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SEGMENTS
6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
a. Segment Reporting
The Company manages its business in three segments: Commercial Trailer Products, Diversified Products, and Final Mile Products. The Commercial Trailer Products segment manufactures standard and customized van and platform trailers and other transportation related equipment for customers who purchase directly from the Company or through independent dealers. The Diversified Products segment, comprised of three strategic business units including, Tank Trailer, Process Systems and Composites, focuses on the Company’s commitment to expand its customer base, diversify its product offerings and revenues and extend its market leadership by leveraging its proprietary DuraPlate® panel technology, drawing on its core manufacturing expertise and making available products that are complementary to truck and tank trailers and transportation equipment. The Final Mile Products segment manufactures truck bodies for customers in the final mile space.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on (loss) income from operations. The Company has not allocated certain corporate related administrative costs, interest and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost plus a specified mark-up.
Reportable segment information is as follows (in thousands):
Three Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$232,247  $56,074  $50,832  $—  $339,153  
Intersegment sales 7,877  —  (7,884) —  
Total net sales$232,254  $63,951  $50,832  $(7,884) $339,153  
Income (loss) from operations$18,599  $2,242  $(6,569) $(8,273) $5,999  
Assets$347,072  $289,927  $370,915  $134,351  $1,142,265  
Three Months Ended June 30, 2019Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$400,401  $90,835  $134,817  $—  $626,053  
Intersegment sales463  6,191  —  (6,654) —  
Total net sales$400,864  $97,026  $134,817  $(6,654) $626,053  
Income (loss) from operations$39,918  $8,911  $9,221  $(10,512) $47,538  
Assets$358,880  $337,197  $496,733  $182,019  $1,374,829  
Six Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$483,192  $131,933  $111,102  $—  $726,227  
Intersegment sales37  14,976  —  (15,013) —  
Total net sales$483,229  $146,909  $111,102  $(15,013) $726,227  
Income (loss) from operations$34,470  $(3,828) $(114,610) $(20,089) $(104,057) 
Assets$347,072  $289,927  $370,915  $134,351  $1,142,265  
Six Months Ended June 30, 2019Commercial
Trailer Products
Diversified
Products
Final Mile
Products
Corporate and
Eliminations
Consolidated
Net sales
External customers$740,546  $183,015  $235,666  $—  $1,159,227  
Intersegment sales1,363  13,659  —  (15,022) —  
Total net sales$741,909  $196,674  $235,666  $(15,022) $1,159,227  
Income (loss) from operations$66,239  $16,955  $11,090  $(21,548) $72,736  
Assets$358,880  $337,197  $496,733  $182,019  $1,374,829  
b.  Product Information
The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and service, and (4) equipment and other. The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Three Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$218,753  $28,176  $—  $—  $246,929  72.8 %
Used trailers2,273  1,323  —  —  3,596  1.1 %
Components, parts and service9,571  22,166  2,453  (7,884) 26,306  7.8 %
Equipment and other1,657  12,286  48,379  —  62,322  18.4 %
Total net sales$232,254  $63,951  $50,832  $(7,884) $339,153  100.0 %
Three Months Ended June 30, 2019Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$385,842  $49,325  $—  $—  $435,167  69.5 %
Used trailers13  739  —  —  752  0.1 %
Components, parts and service10,622  29,007  4,447  (6,575) 37,501  6.0 %
Equipment and other4,387  17,955  130,370  (79) 152,633  24.4 %
Total net sales$400,864  $97,026  $134,817  $(6,654) $626,053  100.0 %
Six Months Ended June 30, 2020Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$456,654  $71,488  $—  $—  $528,142  72.7 %
Used trailers2,591  2,533  —  —  5,124  0.7 %
Components, parts and service18,843  48,248  6,175  (14,984) 58,282  8.0 %
Equipment and other5,141  24,640  104,927  (29) 134,679  18.5 %
Total net sales$483,229  $146,909  $111,102  $(15,013) $726,227  100.0 %
Six Months Ended June 30, 2019Commercial
Trailer Products
Diversified
Products
Final Mile
Products
EliminationsConsolidated
New trailers$711,661  $95,124  $—  $—  $806,785  69.6 %
Used trailers150  1,326  —  —  1,476  0.1 %
Components, parts and service20,955  64,891  7,863  (14,495) 79,214  6.8 %
Equipment and other9,143  35,333  227,803  (527) 271,752  23.4 %
Total net sales$741,909  $196,674  $235,666  $(15,022) $1,159,227  100.0 %