Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

Operating segments are defined as components of an enterprise that are evaluated regularly by the Company’s chief operating decision maker (“CODM”), which is our President and Chief Executive Officer. Each of these segments consists of a number of manufacturing facilities. Certain of our facilities manufacture and sell products through multiple segments. Our segments are more specifically described below.

The Vehicle Solutions segment designs, manufactures and sells the following products:

•Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segment includes a portion of the company’s activities in the electric vehicle market.

•Plastic & Trim components primarily for the North America commercial vehicle market and power sports markets; and Cab structures for the North American medium-duty/heavy-duty ("MD/HD") truck market.

The Electrical Systems segment designs, manufactures and sells the following products:

•Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications.

•The end markets for these products are construction, agricultural, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail, marine, power generation and the military/defense industries in North America, Europe and Asia-Pacific.

The Aftermarket & Accessories segment designs, manufactures and sells the following products:

•Seats and components sold into the commercial vehicle channels that provide repair and refurbishing. These channels include Original Equipment Service ("OES") centers and retail distributors, and are spread across North America, Europe and Asia-Pacific.

•Commercial vehicle accessories including wipers, mirrors, and sensors. These products are sold both as Original Equipment and as repair products.

•Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific.

The Industrial Automation segment designs, manufactures and sells the following products:

•Warehouse automation subsystems including control panels, electro-mechanical assemblies, cable assemblies, and power and communication solutions.

•The end markets for these products primarily include e-commerce, warehouse integration, transportation and the military/defense industry.

Corporate expenses consist of certain overhead and shared costs that are not directly attributable to the operations of a segment. For purposes of business segment performance measurement, some of these costs that are for the benefit of the operations are allocated based on a combination of methodologies. The costs that are not allocated to a segment are considered stewardship costs and remain at corporate in our segment reporting.

The following tables present financial information for the Company's reportable segments for the periods indicated:

	Three Months Ended June 30, 2024
	Vehicle Solutions		Electrical Systems		Aftermarket and Accessories		Industrial Automation		Corporate/Other		Total
Revenues	$	140,904	$	50,152	$	33,860	$	4,990	$	—	$	229,906
Gross profit	11,557		3,167		6,447		(192)		—		20,979
Selling, general & administrative expenses	6,480		2,660		1,993		823		8,263		20,219
Operating income (loss)	$	5,077	$	507	$	4,454	$	(1,015)	$	(8,263)	$	760

	Three Months Ended June 30, 2023
	Vehicle Solutions		Electrical Systems		Aftermarket and Accessories		Industrial Automation		Corporate/Other		Total
Revenues	$	152,730	$	63,625	$	36,829	$	9,010	$	—	$	262,194
Gross profit	20,904		10,345		7,788		(636)		—		38,401
Selling, general & administrative expenses	6,769		2,686		2,262		1,425		9,315		22,457
Operating income (loss)	$	14,135	$	7,659	$	5,526	$	(2,061)	$	(9,315)	$	15,944

	Six Months Ended June 30, 2024
	Vehicle Solutions		Electrical Systems		Aftermarket and Accessories		Industrial Automation		Corporate/Other		Total
Revenues	$	278,814	$	105,947	$	67,921	$	9,292	$	—	$	461,974
Gross profit	27,785		7,721		12,886		(748)		—		47,644
Selling, general & administrative expenses	12,357		5,202		3,900		2,262		16,591		40,312
Operating income (loss)	$	15,428	$	2,519	$	8,986	$	(3,010)	$	(16,591)	$	7,332

	Six Months Ended June 30, 2023
	Vehicle Solutions		Electrical Systems		Aftermarket and Accessories		Industrial Automation		Corporate/Other		Total
Revenues	$	313,315	$	118,373	$	74,458	$	18,757	$	—	$	524,903
Gross profit	40,374		18,643		15,015		(422)		—		73,610
Selling, general & administrative expenses	12,847		4,914		3,913		2,501		18,847		43,022
Operating income (loss)	$	27,527	$	13,729	$	11,102	$	(2,923)	$	(18,847)	$	30,588