(Mark One) | ||||||||
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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(State of Incorporation) | (IRS Employer Identification Number) | ||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | $ | $ | |||||||||
Current portion of finance lease obligations | |||||||||||
Accounts payable | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Noncontrolling interest | |||||||||||
Wabash National Corporation stockholders’ equity: | |||||||||||
Common stock | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive (loss) income | ( | ||||||||||
Treasury stock at cost, | ( | ( | |||||||||
Total Wabash National Corporation stockholders' equity | |||||||||||
Total liabilities, noncontrolling interest, and equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Selling expenses | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Impairment and other, net | ( | ( | |||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other, net | ( | ( | ( | ( | |||||||||||||||||||
Other expense, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income tax expense | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Net income attributable to noncontrolling interest | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Net income attributable to common stockholders per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding (in thousands): | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Dividends declared per share | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | |||||||||||||||||||||
Unrealized (loss) gain on derivative instruments | ( | ( | |||||||||||||||||||||
Total other comprehensive (loss) income | ( | ( | |||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interest | |||||||||||||||||||||||
Comprehensive income attributable to common stockholders | $ | $ | $ | $ |
Six Months Ended June 30, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||||||
Depreciation | |||||||||||
Amortization of intangibles | |||||||||||
Net gain on sale of property, plant and equipment and business divestiture | ( | ( | |||||||||
Loss on debt extinguishment | |||||||||||
Deferred income taxes | ( | ( | |||||||||
Stock-based compensation | |||||||||||
Impairment | |||||||||||
Non-cash interest expense | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other | |||||||||||
Accounts payable and accrued liabilities | |||||||||||
Other, net | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Cash payments for capital expenditures | ( | ( | |||||||||
Proceeds from the sale of assets | |||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
Cash flows from financing activities | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Dividends paid | ( | ( | |||||||||
Borrowings under revolving credit facilities | |||||||||||
Payments under revolving credit facilities | ( | ( | |||||||||
Principal payments under finance lease obligations | ( | ( | |||||||||
Principal payments under term loan credit facility | ( | ||||||||||
Debt issuance costs paid | ( | ||||||||||
Stock repurchases | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Cash and cash equivalents: | |||||||||||
Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Refunds received for income taxes | $ | ( | $ | ( | |||||||
Period end balance of payables for property, plant, and equipment | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net income for the period | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Stock repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ( | |||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments, net of tax | |||||||||||||||||||||||||||||||||||||||||
Common stock issued in connection with: | |||||||||||||||||||||||||||||||||||||||||
Stock option exercises | |||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net income for the period | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Stock repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ( | |||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments, net of tax | ( | ( | |||||||||||||||||||||||||||||||||||||||
Common stock issued in connection with: | |||||||||||||||||||||||||||||||||||||||||
Stock option exercises | |||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net income for the period | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Stock repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ( | |||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments, net of tax | |||||||||||||||||||||||||||||||||||||||||
Common stock issued in connection with: | |||||||||||||||||||||||||||||||||||||||||
Stock option exercises | |||||||||||||||||||||||||||||||||||||||||
Balances at March 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Net income for the period | |||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Stock repurchase | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Common stock dividends | ( | ( | |||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative instruments, net of tax | |||||||||||||||||||||||||||||||||||||||||
Common stock issued in connection with: | |||||||||||||||||||||||||||||||||||||||||
Stock option exercises | |||||||||||||||||||||||||||||||||||||||||
Balances at June 30, 2021 | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||
Transportation Solutions | Parts & Services | Total | |||||||||||||||
Balance at December 31, 2020 | |||||||||||||||||
Goodwill | $ | $ | $ | ||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||
Net balance as of December 31, 2020 | |||||||||||||||||
Impact of divestiture on goodwill | ( | ( | |||||||||||||||
Effects of foreign currency | ( | ( | ( | ||||||||||||||
Balance at December 31, 2021 | |||||||||||||||||
Goodwill | |||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||
Net balance as of December 31, 2021 | |||||||||||||||||
Effects of foreign currency | ( | ( | ( | ||||||||||||||
Balance at March 31, 2022 | |||||||||||||||||
Goodwill | |||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||
Net balance as of March 31, 2022 | |||||||||||||||||
Effects of foreign currency | |||||||||||||||||
Balance at June 30, 2022 | |||||||||||||||||
Goodwill | |||||||||||||||||
Accumulated impairment losses | ( | ( | ( | ||||||||||||||
Net balance as of June 30, 2022 | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Net income attributable to noncontrolling interest | |||||||||||
Other comprehensive income (loss) | |||||||||||
Distributions declared to noncontrolling interest | |||||||||||
Balance at end of period | $ | $ | |||||||||
June 30, 2022 | December 31, 2021 | ||||||||||
Raw materials and components | $ | $ | |||||||||
Finished goods | |||||||||||
Work in progress | |||||||||||
Aftermarket parts | |||||||||||
Used trailers | |||||||||||
$ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Chassis converter pool agreements | $ | $ | |||||||||
Assets held for sale | |||||||||||
Income tax receivables | |||||||||||
Insurance premiums & maintenance/subscription agreements | |||||||||||
Commodity swap contracts | |||||||||||
All other | |||||||||||
$ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Senior Notes due 2028 | $ | $ | |||||||||
Revolving Credit Agreement | |||||||||||
Less: unamortized discount and fees | ( | ( | |||||||||
Less: current portion | |||||||||||
$ | $ |
Asset / (Liability) Derivatives | ||||||||||||||||||||
Balance Sheet Caption | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||
Commodity swap contracts | Prepaid expenses and other | $ | $ | |||||||||||||||||
Commodity swap contracts | Accounts payable and Other accrued liabilities | ( | ( | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | ( | $ |
Amount of Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax) | Location of Gain (Loss) Reclassified from AOCI into Earnings (Effective Portion) | Amount of Gain (Loss) Reclassified from AOCI into Earnings | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
Derivatives instruments | ||||||||||||||||||||||||||||||||||||||||||||
Commodity swap contracts | $ | ( | $ | Cost of sales | $ | $ | $ | $ |
Classification | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Right-of-Use Assets | ||||||||||||||||||||
Operating | $ | $ | ||||||||||||||||||
Finance | Property, plant and equipment, net of depreciation | |||||||||||||||||||
Total leased ROU assets | $ | $ | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Operating | $ | $ | ||||||||||||||||||
Finance | Current portion of finance lease obligations | |||||||||||||||||||
Noncurrent | ||||||||||||||||||||
Operating | ||||||||||||||||||||
Finance | Finance lease obligations | |||||||||||||||||||
Total lease liabilities | $ | $ |
Classification | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||||||||
Operating lease cost | Cost of sales, selling expenses and general and administrative expense | $ | $ | |||||||||||||||||
Finance lease cost | ||||||||||||||||||||
Amortization of ROU leased assets | Depreciation and amortization within Cost of sales | |||||||||||||||||||
Interest on lease liabilities | Interest expense | |||||||||||||||||||
Net lease cost | $ | $ |
Classification | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||
Operating lease cost | Cost of sales, selling expenses and general and administrative expense | $ | $ | |||||||||||||||||
Finance lease cost | ||||||||||||||||||||
Amortization of ROU leased assets | Depreciation and amortization within Cost of sales | |||||||||||||||||||
Interest on lease liabilities | Interest expense | |||||||||||||||||||
Net lease cost | $ | $ |
Operating Leases | Finance Leases | Total | ||||||||||||||||||
2022 (remainder) | $ | $ | $ | |||||||||||||||||
2023 | ||||||||||||||||||||
2024 | ||||||||||||||||||||
2025 | ||||||||||||||||||||
2026 | ||||||||||||||||||||
Thereafter | ||||||||||||||||||||
Total lease payments | $ | $ | $ | |||||||||||||||||
Less: interest | ||||||||||||||||||||
Present value of lease payments | $ | $ |
June 30, 2022 | December 31, 2021 | |||||||||||||
Weighted average remaining lease term (years) | ||||||||||||||
Operating leases | ||||||||||||||
Finance leases | ||||||||||||||
Weighted average discount rate | ||||||||||||||
Operating leases | % | % | ||||||||||||
Finance leases | % | % |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating cash flows from finance leases | $ | $ | ||||||||||||
Financing cash flows from finance leases | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||
Warranty | $ | $ | |||||||||
Chassis converter pool agreements | |||||||||||
Payroll and related taxes | |||||||||||
Customer deposits | |||||||||||
Self-insurance | |||||||||||
Accrued interest | |||||||||||
Operating lease obligations | |||||||||||
Accrued taxes | |||||||||||
All other | |||||||||||
$ | $ |
2022 | 2021 | ||||||||||
Balance as of January 1 | $ | $ | |||||||||
Provisions and revisions to estimates | |||||||||||
Payments | ( | ( | |||||||||
Balance as of June 30 | $ | $ |
Frequency | Asset / (Liability) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||
Commodity swap contracts | Recurring | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||
Mutual funds | Recurring | $ | $ | $ | $ | |||||||||||||||||||||||||||
Life-insurance contracts | Recurring | $ | $ | $ | $ | |||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
Commodity swap contracts | Recurring | $ | $ | $ | $ | |||||||||||||||||||||||||||
Mutual funds | Recurring | $ | $ | $ | $ | |||||||||||||||||||||||||||
Life-insurance contracts | Recurring | $ | $ | $ | $ |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||||
Instrument | |||||||||||||||||||||||||||||||||||||||||||||||
Senior Notes due 2028 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Revolving Facility | |||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Basic net income attributable to common stockholders per share: | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic net income attributable to common stockholders per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted net income attributable to common stockholders per share: | |||||||||||||||||||||||
Net income attributable to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Dilutive stock options and restricted stock | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||||||||
Diluted net income attributable to common stockholders per share | $ | $ | $ | $ |
Foreign Currency Translation | Derivative Instruments | Total | ||||||||||||||||||
Balances at December 31, 2021 | $ | ( | $ | $ | ||||||||||||||||
Net unrealized gains (losses) arising during the period(a) | ||||||||||||||||||||
Less: Net realized gains (losses) reclassified to net income(b) | ||||||||||||||||||||
Net change during the period | ||||||||||||||||||||
Balances at March 31, 2022 | ( | |||||||||||||||||||
Net unrealized gains (losses) arising during the period(c) | ( | ( | ( | |||||||||||||||||
Less: Net realized gains (losses) reclassified to net income(d) | ||||||||||||||||||||
Net change during the period | ( | ( | ( | |||||||||||||||||
Balances at June 30, 2022 | $ | ( | $ | ( | $ | ( | ||||||||||||||
Foreign Currency Translation | Derivative Instruments | Total | ||||||||||||||||||
Balances at December 31, 2020 | $ | ( | $ | $ | ||||||||||||||||
Net unrealized gains (losses) arising during the period(e) | ( | |||||||||||||||||||
Less: Net realized gains (losses) reclassified to net loss(f) | ||||||||||||||||||||
Net change during the period | ( | |||||||||||||||||||
Balances at March 31, 2021 | ( | |||||||||||||||||||
Net unrealized gains (losses) arising during the period(g) | ||||||||||||||||||||
Less: Net realized gains (losses) reclassified to net income(h) | ||||||||||||||||||||
Net change during the period | ||||||||||||||||||||
Balances at June 30, 2021 | $ | ( | $ | $ | ||||||||||||||||
Three Months Ended June 30, 2022 | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||
External customers | $ | $ | $ | — | $ | |||||||||||||||||||||
Intersegment sales | ( | — | ||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | |||||||||||||||||||||
Income (loss) from operations | $ | $ | $ | ( | $ | |||||||||||||||||||||
Three Months Ended June 30, 2021 | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||
External customers | $ | $ | $ | — | $ | |||||||||||||||||||||
Intersegment sales | ( | — | ||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | |||||||||||||||||||||
Income (loss) from operations | $ | $ | $ | ( | $ | |||||||||||||||||||||
Six Months Ended June 30, 2022 | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||
External customers | $ | $ | $ | — | $ | |||||||||||||||||||||
Intersegment sales | ( | — | ||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | |||||||||||||||||||||
Income (loss) from operations | $ | $ | $ | ( | $ | |||||||||||||||||||||
Six Months Ended June 30, 2021 | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||
External customers | $ | $ | $ | — | $ | |||||||||||||||||||||
Intersegment sales | ( | — | ||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | |||||||||||||||||||||
Income (loss) from operations | $ | $ | $ | ( | $ | |||||||||||||||||||||
Three Months Ended June 30, 2022 | Transportation Solutions | Parts & Services | Eliminations | Consolidated | ||||||||||||||||||||||||||||
New trailers | $ | $ | $ | ( | $ | % | ||||||||||||||||||||||||||
Used trailers | % | |||||||||||||||||||||||||||||||
Components, parts and services | % | |||||||||||||||||||||||||||||||
Equipment and other | ( | % | ||||||||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | % | ||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | Transportation Solutions | Parts & Services | Eliminations | Consolidated | ||||||||||||||||||||||||||||
New trailers | $ | $ | $ | $ | % | |||||||||||||||||||||||||||
Used trailers | % | |||||||||||||||||||||||||||||||
Components, parts and services | % | |||||||||||||||||||||||||||||||
Equipment and other | ( | % | ||||||||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | % | ||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Transportation Solutions | Parts & Services | Eliminations | Consolidated | ||||||||||||||||||||||||||||
New trailers | $ | $ | $ | ( | $ | % | ||||||||||||||||||||||||||
Used trailers | % | |||||||||||||||||||||||||||||||
Components, parts and services | % | |||||||||||||||||||||||||||||||
Equipment and other | ( | % | ||||||||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | % | ||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | Transportation Solutions | Parts & Services | Eliminations | Consolidated | ||||||||||||||||||||||||||||
New trailers | $ | $ | $ | $ | % | |||||||||||||||||||||||||||
Used trailers | % | |||||||||||||||||||||||||||||||
Components, parts and services | % | |||||||||||||||||||||||||||||||
Equipment and other | ( | % | ||||||||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of sales | 87.9 | % | 87.6 | % | 88.6 | % | 87.8 | % | |||||||||||||||
Gross profit | 12.1 | % | 12.4 | % | 11.4 | % | 12.2 | % | |||||||||||||||
General and administrative expenses | 4.8 | % | 5.1 | % | 4.8 | % | 5.4 | % | |||||||||||||||
Selling expenses | 1.1 | % | 1.3 | % | 1.1 | % | 1.5 | % | |||||||||||||||
Amortization of intangibles | 0.6 | % | 1.3 | % | 0.7 | % | 1.4 | % | |||||||||||||||
Impairment and other, net | — | % | (0.4 | %) | — | % | (0.1 | %) | |||||||||||||||
Income from operations | 5.6 | % | 5.0 | % | 4.7 | % | 4.0 | % | |||||||||||||||
Interest expense | (0.8 | %) | (1.3 | %) | (0.9 | %) | (1.4 | %) | |||||||||||||||
Other, net | (0.1 | %) | (0.1 | %) | — | % | (0.1 | %) | |||||||||||||||
Income before income tax expense | 4.7 | % | 3.6 | % | 3.8 | % | 2.5 | % | |||||||||||||||
Income tax expense | 1.2 | % | 0.9 | % | 0.9 | % | 0.7 | % | |||||||||||||||
Net income | 3.5 | % | 2.7 | % | 2.9 | % | 1.8 | % |
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
(prior to elimination of intersegment sales) | |||||||||||||||||||||||
Sales by Segment | |||||||||||||||||||||||
Transportation Solutions | $ | 595,982 | $ | 402,177 | $ | 193,805 | 48.2 | % | |||||||||||||||
Parts & Services | 50,395 | 48,752 | 1,643 | 3.4 | % | ||||||||||||||||||
Eliminations | (3,608) | (1,507) | (2,101) | ||||||||||||||||||||
Total | $ | 642,769 | $ | 449,422 | $ | 193,347 | 43.0 | % | |||||||||||||||
New Units Shipped | (units) | ||||||||||||||||||||||
Trailers | 13,670 | 11,595 | 2,075 | 17.9 | % | ||||||||||||||||||
Truck bodies | 3,970 | 4,800 | (830) | (17.3 | %) | ||||||||||||||||||
Total | 17,640 | 16,395 | 1,245 | 7.6 | % | ||||||||||||||||||
Used Units Shipped | (units) | ||||||||||||||||||||||
Trailers | 40 | 15 | 25 | 166.7 | % | ||||||||||||||||||
Three Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
Gross Profit by Segment | |||||||||||||||||||||||
Transportation Solutions | $ | 66,055 | $ | 46,660 | $ | 19,395 | 41.6 | % | |||||||||||||||
Parts & Services | 11,830 | 10,262 | 1,568 | 15.3 | % | ||||||||||||||||||
Corporate & Eliminations | 149 | (1,314) | 1,463 | ||||||||||||||||||||
Total | $ | 78,034 | $ | 55,608 | $ | 22,426 | 40.3 | % |
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | Amount | % | ||||||||||||||||||||
(prior to elimination of intersegment sales) | |||||||||||||||||||||||
Sales by Segment | |||||||||||||||||||||||
Transportation Solutions | $ | 1,098,047 | $ | 747,296 | $ | 350,751 | 46.9 | % | |||||||||||||||
Parts & Service | 97,103 | 97,347 | (244) | (0.3) | % | ||||||||||||||||||
Eliminations | (5,620) | (3,218) | (2,402) | ||||||||||||||||||||
Total | $ | 1,189,530 | $ | 841,425 | $ | 348,105 | 41.4 | % | |||||||||||||||
New Units Shipped | (units) | ||||||||||||||||||||||
Trailers | 25,545 | 21,255 | 4,290 | 20.2 | % | ||||||||||||||||||
Truck bodies | 7,510 | 9,570 | (2,060) | (21.5) | % | ||||||||||||||||||
Total | 33,055 | 30,825 | 2,230 | 7.2 | % | ||||||||||||||||||
Used Units Shipped | (units) | ||||||||||||||||||||||
Trailers | 60 | 55 | 5 | 9.1 | % | ||||||||||||||||||
Six Months Ended June 30, | Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
Gross Profit by Segment | |||||||||||||||||||||||
Transportation Solutions | $ | 113,737 | $ | 84,988 | $ | 28,749 | 33.8 | % | |||||||||||||||
Parts & Services | 22,352 | 20,728 | 1,624 | 7.8 | % | ||||||||||||||||||
Corporate & Eliminations | — | (2,942) | 2,942 | ||||||||||||||||||||
Total | $ | 136,089 | $ | 102,774 | $ | 33,315 | 32.4 | % |
Six Months Ended June 30, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Source (Use) of cash: | |||||||||||||||||
Accounts receivable | $ | (55,114) | $ | (25,758) | $ | (29,356) | |||||||||||
Inventories | (67,717) | (89,733) | 22,016 | ||||||||||||||
Accounts payable and accrued liabilities | 142,869 | 56,074 | 86,795 | ||||||||||||||
Net source (use) of cash | $ | 20,038 | $ | (59,417) | $ | 79,455 |
2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Debt: | ||||||||||||||||||||||||||||||||||||||||||||
Revolving Facility (due 2023) | $ | — | $ | 59,000 | $ | — | $ | — | $ | — | $ | — | $ | 59,000 | ||||||||||||||||||||||||||||||
Senior Notes (due 2028) | — | — | — | — | — | 400,000 | 400,000 | |||||||||||||||||||||||||||||||||||||
Interest payments on Revolving Facility and Senior Notes due 20281 | 9,897 | 19,744 | 18,000 | 18,000 | 18,000 | 36,000 | 119,641 | |||||||||||||||||||||||||||||||||||||
Total debt | 9,897 | 78,744 | 18,000 | 18,000 | 18,000 | 436,000 | 578,641 | |||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||
Operating Leases | 3,089 | 5,523 | 4,408 | 3,386 | 2,894 | 2,025 | 21,325 | |||||||||||||||||||||||||||||||||||||
Total other | 3,089 | 5,523 | 4,408 | 3,386 | 2,894 | 2,025 | 21,325 | |||||||||||||||||||||||||||||||||||||
Other commercial commitments: | ||||||||||||||||||||||||||||||||||||||||||||
Letters of Credit | 5,702 | — | — | — | — | — | 5,702 | |||||||||||||||||||||||||||||||||||||
Raw Material Purchase Commitments | 90,300 | — | — | — | — | — | 90,300 | |||||||||||||||||||||||||||||||||||||
Chassis Agreements and Programs | 11,617 | — | — | — | — | — | 11,617 | |||||||||||||||||||||||||||||||||||||
Total other commercial commitments | 107,619 | — | — | — | — | — | 107,619 | |||||||||||||||||||||||||||||||||||||
Total obligations | $ | 120,605 | $ | 84,267 | $ | 22,408 | $ | 21,386 | $ | 20,894 | $ | 438,025 | $ | 707,585 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Amount That May Yet Be Purchased Under the Plans or Programs ($ in millions) | ||||||||||||||||||||||
April 1 - 30, 2022 | — | $ | — | — | $ | 131.4 | ||||||||||||||||||||
May 1 - 31, 2022 | 153,648 | $ | 14.73 | 152,797 | $ | 129.1 | ||||||||||||||||||||
June 1- 30, 2022 | 207,862 | $ | 14.63 | 207,862 | $ | 126.1 | ||||||||||||||||||||
Total | 361,510 | $ | 14.67 | 360,659 | $ | 126.1 |
(a) | Exhibits | |||||||
101 | The following materials from Wabash National Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 are filed herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021, (ii) the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021, (iv) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021, (v) the Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2022 and 2021, and (vi) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. | |||||||
104 | Cover Page Interactive Data File (formatting as Inline XBRL and contained in Exhibit 101) |
WABASH NATIONAL CORPORATION | ||||||||
Date: July 27, 2022 | By: | /s/ Michael N. Pettit | ||||||
Michael N. Pettit | ||||||||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Date: July 27, 2022 | By: | /s/ Brent L. Yeagy | ||||||
Brent L. Yeagy | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: July 27, 2022 | By: | /s/ Michael N. Pettit | ||||||
Michael N. Pettit | ||||||||
Senior Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
/s/ Brent L. Yeagy | |||||
Brent L. Yeagy | |||||
President and Chief Executive Officer | |||||
July 27, 2022 | |||||
/s/ Michael N. Pettit | |||||
Michael N. Pettit | |||||
Senior Vice President and Chief Financial Officer | |||||
July 27, 2022 |
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares outstanding (in shares) | 48,701,087 | 48,954,482 |
Treasury stock, shares (in shares) | 27,816,488 | 27,013,275 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Statement [Abstract] | ||||
Net sales | $ 642,769 | $ 449,422 | $ 1,189,530 | $ 841,425 |
Cost of sales | 564,735 | 393,814 | 1,053,441 | 738,651 |
Gross profit | 78,034 | 55,608 | 136,089 | 102,774 |
General and administrative expenses | 30,944 | 22,907 | 57,276 | 45,774 |
Selling expenses | 7,376 | 6,065 | 13,585 | 12,730 |
Amortization of intangible assets | 3,803 | 5,799 | 8,842 | 11,597 |
Impairment and other, net | 3 | (1,847) | 343 | (1,226) |
Income (loss) from operations | 35,908 | 22,684 | 56,043 | 33,899 |
Other income (expense): | ||||
Interest expense | (5,218) | (6,034) | (10,131) | (12,184) |
Other, net | (327) | (413) | (398) | (427) |
Other expense, net | (5,545) | (6,447) | (10,529) | (12,611) |
Income before income tax expense | 30,363 | 16,237 | 45,514 | 21,288 |
Income tax expense | 7,624 | 3,985 | 10,701 | 5,819 |
Net income | 22,739 | 12,252 | 34,813 | 15,469 |
Net income attributable to noncontrolling interest | 187 | 0 | 187 | 0 |
Net income | $ 22,552 | $ 12,252 | $ 34,626 | $ 15,469 |
Net income attributable to common stockholders per share: | ||||
Basic (in usd per share) | $ 0.46 | $ 0.24 | $ 0.71 | $ 0.30 |
Diluted (in usd per share) | $ 0.46 | $ 0.24 | $ 0.70 | $ 0.29 |
Weighted average common shares outstanding (in thousands): | ||||
Basic (in shares) | 49,034 | 51,272 | 49,019 | 51,697 |
Diluted (in shares) | 49,535 | 51,989 | 49,662 | 52,472 |
Dividends declared per share (in usd per share) | $ 0.08 | $ 0.08 | $ 0.16 | $ 0.16 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 22,739 | $ 12,252 | $ 34,813 | $ 15,469 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustment | (303) | 667 | (60) | 364 |
Unrealized (loss) gain on derivative instruments | (19,610) | 8,631 | (6,025) | 23,161 |
Net change during the period | (19,913) | 9,298 | (6,085) | 23,525 |
Comprehensive income | 2,826 | 21,550 | 28,728 | 38,994 |
Comprehensive income attributable to noncontrolling interest | 187 | 0 | 187 | 0 |
Comprehensive income attributable to common stockholders | $ 2,639 | $ 21,550 | $ 28,541 | $ 38,994 |
DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION & DESCRIPTION OF THE BUSINESS | DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) was founded in 1985 in Lafayette, Indiana as a dry van trailer manufacturer. The Company designs and manufactures a diverse range of products, including dry freight and refrigerated trailers, platform trailers, bulk 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. The condensed consolidated financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations, and its cash flows. The Company consolidates into its financial statements the accounts of the Company and any partially owned subsidiary it has the ability to control (see Note 5). The Company does not have any subsidiaries it consolidates based solely on the power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, its affiliates are businesses established and maintained in connection with its operating strategy and are not special purposes entities. All intercompany transactions and balances have been eliminated. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
|
NEW ACCOUNTING PRONOUNCEMENTS |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | NEW ACCOUNTING PRONOUNCEMENTSIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt this standard when LIBOR is discontinued. The Company is evaluating the impact the new standard will have on our condensed consolidated financial statements and related disclosures but does not anticipate a material impact. |
REVENUE RECOGNITION |
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Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITIONThe Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense. For performance obligations satisfied over time, which include certain equipment-related sales within our Parts & Services reportable segment that have no alternative use and contain an enforceable right to payment, as well as service work whereby the customer simultaneously receives and consumes the benefits provided, the Company recognizes revenue on the basis of the Company’s efforts or inputs to the satisfaction of these performance obligations, measured by actual total cost incurred to the total estimated costs for each project. Total revenue recognized over time was not material to the condensed consolidated financial statements for all periods presented. The Company has identified three separate and distinct performance obligations: (1) the sale of a trailer or equipment, (2) the sale of replacement parts, and (3) service work. For trailer, truck body, equipment, and replacement part sales, control is transferred and revenue is recognized from the sale upon shipment to or pick up by the customer in accordance with the contract terms. The Company does not have any material extended payment terms as payment is received shortly after the point of sale. Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does have customers who pay for the product prior to the transfer of control which is recorded as customer deposits in Other accrued liabilities as shown in Note 11. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product. |
GOODWILL & OTHER INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL & OTHER INTANGIBLE ASSETS | GOODWILL & OTHER INTANGIBLE ASSETS Segment Realignment As further described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, beginning in September 2021 the Company realigned its operating and reportable segments. Based on these changes, the Company has established two operating and reportable segments: Transportation Solutions (“TS”) and Parts & Services (“P&S”). These operating and reportable segments have also been determined to be the applicable reporting units for purposes of goodwill assignment and evaluation. As of June 30, 2022, goodwill allocated to the TS and P&S segments was approximately $120.5 million and $67.9 million, respectively. The Company considered whether there were any indicators of impairment during the three and six months ended June 30, 2022 and concluded there were none. Extract Technology® Divestiture 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 Parts & Services 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 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 reporting unit and concluded the fair value of the reporting unit continued to exceed the carrying value. The changes in the carrying amounts of goodwill from December 31, 2020 through the six-month period ended June 30, 2022 were as follows (in thousands):
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NONCONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES (VIEs) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NONCONTROLLING INTREST 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. 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 Condensed 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 June 30, 2022, the Company did not provide financial or other support to this VIE that it was not contractually obligated to provide. As of June 30, 2022, 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 Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (in thousands):
The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
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INVENTORIES, NET |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES, NET | INVENTORIES, NET Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. Inventories, net of reserves, consist of the following components (in thousands):
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PREPAID EXPENSES AND OTHER |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PREPAID EXPENSES AND OTHER | PREPAID EXPENSES AND OTHER Prepaid expenses and other current assets consist of the following (in thousands):
Chassis converter pool agreements represent chassis transferred to the Company on a restricted basis by the manufacturer, who retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales to the manufacturer’s dealers. Assets held for sale as of December 31, 2021 related to property, plant, and equipment assets that were unused and were actively being marketed for sale. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. As further described in Note 9, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Other items primarily consist of investments held by the Company’s captive insurance subsidiary as well as other various prepaid and other assets. As of June 30, 2022 and December 31, 2021, there was no restricted cash included in prepaid expenses and other current assets.
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Long-term debt consists of the following (in thousands):
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 June 30, 2022, the Company was in compliance with all covenants. Contractual coupon interest expense and accretion of fees for the New Senior Notes for the three- and six-month periods ended June 30, 2022 was $4.5 million and $0.2 million, and $9.0 million and $0.3 million, respectively. Contractual coupon interest expense and accretion of fees are included in Interest expense in the Company’s Condensed Consolidated Statements of Operations. There was no contractual coupon interest expense and accretion of fees for the New Senior Notes during the three- and six-month periods ended June 30, 2021. 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, for the three- and six-month periods ended June 30, 2021 was $4.5 million and $9.0 million, respectively. Contractual coupon interest expense and accretion of discount and fees are included in Interest expense on the Company’s Condensed Consolidated Statements of Operations. Revolving Credit Agreement On December 21, 2018, the Company entered into the Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) among the Company, certain of its subsidiaries as borrowers (together with the Company, the “Borrowers”), the lenders from time to time party thereto, Wells Fargo Capital Finance, LLC as the administrative agent, joint lead arranger and joint bookrunner (the “Revolver Agent”), and Citizens Business Capital, a division of Citizens Asset Finance, Inc., as syndication agent, joint lead arranger and joint bookrunner, which amended and restated the Company’s existing amended and restated revolving credit agreement, dated as of May 8, 2012. On September 28, 2020, the Company entered into the First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”) among the Company, certain of its subsidiaries party thereto, the lenders party thereto, and the Revolver Agent. The First Amendment primarily made conforming changes to the provisions in the Revolving Credit Agreement to reflect modifications made under the Term Loan Credit Agreement, dated September 20, 2020, among the Company, the lenders from time to time parties thereto, and Wells Fargo Bank, National Association, as the administrative agent, providing for a secured loan facility of $150 million (the “New Term Loan Credit Agreement”). On September 28, 2021, the Company entered into an Increase Agreement Regarding Incremental Revolver Commitments and Second Amendment to Second Amended and Restated Credit Agreement (the “Second Amendment”, and together with the First Amendment and Second Amended and Restated Credit Agreement, the “Revolving Credit Agreement” or “Revolving Facility”), which exercised an option under the Revolving Credit Agreement to increase the total revolving credit commitments by $50 million from $175 million to $225 million. The Revolving Credit Agreement continues to include an increase option, which would allow the Company, subject to certain terms and conditions set forth in the Revolving Credit Agreement (including the approval of the lenders providing the applicable increase), to increase the total revolving credit commitments under the Revolving Credit Agreement by a further $50 million to a maximum of $275 million. The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Revolver Guarantors”) and is secured by (i) first priority security interests (subject only to customary permitted liens and certain other permitted liens) in substantially all personal property of the Borrowers and the Revolver Guarantors, consisting of accounts receivable, inventory, cash, deposit and securities accounts and any cash or other assets in such accounts and, to the extent evidencing or otherwise related to such property, all general intangibles, licenses, intercompany debt, letter of credit rights, commercial tort claims, chattel paper, instruments, supporting obligations, documents and payment intangibles (collectively, the “Revolver Priority Collateral”), and (ii) second-priority liens on and security interests in customary permitted liens and certain other permitted liens (A) equity interests of each direct subsidiary held by the Borrowers and each Revolver Guarantor (subject to customary limitations in the case of the equity of foreign subsidiaries), and (B) substantially all other tangible and intangible assets of the Borrowers and the Revolver Guarantors including equipment, general intangibles, intercompany notes, insurance policies, investment property and intellectual property (in each case, except to the extent constituting Revolver Priority Collateral), but excluding real property (collectively, including certain material owned real property that does not constitute collateral under the Revolving Credit Agreement, the “Term Priority Collateral”). The Revolving Credit Agreement has a scheduled maturity date of December 21, 2023. Subject to availability, the Revolving Credit Agreement provides for a letter of credit subfacility in an amount not in excess of $15 million, and allows for swingline loans in an amount not in excess of $17.5 million. Outstanding borrowings under the Revolving Credit Agreement bear interest at an annual rate, at the Borrowers’ election, equal to (i) London Interbank Offer Rate (“LIBOR”) plus a margin ranging from 1.25% to 1.75% or (ii) a base rate plus a margin ranging from 0.25% to 0.75%, in each case depending upon the monthly average excess availability under the Revolving Loan Facility. The Borrowers are required to pay a monthly unused line fee equal to 0.20% times the average daily unused availability along with other customary fees and expenses thereunder. The Revolving Credit Agreement contains customary covenants limiting the ability of the Company and certain of its affiliates 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 10% of the total revolving commitment. The Company was in compliance with all covenants as of June 30, 2022. If availability under the Revolving Credit Agreement is less than 15% of the total revolving commitment or if there exists an event of default, amounts in any of the Borrowers’ and the Revolver Guarantors’ deposit accounts (other than certain excluded accounts) will be transferred daily into a blocked account held by the Revolver Agent and applied to reduce the outstanding amounts under the facility. If the covenants under the Revolving Credit Agreement are breached, the lenders may, subject to various customary cure rights, require the immediate payment of all amounts outstanding and foreclose on collateral. Other customary events of default in the Revolving Credit Agreement include, without limitation, failure to pay obligations when due, initiation of insolvency proceedings, defaults on certain other indebtedness, and the incurrence of certain judgments that are not stayed, satisfied, bonded or discharged within 30 days. During the three-month period ended June 30, 2022, the Company repaid $30.0 million of principal under the Revolving Credit Agreement. As of June 30, 2022, there was $59.0 million outstanding under the Revolving Facility. Interest expense under the Revolving Credit Agreement for the three- and six-month periods ended June 30, 2022, was approximately $0.5 million and $0.8 million, respectively. During the three- and six-month periods ended June 30, 2021, and as of June 30, 2021, there were no amounts outstanding under the Revolving Facility. The Company paid no interest under the Revolving Credit Agreement during the three-and six-month periods ended June 30, 2021. The Company’s liquidity position, defined as cash on hand and available borrowing capacity on the Revolving Facility, amounted to $298.1 million as of June 30, 2022 and $258.0 million as of December 31, 2021. During the fourth quarter of 2021, the Company drew $50.0 million under the Revolving Credit Agreement, a portion of which was used along with the proceeds of the New Senior Notes 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 New Term Loan Credit Agreement, and to pay all related fees and expenses of the New Senior Notes. New Term Loan Credit Agreement As of June 30, 2021, the Company had $108.8 million outstanding under the New Term Loan Credit Agreement (which was repaid in full during the fourth quarter of 2021), none of which was classified as current on the Company’s Condensed Consolidated Balance Sheets. For the three- and six-month periods ended June 30, 2021, under the New Term Loan Credit Agreement the Company paid interest of $1.3 million and $2.7 million, respectively. In addition, during the three months ended June 30, 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 Condensed Consolidated Statements of Operations. For the three- and six-month periods ended June 30, 2021, the Company incurred charges of less than $0.1 million and $0.1 million for amortization of fees and original issuance discount. Amortization of fees and original issuance discount are included in Interest expense in the Condensed Consolidated Statements of Operations.
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FINANCIAL DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL DERIVATIVE INSTRUMENTS | FINANCIAL DERIVATIVE INSTRUMENTS Commodity Pricing Risk As of June 30, 2022, the Company was party to commodity swap contracts for specific commodities with notional amounts of approximately $90.3 million. The Company uses commodity swap contracts to mitigate the risks associated with fluctuations in commodity prices impacting its cash flows related to inventory purchases from suppliers. The Company does not hedge all commodity price risk. At inception, the Company designated the commodity swap contracts as cash flow hedges. The contracts mature at specified monthly settlement dates and will be recognized into earnings through January 2023. The effective portion of the hedging transaction is recognized in Accumulated Other Comprehensive Income (“AOCI”) and transferred to earnings when the forecasted hedged transaction takes place or when the forecasted hedged transaction is no longer probable to occur. Financial Statement Presentation As of June 30, 2022 and December 31, 2021, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
The following table summarizes the gain or loss recognized in AOCI as of June 30, 2022 and December 31, 2021 and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2022 and 2021 (in thousands):
Over the next 12 months, the Company expects to reclassify approximately $4.2 million of pretax deferred losses, related to the commodity swap contracts, from AOCI to cost of sales as inventory purchases are settled.
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company records a right-of-use ("ROU") asset and lease liability for substantially all leases for which it is a lessee, in accordance with Accounting Standards Codification (“ASC”) 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has no significant lease agreements in place for which the Company is a lessor. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration. The Company leases certain industrial spaces, office spaces, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally to 5 years. The exercise of lease renewal options is at the Company’s sole discretion, and are included in the lease term only to the extent such renewal options are reasonably certain of being exercised at lease commencement. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. During the three months ended June 30, 2022, leased assets obtained in exchange for new operating lease liabilities totaled approximately $8.9 million. During the three months ended June 30, 2021, leased assets obtained in exchange for new operating lease liabilities were insignificant. As of June 30, 2022, obligations related to operating leases that the Company has executed but have not yet commenced totaled approximately $0.2 million on a non-discounted basis, which the Company generally expects to be recognized over the next three years. During the three and six months ended June 30, 2022, the Company entered into sale-leaseback-sublease transactions. Amounts related to these transactions during the second quarter of 2022 were insignificant. 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 Condensed Consolidated Balance Sheets consist of the following (in thousands):
Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
Maturity of the Company’s lease liabilities as of June 30, 2022 is as follows (in thousands):
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:
Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
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LEASES | LEASES The Company records a right-of-use ("ROU") asset and lease liability for substantially all leases for which it is a lessee, in accordance with Accounting Standards Codification (“ASC”) 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. The Company has no significant lease agreements in place for which the Company is a lessor. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration. The Company leases certain industrial spaces, office spaces, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally to 5 years. The exercise of lease renewal options is at the Company’s sole discretion, and are included in the lease term only to the extent such renewal options are reasonably certain of being exercised at lease commencement. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. During the three months ended June 30, 2022, leased assets obtained in exchange for new operating lease liabilities totaled approximately $8.9 million. During the three months ended June 30, 2021, leased assets obtained in exchange for new operating lease liabilities were insignificant. As of June 30, 2022, obligations related to operating leases that the Company has executed but have not yet commenced totaled approximately $0.2 million on a non-discounted basis, which the Company generally expects to be recognized over the next three years. During the three and six months ended June 30, 2022, the Company entered into sale-leaseback-sublease transactions. Amounts related to these transactions during the second quarter of 2022 were insignificant. 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 Condensed Consolidated Balance Sheets consist of the following (in thousands):
Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
Maturity of the Company’s lease liabilities as of June 30, 2022 is as follows (in thousands):
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:
Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
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OTHER ACCRUED LIABILITIES |
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OTHER ACCRUED LIABILITIES | OTHER ACCRUED LIABILITIES The following table presents the major components of Other accrued liabilities (in thousands):
The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):
The Company offers a limited warranty for its products with a coverage period that ranges between and 5 years, except that the coverage period for DuraPlate® trailer panels is 10 years. The Company passes through component manufacturers’ warranties to our customers. The Company’s policy is to accrue the estimated cost of warranty coverage at the time of the sale.
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FAIR VALUE MEASUREMENTS |
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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, and are classified as Level 2. 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 June 30, 2022 and December 31, 2021 are shown below (in thousands):
Estimated Fair Value of Debt The estimated fair value of debt at June 30, 2022 consists primarily of the Senior Notes due 2028 and borrowings under the Revolving Credit Agreement (see Note 8). The fair value of the Senior Notes due 2028 are based upon third party pricing sources, which generally do not represent daily market activity or represent data obtained from an exchange, and are classified as Level 2. The interest rates on the Company’s borrowings under the Revolving Facility are adjusted regularly to reflect current market rates and thus carrying value approximates fair value for any borrowings. The Company’s carrying and estimated fair value of debt at June 30, 2022 and December 31, 2021 were as follows (in thousands):
The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the condensed consolidated financial statements.
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COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIESAs of June 30, 2022, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations, in connection with the conduct of its business activities, in various jurisdictions, both in the United States and internationally. On the basis of information currently available to it, management does not believe that existing proceedings and investigations will have a material impact on our consolidated financial condition or liquidity if determined in a manner adverse to the Company. However, such matters are unpredictable, and we could incur judgments or enter into settlements for current or future claims that could materially and adversely affect our financial statements. Costs associated with the litigation and settlements of legal matters are reported within General and administrative expenses in the Condensed Consolidated Statements of Operations. Environmental Disputes In August 2014, the Company received notice as a potentially responsible party (“PRP”) by the South Carolina Department of Health and Environmental Control (the “DHEC”) pertaining to the Philip Services Site located in Rock Hill, South Carolina pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and corresponding South Carolina statutes. PRPs include parties identified through manifest records as having contributed to deliveries of hazardous substances to the Philip Services Site between 1979 and 1999. The DHEC’s allegation that the Company was a PRP arises out of four manifest entries in 1989 under the name of a company unaffiliated with Wabash National 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 conditions 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. The Company has agreed to implement a limited work plan to further investigate the source of the contamination at the Site and have 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 provides for additional groundwater sampling on another PRP property in the next 90 days. As of June 30, 2022, based on the information available, the Company does not expect this matter to have a material adverse effect on its financial condition or results of operations. Chassis Converter Pool Agreements The Company obtains most vehicle chassis for its specialized vehicle products directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled, nor expects to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of June 30, 2022, the Company’s outstanding chassis converter pool with the manufacturer totaled $11.2 million and the Company has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Prepaid expenses and other and Other accrued liabilities. All other chassis programs are handled as consigned inventory belonging to the manufacturer and totaled approximately $0.4 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.
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NET INCOME PER COMMON SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NET INCOME PER COMMON SHARE | NET INCOME PER COMMON SHARE Basic earnings per common share is calculated based on the weighted average number of common shares outstanding during the period, including vested shares deferred under our non-qualified deferred compensation plan. Diluted earnings per common 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 common share is determined using net income attributable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts).
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STOCK-BASED COMPENSATION |
6 Months Ended |
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Jun. 30, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATIONThe Company recognizes all share-based payments based upon their grant date fair value. The Company grants restricted stock units subject to specific service, performance, and/or market conditions. The Company’s policy is to recognize expense for awards that have service conditions only subject to graded vesting using the straight-line attribution method. The fair value of service and performance-based units is based on the market price of a share of underlying common stock at the date of grant. The fair values of the awards that contain market conditions are estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility, risk-free rates of return, and correlation matrix. The amount of compensation costs related to restricted stock units and performance units not yet recognized was $16.2 million at June 30, 2022, for which the expense will be recognized through 2025. |
STOCKHOLDERS' EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Share Repurchase Program In August 2021, 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 $100 million repurchase programs approved in November 2018, February 2017, and February 2016. The repurchase program is set to expire in August 2024. 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 June 30, 2022, $126.1 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) Changes in AOCI by component, net of tax, for the six months ended June 30, 2022 are summarized as follows (in thousands):
————————— (a) Derivative instruments net of $5.9 million of tax liability for the three months ended March 31, 2022. (b) Derivative instruments net of $1.3 million of tax liability for the three months ended March 31, 2022. (c) Derivative instruments net of $4.7 million of tax benefit for the three months ended June 30, 2022. (d) Derivative instruments net of $1.8 million of tax liability for the three months ended June 30, 2022. Changes in AOCI by component, net of tax, for the six months ended June 30, 2021 are summarized as follows (in thousands):
————————— (e) Derivative instruments net of $5.2 million of tax liability for the three months ended March 31, 2021. (f) Derivative instruments net of $0.3 million of tax liability for the three months ended March 31, 2021. (g) Derivative instruments net of $5.0 million of tax liability for the three months ended June 30, 2021. (h) Derivative instruments net of $2.1 million of tax liability for the three months ended June 30, 2021.
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INCOME TAXES |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESFor the three months ended June 30, 2022, the Company recognized income tax expense of $7.6 million compared to $4.0 million for the same period in the prior year. The Company recognized income tax expense of $10.7 million in the first six months of 2022 compared to $5.8 million for the same period in the prior year. The effective tax rates for the first six months of 2022 and 2021 were 23.5% and 27.3%, respectively. For the first six months of 2022, the effective tax rate differs from the US Federal statutory rate of 21% primarily due to the impact of state and local taxes net of discrete items incurred related to stock-based compensation. For the first six months of 2021, the effective tax rate differs from the US Federal statutory rate of 21% primarily due to the impact of state and local taxes and discrete items incurred related to stock-based compensation. |
IMPAIRMENT AND SALES OF PROPERTY, PLANT, AND EQUIPMENT |
6 Months Ended |
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Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
IMPAIRMENT AND SALES OF PROPERTY, PLANT, AND EQUIPMENT | IMPAIRMENT 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 Condensed 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 Diversified Products 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 8. The gain on sale is included in Impairment and other, net in the Condensed 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 Diversified Products 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 Condensed Consolidated Statements of Operations.
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SEGMENTS |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENTS | SEGMENTS a. Segment Reporting As further described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, beginning in September 2021 the Company realigned its operating and reportable segments based on how the Chief Operating Decision Maker (“CODM”) manages the business, allocates resources, makes operating decisions, and evaluates operating performance. Based on this realignment, the Company eliminated the historical Commercial Trailer Products, Diversified Products, and Final Mile Products segments and established 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, all of which were previously reported in the CTP segment. The Company’s EcoNex™ products that were historically included in both the CTP and FMP segments are now reported in the TS segment. In addition, the TS segment includes tank trailers and truck-mounted tanks that were historically reported in the DPG segment. Finally, truck-mounted dry and refrigerated bodies and service and stake bodies that were previously reported in the FMP segment are also in the TS segment. ▪Parts & Services (“P&S”): The P&S segment is comprised of each of the Company’s historical segments’ 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 (previously reported in the DPG segment). Finally, the P&S segment includes the Company’s Engineered Products business (previously reported in the DPG segment), including 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):
b. 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 truck bodies). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
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NEW ACCOUNTING PRONOUNCEMENTS (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt this standard when LIBOR is discontinued. The Company is evaluating the impact the new standard will have on our condensed consolidated financial statements and related disclosures but does not anticipate a material impact. |
REVENUE RECOGNITION | The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense. For performance obligations satisfied over time, which include certain equipment-related sales within our Parts & Services reportable segment that have no alternative use and contain an enforceable right to payment, as well as service work whereby the customer simultaneously receives and consumes the benefits provided, the Company recognizes revenue on the basis of the Company’s efforts or inputs to the satisfaction of these performance obligations, measured by actual total cost incurred to the total estimated costs for each project. Total revenue recognized over time was not material to the condensed consolidated financial statements for all periods presented. |
GOODWILL & OTHER INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The changes in the carrying amounts of goodwill from December 31, 2020 through the six-month period ended June 30, 2022 were as follows (in thousands):
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NONCONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES (VIEs) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (in thousands):
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Schedule Of Noncontrolling Interest Activity | The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
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INVENTORIES, NET (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories, net of reserves, consist of the following components (in thousands):
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PREPAID EXPENSES AND OTHER (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands):
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DEBT (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-term debt consists of the following (in thousands):
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FINANCIAL DERIVATIVE INSTRUMENTS (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | As of June 30, 2022 and December 31, 2021, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the gain or loss recognized in AOCI as of June 30, 2022 and December 31, 2021 and the amounts reclassified from AOCI into earnings for the three and six months ended June 30, 2022 and 2021 (in thousands):
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LEASES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities, Lessee | Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
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Lease, Cost | Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
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Operating Lease, Liability, Maturity | Maturity of the Company’s lease liabilities as of June 30, 2022 is as follows (in thousands):
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Finance Lease, Liability, Maturity | Maturity of the Company’s lease liabilities as of June 30, 2022 is as follows (in thousands):
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OTHER ACCRUED LIABILITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Accrued Liabilities | The following table presents the major components of Other accrued liabilities (in thousands):
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Changes in Product Warranty Accrual | The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):
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FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities | Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021 are shown below (in thousands):
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Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis | The Company’s carrying and estimated fair value of debt at June 30, 2022 and December 31, 2021 were as follows (in thousands):
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NET INCOME PER SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Net Income Per Share | The calculation of basic and diluted net income attributable to common stockholders per common share is determined using net income attributable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts).
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STOCKHOLDERS' EQUITY (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in AOCI by Component | Changes in AOCI by component, net of tax, for the six months ended June 30, 2022 are summarized as follows (in thousands):
————————— (a) Derivative instruments net of $5.9 million of tax liability for the three months ended March 31, 2022. (b) Derivative instruments net of $1.3 million of tax liability for the three months ended March 31, 2022. (c) Derivative instruments net of $4.7 million of tax benefit for the three months ended June 30, 2022. (d) Derivative instruments net of $1.8 million of tax liability for the three months ended June 30, 2022. Changes in AOCI by component, net of tax, for the six months ended June 30, 2021 are summarized as follows (in thousands):
————————— (e) Derivative instruments net of $5.2 million of tax liability for the three months ended March 31, 2021. (f) Derivative instruments net of $0.3 million of tax liability for the three months ended March 31, 2021. (g) Derivative instruments net of $5.0 million of tax liability for the three months ended June 30, 2021. (h) Derivative instruments net of $2.1 million of tax liability for the three months ended June 30, 2021.
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SEGMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reportable Segment Information | Reportable segment information is as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
|
REVENUE RECOGNITION (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022
performanceObligation
| |
Revenue from Contract with Customer [Abstract] | |
Number of separate and distinct performance obligations | 3 |
GOODWILL & OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|---|
Sep. 30, 2021
segment
|
Jun. 30, 2021
USD ($)
|
Jun. 30, 2022
USD ($)
segment
|
Dec. 31, 2021
USD ($)
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Goodwill [Line Items] | ||||||
Number of operating segments | segment | 2 | 2 | ||||
Number of segments | segment | 2 | 2 | ||||
Goodwill | $ 188,440 | $ 188,443 | $ 188,438 | $ 199,560 | ||
Impact of divestiture on goodwill | 11,101 | |||||
Transportation Solutions | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 120,505 | 120,507 | 120,504 | 120,518 | ||
Impact of divestiture on goodwill | 0 | |||||
Parts & Services | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 67,935 | $ 67,936 | $ 67,934 | $ 79,042 | ||
Parts & Services | Extract Technology | ||||||
Goodwill [Line Items] | ||||||
Impact of divestiture on goodwill | $ 11,100 |
NONCONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES (VIEs) Narrative (Details) - Wabash Parts LLC |
Jun. 30, 2022 |
---|---|
Other Ownership Interests [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 50.00% |
Noncontrolling interest, ownership percentage by noncontrolling owners | 50.00% |
NONCONTROLLING INTERESTS AND VARIABLE INTEREST ENTITIES (VIEs) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 0 | $ 0 | ||
Net income attributable to noncontrolling interest | $ 187 | $ 0 | 187 | 0 |
Other comprehensive income (loss) | 0 | 0 | ||
Distributions declared to noncontrolling interest | 0 | 0 | ||
Balance at end of period | $ 187 | $ 0 | $ 187 | $ 0 |
INVENTORIES, NET (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 196,283 | $ 174,915 |
Finished goods | 83,185 | 42,933 |
Work in progress | 18,694 | 14,133 |
Aftermarket parts | 6,186 | 4,903 |
Used trailers | 990 | 737 |
Total inventory | $ 305,338 | $ 237,621 |
PREPAID EXPENSES AND OTHER - Prepaid Expenses and Other Current Assets (Details) - USD ($) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Chassis converter pool agreements | $ 11,217,000 | $ 18,185,000 |
Assets held for sale | 0 | 350,000 |
Income tax receivables | 3,356,000 | 10,386,000 |
Insurance premiums & maintenance/subscription agreements | 9,594,000 | 3,290,000 |
Commodity swap contracts | 4,280,000 | 7,963,000 |
All other | 3,533,000 | 3,621,000 |
Prepaid expenses and other current assets | 31,980,000 | 43,795,000 |
Restricted cash | $ 0 | $ 0 |
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 459,000 | $ 433,035 |
Less: unamortized discount and fees | (4,494) | (4,720) |
Less: current portion | 0 | 0 |
Long-term debt | 454,506 | 428,315 |
Senior Notes due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 400,000 | 400,000 |
Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 59,000 | $ 33,035 |
DEBT - New Term Loan Credit Agreements (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||||
Current portion of long-term debt | $ 0 | $ 0 | ||
Cash paid for interest | 10,177,000 | $ 11,508,000 | ||
Loss on debt extinguishment | $ 0 | 452,000 | ||
Senior Secured Credit Facility | New Term Loan Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Long-term line of credit | $ 108,800,000 | 108,800,000 | ||
Current portion of long-term debt | 0 | 0 | ||
Cash paid for interest | 1,300,000 | 2,700,000 | ||
Repayments of long-term debt | 30,000,000 | |||
Loss on debt extinguishment | 500,000 | |||
Amortization of debt issuance costs and discounts | $ (100,000) | $ (100,000) |
FINANCIAL DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative notional amount | $ 90.3 |
Pretax deferred gains expected to be reclassified | $ (4.2) |
FINANCIAL DERIVATIVE INSTRUMENTS - Fair Value Carrying Amount of Derivative Instruments (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Derivative [Line Items] | ||
Total derivatives designated as hedging instruments | $ (1,518) | $ 2,842 |
Prepaid expenses and other | ||
Derivative [Line Items] | ||
Derivative asset, fair value, gross asset | 4,280 | 7,963 |
Accounts payable and Other accrued liabilities | ||
Derivative [Line Items] | ||
Liability derivatives | $ (5,798) | $ (5,121) |
FINANCIAL DERIVATIVE INSTRUMENTS - Summary of Gain or Loss Recognized in AOCI (Details) - Commodity swap contracts - Cash Flow Hedging - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax) | $ (3,177) | $ (3,177) | $ 2,848 | ||
Amount of Gain (Loss) Reclassified from AOCI into Earnings | $ 7,265 | $ 8,374 | $ 12,563 | $ 9,410 |
LEASES - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
| |
Lessee, Lease, Description [Line Items] | |
Right-of-use asset obtained in exchange for operating lease liability | $ 8.9 |
Lease not yet commenced | $ 0.2 |
Lessee, operating lease, lease not yet commenced, term of contract | 3 years |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal term | 5 years |
LEASES - Leased Assets and Liabilities Included Within the Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Right-of-Use Assets | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating | $ 19,139 | $ 11,379 |
Finance | 0 | 2,658 |
Operating Lease and Finance Lease, Right-of-Use Asset | $ 19,139 | $ 14,037 |
Current | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Operating | $ 5,160 | $ 3,507 |
Finance | $ 0 | $ 59 |
Noncurrent | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other non-current liabilities | Other non-current liabilities |
Operating | $ 13,980 | $ 7,872 |
Finance | 0 | 0 |
Total lease liabilities | $ 19,140 | $ 11,438 |
LEASES - Lease Cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 1,209 | $ 1,229 | $ 2,318 | $ 2,484 |
Finance Lease Cost | ||||
Amortization of ROU leased assets | 0 | 36 | 36 | 72 |
Interest on lease liabilities | 0 | 7 | 1 | 15 |
Net lease cost | $ 1,209 | $ 1,272 | $ 2,355 | $ 2,571 |
LEASES - Maturity of Lease Liabilities (Details) $ in Thousands |
Jun. 30, 2022
USD ($)
|
---|---|
Operating Leases | |
2022 (remainder) | $ 3,089 |
2023 | 5,523 |
2024 | 4,408 |
2025 | 3,386 |
2026 | 2,894 |
Thereafter | 2,025 |
Total lease payments | 21,325 |
Less: interest | 2,185 |
Present value of lease payments | 19,140 |
Finance Leases | |
2022 (remainder) | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total lease payments | 0 |
Less: interest | 0 |
Present value of lease payments | 0 |
Total | |
2022 (remainder) | 3,089 |
2023 | 5,523 |
2024 | 4,408 |
2025 | 3,386 |
2026 | 2,894 |
Thereafter | 2,025 |
Total lease payments | $ 21,325 |
LEASES - Lease Terms and Discount Rates (Details) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Weighted average remaining lease term (years) | ||
Operating leases | 4 years 2 months 12 days | 4 years 3 months 18 days |
Finance leases | 0 years | 1 month 6 days |
Weighted average discount rate | ||
Operating leases | 5.02% | 5.12% |
Finance leases | 0.00% | 6.16% |
LEASES - Lease Costs Included in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 2,342 | $ 2,450 |
Operating cash flows from finance leases | 1 | 9 |
Financing cash flows from finance leases | $ 59 | $ 172 |
OTHER ACCRUED LIABILITIES - Other Accrued Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Payables and Accruals [Abstract] | ||||
Warranty | $ 21,206 | $ 22,045 | $ 20,985 | $ 20,570 |
Chassis converter pool agreements | 11,217 | 18,185 | ||
Payroll and related taxes | 17,772 | 15,679 | ||
Customer deposits | 26,456 | 17,646 | ||
Self-insurance | 11,073 | 11,152 | ||
Accrued interest | 3,885 | 4,288 | ||
Operating lease obligations | 5,160 | 3,507 | ||
Accrued taxes | 16,976 | 8,425 | ||
All other | 14,182 | 14,389 | ||
Other accrued liabilities | $ 127,927 | $ 115,316 |
OTHER ACCRUED LIABILITIES - Changes in Product Warranty Accrual (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 22,045 | $ 20,570 |
Provisions and revisions to estimates | 663 | 2,652 |
Payments | (1,502) | (2,237) |
Balance at end of period | $ 21,206 | $ 20,985 |
OTHER ACCRUED LIABILITIES - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2022 | |
Minimum | |
Accrued Liabilities [Line Items] | |
Warranty coverage period | 1 year |
Maximum | |
Accrued Liabilities [Line Items] | |
Warranty coverage period | 5 years |
DuraPlate Trailer Panels | |
Accrued Liabilities [Line Items] | |
Warranty coverage period | 10 years |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Loss Contingencies [Line Items] | ||
Outstanding chassis converter pool | $ 11,217 | $ 18,185 |
Chassis Converter Pool Agreements | ||
Loss Contingencies [Line Items] | ||
Consigned inventory belonging to the manufacturer | $ 400 |
STOCK-BASED COMPENSATION - Narrative (Details) $ in Millions |
Jun. 30, 2022
USD ($)
|
---|---|
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Compensation costs related to restricted stock units and performance units not yet recognized | $ 16.2 |
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | |||
---|---|---|---|---|
Aug. 31, 2021 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jul. 31, 2021 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stock repurchase program, authorized amount | $ 150.0 | $ 100.0 | ||
Stock repurchase program, period in force | 3 years | |||
Stock repurchase program, remaining authorized repurchase amount | $ 126.1 | |||
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | ||
Preferred Class A | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Preferred stock, shares authorized (in shares) | 25,000,000 |
INCOME TAXES (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 7,624 | $ 3,985 | $ 10,701 | $ 5,819 |
Effective tax rate | 23.50% | 27.30% |
IMPAIRMENT AND SALES OF PROPERTY, PLANT, AND EQUIPMENT - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Mar. 31, 2022 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Discontinued Operations and Disposal Groups [Abstract] | ||||||
Impairment | $ 1,000 | $ 800 | $ 986 | $ 817 | ||
Proceeds from the sale of assets | 1,100 | |||||
Gain on sale of property, plant, and equipment | $ 700 | |||||
Property, Plant and Equipment [Line Items] | ||||||
Impact of divestiture on goodwill | $ 11,101 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Extract Technology | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from divestiture of businesses | $ 20,800 | |||||
Gain (loss) on disposition of business | 1,900 | |||||
Impact of divestiture on goodwill | 11,100 | |||||
Net intangible assets written off | $ 1,300 |
SEGMENTS - Narrative (Details) |
1 Months Ended | 6 Months Ended |
---|---|---|
Sep. 30, 2021
segment
|
Jun. 30, 2022
product_category
segment
|
|
Segment Reporting [Abstract] | ||
Number of segments | 2 | 2 |
Number of operating segments | 2 | 2 |
Number of products | product_category | 4 |
SEGMENTS - Reportable Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Net sales | ||||
Total net sales | $ 642,769 | $ 449,422 | $ 1,189,530 | $ 841,425 |
Income (loss) from operations | 35,908 | 22,684 | 56,043 | 33,899 |
Transportation Solutions | ||||
Net sales | ||||
Total net sales | 593,125 | 401,085 | 1,094,165 | 745,423 |
Parts & Services | ||||
Net sales | ||||
Total net sales | 49,644 | 48,337 | 95,365 | 96,002 |
Corporate and Eliminations | ||||
Net sales | ||||
Total net sales | (3,608) | (1,507) | (5,620) | (3,218) |
Income (loss) from operations | (20,203) | (12,192) | (38,554) | (23,984) |
Corporate and Eliminations | Transportation Solutions | ||||
Net sales | ||||
Total net sales | 2,857 | 1,092 | 3,882 | 1,873 |
Corporate and Eliminations | Parts & Services | ||||
Net sales | ||||
Total net sales | 751 | 415 | 1,738 | 1,345 |
Operating Segments | Transportation Solutions | ||||
Net sales | ||||
Total net sales | 595,982 | 402,177 | 1,098,047 | 747,296 |
Income (loss) from operations | 47,973 | 26,815 | 79,670 | 43,438 |
Operating Segments | Parts & Services | ||||
Net sales | ||||
Total net sales | 50,395 | 48,752 | 97,103 | 97,347 |
Income (loss) from operations | $ 8,138 | $ 8,061 | $ 14,927 | $ 14,445 |