16. SEGMENTS

a. Segment Reporting

The Company manages its business in three segments: Commercial Trailer Products, Diversified Products, and Final Mile Products. The Commercial Trailer Products segment manufactures standard and customized van and platform trailers and other transportation related equipment for customers who purchase directly from the Company or through independent dealers. The Diversified Products segment, comprised of three strategic business units including, Tank Trailer, Process Systems and Composites, focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck and tank trailers and transportation equipment. The Final Mile Products segment manufactures truck bodies for customers in the final mile space.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income from operations. The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up.

Reportable segment information is as follows (in thousands):



Three Months Ended March 31, 2019	Commercial Trailer Products		Diversified Products		Final Mile Products		Corporate and Eliminations			Consolidated
Net sales
External customers	$	340,145	$	92,180	$	100,849	$	—		$	533,174
Intersegment sales	900		7,468		—		(8,368		)	—
Total net sales	$	341,045	$	99,648	$	100,849	$	(8,368	)	$	533,174

Income (loss) from operations	$	26,321	$	8,044	$	1,869	$	(11,036	)	$	25,198
Assets	$	359,999	$	345,577	$	489,534	$	213,522		$	1,408,632

Three Months Ended March 31, 2018	Commercial Trailer Products		Diversified Products		Final Mile Products		Corporate and Eliminations			Consolidated
Net sales
External customers	$	327,397	$	88,463	$	75,459	$	—		$	491,319
Intersegment sales	25		6,740		—		(6,765		)	—
Total net sales	$	327,422	$	95,203	$	75,459	$	(6,765	)	$	491,319

Income (loss) from operations	$	29,481	$	5,028	$	609	$	(9,462	)	$	25,656
Assets	$	350,187	$	356,852	$	467,994	$	234,515		$	1,409,548

b. Product Information

The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):



Three Months Ended March 31, 2019	Commercial Trailer Products		Diversified Products		Final Mile Products		Eliminations			Consolidated
New trailers	$	325,819	$	45,799	$	—	$	—		$	371,618	69.7	%
Used trailers	137		587		—		—			724		0.1	%
Components, parts and service	10,333		35,884		3,416		(7,920		)	41,713		7.8	%
Equipment and other	4,756		17,378		97,433		(448		)	119,119		22.3	%
Total net sales	$	341,045	$	99,648	$	100,849	$	(8,368	)	$	533,174	100.0	%

Three Months Ended March 31, 2018	Commercial Trailer Products		Diversified Products		Final Mile Products		Eliminations			Consolidated
New trailers	$	310,318	$	33,839	$	—	$	—		$	344,157	70.0	%
Used trailers	4,407		1,086		—		—			5,493		1.1	%
Components, parts and service	8,648		33,968		2,413		(6,762		)	38,267		7.8	%
Equipment and other	4,049		26,310		73,046		(3		)	103,402		21.0	%
Total net sales	$	327,422	$	95,203	$	75,459	$	(6,765	)	$	491,319	100.0	%