million and made principal payments of $15.0 million. For the six-month period ended June 30, 2020, the Company paid interest of $2.4 million and made no principal payments. For the six-month period ended June 30, 2019, the Company paid interest of $4.4 million and made principal payments of $15.5 million. As of June 30, 2020, the Company had $135.2 million outstanding under the Term Loan Credit Agreement, of which none was classified as current on the Company’s Condensed Consolidated Balance Sheets. For each three-month period ended June 30, 2020 and 2019, the Company incurred charges of less than $0.1 million, and $0.1 million for each six-month period ended June 30, 2020 and 2019, for amortization of fees and original issuance discount, which is included in Interest expense in the Condensed Consolidated Statements of Operations. |
FINANCIAL DERIVATIVE INSTRUMENT
FINANCIAL DERIVATIVE INSTRUMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL DERIVATIVE INSTRUMENTS | FINANCIAL DERIVATIVE INSTRUMENTS Commodity Pricing Risk As of June 30, 2020, the Company was party to commodity swap contracts for specific commodities with notional amounts of approximately $38.4 million. The Company uses commodity swap contracts to mitigate the risks associated with fluctuations in commodity prices impacting its cash flows related to inventory purchases from suppliers. The Company does not hedge all commodity price risk. At inception, the Company designated the commodity swap contracts as cash flow hedges. The contracts mature at specified monthly settlement dates and will be recognized into earnings through January 2021. The effective portion of the hedging transaction is recognized in Accumulated Other Comprehensive Income (“AOCI”) and transferred to earnings when the forecasted hedged transaction takes place or when the forecasted hedged transaction is no longer probable to occur. Financial Statement Presentation As of June 30, 2020 and December 31, 2019, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands): Asset / (Liability) Derivatives Balance Sheet Caption June 30, December 31, Derivatives designated as hedging instruments Commodity swap contracts Prepaid expenses and other $ 347 $ 1,290 Commodity swap contracts Other accrued liabilities (5,083) (3,216) Total derivatives designated as hedging instruments $ (4,736) $ (1,926) The following table summarizes the gain or loss recognized in AOCI as of June 30, 2020 and December 31, 2019 and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2020 and 2019 (in thousands): Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion, net of tax) Location of Gain (Loss) Reclassified from AOCI into Earnings Amount of Gain (Loss) June 30, December 31, Three Months Ended Six Months Ended 2020 2019 2020 2019 Derivatives instruments Commodity swap contracts $ (3,731) $ (2,112) Cost of sales $ (2,398) $ (478) $ (4,183) $ (646) Over the next 12 months, the Company expects to reclassify approximately $5.0 million of pretax deferred losses, related to the commodity swap contracts, from AOCI to cost of sales as inventory purchases are settled. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
LEASES | LEASES The Company records a right-of-use ("ROU") asset and lease liability for substantially all leases for which it is a lessee, in accordance with ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has no significant lease agreements in place for which the Company is a lessor. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration. The Company leases certain industrial spaces, office space, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally one Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands): Classification June 30, 2020 December 31, 2019 Right-of-Use Assets Operating Other assets $ 12,937 $ 14,246 Finance Property, plant and equipment, net of depreciation 2,873 2,945 Total leased ROU assets $ 15,810 $ 17,191 Liabilities Current Operating Other accrued liabilities $ 4,343 $ 4,369 Finance Current portion of finance lease obligations 337 327 Noncurrent Operating Non-current liabilities 8,839 10,041 Finance Finance lease obligations 206 378 Total lease liabilities $ 13,725 $ 15,115 Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands): Classification Three Months Ended Three Months Ended Operating lease cost Cost of sales, selling expenses and general and administrative expense $ 1,229 $ 1,126 Finance lease cost Amortization of ROU leased assets Depreciation and amortization 36 36 Interest on lease liabilities Interest expense 12 17 Net lease cost $ 1,277 $ 1,179 Classification Six Months Ended Six Months Ended Operating lease cost Cost of sales, selling expenses and general and administrative expense $ 2,627 $ 2,198 Finance lease cost Amortization of ROU leased assets Depreciation and amortization 72 72 Interest on lease liabilities Interest expense 33 35 Net lease cost $ 2,732 $ 2,305 Maturity of the Company’s lease liabilities as of June 30, 2020 is as follows (in thousands): Operating Leases Finance Leases Total 2020 (remainder) $ 2,476 $ 180 $ 2,656 2021 4,661 361 5,022 2022 3,020 30 3,050 2023 2,102 — 2,102 2024 1,007 — 1,007 Thereafter 1,251 — 1,251 Total lease payments $ 14,517 $ 571 $ 15,088 Less: interest 1,335 28 Present value of lease payments $ 13,182 $ 543 As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows: June 30, 2020 December 31, 2019 Weighted average remaining lease term (years) Operating leases 3.8 4.0 Finance leases 1.6 2.1 Weighted average discount rate Operating leases 5.06 % 5.17 % Finance leases 6.16 % 6.16 % Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands): Six Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,604 $ 2,124 Operating cash flows from finance leases $ 19 $ 35 Financing cash flows from finance leases $ 162 $ 152 |
LEASES | LEASES The Company records a right-of-use ("ROU") asset and lease liability for substantially all leases for which it is a lessee, in accordance with ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has no significant lease agreements in place for which the Company is a lessor. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration. The Company leases certain industrial spaces, office space, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally one Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands): Classification June 30, 2020 December 31, 2019 Right-of-Use Assets Operating Other assets $ 12,937 $ 14,246 Finance Property, plant and equipment, net of depreciation 2,873 2,945 Total leased ROU assets $ 15,810 $ 17,191 Liabilities Current Operating Other accrued liabilities $ 4,343 $ 4,369 Finance Current portion of finance lease obligations 337 327 Noncurrent Operating Non-current liabilities 8,839 10,041 Finance Finance lease obligations 206 378 Total lease liabilities $ 13,725 $ 15,115 Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands): Classification Three Months Ended Three Months Ended Operating lease cost Cost of sales, selling expenses and general and administrative expense $ 1,229 $ 1,126 Finance lease cost Amortization of ROU leased assets Depreciation and amortization 36 36 Interest on lease liabilities Interest expense 12 17 Net lease cost $ 1,277 $ 1,179 Classification Six Months Ended Six Months Ended Operating lease cost Cost of sales, selling expenses and general and administrative expense $ 2,627 $ 2,198 Finance lease cost Amortization of ROU leased assets Depreciation and amortization 72 72 Interest on lease liabilities Interest expense 33 35 Net lease cost $ 2,732 $ 2,305 Maturity of the Company’s lease liabilities as of June 30, 2020 is as follows (in thousands): Operating Leases Finance Leases Total 2020 (remainder) $ 2,476 $ 180 $ 2,656 2021 4,661 361 5,022 2022 3,020 30 3,050 2023 2,102 — 2,102 2024 1,007 — 1,007 Thereafter 1,251 — 1,251 Total lease payments $ 14,517 $ 571 $ 15,088 Less: interest 1,335 28 Present value of lease payments $ 13,182 $ 543 As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows: June 30, 2020 December 31, 2019 Weighted average remaining lease term (years) Operating leases 3.8 4.0 Finance leases 1.6 2.1 Weighted average discount rate Operating leases 5.06 % 5.17 % Finance leases 6.16 % 6.16 % Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands): Six Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,604 $ 2,124 Operating cash flows from finance leases $ 19 $ 35 Financing cash flows from finance leases $ 162 $ 152 |
OTHER ACCRUED LIABILITIES
OTHER ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
OTHER ACCRUED LIABILITIES | OTHER ACCRUED LIABILITIES The following table presents the major components of Other accrued liabilities (in thousands): June 30, December 31, Warranty $ 21,933 $ 22,575 Chassis converter pool agreements 3,527 10,164 Payroll and related taxes 10,314 25,263 Customer deposits 28,964 19,324 Self-insurance 12,898 12,934 Accrued interest 4,583 4,696 Operating lease obligations 4,343 4,369 Accrued taxes 6,944 10,344 All other 13,524 14,561 $ 107,030 $ 124,230 The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands): 2020 2019 Balance as of January 1 $ 22,575 $ 22,247 Provision for warranties issued in current year 2,302 1,948 Payments (2,944) (1,183) Balance as of June 30 $ 21,933 $ 23,012 The Company offers a limited warranty for its products with a coverage period that ranges between one ® trailer panels is 10 years. The Company passes through component manufacturers’ warranties to our customers. The Company’s policy is to accrue the estimated cost of warranty coverage at the time of the sale. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company’s fair value measurements are based upon a three-level valuation hierarchy. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy: ▪ Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets; ▪ Level 2 — Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument; and ▪ Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement. Recurring Fair Value Measurements The Company maintains a non-qualified deferred compensation plan which is offered to senior management and other key employees. The amount owed to participants is an unfunded and unsecured general obligation of the Company. Participants are offered various investment options with which to invest the amount owed to them, and the plan administrator maintains a record of the liability owed to participants by investment. To minimize the impact of the change in market value of this liability, the Company has elected to purchase a separate portfolio of investments through the plan administrator similar to those chosen by the participant. The investments purchased by the Company include mutual funds, which are classified as Level 1, and life-insurance contracts valued based on the performance of underlying mutual funds, which are classified as Level 2. Additionally, upon the Company’s acquisition of Supreme in 2017, the Company acquired a pool of investments made by a wholly owned captive insurance subsidiary. These investments are comprised of mutual funds, which are classified as Level 1. The fair value of the Company’s derivatives is estimated with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes. Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis, are shown below (in thousands): Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2020 Commodity swap contracts Recurring (4,736) — (4,736) — Mutual funds Recurring 5,256 5,256 — — Life-insurance contracts Recurring 14,624 — 14,624 — December 31, 2019 Commodity swap contracts Recurring (1,926) — (1,926) — Mutual funds Recurring 7,367 7,367 — — Life-insurance contracts Recurring 15,072 — 15,072 — Estimated Fair Value of Debt The estimated fair value of debt at June 30, 2020 consists primarily of the Senior Notes due 2025 and borrowings under the Term Loan Credit Agreement (see Note 7). The fair value of the Senior Notes due 2025 and Term Loan Credit Agreement are based upon third party pricing sources, which generally do not represent daily market activity or represent data obtained from an exchange, and are classified as Level 2. The interest rates on the Company’s borrowings under the Revolving Credit Facility are adjusted regularly to reflect current market rates and thus when any amounts are outstanding carrying value approximates fair value for these borrowings. The Company’s carrying and estimated fair value of debt at June 30, 2020 and December 31, 2019 were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Instrument Senior Notes due 2025 $ 320,902 $ — $ 292,839 $ — $ 320,572 $ — $ 320,572 $ — Term Loan Credit Agreement 134,898 — 129,502 — 134,814 — 134,814 — $ 455,800 $ — $ 422,341 $ — $ 455,386 $ — $ 455,386 $ — The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES As of June 30, 2020, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations, in connection with the conduct of its business activities, in various jurisdictions, both in the United States and internationally. On the basis of information currently available to it, management does not believe that existing proceedings and investigations will have a material impact on our consolidated financial condition or liquidity if determined in a manner adverse to the Company. However, such matters are unpredictable, and we could incur judgments or enter into settlements for current or future claims that could materially and adversely affect our financial statements. Costs associated with the litigation and settlements of legal matters are reported within General and administrative expenses in the Condensed Consolidated Statements of Operations. Environmental Disputes In August 2014, the Company received notice as a potentially responsible party (“PRP”) by the South Carolina Department of Health and Environmental Control (the “DHEC”) pertaining to the Philip Services Site located in Rock Hill, South Carolina pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and corresponding South Carolina statutes. PRPs include parties identified through manifest records as having contributed to deliveries of hazardous substances to the Philip Services Site between 1979 and 1999. The DHEC’s allegation that the Company was a PRP arises out of four manifest entries in 1989 under the name of a company unaffiliated with Wabash National (or any of its former or current subsidiaries) that purport to be delivering a de minimis amount of hazardous waste to the Philip Services Site “c/o Wabash National Corporation.” As such, the Philip Services Site PRP Group (the “PRP Group”) notified Wabash in August 2014 that it was offering the Company the opportunity to resolve any liabilities associated with the Philip Services Site by entering into a Cash Out and Reopener Settlement Agreement (the “Settlement Agreement”) with the PRP Group, as well as a Consent Decree with the DHEC. The Company has accepted the offer from the PRP Group to enter into the Settlement Agreement and Consent Decree, while reserving its rights to contest its liability for any deliveries of hazardous materials to the Philips Services Site. The requested settlement payment is immaterial to the Company’s financial conditions or operations, and as a result, if the Settlement Agreement and Consent Decree are finalized, the payment to be made by the Company thereunder is not expected to have a material adverse effect on the Company’s financial condition or results of operations. On November 13, 2019, the Company received a notice that it was considered one of several PRP’s by the Indiana Department of Environmental Management (“IDEM”) under CERCLA and state law related to substances found in soil and groundwater at a property located at 817 South Earl Avenue, Lafayette, Indiana (“the Site”). The Company has never owned or operated the Site, but the Site is near certain of the Company’s owned properties. The Company has agreed to implement a limited work plan to further investigate the source of the contamination at the Site and has worked with IDEM and other PRP’s to finalize the terms of the work plan. The Company expects to submit its initial site investigation report to IDEM during the third quarter of 2020. As of June 30, 2020, based on the information available, the Company does not expect this matter to have a material adverse effect on its financial condition or results of operations. Chassis Converter Pool Agreements The Company, through Supreme, obtains most vehicle chassis for its specialized vehicle products directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled, nor expects to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of June 30, 2020, the Company’s outstanding chassis converter pool with the manufacturer totaled $3.5 million and has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Prepaid expenses and other and Other accrued liabilities . All other chassis programs through its Supreme subsidiary are handled as consigned inventory belonging to the manufacturer and totaled approximately $1.9 million. Under these agreements, if the chassis is not delivered to a customer within a specified time frame the Company is required to pay a finance or storage charge on the chassis. Additionally, the Company receives finance support funds from manufacturers when the chassis are assigned into the Company’s chassis pool. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company. |
NET (LOSS) INCOME PER SHARE
NET (LOSS) INCOME PER SHARE | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
NET (LOSS) INCOME PER SHARE | NET (LOSS) INCOME PER SHARE Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net (loss) income per share is determined using net (loss) income applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). Due to the net loss applicable to common stockholders for the three and six months ended June 30, 2020, no securities had a dilutive impact for these periods. Three Months Ended Six Months Ended 2020 2019 2020 2019 Basic net (loss) income per share: Net (loss) income applicable to common stockholders $ (146) $ 30,960 $ (106,793) $ 45,740 Weighted average common shares outstanding 52,874 55,197 53,015 55,233 Basic net (loss) income per share $ 0.00 $ 0.56 $ (2.01) $ 0.83 Diluted net (loss) income per share: Net (loss) income applicable to common stockholders $ (146) $ 30,960 $ (106,793) $ 45,740 Weighted average common shares outstanding 52,874 55,197 53,015 55,233 Dilutive stock options and restricted stock — 471 — 486 Diluted weighted average common shares outstanding 52,874 55,668 53,015 55,719 Diluted net (loss) income per share $ 0.00 $ 0.56 $ (2.01) $ 0.82 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Share Repurchase Program On November 14, 2018, the Board of Directors approved the extension of the Company’s existing stock repurchase program for an additional three Common and Preferred Stock The Board of Directors has the authority to issue common and unclassed preferred stock of up to 200 million shares and 25 million shares, respectively, with par value of $0.01 per share, as well as to fix dividends, voting and conversion rights, redemption provisions, liquidation preferences and other rights and restrictions. Accumulated Other Comprehensive Income Changes in AOCI by component, net of tax, for the six months ended June 30, 2020 are summarized as follows (in thousands): Foreign Currency Translation Derivative Instruments Total Balances at December 31, 2019 $ (1,866) $ (2,112) $ (3,978) Net unrealized gains (losses) arising during the period (a) (1,636) (5,217) (6,853) Less: Net realized gains (losses) reclassified to net (loss) income (b) — (1,334) (1,334) Net change during the period (1,636) (3,883) (5,519) Balances at March 31, 2020 (3,502) (5,995) (9,497) Net unrealized gains (losses) arising during the period (c) 318 470 788 Less: Net realized gains (losses) reclassified to net income (d) — (1,794) (1,794) Net change during the period 318 2,264 2,582 Balances at June 30, 2020 (3,184) (3,731) (6,915) ————————— (a) Derivative instruments net of $1,759 thousand of tax benefit for the three months ended March 31, 2020. (b) Derivative instruments net of $451 thousand of tax benefit for the three months ended March 31, 2020. (c) Derivative instruments net of $158 thousand of tax liability for the three months ended June 30, 2020. (d) Derivative instruments net of $604 thousand of tax benefit for the three months ended June 30, 2020. Changes in AOCI by component, net of tax, for the six months ended June 30, 2019 are summarized as follows (in thousands): Foreign Currency Translation Derivative Instruments Total Balances at December 31, 2018 $ (2,578) $ (765) $ (3,343) Net unrealized gains (losses) arising during the period (e) 298 (939) (641) Less: Net realized gains (losses) reclassified to net income (f) — (125) (125) Net change during the period 298 (814) (516) Balances at March 31, 2019 (2,280) (1,579) (3,859) Net unrealized gains (losses) arising during the period (g) (115) (279) (394) Less: Net realized gains (losses) reclassified to net income (h) — (357) (357) Net change during the period (115) 78 (37) Balances at June 30, 2019 (2,395) (1,501) (3,896) ————————— (e) Derivative instruments net of $308 thousand of tax benefit for the three months ended March 31, 2019. (f) Derivative instruments net of $42 thousand of tax benefit for the three months ended March 31, 2019. (g) Derivative instruments net of $93 thousand of tax benefit for the three months ended June 30, 2019. (h) Derivative instruments net of $121 thousand of tax benefit for the three months ended June 30, 2019. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESOn March 27, 2020, the United States enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in response to the COVID-19 pandemic. Certain provisions of the legislation had a significant impact on the expected annual effective tax rate, income tax payable, and deferred income tax positions of the Company for the three- and six- month periods ended June 30, 2020. The Company continues to evaluate the provisions of the CARES Act.For the three months ended June 30, 2020, the Company recognized income tax expense of $0.5 million compared to $10.6 million for the same period in the prior year. The effective tax rate for this period was 136.3% compared to 25.6% for the same period in the prior year. The Company recognized an income tax benefit of $9.0 million in the first six months of 2020 compared to expense of $13.8 million for the same period in the prior year. The effective tax rates for the first six months of 2020 and 2019 were 7.8% and 23.2%, respectively. For the first six months of 2020, these effective tax rates differ from the US Federal statutory rate of 21% primarily due to the impact of state and local taxes, impairment of non-deductible goodwill, provisions related to the CARES Act, and discrete items incurred related to stock-based compensation. |
LONG-LIVED ASSETS
LONG-LIVED ASSETS | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
LONG-LIVED ASSETS | LONG-LIVED ASSETS During the second quarter of 2020, the Company sold property, plant, and equipment assets for proceeds totaling $2.7 million and recognized a net gain on sale of approximately $1.7 million. The net gain on sale is included in Impairment and other, net in the Condensed Consolidated Statements of Operations. |
SEGMENTS
SEGMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS a. Segment Reporting The Company manages its business in three segments: Commercial Trailer Products, Diversified Products, and Final Mile Products. The Commercial Trailer Products segment manufactures standard and customized van and platform trailers and other transportation related equipment for customers who purchase directly from the Company or through independent dealers. The Diversified Products segment, comprised of three strategic business units including, Tank Trailer, Process Systems and Composites, focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate ® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck and tank trailers and transportation equipment. The Final Mile Products segment manufactures truck bodies for customers in the final mile space. The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on (loss) income from operations. The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up. Reportable segment information is as follows (in thousands): Three Months Ended June 30, 2020 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 232,247 $ 56,074 $ 50,832 $ — $ 339,153 Intersegment sales 7 7,877 — (7,884) — Total net sales $ 232,254 $ 63,951 $ 50,832 $ (7,884) $ 339,153 Income (loss) from operations $ 18,599 $ 2,242 $ (6,569) $ (8,273) $ 5,999 Assets $ 347,072 $ 289,927 $ 370,915 $ 134,351 $ 1,142,265 Three Months Ended June 30, 2019 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 400,401 $ 90,835 $ 134,817 $ — $ 626,053 Intersegment sales 463 6,191 — (6,654) — Total net sales $ 400,864 $ 97,026 $ 134,817 $ (6,654) $ 626,053 Income (loss) from operations $ 39,918 $ 8,911 $ 9,221 $ (10,512) $ 47,538 Assets $ 358,880 $ 337,197 $ 496,733 $ 182,019 $ 1,374,829 Six Months Ended June 30, 2020 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 483,192 $ 131,933 $ 111,102 $ — $ 726,227 Intersegment sales 37 14,976 — (15,013) — Total net sales $ 483,229 $ 146,909 $ 111,102 $ (15,013) $ 726,227 Income (loss) from operations $ 34,470 $ (3,828) $ (114,610) $ (20,089) $ (104,057) Assets $ 347,072 $ 289,927 $ 370,915 $ 134,351 $ 1,142,265 Six Months Ended June 30, 2019 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 740,546 $ 183,015 $ 235,666 $ — $ 1,159,227 Intersegment sales 1,363 13,659 — (15,022) — Total net sales $ 741,909 $ 196,674 $ 235,666 $ (15,022) $ 1,159,227 Income (loss) from operations $ 66,239 $ 16,955 $ 11,090 $ (21,548) $ 72,736 Assets $ 358,880 $ 337,197 $ 496,733 $ 182,019 $ 1,374,829 b. Product Information The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service, and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands): Three Months Ended June 30, 2020 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 218,753 $ 28,176 $ — $ — $ 246,929 72.8 % Used trailers 2,273 1,323 — — 3,596 1.1 % Components, parts and service 9,571 22,166 2,453 (7,884) 26,306 7.8 % Equipment and other 1,657 12,286 48,379 — 62,322 18.4 % Total net sales $ 232,254 $ 63,951 $ 50,832 $ (7,884) $ 339,153 100.0 % Three Months Ended June 30, 2019 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 385,842 $ 49,325 $ — $ — $ 435,167 69.5 % Used trailers 13 739 — — 752 0.1 % Components, parts and service 10,622 29,007 4,447 (6,575) 37,501 6.0 % Equipment and other 4,387 17,955 130,370 (79) 152,633 24.4 % Total net sales $ 400,864 $ 97,026 $ 134,817 $ (6,654) $ 626,053 100.0 % Six Months Ended June 30, 2020 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 456,654 $ 71,488 $ — $ — $ 528,142 72.7 % Used trailers 2,591 2,533 — — 5,124 0.7 % Components, parts and service 18,843 48,248 6,175 (14,984) 58,282 8.0 % Equipment and other 5,141 24,640 104,927 (29) 134,679 18.5 % Total net sales $ 483,229 $ 146,909 $ 111,102 $ (15,013) $ 726,227 100.0 % Six Months Ended June 30, 2019 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 711,661 $ 95,124 $ — $ — $ 806,785 69.6 % Used trailers 150 1,326 — — 1,476 0.1 % Components, parts and service 20,955 64,891 7,863 (14,495) 79,214 6.8 % Equipment and other 9,143 35,333 227,803 (527) 271,752 23.4 % Total net sales $ 741,909 $ 196,674 $ 235,666 $ (15,022) $ 1,159,227 100.0 % |
NEW ACCOUNTING PRONOUNCEMENTS (
NEW ACCOUNTING PRONOUNCEMENTS (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTSIn June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, “Financial Instruments - Credit Losses,” which introduced new guidance for an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Instruments in scope include loans, held-to-maturity debt securities, and net investments in leases as well as reinsurance and trade receivables. In November 2018, the FASB issued ASU 2018-19, which clarifies that operating lease receivables are outside the scope of the new standard. The Company adopted the standard using the modified retrospective approach as required on January 1, 2020. The adoption of the new credit losses model did not have a material impact on the Company’s condensed consolidated financial statements. |
REVENUE RECOGNITION | The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs included in Cost of sales |
GOODWILL IMPAIRMENT (Tables)
GOODWILL IMPAIRMENT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the period ended June 30, 2020, the changes in the carrying amounts of goodwill were as follows (in thousands): Commercial Trailer Products Diversified Products Final Mile Products Total Balance at December 31, 2018 Goodwill $ 4,288 $ 145,688 $ 167,715 $ 317,691 Accumulated impairment losses (1,663) (4,944) — (6,607) Net balance as of December 31, 2018 2,625 140,744 167,715 311,084 Impact of divestiture on goodwill — (4,944) — (4,944) Impact of divestiture on accumulated impairment losses — 4,944 — 4,944 Effects of foreign currency — (58) — (58) Balance as of December 31, 2019 Goodwill 4,288 140,686 167,715 312,689 Accumulated impairment losses (1,663) — — (1,663) Net balance as of December 31, 2019 2,625 140,686 167,715 311,026 Goodwill impairments — (10,971) (95,766) (106,737) Effects of foreign currency — 131 — 131 Balance at March 31, 2020 Goodwill 4,288 140,817 167,715 312,820 Accumulated impairment losses (1,663) (10,971) (95,766) (108,400) Net balance as of March 31, 2020 2,625 129,846 71,949 204,420 Goodwill impairments — — — — Effects of foreign currency — (2) — (2) Balance at June 30, 2020 Goodwill 4,288 140,815 167,715 312,818 Accumulated impairment losses (1,663) (10,971) (95,766) (108,400) Net balance as of June 30, 2020 $ 2,625 $ 129,844 $ 71,949 $ 204,418 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following components (in thousands): June 30, December 31, Raw materials and components $ 103,347 $ 105,332 Finished goods 74,573 58,224 Work in progress 13,421 14,269 Aftermarket parts 7,462 6,590 Used trailers 2,265 2,499 $ 201,068 $ 186,914 |
PREPAID EXPENSES (Tables)
PREPAID EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Chassis converter pool agreements $ 3,527 $ 10,164 Assets held for sale 3,020 3,020 Income tax receivables 12,326 8,701 Insurance premiums & maintenance agreements 7,154 3,217 All other 15,809 16,120 $ 41,836 $ 41,222 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following (in thousands): June 30, December 31, Senior notes due 2025 $ 325,000 $ 325,000 Term loan credit agreement due 2022 135,228 135,228 460,228 460,228 Less: unamortized discount and fees (4,428) (4,842) Less: current portion — — $ 455,800 $ 455,386 |
FINANCIAL DERIVATIVE INSTRUME_2
FINANCIAL DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of June 30, 2020 and December 31, 2019, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands): Asset / (Liability) Derivatives Balance Sheet Caption June 30, December 31, Derivatives designated as hedging instruments Commodity swap contracts Prepaid expenses and other $ 347 $ 1,290 Commodity swap contracts Other accrued liabilities (5,083) (3,216) Total derivatives designated as hedging instruments $ (4,736) $ (1,926) |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the gain or loss recognized in AOCI as of June 30, 2020 and December 31, 2019 and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2020 and 2019 (in thousands): Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion, net of tax) Location of Gain (Loss) Reclassified from AOCI into Earnings Amount of Gain (Loss) June 30, December 31, Three Months Ended Six Months Ended 2020 2019 2020 2019 Derivatives instruments Commodity swap contracts $ (3,731) $ (2,112) Cost of sales $ (2,398) $ (478) $ (4,183) $ (646) |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands): Classification June 30, 2020 December 31, 2019 Right-of-Use Assets Operating Other assets $ 12,937 $ 14,246 Finance Property, plant and equipment, net of depreciation 2,873 2,945 Total leased ROU assets $ 15,810 $ 17,191 Liabilities Current Operating Other accrued liabilities $ 4,343 $ 4,369 Finance Current portion of finance lease obligations 337 327 Noncurrent Operating Non-current liabilities 8,839 10,041 Finance Finance lease obligations 206 378 Total lease liabilities $ 13,725 $ 15,115 |
Lease, Cost | Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands): Classification Three Months Ended Three Months Ended Operating lease cost Cost of sales, selling expenses and general and administrative expense $ 1,229 $ 1,126 Finance lease cost Amortization of ROU leased assets Depreciation and amortization 36 36 Interest on lease liabilities Interest expense 12 17 Net lease cost $ 1,277 $ 1,179 Classification Six Months Ended Six Months Ended Operating lease cost Cost of sales, selling expenses and general and administrative expense $ 2,627 $ 2,198 Finance lease cost Amortization of ROU leased assets Depreciation and amortization 72 72 Interest on lease liabilities Interest expense 33 35 Net lease cost $ 2,732 $ 2,305 June 30, 2020 December 31, 2019 Weighted average remaining lease term (years) Operating leases 3.8 4.0 Finance leases 1.6 2.1 Weighted average discount rate Operating leases 5.06 % 5.17 % Finance leases 6.16 % 6.16 % Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands): Six Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,604 $ 2,124 Operating cash flows from finance leases $ 19 $ 35 Financing cash flows from finance leases $ 162 $ 152 |
Operating Lease, Liability, Maturity | Maturity of the Company’s lease liabilities as of June 30, 2020 is as follows (in thousands): Operating Leases Finance Leases Total 2020 (remainder) $ 2,476 $ 180 $ 2,656 2021 4,661 361 5,022 2022 3,020 30 3,050 2023 2,102 — 2,102 2024 1,007 — 1,007 Thereafter 1,251 — 1,251 Total lease payments $ 14,517 $ 571 $ 15,088 Less: interest 1,335 28 Present value of lease payments $ 13,182 $ 543 |
Finance Lease, Liability, Maturity | Maturity of the Company’s lease liabilities as of June 30, 2020 is as follows (in thousands): Operating Leases Finance Leases Total 2020 (remainder) $ 2,476 $ 180 $ 2,656 2021 4,661 361 5,022 2022 3,020 30 3,050 2023 2,102 — 2,102 2024 1,007 — 1,007 Thereafter 1,251 — 1,251 Total lease payments $ 14,517 $ 571 $ 15,088 Less: interest 1,335 28 Present value of lease payments $ 13,182 $ 543 |
OTHER ACCRUED LIABILITIES (Tabl
OTHER ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Other Accrued Liabilities | The following table presents the major components of Other accrued liabilities (in thousands): June 30, December 31, Warranty $ 21,933 $ 22,575 Chassis converter pool agreements 3,527 10,164 Payroll and related taxes 10,314 25,263 Customer deposits 28,964 19,324 Self-insurance 12,898 12,934 Accrued interest 4,583 4,696 Operating lease obligations 4,343 4,369 Accrued taxes 6,944 10,344 All other 13,524 14,561 $ 107,030 $ 124,230 |
Changes in Product Warranty Accrual | The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands): 2020 2019 Balance as of January 1 $ 22,575 $ 22,247 Provision for warranties issued in current year 2,302 1,948 Payments (2,944) (1,183) Balance as of June 30 $ 21,933 $ 23,012 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities | Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis, are shown below (in thousands): Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2020 Commodity swap contracts Recurring (4,736) — (4,736) — Mutual funds Recurring 5,256 5,256 — — Life-insurance contracts Recurring 14,624 — 14,624 — December 31, 2019 Commodity swap contracts Recurring (1,926) — (1,926) — Mutual funds Recurring 7,367 7,367 — — Life-insurance contracts Recurring 15,072 — 15,072 — |
Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis | The Company’s carrying and estimated fair value of debt at June 30, 2020 and December 31, 2019 were as follows (in thousands): June 30, 2020 December 31, 2019 Carrying Fair Value Carrying Fair Value Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Instrument Senior Notes due 2025 $ 320,902 $ — $ 292,839 $ — $ 320,572 $ — $ 320,572 $ — Term Loan Credit Agreement 134,898 — 129,502 — 134,814 — 134,814 — $ 455,800 $ — $ 422,341 $ — $ 455,386 $ — $ 455,386 $ — |
NET (LOSS) INCOME PER SHARE (Ta
NET (LOSS) INCOME PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Share | The calculation of basic and diluted net (loss) income per share is determined using net (loss) income applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). Due to the net loss applicable to common stockholders for the three and six months ended June 30, 2020, no securities had a dilutive impact for these periods. Three Months Ended Six Months Ended 2020 2019 2020 2019 Basic net (loss) income per share: Net (loss) income applicable to common stockholders $ (146) $ 30,960 $ (106,793) $ 45,740 Weighted average common shares outstanding 52,874 55,197 53,015 55,233 Basic net (loss) income per share $ 0.00 $ 0.56 $ (2.01) $ 0.83 Diluted net (loss) income per share: Net (loss) income applicable to common stockholders $ (146) $ 30,960 $ (106,793) $ 45,740 Weighted average common shares outstanding 52,874 55,197 53,015 55,233 Dilutive stock options and restricted stock — 471 — 486 Diluted weighted average common shares outstanding 52,874 55,668 53,015 55,719 Diluted net (loss) income per share $ 0.00 $ 0.56 $ (2.01) $ 0.82 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Changes in AOCI by Component | Changes in AOCI by component, net of tax, for the six months ended June 30, 2020 are summarized as follows (in thousands): Foreign Currency Translation Derivative Instruments Total Balances at December 31, 2019 $ (1,866) $ (2,112) $ (3,978) Net unrealized gains (losses) arising during the period (a) (1,636) (5,217) (6,853) Less: Net realized gains (losses) reclassified to net (loss) income (b) — (1,334) (1,334) Net change during the period (1,636) (3,883) (5,519) Balances at March 31, 2020 (3,502) (5,995) (9,497) Net unrealized gains (losses) arising during the period (c) 318 470 788 Less: Net realized gains (losses) reclassified to net income (d) — (1,794) (1,794) Net change during the period 318 2,264 2,582 Balances at June 30, 2020 (3,184) (3,731) (6,915) ————————— (a) Derivative instruments net of $1,759 thousand of tax benefit for the three months ended March 31, 2020. (b) Derivative instruments net of $451 thousand of tax benefit for the three months ended March 31, 2020. (c) Derivative instruments net of $158 thousand of tax liability for the three months ended June 30, 2020. (d) Derivative instruments net of $604 thousand of tax benefit for the three months ended June 30, 2020. Changes in AOCI by component, net of tax, for the six months ended June 30, 2019 are summarized as follows (in thousands): Foreign Currency Translation Derivative Instruments Total Balances at December 31, 2018 $ (2,578) $ (765) $ (3,343) Net unrealized gains (losses) arising during the period (e) 298 (939) (641) Less: Net realized gains (losses) reclassified to net income (f) — (125) (125) Net change during the period 298 (814) (516) Balances at March 31, 2019 (2,280) (1,579) (3,859) Net unrealized gains (losses) arising during the period (g) (115) (279) (394) Less: Net realized gains (losses) reclassified to net income (h) — (357) (357) Net change during the period (115) 78 (37) Balances at June 30, 2019 (2,395) (1,501) (3,896) ————————— (e) Derivative instruments net of $308 thousand of tax benefit for the three months ended March 31, 2019. (f) Derivative instruments net of $42 thousand of tax benefit for the three months ended March 31, 2019. (g) Derivative instruments net of $93 thousand of tax benefit for the three months ended June 30, 2019. (h) Derivative instruments net of $121 thousand of tax benefit for the three months ended June 30, 2019. |
SEGMENTS (Tables)
SEGMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Reportable segment information is as follows (in thousands): Three Months Ended June 30, 2020 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 232,247 $ 56,074 $ 50,832 $ — $ 339,153 Intersegment sales 7 7,877 — (7,884) — Total net sales $ 232,254 $ 63,951 $ 50,832 $ (7,884) $ 339,153 Income (loss) from operations $ 18,599 $ 2,242 $ (6,569) $ (8,273) $ 5,999 Assets $ 347,072 $ 289,927 $ 370,915 $ 134,351 $ 1,142,265 Three Months Ended June 30, 2019 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 400,401 $ 90,835 $ 134,817 $ — $ 626,053 Intersegment sales 463 6,191 — (6,654) — Total net sales $ 400,864 $ 97,026 $ 134,817 $ (6,654) $ 626,053 Income (loss) from operations $ 39,918 $ 8,911 $ 9,221 $ (10,512) $ 47,538 Assets $ 358,880 $ 337,197 $ 496,733 $ 182,019 $ 1,374,829 Six Months Ended June 30, 2020 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 483,192 $ 131,933 $ 111,102 $ — $ 726,227 Intersegment sales 37 14,976 — (15,013) — Total net sales $ 483,229 $ 146,909 $ 111,102 $ (15,013) $ 726,227 Income (loss) from operations $ 34,470 $ (3,828) $ (114,610) $ (20,089) $ (104,057) Assets $ 347,072 $ 289,927 $ 370,915 $ 134,351 $ 1,142,265 Six Months Ended June 30, 2019 Commercial Diversified Final Mile Corporate and Consolidated Net sales External customers $ 740,546 $ 183,015 $ 235,666 $ — $ 1,159,227 Intersegment sales 1,363 13,659 — (15,022) — Total net sales $ 741,909 $ 196,674 $ 235,666 $ (15,022) $ 1,159,227 Income (loss) from operations $ 66,239 $ 16,955 $ 11,090 $ (21,548) $ 72,736 Assets $ 358,880 $ 337,197 $ 496,733 $ 182,019 $ 1,374,829 |
Major Product Categories and Percentage of Consolidated Net Sales | The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands): Three Months Ended June 30, 2020 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 218,753 $ 28,176 $ — $ — $ 246,929 72.8 % Used trailers 2,273 1,323 — — 3,596 1.1 % Components, parts and service 9,571 22,166 2,453 (7,884) 26,306 7.8 % Equipment and other 1,657 12,286 48,379 — 62,322 18.4 % Total net sales $ 232,254 $ 63,951 $ 50,832 $ (7,884) $ 339,153 100.0 % Three Months Ended June 30, 2019 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 385,842 $ 49,325 $ — $ — $ 435,167 69.5 % Used trailers 13 739 — — 752 0.1 % Components, parts and service 10,622 29,007 4,447 (6,575) 37,501 6.0 % Equipment and other 4,387 17,955 130,370 (79) 152,633 24.4 % Total net sales $ 400,864 $ 97,026 $ 134,817 $ (6,654) $ 626,053 100.0 % Six Months Ended June 30, 2020 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 456,654 $ 71,488 $ — $ — $ 528,142 72.7 % Used trailers 2,591 2,533 — — 5,124 0.7 % Components, parts and service 18,843 48,248 6,175 (14,984) 58,282 8.0 % Equipment and other 5,141 24,640 104,927 (29) 134,679 18.5 % Total net sales $ 483,229 $ 146,909 $ 111,102 $ (15,013) $ 726,227 100.0 % Six Months Ended June 30, 2019 Commercial Diversified Final Mile Eliminations Consolidated New trailers $ 711,661 $ 95,124 $ — $ — $ 806,785 69.6 % Used trailers 150 1,326 — — 1,476 0.1 % Components, parts and service 20,955 64,891 7,863 (14,495) 79,214 6.8 % Equipment and other 9,143 35,333 227,803 (527) 271,752 23.4 % Total net sales $ 741,909 $ 196,674 $ 235,666 $ (15,022) $ 1,159,227 100.0 % |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) | 6 Months Ended |
Jun. 30, 2020performance_obligation | |
Revenue from Contract with Customer [Abstract] | |
Number of separate and distinct performance obligations | 3 |
GOODWILL IMPAIRMENT - Schedule
GOODWILL IMPAIRMENT - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | $ 312,820 | $ 312,689 | $ 317,691 |
Accumulated impairment losses, beginning of period | (108,400) | (1,663) | (6,607) |
Goodwill, beginning of period | 204,420 | 311,026 | 311,084 |
Impact of divestiture on goodwill | (4,944) | ||
Impact of divestiture on accumulated impairment losses | 4,944 | ||
Effects of foreign currency | (2) | 131 | (58) |
Goodwill impairments | 0 | (106,737) | |
Goodwill, end of period | 312,818 | 312,820 | 312,689 |
Accumulated impairment losses, end of period | (108,400) | (108,400) | (1,663) |
Goodwill, end of period | 204,418 | 204,420 | 311,026 |
Commercial Trailer Products | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 4,288 | 4,288 | 4,288 |
Accumulated impairment losses, beginning of period | (1,663) | (1,663) | (1,663) |
Goodwill, beginning of period | 2,625 | 2,625 | 2,625 |
Impact of divestiture on goodwill | 0 | ||
Impact of divestiture on accumulated impairment losses | 0 | ||
Effects of foreign currency | 0 | 0 | 0 |
Goodwill impairments | 0 | 0 | |
Goodwill, end of period | 4,288 | 4,288 | 4,288 |
Accumulated impairment losses, end of period | (1,663) | (1,663) | (1,663) |
Goodwill, end of period | 2,625 | 2,625 | 2,625 |
Diversified Products | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 140,817 | 140,686 | 145,688 |
Accumulated impairment losses, beginning of period | (10,971) | 0 | (4,944) |
Goodwill, beginning of period | 129,846 | 140,686 | 140,744 |
Impact of divestiture on goodwill | (4,944) | ||
Impact of divestiture on accumulated impairment losses | 4,944 | ||
Effects of foreign currency | (2) | 131 | (58) |
Goodwill impairments | 0 | (10,971) | |
Goodwill, end of period | 140,815 | 140,817 | 140,686 |
Accumulated impairment losses, end of period | (10,971) | (10,971) | 0 |
Goodwill, end of period | 129,844 | 129,846 | 140,686 |
Final Mile Products | |||
Goodwill [Roll Forward] | |||
Goodwill, beginning of period | 167,715 | 167,715 | 167,715 |
Accumulated impairment losses, beginning of period | (95,766) | 0 | 0 |
Goodwill, beginning of period | 71,949 | 167,715 | 167,715 |
Impact of divestiture on goodwill | 0 | ||
Impact of divestiture on accumulated impairment losses | 0 | ||
Effects of foreign currency | 0 | 0 | 0 |
Goodwill impairments | 0 | (95,766) | |
Goodwill, end of period | 167,715 | 167,715 | 167,715 |
Accumulated impairment losses, end of period | (95,766) | (95,766) | 0 |
Goodwill, end of period | $ 71,949 | $ 71,949 | $ 167,715 |
GOODWILL IMPAIRMENT - Narrative
GOODWILL IMPAIRMENT - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||||
Goodwill | $ 204,418 | $ 204,420 | $ 311,026 | $ 311,084 |
Goodwill impairment loss | 0 | 106,737 | ||
Tank Trailers Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | 11,000 | |||
Final Mile Product Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | 95,800 | |||
Commercial Trailer Products | ||||
Goodwill [Line Items] | ||||
Goodwill | 2,625 | 2,625 | 2,625 | 2,625 |
Goodwill impairment loss | 0 | 0 | ||
Commercial Trailer Products | Tank Trailers Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill | 98,400 | |||
Commercial Trailer Products | Process Systems Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill | 42,300 | |||
Diversified Products | ||||
Goodwill [Line Items] | ||||
Goodwill | 129,844 | 129,846 | 140,686 | 140,744 |
Goodwill impairment loss | 0 | 10,971 | ||
Final Mile Products | ||||
Goodwill [Line Items] | ||||
Goodwill | 71,949 | 71,949 | $ 167,715 | $ 167,715 |
Goodwill impairment loss | $ 0 | $ 95,766 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 103,347 | $ 105,332 |
Finished goods | 74,573 | 58,224 |
Work in progress | 13,421 | 14,269 |
Aftermarket parts | 7,462 | 6,590 |
Used trailers | 2,265 | 2,499 |
Total inventory | $ 201,068 | $ 186,914 |
PREPAID EXPENSES - Prepaid Expe
PREPAID EXPENSES - Prepaid Expenses and Other Current Assets (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Chassis converter pool agreements | $ 3,527,000 | $ 10,164,000 |
Assets held for sale | 3,020,000 | 3,020,000 |
Income tax receivables | 12,326,000 | 8,701,000 |
Insurance premiums & maintenance agreements | 7,154,000 | 3,217,000 |
All other | 15,809,000 | 16,120,000 |
Prepaid expenses and other current assets | 41,836,000 | 41,222,000 |
Restricted cash | $ 0 | $ 0 |
DEBT - Long-term Debt (Details)
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 460,228 | $ 460,228 |
Less: unamortized discount and fees | (4,428) | (4,842) |
Less: current portion | 0 | 0 |
Long-term debt | 455,800 | 455,386 |
Term loan credit agreement due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 135,228 | 135,228 |
Senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 325,000 | $ 325,000 |
DEBT - Senior Notes (Details)
DEBT - Senior Notes (Details) - USD ($) | Sep. 26, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Debt Instrument [Line Items] | |||||
Interest expense | $ 5,882,000 | $ 7,020,000 | $ 12,154,000 | $ 14,110,000 | |
Senior notes due 2025 | |||||
Debt Instrument [Line Items] | |||||
Notes issued, aggregate principal amount | $ 325,000,000 | ||||
Notes issued, interest rate | 5.50% | ||||
Proceeds from issuance of senior long-term debt | $ 318,900,000 | ||||
Interest expense | $ 4,600,000 | $ 4,600,000 | $ 9,300,000 | $ 9,200,000 |
DEBT - Revolving Credit (Detail
DEBT - Revolving Credit (Details) | Dec. 21, 2018 | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Fixed charge coverage ratio | 1 | |||||||
Long-term debt, gross | $ 460,228,000 | $ 460,228,000 | $ 460,228,000 | |||||
Interest expense | 5,882,000 | $ 7,020,000 | 12,154,000 | $ 14,110,000 | ||||
Liquidity position to meet future obligations, amount | 303,600,000 | 303,600,000 | $ 308,100,000 | |||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 0 | 0 | ||||||
Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 175,000,000 | |||||||
Line of credit facility accordion feature increase limit | 275,000,000 | |||||||
Line of credit facility, excess availability, commitment percentage, threshold | 10.00% | |||||||
Long-term debt, gross | 45,000,000 | 45,000,000 | $ 45,000,000 | |||||
Revolving Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||||
Revolving Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.75% | |||||||
Revolving Credit Agreement | Base Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||
Revolving Credit Agreement | Base Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.75% | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | |||||||
Long-term debt, gross | 0 | 0 | ||||||
Interest expense | $ 200,000 | $ 200,000 | $ 0 | |||||
Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 15,000,000 | |||||||
Bridge Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 17,500,000 |
DEBT - Term Loan Credit Agreeme
DEBT - Term Loan Credit Agreement (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Nov. 17, 2017USD ($) | May 31, 2012USD ($) | |
Debt Instrument [Line Items] | ||||||
Interest paid | $ 1,000,000 | $ 2,200,000 | $ 2,400,000 | $ 4,400,000 | ||
Line of credit facility, periodic payment, principal | 0 | 15,000,000 | 0 | 15,500,000 | ||
Line of credit, current | 0 | 0 | ||||
Amortization of debt issuance costs and discounts | $ 100,000 | 100,000 | $ 100,000 | |||
Term Loan Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 135,200,000 | $ 135,200,000 | ||||
Term Loan Credit Agreement | Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Notes issued, aggregate principal amount | $ 188,000,000 | |||||
Long-term line of credit | $ 188,000,000 | |||||
Line of credit facility accordion feature increase limit | $ 75,000,000 | |||||
Debt instrument, covenant, secured leverage ratio | 3 |
FINANCIAL DERIVATIVE INSTRUME_3
FINANCIAL DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notional amount | $ 38.4 |
Pretax deferred losses expected to be reclassified | $ (5) |
FINANCIAL DERIVATIVE INSTRUME_4
FINANCIAL DERIVATIVE INSTRUMENTS - Fair Value Carrying Amount of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Total derivatives designated as hedging instruments | $ 4,736 | $ 1,926 |
Prepaid expenses and other | ||
Derivative [Line Items] | ||
Asset derivatives | (347) | (1,290) |
Other accrued liabilities | ||
Derivative [Line Items] | ||
Liability derivatives | $ (5,083) | $ (3,216) |
FINANCIAL DERIVATIVE INSTRUME_5
FINANCIAL DERIVATIVE INSTRUMENTS - Summary of Gain or Loss Recognized in AOCI (Details) - Commodity swap contracts - Cash Flow Hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion, net of tax) | $ (3,731) | $ (2,112) | |||
Amount of Gain (Loss) Reclassified from AOCI into Earnings | $ (2,398) | $ (478) | $ (4,183) | $ (646) |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | |
Right-of-use asset obtained in exchange for operating lease liability | $ 600 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 5 years |
LEASES - Leased Assets and Liab
LEASES - Leased Assets and Liabilities Included Within the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Right-of-Use Assets | ||
Operating | $ 12,937 | $ 14,246 |
Finance | 2,873 | 2,945 |
Total leased ROU assets | 15,810 | 17,191 |
Current | ||
Operating | 4,343 | 4,369 |
Finance | 337 | 327 |
Noncurrent | ||
Operating | 8,839 | 10,041 |
Finance | 206 | 378 |
Total lease liabilities | $ 13,725 | $ 15,115 |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,229 | $ 1,126 | $ 2,627 | $ 2,198 |
Finance Lease Cost | ||||
Amortization of ROU leased assets | 36 | 36 | 72 | 72 |
Interest on lease liabilities | 12 | 17 | 33 | 35 |
Net lease cost | $ 1,277 | $ 1,179 | $ 2,732 | $ 2,305 |
LEASES - Maturity of Lease Liab
LEASES - Maturity of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Operating Leases | |
2020 (remainder) | $ 2,476 |
2021 | 4,661 |
2022 | 3,020 |
2023 | 2,102 |
2024 | 1,007 |
Thereafter | 1,251 |
Total lease payments | 14,517 |
Less: interest | 1,335 |
Present value of lease payments | 13,182 |
Finance Leases | |
2020 (remainder) | 180 |
2021 | 361 |
2022 | 30 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total lease payments | 571 |
Less: interest | 28 |
Present value of lease payments | 543 |
Total | |
2020 (remainder) | 2,656 |
2021 | 5,022 |
2022 | 3,050 |
2022 | 2,102 |
2023 | 1,007 |
Thereafter | 1,251 |
Total lease payments | $ 15,088 |
LEASES - Lease Terms and Discou
LEASES - Lease Terms and Discount Rates (Details) | Jun. 30, 2020 | Dec. 31, 2019 |
Weighted average remaining lease term (years) | ||
Operating leases | 3 years 9 months 18 days | 4 years |
Finance leases | 1 year 7 months 6 days | 2 years 1 month 6 days |
Weighted average discount rate | ||
Operating leases | 5.06% | 5.17% |
Finance leases | 6.16% | 6.16% |
LEASES - Lease Costs Included i
LEASES - Lease Costs Included in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 2,604 | $ 2,124 |
Operating cash flows from finance leases | 19 | 35 |
Principal payments under finance lease obligations | $ 162 | $ 152 |
OTHER ACCRUED LIABILITIES - Oth
OTHER ACCRUED LIABILITIES - Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||||
Warranty | $ 21,933 | $ 22,575 | $ 23,012 | $ 22,247 |
Chassis converter pool agreements | 3,527 | 10,164 | ||
Payroll and related taxes | 10,314 | 25,263 | ||
Customer deposits | 28,964 | 19,324 | ||
Self-insurance | 12,898 | 12,934 | ||
Accrued interest | 4,583 | 4,696 | ||
Operating lease obligations | 4,343 | 4,369 | ||
Accrued taxes | 6,944 | 10,344 | ||
All other | 13,524 | 14,561 | ||
Other accrued liabilities | $ 107,030 | $ 124,230 |
OTHER ACCRUED LIABILITIES - Cha
OTHER ACCRUED LIABILITIES - Changes in Product Warranty Accrual (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 22,575 | $ 22,247 |
Provision for warranties issued in current year | 2,302 | 1,948 |
Payments | (2,944) | (1,183) |
Balance at end of period | $ 21,933 | $ 23,012 |
OTHER ACCRUED LIABILITIES - Nar
OTHER ACCRUED LIABILITIES - Narrative (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Minimum | |
Accrued Liabilities [Line Items] | |
Warranty coverage period | 1 year |
Maximum | |
Accrued Liabilities [Line Items] | |
Warranty coverage period | 5 years |
DuraPlate Trailer Panels | |
Accrued Liabilities [Line Items] | |
Warranty coverage period | 10 years |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life-insurance contracts | $ 14,624 | $ 15,072 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 5,256 | 7,367 |
Commodity swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | (4,736) | (1,926) |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life-insurance contracts | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 5,256 | 7,367 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life-insurance contracts | 14,624 | 15,072 |
Significant Other Observable Inputs (Level 2) | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commodity swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | (4,736) | (1,926) |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life-insurance contracts | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commodity swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Finan
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 455,800 | $ 455,386 |
Senior Notes due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 320,902 | 320,572 |
Term Loan Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 134,898 | 134,814 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Level 1 | Senior Notes due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Level 1 | Term Loan Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 422,341 | 455,386 |
Level 2 | Senior Notes due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 292,839 | 320,572 |
Level 2 | Term Loan Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 129,502 | 134,814 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Level 3 | Senior Notes due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | 0 | 0 |
Level 3 | Term Loan Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt, fair value | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Outstanding chassis converter pool | $ 3,527 | $ 10,164 |
Chassis Converter Pool Agreements | ||
Loss Contingencies [Line Items] | ||
Consigned inventory belonging to the manufacturer | $ 1,900 |
NET (LOSS) INCOME PER SHARE - B
NET (LOSS) INCOME PER SHARE - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Basic net (loss) income per share: | ||||
Net (loss) income applicable to common stockholders | $ (146) | $ 30,960 | $ (106,793) | $ 45,740 |
Weighted average common shares outstanding (in shares) | 52,874 | 55,197 | 53,015 | 55,233 |
Basic net (loss) per share (in usd per share) | $ 0 | $ 0.56 | $ (2.01) | $ 0.83 |
Diluted net (loss) income per share: | ||||
Net (loss) income applicable to common stockholders | $ (146) | $ 30,960 | $ (106,793) | $ 45,740 |
Weighted average common shares outstanding (in shares) | 52,874 | 55,197 | 53,015 | 55,233 |
Dilutive stock options and restricted stock (in shares) | 0 | 471 | 0 | 486 |
Diluted weighted average common shares outstanding (in shares) | 52,874 | 55,668 | 53,015 | 55,719 |
Diluted net (loss) income per share (in usd per share) | $ 0 | $ 0.56 | $ (2.01) | $ 0.82 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions | Jun. 30, 2020USD ($) |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Compensation costs related to restricted stock units and performance units not yet recognized | $ 15.9 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) | Nov. 14, 2018 | Jun. 30, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Stock repurchase program, period in force | 3 years | ||
Stock repurchase program, authorized amount | $ 100,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 60,200,000 | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | |
Preferred Class A | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Preferred stock, shares authorized (in shares) | 25,000,000 |
STOCKHOLDERS' EQUITY - Changes
STOCKHOLDERS' EQUITY - Changes in AOCI by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 393,969 | $ 520,988 | $ 483,606 | $ 473,849 |
Net unrealized gains (losses) arising during the period | 788 | (6,853) | (394) | (641) |
Less: Net realized gains (losses) reclassified to net (loss) income | (1,794) | (1,334) | (357) | (125) |
Net change during the period | 2,582 | (5,519) | (37) | (516) |
Balance at end of period | 393,217 | 393,969 | 501,565 | 483,606 |
Other comprehensive income (loss) before reclassifications, tax benefit | 158 | (1,759) | (93) | (308) |
Reclassification from AOCI, current period, tax benefit | 604 | 451 | 121 | 42 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (9,497) | (3,978) | (3,859) | (3,343) |
Balance at end of period | (6,915) | (9,497) | (3,896) | (3,859) |
Foreign Currency Translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (3,502) | (1,866) | (2,280) | (2,578) |
Net unrealized gains (losses) arising during the period | 318 | (1,636) | (115) | 298 |
Less: Net realized gains (losses) reclassified to net (loss) income | 0 | 0 | 0 | 0 |
Net change during the period | 318 | (1,636) | (115) | 298 |
Balance at end of period | (3,184) | (3,502) | (2,395) | (2,280) |
Derivative Instruments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (5,995) | (2,112) | (1,579) | (765) |
Net unrealized gains (losses) arising during the period | 470 | (5,217) | (279) | (939) |
Less: Net realized gains (losses) reclassified to net (loss) income | (1,794) | (1,334) | (357) | (125) |
Net change during the period | 2,264 | (3,883) | 78 | (814) |
Balance at end of period | $ (3,731) | $ (5,995) | $ (1,501) | $ (1,579) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) | $ 548 | $ 10,639 | $ (9,013) | $ 13,798 |
Effective tax rate | 136.30% | 25.60% | 7.80% | 23.20% |
Federal tax rate | 21.00% |
Property, Plant, and Equipment
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Proceeds from the sale of property, plant, and equipment | $ 2,725 | $ 38 |
Gain on sale of property, plant, and equipment | $ 1,690 | $ (481) |
SEGMENTS - Narrative (Details)
SEGMENTS - Narrative (Details) | 6 Months Ended |
Jun. 30, 2020business_unitsegmentproduct_category | |
Segment Reporting Information [Line Items] | |
Number of segments | segment | 3 |
Number of products | product_category | 4 |
Diversified Products | |
Segment Reporting Information [Line Items] | |
Number of strategic business units | business_unit | 3 |
SEGMENTS - Reportable Segment I
SEGMENTS - Reportable Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Net sales | |||||
Total net sales | $ 339,153 | $ 626,053 | $ 726,227 | $ 1,159,227 | |
Income (loss) from operations | 5,999 | 47,538 | (104,057) | 72,736 | |
Assets | 1,142,265 | 1,374,829 | 1,142,265 | 1,374,829 | $ 1,304,591 |
Commercial Trailer Products | |||||
Net sales | |||||
Total net sales | 232,247 | 400,401 | 483,192 | 740,546 | |
Diversified Products | |||||
Net sales | |||||
Total net sales | 56,074 | 90,835 | 131,933 | 183,015 | |
Final Mile Products | |||||
Net sales | |||||
Total net sales | 50,832 | 134,817 | 111,102 | 235,666 | |
Corporate and Eliminations | |||||
Net sales | |||||
Total net sales | (7,884) | (6,654) | (15,013) | (15,022) | |
Income (loss) from operations | (8,273) | (10,512) | (20,089) | (21,548) | |
Assets | 134,351 | 182,019 | 134,351 | 182,019 | |
Corporate and Eliminations | Commercial Trailer Products | |||||
Net sales | |||||
Total net sales | 7 | 463 | 37 | 1,363 | |
Corporate and Eliminations | Diversified Products | |||||
Net sales | |||||
Total net sales | 7,877 | 6,191 | 14,976 | 13,659 | |
Corporate and Eliminations | Final Mile Products | |||||
Net sales | |||||
Total net sales | 0 | 0 | 0 | 0 | |
Operating Segments | Commercial Trailer Products | |||||
Net sales | |||||
Total net sales | 232,254 | 400,864 | 483,229 | 741,909 | |
Income (loss) from operations | 18,599 | 39,918 | 34,470 | 66,239 | |
Assets | 347,072 | 358,880 | 347,072 | 358,880 | |
Operating Segments | Diversified Products | |||||
Net sales | |||||
Total net sales | 63,951 | 97,026 | 146,909 | 196,674 | |
Income (loss) from operations | 2,242 | 8,911 | (3,828) | 16,955 | |
Assets | 289,927 | 337,197 | 289,927 | 337,197 | |
Operating Segments | Final Mile Products | |||||
Net sales | |||||
Total net sales | 50,832 | 134,817 | 111,102 | 235,666 | |
Income (loss) from operations | (6,569) | 9,221 | (114,610) | 11,090 | |
Assets | $ 370,915 | $ 496,733 | $ 370,915 | $ 496,733 |
SEGMENTS - Major Product Catego
SEGMENTS - Major Product Categories and Percentage of Consolidated Net Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Product Information [Line Items] | ||||
Net sales | $ 339,153 | $ 626,053 | $ 726,227 | $ 1,159,227 |
Sales Revenue, Net | ||||
Product Information [Line Items] | ||||
Percentage of consolidated net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | $ (7,884) | $ (6,654) | $ (15,013) | $ (15,022) |
Commercial Trailer Products | ||||
Product Information [Line Items] | ||||
Net sales | 232,247 | 400,401 | 483,192 | 740,546 |
Commercial Trailer Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 232,254 | 400,864 | 483,229 | 741,909 |
Commercial Trailer Products | Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | 7 | 463 | 37 | 1,363 |
Diversified Products | ||||
Product Information [Line Items] | ||||
Net sales | 56,074 | 90,835 | 131,933 | 183,015 |
Diversified Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 63,951 | 97,026 | 146,909 | 196,674 |
Diversified Products | Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | 7,877 | 6,191 | 14,976 | 13,659 |
Final Mile Products | ||||
Product Information [Line Items] | ||||
Net sales | 50,832 | 134,817 | 111,102 | 235,666 |
Final Mile Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 50,832 | 134,817 | 111,102 | 235,666 |
Final Mile Products | Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
New trailers | ||||
Product Information [Line Items] | ||||
Net sales | $ 246,929 | $ 435,167 | $ 528,142 | $ 806,785 |
New trailers | Sales Revenue, Net | ||||
Product Information [Line Items] | ||||
Percentage of consolidated net sales | 72.80% | 69.50% | 72.70% | 69.60% |
New trailers | Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
New trailers | Commercial Trailer Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 218,753 | 385,842 | 456,654 | 711,661 |
New trailers | Diversified Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 28,176 | 49,325 | 71,488 | 95,124 |
New trailers | Final Mile Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Used trailers | ||||
Product Information [Line Items] | ||||
Net sales | $ 3,596 | $ 752 | $ 5,124 | $ 1,476 |
Used trailers | Sales Revenue, Net | ||||
Product Information [Line Items] | ||||
Percentage of consolidated net sales | 1.10% | 0.10% | 0.70% | 0.10% |
Used trailers | Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
Used trailers | Commercial Trailer Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 2,273 | 13 | 2,591 | 150 |
Used trailers | Diversified Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 1,323 | 739 | 2,533 | 1,326 |
Used trailers | Final Mile Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Components, parts and service | ||||
Product Information [Line Items] | ||||
Net sales | $ 26,306 | $ 37,501 | $ 58,282 | $ 79,214 |
Components, parts and service | Sales Revenue, Net | ||||
Product Information [Line Items] | ||||
Percentage of consolidated net sales | 7.80% | 6.00% | 8.00% | 6.80% |
Components, parts and service | Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | $ (7,884) | $ (6,575) | $ (14,984) | $ (14,495) |
Components, parts and service | Commercial Trailer Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 9,571 | 10,622 | 18,843 | 20,955 |
Components, parts and service | Diversified Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 22,166 | 29,007 | 48,248 | 64,891 |
Components, parts and service | Final Mile Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 2,453 | 4,447 | 6,175 | 7,863 |
Equipment and other | ||||
Product Information [Line Items] | ||||
Net sales | $ 62,322 | $ 152,633 | $ 134,679 | $ 271,752 |
Equipment and other | Sales Revenue, Net | ||||
Product Information [Line Items] | ||||
Percentage of consolidated net sales | 18.40% | 24.40% | 18.50% | 23.40% |
Equipment and other | Eliminations | ||||
Product Information [Line Items] | ||||
Net sales | $ 0 | $ (79) | $ (29) | $ (527) |
Equipment and other | Commercial Trailer Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 1,657 | 4,387 | 5,141 | 9,143 |
Equipment and other | Diversified Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | 12,286 | 17,955 | 24,640 | 35,333 |
Equipment and other | Final Mile Products | Operating Segments | ||||
Product Information [Line Items] | ||||
Net sales | $ 48,379 | $ 130,370 | $ 104,927 | $ 227,803 |