Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 | 3900 McCarty Lane | ||
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 | 771-5310 | ||
Title of 12(b) Security | Common Stock, $.01 Par Value | ||
Trading Symbol | WNC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,197,022,220 | ||
Entity Common Stock, Shares Outstanding (in shares) | 45,085,791 | ||
Documents Incorporated by Reference | Part III of this Form 10-K incorporates by reference certain portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders to be filed within 120 days after December 31, 2023. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000879526 | ||
Document Financial Statement Error Correction [Flag] | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Location | Indianapolis, Indiana |
Auditor Name | Ernst & Young LLP |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 179,271 | $ 58,245 |
Accounts receivable, net | 182,990 | 255,577 |
Inventories | 267,635 | 243,870 |
Prepaid expenses and other | 51,457 | 34,927 |
Total current assets | 681,353 | 592,619 |
Property, plant, and equipment, net | 325,444 | 271,116 |
Goodwill | 188,409 | 188,434 |
Intangible assets, net | 86,418 | 99,231 |
Investment in unconsolidated entity | 1,647 | 0 |
Other assets | 79,543 | 52,123 |
Total assets | 1,362,814 | 1,203,523 |
Current liabilities: | ||
Current portion of long-term debt | 0 | 0 |
Current portion of finance lease obligations | 0 | 0 |
Accounts payable | 156,608 | 189,141 |
Other accrued liabilities | 195,601 | 158,327 |
Total current liabilities | 352,209 | 347,468 |
Long-term debt | 396,465 | 395,818 |
Deferred income taxes | 17,013 | 27,758 |
Other non-current liabilities | 47,028 | 34,354 |
Total liabilities | 812,715 | 805,398 |
Commitments and contingencies | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 603 | 512 |
Wabash National Corporation Stockholders' equity: | ||
Common stock, $0.01 par value: 200,000,000 shares authorized; 45,393,260 and 47,675,796 shares outstanding, respectively | 774 | 766 |
Additional paid-in capital | 677,886 | 665,941 |
Retained earnings | 403,923 | 188,241 |
Accumulated other comprehensive loss | (428) | (882) |
Treasury stock, at cost: 32,128,755 and 28,972,928 common shares, respectively | (532,659) | (456,453) |
Total Wabash National Corporation stockholders' equity | 549,496 | 397,613 |
Total liabilities, noncontrolling interest, and equity | $ 1,362,814 | $ 1,203,523 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares outstanding (in shares) | 45,393,260 | 47,675,796 |
Treasury stock, common, share (in shares) | 32,128,755 | 28,972,928 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 2,536,500 | $ 2,502,129 | $ 1,803,268 |
Cost of sales | 2,038,313 | 2,179,438 | 1,606,801 |
Gross profit | 498,187 | 322,691 | 196,467 |
General and administrative expenses | 146,658 | 113,083 | 88,807 |
Selling expenses | 26,532 | 27,070 | 23,691 |
Amortization of intangible assets | 12,813 | 15,211 | 22,858 |
Impairment and other, net | 235 | 685 | 27,569 |
Income from operations | 311,949 | 166,642 | 33,542 |
Other income (expense): | |||
Interest expense | (19,854) | (20,525) | (23,128) |
Other, net | 3,393 | 318 | (9,124) |
Other expense, net | (16,461) | (20,207) | (32,252) |
Loss from unconsolidated entity | (803) | 0 | 0 |
Income before income tax | 294,685 | 146,435 | 1,290 |
Income tax expense | 62,830 | 33,665 | 126 |
Net income | 231,855 | 112,770 | 1,164 |
Net income attributable to noncontrolling interest | 603 | 512 | 0 |
Net income attributable to common stockholders | $ 231,252 | $ 112,258 | $ 1,164 |
Net income attributable to common stockholders per share: | |||
Basic (in usd per share) | $ 4.92 | $ 2.31 | $ 0.02 |
Diluted (in usd per share) | $ 4.81 | $ 2.25 | $ 0.02 |
Weighted average common shares outstanding (in thousands): | |||
Basic (in shares) | 47,011 | 48,626 | 50,684 |
Diluted (in shares) | 48,030 | 49,881 | 51,608 |
Dividends declared per share (in usd per share) | $ 0.32 | $ 0.32 | $ 0.32 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 231,855 | $ 112,770 | $ 1,164 |
Other comprehensive (loss) income, net of tax: | |||
Foreign currency translation adjustment | 975 | 198 | 193 |
Unrealized loss on derivative instruments | (521) | (1,939) | (6,967) |
Total other comprehensive income (loss) | 454 | (1,741) | (6,774) |
Comprehensive income (loss) | 232,309 | 111,029 | (5,610) |
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 |
Comprehensive income (loss) attributable to common stockholders | $ 232,309 | $ 111,029 | $ (5,610) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive (Loss) Income | Treasury Stock, Common |
Balance beginning of period (in shares) at Dec. 31, 2020 | 52,536,482 | |||||
Balance at beginning of period at Dec. 31, 2020 | $ 404,879 | $ 755 | $ 644,695 | $ 107,233 | $ 7,633 | $ (355,437) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) for the year | 1,164 | 1,164 | ||||
Foreign currency translation | 193 | 193 | ||||
Stock-based compensation (in shares) | 145,118 | |||||
Stock-based compensation | 7,059 | $ 2 | 7,057 | |||
Stock repurchase (in shares) | (3,927,900) | |||||
Stock repurchase | (66,731) | (66,731) | ||||
Common stock dividends | (16,286) | (16,286) | ||||
Unrealized loss on derivative instruments | (6,967) | (6,967) | ||||
Stock option exercises (in shares) | 200,782 | |||||
Stock option exercises | 2,228 | $ 2 | 2,226 | |||
Balance end of period (in shares) at Dec. 31, 2021 | 48,954,482 | |||||
Balance at end of period at Dec. 31, 2021 | 325,539 | $ 759 | 653,978 | 92,111 | 859 | (422,168) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) for the year | 112,258 | 112,258 | ||||
Foreign currency translation | 198 | 198 | ||||
Stock-based compensation (in shares) | 298,458 | |||||
Stock-based compensation | 9,746 | $ 5 | 9,741 | |||
Stock repurchase (in shares) | (1,761,339) | |||||
Stock repurchase | (34,285) | (34,285) | ||||
Common stock dividends | (16,128) | (16,128) | ||||
Unrealized loss on derivative instruments | (1,939) | (1,939) | ||||
Stock option exercises (in shares) | 184,195 | |||||
Stock option exercises | 2,224 | $ 2 | 2,222 | |||
Balance end of period (in shares) at Dec. 31, 2022 | 47,675,796 | |||||
Balance at end of period at Dec. 31, 2022 | 397,613 | $ 766 | 665,941 | 188,241 | (882) | (456,453) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) for the year | 231,252 | 231,252 | ||||
Foreign currency translation | 975 | 975 | ||||
Stock-based compensation (in shares) | 516,747 | |||||
Stock-based compensation | 11,798 | $ 8 | 11,790 | |||
Stock repurchase (in shares) | (2,810,716) | |||||
Stock repurchase | (76,206) | (76,206) | ||||
Common stock dividends | (15,570) | (15,570) | ||||
Unrealized loss on derivative instruments | $ (521) | (521) | ||||
Stock option exercises (in shares) | 11,433 | 11,433 | ||||
Stock option exercises | $ 155 | $ 0 | 155 | |||
Balance end of period (in shares) at Dec. 31, 2023 | 45,393,260 | |||||
Balance at end of period at Dec. 31, 2023 | $ 549,496 | $ 774 | $ 677,886 | $ 403,923 | $ (428) | $ (532,659) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) for the year | $ 231,855 | $ 112,770 | $ 1,164 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 32,507 | 31,758 | 25,984 |
Amortization of intangibles | 12,813 | 15,211 | 22,858 |
Net loss (gain) on sale of property, plant and equipment and business divestiture | 235 | (635) | (1,594) |
Loss on debt extinguishment | 0 | 0 | 9,504 |
Deferred income taxes | (13,459) | (7,614) | (8,147) |
Stock-based compensation | 11,799 | 9,746 | 7,059 |
Non-cash interest expense | 946 | 868 | 1,082 |
Income (Loss) from Equity Method Investments | 803 | 0 | 0 |
Impairment | 0 | 1,339 | 29,163 |
Accounts receivable | 72,587 | (79,066) | (80,879) |
Inventories | (23,765) | (6,249) | (74,804) |
Prepaid expenses and other | (10,727) | 1,069 | 8,570 |
Accounts payable and accrued liabilities | 5,775 | 46,085 | 54,862 |
Other, net | (1,763) | (1,198) | (2,292) |
Net cash provided by (used in) operating activities | 319,606 | 124,084 | (7,470) |
Cash flows from investing activities: | |||
Cash payments for capital expenditures | (98,093) | (57,086) | (49,105) |
Expenditures for revenue generating assets | (5,650) | 0 | 0 |
Proceeds from sale of assets and business divestiture | 154 | 1,781 | 22,029 |
Investment in unconsolidated entity | (2,450) | 0 | 0 |
Net cash used in investing activities | (106,039) | (55,305) | (27,076) |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options | 155 | 2,224 | 2,228 |
Dividends paid | (15,861) | (16,020) | (16,435) |
Borrowings under revolving credit facilities | 104,199 | 97,549 | 50,823 |
Payments under revolving credit facilities | (104,199) | (130,584) | (17,788) |
Principal payments under finance lease obligations | 0 | (59) | (319) |
Borrowings under new senior notes | 0 | 0 | 400,000 |
Principal payments against old senior notes | 0 | 0 | (315,000) |
Principal payments under term loan credit facility | 0 | 0 | (138,835) |
Debt issuance costs paid | (117) | (1,137) | (9,296) |
Stock repurchases | (76,206) | (34,285) | (66,731) |
Distribution to noncontrolling interest | (512) | 0 | 0 |
Net cash used in financing activities | (92,541) | (82,312) | (111,353) |
Cash, cash equivalents, and restricted cash: | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 121,026 | (13,533) | (145,899) |
Cash, cash equivalents, and restricted cash at beginning of period | 58,245 | 71,778 | 217,677 |
Cash, cash equivalents, and restricted cash at end of period | 179,271 | 58,245 | 71,778 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 18,938 | 20,131 | 22,040 |
Net cash paid (refunds received) for income taxes | 82,589 | 18,333 | (467) |
Period end balance of payables for property, plant, and equipment | $ 11,662 | $ 18,809 | $ 3,785 |
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF THE BUSINESS | DESCRIPTION OF THE BUSINESS Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana. The Company was founded as a dry van trailer manufacturer—today, the Company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. This diversification has been achieved through acquisitions, organic growth, and product innovation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation. The consolidated financial statements reflect the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany profits, transactions, and balances have been eliminated in consolidation. Reclassifications. Certain prior period amounts have been reclassified to conform to the current year presentation. Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that directly affect the amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Cash and Cash Equivalents. Cash and cash equivalents include all highly liquid investments with a maturity of three months or less at the time of purchase. Accounts Receivable. Accounts receivable are shown net of expected losses and primarily include trade receivables. The Company records expected losses for customers based upon a variety of factors including the Company’s historical collection experience, the length of time the account has been outstanding, and the financial condition of the customer. If the circumstances related to specific customers were to change, the Company’s estimates of expected losses with respect to the collectability of the related accounts could be further adjusted. The Company’s policy is to write-off receivables when they are determined to be uncollectible. Expected losses are charged to General and administrative expenses and Selling expenses in the Consolidated Statements of Operations. The following table presents the changes in expected losses (in thousands): Years ended December 31, 2023 2022 2021 Balance at beginning of year $ 428 $ 429 $ 536 Expected losses 651 179 10 Write-offs, net of recoveries — (180) (117) Balance at end of year $ 1,079 $ 428 $ 429 Inventories. Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. The cost of manufactured inventory includes raw material, labor and overhead. Prepaid Expenses and Other. Prepaid expenses and other as of December 31, 2023 and 2022 consists of the following (in thousands): December 31, 2023 2022 Chassis converter pool agreements $ 27,312 $ 20,345 Income tax receivables 11,840 2,358 Insurance premiums & maintenance/subscription agreements 5,899 3,949 Commodity swap contracts 1,511 2,674 All other 4,895 5,601 $ 51,457 $ 34,927 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. As further described in Note 11, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. Other items primarily consist of investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets. As of December 31, 2023 and 2022, there was no restricted cash included in prepaid expenses and other current assets. Property, Plant, and Equipment. Property, plant, and equipment are recorded at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while expenditures that extend the useful life of an asset are capitalized. Depreciation is recorded using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives are up to 33 years for buildings and building improvements and range from three Goodwill. Goodwill represents the excess purchase price over fair value of the net assets acquired. The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. The Company reviews goodwill for impairment, at the reporting unit level, annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. In accordance with ASC 350, Intangibles - Goodwill and Other , goodwill is reviewed for impairment utilizing either a qualitative assessment or a quantitative process. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test, which is the option the Company has historically chosen. For reporting units in which the Company performs the quantitative analysis, the Company compares the carrying value, including goodwill, of each reporting unit with its estimated fair value. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is greater than the fair value, the difference is recognized as an impairment loss charged to the reporting unit. After an impairment loss is recognized, the adjusted carrying amount of goodwill shall be its new accounting basis. As of December 31, 2023, goodwill allocated to the Transportation Solutions (“TS”) and Parts & Services (“P&S”) segments was approximately $120.5 million and $67.9 million, respectively. For the 2023 annual goodwill impairment test conducted as of October 1 st , 2023, the Company chose to evaluate qualitative factors to determine if it was more likely than not that the fair value of the TS and P&S reporting units were less than their respective carrying amounts. In accordance with the relevant accounting guidance, in order to perform the qualitative assessment, the Company considered many factors including, but not limited to, general economic conditions, industry and market conditions, financial performance and key business drivers, future operating plans, and potential changes to significant assumptions used in the most recent quantitative fair value analysis for each reporting unit (which was conducted in connection with the Company’s segment realignment beginning in September 2021 as further described below). Based on the analysis of the factors and considerations described above, the Company concluded that it was more likely than not that the fair value of each reporting unit continued to be greater than the respective carrying value. Therefore, no impairment charges were recorded and a quantitative analysis was not performed. During the fourth quarters of 2022 and 2021, the Company completed its annual goodwill impairment test using the qualitative assessment. Based on all assessments performed, the Company believed it was more likely than not that the fair value of its reporting units were greater than their carrying amount and no additional impairment of goodwill was recognized. In connection with the Company’s segment realignment beginning in September 2021 described in greater detail below, the Company performed a quantitative assessment for each reporting unit utilizing a combination of the income and market approaches, the results of which were weighted evenly. No impairment was indicated in either annual test as the fair value of each reporting unit exceeded its respective carrying value. Long-Lived Assets. Long-lived assets, consisting primarily of intangible assets and property, plant, and equipment, are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. During the first quarter of 2022, the Company impaired approximately $1.0 million of construction-in-progress As further described in Note 5, in connection with the Company’s rebranding initiative the Company recorded non-cash impairment charges of approximately $28.3 million during the fourth quarter of 2021 related to trade name and trademark intangible assets due to the significant reduction in the related useful lives of these assets. Net intangible assets of approximately $1.3 million were written-off during the second quarter of 2021 in connection with the Extract ® Technology divestiture. Other Assets. The Company capitalizes the cost of computer software developed or obtained for internal use. Capitalized software is amortized using the straight-line method over three Warranties. The Company offers a limited warranty for its products with a coverage period that ranges between one ® trailer panels is ten 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. The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands): 2023 2022 Balance as of January 1 $ 22,061 $ 22,045 Provision and revisions to estimates 3,716 2,806 Payments (4,491) (2,790) Balance as of December 31 $ 21,286 $ 22,061 Self-Insured Liabilities. The Company is self-insured up to specified limits for medical and workers’ compensation coverage. The self-insurance reserves have been recorded to reflect the undiscounted estimated liabilities, including claims incurred but not reported, as well as catastrophic claims as appropriate. The following table presents the changes in the self-insurance accrual included in Other accrued liabilities (in thousands): 2023 2022 Balance as of January 1 $ 10,718 $ 11,152 Expense 39,890 34,457 Payments (39,297) (34,891) Balance as of December 31 $ 11,311 $ 10,718 Income Taxes. The Company determines its provision or benefit for income taxes under the asset and liability method. The asset and liability method measures the expected tax impact at current enacted rates of future taxable income or deductions resulting from differences in the tax and financial reporting basis of assets and liabilities reflected in the Consolidated Balance Sheets. Future tax benefits of tax losses and credit carryforwards are recognized as deferred tax assets. Deferred tax assets are reduced by a valuation allowance to the extent management determines that it is more-likely-than-not the Company would not realize the value of these assets. The Company accounts for income tax contingencies by prescribing a “more-likely-than-not” recognition threshold that a tax position is required to meet before being recognized in the financial statements. Used Trailer Trade Commitments. The Company may accept trade-in of used trailers when a customer enters into a contract to purchase a new trailer. However, in the contracts for the sale of the new trailers, there is no commitment to repurchase that trailer or a similar trailer in the future. The Company had $0.5 million and no outstanding trade commitments as of December 31, 2023 and December 31, 2022, respectively. On occasion, the amount of the trade allowance provided for in the used trailer commitments, or cost, may exceed the net realizable value of the underlying used trailer. In these instances, the Company’s policy is to recognize the loss related to these commitments at the time the new trailer revenue is recognized. Net realizable value of used trailers is measured considering market sales data for comparable types of trailers. Concentration of Credit Risk. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, and customer receivables. We place our cash and cash equivalents with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables. Research and Development. Research and development expenses are charged to Cost of sales and General and administrative expenses in the Consolidated Statements of Operations as incurred and were $7.5 million, $5.3 million, and $13.6 million in 2023, 2022, and 2021, respectively. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company's operating segments, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2023 | |
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 are included in Cost of sales in the 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 it 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 includes service work whereby the customer simultaneously receives and consumes the benefits provided, and also included certain equipment-related sales within our Parts & Services reportable segment prior to the sale of our Extract Technology ® business during the second quarter of 2021 that had no alternative use and contained an enforceable right to payment, 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 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 9. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and Related Annual Impairment Assessments As of December 31, 2023, goodwill allocated to the Transportation Solutions (“TS”) and Parts & Services (“P&S”) segments was approximately $120.5 million and $67.9 million, respectively. For the 2023 annual goodwill impairment test conducted as of October 1 st , 2023, the Company chose to evaluate qualitative factors to determine if it was more likely than not that the fair value of the TS and P&S reporting units were less than their respective carrying amounts. In accordance with the relevant accounting guidance, in order to perform the qualitative assessment, the Company considered many factors including, but not limited to, general economic conditions, industry and market conditions, financial performance and key business drivers, future operating plans, and potential changes to significant assumptions used in the most recent quantitative fair value analysis for each reporting unit (which was conducted in connection with the Company’s segment realignment beginning in September 2021 as further described below). Based on the analysis of the factors and considerations described above, the Company concluded that it was more likely than not that the fair value of each reporting unit continued to be greater than the respective carrying value. Therefore, no impairment charges were recorded and a quantitative analysis was not performed. During the fourth quarters of 2022 and 2021, the Company completed its annual goodwill impairment test using the qualitative assessment. Based on all assessments performed, the Company believed it was more likely than not that the fair value of its reporting units were greater than their carrying amount and no additional impairment of goodwill was recognized. In connection with the Company’s segment realignment beginning in September 2021 described in greater detail below, the Company performed a quantitative assessment for each reporting unit utilizing a combination of the income and market approaches, the results of which were weighted evenly. No impairment was indicated in either annual test as the fair value of each reporting unit exceeded its respective carrying value. 2021 Segment Realignment As further described in Note 20, beginning in September 2021 the Company realigned its operating and reportable segments. Based on these changes, the Company established two operating and reportable segments: Transportation Solutions (“TS”) and Parts & Services (“P&S”). These operating and reportable segments were also determined to be the applicable reporting units for purposes of goodwill assignment and evaluation. In accordance with the relevant accounting guidance, the Company performed a quantitative impairment assessment of goodwill immediately prior to and subsequently following the change in segments and reporting units. The quantitative analyses did not result in any impairment charges as the fair value of each reporting unit exceeded the carrying value. In addition, as part of the change in segment structure, the Company reassigned goodwill from the historical Commercial Trailer Products (“CTP”), Diversified Products (“DPG”), and Final Mile Products (“FMP”) reporting units to the TS and P&S reporting units using a relative fair value allocation approach as required by the relevant accounting guidance. 2021 Goodwill Allocation for Extract Technology ® As further described in Note 21, during the second quarter of 2021, the Company sold its Extract Technology ® (“Extract”) business that manufactured stainless steel isolators and downflow booths, as well as custom-fabricated equipment, including workstations and drum booths for the pharmaceutical, fine chemical, biotech, and nuclear end markets. Prior to the divestiture, Extract was an operating unit within the historical DPG reporting unit. In accordance with the relevant accounting guidance, as part of the sale the Company allocated $11.1 million of goodwill based upon the relative fair value of the Extract operating unit compared to the historical DPG reporting unit as a whole. This goodwill was included in the carrying value of the disposed assets and the resulting net gain recognized in connection with the sale. Prior to and subsequent to the divestiture, the Company performed an impairment assessment for the historical DPG reporting unit and concluded the fair value of the reporting unit continued to exceed the carrying value. For the years ended December 31, 2023, 2022, and 2021, the changes in the carrying amounts of goodwill were as follows (in thousands): Transportation Solutions Parts & Services Total Balance at December 31, 2021 Goodwill $ 188,764 $ 108,079 $ 296,843 Accumulated impairment losses (68,257) (40,143) (108,400) Net balance at December 31, 2021 120,507 67,936 188,443 Effects of foreign currency (5) (4) (9) Balance at December 31, 2022 Goodwill 188,759 108,075 296,834 Accumulated impairment losses (68,257) (40,143) (108,400) Net balance as of December 31, 2022 120,502 67,932 188,434 Effects of foreign currency (16) (9) (25) Balance as of December 31, 2023 Goodwill 188,743 108,066 296,809 Accumulated impairment losses (68,257) (40,143) (108,400) Net balance as of December 31, 2023 $ 120,486 $ 67,923 $ 188,409 Intangible Assets Intangible asset amortization expense was $12.8 million, $15.2 million, and $22.9 million for 2023, 2022, and 2021, respectively. Annual intangible asset amortization expense for the next 5 fiscal years is estimated to be $12.2 million in 2024; $11.2 million in 2025; $10.7 million in 2026; $10.2 million in 2027; and $9.7 million in 2028. As further described throughout our Annual Report on Form 10-K for the year ended December 31, 2021, on January 10, 2022, the Company completed its review and approval of its plan for rebranding as Wabash ® . As part of the planning process, the Company assessed its usage of trade names and brand names in connection with the long-term growth strategy as One Wabash. Under the plan as approved, the Company no longer uses certain trade names or brand names, and predominantly uses Wabash (or variations thereof) to refer to the Company. The decision resulted in non-cash impairment charges of approximately $28.3 million (of which approximately $25.6 million related to the TS operating segment and $2.7 million to the P&S operating segment) during the fourth quarter of 2021 related to trade name and trademark intangible assets due to the significant reduction in the related useful lives of these assets. The impairment charges are included in Impairment and other, net in the Consolidated Statements of Operations. Net intangible assets of approximately $1.3 million were written-off during the second quarter of 2021 in connection with the Extract ® divestiture. As of December 31, 2023, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Customer relationships 13 years $ 270,016 $ (183,923) $ 86,093 Technology 12 years 11,708 (11,383) 325 Total $ 281,724 $ (195,306) $ 86,418 As of December 31, 2022, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Customer relationships 13 years 270,016 (172,086) 97,930 Technology 12 years 11,708 (10,407) 1,301 Total $ 281,724 $ (182,493) $ 99,231 |
NONCONTROLLING INTEREST AND VAR
NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) | NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (“VIEs”) VIEs & Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either the variable interest model (the “VIE model”) or the voting interest model (the “VOE model”). VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE through its interest in the VIE. To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (typically management and representation on the board of directors as well as control of the overall strategic direction of the entity) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE. To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests, which primarily include the obligation to absorb losses or fund expenditures or losses (if needed), that are deemed to be variable interests in the VIE. This assessment requires the Company to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company. At the VIE’s inception, the Company determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. The Company then performs on-going reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation conclusion is required each reporting period. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with the applicable GAAP. Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, the Company consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. The Company has no entities consolidated under the VOE model. At each reporting period, the Company reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model. If the Company concludes it is not the primary beneficiary of a VIE, the Company evaluates whether it has the ability to exercise significant influence over operating and financial policies of the entity requiring the equity method of accounting. The Company’s judgment regarding the level of influence over an equity method investment includes, but is not limited to, considering key factors such as the Company’s ownership interest (generally represented by ownership of at least 20 percent but not more than 50 percent), representation on the board of directors, participation in policy making decisions, technological dependency, and material intercompany transactions. Generally, under the equity method, investments are recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of the initial investment. Equity in income or losses is recorded according to the Company’s level of ownership; if losses accumulate, the Company records its share of losses until the investment has been fully depleted. If the Company’s investment has been fully depleted, the Company recognizes additional losses only when it is committed to provide further financial support. Dividends received from equity method investees reduce the amount of the Company’s investment when received and do not impact the Company’s earnings. The Company evaluates its equity method investments for an other-than-temporary impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Linq Venture Holdings LLC During the fourth quarter of 2023, the Company continued to unify and expand its parts and services capabilities and ecosystem by executing an agreement with a partner to create a new legal entity (Linq Venture Holdings LLC, “Linq”) to develop and scale a digital marketplace in and for the transportation and logistics distribution industry. Linq is intended to be the digital channel to market Wabash equipment and parts & services, as well as non-Wabash parts & services, in a digital marketplace format to end-customers as well as dealers. The Company holds 49% ownership of the membership units in Linq while its partner holds 51%. Initial capital contributions to Linq were in proportion to the respective ownership interests. The Company’s initial capital contribution was approximately $2.5 million while its partner’s contribution was approximately $2.6 million. At its formation, Linq has no debt or other financial obligations other than typical operating expenses and costs. Creditors of Linq do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, no later than 30 days after the end of the second and fourth quarters of each year in proportion to the respective ownership interests. The operating agreement provides the Company’s partner with put rights that would require the Company to purchase its partner’s interest in Linq. In addition, the operating agreement provides the Company with call rights that would allow it to purchase its partner’s interest in Linq. These put and call rights vary depending upon when they may be exercised, which is generally from formation of Linq up to and including the seven-year anniversary of formation. Upon receiving notice that the Company’s partner has exercised the put right or the Company has exercised the call right, a valuation will occur as stipulated within the operating agreement. Generally, the valuation stipulated within the operating agreement is materially equivalent to a fair value calculation. Such put and call rights have not been exercised by the Company’s partner or the Company as of the current period end date. Because Linq does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that Linq is a VIE. The Company has the ability to significantly influence the activities of Linq through minority representation on the Board of Directors as well as through participation in certain management and strategic decisions of Linq. The Company’s partner is responsible for the overall development and management of the digital marketplace, the primary purpose for which Linq was formed. Both the Company and its partner have a requirement to provide funding to Linq if needed. As part of the formation of Linq, the Company executed a credit agreement with Linq whereby a $10.0 million revolving line of credit (the “Wabash Note”) with a 7% simple accrued interest rate, paid quarterly, is available to Linq. The commitment under the Wabash Note may be increased to $35.0 million subject to the approval of the Board of Directors as stipulated in the operating agreement. As of and through December 31, 2023, there were no amounts borrowed under the Wabash Note and the Company did not provide financial or other support to Linq that it was not contractually obligated to provide. Given the facts and circumstances specific to Linq, the Company concluded that it is not the primary beneficiary of this VIE. However, the Company has the ability to exercise significant influence over the operating and financial policies of Linq. The Company’s maximum exposure to loss in this unconsolidated VIE is limited to the Company’s initial capital contribution and any amounts borrowed under the Wabash Note. The partner’s put right does not have a standalone value as it based upon a fair value calculation when exercised, as stipulated in the operating agreement. The Company’s equity method investment in Linq is recorded in Investment in unconsolidated entity on its Consolidated Balance Sheets. Any amounts borrowed under the Wabash Note are recorded in Other assets on the Company’s Consolidated Balance Sheets. Linq is considered operationally integral. The Company’s share of the results from its equity method investment is included in Loss from unconsolidated entity in the Consolidated Statements of Operations. Amounts recorded related to Linq are as follows (in thousands): December 31, December 31, Initial investment in unconsolidated entity $ 2,450 $ — Loss from unconsolidated entity for the year ended (803) — Investment in unconsolidated entity $ 1,647 $ — Wabash Parts LLC During the second quarter of 2022, the Company unified and expanded its parts and distribution capabilities by executing an agreement with a partner to create a new legal entity (Wabash Parts LLC, “WP”) to operate a parts and services distribution platform. The Company holds 50% ownership in WP while its partner holds the remaining 50%. Initial capital contributions were insignificant. WP has no debt or other financial obligations other than typical operating expenses and costs. Creditors of WP do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, no later than 30 days after the end of the second and fourth quarters of each year in proportion to the respective ownership interests. The operating agreement provides the Company’s partner with a put right that would require the Company to purchase its partner’s interest in WP. Upon receiving notice that the Company’s partner has exercised the put right, a valuation will occur as stipulated within the operating agreement. Such put right has not been exercised by the Company’s partner and is therefore not mandatorily redeemable as of the current period end date, however the existence of the put right that is beyond the Company’s control requires the noncontrolling interest to be presented in the temporary equity section of the Company’s Consolidated Balance Sheets. Because the entity does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that WP is a VIE. The Company has the power to direct the activities of WP through majority representation on the Board of Directors as well as control related to the management and overall strategic direction of the entity. In addition, the Company has the obligation to absorb the benefits and losses of WP that could potentially be significant to the entity. The Company also has a requirement to provide funding to the entity if needed. Given the facts and circumstances specific to WP, the Company concluded that it is the primary beneficiary and, as such, is required to consolidate the entity. WP’s results of operations are included in the Parts & Services operating and reportable segment. Through December 31, 2023, the Company did not provide financial or other support to this VIE that it was not contractually obligated to provide. As of December 31, 2023, the Company does not have any obligations to provide financial support to WP. The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 (in thousands): December 31, December 31, Assets Current assets: Cash and cash equivalents $ 3,020 $ 1,379 Accounts receivable, net 1,540 1,509 Inventories, net 85 138 Prepaid expenses and other 68 16 Total current assets 4,713 3,042 Property, plant, and equipment, net — — Other assets 543 141 Total assets $ 5,256 $ 3,183 Liabilities Current liabilities: Accounts payable $ 4,024 $ 2,136 Other accrued liabilities 26 23 Total current liabilities 4,050 2,159 Other non-current liabilities — — Total liabilities $ 4,050 $ 2,159 The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands): 2023 2022 2021 Balance at January 1 $ 512 $ — $ — Net income attributable to noncontrolling interest 603 512 — Other comprehensive income (loss) — — — Distributions declared to noncontrolling interest (512) — — Balance at December 31 $ 603 $ 512 $ — |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories, net of reserves, consist of the following (in thousands): December 31, 2023 2022 Raw materials and components $ 156,314 $ 176,080 Finished goods 86,586 50,005 Work in progress 14,102 9,983 Used trailers 3,370 737 Aftermarket parts 7,263 7,065 $ 267,635 $ 243,870 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Depreciation expense on property, plant, and equipment, which is recorded in Cost of sales and General and administrative expenses in the Consolidated Statements of Operations, as appropriate, was $32.5 million, $31.8 million, and $24.3 million in 2023, 2022, and 2021, respectively, and includes depreciation of assets recorded in connection with the Company’s finance lease agreement (which ended during the first quarter of 2022, at which point the property, plant, and equipment assets were legally owned by the Company). See Note 21 for information related to property, plant, and equipment sales and impairment charges. Property, plant, and equipment, net consist of the following (in thousands): December 31, 2023 2022 Land $ 42,494 $ 42,342 Buildings and building improvements 159,046 149,052 Machinery and equipment 416,477 311,736 Construction in progress 52,417 94,018 670,434 597,148 Less: accumulated depreciation (344,990) (326,032) $ 325,444 $ 271,116 |
OTHER ACCRUED LIABILITIES
OTHER ACCRUED LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
OTHER ACCRUED LIABILITIES | OTHER ACCRUED LIABILITIES The following table presents the major components of Other accrued liabilities (in thousands): December 31, 2023 2022 Customer deposits $ 45,586 $ 32,129 Chassis converter pool agreements 27,312 20,345 Warranty 21,286 22,061 Payroll and related taxes 40,265 29,219 Self-insurance 11,311 10,718 Accrued interest 3,817 3,854 Operating lease obligations 9,049 6,120 Accrued taxes 24,662 24,793 All other 12,313 9,088 $ 195,601 $ 158,327 |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT Long-term debt consists of the following (in thousands): December 31, 2023 December 31, 2022 Senior Notes due 2028 $ 400,000 $ 400,000 Revolving Credit Agreement — — 400,000 400,000 Less: unamortized discount and fees (3,535) (4,182) Less: current portion — — $ 396,465 $ 395,818 Senior Notes due 2028 On October 6, 2021, the Company closed on an offering of $400 million in aggregate principal amount of its 4.50% unsecured Senior Notes due 2028 (the “New Senior Notes”). The New Senior Notes were issued pursuant to an indenture dated as of October 6, 2021, by and among the Company, certain subsidiary guarantors named therein (the “Guarantors”) and Wells Fargo Bank, National Association, as trustee (the “Indenture”). The New Senior Notes bear interest at the rate of 4.50% and pay interest semi-annually in cash in arrears on April 15 and October 15 of each year. The New Senior Notes will mature on October 15, 2028. At any time prior to October 15, 2024, the Company may redeem some or all of the New Senior Notes for cash at a redemption price equal to 100% of the aggregate principal amount of the New Senior Notes being redeemed plus an applicable make-whole premium set forth in the Indenture and accrued and unpaid interest to, but not including, the redemption date. Prior to October 15, 2024, the Company may redeem up to 40% of the New Senior Notes at a redemption price of 104.500% of the principal amount, plus accrued and unpaid interest to, but not including, the redemption date, with the proceeds of certain equity offerings so long as if, after any such redemption occurs, at least 60% of the aggregate principal amount of the New Senior Notes remain outstanding. On and after October 15, 2024, the Company may redeem some or all of the New Senior Notes at redemption prices (expressed as percentages of principal amount) equal to 102.250% for the twelve-month period beginning on October 15, 2024, 101.125% for the twelve-month period beginning October 15, 2025 and 100.000% beginning on October 15, 2026, plus accrued and unpaid interest to, but not including, the redemption date. Upon the occurrence of a Change of Control (as defined in the Indenture), unless the Company has exercised its optional redemption right in respect of the New Senior Notes, the holders of the New Senior Notes will have the right to require the Company to repurchase all or a portion of the New Senior Notes at a price equal to 101% of the aggregate principal amount of the New Senior Notes, plus any accrued and unpaid interest to, but not including, the date of repurchase. The New 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 New Senior Notes and related guarantees are the Company’s and the Guarantors’ general unsecured senior obligations and will be subordinated to all of the Company and the Guarantors’ existing and future secured debt to the extent of the assets securing that secured obligation. In addition, the New Senior Notes are structurally subordinated 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. Subject to a number of exceptions and qualifications, the Indenture restricts the Company’s ability and the ability of certain of its subsidiaries 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. These covenants are subject to a number of important exceptions and qualifications. During any time when the New Senior Notes are rated investment grade by at least two of Moody’s, Fitch and Standard & Poor’s Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, many of such covenants will be suspended and the Company and its subsidiaries will cease to be subject to such covenants during such period. The Indenture contains customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs and is continuing, the principal amount of the New Senior Notes, plus accrued and unpaid interest, if any, may be declared immediately due and payable. These amounts automatically become due and payable if an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs. As of December 31, 2023, the Company was in compliance with all covenants. The sale of the New Senior Notes resulted in net proceeds of approximately $395 million, after deducting financing fees and other offering expenses. The Company used the net proceeds of the New Senior Notes and a portion of the $50 million draw from the increased capacity under the Revolving Credit Agreement to fund the redemption in full of the Senior Notes due 2025, to repay in full the $108.8 million of outstanding borrowings under the term loan credit agreement entered into on September 28, 2020 (the “New Term Loan Credit Agreement”) among the Company, the lenders from time to time party thereto, and Wells Fargo Bank, National Association, as the administrative agent, and to pay all related fees and expenses. (The New Term Loan Credit Agreement refinanced and replaced that certain Term Loan Credit Agreement, dated as of May 8, 2012 (as amended, restated, supplemented, or otherwise modified from time to time, the “Old Term Loan Credit Agreement”), among the Company, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as the administrative agent.) Debt extinguishment charges totaling $9.1 million were recorded during the fourth quarter of 2021 in connection with the redemption in full of the Senior Notes due 2025 and the repayment in full of the outstanding borrowings under the New Term Loan Credit Agreement. The loss on debt extinguishment charges is included in Other, net on the Company’s Consolidated Statements of Operations. Contractual coupon interest expense and accretion of fees for the New Senior Notes for the years ended December 31, 2023, 2022 and 2021 were $18.0 million and $0.6 million, $18.0 million and $0.6 million, and $4.3 million and $0.1 million, respectively. Contractual coupon interest expense and accretion of discount and fees for the Senior Notes due 2025, which were redeemed in full during the fourth quarter of 2021 as described above, for the year ended December 31, 2021, was $13.3 million and $0.5 million, respectively. Contractual coupon interest expense and accretion of discount and fees are included in Interest expense on the Company’s Consolidated Statements of Operations. Revolving Credit Agreement On September 23, 2022, the Company entered into the Third Amendment to the Second Amended and Restated Credit Agreement among the Company, certain of its subsidiaries as borrowers (together with the Company, the “Borrowers”), certain of its subsidiaries as guarantors, the lenders party thereto, and Wells Fargo Capital Finance, LLC, as the administrative agent (the “Agent”), which amended the Company’s existing Second Amended and Restated Credit Agreement, dated as of December 21, 2018 (as amended from time to time, the “Revolving Credit Agreement”). Under the Revolving Credit Agreement, the lenders agree to make available a $350 million revolving credit facility to the Borrowers with a scheduled maturity date of September 23, 2027. The Company has the option to increase the total commitments under the facility by up to an additional $175 million, subject to certain conditions, including obtaining agreements from one or more lenders, whether or not party to the Revolving Credit Agreement, to provide such additional commitments. Availability under the Revolving Credit Agreement is based upon quarterly (or more frequent under certain circumstances) borrowing base certifications of the Borrowers’ eligible inventory, eligible leasing inventory and eligible accounts receivable, and is reduced by certain reserves in effect from time to time. Subject to availability, the Revolving Credit Agreement provides for a letter of credit subfacility in the amount of $25 million, and allows for swingline loans in the amount of $35 million. Outstanding borrowings under the Revolving Credit Agreement bear interest at an annual rate, at the Borrowers’ election, equal to (i) adjusted term Secured Overnight Financing Rate 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 Credit Agreement. 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 of the Agent and the lenders. The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Guarantors”) and is secured by substantially all personal property of the Borrowers and the Guarantors. The Revolving Credit Agreement contains customary covenants limiting the ability of the Company and certain of its subsidiaries to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock, enter into transactions with affiliates, merge, dissolve, repay subordinated indebtedness, make investments and dispose of assets. 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 the greater of (a) 10% of the lesser of (i) the total revolving commitments and (ii) the borrowing base (such lesser amount, the “Line Cap”) and (b) $25 million. As of December 31, 2023, the Company was in compliance with all covenants. If availability under the Revolving Credit Agreement is less than the greater of (i) 10% of the Line Cap and (ii) $25 million for three The Revolving Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the lenders may, among other things, require the immediate payment of all amounts outstanding and foreclose on collateral. In addition, in the case of an event of default arising from certain events of bankruptcy or insolvency, the lenders’ obligations under the Revolving Credit Agreement would automatically terminate, and all amounts outstanding under the Revolving Credit Agreement would automatically become due and payable. The Company’s liquidity position, defined as cash on hand and available borrowing capacity on the Revolving Credit Agreement, amounted to $516.1 million as of December 31, 2023 and $401.2 million as of December 31, 2022. During the year ended December 31, 2023, the Company had payments of principal of $104.2 million and borrowings of principal of $104.2 million under the Revolving Credit Agreement, and as of December 31, 2023, there were no amounts outstanding. During the year ended December 31, 2022, the Company had net payments of principal of $130.6 million and net borrowings of principal of $97.6 million under the Revolving Credit Agreement, and as of December 31, 2022, there were no amounts outstanding. Interest expense under the Revolving Credit Agreement for the years ended December 31, 2023, 2022, and 2021, was approximately $0.9 million, $1.7 million, and $0.6 million, respectively. Interest expense under the Revolving Credit Agreement is included in Interest expense on the Company’s Consolidated Statements of Operations. New and Old Term Loan Credit Agreements As described above, in October 2021, the Company used the net proceeds of the New Senior Notes and a portion of the $50 million draw from the increased capacity under the Revolving Credit Agreement to repay in full the $108.8 million of outstanding borrowings under the New Term Loan Credit Agreement. In addition to the full repayment during the fourth quarter, during the second quarter of 2021, the Company made principal payments totaling $30.0 million and recognized loss on debt extinguishment charges of approximately $0.5 million. The extinguishment charges are included in Other, net in the Consolidated Statements of Operations. For the year ended December 31, 2021, under the New Term Loan Credit Agreement the Company paid interest of $3.9 million. For the year ended December 31, 2021, the Company incurred charges of $0.2 million for amortization of fees and original issuance discount, which are included in Interest expense in the Consolidated Statements of Operations. |
FINANCIAL DERIVATIVE INSTRUMENT
FINANCIAL DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL DERIVATIVE INSTRUMENTS | FINANCIAL DERIVATIVE INSTRUMENTS Commodity Pricing Risk As of December 31, 2023, the Company was party to commodity swap contracts for specific commodities with notional amounts of approximately $35.7 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 November 2024. The effective portion of the hedging transaction is recognized in Accumulated Other Comprehensive Income (Loss) (“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 December 31, 2023 and 2022, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands): Asset / (Liability) Derivatives Balance Sheet Caption December 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Commodity swap contracts Prepaid expenses and other $ 1,511 $ 2,674 Commodity swap contracts Accounts payable and Other accrued liabilities (1,045) (1,653) Total derivatives designated as hedging instruments $ 466 $ 1,021 The following table summarizes the gain or loss recognized in AOCI as of December 31, 2023 and 2022 and the amounts reclassified from AOCI into earnings for the years ended December 31, 2023, 2022, and 2021 (in thousands): Amount of Gain (Loss) Recognized in Location of Gain (Loss) Reclassified from AOCI into Earnings Amount of Gain (Loss) Reclassified from AOCI into Earnings Year Ended December 31, December 31, 2023 December 31, 2022 2023 2022 2021 Derivatives instruments Commodity swap contracts $ 388 $ 909 Cost of sales $ (3,359) $ 4,887 $ 54,937 Over the next 12 months, the Company expects to reclassify approximately $0.5 million of pretax deferred gains related to the commodity swap contracts from AOCI to cost of sales as inventory purchases are settled. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES Lessee Activities 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 leases on a straight-line basis over the lease term. 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 During the year ended December 31, 2022, the Company entered into sale-leaseback-sublease transactions. Such contracts were entered into in contemplation of each other and are thus recorded on a net basis. The net revenue from these contracts was insignificant for the year ended December 31, 2023. In addition, certain of the transactions occurred with a related party—such transactions were at market value and arm’s length. Leased assets and liabilities included within the Consolidated Balance Sheets consist of the following (in thousands): Classification December 31, 2023 December 31, 2022 Right-of-Use Assets Operating Other assets $ 32,219 $ 23,003 Finance Property, plant and equipment, net — — Total leased ROU assets $ 32,219 $ 23,003 Liabilities Current Operating Other accrued liabilities $ 9,049 $ 6,120 Finance Current portion of finance lease obligations — — Noncurrent Operating Non-current liabilities 23,170 16,883 Finance Finance lease obligations — — Total lease liabilities $ 32,219 $ 23,003 Lease costs included in the Consolidated Statements of Operations consist of the following (in thousands): Classification Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Operating lease cost Cost of sales, selling expenses, and general and administrative expense $ 8,869 $ 5,785 Finance lease cost Amortization of ROU leased assets Depreciation and amortization within Cost of sales — 36 Interest on lease liabilities Interest expense — 1 Net lease cost $ 8,869 $ 5,822 Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands): Operating Leases Finance Leases Total 2024 $ 10,418 $ — $ 10,418 2025 9,364 — 9,364 2026 8,310 — 8,310 2027 4,349 — 4,349 2028 1,920 — 1,920 Thereafter 1,066 — 1,066 Total lease payments $ 35,427 $ — $ 35,427 Less: interest 3,208 — Present value of lease payments $ 32,219 $ — 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: December 31, 2023 December 31, 2022 Weighted average remaining lease term (years) Operating leases 3.8 4.3 Finance leases 0.0 0.0 Weighted average discount rate Operating leases 4.94 % 4.92 % Finance leases — % — % Lease costs included in the Consolidated Statements of Cash Flows are as follows (in thousands): Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,866 $ 5,844 Operating cash flows from finance leases $ — $ 1 Financing cash flows from finance leases $ — $ 59 Lessor and Sublessor Activities The Company leases dry van trailers to customers under full-service lease agreements and operating lease agreements. At the inception of a contract, in accordance with the applicable accounting guidance (ASC 842, Leases ) the Company considers whether the arrangement contains a lease and, as applicable, performs the required lease classification tests. The Company, as a lessor, has no sales-type or direct financing lease arrangements as of December 31, 2023. The Company’s full-service lease agreements are an integrated service that include lease component amounts related to the use of the trailer, as well as non-lease components for preventative maintenance, certain repairs as defined in the related agreement, and ad valorem taxes. In accordance with the applicable accounting guidance (ASC 842, Leases ), the Company has elected to combine lease and non-lease components when reporting revenue for the full-service underlying class of leased assets. Initial lease terms are generally three one During the year ended December 31, 2022, the Company entered into sale-leaseback-sublease transactions. Such contracts were entered into in contemplation of each other and are thus recorded on a net basis. The net revenue from these contracts was insignificant for all periods presented but such revenue is included in the tables below. Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and entered into at arm’s length. Lease income is included in Net sales on the Company’s Consolidated Statements of Operations and is recorded in the P&S operating segment. For the twelve months ended December 31, 2023 and 2022, the Company’s lease income consisted of the following components (in thousands): Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Operating lease income Fixed lease income $ 874 $ 125 Variable lease income — — Total lease income 1 $ 874 $ 125 ————————— (1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above. The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of December 31, 2023 (in thousands): Operating Leases 1 2024 $ 2,076 2025 2,064 2026 2,064 2027 1,950 2028 1,209 Thereafter — Total contractual receipts $ 9,363 ————————— (1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above. The leased trailers are recorded on the Company’s Consolidated Balance Sheets within Other assets at cost, net of accumulated depreciation. Depreciation is recorded using the straightline method over the estimated useful lives of the trailers, which is generally 12 years. Revenue earning equipment, net consists of the following (in thousands): December 31, 2023 December 31, 2022 Revenue generating assets $ 5,650 $ — Less: accumulated depreciation (186) — Revenue generating assets, net $ 5,464 $ — |
LEASES | LEASES Lessee Activities 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 leases on a straight-line basis over the lease term. 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 During the year ended December 31, 2022, the Company entered into sale-leaseback-sublease transactions. Such contracts were entered into in contemplation of each other and are thus recorded on a net basis. The net revenue from these contracts was insignificant for the year ended December 31, 2023. In addition, certain of the transactions occurred with a related party—such transactions were at market value and arm’s length. Leased assets and liabilities included within the Consolidated Balance Sheets consist of the following (in thousands): Classification December 31, 2023 December 31, 2022 Right-of-Use Assets Operating Other assets $ 32,219 $ 23,003 Finance Property, plant and equipment, net — — Total leased ROU assets $ 32,219 $ 23,003 Liabilities Current Operating Other accrued liabilities $ 9,049 $ 6,120 Finance Current portion of finance lease obligations — — Noncurrent Operating Non-current liabilities 23,170 16,883 Finance Finance lease obligations — — Total lease liabilities $ 32,219 $ 23,003 Lease costs included in the Consolidated Statements of Operations consist of the following (in thousands): Classification Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Operating lease cost Cost of sales, selling expenses, and general and administrative expense $ 8,869 $ 5,785 Finance lease cost Amortization of ROU leased assets Depreciation and amortization within Cost of sales — 36 Interest on lease liabilities Interest expense — 1 Net lease cost $ 8,869 $ 5,822 Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands): Operating Leases Finance Leases Total 2024 $ 10,418 $ — $ 10,418 2025 9,364 — 9,364 2026 8,310 — 8,310 2027 4,349 — 4,349 2028 1,920 — 1,920 Thereafter 1,066 — 1,066 Total lease payments $ 35,427 $ — $ 35,427 Less: interest 3,208 — Present value of lease payments $ 32,219 $ — 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: December 31, 2023 December 31, 2022 Weighted average remaining lease term (years) Operating leases 3.8 4.3 Finance leases 0.0 0.0 Weighted average discount rate Operating leases 4.94 % 4.92 % Finance leases — % — % Lease costs included in the Consolidated Statements of Cash Flows are as follows (in thousands): Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,866 $ 5,844 Operating cash flows from finance leases $ — $ 1 Financing cash flows from finance leases $ — $ 59 Lessor and Sublessor Activities The Company leases dry van trailers to customers under full-service lease agreements and operating lease agreements. At the inception of a contract, in accordance with the applicable accounting guidance (ASC 842, Leases ) the Company considers whether the arrangement contains a lease and, as applicable, performs the required lease classification tests. The Company, as a lessor, has no sales-type or direct financing lease arrangements as of December 31, 2023. The Company’s full-service lease agreements are an integrated service that include lease component amounts related to the use of the trailer, as well as non-lease components for preventative maintenance, certain repairs as defined in the related agreement, and ad valorem taxes. In accordance with the applicable accounting guidance (ASC 842, Leases ), the Company has elected to combine lease and non-lease components when reporting revenue for the full-service underlying class of leased assets. Initial lease terms are generally three one During the year ended December 31, 2022, the Company entered into sale-leaseback-sublease transactions. Such contracts were entered into in contemplation of each other and are thus recorded on a net basis. The net revenue from these contracts was insignificant for all periods presented but such revenue is included in the tables below. Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and entered into at arm’s length. Lease income is included in Net sales on the Company’s Consolidated Statements of Operations and is recorded in the P&S operating segment. For the twelve months ended December 31, 2023 and 2022, the Company’s lease income consisted of the following components (in thousands): Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Operating lease income Fixed lease income $ 874 $ 125 Variable lease income — — Total lease income 1 $ 874 $ 125 ————————— (1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above. The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of December 31, 2023 (in thousands): Operating Leases 1 2024 $ 2,076 2025 2,064 2026 2,064 2027 1,950 2028 1,209 Thereafter — Total contractual receipts $ 9,363 ————————— (1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above. The leased trailers are recorded on the Company’s Consolidated Balance Sheets within Other assets at cost, net of accumulated depreciation. Depreciation is recorded using the straightline method over the estimated useful lives of the trailers, which is generally 12 years. Revenue earning equipment, net consists of the following (in thousands): December 31, 2023 December 31, 2022 Revenue generating assets $ 5,650 $ — Less: accumulated depreciation (186) — Revenue generating assets, net $ 5,464 $ — |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
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, the Company holds 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 as of December 31, 2023 and 2022 are shown below (in thousands): Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2023 Commodity swap contracts Recurring $ 466 $ — $ 466 $ — Mutual funds Recurring $ 11,735 $ 11,735 $ — $ — Life-insurance contracts Recurring $ 18,510 $ — $ 18,510 $ — December 31, 2022 Commodity swap contracts Recurring $ 1,021 $ — $ 1,021 $ — Mutual funds Recurring $ 6,579 $ 6,579 $ — $ — Life-insurance contracts Recurring $ 15,509 $ — $ 15,509 $ — Estimated Fair Value of Debt The estimated fair value of debt at December 31, 2023 consists of the Senior Notes due 2028 (see Note 10). The interest rates on the Company’s borrowings under the Revolving Credit Agreement are adjusted regularly to reflect current market rates and thus carrying value approximates fair value for any borrowings. The fair value of the Senior Notes due 2028 as of December 31, 2023 and 2022 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 Company’s carrying and estimated fair value of debt at December 31, 2023 and December 31, 2022 were as follows (in thousands): December 31, 2023 December 31, 2022 Fair Value Fair Value Carrying Level 1 Level 2 Level 3 Carrying Level 1 Level 2 Level 3 Instrument Senior Notes due 2028 $ 396,465 $ — $ 361,774 $ — $ 395,818 $ — $ 337,237 $ — Revolving Credit Agreement — — — — — — — — $ 396,465 $ — $ 361,774 $ — $ 395,818 $ — $ 337,237 $ — 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 any unamortized premium or discount and unamortized deferred financing costs in the consolidated financial statements. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES a. Litigation As of December 31, 2023, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations, including class action lawsuits, in connection with the conduct of its business activities, in various jurisdictions, both in the United States and internationally. Accrual for losses have been recorded for those matters deemed both probable and reasonably estimated. 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 Consolidated Statements of Operations. Legal Matter Estimated Liability As of December 31, 2023, the Company was named as a defendant in California state court in two purported class action lawsuits, alleging wage and hour claims under California-specific employment laws (collectively, the “Matters”). The defense of both lawsuits is being handled in conjunction with one another. During the three months ended March 31, 2023, in accordance with ASC 450, the Company concluded a liability related to the Matters was probable and estimable. As such, an estimated liability of $3.0 million is included in General & administrative expenses in the Consolidated Statements of Operations for the year ended December 31, 2023. During the second quarter of 2023, the Company reached an agreement to resolve the Matters via settlement for an amount materially consistent with the estimated liability. The settlement proceeds will be paid in the first quarter of 2024. 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 Corporation (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 condition and results of 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 PRPs 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. In 2020, the Company agreed to implement a limited work plan to further investigate the source of the contamination at the Site and worked with IDEM and other PRPs to finalize the terms of the work plan. The Company submitted its initial site investigation report to IDEM during the third quarter of 2020, indicating that the data collected by the Company’s consultant confirmed that the Company’s properties are not the source of contamination at the Site. In December 2021, after completing further groundwater sampling work, the Company submitted to IDEM a supplemental written report, which again stated that the Company is not a responsible party and the Company’s properties are not a source of any contamination. In June 2022, the Company and other PRPs finalized Work Plan Addendum No. 3, which provided for additional groundwater sampling on another PRP property. The Company completed all additional sampling between the second quarter and fourth quarter of 2023, and all available information establishes there is no source of any contamination on the Company’s owned properties. As of December 31, 2023, 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. b. Environmental Litigation Commitments and Contingencies The Company generates and handles certain material, wastes and emissions in the normal course of operations that are subject to various and evolving federal, state and local environmental laws and regulations. The Company assesses its environmental liabilities on an on-going basis by evaluating currently available facts, existing technology, presently enacted laws and regulations as well as experience in past treatment and remediation efforts. Based on these evaluations, the Company estimates a lower and upper range for treatment and remediation efforts and recognizes a liability for such probable costs based on the information available at the time. As of December 31, 2023, the Company had reserved an insignificant amount for estimated remediation costs for activities at existing and former properties which are recorded within Other accrued liabilities on the Consolidated Balance Sheets. c. Letters of Credit As of December 31, 2023, the Company had standby letters of credit totaling $6.0 million issued in connection with workers compensation claims and surety bonds. d. Purchase Commitments The Company has $35.7 million in purchase commitments at December 2023 for various raw material commodities, including aluminum, steel, nickel, and polyethylene, as well as other raw material components which are within normal production requirements. e. Chassis Converter Pool Agreements The Company obtains 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 December 31, 2023, the Company’s outstanding chassis converter pool with the manufacturer totaled $27.3 million and has included this financing agreement on the Company’s Consolidated Balance Sheets within Prepaid expenses and other and Other accrued liabilities . All other chassis programs are handled as consigned inventory belonging to the manufacturer and totaled approximately $0.9 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 INCOME PER SHARE OF COMMON
NET INCOME PER SHARE OF COMMON STOCK | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
NET INCOME PER SHARE OF COMMON STOCK | NET INCOME PER SHARE OF COMMON STOCK 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 income attributable to common stockholders per share is determined using net 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). Year Ended December 31, 2023 2022 2021 Basic net income attributable to common stockholders per share: Net income attributable to common stockholders $ 231,252 $ 112,258 $ 1,164 Weighted average common shares outstanding 47,011 48,626 50,684 Basic net income attributable to common stockholders per share $ 4.92 $ 2.31 $ 0.02 Diluted net income attributable to common stockholders per share: Net income attributable to common stockholders $ 231,252 $ 112,258 $ 1,164 Weighted average common shares outstanding 47,011 48,626 50,684 Dilutive stock options and restricted stock 1,019 1,255 924 Diluted weighted average common shares outstanding 48,030 49,881 51,608 Diluted net income attributable to common stockholders per share $ 4.81 $ 2.25 $ 0.02 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION On May 18, 2017, the shareholders of the Company approved the 2017 Omnibus Incentive Plan (the “2017 Incentive Plan”) which authorizes 3,150,000 shares for issuance under the plan. Awards granted under the 2017 Incentive Plan may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, other share-based awards, and cash awards to directors, officers, and other eligible employees of the Company. The Company recognizes all share-based awards to eligible employees based upon their grant date fair value. 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. In addition, the Company’s policy is to estimate expected forfeitures on share-based awards. Total stock-based compensation expense was $11.8 million, $9.7 million, and $7.1 million in the years ended December 31, 2023, 2022 and 2021, respectively, and is included in Cost of sales , General and administrative expenses , and Selling expenses within the Consolidated Statements of Operations. The amount of compensation cost related to non-vested restricted stock not yet recognized was approximately $13.5 million at December 31, 2023, for which the weighted average remaining life was approximately 1.8 years. There was no compensation cost related to non-vested stock options not yet recognized at December 31, 2023. Restricted Stock Restricted stock awards vest over a period of one A summary of all restricted stock activity during 2023 is as follows: Number of Weighted Restricted Stock Outstanding at December 31, 2022 1,754,068 $ 16.05 Granted 630,445 25.56 Vested (897,830) 13.97 Forfeited (165,719) 13.76 Restricted Stock Outstanding at December 31, 2023 1,320,964 $ 22.29 During 2023, 2022, and 2021, the Company granted 630,445, 653,492, and 582,081 shares of restricted stock, respectively, with aggregate fair values on the date of grant of approximately $16.1 million, $11.9 million, and $10.2 million, respectively. The total fair value of restricted stock that vested during 2023, 2022, and 2021 was approximately $25.1 million, $8.9 million, and $5.0 million, respectively. Stock Options Stock options are awarded with an exercise price equal to the market price of the underlying stock on the date of grant, become fully exercisable three years after the date of grant, and expire ten years after the date of grant. No stock options have been granted by the Company since February 2015. A summary of all stock option activity during 2023 is as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Options Outstanding at December 31, 2022 15,516 $ 13.67 1.8 $ 0.1 Exercised (11,433) $ 13.53 $ 0.2 Forfeited — $ — Expired — $ — Options Outstanding at December 31, 2023 4,083 $ 14.06 1.0 $ — Options Exercisable at December 31, 2023 4,083 $ 14.06 1.0 $ — The total intrinsic value of stock options exercised during 2023, 2022, and 2021 was approximately $0.2 million, $1.5 million, and $1.3 million, respectively. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Share Repurchase Program On February 15, 2024, the Company announced that the Board of Directors approved the repurchase of an additional $150 million in shares of common stock over a three-year period. This authorization was an increase to the previous $150 million repurchase program approved in August 2021 and the previous $100 million repurchase programs approved in November 2018, February 2017, and February 2016. The repurchase program is set to expire in February 2027. Stock repurchases under this program may be made in the open market or in private transactions at times and in amounts determined by the Company. As of December 31, 2023, $38.5 million remained available under the program. 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 (Loss) (“AOCI”) Changes in AOCI by component, net of tax, for the years ended December 31, 2023, 2022, and 2021 are summarized as follows (in thousands): Foreign Currency Translation Derivative Instruments Total Balances at December 31, 2020 $ (2,182) $ 9,815 $ 7,633 Net unrealized gains (losses) arising during the period (a) 193 34,127 34,320 Less: Net realized gains (losses) reclassified to net loss (b) — 41,094 41,094 Net change during the period 193 (6,967) (6,774) Balances at December 31, 2021 (1,989) 2,848 859 Net unrealized gains (losses) arising during the period (c) 198 1,727 1,925 Less: Net realized gains (losses) reclassified to net income (d) — 3,666 3,666 Net change during the period 198 (1,939) (1,741) Balances at December 31, 2022 (1,791) 909 (882) Net unrealized gains (losses) arising during the period (e) 975 (3,063) (2,088) Less: Net realized gains (losses) reclassified to net income (f) — (2,542) (2,542) Net change during the period 975 (521) 454 Balances at December 31, 2023 $ (816) $ 388 $ (428) ————————— (a) Derivative instruments net of $11.5 million of tax expense for the year ended December 31, 2021. (b) Derivative instruments net of $13.8 million of tax expense for the year ended December 31, 2021. (c) Derivative instruments net of $0.6 million of tax expense for the year ended December 31, 2022. (d) Derivative instruments net of $1.2 million of tax expense for the year ended December 31, 2022. (e) Derivative instruments net of $1.0 million of tax benefit for the year ended December 31, 2023. (f) Derivative instruments net of $0.8 million of tax benefit for the year ended December 31, 2023. |
EMPLOYEE SAVINGS PLANS
EMPLOYEE SAVINGS PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Employee Savings Plans [Abstract] | |
EMPLOYEE SAVINGS PLANS | EMPLOYEE SAVINGS PLANS Substantially all of the Company’s employees are eligible to participate in a defined contribution plan under Section 401(k) of the Internal Revenue Code. The Company also provides a non-qualified defined contribution plan for senior management and certain key employees. Both plans provide for the Company to match, in cash, a percentage of each employee’s contributions up to certain limits. The Company’s matching contribution and related expense for these plans was approximately $10.1 million, $9.1 million, and $8.0 million for 2023, 2022, and 2021, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income Before Income Taxes The consolidated income before income taxes for 2023, 2022, and 2021 consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ 291,816 $ 144,443 $ 5,426 Foreign 2,869 1,992 (4,136) Total income before income taxes $ 294,685 $ 146,435 $ 1,290 Income Tax Expense The consolidated income tax expense for 2023, 2022, and 2021 consists of the following components (in thousands): Years Ended December 31, 2023 2022 2021 Current Federal $ 65,797 $ 34,490 $ 8,449 State 9,322 6,468 (1,098) Foreign 1,170 321 922 76,289 41,279 8,273 Deferred Federal (14,889) (5,911) (9,423) State 1,430 (1,703) 1,310 Foreign — — (34) (13,459) (7,614) (8,147) Total consolidated expense $ 62,830 $ 33,665 $ 126 The following table provides a reconciliation of differences from the U.S. Federal statutory rates as follows (in thousands): Years Ended December 31, 2023 2022 2021 Pretax book income $ 294,685 $ 146,435 $ 1,290 Federal tax expense at applicable statutory rate 61,884 30,751 271 State and local income taxes 9,398 3,669 212 Impairment and divestiture — — 870 Tax credits (9,572) (2,422) (2,065) Nondeductible officer (benefit) compensation (546) 977 390 Compensation (benefit) expense (1,563) 1,013 964 Other 3,229 (323) (516) Total income tax expense $ 62,830 $ 33,665 $ 126 Deferred Taxes The Company’s deferred income taxes are primarily due to temporary differences between financial and income tax reporting for incentive compensation, depreciation of property, plant and equipment, amortization of intangibles, and other accrued liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Companies are required to assess whether valuation allowances should be established against their deferred tax assets based on the consideration of all available evidence, both positive and negative, using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. The Company assesses, on a quarterly basis, the realizability of its deferred tax assets by evaluating all available evidence, both positive and negative, including: (1) the cumulative results of operations in recent years, (2) the nature of recent losses, if applicable, (3) estimates of future taxable income, (4) the length of net operating loss carryforwards (“NOLs”) and (5) the uncertainty associated with a possible change in ownership, which imposes an annual limitation on the use of these carryforwards. As of December 31, 2023 and 2022, the Company retained a valuation allowance of $0.7 million and $0.8 million, respectively, against deferred tax assets related to various state and local NOLs that are subject to restrictive rules for future utilization. As of December 31, 2023 and 2022, the Company had no U.S. federal tax NOLs. The Company incurred a net loss in 2020 and fully utilized that loss in carrybacks. The Company has various multi-state income tax NOLs aggregating approximately $47.5 million which will expire between 2024 and 2043, if unused. The components of deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 were as follows (in thousands): December 31, 2023 2022 Deferred tax assets Tax credits and loss carryforwards $ 2,128 $ 2,929 Accrued liabilities 8,242 5,965 Incentive compensation 8,131 6,960 Operating lease assets 8,102 5,878 Research expenditure amortization 22,160 7,739 Other 2,730 6,560 51,493 36,031 Deferred tax liabilities Property, plant and equipment (21,731) (22,991) Intangibles (32,773) (30,188) Operating lease liabilities (8,102) (5,878) Other (5,182) (3,957) (67,788) (63,014) Net deferred tax liability before valuation allowances and reserves (16,295) (26,983) Valuation allowances (718) (775) Net deferred tax liability $ (17,013) $ (27,758) Tax Reserves The Company’s policy with respect to interest and penalties associated with reserves or allowances for uncertain tax positions is to classify such interest and penalties in Income tax expense (benefit) on the Consolidated Statements of Operations. As of December 31, 2023 and 2022, the total amount of unrecognized income tax benefits, which are included in either Other noncurrent liabilities or Deferred income taxes in the Company’s Consolidated Balance Sheets, was approximately $4.8 million and $2.4 million, respectively, including interest and penalties, all of which, if recognized, would impact the effective income tax rate of the Company. As of December 31, 2023 and 2022, the Company had recorded a total of $0.9 million and $0.9 million, respectively, of accrued interest and penalties related to uncertain tax positions. The Company expects no significant changes to the facts and circumstances underlying its reserves and allowances for uncertain income tax positions as reasonably possible during the next 12 months. As of December 31, 2023, the Company is subject to unexpired statutes of limitation for U.S. federal income taxes for the years 2020 through 2022. The Company is also subject to unexpired statutes of limitation for Indiana state income taxes for the years 2020 through 2022. |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENTS | SEGMENTS Segment Reporting Based on how the Chief Operating Decision Maker (“CODM”) manages the business, allocates resources, makes operating decisions, and evaluates operating performance, the Company manages its business in two operating and reportable segments: Transportation Solutions and Parts & Services. Additional information related to the composition of each segment is included below. ▪ Transportation Solutions (“TS”): The TS segment comprises the design and manufacturing operations for the Company’s transportation-related equipment and products. This includes dry and refrigerated van trailers, platform trailers, and the Company’s wood flooring production facility. The Company’s EcoNex™ products, which are under the Company’s Acutherm™ portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. In addition, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies and service and stake bodies are also in the TS segment. ▪ Parts & Services (“P&S”): The P&S segment is comprised of the Company’s parts and services businesses as well as the upfitting component of our truck bodies business. In addition, the Company’s Composites business, which focuses on the use of DuraPlate ® composite panels beyond the semi-trailer market, is also part of the P&S segment. This segment also includes the Wabash Parts LLC and Linq Venture Holdings LLC entities we created with our partners during the second quarter of 2022 and the fourth quarter of 2023 as further described in Note 6. Our Trailers as a Service (TAAS) initiatives are included in the P&S segment as well. Finally, the P&S segment includes the Company’s Engineered Products business, which manufactures stainless-steel storage tanks and silos, mixers, and processors for a variety of end markets. Growing and expanding the parts and services businesses is a key strategic initiative for the Company moving forward. The accounting policies of the TS and P&S segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income (loss) 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. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance. Reportable segment information is as follows (in thousands): Transportation Solutions Parts & Services Corporate and Consolidated 2023 Net sales External customers $ 2,320,274 $ 216,226 $ — $ 2,536,500 Intersegment sales 18,330 4,647 (22,977) — Total net sales $ 2,338,604 $ 220,873 $ (22,977) $ 2,536,500 Depreciation and amortization $ 40,443 $ 2,201 $ 2,676 $ 45,320 Income (loss) from operations $ 366,928 $ 44,649 $ (99,628) $ 311,949 2022 Net sales External customers $ 2,312,637 $ 189,492 $ — $ 2,502,129 Intersegment sales 8,277 3,984 (12,261) — Total net sales $ 2,320,914 $ 193,476 $ (12,261) $ 2,502,129 Depreciation and amortization $ 41,187 $ 2,717 $ 3,065 $ 46,969 Income (loss) from operations $ 209,942 $ 30,558 $ (73,858) $ 166,642 2021 Net sales External customers $ 1,628,694 $ 174,574 $ — $ 1,803,268 Intersegment sales 4,625 2,592 (7,217) — Total net sales $ 1,633,319 $ 177,166 $ (7,217) $ 1,803,268 Depreciation and amortization $ 41,819 $ 4,781 $ 2,242 $ 48,842 Income (loss) from operations $ 61,869 $ 20,201 $ (48,528) $ 33,542 Customer Concentration The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 32%, 33%, and 30% of the Company’s aggregate net sales in 2023, 2022, and 2021, respectively. Our largest customer accounted for 12% of our aggregate net sales in 2023. No individual customer accounted for more than 10% of our aggregate net sales in either 2022 or 2021. International sales accounted for less than 10% in each of the last three years. Product Information The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and services, and (4) equipment and other (which includes new truck body sales). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands): Year ended December 31, 2023 Transportation Solutions Parts & Services Eliminations Consolidated New trailers $ 1,924,700 $ — $ (5,901) $ 1,918,799 75.7% Used trailers — 4,978 — 4,978 0.2% Components, parts and services — 148,256 — 148,256 5.8% Equipment and other 413,904 67,639 (17,076) 464,467 18.3% Total net external sales $ 2,338,604 $ 220,873 $ (22,977) $ 2,536,500 100.0% Year ended December 31, 2022 Transportation Solutions Parts & Services Eliminations Consolidated New trailers $ 2,012,428 $ 1,722 $ (1,286) $ 2,012,864 80.4% Used trailers — 2,905 — 2,905 0.1% Components, parts and services — 139,762 — 139,762 5.6% Equipment and other 308,486 49,087 (10,975) 346,598 13.9% Total net external sales $ 2,320,914 $ 193,476 $ (12,261) $ 2,502,129 100.0% Year ended December 31, 2021 Transportation Solutions Parts & Services Eliminations Consolidated New trailers $ 1,354,375 $ 179 $ (181) $ 1,354,373 75.0% Used trailers 165 2,349 — 2,514 0.1% Components, parts and services — 131,929 — 131,929 7.3% Equipment and other 278,779 42,709 (7,036) 314,452 17.4% Total net external sales $ 1,633,319 $ 177,166 $ (7,217) $ 1,803,268 100.0% |
IMPAIRMENT, DIVESTITURES AND SA
IMPAIRMENT, DIVESTITURES AND SALES OF PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
IMPAIRMENT, DIVESTITURES AND SALES OF PROPERTY, PLANT, AND EQUIPMENT | DIVESTITURES, AND SALES OF PROPERTY, PLANT, AND EQUIPMENT During the first quarter of 2022, the Company impaired approximately $1.0 million of construction-in-progress projects that were no longer expected to be completed. In addition, the Company sold a building (and the related land) for net proceeds of $1.1 million. A gain on sale of approximately $0.7 million was recognized as part of the sale. The impairment and gain on sale are included in Impairment and other, net in the Consolidated Statements of Operations. During the second quarter of 2021, the Company sold its Extract Technology ® (“Extract”) business that manufactured stainless steel isolators and downflow booths, as well as custom-fabricated equipment, including workstations and drum booths for the pharmaceutical, fine chemical, biotech, and nuclear end markets. Proceeds of the sale, net of transaction costs and cash divested, totaled approximately $20.8 million. Prior to the sale, Extract was an operating unit within the historical DPG reporting segment. A gain on sale of approximately $1.9 million was recognized in connection with the divestiture, and a portion of the net proceeds from the sale were used to pay down outstanding principal under the New Term Loan Credit Agreement as further described in Note 10. The gain on sale is included in Impairment and other, net in the Consolidated Statements of Operations. In accordance with the relevant accounting guidance, as part of the sale the Company allocated $11.1 million of goodwill based upon the relative fair value of the Extract operating unit compared to the historical DPG reporting unit as a whole. This goodwill, along with net intangible assets of approximately $1.3 million, were included in the carrying value of the disposed assets and the resulting gain recognized in connection with the sale. During the first quarter of 2021, the Company impaired unused and obsolete property, plant, and equipment assets totaling approximately $0.8 million. The impairment charges are included in Impairment and other, net in the Consolidated Statements of Operations. |
CONSOLIDATED QUARTERLY FINANCIA
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Data [Abstract] | |
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) | CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) The following is a summary of the unaudited quarterly results of operations for fiscal years 2023, 2022, and 2021 (dollars in thousands, except per share amounts): First Second Third Fourth 2023 Net sales $ 620,952 $ 686,620 $ 632,828 $ 596,100 Gross profit $ 116,027 $ 151,027 $ 122,910 $ 108,223 Net income attributable to common stockholders $ 51,213 $ 74,328 $ 55,329 $ 50,382 Basic net income attributable to common stockholders per share (1) $ 1.07 $ 1.57 $ 1.18 $ 1.10 Diluted net income attributable to common stockholders per share (1) $ 1.04 $ 1.54 $ 1.16 $ 1.07 2022 Net sales $ 546,761 $ 642,769 $ 655,150 $ 657,449 Gross profit $ 58,055 $ 78,034 $ 92,005 $ 94,597 Net income attributable to common stockholders $ 12,074 $ 22,552 $ 36,170 $ 41,462 Basic net income attributable to common stockholders per share (1) $ 0.25 $ 0.46 $ 0.75 $ 0.86 Diluted net income attributable to common stockholders per share (1) $ 0.24 $ 0.46 $ 0.73 $ 0.84 2021 Net sales $ 392,003 $ 449,422 $ 482,566 $ 479,277 Gross profit $ 47,166 $ 55,608 $ 51,045 $ 42,648 Net income (loss) attributable to common stockholders $ 3,217 $ 12,252 $ 11,008 $ (25,313) Basic net income (loss) attributable to common stockholders per share (1) $ 0.06 $ 0.24 $ 0.22 $ (0.51) Diluted net income (loss) attributable to common stockholders per share (1) $ 0.06 $ 0.24 $ 0.22 $ (0.51) ————————— (1) Basic and diluted net income (loss) attributable to common stockholders per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) attributable to common stockholders per share may differ from annual net income (loss) attributable to common stockholders per share due to rounding. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||||||
Net income (loss) for the year | $ 50,382 | $ 55,329 | $ 74,328 | $ 51,213 | $ 41,462 | $ 36,170 | $ 22,552 | $ 12,074 | $ (25,313) | $ 11,008 | $ 12,252 | $ 3,217 | $ 231,252 | $ 112,258 | $ 1,164 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | The consolidated financial statements reflect the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany profits, transactions, and balances have been eliminated in consolidation. |
Reclassifications | Certain prior period amounts have been reclassified to conform to the current year presentation. |
Use of Estimates | The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that directly affect the amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and cash equivalents include all highly liquid investments with a maturity of three months or less at the time of purchase. |
Accounts Receivable | Accounts receivable are shown net of expected losses and primarily include trade receivables. The Company records expected losses for customers based upon a variety of factors including the Company’s historical collection experience, the length of time the account has been outstanding, and the financial condition of the customer. If the circumstances related to specific customers were to change, the Company’s estimates of expected losses with respect to the collectability of the related accounts could be further adjusted. The Company’s policy is to write-off receivables when they are determined to be uncollectible. Expected losses are charged to General and administrative expenses and Selling expenses |
Inventories | Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. The cost of manufactured inventory includes raw material, labor and overhead. |
Prepaid Expenses and Other | 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. As further described in Note 11, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. Other items primarily consist of investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets. |
Property, Plant and Equipment | Property, plant, and equipment are recorded at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while expenditures that extend the useful life of an asset are capitalized. Depreciation is recorded using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives are up to 33 years for buildings and building improvements and range from three |
Goodwill | Goodwill represents the excess purchase price over fair value of the net assets acquired. The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. The Company reviews goodwill for impairment, at the reporting unit level, annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. In accordance with ASC 350, Intangibles - Goodwill and Other , goodwill is reviewed for impairment utilizing either a qualitative assessment or a quantitative process. The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test, which is the option the Company has historically chosen. For reporting units in which the Company performs the quantitative analysis, the Company compares the carrying value, including goodwill, of each reporting unit with its estimated fair value. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is greater than the fair value, the difference is recognized as an impairment loss charged to the reporting unit. After an impairment loss is recognized, the adjusted carrying amount of goodwill shall be its new accounting basis. As of December 31, 2023, goodwill allocated to the Transportation Solutions (“TS”) and Parts & Services (“P&S”) segments was approximately $120.5 million and $67.9 million, respectively. For the 2023 annual goodwill impairment test conducted as of October 1 st , 2023, the Company chose to evaluate qualitative factors to determine if it was more likely than not that the fair value of the TS and P&S reporting units were less than their respective carrying amounts. In accordance with the relevant accounting guidance, in order to perform the qualitative assessment, the Company considered many factors including, but not limited to, general economic conditions, industry and market conditions, financial performance and key business drivers, future operating plans, and potential changes to significant assumptions used in the most recent quantitative fair value analysis for each reporting unit (which was conducted in connection with the Company’s segment realignment beginning in September 2021 as further described below). Based on the analysis of the factors and considerations described above, the Company concluded that it was more likely than not that the fair value of each reporting unit continued to be greater than the respective carrying value. Therefore, no impairment charges were recorded and a quantitative analysis was not performed. During the fourth quarters of 2022 and 2021, the Company completed its annual goodwill impairment test using the qualitative assessment. Based on all assessments performed, the Company believed it was more likely than not that the fair value of its reporting units were greater than their carrying amount and no additional impairment of goodwill was recognized. In connection with the Company’s segment realignment beginning in September 2021 described in greater detail below, the Company performed a quantitative assessment for each reporting unit utilizing a combination of the income and market approaches, the results of which were weighted evenly. No impairment was indicated in either annual test as the fair value of each reporting unit exceeded its respective carrying value. |
Long-Lived Assets | Long-lived assets, consisting primarily of intangible assets and property, plant, and equipment, are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate. During the first quarter of 2022, the Company impaired approximately $1.0 million of construction-in-progress |
Other Assets | The Company capitalizes the cost of computer software developed or obtained for internal use. Capitalized software is amortized using the straight-line method over three |
Warranties | The Company offers a limited warranty for its products with a coverage period that ranges between one ® trailer panels is ten 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. |
Self Insured Liabilities | The Company is self-insured up to specified limits for medical and workers’ compensation coverage. The self-insurance reserves have been recorded to reflect the undiscounted estimated liabilities, including claims incurred but not reported, as well as catastrophic claims as appropriate. |
Income Taxes | The Company determines its provision or benefit for income taxes under the asset and liability method. The asset and liability method measures the expected tax impact at current enacted rates of future taxable income or deductions resulting from differences in the tax and financial reporting basis of assets and liabilities reflected in the Consolidated Balance Sheets. Future tax benefits of tax losses and credit carryforwards are recognized as deferred tax assets. Deferred tax assets are reduced by a valuation allowance to the extent management determines that it is more-likely-than-not the Company would not realize the value of these assets. The Company accounts for income tax contingencies by prescribing a “more-likely-than-not” recognition threshold that a tax position is required to meet before being recognized in the financial statements. |
Used Trailer Trade Commitments | The Company may accept trade-in of used trailers when a customer enters into a contract to purchase a new trailer. However, in the contracts for the sale of the new trailers, there is no commitment to repurchase that trailer or a similar trailer in the future. The Company had $0.5 million and no outstanding trade commitments as of December 31, 2023 and December 31, 2022, respectively. On occasion, the amount of the trade allowance provided for in the used trailer commitments, or cost, may exceed the net realizable value of the underlying used trailer. In these instances, the Company’s policy is to recognize the loss related to these commitments at the time the new trailer revenue is recognized. Net realizable value of used trailers is measured considering market sales data for comparable types of trailers. |
Concentration of Credit Risk | Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, and customer receivables. We place our cash and cash equivalents with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables. |
Research and Development | Research and development expenses are charged to Cost of sales and General and administrative expenses |
New Accounting Pronouncements | In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. Although the ASU only requires additional disclosures about the Company's operating segments, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the 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 are included in Cost of sales in the 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 it 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 includes service work whereby the customer simultaneously receives and consumes the benefits provided, and also included certain equipment-related sales within our Parts & Services reportable segment prior to the sale of our Extract Technology ® business during the second quarter of 2021 that had no alternative use and contained an enforceable right to payment, 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 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 9. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Changes in the Allowance for Doubtful Accounts | The following table presents the changes in expected losses (in thousands): Years ended December 31, 2023 2022 2021 Balance at beginning of year $ 428 $ 429 $ 536 Expected losses 651 179 10 Write-offs, net of recoveries — (180) (117) Balance at end of year $ 1,079 $ 428 $ 429 |
Prepaid Expenses and Other Current Assets | Prepaid expenses and other as of December 31, 2023 and 2022 consists of the following (in thousands): December 31, 2023 2022 Chassis converter pool agreements $ 27,312 $ 20,345 Income tax receivables 11,840 2,358 Insurance premiums & maintenance/subscription agreements 5,899 3,949 Commodity swap contracts 1,511 2,674 All other 4,895 5,601 $ 51,457 $ 34,927 |
Changes in the Self-Insurance Accrual Included in Other Accrued Liabilities | The following table presents the changes in the self-insurance accrual included in Other accrued liabilities (in thousands): 2023 2022 Balance as of January 1 $ 10,718 $ 11,152 Expense 39,890 34,457 Payments (39,297) (34,891) Balance as of December 31 $ 11,311 $ 10,718 |
Schedule of Product Warranty Liability | The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands): 2023 2022 Balance as of January 1 $ 22,061 $ 22,045 Provision and revisions to estimates 3,716 2,806 Payments (4,491) (2,790) Balance as of December 31 $ 21,286 $ 22,061 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | For the years ended December 31, 2023, 2022, and 2021, the changes in the carrying amounts of goodwill were as follows (in thousands): Transportation Solutions Parts & Services Total Balance at December 31, 2021 Goodwill $ 188,764 $ 108,079 $ 296,843 Accumulated impairment losses (68,257) (40,143) (108,400) Net balance at December 31, 2021 120,507 67,936 188,443 Effects of foreign currency (5) (4) (9) Balance at December 31, 2022 Goodwill 188,759 108,075 296,834 Accumulated impairment losses (68,257) (40,143) (108,400) Net balance as of December 31, 2022 120,502 67,932 188,434 Effects of foreign currency (16) (9) (25) Balance as of December 31, 2023 Goodwill 188,743 108,066 296,809 Accumulated impairment losses (68,257) (40,143) (108,400) Net balance as of December 31, 2023 $ 120,486 $ 67,923 $ 188,409 |
Schedule of Finite-Lived Intangible Assets | As of December 31, 2023, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Customer relationships 13 years $ 270,016 $ (183,923) $ 86,093 Technology 12 years 11,708 (11,383) 325 Total $ 281,724 $ (195,306) $ 86,418 As of December 31, 2022, the balances of intangible assets, other than goodwill, were as follows (in thousands): Weighted Average Gross Intangible Accumulated Net Intangible Customer relationships 13 years 270,016 (172,086) 97,930 Technology 12 years 11,708 (10,407) 1,301 Total $ 281,724 $ (182,493) $ 99,231 |
NONCONTROLLING INTEREST AND V_2
NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Equity Method Investments | Amounts recorded related to Linq are as follows (in thousands): December 31, December 31, Initial investment in unconsolidated entity $ 2,450 $ — Loss from unconsolidated entity for the year ended (803) — Investment in unconsolidated entity $ 1,647 $ — |
Schedule of Variable Interest Entities | The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022 (in thousands): December 31, December 31, Assets Current assets: Cash and cash equivalents $ 3,020 $ 1,379 Accounts receivable, net 1,540 1,509 Inventories, net 85 138 Prepaid expenses and other 68 16 Total current assets 4,713 3,042 Property, plant, and equipment, net — — Other assets 543 141 Total assets $ 5,256 $ 3,183 Liabilities Current liabilities: Accounts payable $ 4,024 $ 2,136 Other accrued liabilities 26 23 Total current liabilities 4,050 2,159 Other non-current liabilities — — Total liabilities $ 4,050 $ 2,159 |
Schedule Of Noncontrolling Interest Activity | The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands): 2023 2022 2021 Balance at January 1 $ 512 $ — $ — Net income attributable to noncontrolling interest 603 512 — Other comprehensive income (loss) — — — Distributions declared to noncontrolling interest (512) — — Balance at December 31 $ 603 $ 512 $ — |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories, net of reserves, consist of the following (in thousands): December 31, 2023 2022 Raw materials and components $ 156,314 $ 176,080 Finished goods 86,586 50,005 Work in progress 14,102 9,983 Used trailers 3,370 737 Aftermarket parts 7,263 7,065 $ 267,635 $ 243,870 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant, and equipment, net consist of the following (in thousands): December 31, 2023 2022 Land $ 42,494 $ 42,342 Buildings and building improvements 159,046 149,052 Machinery and equipment 416,477 311,736 Construction in progress 52,417 94,018 670,434 597,148 Less: accumulated depreciation (344,990) (326,032) $ 325,444 $ 271,116 |
OTHER ACCRUED LIABILITIES (Tabl
OTHER ACCRUED LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The following table presents the major components of Other accrued liabilities (in thousands): December 31, 2023 2022 Customer deposits $ 45,586 $ 32,129 Chassis converter pool agreements 27,312 20,345 Warranty 21,286 22,061 Payroll and related taxes 40,265 29,219 Self-insurance 11,311 10,718 Accrued interest 3,817 3,854 Operating lease obligations 9,049 6,120 Accrued taxes 24,662 24,793 All other 12,313 9,088 $ 195,601 $ 158,327 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-term debt consists of the following (in thousands): December 31, 2023 December 31, 2022 Senior Notes due 2028 $ 400,000 $ 400,000 Revolving Credit Agreement — — 400,000 400,000 Less: unamortized discount and fees (3,535) (4,182) Less: current portion — — $ 396,465 $ 395,818 |
FINANCIAL DERIVATIVE INSTRUME_2
FINANCIAL DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of December 31, 2023 and 2022, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands): Asset / (Liability) Derivatives Balance Sheet Caption December 31, 2023 December 31, 2022 Derivatives designated as hedging instruments Commodity swap contracts Prepaid expenses and other $ 1,511 $ 2,674 Commodity swap contracts Accounts payable and Other accrued liabilities (1,045) (1,653) Total derivatives designated as hedging instruments $ 466 $ 1,021 |
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 December 31, 2023 and 2022 and the amounts reclassified from AOCI into earnings for the years ended December 31, 2023, 2022, and 2021 (in thousands): Amount of Gain (Loss) Recognized in Location of Gain (Loss) Reclassified from AOCI into Earnings Amount of Gain (Loss) Reclassified from AOCI into Earnings Year Ended December 31, December 31, 2023 December 31, 2022 2023 2022 2021 Derivatives instruments Commodity swap contracts $ 388 $ 909 Cost of sales $ (3,359) $ 4,887 $ 54,937 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Assets and Liabilities, Lessee | Leased assets and liabilities included within the Consolidated Balance Sheets consist of the following (in thousands): Classification December 31, 2023 December 31, 2022 Right-of-Use Assets Operating Other assets $ 32,219 $ 23,003 Finance Property, plant and equipment, net — — Total leased ROU assets $ 32,219 $ 23,003 Liabilities Current Operating Other accrued liabilities $ 9,049 $ 6,120 Finance Current portion of finance lease obligations — — Noncurrent Operating Non-current liabilities 23,170 16,883 Finance Finance lease obligations — — Total lease liabilities $ 32,219 $ 23,003 |
Lease, Cost | Lease costs included in the Consolidated Statements of Operations consist of the following (in thousands): Classification Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Operating lease cost Cost of sales, selling expenses, and general and administrative expense $ 8,869 $ 5,785 Finance lease cost Amortization of ROU leased assets Depreciation and amortization within Cost of sales — 36 Interest on lease liabilities Interest expense — 1 Net lease cost $ 8,869 $ 5,822 Remaining lease term and discount rates are as follows: December 31, 2023 December 31, 2022 Weighted average remaining lease term (years) Operating leases 3.8 4.3 Finance leases 0.0 0.0 Weighted average discount rate Operating leases 4.94 % 4.92 % Finance leases — % — % Lease costs included in the Consolidated Statements of Cash Flows are as follows (in thousands): Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,866 $ 5,844 Operating cash flows from finance leases $ — $ 1 Financing cash flows from finance leases $ — $ 59 |
Operating Lease, Liability, Maturity | Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands): Operating Leases Finance Leases Total 2024 $ 10,418 $ — $ 10,418 2025 9,364 — 9,364 2026 8,310 — 8,310 2027 4,349 — 4,349 2028 1,920 — 1,920 Thereafter 1,066 — 1,066 Total lease payments $ 35,427 $ — $ 35,427 Less: interest 3,208 — Present value of lease payments $ 32,219 $ — |
Finance Lease, Liability, Maturity | Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands): Operating Leases Finance Leases Total 2024 $ 10,418 $ — $ 10,418 2025 9,364 — 9,364 2026 8,310 — 8,310 2027 4,349 — 4,349 2028 1,920 — 1,920 Thereafter 1,066 — 1,066 Total lease payments $ 35,427 $ — $ 35,427 Less: interest 3,208 — Present value of lease payments $ 32,219 $ — |
Operating Lease, Lease Income | Lease income is included in Net sales on the Company’s Consolidated Statements of Operations and is recorded in the P&S operating segment. For the twelve months ended December 31, 2023 and 2022, the Company’s lease income consisted of the following components (in thousands): Twelve Months Ended December 31, 2023 Twelve Months Ended December 31, 2022 Operating lease income Fixed lease income $ 874 $ 125 Variable lease income — — Total lease income 1 $ 874 $ 125 ————————— (1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above. |
Lessor, Operating Lease, Payment to be Received, Maturity | The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of December 31, 2023 (in thousands): Operating Leases 1 2024 $ 2,076 2025 2,064 2026 2,064 2027 1,950 2028 1,209 Thereafter — Total contractual receipts $ 9,363 ————————— (1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above. |
Carrying Value of Assets Subject to Leases | The leased trailers are recorded on the Company’s Consolidated Balance Sheets within Other assets at cost, net of accumulated depreciation. Depreciation is recorded using the straightline method over the estimated useful lives of the trailers, which is generally 12 years. Revenue earning equipment, net consists of the following (in thousands): December 31, 2023 December 31, 2022 Revenue generating assets $ 5,650 $ — Less: accumulated depreciation (186) — Revenue generating assets, net $ 5,464 $ — |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022 are shown below (in thousands): Frequency Asset / (Liability) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2023 Commodity swap contracts Recurring $ 466 $ — $ 466 $ — Mutual funds Recurring $ 11,735 $ 11,735 $ — $ — Life-insurance contracts Recurring $ 18,510 $ — $ 18,510 $ — December 31, 2022 Commodity swap contracts Recurring $ 1,021 $ — $ 1,021 $ — Mutual funds Recurring $ 6,579 $ 6,579 $ — $ — Life-insurance contracts Recurring $ 15,509 $ — $ 15,509 $ — |
Fair Value, Liabilities Measured on Recurring Basis | The Company’s carrying and estimated fair value of debt at December 31, 2023 and December 31, 2022 were as follows (in thousands): December 31, 2023 December 31, 2022 Fair Value Fair Value Carrying Level 1 Level 2 Level 3 Carrying Level 1 Level 2 Level 3 Instrument Senior Notes due 2028 $ 396,465 $ — $ 361,774 $ — $ 395,818 $ — $ 337,237 $ — Revolving Credit Agreement — — — — — — — — $ 396,465 $ — $ 361,774 $ — $ 395,818 $ — $ 337,237 $ — |
NET INCOME PER SHARE OF COMMO_2
NET INCOME PER SHARE OF COMMON STOCK (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, 2023 2022 2021 Basic net income attributable to common stockholders per share: Net income attributable to common stockholders $ 231,252 $ 112,258 $ 1,164 Weighted average common shares outstanding 47,011 48,626 50,684 Basic net income attributable to common stockholders per share $ 4.92 $ 2.31 $ 0.02 Diluted net income attributable to common stockholders per share: Net income attributable to common stockholders $ 231,252 $ 112,258 $ 1,164 Weighted average common shares outstanding 47,011 48,626 50,684 Dilutive stock options and restricted stock 1,019 1,255 924 Diluted weighted average common shares outstanding 48,030 49,881 51,608 Diluted net income attributable to common stockholders per share $ 4.81 $ 2.25 $ 0.02 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | A summary of all restricted stock activity during 2023 is as follows: Number of Weighted Restricted Stock Outstanding at December 31, 2022 1,754,068 $ 16.05 Granted 630,445 25.56 Vested (897,830) 13.97 Forfeited (165,719) 13.76 Restricted Stock Outstanding at December 31, 2023 1,320,964 $ 22.29 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of all stock option activity during 2023 is as follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Aggregate Options Outstanding at December 31, 2022 15,516 $ 13.67 1.8 $ 0.1 Exercised (11,433) $ 13.53 $ 0.2 Forfeited — $ — Expired — $ — Options Outstanding at December 31, 2023 4,083 $ 14.06 1.0 $ — Options Exercisable at December 31, 2023 4,083 $ 14.06 1.0 $ — |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI by component, net of tax, for the years ended December 31, 2023, 2022, and 2021 are summarized as follows (in thousands): Foreign Currency Translation Derivative Instruments Total Balances at December 31, 2020 $ (2,182) $ 9,815 $ 7,633 Net unrealized gains (losses) arising during the period (a) 193 34,127 34,320 Less: Net realized gains (losses) reclassified to net loss (b) — 41,094 41,094 Net change during the period 193 (6,967) (6,774) Balances at December 31, 2021 (1,989) 2,848 859 Net unrealized gains (losses) arising during the period (c) 198 1,727 1,925 Less: Net realized gains (losses) reclassified to net income (d) — 3,666 3,666 Net change during the period 198 (1,939) (1,741) Balances at December 31, 2022 (1,791) 909 (882) Net unrealized gains (losses) arising during the period (e) 975 (3,063) (2,088) Less: Net realized gains (losses) reclassified to net income (f) — (2,542) (2,542) Net change during the period 975 (521) 454 Balances at December 31, 2023 $ (816) $ 388 $ (428) ————————— (a) Derivative instruments net of $11.5 million of tax expense for the year ended December 31, 2021. (b) Derivative instruments net of $13.8 million of tax expense for the year ended December 31, 2021. (c) Derivative instruments net of $0.6 million of tax expense for the year ended December 31, 2022. (d) Derivative instruments net of $1.2 million of tax expense for the year ended December 31, 2022. (e) Derivative instruments net of $1.0 million of tax benefit for the year ended December 31, 2023. (f) Derivative instruments net of $0.8 million of tax benefit for the year ended December 31, 2023. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The consolidated income before income taxes for 2023, 2022, and 2021 consists of the following (in thousands): Years Ended December 31, 2023 2022 2021 Domestic $ 291,816 $ 144,443 $ 5,426 Foreign 2,869 1,992 (4,136) Total income before income taxes $ 294,685 $ 146,435 $ 1,290 |
Schedule of Components of Income Tax Expense (Benefit) | The consolidated income tax expense for 2023, 2022, and 2021 consists of the following components (in thousands): Years Ended December 31, 2023 2022 2021 Current Federal $ 65,797 $ 34,490 $ 8,449 State 9,322 6,468 (1,098) Foreign 1,170 321 922 76,289 41,279 8,273 Deferred Federal (14,889) (5,911) (9,423) State 1,430 (1,703) 1,310 Foreign — — (34) (13,459) (7,614) (8,147) Total consolidated expense $ 62,830 $ 33,665 $ 126 |
Schedule of Effective Income Tax Rate Reconciliation | The following table provides a reconciliation of differences from the U.S. Federal statutory rates as follows (in thousands): Years Ended December 31, 2023 2022 2021 Pretax book income $ 294,685 $ 146,435 $ 1,290 Federal tax expense at applicable statutory rate 61,884 30,751 271 State and local income taxes 9,398 3,669 212 Impairment and divestiture — — 870 Tax credits (9,572) (2,422) (2,065) Nondeductible officer (benefit) compensation (546) 977 390 Compensation (benefit) expense (1,563) 1,013 964 Other 3,229 (323) (516) Total income tax expense $ 62,830 $ 33,665 $ 126 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 were as follows (in thousands): December 31, 2023 2022 Deferred tax assets Tax credits and loss carryforwards $ 2,128 $ 2,929 Accrued liabilities 8,242 5,965 Incentive compensation 8,131 6,960 Operating lease assets 8,102 5,878 Research expenditure amortization 22,160 7,739 Other 2,730 6,560 51,493 36,031 Deferred tax liabilities Property, plant and equipment (21,731) (22,991) Intangibles (32,773) (30,188) Operating lease liabilities (8,102) (5,878) Other (5,182) (3,957) (67,788) (63,014) Net deferred tax liability before valuation allowances and reserves (16,295) (26,983) Valuation allowances (718) (775) Net deferred tax liability $ (17,013) $ (27,758) |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Reportable segment information is as follows (in thousands): Transportation Solutions Parts & Services Corporate and Consolidated 2023 Net sales External customers $ 2,320,274 $ 216,226 $ — $ 2,536,500 Intersegment sales 18,330 4,647 (22,977) — Total net sales $ 2,338,604 $ 220,873 $ (22,977) $ 2,536,500 Depreciation and amortization $ 40,443 $ 2,201 $ 2,676 $ 45,320 Income (loss) from operations $ 366,928 $ 44,649 $ (99,628) $ 311,949 2022 Net sales External customers $ 2,312,637 $ 189,492 $ — $ 2,502,129 Intersegment sales 8,277 3,984 (12,261) — Total net sales $ 2,320,914 $ 193,476 $ (12,261) $ 2,502,129 Depreciation and amortization $ 41,187 $ 2,717 $ 3,065 $ 46,969 Income (loss) from operations $ 209,942 $ 30,558 $ (73,858) $ 166,642 2021 Net sales External customers $ 1,628,694 $ 174,574 $ — $ 1,803,268 Intersegment sales 4,625 2,592 (7,217) — Total net sales $ 1,633,319 $ 177,166 $ (7,217) $ 1,803,268 Depreciation and amortization $ 41,819 $ 4,781 $ 2,242 $ 48,842 Income (loss) from operations $ 61,869 $ 20,201 $ (48,528) $ 33,542 |
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): Year ended December 31, 2023 Transportation Solutions Parts & Services Eliminations Consolidated New trailers $ 1,924,700 $ — $ (5,901) $ 1,918,799 75.7% Used trailers — 4,978 — 4,978 0.2% Components, parts and services — 148,256 — 148,256 5.8% Equipment and other 413,904 67,639 (17,076) 464,467 18.3% Total net external sales $ 2,338,604 $ 220,873 $ (22,977) $ 2,536,500 100.0% Year ended December 31, 2022 Transportation Solutions Parts & Services Eliminations Consolidated New trailers $ 2,012,428 $ 1,722 $ (1,286) $ 2,012,864 80.4% Used trailers — 2,905 — 2,905 0.1% Components, parts and services — 139,762 — 139,762 5.6% Equipment and other 308,486 49,087 (10,975) 346,598 13.9% Total net external sales $ 2,320,914 $ 193,476 $ (12,261) $ 2,502,129 100.0% Year ended December 31, 2021 Transportation Solutions Parts & Services Eliminations Consolidated New trailers $ 1,354,375 $ 179 $ (181) $ 1,354,373 75.0% Used trailers 165 2,349 — 2,514 0.1% Components, parts and services — 131,929 — 131,929 7.3% Equipment and other 278,779 42,709 (7,036) 314,452 17.4% Total net external sales $ 1,633,319 $ 177,166 $ (7,217) $ 1,803,268 100.0% |
CONSOLIDATED QUARTERLY FINANC_2
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of the unaudited quarterly results of operations for fiscal years 2023, 2022, and 2021 (dollars in thousands, except per share amounts): First Second Third Fourth 2023 Net sales $ 620,952 $ 686,620 $ 632,828 $ 596,100 Gross profit $ 116,027 $ 151,027 $ 122,910 $ 108,223 Net income attributable to common stockholders $ 51,213 $ 74,328 $ 55,329 $ 50,382 Basic net income attributable to common stockholders per share (1) $ 1.07 $ 1.57 $ 1.18 $ 1.10 Diluted net income attributable to common stockholders per share (1) $ 1.04 $ 1.54 $ 1.16 $ 1.07 2022 Net sales $ 546,761 $ 642,769 $ 655,150 $ 657,449 Gross profit $ 58,055 $ 78,034 $ 92,005 $ 94,597 Net income attributable to common stockholders $ 12,074 $ 22,552 $ 36,170 $ 41,462 Basic net income attributable to common stockholders per share (1) $ 0.25 $ 0.46 $ 0.75 $ 0.86 Diluted net income attributable to common stockholders per share (1) $ 0.24 $ 0.46 $ 0.73 $ 0.84 2021 Net sales $ 392,003 $ 449,422 $ 482,566 $ 479,277 Gross profit $ 47,166 $ 55,608 $ 51,045 $ 42,648 Net income (loss) attributable to common stockholders $ 3,217 $ 12,252 $ 11,008 $ (25,313) Basic net income (loss) attributable to common stockholders per share (1) $ 0.06 $ 0.24 $ 0.22 $ (0.51) Diluted net income (loss) attributable to common stockholders per share (1) $ 0.06 $ 0.24 $ 0.22 $ (0.51) ————————— (1) Basic and diluted net income (loss) attributable to common stockholders per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) attributable to common stockholders per share may differ from annual net income (loss) attributable to common stockholders per share due to rounding. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 428 | $ 429 | $ 536 |
Expected losses | 651 | 179 | 10 |
Write-offs, net of recoveries | 0 | (180) | (117) |
Balance at end of year | $ 1,079 | $ 428 | $ 429 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Chassis converter pool agreements | $ 27,312 | $ 20,345 |
Income tax receivables | 11,840 | 2,358 |
Insurance premiums & maintenance/subscription agreements | 5,899 | 3,949 |
Commodity swap contracts | 1,511 | 2,674 |
All other | 4,895 | 5,601 |
Prepaid expenses and other | $ 51,457 | $ 34,927 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||||||
Restricted cash | $ 0 | $ 0 | $ 0 | ||||||
Goodwill | 188,434,000 | $ 188,443,000 | 188,409,000 | 188,434,000 | $ 188,443,000 | ||||
Asset impairment | $ 1,000,000 | $ 800,000 | 0 | 1,339,000 | 29,163,000 | ||||
Capitalized computer software, net | 3,300,000 | 8,000,000 | 3,300,000 | ||||||
Capitalized computer software, amortization | 1,900,000 | 1,800,000 | 1,700,000 | ||||||
Research and development expense | $ 7,500,000 | 5,300,000 | 13,600,000 | ||||||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Impairment and other, net | ||||||||
Trade names and trademarks | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Asset impairment | 28,300,000 | ||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Extract Technology | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment of intangible assets | $ 1,300,000 | ||||||||
Transportation Solutions | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Goodwill | 120,502,000 | $ 120,507,000 | $ 120,486,000 | 120,502,000 | $ 120,507,000 | ||||
Transportation Solutions | Trade names and trademarks | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Asset impairment | 25,600,000 | ||||||||
Parts & Services | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Goodwill | $ 67,900,000 | ||||||||
Parts & Services | Trade names and trademarks | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Asset impairment | 2,700,000 | ||||||||
Buildings and building improvements | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Property, plant and equipment, useful life | 33 years | ||||||||
Used trailers | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Accounts payable, trade | $ 500,000 | $ 500,000 | $ 500,000 | ||||||
Construction in progress | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Impairment, long-lived asset, held-for-use | $ 1,000,000 | ||||||||
Minimum | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Capitalized computer software, amortization period | 3 years | ||||||||
Standard product warranty, coverage period | 1 year | ||||||||
Minimum | Machinery and equipment | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Property, plant and equipment, useful life | 3 years | ||||||||
Maximum | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Capitalized computer software, amortization period | 7 years | ||||||||
Standard product warranty, coverage period | 5 years | ||||||||
Maximum | Machinery and equipment | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Property, plant and equipment, useful life | 10 years | ||||||||
DuraPlate Trailer Panels | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Standard product warranty, coverage period | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product Warranty Accrual Included in Other Accrued Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Balance as of January 1 | $ 22,061 | $ 22,045 |
Provision and revisions to estimates | 3,716 | 2,806 |
Payments | (4,491) | (2,790) |
Balance as of December 31 | $ 21,286 | $ 22,061 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Self-Insurance Accrual Included In Other Accrued Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Self Insurance Reserve [Roll Forward] | ||
Balance as of January 1 | $ 10,718 | $ 11,152 |
Expense | 39,890 | 34,457 |
Payments | (39,297) | (34,891) |
Balance as of December 31 | $ 11,311 | $ 10,718 |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) | Dec. 31, 2023 obligation |
Revenue from Contract with Customer [Abstract] | |
Number of performance obligations | 3 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Goodwill [Line Items] | |||||
Number of operating segments | segment | 2 | ||||
Number of reportable segments | segment | 2 | ||||
Goodwill | $ 188,409 | $ 188,434 | $ 188,443 | ||
Amortization of intangibles | 12,813 | 15,211 | 22,858 | ||
2023 | 12,200 | ||||
2024 | 11,200 | ||||
2025 | 10,700 | ||||
2026 | 10,200 | ||||
2027 | 9,700 | ||||
Extract Technology | |||||
Goodwill [Line Items] | |||||
Goodwill, written off related to sale of business unit | $ 11,100 | ||||
Extract Technology | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Goodwill [Line Items] | |||||
Impairment of intangible assets | $ 1,300 | ||||
Beall Tank Trailers | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Goodwill [Line Items] | |||||
Goodwill, written off related to sale of business unit | $ 11,100 | ||||
Transportation Solutions | |||||
Goodwill [Line Items] | |||||
Goodwill | 120,486 | $ 120,502 | $ 120,507 | ||
Parts & Services | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 67,900 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in the Carrying Amounts of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | |||
Goodwill, gross | $ 296,809 | $ 296,834 | $ 296,843 |
Accumulated impairment losses | (108,400) | (108,400) | (108,400) |
Net goodwill | 188,409 | 188,434 | 188,443 |
Effects of foreign currency | (25) | (9) | |
Transportation Solutions | |||
Goodwill [Line Items] | |||
Goodwill, gross | 188,743 | 188,759 | 188,764 |
Accumulated impairment losses | (68,257) | (68,257) | (68,257) |
Net goodwill | 120,486 | 120,502 | 120,507 |
Effects of foreign currency | (16) | (5) | |
Components, parts and services | |||
Goodwill [Line Items] | |||
Goodwill, gross | 108,066 | 108,075 | 108,079 |
Accumulated impairment losses | (40,143) | (40,143) | (40,143) |
Net goodwill | 67,923 | 67,932 | $ 67,936 |
Effects of foreign currency | $ (9) | $ (4) |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 281,724 | $ 281,724 |
Accumulated Amortization | (195,306) | (182,493) |
Net Intangible Assets | $ 86,418 | $ 99,231 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 13 years | 13 years |
Gross Intangible Assets | $ 270,016 | $ 270,016 |
Accumulated Amortization | (183,923) | (172,086) |
Net Intangible Assets | $ 86,093 | $ 97,930 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 12 years | 12 years |
Gross Intangible Assets | $ 11,708 | $ 11,708 |
Accumulated Amortization | (11,383) | (10,407) |
Net Intangible Assets | $ 325 | $ 1,301 |
NONCONTROLLING INTEREST AND V_3
NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Ownership Interests [Line Items] | ||||
Investment in unconsolidated entity | $ 2,450 | $ 0 | $ 0 | |
Linq | ||||
Other Ownership Interests [Line Items] | ||||
Investment in unconsolidated entity | $ 2,500 | |||
Partners | Linq | ||||
Other Ownership Interests [Line Items] | ||||
Investment in unconsolidated entity | 2,600 | |||
Wabash | Linq | Line of Credit | ||||
Other Ownership Interests [Line Items] | ||||
Maximum borrowing capacity | $ 10,000 | $ 10,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7% | 7% | ||
Line of credit facility accordion feature increase amount | $ 35,000 | $ 35,000 | ||
Long-term debt | $ 0 | $ 0 | ||
Wabash Parts LLC | ||||
Other Ownership Interests [Line Items] | ||||
Noncontrolling interest, ownership percentage by parent | 50% | 50% | ||
Noncontrolling interest, ownership percentage by noncontrolling owners | 50% | 50% | ||
Linq | ||||
Other Ownership Interests [Line Items] | ||||
Ownership percentage | 49% | |||
Linq | Partners | ||||
Other Ownership Interests [Line Items] | ||||
Ownership percentage | 51% |
NONCONTROLLING INTEREST AND V_4
NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Summary of Investment Balance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Investment in unconsolidated entity | $ 2,450 | $ 0 | $ 0 |
Loss from unconsolidated entity | (803) | 0 | $ 0 |
Investment in unconsolidated entity | 1,647 | 0 | |
Variable Interest Entity, Primary Beneficiary | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Investment in unconsolidated entity | 2,450 | 0 | |
Loss from unconsolidated entity | (803) | 0 | |
Investment in unconsolidated entity | $ 1,647 | $ 0 |
NONCONTROLLING INTEREST AND V_5
NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | $ 179,271 | $ 58,245 |
Accounts receivable, net | 182,990 | 255,577 |
Inventories, net | 267,635 | 243,870 |
Prepaid expenses and other | 51,457 | 34,927 |
Total current assets | 681,353 | 592,619 |
Other assets | 79,543 | 52,123 |
Total assets | 1,362,814 | 1,203,523 |
Accounts payable | 156,608 | 189,141 |
Other accrued liabilities | 12,313 | 9,088 |
Total current liabilities | 352,209 | 347,468 |
Other non-current liabilities | 47,028 | 34,354 |
Total liabilities | 812,715 | 805,398 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash and cash equivalents | 3,020 | 1,379 |
Accounts receivable, net | 1,540 | 1,509 |
Inventories, net | 85 | 138 |
Prepaid expenses and other | 68 | 16 |
Total current assets | 4,713 | 3,042 |
Property, plant, and equipment, net | 0 | 0 |
Other assets | 543 | 141 |
Total assets | 5,256 | 3,183 |
Accounts payable | 4,024 | 2,136 |
Other accrued liabilities | 26 | 23 |
Total current liabilities | 4,050 | 2,159 |
Other non-current liabilities | 0 | 0 |
Total liabilities | $ 4,050 | $ 2,159 |
NONCONTROLLING INTEREST AND V_6
NONCONTROLLING INTEREST AND VARIABLE INTEREST ENTITIES (VIEs) - Non-controlling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||
Balance at January 1 | $ 512 | $ 0 | $ 0 |
Net income attributable to noncontrolling interest | 603 | 512 | 0 |
Other comprehensive income (loss) | 0 | 0 | 0 |
Distributions declared to noncontrolling interest | (512) | 0 | 0 |
Balance at December 31 | $ 603 | $ 512 | $ 0 |
INVENTORIES - Schedule of Inven
INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 156,314 | $ 176,080 |
Finished goods | 86,586 | 50,005 |
Work in progress | 14,102 | 9,983 |
Used trailers | 3,370 | 737 |
Aftermarket parts | 7,263 | 7,065 |
Inventories | $ 267,635 | $ 243,870 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 32.5 | $ 31.8 | $ 24.3 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 670,434 | $ 597,148 |
Less: accumulated depreciation | (344,990) | (326,032) |
Property, plant, and equipment, net | 325,444 | 271,116 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 42,494 | 42,342 |
Buildings and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 159,046 | 149,052 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 416,477 | 311,736 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 52,417 | $ 94,018 |
OTHER ACCRUED LIABILITIES - Maj
OTHER ACCRUED LIABILITIES - Major Components of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | |||
Customer deposits | $ 45,586 | $ 32,129 | |
Chassis converter pool agreements | 27,312 | 20,345 | |
Warranty | 21,286 | 22,061 | $ 22,045 |
Payroll and related taxes | 40,265 | 29,219 | |
Self-insurance | 11,311 | 10,718 | $ 11,152 |
Accrued interest | 3,817 | 3,854 | |
Operating lease obligations | 9,049 | 6,120 | |
Accrued taxes | 24,662 | 24,793 | |
All other | 12,313 | 9,088 | |
Other accrued liabilities | $ 195,601 | $ 158,327 |
LONG-TERM DEBT - Components of
LONG-TERM DEBT - Components of Long Term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 400,000 | $ 400,000 |
Less: unamortized discount and fees | (3,535) | (4,182) |
Less: current portion | 0 | 0 |
Long-term debt | 396,465 | 395,818 |
Senior Notes | Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 400,000 | 400,000 |
Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | $ 0 |
LONG-TERM DEBT - Senior Notes D
LONG-TERM DEBT - Senior Notes Due 2028 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Oct. 06, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 28, 2021 | |
Debt Instrument [Line Items] | |||||||
Principal payments under term loan credit facility | $ 0 | $ 0 | $ 138,835,000 | ||||
Loss on debt extinguishment | 0 | 0 | 9,504,000 | ||||
Interest expense | 19,854,000 | 20,525,000 | 23,128,000 | ||||
Revolving Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from issuance of long-term debt | $ 50,000,000 | ||||||
Line of credit facility, increase in borrowing capacity | $ 50,000,000 | ||||||
Interest expense | 900,000 | 1,700,000 | 600,000 | ||||
Senior Notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Loss on debt extinguishment | $ 9,100,000 | ||||||
Senior Notes | Senior Notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, face amount | $ 400,000,000 | ||||||
Notes issued, interest rate | 4.50% | ||||||
Debt instrument, redemption price, percentage | 100% | ||||||
Debt instrument, redemption price, percentage of principal amount remaining | 60% | ||||||
Proceeds from issuance of long-term debt | $ 395,000,000 | ||||||
Interest expense | 18,000,000 | 18,000,000 | 4,300,000 | ||||
Accretion expense | $ 600,000 | $ 600,000 | 100,000 | ||||
Senior Notes | Senior Notes due 2028 | Debt Instrument, Redemption, Period One | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 104.50% | ||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40% | ||||||
Senior Notes | Senior Notes due 2028 | Debt Instrument, Redemption, Period Two | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 102.25% | ||||||
Senior Notes | Senior Notes due 2028 | Debt Instrument, Redemption, Period Three | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 101.125% | ||||||
Senior Notes | Senior Notes due 2028 | Debt Instrument, Redemption, Period Four | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 100% | ||||||
Senior Notes | Senior Notes due 2028 | Debt Instrument, Redemption, Period Five | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage | 101% | ||||||
Senior Notes | Senior Notes due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense | $ 13,300,000 | ||||||
Notes Payable, Other Payables | Senior Notes due 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Principal payments under term loan credit facility | $ 108,800,000 |
LONG-TERM DEBT - Revolving Cred
LONG-TERM DEBT - Revolving Credit Agreement Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 23, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Repayments of lines of credit | $ 104,199 | $ 130,584 | $ 17,788 | |||
Borrowings under revolving credit facilities | 104,199 | 97,549 | 50,823 | |||
Loss on debt extinguishment | 0 | 0 | 9,504 | |||
Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 350,000 | |||||
Line of credit facility accordion feature increase amount | $ 175,000 | |||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | |||||
Fixed charge coverage ratio minimum | 1 | |||||
Line of credit facility, excess availability, commitment percentage | 10% | |||||
Line of credit facility, excess availability, amount | $ 25,000 | |||||
Debt instrument, covenant period | 3 days | |||||
Liquidity position to meet future obligations, amount | $ 401,200 | 516,100 | 401,200 | |||
Repayments of lines of credit | 104,200 | 130,600 | ||||
Borrowings under revolving credit facilities | 104,200 | 97,600 | ||||
Long-term line of credit | 0 | $ 0 | 0 | |||
Proceeds from issuance of long-term debt | 50,000 | |||||
Revolving Credit Agreement | Secured Overnight Financing Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 1.25% | |||||
Revolving Credit Agreement | Secured Overnight Financing Rate | 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% | |||||
New Term Loan Credit Agreement | Senior Secured Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 108,800 | 108,800 | ||||
Loss on debt extinguishment | $ 500 | |||||
Amortization of debt issuance costs and discounts | $ 200 | $ 200 | ||||
Letter of Credit | Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 25,000 | |||||
Bridge Loan | Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 35,000 |
LONG-TERM DEBT - New and Old Te
LONG-TERM DEBT - New and Old Term Loan Credit Agreement (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Loss on debt extinguishment | $ 0 | $ 0 | $ 9,504,000 | |||
Interest paid | 18,938,000 | 20,131,000 | 22,040,000 | |||
Interest expense | 19,854,000 | 20,525,000 | 23,128,000 | |||
Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of long-term debt | $ 50,000,000 | |||||
Long-term line of credit | 0 | 0 | 0 | |||
Interest expense | $ 900,000 | 1,700,000 | 600,000 | |||
Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Loss on debt extinguishment | $ 9,100,000 | |||||
Senior Secured Credit Facility | New Term Loan Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term line of credit | $ 108,800,000 | 108,800,000 | ||||
Repayments of long-term debt | $ 30,000,000 | |||||
Loss on debt extinguishment | $ 500,000 | |||||
Interest paid | 3,900,000 | |||||
Amortization of debt issuance costs and discounts | $ 200,000 | 200,000 | ||||
Senior Notes | Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Interest expense | 13,300,000 | |||||
Amortization of debt issuance costs and discounts | $ 500,000 |
FINANCIAL DERIVATIVE INSTRUME_3
FINANCIAL DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, notional amount | $ 35.7 |
Derivative instruments, gain (loss) reclassified from accumulated OCI into income over the next 12 months | $ 0.5 |
FINANCIAL DERIVATIVE INSTRUME_4
FINANCIAL DERIVATIVE INSTRUMENTS - Fair Value Carrying Amount (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives designated as hedging instruments | ||
Total derivatives designated as hedging instruments | $ 466 | $ 1,021 |
Prepaid expenses and other | ||
Derivatives designated as hedging instruments | ||
Derivative asset, fair value, gross asset | 1,511 | 2,674 |
Accounts payable and Other accrued liabilities | ||
Derivatives designated as hedging instruments | ||
Derivative liability, fair value, gross liability | $ (1,045) | $ (1,653) |
FINANCIAL DERIVATIVE INSTRUME_5
FINANCIAL DERIVATIVE INSTRUMENTS - Gain or Loss Recognized in Accumulated Other Comprehensive Income (Details) - Commodity swap contracts - Cash Flow Hedging - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion, net of tax) | $ 388 | $ 909 | |
Amount of Gain (Loss) Reclassified from AOCI into Earnings | $ (3,359) | $ 4,887 | $ 54,937 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) option | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, number of options to renew | option | 1 | |
Leased assets obtained in exchange for new operating lease liabilities | $ | $ 13.4 | $ 16.6 |
Lessor, estimated useful life | 12 years | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 3 years | |
Renewal term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 5 years | |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Right-of-Use Assets | ||
Operating | $ 32,219 | $ 23,003 |
Finance | 0 | 0 |
Total leased ROU assets | $ 32,219 | $ 23,003 |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets |
Current | ||
Operating | $ 9,049 | $ 6,120 |
Finance | $ 0 | $ 0 |
Operating lease, liability, current, statement of financial position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Noncurrent | ||
Operating | $ 23,170 | $ 16,883 |
Finance | 0 | 0 |
Total lease liabilities | $ 32,219 | $ 23,003 |
Operating lease, liability, noncurrent, statement of financial position [Extensible List] | Other non-current liabilities | Other non-current liabilities |
LEASES - Lease Cost (Details)
LEASES - Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 8,869 | $ 5,785 |
Finance lease cost | ||
Amortization of ROU leased assets | 0 | 36 |
Interest on lease liabilities | 0 | 1 |
Net lease cost | $ 8,869 | $ 5,822 |
LEASES - Maturity of Lease Liab
LEASES - Maturity of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 10,418 |
2025 | 9,364 |
2026 | 8,310 |
2027 | 4,349 |
2028 | 1,920 |
Thereafter | 1,066 |
Total lease payments | 35,427 |
Less: interest | 3,208 |
Present value of lease payments | 32,219 |
Finance Leases | |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total lease payments | 0 |
Less: interest | 0 |
Present value of lease payments | 0 |
Total | |
2024 | 10,418 |
2025 | 9,364 |
2026 | 8,310 |
2027 | 4,349 |
2028 | 1,920 |
Thereafter | 1,066 |
Total lease payments | $ 35,427 |
LEASES - Lease Terms and Discou
LEASES - Lease Terms and Discount Rates (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Weighted average remaining lease term (years) | ||
Operating leases | 3 years 9 months 18 days | 4 years 3 months 18 days |
Finance leases | 0 years | 0 years |
Weighted average discount rate | ||
Operating leases | 4.94% | 4.92% |
Finance leases | 0% | 0% |
LEASES - Lease Costs Included i
LEASES - Lease Costs Included in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 8,866 | $ 5,844 | |
Operating cash flows from finance leases | 0 | 1 | |
Financing cash flows from finance leases | $ 0 | $ 59 | $ 319 |
LEASES - Lessor Operating Lease
LEASES - Lessor Operating Lease Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Fixed lease income | $ 874 | $ 125 |
Variable lease income | $ 0 | $ 0 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) |
Total lease income | $ 874 | $ 125 |
LEASES - Lessor Maturity Schedu
LEASES - Lessor Maturity Schedule (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 2,076 |
2025 | 2,064 |
2026 | 2,064 |
2027 | 1,950 |
2028 | 1,209 |
Thereafter | 0 |
Total contractual receipts | $ 9,363 |
LEASES - Lessor Maturity Sche_2
LEASES - Lessor Maturity Schedule - Lessor Carrying Value of Assets Subject to Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Revenue generating assets | $ 5,650 | $ 0 |
Less: accumulated depreciation | (186) | 0 |
Revenue generating assets, net | $ 5,464 | $ 0 |
FAIR VALUE MEASUREMENTS - Fair
FAIR VALUE MEASUREMENTS - Fair Value Measurements and Fair Value Hierarchy Level of Assets and Liabilities Measure at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life-insurance contracts | $ 18,510 | $ 15,509 |
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 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life-insurance contracts | 18,510 | 15,509 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life-insurance contracts | 0 | 0 |
Commodity swap contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | 466 | 1,021 |
Commodity swap contracts | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | 0 | 0 |
Commodity swap contracts | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | 466 | 1,021 |
Commodity swap contracts | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commodity swap contracts | 0 | 0 |
Mutual funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 11,735 | 6,579 |
Mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 11,735 | 6,579 |
Mutual funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | 0 | 0 |
Mutual funds | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mutual funds | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying and Estimated Fair Value of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 396,465 | $ 395,818 |
Senior Notes | Senior Notes Due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 396,465 | 395,818 |
Revolving Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Level 1 | Senior Notes | Senior Notes Due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Level 1 | Revolving Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 361,774 | 337,237 |
Level 2 | Senior Notes | Senior Notes Due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 361,774 | 337,237 |
Level 2 | Revolving Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Level 3 | Senior Notes | Senior Notes Due 2028 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | 0 | 0 |
Level 3 | Revolving Credit Agreement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term debt | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) lawsuit | Dec. 31, 2022 USD ($) |
Loss Contingencies [Line Items] | |||
Purchase obligation | $ 35,700 | ||
Chassis converter pool agreements | 27,312 | $ 20,345 | |
California Consolidated Class Action | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Estimated litigation liability | $ 3,000 | ||
Number of lawsuits | lawsuit | 2 | ||
Standby Letters of Credit | |||
Loss Contingencies [Line Items] | |||
Letters of credit outstanding, amount | 6,000 | ||
Chassis Converter Pool Agreements | |||
Loss Contingencies [Line Items] | |||
Other inventory, gross | $ 900 |
NET INCOME PER SHARE OF COMMO_3
NET INCOME PER SHARE OF COMMON STOCK - Calculation of Basic and Diluted Per Share Of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic net income attributable to common stockholders per share: | |||||||||||||||
Net income attributable to common stockholders | $ 231,252 | $ 112,258 | $ 1,164 | ||||||||||||
Weighted average common shares outstanding (in shares) | 47,011 | 48,626 | 50,684 | ||||||||||||
Basic net income (loss) attributable to common stockholders per share (in usd per share) | $ 1.10 | $ 1.18 | $ 1.57 | $ 1.07 | $ 0.86 | $ 0.75 | $ 0.46 | $ 0.25 | $ (0.51) | $ 0.22 | $ 0.24 | $ 0.06 | $ 4.92 | $ 2.31 | $ 0.02 |
Diluted net income attributable to common stockholders per share: | |||||||||||||||
Net income attributable to common stockholders | $ 231,252 | $ 112,258 | $ 1,164 | ||||||||||||
Weighted average common shares outstanding (in shares) | 47,011 | 48,626 | 50,684 | ||||||||||||
Dilutive stock options and restricted stock (in shares) | 1,019 | 1,255 | 924 | ||||||||||||
Diluted weighted average common shares outstanding (in shares) | 48,030 | 49,881 | 51,608 | ||||||||||||
Diluted net income (loss) attributable to common stockholders per share (in usd per share) | $ 1.07 | $ 1.16 | $ 1.54 | $ 1.04 | $ 0.84 | $ 0.73 | $ 0.46 | $ 0.24 | $ (0.51) | $ 0.22 | $ 0.24 | $ 0.06 | $ 4.81 | $ 2.25 | $ 0.02 |
NET INCOME PER SHARE OF COMMO_4
NET INCOME PER SHARE OF COMMON STOCK - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Average diluted shares outstanding (in shares) | 0 | 0 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | 106 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | May 18, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation | $ 11,799 | $ 9,746 | $ 7,059 | ||
Compensation costs not yet recognized | $ 13,500 | $ 13,500 | |||
Compensation costs not yet recognized, period for recognition | 1 year 9 months 18 days | ||||
Intrinsic value of options exercised | $ 200 | $ 1,500 | $ 1,300 | ||
Omnibus Incentive Plan 2017 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (in shares) | 3,150,000 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted (in shares) | 630,445 | 653,492 | 582,081 | ||
Grant date fair value | $ 16,100 | $ 11,900 | $ 10,200 | ||
Vested in period, fair value | $ 25,100 | $ 8,900 | $ 5,000 | ||
Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 1 year | ||||
Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period | 3 years | ||||
Options granted (in shares) | 0 | ||||
Expiration period | 10 years |
STOCK-BASED COMPENSATION - Summ
STOCK-BASED COMPENSATION - Summary of Restricted Stock Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Balance beginning of period (in shares) | 15,516 | ||
Vested (in shares) | (11,433) | ||
Forfeited (in shares) | 0 | ||
Balance end of period (in shares) | 4,083 | 15,516 | |
Weighted Average Grant Date Fair Value | |||
Balance beginning of period (in usd per share) | $ 13.67 | ||
Vested (in usd per share) | 13.53 | ||
Forfeited (in usd per share) | 0 | ||
Balance end of period (in usd per share) | $ 14.06 | $ 13.67 | |
Restricted Stock | |||
Number of Shares | |||
Balance beginning of period (in shares) | 1,754,068 | ||
Granted (in shares) | 630,445 | 653,492 | 582,081 |
Vested (in shares) | (897,830) | ||
Forfeited (in shares) | (165,719) | ||
Balance end of period (in shares) | 1,320,964 | 1,754,068 | |
Weighted Average Grant Date Fair Value | |||
Balance beginning of period (in usd per share) | $ 16.05 | ||
Granted (in usd per share) | 25.56 | ||
Vested (in usd per share) | 13.97 | ||
Forfeited (in usd per share) | 13.76 | ||
Balance end of period (in usd per share) | $ 22.29 | $ 16.05 |
STOCK-BASED COMPENSATION - Su_2
STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Balance beginning of period (in shares) | 15,516 | ||
Exercised (in shares) | (11,433) | ||
Forfeited (in shares) | 0 | ||
Expired (in shares) | 0 | ||
Balance end of period (in shares) | 4,083 | 15,516 | |
Options Exercisable (in shares) | 4,083 | ||
Weighted Average Grant Date Fair Value | |||
Balance beginning of period (in usd per share) | $ 13.67 | ||
Exercised (in usd per share) | 13.53 | ||
Forfeited (in usd per share) | 0 | ||
Expired (in shares) | 0 | ||
Balance end of period (in usd per share) | 14.06 | $ 13.67 | |
Options Exercisable (in usd per share) | $ 14.06 | ||
Weighted Average Remaining Contractual Life | |||
Options Outstanding | 1 year | 1 year 9 months 18 days | |
Options Exercisable at End of Period | 1 year | ||
Aggregate Intrinsic Value ($ in millions) | |||
Options outstanding | $ 0 | $ 0.1 | |
Exercised | 0.2 | $ 1.5 | $ 1.3 |
Options Exercisable | $ 0 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 15, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 31, 2021 | Nov. 30, 2018 |
Class of Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 150 | $ 100 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 38.5 | ||||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | |||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | |||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 150 | ||||
Stock repurchase program, period in force | 3 years | ||||
Preferred Class A | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized (in shares) | 25,000,000 |
STOCKHOLDERS' EQUITY - Accumula
STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 397,613 | $ 325,539 | $ 404,879 |
Net unrealized gains (losses) arising during the period | (2,088) | 1,925 | 34,320 |
Less: Net realized gains (losses) reclassified to net income | (2,542) | 3,666 | 41,094 |
Total other comprehensive income (loss) | 454 | (1,741) | (6,774) |
Balance at end of period | 549,496 | 397,613 | 325,539 |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (1,791) | (1,989) | (2,182) |
Net unrealized gains (losses) arising during the period | 975 | 198 | 193 |
Less: Net realized gains (losses) reclassified to net income | 0 | 0 | 0 |
Total other comprehensive income (loss) | 975 | 198 | 193 |
Balance at end of period | (816) | (1,791) | (1,989) |
Derivative Instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 909 | 2,848 | 9,815 |
Net unrealized gains (losses) arising during the period | (3,063) | 1,727 | 34,127 |
Less: Net realized gains (losses) reclassified to net income | (2,542) | 3,666 | 41,094 |
Total other comprehensive income (loss) | (521) | (1,939) | (6,967) |
Balance at end of period | 388 | 909 | 2,848 |
Net unrealized gains (losses) arising during period, tax expense (benefit) | (1,000) | 600 | 11,500 |
Net realized gains (losses) reclassified to net income, tax expense (benefit) | (800) | 1,200 | 13,800 |
AOCI Attributable to Parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (882) | 859 | 7,633 |
Balance at end of period | $ (428) | $ (882) | $ 859 |
EMPLOYEE SAVINGS PLANS - Narrat
EMPLOYEE SAVINGS PLANS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Savings Plans [Abstract] | |||
Labor and related expense | $ 10.1 | $ 9.1 | $ 8 |
INCOME TAXES - Consolidated Inc
INCOME TAXES - Consolidated Income (loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 291,816 | $ 144,443 | $ 5,426 |
Foreign | 2,869 | 1,992 | (4,136) |
Income before income tax | $ 294,685 | $ 146,435 | $ 1,290 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets, valuation allowance | $ 718 | $ 775 |
Deferred tax assets, operating loss carryforwards, domestic | 47,500 | |
Unrecognized tax benefits that would impact effective tax rate | 4,800 | 2,400 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 900 | $ 900 |
INCOME TAXES - Consolidated I_2
INCOME TAXES - Consolidated Income Tax Expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current | |||
Federal | $ 65,797 | $ 34,490 | $ 8,449 |
State | 9,322 | 6,468 | (1,098) |
Foreign | 1,170 | 321 | 922 |
Current | 76,289 | 41,279 | 8,273 |
Deferred | |||
Federal | (14,889) | (5,911) | (9,423) |
State | 1,430 | (1,703) | 1,310 |
Foreign | 0 | 0 | (34) |
Deferred | (13,459) | (7,614) | (8,147) |
Total consolidated expense | $ 62,830 | $ 33,665 | $ 126 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Differences from U.S. Federal Statutory Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Pretax book income | $ 294,685 | $ 146,435 | $ 1,290 |
Federal tax expense at applicable statutory rate | 61,884 | 30,751 | 271 |
State and local income taxes | 9,398 | 3,669 | 212 |
Impairment and divestiture | 0 | 0 | 870 |
Tax credits | (9,572) | (2,422) | (2,065) |
Nondeductible officer (benefit) compensation | (546) | 977 | 390 |
Compensation (benefit) expense | (1,563) | 1,013 | 964 |
Other | 3,229 | (323) | (516) |
Total consolidated expense | $ 62,830 | $ 33,665 | $ 126 |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Tax credits and loss carryforwards | $ 2,128 | $ 2,929 |
Accrued liabilities | 8,242 | 5,965 |
Incentive compensation | 8,131 | 6,960 |
Operating lease assets | 8,102 | 5,878 |
Research expenditure amortization | 22,160 | 7,739 |
Other | 2,730 | 6,560 |
Deferred tax assets | 51,493 | 36,031 |
Deferred tax liabilities | ||
Property, plant and equipment | (21,731) | (22,991) |
Intangibles | (32,773) | (30,188) |
Operating lease liabilities | (8,102) | (5,878) |
Other | (5,182) | (3,957) |
Deferred tax liabilities | (67,788) | (63,014) |
Net deferred tax liability before valuation allowances and reserves | (16,295) | (26,983) |
Valuation allowances | (718) | (775) |
Net deferred tax liability | $ (17,013) | $ (27,758) |
SEGMENTS - Narrative (Details)
SEGMENTS - Narrative (Details) - segment | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | ||
Number of operating segments | 2 | ||
Five Largest Customers | Sales revenue, net | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 32% | 33% | 30% |
SEGMENTS - Reportable Segment I
SEGMENTS - Reportable Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | |||||||||||||||
Net sales | $ 596,100 | $ 632,828 | $ 686,620 | $ 620,952 | $ 657,449 | $ 655,150 | $ 642,769 | $ 546,761 | $ 479,277 | $ 482,566 | $ 449,422 | $ 392,003 | $ 2,536,500 | $ 2,502,129 | $ 1,803,268 |
Depreciation and amortization | 45,320 | 46,969 | 48,842 | ||||||||||||
Income (loss) from operations | 311,949 | 166,642 | 33,542 | ||||||||||||
Transportation Solutions | |||||||||||||||
Net sales | |||||||||||||||
Net sales | 2,320,274 | 2,312,637 | 1,628,694 | ||||||||||||
Parts & Services | |||||||||||||||
Net sales | |||||||||||||||
Net sales | 216,226 | 189,492 | 174,574 | ||||||||||||
Operating Segments | Transportation Solutions | |||||||||||||||
Net sales | |||||||||||||||
Net sales | 2,338,604 | 2,320,914 | 1,633,319 | ||||||||||||
Depreciation and amortization | 40,443 | 41,187 | 41,819 | ||||||||||||
Income (loss) from operations | 366,928 | 209,942 | 61,869 | ||||||||||||
Operating Segments | Parts & Services | |||||||||||||||
Net sales | |||||||||||||||
Net sales | 220,873 | 193,476 | 177,166 | ||||||||||||
Depreciation and amortization | 2,201 | 2,717 | 4,781 | ||||||||||||
Income (loss) from operations | 44,649 | 30,558 | 20,201 | ||||||||||||
Corporate and Eliminations | |||||||||||||||
Net sales | |||||||||||||||
Net sales | (22,977) | (12,261) | (7,217) | ||||||||||||
Depreciation and amortization | 2,676 | 3,065 | 2,242 | ||||||||||||
Income (loss) from operations | (99,628) | (73,858) | (48,528) | ||||||||||||
Corporate and Eliminations | Transportation Solutions | |||||||||||||||
Net sales | |||||||||||||||
Net sales | 18,330 | 8,277 | 4,625 | ||||||||||||
Corporate and Eliminations | Parts & Services | |||||||||||||||
Net sales | |||||||||||||||
Net sales | $ 4,647 | $ 3,984 | $ 2,592 |
SEGMENTS - Major Product Catego
SEGMENTS - Major Product Categories and Percentage of Consolidated Net Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Product Information [Line Items] | |||||||||||||||
Net sales | $ 596,100 | $ 632,828 | $ 686,620 | $ 620,952 | $ 657,449 | $ 655,150 | $ 642,769 | $ 546,761 | $ 479,277 | $ 482,566 | $ 449,422 | $ 392,003 | $ 2,536,500 | $ 2,502,129 | $ 1,803,268 |
New trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 1,918,799 | 2,012,864 | 1,354,373 | ||||||||||||
Used trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 4,978 | 2,905 | 2,514 | ||||||||||||
Components, parts and services | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 148,256 | 139,762 | 131,929 | ||||||||||||
Equipment and other | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 464,467 | 346,598 | 314,452 | ||||||||||||
Transportation Solutions | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 2,320,274 | 2,312,637 | 1,628,694 | ||||||||||||
Parts & Services | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 216,226 | 189,492 | 174,574 | ||||||||||||
Operating Segments | Transportation Solutions | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 2,338,604 | 2,320,914 | 1,633,319 | ||||||||||||
Operating Segments | Transportation Solutions | New trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 1,924,700 | 2,012,428 | 1,354,375 | ||||||||||||
Operating Segments | Transportation Solutions | Used trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 0 | 0 | 165 | ||||||||||||
Operating Segments | Transportation Solutions | Components, parts and services | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||
Operating Segments | Transportation Solutions | Equipment and other | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 413,904 | 308,486 | 278,779 | ||||||||||||
Operating Segments | Parts & Services | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 220,873 | 193,476 | 177,166 | ||||||||||||
Operating Segments | Parts & Services | New trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 0 | 1,722 | 179 | ||||||||||||
Operating Segments | Parts & Services | Used trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 4,978 | 2,905 | 2,349 | ||||||||||||
Operating Segments | Parts & Services | Components, parts and services | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 148,256 | 139,762 | 131,929 | ||||||||||||
Operating Segments | Parts & Services | Equipment and other | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 67,639 | 49,087 | 42,709 | ||||||||||||
Corporate and Eliminations | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | (22,977) | (12,261) | (7,217) | ||||||||||||
Corporate and Eliminations | New trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | (5,901) | (1,286) | (181) | ||||||||||||
Corporate and Eliminations | Used trailers | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||
Corporate and Eliminations | Components, parts and services | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||
Corporate and Eliminations | Equipment and other | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | (17,076) | (10,975) | (7,036) | ||||||||||||
Corporate and Eliminations | Transportation Solutions | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | 18,330 | 8,277 | 4,625 | ||||||||||||
Corporate and Eliminations | Parts & Services | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Net sales | $ 4,647 | $ 3,984 | $ 2,592 | ||||||||||||
Product Concentration Risk | Sales revenue, net | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Percentage of consolidated net sales | 100% | 100% | 100% | ||||||||||||
Product Concentration Risk | New trailers | Sales revenue, net | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Percentage of consolidated net sales | 75.70% | 80.40% | 75% | ||||||||||||
Product Concentration Risk | Used trailers | Sales revenue, net | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Percentage of consolidated net sales | 0.20% | 0.10% | 0.10% | ||||||||||||
Product Concentration Risk | Components, parts and services | Sales revenue, net | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Percentage of consolidated net sales | 5.80% | 5.60% | 7.30% | ||||||||||||
Product Concentration Risk | Equipment and other | Sales revenue, net | |||||||||||||||
Product Information [Line Items] | |||||||||||||||
Percentage of consolidated net sales | 18.30% | 13.90% | 17.40% |
IMPAIRMENT, DIVESTITURES AND _2
IMPAIRMENT, DIVESTITURES AND SALES OF PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment | $ 1,000 | $ 800 | $ 0 | $ 1,339 | $ 29,163 | |
Proceeds from sale of property, plant, and equipment | 1,100 | |||||
Gain (loss) on disposition of property plant equipment | $ 700 | |||||
Extract Technology | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Goodwill, written off related to sale of business unit | $ 11,100 | |||||
Extract Technology | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of businesses | 20,800 | |||||
Gain (loss) on divestiture | 1,900 | |||||
Indefinite-lived intangible assets, written off related to sale of business unit | $ 1,300 |
CONSOLIDATED QUARTERLY FINANC_3
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) - Summary of the Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Data [Abstract] | |||||||||||||||
Net sales | $ 596,100 | $ 632,828 | $ 686,620 | $ 620,952 | $ 657,449 | $ 655,150 | $ 642,769 | $ 546,761 | $ 479,277 | $ 482,566 | $ 449,422 | $ 392,003 | $ 2,536,500 | $ 2,502,129 | $ 1,803,268 |
Gross profit | 108,223 | 122,910 | 151,027 | 116,027 | 94,597 | 92,005 | 78,034 | 58,055 | 42,648 | 51,045 | 55,608 | 47,166 | 498,187 | 322,691 | 196,467 |
Net income (loss) for the year | $ 50,382 | $ 55,329 | $ 74,328 | $ 51,213 | $ 41,462 | $ 36,170 | $ 22,552 | $ 12,074 | $ (25,313) | $ 11,008 | $ 12,252 | $ 3,217 | $ 231,252 | $ 112,258 | $ 1,164 |
Basic net income (loss) attributable to common stockholders per share (in usd per share) | $ 1.10 | $ 1.18 | $ 1.57 | $ 1.07 | $ 0.86 | $ 0.75 | $ 0.46 | $ 0.25 | $ (0.51) | $ 0.22 | $ 0.24 | $ 0.06 | $ 4.92 | $ 2.31 | $ 0.02 |
Diluted net income (loss) attributable to common stockholders per share (in usd per share) | $ 1.07 | $ 1.16 | $ 1.54 | $ 1.04 | $ 0.84 | $ 0.73 | $ 0.46 | $ 0.24 | $ (0.51) | $ 0.22 | $ 0.24 | $ 0.06 | $ 4.81 | $ 2.25 | $ 0.02 |