LCI INDUSTRIES, 10-K filed on 2/21/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 14, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Transition Report false    
Entity Registrant Name LCI INDUSTRIES    
Amendment Flag false    
Document Period End Date Dec. 31, 2024    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Incorporation, State or Country Code DE    
Entity Central Index Key 0000763744    
Trading Symbol LCII    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Current Fiscal Year End Date --12-31    
Entity Common Stock, Shares Outstanding   25,463,227  
Entity Well-known Seasoned Issuer Yes    
Entity Interactive Data Current Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Public Float     $ 1,885,436,312
Entity File Number 001-13646    
Entity Tax Identification Number 13-3250533    
Entity Address, Address Line One 3501 County Road 6 East    
Entity Address, City or Town Elkhart,    
Entity Address, State or Province IN    
Entity Address, Postal Zip Code 46514    
City Area Code 574    
Local Phone Number 535-1125    
Title of 12(b) Security Common Stock, $.01 par value    
Security Exchange Name NYSE    
Documents Incorporated by Reference
Portions of the Proxy Statement for the 2025 Annual Meeting of Stockholders to be held on May 15, 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K.
    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Chicago, Illinois
Auditor Firm ID 185
v3.25.0.1
Consolidated Statements Of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 3,741,208 $ 3,784,808 $ 5,207,143
Cost of sales 2,861,493 3,008,618 3,933,854
Gross profit 879,715 776,190 1,273,289
Selling, general and administrative expenses 661,478 652,762 720,261
Operating profit 218,237 123,428 553,028
Interest expense, net 28,899 40,424 27,573
Income before income taxes 189,338 83,004 525,455
Provision for income taxes 46,471 18,809 130,481
Net income $ 142,867 $ 64,195 $ 394,974
Net income per common share:      
Basic (in usd per share) $ 5.61 $ 2.54 $ 15.57
Diluted (in usd per share) $ 5.60 $ 2.52 $ 15.48
Weighted average common shares outstanding:      
Basic (in shares) 25,447 25,305 25,372
Diluted (in shares) 25,507 25,436 25,514
v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 142,867 $ 64,195 $ 394,974
Other comprehensive (loss) income:      
Net foreign currency translation adjustment (10,807) 8,532 (20,920)
Actuarial (loss) gain on pension plans (233) (964) 28,125
Total comprehensive income $ 131,827 $ 71,763 $ 402,179
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 165,756 $ 66,157
Accounts receivable, net of allowances of $5,439 and $5,701 at December 31, 2024 and 2023, respectively 199,560 214,707
Inventories, net 736,604 768,407
Prepaid expenses and other current assets 58,318 67,599
Total current assets 1,160,238 1,116,870
Fixed assets, net 432,728 465,781
Goodwill 585,773 589,550
Other intangible assets, net 392,018 448,759
Operating lease right-of-use assets 224,313 245,388
Other long-term assets 99,669 92,971
Total assets 2,894,739 2,959,319
Current liabilities    
Current maturities of long-term indebtedness 423 589
Accounts payable, trade 187,684 183,697
Current portion of operating lease obligations 38,671 36,269
Accrued expenses and other current liabilities 185,275 174,437
Total current liabilities 412,053 394,992
Long-term indebtedness 756,830 846,834
Operating lease obligations 199,929 222,680
Deferred taxes 26,110 32,345
Other long-term liabilities 112,931 107,432
Total liabilities 1,507,853 1,604,283
Stockholders’ equity    
Common stock, par value $.01 per share 288 287
Paid-in capital 257,486 245,659
Retained earnings 1,208,096 1,177,034
Accumulated other comprehensive (loss) income 3,232 14,272
Stockholders’ equity before treasury stock 1,469,102 1,437,252
Treasury stock, at cost (82,216) (82,216)
Total stockholders’ equity 1,386,886 1,355,036
Total liabilities and stockholders’ equity $ 2,894,739 $ 2,959,319
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Allowance for Doubtful Accounts Receivable, Current $ 5,439 $ 5,701
Common stock, par value $ 0.01 $ 0.01
v3.25.0.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net income $ 142,867 $ 64,195 $ 394,974
Adjustments to reconcile net income to cash flows provided by operating activities:      
Depreciation and amortization 125,693 131,768 129,212
Stock-based compensation expense 18,653 18,229 23,695
Deferred taxes (7,073) 2,067 (9,277)
Other non-cash items 7,209 7,716 3,496
Changes in assets and liabilities, net of acquisitions of businesses:      
Accounts receivable, net 13,469 1,594 115,706
Inventories, net 46,335 235,347 117,419
Prepaid expenses and other assets 4,532 25,954 14,990
Accounts payable, trade 3,474 38,737 (161,121)
Accrued expenses and other liabilities 15,125 1,622 (26,580)
Net cash flows provided by operating activities 370,284 527,229 602,514
Cash flows from investing activities:      
Capital expenditures (42,333) (62,209) (130,641)
Acquisitions of businesses (19,957) (25,851) (108,470)
Other investing activities 1,192 4,312 (2,679)
Net cash flows used in investing activities (61,098) (83,748) (241,790)
Cash flows from financing activities:      
Vesting of stock-based awards, net of shares tendered for payment of taxes (9,159) (9,628) (10,961)
Proceeds from revolving credit facility 86,248 248,900 1,128,400
Repayments under revolving credit facility (138,752) (464,822) (1,233,740)
Repayments under shelf loan, term loan, and other borrowings (36,655) (61,099) (73,031)
Payment of dividends (109,471) (106,336) (102,726)
Payment of contingent consideration and holdbacks related to acquisitions (2) (31,857) (60,228)
Repurchases of common stock 0 0 (24,054)
Other financing activities (430) (1,342) 1,469
Net cash flows used in financing activities (208,221) (426,184) (374,871)
Effect of exchange rate changes on cash and cash equivalents (1,366) 1,361 (1,250)
Net increase (decrease) in cash and cash equivalents 99,599 18,658 (15,397)
Cash and cash equivalents at beginning of period 66,157 47,499 62,896
Cash and cash equivalents at end of period 165,756 66,157 47,499
Supplemental disclosure of cash flow information:      
Interest 31,505 39,925 25,052
Income taxes, net of refunds 46,422 8,118 170,012
Contribution of net assets for investment in unconsolidated joint venture 0 34,220 0
Purchase of property and equipment in accrued expenses $ 293 $ 531 $ 1,730
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Consolidated Statement Of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Treasury Stock, Common
Beginning Balance at Dec. 31, 2021 $ 1,092,875 $ 284 $ 220,459 $ 930,795 $ (501) $ (58,162)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 394,974     394,974    
Issuance of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes (10,961) 1 (10,962)      
Stock-based compensation expense 23,695   23,695      
Adjustments to additional paid in capital, convertible debt with conversion feature (24,054)         (24,054)
Other comprehensive income (loss) 7,205       7,205  
Cash dividends (102,726)     (102,726)    
Dividend equivalents on stock-based awards 0   1,764 (1,764)    
Ending Balance at Dec. 31, 2022 1,381,008 285 234,956 1,221,279 6,704 (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 64,195     64,195    
Issuance of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes (9,628) 2 (9,630)      
Stock-based compensation expense 18,229   18,229      
Other comprehensive income (loss) 7,568       7,568  
Cash dividends (106,336)     (106,336)    
Dividend equivalents on stock-based awards 0   2,104 (2,104)    
Ending Balance at Dec. 31, 2023 1,355,036 287 245,659 1,177,034 14,272 (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 142,867     142,867    
Issuance of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes (9,159) 1 (9,160)      
Stock-based compensation expense 18,653   18,653      
Other comprehensive income (loss) (11,040)       (11,040)  
Cash dividends (109,471)     (109,471)    
Dividend equivalents on stock-based awards 0   2,334 (2,334)    
Ending Balance at Dec. 31, 2024 $ 1,386,886 $ 288 $ 257,486 $ 1,208,096 $ 3,232 $ (82,216)
v3.25.0.1
Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Issuance of common stock (in shares) 137,114 147,216 159,125
Stock repurchased during period (in shares) 0 0 253,490
Special cash dividend, per share $ 4.3 $ 4.2 $ 4.05
v3.25.0.1
Basis of Presentation
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation BASIS OF PRESENTATION
The Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. All significant intercompany balances and transactions have been eliminated.

LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), is a global leader in supplying engineered components to the outdoor recreation, transportation, and building products industries. In addition to serving original equipment manufacturers ("OEMs"), the Company also caters to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as directly to consumers online. At December 31, 2024, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

The Company's results are influenced by seasonal demand patterns, with sales and profits typically strongest in the second quarter and weakest in the fourth quarter. However, economic conditions, dealer inventory fluctuations, and consumer trends can impact these patterns. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. Certain prior year balances have been reclassified to conform to the current year presentation.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition, and results of operations.
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Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Cash and Cash Equivalents

The Company considers cash on hand, money market funds, and other highly liquid investments with original maturities of three months or less to be cash and cash equivalents.
Accounts Receivable

Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience, current conditions, and reasonable forecasts. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected.

Inventories

Inventories are stated at the lower of cost (using the first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead.

Fixed Assets

Fixed assets which are owned are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred.

Leases

The Company leases certain manufacturing and distribution facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. At contract inception, the Company determines whether a contract is or contains a lease and whether the lease should be classified as an operating or finance lease. The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate based on information available at lease inception in determining the present value of the lease payments. The Company applies a portfolio approach for determining the incremental borrowing rate based on applicable lease terms and the current economic environment. Many of the Company's leases include renewal options, which are included in the lease term when it is reasonably certain the option will be exercised. Leases with an initial term of 12 months or less are recognized in lease expense on a straight-line basis over the lease term and not recorded on the Consolidated Balance Sheets.

Certain of the Company's lease arrangements contain lease components (such as minimum rent payments) and non-lease components (such as common-area or other maintenance costs and taxes). The Company generally accounts for each component separately based on the estimated standalone price of each component. Some of the Company's lease arrangements include rental payments that are adjusted periodically for an index rate. These leases are initially measured using the projected payments in effect at the inception of the lease. Certain of the Company's leased semi-tractors, trailers, and forklifts include variable costs for usage or mileage. Such variable costs are expensed as incurred and included in variable lease costs.

Finance leases and lease arrangements under which the Company is the lessor are not material to the Company's consolidated financial statements. The Company's lease agreements typically do not contain any significant residual value guarantees or restrictive covenants.

Warranty

The Company provides warranty terms based upon the type of product sold. The Company uses historical warranty costs, claim lag, sales, and current trends of repair costs as assumptions and inputs into its model to estimate future warranty claims and the associated warranty accrual. The accounting for warranty accruals requires the Company to make assumptions and judgments, and to the extent actual results differ from original estimates, adjustments to recorded accruals may be required. The Company records adjustments to the warranty accrual as preexisting warranty amounts which represent a change in estimates related to sales occurring in prior periods. Such adjustments typically occur when actual claim experience deviates from historical trends. See Note 7 - Accrued Expenses and Other Current Liabilities for further detail.

Income Taxes

Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized.
The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. The Company classifies interest and penalties related to income taxes as a component of income tax expense in its Consolidated Statements of Income.

Goodwill

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In 2024 and 2023, the Company assessed qualitative factors of its reporting units to determine whether it was more likely than not the fair value of the reporting unit was less than its carrying amount, including goodwill. The qualitative impairment test consists of an assessment of qualitative factors, including general economic and industry conditions, market share, and input costs.

Other Intangible Assets
Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment. Intangible assets are amortized using either an accelerated or straight-line method, whichever best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. The useful lives of intangible assets are determined after considering the expected cash flows and other specific facts and circumstances related to each intangible asset. Intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

Impairment of Long-Lived Assets

Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets.

Foreign Currency Translation

The financial statements of the Company's international subsidiaries generally are measured using the local currency as the functional currency. The translation from the applicable foreign currency to U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average exchange rate for the period. The resulting translation adjustments are recorded in accumulated other comprehensive income as a component of stockholders' equity. The Company reflects net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of foreign currency exchange gains or losses in selling, general and administrative expenses in the Consolidated Statements of Income.

Stock-Based Compensation

All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards having a service-only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair values of deferred stock units, restricted stock units, restricted stock, and stock awards are based on the market price of the Company's common stock, all on the date the stock-based awards are granted.
Revenue Recognition

The Company recognizes revenue when performance obligations under the terms of contracts with customers are satisfied, which occurs with the transfer of control of the Company’s products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products to its customers. Sales, value added, and other taxes collected concurrently with revenue-producing activities are excluded from revenue.
For product sales, the Company transfers control and recognizes revenue when it ships the product from its facility to its customer. The amount of consideration the Company receives, and the revenue recognized, varies with sales discounts, volume rebate programs, and indexed material pricing. When the Company offers customers retrospective volume rebates, it estimates the expected rebates based on an analysis of historical experience. The Company adjusts its estimate of revenue related to volume rebates at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. Volume rebates are generally settled on a quarterly basis. When the Company offers customers prompt pay sales discounts or agrees to variable pricing based on material indices, it estimates the expected discounts or pricing adjustments based on an analysis of historical experience. The Company adjusts its estimate of revenue related to sales discounts and indexed material pricing to the expected value of the consideration to which the Company will be entitled. The Company includes the variable consideration in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue will not occur when the volume, discount or indexed material price uncertainties are resolved.
See Note 14 - Segment Reporting for the Company's disclosures of disaggregated revenue.
Shipping and Handling Costs
The Company recognizes shipping and handling costs as fulfillment costs when control over products has transferred to the customer, and records the expense within selling, general and administrative expenses. Such costs aggregated to $208.2 million, $214.9 million, and $230.4 million in the years ended December 31, 2024, 2023, and 2022, respectively.

Legal Costs

The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income.

Fair Value Measurements

Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as debt extinguishments. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after
December 15, 2027, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company will adopt this ASU for the year ending December 31, 2025, and it will only impact the Company's disclosures with no impacts to its financial condition or results of operations.
Recently adopted accounting pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires entities to report incremental information about significant segment expenses included in a segment's profit or loss measure as well as the title and position of the chief operating decision maker ("CODM"). The new standard also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The Company adopted ASU 2023-07 effective December 31, 2024 on a retrospective basis. As a result, the Company has enhanced its segment disclosures in this report to include the presentation of cost of sales and selling, general and administrative expenses by segment and the disclosure of its CODM. The adoption of this ASU only affects the Company's disclosures with no impact to its financial condition or results of operations.
v3.25.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the years ended December 31:
(In thousands)202420232022
Weighted average shares outstanding for basic earnings per share25,447 25,305 25,372 
Common stock equivalents pertaining to stock-based awards60 131 142 
Weighted average shares outstanding for diluted earnings per share25,507 25,436 25,514 
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been anti-dilutive242 165 102 
For the Company's 1.125 percent convertible senior notes due 2026 (the "Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "Indenture"), to settle the principal amount of the Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the Convertible Notes are converted. Because the average closing price of the Company's common stock for the year ended December 31, 2024, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.

In conjunction with the issuance of the Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock (the "Warrants"). The Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the Warrants, the Company uses the treasury stock method. With this method, the Company assumes exercise of the Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the Warrants less the number of shares repurchased, are included in diluted shares. For the year ended December 31, 2024, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.
In connection with the issuance of the Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "Convertible Note Hedge Transactions") with the Counterparties. The Company paid an aggregate amount of $100.1 million to the Counterparties pursuant to the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. Exercise of the Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.
v3.25.0.1
Acquisitions, Goodwill And Other Intangible Assets
 12 Months Ended
Dec. 31, 2024
Acquisitions, Goodwill And Other Intangible Assets [Abstract]  
Acquisitions, Goodwill and Other Intangible Assets ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS
Acquisition in 2024

Camping World Furniture

In May 2024, the Company acquired the business and certain assets of the furniture operations of CWDS, LLC, a subsidiary of Camping World Holdings, Inc., in exchange for cash consideration of $20.0 million, plus a holdback payment of $1.0 million due on the first anniversary of the acquisition. The acquisition, which qualifies as a business combination for accounting purposes, expands the Company's furniture portfolio. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the OEM segment. The preliminary purchase price allocation resulted in $1.7 million of goodwill (tax deductible) and $4.3 million of acquired intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented.

Acquisitions in 2023

During the year ended December 31, 2023, the Company completed two acquisitions for an aggregate $25.8 million of cash purchase consideration, plus holdback payments of $0.2 million to be paid in 2025. The purchase price allocations resulted in $16.8 million of goodwill (tax deductible).

Acquisitions in 2022

Way

In November 2022, the Company acquired substantially all of the business assets of Way Interglobal Network LLC ("Way"), a distributor of innovative appliances and electronics to OEMs in the RV industry. The Company paid $52.8 million in cash consideration at closing, subject to adjustment as a result of net working capital true-up procedures, and with deferred consideration of $2.0 million originally due on the first anniversary of the acquisition in November 2023. The Company completed a reconciliation of net working capital with the seller, which resulted in a reduction of the purchase price by $15.4 million. This purchase price reduction resulted in the cancellation of the holdback payment and recognition of a receivable from the seller. Following these adjustments, the Company determined that the total fair value of the consideration given was $39.3 million. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, primarily in the Company's OEM Segment.

Girard

In March 2022, the Company acquired substantially all of the business assets of Girard Systems and Girard Products LLC (collectively "Girard"), a manufacturer and distributor of proprietary awnings and tankless water heaters for OEMs and aftermarket customers in the RV, specialty vehicle, and related industries. The total fair value of consideration was approximately $70.7 million. The Company paid $50.0 million in cash consideration at closing, with fixed deferred consideration of $20.0 million paid in July 2022 and $0.7 million paid to true up net working capital in September 2022. The results of the acquired business have been included in the Consolidated Statements of Income since the acquisition date, in both the Company's OEM and Aftermarket Segments.
Other Acquisitions in 2022

During the twelve months ended December 31, 2022, the Company completed two other acquisitions for $5.0 million of cash purchase consideration. The purchase price allocations resulted in $0.8 million of goodwill (tax deductible).

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands)OEM SegmentAftermarket SegmentTotal
Net balance – December 31, 2022$399,736 $167,327 $567,063 
Acquisitions and divestitures14,025 — 14,025 
Measurement period adjustments5,708 160 5,868 
Foreign currency translation2,232 362 2,594 
Net balance – December 31, 2023421,701 167,849 589,550 
Acquisitions1,709 — 1,709 
Foreign currency translation(5,190)(296)(5,486)
Net balance – December 31, 2024$418,220 $167,553 $585,773 
The Company performed its annual goodwill impairment procedures for all of its reporting units as of November 30, 2024, 2023, and 2022, and concluded no goodwill impairment existed at any of those times. The Company plans to update its assessment as of November 30, 2025, or sooner if events occur or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying value. The goodwill balance as of each of December 31, 2024, 2023, and 2022 included $50.5 million of accumulated impairment, which occurred prior to December 31, 2022.

Other Intangible Assets

Other intangible assets, by segment, at December 31 were as follows:
(In thousands)20242023
OEM Segment$235,403 $276,622 
Aftermarket Segment156,615 172,137 
Other intangible assets$392,018 $448,759 
Other intangible assets consisted of the following at December 31, 2024:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$508,945 $228,332 $280,613 6to20
Patents111,934 74,010 37,924 3to20
Trade names (finite life)95,879 30,524 65,355 3to20
Trade names (indefinite life)7,432 — 7,432 Indefinite
Non-compete agreements5,154 4,732 422 3to6
Other609 337 272 2to12
Other intangible assets$729,953 $337,935 $392,018 
The Company performed its annual impairment test for indefinite lived intangible assets as of November 30, 2024, 2023, and 2022, and concluded no impairment existed at any of those times.
Other intangible assets consisted of the following at December 31, 2023:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$509,505 $189,967 $319,538 6to20
Patents114,864 67,602 47,262 3to20
Trade names (finite life)99,366 26,978 72,388 3to20
Trade names (indefinite life)7,600 — 7,600 Indefinite
Non-compete agreements10,104 8,453 1,651 3to6
Other609 289 320 2to12
Other intangible assets$742,048 $293,289 $448,759 
Amortization expense related to other intangible assets was as follows for the years ended December 31:
(In thousands)202420232022
Cost of sales$8,915 $9,910 $10,155 
Selling, general and administrative expense46,385 47,165 46,218 
Amortization expense$55,300 $57,075 $56,373 
Estimated amortization expense for other intangible assets for the next five years is as follows:
(In thousands)20252026202720282029
Cost of sales$7,997 $6,779 $6,046 $5,995 $5,049 
Selling, general and administrative expense43,184 41,279 40,219 37,064 35,967 
Amortization expense$51,181 $48,058 $46,265 $43,059 $41,016 
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories consisted of the following at December 31:
(In thousands)20242023
Raw materials$427,585 $457,877 
Work in process44,435 45,112 
Finished goods264,584 265,418 
Inventories, net$736,604 $768,407 

At December 31, 2024 and 2023, the Company had recorded inventory obsolescence reserves of $77.7 million and $71.3 million, respectively.
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Fixed Assets
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Fixed Assets FIXED ASSETS
Fixed assets consisted of the following at December 31:
 Estimated
Useful Life
(In thousands)20242023in Years
Land$20,506 $20,669 
Buildings and improvements247,276 244,742 
10 to 40
Leasehold improvements34,114 33,193 
3 to 20
Machinery and equipment539,327 542,395 
3 to 15
Furniture and fixtures82,049 100,368 
3 to 15
Construction in progress36,947 42,181 
Fixed assets, at cost960,219 983,548 
Less accumulated depreciation and amortization(527,491)(517,767)
Fixed assets, net$432,728 $465,781 
Depreciation and amortization of fixed assets was as follows for the years ended December 31:
(In thousands)202420232022
Cost of sales$56,773 $57,134 $56,039 
Selling, general and administrative expenses13,620 17,559 16,800 
Total$70,393 $74,693 $72,839 
v3.25.0.1
Accrued Expenses And Other Current Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consisted of the following at December 31:
(In thousands)20242023
Employee compensation and benefits$70,107 $58,845 
Current portion of accrued warranty40,735 48,468 
Customer rebates21,707 19,403 
Other52,726 47,721 
Accrued expenses and other current liabilities$185,275 $174,437 
Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the years ended December 31:
(In thousands)202420232022
Balance at beginning of period$71,578 $54,528 $52,114 
Provision for warranty expense issued during the period38,123 55,023 39,782 
Provision for warranty expense for preexisting warranties16,724 29,308 6,581 
Warranty liability from acquired businesses— 789 — 
Warranty costs paid(60,940)(68,070)(43,949)
Balance at end of period65,485 71,578 54,528 
Less long-term portion(24,750)(23,110)(19,380)
Current portion of accrued warranty at end of period$40,735 $48,468 $35,148 
v3.25.0.1
Retirement And Other Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement and Other Benefit Plans RETIREMENT AND OTHER BENEFIT PLANS
Defined Contribution Plan

The Company maintains a discretionary defined contribution 401(k) profit sharing plan covering all eligible employees. The Company contributed $11.6 million, $12.1 million, and $12.9 million to this plan during the years ended December 31, 2024, 2023, and 2022, respectively.

Deferred Compensation Plan

The Company has an Executive Non-Qualified Deferred Compensation Plan (the "Plan"). Pursuant to the Plan, certain management employees are eligible to defer all or a portion of their regular salary and incentive compensation. Participants deferred $0.4 million, $2.6 million, and $5.4 million during the years ended December 31, 2024, 2023, and 2022, respectively. The amounts deferred under this Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. Each Plan participant is fully vested in their deferred compensation and earnings credited to his or her account as all contributions to the Plan are made by the participant. The Company is responsible for certain costs of Plan administration, which are not significant, and will not make any contributions to the Plan. Pursuant to the Plan, payments to the Plan participants are made from the general unrestricted assets of the Company, and the Company's obligations pursuant to the Plan are unfunded and unsecured. Participants withdrew $2.9 million, $5.0 million, and $2.4 million from the Plan during the years ended December 31, 2024, 2023, and 2022, respectively. At December 31, 2024 and 2023, deferred compensation of $43.8 million and $40.5 million, respectively, was recorded in other long-term liabilities, and deferred compensation of $2.5 million and $2.5 million, respectively, was recorded in accrued expenses and other current liabilities. The Company invests the majority of amounts deferred by the Plan participants in life insurance contracts, matching the investments elected by the Plan participants. Deferred compensation assets and liabilities are recorded at contract value. At December 31, 2024 and 2023, investments under the plan of $45.2 million and $41.8 million, respectively, were recorded in other long-term assets.

Dutch Pension Plans

The acquisition of Polyplastic in January 2020 included the assumption of two partially-funded defined benefit pension plans (the "Dutch pension plans") based in the Netherlands. The Dutch pension plans, which are qualified defined benefit pension plans, provided benefits based on years of service and average pay. During 2022, there was a curtailment of the Dutch pension plans for the Company's Dutch employees. These employees were moved into defined contribution plans. The Company has purchased annuity contracts from an insurance company to cover the vested benefits of the defined pension plans; however, future indexation and cost of living adjustments for all participants remains applicable, and the Company remains liable for future funding. The Company is not obligated to provide future pension funding for service after December 31, 2022.
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Long-Term Indebtedness
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Indebtedness LONG-TERM INDEBTEDNESS
Long-term debt consisted of the following at December 31:
(In thousands)20242023
Convertible Notes$460,000 $460,000 
Term Loan280,000 315,000 
Revolving Credit Loan19,263 75,909 
Other1,588 3,138 
Unamortized deferred financing fees(3,598)(6,624)
757,253 847,423 
Less current portion(423)(589)
Long-term indebtedness$756,830 $846,834 
Credit Agreement

The Company and certain of its subsidiaries are party to a credit agreement dated December 14, 2018 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders (as amended, the "Credit Agreement"). The Credit
Agreement provides for a $600.0 million revolving credit facility (of which $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loan") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Credit Agreement is December 7, 2026. The Term Loan is required to be repaid in an amount equal to 1.25 percent of the original principal amount of the Term Loan for the first eight quarterly periods commencing with the quarter ended December 31, 2021, 1.875 percent of the original principal amount of the Term Loan for the next eight quarterly periods, and then 2.50 percent of the original principal amount of the Term Loan of each additional payment until the maturity date. The Company prepaid $37.5 million of principal on the Term Loan during 2023 and an additional $35.0 million of principal on the Term Loan during 2024, which was applied to pay in full the scheduled principal amortization payments due through March 31, 2026. The Credit Agreement also permits the Company to request an increase to the revolving and/or term loan facility by up to an additional $400.0 million in the aggregate upon the approval of the lenders providing any such increase and the satisfaction of certain other conditions.

Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company as (i) base rate loans which bear interest at a base rate plus additional interest ranging from 0.0 percent to 0.875 percent (0.375 percent was applicable at December 31, 2024) depending on the Company’s total net leverage ratio or (ii) term benchmark loans which bear interest at term Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.1 percent for an interest period selected by the Company plus additional interest ranging from 0.875 percent to 1.875 percent (1.375 percent was applicable at December 31, 2024) depending on the Company’s total net leverage ratio. Foreign currency borrowings have the same additional interest margins applicable to term benchmark loans based on the Company's total net leverage ratio. At December 31, 2024 and 2023, the Company had $4.8 million and $4.7 million, respectively, in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.150 percent to 0.275 percent (0.200 percent was applicable at December 31, 2024) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.

Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At December 31, 2024, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility, giving effect to this limitation, was $452.5 million at December 31, 2024. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.

At December 31, 2024, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.

Convertible Notes

On May 13, 2021, the Company issued $460.0 million in aggregate principal amount of 1.125 percent Convertible Notes due 2026 in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.8 million after deducting the initial purchasers' discounts and offering expenses payable by the Company. The Convertible Notes bear interest at a coupon rate of 1.125 percent per annum, payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The Convertible Notes will mature on May 15, 2026, unless earlier converted, redeemed, or repurchased, in accordance with their terms.

As of December 31, 2024, the conversion rate of the Convertible Notes was 6.2482 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes. The conversion rate of the Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

Prior to the close of business on the business day immediately preceding January 15, 2026, the Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the Indenture. On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the
Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted.

Beginning on May 20, 2024, the Company may redeem for cash all or any portion of the Convertible Notes, at the Company's option, if the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 percent of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders of the Convertible Notes may require the Company to repurchase for cash all or any portion of their Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest on such Convertible Notes to, but not including, the fundamental change repurchase date (as defined in the Indenture).

The Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the Convertible Notes, equal in right of payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of our subsidiaries. The Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding Convertible Notes to be due and payable.

The Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the Convertible Notes of $453.1 million at December 31, 2024 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The components of earnings before income taxes consisted of the following for the years ended December 31:
(In thousands)202420232022
United States$195,866 $92,679 $550,030 
Foreign(6,528)(9,675)(24,575)
Total earnings before income taxes$189,338 $83,004 $525,455 
The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31:
(In thousands)202420232022
Current:
Federal$45,922 $15,454 $114,744 
State and local6,887 1,752 22,998 
Foreign735 (464)2,016 
Total current provision53,544 16,742 139,758 
Deferred:
Federal(2,249)5,824 (3,786)
State and local(425)824 (285)
Foreign(4,399)(4,581)(5,206)
Total deferred provision (benefit)(7,073)2,067 (9,277)
Provision for income taxes$46,471 $18,809 $130,481 
The Company had cash and cash equivalents of approximately $165.8 million and $66.2 million at December 31, 2024 and 2023, respectively, of which approximately 11 percent and 19 percent was held by subsidiaries in foreign countries. The
Company examined the potential liabilities related to investments in foreign subsidiaries and concluded that there are no material deferred tax liabilities that should be recorded.

The provision for income taxes differs from the amount computed by applying the federal statutory rate of 21 percent for 2024, 2023, and 2022 to income before income taxes for the following reasons for the years ended December 31:
(In thousands)202420232022
Income tax at federal statutory rate$39,761 $17,431 $110,345 
State income tax, net of federal income tax impact5,105 2,035 17,944 
Section 162(m) permanent addback3,735 1,896 3,784 
Federal tax credits(1,002)(1,219)(1,638)
Share-based payment compensation excess tax benefit(346)(242)(509)
Other(782)(1,092)555 
Provision for income taxes$46,471 $18,809 $130,481 
At December 31, 2024, the Company had domestic federal income taxes receivable of $5.6 million, domestic state income taxes receivable of $3.7 million, and foreign taxes receivable of $3.3 million recorded. At December 31, 2023, the Company had domestic federal income taxes receivable of $7.7 million, domestic state income taxes receivable of $5.8 million, and foreign taxes receivable of $3.2 million recorded.

Deferred Income Tax Assets and Liabilities and Valuation Allowances

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31:
(In thousands)20242023
Deferred tax assets:
Stock-based compensation$1,836 $1,840 
Pension909 1,133 
Deferred compensation11,114 10,223 
Warranty13,540 13,936 
Convertible debt bond hedge7,323 12,289 
Inventory24,007 20,811 
Research and experimental costs9,018 6,845 
Other6,963 7,043 
Lease obligation asset57,528 62,460 
Net operating loss, interest, and tax credit carryforwards15,152 13,231 
Total deferred tax assets before valuation allowance147,390 149,811 
Less valuation allowance(7,657)(7,300)
Total deferred tax assets net of valuation allowance139,733 142,511 
Deferred tax liabilities:
Lease obligation liability(54,106)(59,212)
Fixed assets(40,432)(45,995)
Intangible assets(64,953)(66,398)
Total deferred tax liabilities(159,491)(171,605)
Net deferred tax liabilities$(19,758)$(29,094)
At December 31, 2024 and 2023, the Company had net foreign deferred tax liabilities of $8.7 million and $15.4 million, respectively, primarily related to intangible assets, fixed assets, foreign pension obligations, and net operating loss carryforwards net of any related valuation allowances included in other long-term liabilities on the Consolidated Balance Sheets.
As of December 31, 2024, the Company had deferred tax assets recorded related to foreign net operating losses and tax credit carryforwards of $15.2 million, net. This includes $1.7 million related to U.K. entities, $5.1 million related to Italian entities, $7.5 million related to Hong Kong entities, and $0.9 million related to other foreign entities. The net operating losses and tax credit carryforwards have indefinite lives.

The foreign valuation allowance for Hong Kong deferred tax assets as of December 31, 2024 and 2023 was $7.5 million and $7.2 million, respectively. Based upon historical results and estimated future results, it is the judgment of management that these tax carryforward attributes related to Hong Kong entities are not likely to be realized. The Company has concluded it is more likely than not that it will realize the benefit of all other existing deferred tax assets, net of the valuation allowances mentioned above.

Unrecognized Tax Benefits

The following table reconciles the total amounts of unrecognized tax benefits, at December 31:
(In thousands)202420232022
Balance at beginning of period$24,395 $23,376 $20,462 
Changes in tax positions of prior years— 218 — 
Additions based on tax positions related to the current year1,219 1,195 5,758 
Decreases due to settlements of liabilities— — (904)
Decreases due to closure of tax years(699)(394)(1,940)
Balance at end of period$24,915 $24,395 $23,376 
In addition, the total amount of accrued interest and penalties related to taxes, recognized as a liability, was $9.6 million, $7.2 million, and $5.1 million at December 31, 2024, 2023, and 2022, respectively.

The total amount of unrecognized tax benefits, net of federal income tax benefits, of $33.9 million, $30.8 million, and $27.5 million at December 31, 2024, 2023, and 2022, respectively, would, if recognized, increase the Company’s earnings, and lower the Company's annual effective tax rate in the year of recognition.

The Company is subject to taxation in the United States and various states and foreign jurisdictions. In the normal course of business, the Company is subject to examinations by taxing authorities in these jurisdictions. For U.S. federal and state income tax purposes, tax years 2023, 2022, and 2021 remain subject to examination.

The Company has assessed its risks associated with all tax return positions and believes its tax reserve estimates reflect its best estimate of the deductions and positions it will be able to sustain, or it may be willing to concede as part of a settlement. At this time, the Company does not anticipate any material change in its tax reserves in the next twelve months. The Company will continue to monitor the progress and conclusion of all audits and will adjust its estimated liability as necessary.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases LEASES
The components of lease cost were as follows for the years ended December 31:
(In thousands)202420232022
Operating lease cost$64,343 $61,247 $55,414 
Short-term lease cost3,587 4,969 7,737 
Variable lease cost4,180 4,312 3,046 
Total lease cost$72,110 $70,528 $66,197 
At December 31, 2024, the Company's operating leases had a weighted-average remaining lease term of 8.5 years and a weighted-average discount rate of 6.7 percent.

Cash Flows

Right-of-use assets of $29.6 million, $44.5 million, and $132.7 million were recognized as non-cash asset additions that resulted from new operating lease obligations during the years ended December 31, 2024, 2023, and 2022, respectively, which included $5.5 million, $0.4 million, and $42.2 million of right-of-use assets from acquisitions, respectively. Cash paid for
amounts included in the present value of operating lease obligations and included in cash flows from operations was $59.6 million, $55.5 million, and $47.9 million for the years ended December 31, 2024, 2023, and 2022, respectively.

Future minimum lease payments under operating leases as of December 31, 2024 were as follows:
(In thousands)
Year Ending December 31,
2025$52,407 
202641,855 
202735,847 
202832,668 
202929,303 
Thereafter122,447 
Total future minimum lease payments314,527 
Less interest(75,927)
Present value of operating lease liabilities$238,600 
v3.25.0.1
Commitments And Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies COMMITMENTS AND CONTINGENCIES
Holdback Payments and Contingent Consideration

From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are accrued at their discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. See Note 4 - Acquisitions, Goodwill and Other Intangible Assets for information on certain holdback payments. Contingent consideration balances were not material at December 31, 2024 and 2023.

Product Recalls

From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company's products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls.

Environmental

The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company's current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims.

Litigation

In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the
Company beyond that provided in the Consolidated Balance Sheet as of December 31, 2024, would not be material to the Company's financial position or annual results of operations.
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY
The following table summarizes information about shares of the Company's common stock at December 31:
(In thousands)20242023
Common stock authorized75,000 75,000 
Common stock issued28,804 28,667 
Treasury stock3,341 3,341 
Common stock outstanding25,463 25,326 
Dividends

The table below summarizes the regular quarterly dividends declared and paid during the years ended December 31:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
First Quarter 2022$0.90 03/11/2203/25/22$22,870 
Second Quarter 20221.05 06/03/2206/17/2226,702 
Third Quarter 20221.05 09/02/2209/16/2226,701 
Fourth Quarter 20221.05 12/02/2212/16/2226,453 
Total 2022$4.05 $102,726 
First Quarter 2023$1.05 03/10/2303/24/23$26,563 
Second Quarter 20231.05 06/02/2306/16/2326,591 
Third Quarter 20231.05 09/01/2309/15/2326,590 
Fourth Quarter 20231.05 12/01/2312/15/2326,592 
Total 2023$4.20 $106,336 
First Quarter 2024$1.05 03/08/2403/22/24$26,721 
Second Quarter 20241.05 05/31/2406/14/2426,734 
Third Quarter 20241.05 08/30/2409/13/2426,736 
Fourth Quarter 20241.15 11/29/2412/13/2429,280 
Total 2024$4.30 $109,471 
Stock-Based Awards

On May 24, 2018, the Company's stockholders approved the LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan"), which provides that the number of shares of common stock that may be the subject of awards and issued under the 2018 Plan is 1,500,000, plus shares subject to any awards outstanding as of May 24, 2018 under the LCI Industries Equity Award and Incentive Plan, as Amended and Restated, that subsequently expire, are forfeited or canceled, are settled for cash, are not issued in shares, or are tendered or withheld to pay the exercise price or satisfy any tax withholding obligations related to the award. Executive officers and other employees of the Company and its subsidiaries and affiliates, and independent directors, consultants, and others who provide substantial services to the Company and its subsidiaries and affiliates, are eligible to be granted awards under the 2018 Plan. Under the 2018 Plan, the Compensation Committee of LCII's Board of Directors is authorized to grant stock options, stock appreciation rights, restricted stock awards, stock unit awards, other stock-based awards, and cash incentive awards.

The number of shares available for future awards under the 2018 Plan was 640,848, 821,703, and 1,032,403 at December 31, 2024, 2023, and 2022, respectively.
Stock-based compensation resulted in charges to operations as follows for the years ended December 31:
(In thousands)202420232022
Deferred and restricted stock units$15,668 $15,462 $15,594 
Performance stock units2,985 2,767 8,101 
Stock-based compensation expense$18,653 $18,229 $23,695 
Stock-based compensation expense is recorded in the Consolidated Statements of Income in the same line as cash compensation to those employees is recorded, primarily in selling, general and administrative expenses.

Deferred and Restricted Stock Units

The 2018 Plan provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs and are subject to the same vesting criteria as the original grant.

DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. As a result of the Company's executive succession, the vesting of certain RSUs was accelerated pursuant to contractual obligations with certain employees whose employment terminated. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2021285,711 $110.41 
Issued5,427 101.87 
Granted162,719 119.84 
Dividend equivalents10,871 103.27 
Forfeited(15,012)121.99 
Vested(171,942)96.21 
Outstanding at December 31, 2022277,774 $120.92 
Issued3,244 119.43 
Granted159,640 114.22 
Dividend equivalents10,731 116.99 
Forfeited(23,440)121.16 
Vested(131,644)112.10 
Outstanding at December 31, 2023296,305 $118.60 
Issued2,321 111.83 
Granted143,407 125.20 
Dividend equivalents11,596 112.25 
Forfeited(21,249)122.30 
Vested(130,903)114.87 
Outstanding at December 31, 2024301,477 $119.84 
As of December 31, 2024, there was $19.0 million of total unrecognized compensation cost related to DSUs and RSUs, which is expected to be recognized over a weighted average remaining period of 1.7 years.
Performance Stock Units

The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:
Number of SharesStock Price
Outstanding at December 31, 2021149,961 $104.01 
Granted91,988 110.83 
Dividend equivalents6,210 103.29 
Forfeited(4,840)78.11 
Vested(80,938)82.40 
Outstanding at December 31, 2022162,381 $120.12 
Granted140,953 108.42 
Dividend equivalents7,236 117.20 
Forfeited(3,245)96.55 
Vested(100,046)101.11 
Outstanding at December 31, 2023207,279 $122.57 
Granted108,096 132.77 
Dividend equivalents9,198 112.27 
Vested(78,695)143.54 
Outstanding at December 31, 2024245,878 $120.26 
As of December 31, 2024, there was $6.3 million of total unrecognized compensation cost related to PSUs, which is expected to be recognized over a weighted average remaining period of 2.2 years.

Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss), net of income taxes, are as follows:
(In thousands)Foreign currency itemsPension itemsTotal
Accumulated other comprehensive income (loss) at December 31, 2022$(23,321)$30,025 $6,704 
Net foreign currency translation adjustment8,532 — 8,532 
Actuarial loss on pension plans— (964)(964)
Net current-period other comprehensive income (loss)8,532 (964)7,568 
Accumulated other comprehensive income (loss) at December 31, 2023(14,789)29,061 14,272 
Net foreign currency translation adjustment(9,366)(1,441)(10,807)
Actuarial loss on pension plans— (233)(233)
Net current-period other comprehensive loss(9,366)(1,674)(11,040)
Accumulated other comprehensive income (loss) at December 31, 2024$(24,155)$27,387 $3,232 

In both years ended December 31, 2024 and 2023, the Company recorded an immaterial amount in taxes related to other comprehensive income (loss).

Stock Repurchase Program

On May 19, 2022, the Company's Board of Directors authorized a stock repurchase program granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, ending on May 19,
2025. The timing of stock repurchases, and the number of shares will depend upon the market conditions and other factors. Share repurchases, if any, will be made in the open market and in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors. In 2022, the Company purchased 253,490 shares at a weighted average price of $94.89 per share, totaling $24.1 million. No purchases were made during the years ended December 31, 2024 and 2023.
v3.25.0.1
Segment Reporting
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 76 percent, 77 percent, and 83 percent of consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 53 percent, 47 percent, and 61 percent of the Company's OEM Segment net sales in 2024, 2023, and 2022, respectively, were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 24 percent, 23 percent, and 17 percent of consolidated net sales for each of the years ended December 31, 2024, 2023, and 2022, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation markets, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, and fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

The Company's CODM is its President and Chief Executive Officer. The decisions concerning the allocation of the Company's resources are made by the CODM with oversight by the Board of Directors. The CODM evaluates the performance of each segment and makes decisions concerning the allocation of resources based upon segment operating profit (loss), generally defined as income or loss before interest expense and income taxes. Segment assets are not reviewed by the Company's CODM and therefore are not disclosed below. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements.

The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers for the years ended December 31:
2024
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,486,108 $28,470 $1,514,578 
Motorhomes130,545 102,521 233,066 
Adjacent Industries OEMs927,276 185,530 1,112,806 
Total OEM Segment net sales2,543,929 316,521 2,860,450 
Aftermarket Segment:
Total Aftermarket Segment net sales803,354 77,404 880,758 
Total net sales$3,347,283 $393,925 $3,741,208 
2023
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,310,638 $48,215 $1,358,853 
Motorhomes160,857 108,499 269,356
Adjacent Industries OEMs1,085,631 189,902 1,275,533
Total OEM Segment net sales2,557,126 346,616 2,903,742 
Aftermarket Segment:
Total Aftermarket Segment net sales814,103 66,963 881,066 
Total net sales$3,371,229 $413,579 $3,784,808 
2022
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$2,561,683 $55,902 $2,617,585 
Motorhomes238,613 100,484 339,097
Adjacent Industries OEMs1,184,459 174,729 1,359,188
Total OEM Segment net sales3,984,755 331,115 4,315,870 
Aftermarket Segment:
Total Aftermarket Segment net sales824,895 66,378 891,273 
Total net sales$4,809,650 $397,493 $5,207,143 
(a)     Net sales to customers in the United States of America
(b)     Net sales to customers domiciled in countries outside of the United States of America

Long-lived assets, including net fixed assets, operating lease right-of-use assets, goodwill, and other net intangible assets, domiciled in countries outside of the United States of America were $361.8 million and $399.4 million as of December 31, 2024 and 2023, respectively.
Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows for the years ended December 31:
Segments
(In thousands)OEMAftermarketTotal
2024
Net sales to external customers (a)
$2,860,450 $880,758 $3,741,208 
Cost of sales2,303,283 558,210 2,861,493 
Gross profit557,167 322,548 879,715 
Selling, general and administrative expenses (b)
450,086 211,392 661,478 
Operating profit
$107,081 $111,156 $218,237 
Expenditures for long-lived assets (c)
28,593 19,469 48,062 
Depreciation and amortization93,327 32,366 125,693 
2023
Net sales to external customers (a)
$2,903,742 $881,066 $3,784,808 
Cost of sales2,448,176 560,442 3,008,618 
Gross profit455,566 320,624 776,190 
Selling, general and administrative expenses (b)
438,205 214,557 652,762 
Operating profit
$17,361 $106,067 $123,428 
Expenditures for long-lived assets (c)
68,750 20,230 88,980 
Depreciation and amortization99,976 31,792 131,768 
2022
Net sales to external customers (a)
$4,315,870 $891,273 $5,207,143 
Cost of sales3,325,354 608,500 3,933,854 
Gross profit990,516 282,773 1,273,289 
Selling, general and administrative expenses (b)
511,366 208,895 720,261 
Operating profit
$479,150 $73,878 $553,028 
Expenditures for long-lived assets (c)
173,732 33,245 206,977 
Depreciation and amortization99,419 29,793 129,212 

(a)     Thor Industries, Inc., a customer of both segments, accounted for 16 percent, 16 percent, and 23 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 18 percent, 15 percent, and 20 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2024, 2023, and 2022. No customer accounted for more than 10 percent of consolidated accounts receivable, net at December 31, 2024 and 2023.
(b)     Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense.
(c)     Expenditures for long-lived assets include capital expenditures, as well as fixed assets, goodwill and other intangible assets purchased as part of the acquisition of businesses. The Company purchased $6.0 million, $28.3 million, and $78.7 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2024, 2023, and 2022, respectively.
Net sales by OEM Segment product were as follows for the years ended December 31:
(In thousands)202420232022
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$811,607 $785,158 $1,563,168 
Windows and doors838,530 851,761 1,085,302 
Furniture and mattresses404,021 464,113 790,664 
Axles, ABS, and suspension solutions306,760 313,224 306,843 
Other499,532 489,486 569,893 
Total OEM Segment net sales2,860,450 2,903,742 4,315,870 
Total Aftermarket Segment net sales880,758 881,066 891,273 
Total net sales$3,741,208 $3,784,808 $5,207,143 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 142,867 $ 64,195 $ 394,974
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF"). This does not imply that we meet any particular technical standards, specifications, or requirements, but rather that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program is aligned to the Company’s business strategy. It shares common methodologies, reporting channels and governance processes that apply to other areas of enterprise risk, including legal, compliance, strategic, operational, and financial risk. Key elements of our cybersecurity risk management program include:

•risk assessments designed to help identify material cybersecurity risks to our critical systems, information, products, services, and our broader enterprise information technology environment;
•a security team principally responsible for managing our cybersecurity risk assessment processes, our security controls, and our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls;
•training and awareness programs for team members that include periodic and ongoing assessments to drive adoption and awareness of cybersecurity processes and controls;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a third-party risk management process for service providers, suppliers, and vendors, which is part of our global information security policy.

In the last three fiscal years, the Company has not experienced any material cybersecurity incidents, and expenses incurred from cybersecurity incidents were immaterial. However, we are subject to ongoing risks from cybersecurity threats that could materially affect us, including our business strategy, results of operations or financial condition, as further described in Item 1A. Risk Factors - "Risks Related to our Business, Operations and Strategy."
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information.

We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework ("NIST CSF"). This does not imply that we meet any particular technical standards, specifications, or requirements, but rather that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board of Directors established its Risk Committee with specific responsibility for overseeing risks from cybersecurity threats, among other things. Our Vice President of Global Information Security provides the Risk Committee periodic reports on our cybersecurity risks and any material cybersecurity incidents. In addition, our cybersecurity team provides annual reports to our Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our team of cybersecurity professionals is led day-to-day by our Vice President of Global Information Security who reports to our Chief Information Officer.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Board of Directors established its Risk Committee with specific responsibility for overseeing risks from cybersecurity threats, among other things. Our Vice President of Global Information Security provides the Risk Committee periodic reports on our cybersecurity risks and any material cybersecurity incidents. In addition, our cybersecurity team provides annual reports to our Board of Directors.

Our team of cybersecurity professionals is led day-to-day by our Vice President of Global Information Security who reports to our Chief Information Officer. Our Vice President of Global Information Security has over 20 years of experience in IT operations and cybersecurity leadership and is a Certified Information Systems Security Professional (CISSP). The Vice President of Global Information Security also serves on our Enterprise Risk and Compliance Committee where leaders from across the Company discuss cyber risk and other risk matters. The cybersecurity team has primary responsibility for our overall
cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.

Our cybersecurity team also monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings with internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Role of Management [Text Block]
Our team of cybersecurity professionals is led day-to-day by our Vice President of Global Information Security who reports to our Chief Information Officer. Our Vice President of Global Information Security has over 20 years of experience in IT operations and cybersecurity leadership and is a Certified Information Systems Security Professional (CISSP). The Vice President of Global Information Security also serves on our Enterprise Risk and Compliance Committee where leaders from across the Company discuss cyber risk and other risk matters. The cybersecurity team has primary responsibility for our overall
cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.

Our cybersecurity team also monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings with internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our team of cybersecurity professionals is led day-to-day by our Vice President of Global Information Security who reports to our Chief Information Officer.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Vice President of Global Information Security has over 20 years of experience in IT operations and cybersecurity leadership and is a Certified Information Systems Security Professional (CISSP).
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Board of Directors established its Risk Committee with specific responsibility for overseeing risks from cybersecurity threats, among other things. Our Vice President of Global Information Security provides the Risk Committee periodic reports on our cybersecurity risks and any material cybersecurity incidents. In addition, our cybersecurity team provides annual reports to our Board of Directors.

Our team of cybersecurity professionals is led day-to-day by our Vice President of Global Information Security who reports to our Chief Information Officer. Our Vice President of Global Information Security has over 20 years of experience in IT operations and cybersecurity leadership and is a Certified Information Systems Security Professional (CISSP). The Vice President of Global Information Security also serves on our Enterprise Risk and Compliance Committee where leaders from across the Company discuss cyber risk and other risk matters. The cybersecurity team has primary responsibility for our overall
cybersecurity risk management program and supervises both our internal cybersecurity personnel and our retained external cybersecurity consultants.

Our cybersecurity team also monitors the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents through various means, which may include briefings with internal security personnel, threat intelligence and other information obtained from governmental, public or private sources, including external consultants engaged by us, and alerts and reports produced by security tools deployed in the information technology environment.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
The Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. All significant intercompany balances and transactions have been eliminated.

LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), is a global leader in supplying engineered components to the outdoor recreation, transportation, and building products industries. In addition to serving original equipment manufacturers ("OEMs"), the Company also caters to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as directly to consumers online. At December 31, 2024, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

The Company's results are influenced by seasonal demand patterns, with sales and profits typically strongest in the second quarter and weakest in the fourth quarter. However, economic conditions, dealer inventory fluctuations, and consumer trends can impact these patterns. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Consolidated Financial Statements. Certain prior year balances have been reclassified to conform to the current year presentation.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition, and results of operations.
Cash and Cash Equivalents
Cash and Cash Equivalents

The Company considers cash on hand, money market funds, and other highly liquid investments with original maturities of three months or less to be cash and cash equivalents.
Accounts Receivable
Accounts Receivable

Accounts receivable are stated at historical carrying value, net of write-offs and allowances. The Company establishes allowances based upon historical experience, current conditions, and reasonable forecasts. Uncollectible accounts receivable are written off when a settlement is reached or when the Company has determined the balance will not be collected.
Inventories
Inventories

Inventories are stated at the lower of cost (using the first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead.
Fixed Assets
Fixed Assets

Fixed assets which are owned are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the properties and equipment. Leasehold improvements and leased equipment are amortized over the shorter of the lives of the leases or the underlying assets. Maintenance and repair costs that do not improve service potential or extend economic life are expensed as incurred.
Leases
Leases

The Company leases certain manufacturing and distribution facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. At contract inception, the Company determines whether a contract is or contains a lease and whether the lease should be classified as an operating or finance lease. The Company recognizes operating lease right-of-use assets and operating lease liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company uses its incremental borrowing rate based on information available at lease inception in determining the present value of the lease payments. The Company applies a portfolio approach for determining the incremental borrowing rate based on applicable lease terms and the current economic environment. Many of the Company's leases include renewal options, which are included in the lease term when it is reasonably certain the option will be exercised. Leases with an initial term of 12 months or less are recognized in lease expense on a straight-line basis over the lease term and not recorded on the Consolidated Balance Sheets.

Certain of the Company's lease arrangements contain lease components (such as minimum rent payments) and non-lease components (such as common-area or other maintenance costs and taxes). The Company generally accounts for each component separately based on the estimated standalone price of each component. Some of the Company's lease arrangements include rental payments that are adjusted periodically for an index rate. These leases are initially measured using the projected payments in effect at the inception of the lease. Certain of the Company's leased semi-tractors, trailers, and forklifts include variable costs for usage or mileage. Such variable costs are expensed as incurred and included in variable lease costs.

Finance leases and lease arrangements under which the Company is the lessor are not material to the Company's consolidated financial statements. The Company's lease agreements typically do not contain any significant residual value guarantees or restrictive covenants.
Warranty
Warranty

The Company provides warranty terms based upon the type of product sold. The Company uses historical warranty costs, claim lag, sales, and current trends of repair costs as assumptions and inputs into its model to estimate future warranty claims and the associated warranty accrual. The accounting for warranty accruals requires the Company to make assumptions and judgments, and to the extent actual results differ from original estimates, adjustments to recorded accruals may be required. The Company records adjustments to the warranty accrual as preexisting warranty amounts which represent a change in estimates related to sales occurring in prior periods. Such adjustments typically occur when actual claim experience deviates from historical trends. See Note 7 - Accrued Expenses and Other Current Liabilities for further detail.
Income Taxes
Income Taxes

Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax basis of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all the deferred tax assets will not be realized.
The Company accounts for uncertainty in tax positions by recognizing in its financial statements the impact of a tax position only if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Further, the Company assesses the tax benefits of the tax positions in its financial statements based on experience with similar tax positions, information obtained during the examination process and the advice of experts. The Company recognizes previously unrecognized tax benefits upon the earlier of the expiration of the period to assess tax in the applicable taxing jurisdiction or when the matter is constructively settled and upon changes in statutes or regulations and new case law or rulings. The Company classifies interest and penalties related to income taxes as a component of income tax expense in its Consolidated Statements of Income.
Goodwill
Goodwill

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. In 2024 and 2023, the Company assessed qualitative factors of its reporting units to determine whether it was more likely than not the fair value of the reporting unit was less than its carrying amount, including goodwill. The qualitative impairment test consists of an assessment of qualitative factors, including general economic and industry conditions, market share, and input costs.
Other Intangible Assets
Other Intangible Assets
Intangible assets with estimable useful lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment. Intangible assets are amortized using either an accelerated or straight-line method, whichever best reflects the pattern in which the estimated future economic benefits of the asset will be consumed. The useful lives of intangible assets are determined after considering the expected cash flows and other specific facts and circumstances related to each intangible asset. Intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

Long-lived assets, other than goodwill, are tested for impairment when changes in circumstances indicate their carrying value may not be recoverable. A determination of impairment, if any, is made based on the undiscounted value of estimated future cash flows, salvage value or expected net sales proceeds, depending on the circumstances. Impairment is measured as the excess of the carrying value over the estimated fair value of such assets.
Foreign Currency Translation
Foreign Currency Translation

The financial statements of the Company's international subsidiaries generally are measured using the local currency as the functional currency. The translation from the applicable foreign currency to U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using the weighted average exchange rate for the period. The resulting translation adjustments are recorded in accumulated other comprehensive income as a component of stockholders' equity. The Company reflects net foreign exchange transaction gains and losses resulting from the conversion of the transaction currency to functional currency as a component of foreign currency exchange gains or losses in selling, general and administrative expenses in the Consolidated Statements of Income.
Stock-Based Compensation
Stock-Based Compensation

All stock-based compensation awards are expensed over their vesting period, based on fair value. For awards having a service-only vesting condition, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service periods. For awards with a performance vesting condition, which are subject to certain pre-established performance targets, the Company recognizes stock-based compensation expense on a graded-vesting basis to the extent it is probable the performance targets will be met. The fair values of deferred stock units, restricted stock units, restricted stock, and stock awards are based on the market price of the Company's common stock, all on the date the stock-based awards are granted.
Revenue recognition
Revenue Recognition

The Company recognizes revenue when performance obligations under the terms of contracts with customers are satisfied, which occurs with the transfer of control of the Company’s products. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products to its customers. Sales, value added, and other taxes collected concurrently with revenue-producing activities are excluded from revenue.
For product sales, the Company transfers control and recognizes revenue when it ships the product from its facility to its customer. The amount of consideration the Company receives, and the revenue recognized, varies with sales discounts, volume rebate programs, and indexed material pricing. When the Company offers customers retrospective volume rebates, it estimates the expected rebates based on an analysis of historical experience. The Company adjusts its estimate of revenue related to volume rebates at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed. Volume rebates are generally settled on a quarterly basis. When the Company offers customers prompt pay sales discounts or agrees to variable pricing based on material indices, it estimates the expected discounts or pricing adjustments based on an analysis of historical experience. The Company adjusts its estimate of revenue related to sales discounts and indexed material pricing to the expected value of the consideration to which the Company will be entitled. The Company includes the variable consideration in the transaction price to the extent that it is probable that a significant reversal of cumulative revenue will not occur when the volume, discount or indexed material price uncertainties are resolved.
See Note 14 - Segment Reporting for the Company's disclosures of disaggregated revenue.
Shipping and Handling Costs
The Company recognizes shipping and handling costs as fulfillment costs when control over products has transferred to the customer, and records the expense within selling, general and administrative expenses.
Legal Costs
Legal Costs

The Company expenses all legal costs associated with litigation as incurred. Legal expenses are included in selling, general and administrative expenses in the Consolidated Statements of Income.
Fair Value Measurements
Fair Value Measurements

Fair value is determined using a hierarchy that has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs.
Recent Accounting Pronouncements
Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-04, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as debt extinguishments. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after
December 15, 2027, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company will adopt this ASU for the year ending December 31, 2025, and it will only impact the Company's disclosures with no impacts to its financial condition or results of operations.
Recently adopted accounting pronouncements
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires entities to report incremental information about significant segment expenses included in a segment's profit or loss measure as well as the title and position of the chief operating decision maker ("CODM"). The new standard also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. The Company adopted ASU 2023-07 effective December 31, 2024 on a retrospective basis. As a result, the Company has enhanced its segment disclosures in this report to include the presentation of cost of sales and selling, general and administrative expenses by segment and the disclosure of its CODM. The adoption of this ASU only affects the Company's disclosures with no impact to its financial condition or results of operations.
v3.25.0.1
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Share
The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the years ended December 31:
(In thousands)202420232022
Weighted average shares outstanding for basic earnings per share25,447 25,305 25,372 
Common stock equivalents pertaining to stock-based awards60 131 142 
Weighted average shares outstanding for diluted earnings per share25,507 25,436 25,514 
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been anti-dilutive242 165 102 
v3.25.0.1
Acquisitions, Goodwill And Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Acquisitions, Goodwill And Other Intangible Assets [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands)OEM SegmentAftermarket SegmentTotal
Net balance – December 31, 2022$399,736 $167,327 $567,063 
Acquisitions and divestitures14,025 — 14,025 
Measurement period adjustments5,708 160 5,868 
Foreign currency translation2,232 362 2,594 
Net balance – December 31, 2023421,701 167,849 589,550 
Acquisitions1,709 — 1,709 
Foreign currency translation(5,190)(296)(5,486)
Net balance – December 31, 2024$418,220 $167,553 $585,773 
Schedule of Finite-Lived Intangible Assets
Other intangible assets, by segment, at December 31 were as follows:
(In thousands)20242023
OEM Segment$235,403 $276,622 
Aftermarket Segment156,615 172,137 
Other intangible assets$392,018 $448,759 
Other intangible assets consisted of the following at December 31, 2024:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$508,945 $228,332 $280,613 6to20
Patents111,934 74,010 37,924 3to20
Trade names (finite life)95,879 30,524 65,355 3to20
Trade names (indefinite life)7,432 — 7,432 Indefinite
Non-compete agreements5,154 4,732 422 3to6
Other609 337 272 2to12
Other intangible assets$729,953 $337,935 $392,018 
Schedule of Finite-Lived Intangible Assets
Other intangible assets consisted of the following at December 31, 2023:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$509,505 $189,967 $319,538 6to20
Patents114,864 67,602 47,262 3to20
Trade names (finite life)99,366 26,978 72,388 3to20
Trade names (indefinite life)7,600 — 7,600 Indefinite
Non-compete agreements10,104 8,453 1,651 3to6
Other609 289 320 2to12
Other intangible assets$742,048 $293,289 $448,759 
Schedule of Indefinite-Lived Intangible Assets
Other intangible assets, by segment, at December 31 were as follows:
(In thousands)20242023
OEM Segment$235,403 $276,622 
Aftermarket Segment156,615 172,137 
Other intangible assets$392,018 $448,759 
Other intangible assets consisted of the following at December 31, 2024:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$508,945 $228,332 $280,613 6to20
Patents111,934 74,010 37,924 3to20
Trade names (finite life)95,879 30,524 65,355 3to20
Trade names (indefinite life)7,432 — 7,432 Indefinite
Non-compete agreements5,154 4,732 422 3to6
Other609 337 272 2to12
Other intangible assets$729,953 $337,935 $392,018 
Schedule of Indefinite-lived Intangible Assets
Other intangible assets consisted of the following at December 31, 2023:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$509,505 $189,967 $319,538 6to20
Patents114,864 67,602 47,262 3to20
Trade names (finite life)99,366 26,978 72,388 3to20
Trade names (indefinite life)7,600 — 7,600 Indefinite
Non-compete agreements10,104 8,453 1,651 3to6
Other609 289 320 2to12
Other intangible assets$742,048 $293,289 $448,759 
Schedule of Estimated Amortization Expense
Amortization expense related to other intangible assets was as follows for the years ended December 31:
(In thousands)202420232022
Cost of sales$8,915 $9,910 $10,155 
Selling, general and administrative expense46,385 47,165 46,218 
Amortization expense$55,300 $57,075 $56,373 
Estimated amortization expense for other intangible assets for the next five years is as follows:
(In thousands)20252026202720282029
Cost of sales$7,997 $6,779 $6,046 $5,995 $5,049 
Selling, general and administrative expense43,184 41,279 40,219 37,064 35,967 
Amortization expense$51,181 $48,058 $46,265 $43,059 $41,016 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following at December 31:
(In thousands)20242023
Raw materials$427,585 $457,877 
Work in process44,435 45,112 
Finished goods264,584 265,418 
Inventories, net$736,604 $768,407 
v3.25.0.1
Fixed Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Fixed Assets
Fixed assets consisted of the following at December 31:
 Estimated
Useful Life
(In thousands)20242023in Years
Land$20,506 $20,669 
Buildings and improvements247,276 244,742 
10 to 40
Leasehold improvements34,114 33,193 
3 to 20
Machinery and equipment539,327 542,395 
3 to 15
Furniture and fixtures82,049 100,368 
3 to 15
Construction in progress36,947 42,181 
Fixed assets, at cost960,219 983,548 
Less accumulated depreciation and amortization(527,491)(517,767)
Fixed assets, net$432,728 $465,781 
Schedule of Depreciation and Amortization of Fixed Assets
Depreciation and amortization of fixed assets was as follows for the years ended December 31:
(In thousands)202420232022
Cost of sales$56,773 $57,134 $56,039 
Selling, general and administrative expenses13,620 17,559 16,800 
Total$70,393 $74,693 $72,839 
v3.25.0.1
Accrued Expenses And Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following at December 31:
(In thousands)20242023
Employee compensation and benefits$70,107 $58,845 
Current portion of accrued warranty40,735 48,468 
Customer rebates21,707 19,403 
Other52,726 47,721 
Accrued expenses and other current liabilities$185,275 $174,437 
Schedule of Reconciliation of the Activity Related to Accrued Warranty The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the years ended December 31:
(In thousands)202420232022
Balance at beginning of period$71,578 $54,528 $52,114 
Provision for warranty expense issued during the period38,123 55,023 39,782 
Provision for warranty expense for preexisting warranties16,724 29,308 6,581 
Warranty liability from acquired businesses— 789 — 
Warranty costs paid(60,940)(68,070)(43,949)
Balance at end of period65,485 71,578 54,528 
Less long-term portion(24,750)(23,110)(19,380)
Current portion of accrued warranty at end of period$40,735 $48,468 $35,148 
v3.25.0.1
Long-Term Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following at December 31:
(In thousands)20242023
Convertible Notes$460,000 $460,000 
Term Loan280,000 315,000 
Revolving Credit Loan19,263 75,909 
Other1,588 3,138 
Unamortized deferred financing fees(3,598)(6,624)
757,253 847,423 
Less current portion(423)(589)
Long-term indebtedness$756,830 $846,834 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of earnings before income taxes consisted of the following for the years ended December 31:
(In thousands)202420232022
United States$195,866 $92,679 $550,030 
Foreign(6,528)(9,675)(24,575)
Total earnings before income taxes$189,338 $83,004 $525,455 
Schedule of Provisions of Income Taxes
The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31:
(In thousands)202420232022
Current:
Federal$45,922 $15,454 $114,744 
State and local6,887 1,752 22,998 
Foreign735 (464)2,016 
Total current provision53,544 16,742 139,758 
Deferred:
Federal(2,249)5,824 (3,786)
State and local(425)824 (285)
Foreign(4,399)(4,581)(5,206)
Total deferred provision (benefit)(7,073)2,067 (9,277)
Provision for income taxes$46,471 $18,809 $130,481 
Schedule of Income Tax Reconciliation
The provision for income taxes differs from the amount computed by applying the federal statutory rate of 21 percent for 2024, 2023, and 2022 to income before income taxes for the following reasons for the years ended December 31:
(In thousands)202420232022
Income tax at federal statutory rate$39,761 $17,431 $110,345 
State income tax, net of federal income tax impact5,105 2,035 17,944 
Section 162(m) permanent addback3,735 1,896 3,784 
Federal tax credits(1,002)(1,219)(1,638)
Share-based payment compensation excess tax benefit(346)(242)(509)
Other(782)(1,092)555 
Provision for income taxes$46,471 $18,809 $130,481 
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31:
(In thousands)20242023
Deferred tax assets:
Stock-based compensation$1,836 $1,840 
Pension909 1,133 
Deferred compensation11,114 10,223 
Warranty13,540 13,936 
Convertible debt bond hedge7,323 12,289 
Inventory24,007 20,811 
Research and experimental costs9,018 6,845 
Other6,963 7,043 
Lease obligation asset57,528 62,460 
Net operating loss, interest, and tax credit carryforwards15,152 13,231 
Total deferred tax assets before valuation allowance147,390 149,811 
Less valuation allowance(7,657)(7,300)
Total deferred tax assets net of valuation allowance139,733 142,511 
Deferred tax liabilities:
Lease obligation liability(54,106)(59,212)
Fixed assets(40,432)(45,995)
Intangible assets(64,953)(66,398)
Total deferred tax liabilities(159,491)(171,605)
Net deferred tax liabilities$(19,758)$(29,094)
Schedule of Unrecognized Tax Benefits
The following table reconciles the total amounts of unrecognized tax benefits, at December 31:
(In thousands)202420232022
Balance at beginning of period$24,395 $23,376 $20,462 
Changes in tax positions of prior years— 218 — 
Additions based on tax positions related to the current year1,219 1,195 5,758 
Decreases due to settlements of liabilities— — (904)
Decreases due to closure of tax years(699)(394)(1,940)
Balance at end of period$24,915 $24,395 $23,376 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Components of Lease Cost
The components of lease cost were as follows for the years ended December 31:
(In thousands)202420232022
Operating lease cost$64,343 $61,247 $55,414 
Short-term lease cost3,587 4,969 7,737 
Variable lease cost4,180 4,312 3,046 
Total lease cost$72,110 $70,528 $66,197 
Schedule of Operating Lease Liability Maturity
Future minimum lease payments under operating leases as of December 31, 2024 were as follows:
(In thousands)
Year Ending December 31,
2025$52,407 
202641,855 
202735,847 
202832,668 
202929,303 
Thereafter122,447 
Total future minimum lease payments314,527 
Less interest(75,927)
Present value of operating lease liabilities$238,600 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Stock by Class
The following table summarizes information about shares of the Company's common stock at December 31:
(In thousands)20242023
Common stock authorized75,000 75,000 
Common stock issued28,804 28,667 
Treasury stock3,341 3,341 
Common stock outstanding25,463 25,326 
Schedule of Dividends Declared and Paid
The table below summarizes the regular quarterly dividends declared and paid during the years ended December 31:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
First Quarter 2022$0.90 03/11/2203/25/22$22,870 
Second Quarter 20221.05 06/03/2206/17/2226,702 
Third Quarter 20221.05 09/02/2209/16/2226,701 
Fourth Quarter 20221.05 12/02/2212/16/2226,453 
Total 2022$4.05 $102,726 
First Quarter 2023$1.05 03/10/2303/24/23$26,563 
Second Quarter 20231.05 06/02/2306/16/2326,591 
Third Quarter 20231.05 09/01/2309/15/2326,590 
Fourth Quarter 20231.05 12/01/2312/15/2326,592 
Total 2023$4.20 $106,336 
First Quarter 2024$1.05 03/08/2403/22/24$26,721 
Second Quarter 20241.05 05/31/2406/14/2426,734 
Third Quarter 20241.05 08/30/2409/13/2426,736 
Fourth Quarter 20241.15 11/29/2412/13/2429,280 
Total 2024$4.30 $109,471 
Schedule of Stock-Based Compensation
Stock-based compensation resulted in charges to operations as follows for the years ended December 31:
(In thousands)202420232022
Deferred and restricted stock units$15,668 $15,462 $15,594 
Performance stock units2,985 2,767 8,101 
Stock-based compensation expense$18,653 $18,229 $23,695 
Schedule of Deferred Stock Units Transactions Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2021285,711 $110.41 
Issued5,427 101.87 
Granted162,719 119.84 
Dividend equivalents10,871 103.27 
Forfeited(15,012)121.99 
Vested(171,942)96.21 
Outstanding at December 31, 2022277,774 $120.92 
Issued3,244 119.43 
Granted159,640 114.22 
Dividend equivalents10,731 116.99 
Forfeited(23,440)121.16 
Vested(131,644)112.10 
Outstanding at December 31, 2023296,305 $118.60 
Issued2,321 111.83 
Granted143,407 125.20 
Dividend equivalents11,596 112.25 
Forfeited(21,249)122.30 
Vested(130,903)114.87 
Outstanding at December 31, 2024301,477 $119.84 
Schedule of Stock Awards Transactions in PSUs under the 2018 Plan are summarized as follows:
Number of SharesStock Price
Outstanding at December 31, 2021149,961 $104.01 
Granted91,988 110.83 
Dividend equivalents6,210 103.29 
Forfeited(4,840)78.11 
Vested(80,938)82.40 
Outstanding at December 31, 2022162,381 $120.12 
Granted140,953 108.42 
Dividend equivalents7,236 117.20 
Forfeited(3,245)96.55 
Vested(100,046)101.11 
Outstanding at December 31, 2023207,279 $122.57 
Granted108,096 132.77 
Dividend equivalents9,198 112.27 
Vested(78,695)143.54 
Outstanding at December 31, 2024245,878 $120.26 
Schedule of Accumulated Other Comprehensive Income (Loss)
The components of accumulated other comprehensive income (loss), net of income taxes, are as follows:
(In thousands)Foreign currency itemsPension itemsTotal
Accumulated other comprehensive income (loss) at December 31, 2022$(23,321)$30,025 $6,704 
Net foreign currency translation adjustment8,532 — 8,532 
Actuarial loss on pension plans— (964)(964)
Net current-period other comprehensive income (loss)8,532 (964)7,568 
Accumulated other comprehensive income (loss) at December 31, 2023(14,789)29,061 14,272 
Net foreign currency translation adjustment(9,366)(1,441)(10,807)
Actuarial loss on pension plans— (233)(233)
Net current-period other comprehensive loss(9,366)(1,674)(11,040)
Accumulated other comprehensive income (loss) at December 31, 2024$(24,155)$27,387 $3,232 
v3.25.0.1
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Net Sales by Product
The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers for the years ended December 31:
2024
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,486,108 $28,470 $1,514,578 
Motorhomes130,545 102,521 233,066 
Adjacent Industries OEMs927,276 185,530 1,112,806 
Total OEM Segment net sales2,543,929 316,521 2,860,450 
Aftermarket Segment:
Total Aftermarket Segment net sales803,354 77,404 880,758 
Total net sales$3,347,283 $393,925 $3,741,208 
2023
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,310,638 $48,215 $1,358,853 
Motorhomes160,857 108,499 269,356
Adjacent Industries OEMs1,085,631 189,902 1,275,533
Total OEM Segment net sales2,557,126 346,616 2,903,742 
Aftermarket Segment:
Total Aftermarket Segment net sales814,103 66,963 881,066 
Total net sales$3,371,229 $413,579 $3,784,808 
2022
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$2,561,683 $55,902 $2,617,585 
Motorhomes238,613 100,484 339,097
Adjacent Industries OEMs1,184,459 174,729 1,359,188
Total OEM Segment net sales3,984,755 331,115 4,315,870 
Aftermarket Segment:
Total Aftermarket Segment net sales824,895 66,378 891,273 
Total net sales$4,809,650 $397,493 $5,207,143 
(a)     Net sales to customers in the United States of America
(b)     Net sales to customers domiciled in countries outside of the United States of America
Schedule of Net Sales by Geographic Areas
The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers for the years ended December 31:
2024
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,486,108 $28,470 $1,514,578 
Motorhomes130,545 102,521 233,066 
Adjacent Industries OEMs927,276 185,530 1,112,806 
Total OEM Segment net sales2,543,929 316,521 2,860,450 
Aftermarket Segment:
Total Aftermarket Segment net sales803,354 77,404 880,758 
Total net sales$3,347,283 $393,925 $3,741,208 
2023
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$1,310,638 $48,215 $1,358,853 
Motorhomes160,857 108,499 269,356
Adjacent Industries OEMs1,085,631 189,902 1,275,533
Total OEM Segment net sales2,557,126 346,616 2,903,742 
Aftermarket Segment:
Total Aftermarket Segment net sales814,103 66,963 881,066 
Total net sales$3,371,229 $413,579 $3,784,808 
2022
(In thousands)U.S. (a)Int'l (b)Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$2,561,683 $55,902 $2,617,585 
Motorhomes238,613 100,484 339,097
Adjacent Industries OEMs1,184,459 174,729 1,359,188
Total OEM Segment net sales3,984,755 331,115 4,315,870 
Aftermarket Segment:
Total Aftermarket Segment net sales824,895 66,378 891,273 
Total net sales$4,809,650 $397,493 $5,207,143 
(a)     Net sales to customers in the United States of America
(b)     Net sales to customers domiciled in countries outside of the United States of America
Schedule of Information Relating to Segments Information relating to segments follows for the years ended December 31:
Segments
(In thousands)OEMAftermarketTotal
2024
Net sales to external customers (a)
$2,860,450 $880,758 $3,741,208 
Cost of sales2,303,283 558,210 2,861,493 
Gross profit557,167 322,548 879,715 
Selling, general and administrative expenses (b)
450,086 211,392 661,478 
Operating profit
$107,081 $111,156 $218,237 
Expenditures for long-lived assets (c)
28,593 19,469 48,062 
Depreciation and amortization93,327 32,366 125,693 
2023
Net sales to external customers (a)
$2,903,742 $881,066 $3,784,808 
Cost of sales2,448,176 560,442 3,008,618 
Gross profit455,566 320,624 776,190 
Selling, general and administrative expenses (b)
438,205 214,557 652,762 
Operating profit
$17,361 $106,067 $123,428 
Expenditures for long-lived assets (c)
68,750 20,230 88,980 
Depreciation and amortization99,976 31,792 131,768 
2022
Net sales to external customers (a)
$4,315,870 $891,273 $5,207,143 
Cost of sales3,325,354 608,500 3,933,854 
Gross profit990,516 282,773 1,273,289 
Selling, general and administrative expenses (b)
511,366 208,895 720,261 
Operating profit
$479,150 $73,878 $553,028 
Expenditures for long-lived assets (c)
173,732 33,245 206,977 
Depreciation and amortization99,419 29,793 129,212 

(a)     Thor Industries, Inc., a customer of both segments, accounted for 16 percent, 16 percent, and 23 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. Berkshire Hathaway Inc. (through its subsidiaries Forest River, Inc. and Clayton Homes, Inc.), a customer of both segments, accounted for 18 percent, 15 percent, and 20 percent of the Company's consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. No other customer accounted for more than 10 percent of consolidated net sales in the years ended December 31, 2024, 2023, and 2022. No customer accounted for more than 10 percent of consolidated accounts receivable, net at December 31, 2024 and 2023.
(b)     Certain general and administrative expenses are allocated between the segments based upon net sales or operating profit, depending upon the nature of the expense.
(c)     Expenditures for long-lived assets include capital expenditures, as well as fixed assets, goodwill and other intangible assets purchased as part of the acquisition of businesses. The Company purchased $6.0 million, $28.3 million, and $78.7 million of long-lived assets, as part of the acquisitions of businesses in the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of Net Sales by Segment Product
Net sales by OEM Segment product were as follows for the years ended December 31:
(In thousands)202420232022
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$811,607 $785,158 $1,563,168 
Windows and doors838,530 851,761 1,085,302 
Furniture and mattresses404,021 464,113 790,664 
Axles, ABS, and suspension solutions306,760 313,224 306,843 
Other499,532 489,486 569,893 
Total OEM Segment net sales2,860,450 2,903,742 4,315,870 
Total Aftermarket Segment net sales880,758 881,066 891,273 
Total net sales$3,741,208 $3,784,808 $5,207,143 
v3.25.0.1
Basis of Presentation (Details)
 12 Months Ended
Dec. 31, 2024
subsidiary
Property, Plant and Equipment [Line Items]  
Number of unconsolidated subsidiaries 0
Manufacturing Facility  
Property, Plant and Equipment [Line Items]  
Number of manufacturing facilities 110
v3.25.0.1
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Selling, General and Administrative Expenses      
Disaggregation of Revenue [Line Items]      
Shipping, and handling costs $ 208.2 $ 214.9 $ 230.4
v3.25.0.1
Earnings Per Share - Schedule of Computation of Earnings per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Weighted average shares outstanding for basic earnings per share 25,447 25,305 25,372
Common stock equivalents pertaining to stock options and deferred stock units 60 131 142
Weighted average shares outstanding for diluted earnings per share 25,507 25,436 25,514
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares) 242 165 102
v3.25.0.1
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
May 13, 2021
Debt Instrument [Line Items]        
Number of shares called by warrant       2,800
Warrant, strike price (in dollars per share)       $ 259.84
Purchases of convertible note hedge contracts     $ 100.1  
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares) 242 165 102  
Warrants        
Debt Instrument [Line Items]        
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares) 2,800      
Convertible Debt Securities        
Debt Instrument [Line Items]        
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares) 2,800      
Convertible Debt        
Debt Instrument [Line Items]        
Stated rate       1.125%
Conversion price $ 165.65      
v3.25.0.1
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 12 Months Ended
May 31, 2024
Nov. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 30, 2023
Dec. 31, 2022
Business Acquisition              
Cash consideration       $ 19,957 $ 25,851   $ 108,470
Measurement period adjustments         5,868    
Goodwill       585,773 589,550   567,063
CWDS, LLC              
Business Acquisition              
Purchase price $ 20,000            
Holdback payment 1,000            
Goodwill deductible 1,700            
Identifiable intangible assets $ 4,300            
Acquisitions Completed During The Three Months Ended March 31, 2023              
Business Acquisition              
Holdback payment       200      
Way Interglobal Network LLC              
Business Acquisition              
Purchase price       39,300      
Payments to Acquire Businesses, Net of Cash Acquired, Including Additional Amount Paid   $ 52,800          
Business Combination, Consideration Transferred, Liabilities Incurred   $ 2,000          
Business Combination, Consideration Transferred, Adjustments           $ (15,400)  
Other Acquisitions              
Business Acquisition              
Cash consideration       25,800 5,000    
Goodwill       16,800 800    
Girard Systems and Girard Products LLC              
Business Acquisition              
Purchase price     $ 70,700        
Holdback payment     20,000        
Cash consideration     50,000        
Business Combination, Consideration Transferred, True Up Payment     $ 700        
OEM Segment              
Business Acquisition              
Measurement period adjustments         5,708    
Goodwill       418,220 421,701   399,736
Operating Segments | OEM Segment              
Business Acquisition              
Accumulated impairment       $ 50,500 $ 50,500   $ 50,500
v3.25.0.1
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill    
Net balance, Beginning $ 589,550 $ 567,063
Acquisitions   14,025
Measurement period adjustments   5,868
Other 1,709  
Foreign currency translation (5,486) 2,594
Net balance, Ending 585,773 589,550
OEM Segment    
Goodwill    
Net balance, Beginning 421,701 399,736
Acquisitions   14,025
Measurement period adjustments   5,708
Other 1,709  
Foreign currency translation (5,190) 2,232
Net balance, Ending 418,220 421,701
Aftermarket Segment    
Goodwill    
Net balance, Beginning 167,849 167,327
Acquisitions   0
Measurement period adjustments   160
Other 0  
Foreign currency translation (296) 362
Net balance, Ending $ 167,553 $ 167,849
v3.25.0.1
Acquisitions, Goodwill And Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets    
Accumulated amortization $ 337,935 $ 293,289
Total gross cost 729,953 742,048
Total net balance 392,018 448,759
OEM Segment    
Finite-Lived Intangible Assets    
Total net balance 235,403 276,622
Aftermarket Segment    
Finite-Lived Intangible Assets    
Total net balance 156,615 172,137
Trade name    
Finite-Lived Intangible Assets    
Gross cost and net balance 7,432 7,600
Customer relationships    
Finite-Lived Intangible Assets    
Gross cost 508,945 509,505
Accumulated amortization 228,332 189,967
Net balance $ 280,613 $ 319,538
Customer relationships | Minimum    
Finite-Lived Intangible Assets    
Estimated useful life in years 6 years 6 years
Customer relationships | Maximum    
Finite-Lived Intangible Assets    
Estimated useful life in years 20 years 20 years
Patents    
Finite-Lived Intangible Assets    
Gross cost $ 111,934 $ 114,864
Accumulated amortization 74,010 67,602
Net balance $ 37,924 $ 47,262
Patents | Minimum    
Finite-Lived Intangible Assets    
Estimated useful life in years 3 years 3 years
Patents | Maximum    
Finite-Lived Intangible Assets    
Estimated useful life in years 20 years 20 years
Trade name    
Finite-Lived Intangible Assets    
Gross cost $ 95,879 $ 99,366
Accumulated amortization 30,524 26,978
Net balance $ 65,355 $ 72,388
Trade name | Minimum    
Finite-Lived Intangible Assets    
Estimated useful life in years 3 years 3 years
Trade name | Maximum    
Finite-Lived Intangible Assets    
Estimated useful life in years 20 years 20 years
Non-compete agreements    
Finite-Lived Intangible Assets    
Gross cost $ 5,154 $ 10,104
Accumulated amortization 4,732 8,453
Net balance $ 422 $ 1,651
Non-compete agreements | Minimum    
Finite-Lived Intangible Assets    
Estimated useful life in years 3 years 3 years
Non-compete agreements | Maximum    
Finite-Lived Intangible Assets    
Estimated useful life in years 6 years 6 years
Other    
Finite-Lived Intangible Assets    
Gross cost $ 609 $ 609
Accumulated amortization 337 289
Net balance $ 272 $ 320
Other | Minimum    
Finite-Lived Intangible Assets    
Estimated useful life in years 2 years 2 years
Other | Maximum    
Finite-Lived Intangible Assets    
Estimated useful life in years 12 years 12 years
v3.25.0.1
Acquisitions, Goodwill And Other Intangible Assets (Summary of Estimated Amortization Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets      
Amortization expense $ 55,300 $ 57,075 $ 56,373
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity      
2019 51,181    
2020 48,058    
2021 46,265    
2022 43,059    
2023 41,016    
Cost of Sales      
Finite-Lived Intangible Assets      
Amortization expense 8,915 9,910 10,155
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity      
2019 7,997    
2020 6,779    
2021 6,046    
2022 5,995    
2023 5,049    
Selling, General and Administrative Expenses      
Finite-Lived Intangible Assets      
Amortization expense 46,385 $ 47,165 $ 46,218
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity      
2019 43,184    
2020 41,279    
2021 40,219    
2022 37,064    
2023 $ 35,967    
v3.25.0.1
Inventories (Schedule of Inventories) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 427,585 $ 457,877
Work in process 44,435 45,112
Finished goods 264,584 265,418
Inventories, net 736,604 768,407
Inventory obsolescence reserves $ 77,700 $ 71,300
v3.25.0.1
Fixed Assets (Schedule of Fixed Assets) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Fixed assets, at cost $ 960,219 $ 983,548
Less accumulated depreciation and amortization (527,491) (517,767)
Fixed assets, net 432,728 465,781
Land    
Property, Plant and Equipment [Line Items]    
Fixed assets, at cost 20,506 20,669
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Fixed assets, at cost 247,276 244,742
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Fixed assets, at cost 34,114 33,193
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Fixed assets, at cost 539,327 542,395
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Fixed assets, at cost 82,049 100,368
Construction in progress    
Property, Plant and Equipment [Line Items]    
Fixed assets, at cost $ 36,947 $ 42,181
Minimum | Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 10 years  
Minimum | Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 3 years  
Minimum | Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 3 years  
Minimum | Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 3 years  
Maximum | Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 40 years  
Maximum | Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 20 years  
Maximum | Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 15 years  
Maximum | Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Estimated useful life in years 15 years  
v3.25.0.1
Fixed Assets (Schedule of Depreciation and Amortization of Fixed Assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Cost of sales $ 56,773 $ 57,134 $ 56,039
Selling, general and administrative expenses 13,620 17,559 16,800
Total $ 70,393 $ 74,693 $ 72,839
v3.25.0.1
Accrued Expenses And Other Current Liabilities (Schedule of Accrued Expenses and Other Current Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Payables and Accruals [Abstract]      
Employee compensation and benefits $ 70,107 $ 58,845  
Current portion of accrued warranty 40,735 48,468 $ 35,148
Customer rebates 21,707 19,403  
Other 52,726 47,721  
Accrued expenses and other current liabilities $ 185,275 $ 174,437  
v3.25.0.1
Accrued Expenses And Other Current Liabilities (Schedule of Reconciliation of the Activity Related to Accrued Warranty) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease)      
Balance at beginning of period $ 71,578 $ 54,528 $ 52,114
Provision for warranty expense issued during the period 38,123 55,023 39,782
Provision for warranty expense of preexisting warranties 16,724 29,308 6,581
Warranty liability from acquired businesses 0 789 0
Warranty costs paid (60,940) (68,070) (43,949)
Balance at end of period 65,485 71,578 54,528
Less long-term portion 24,750 23,110 19,380
Current portion of accrued warranty $ 40,735 $ 48,468 $ 35,148
v3.25.0.1
Retirement And Other Benefit Plans - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Retirement Benefits [Abstract]      
Employer contributions to defined contribution plan $ 11,600 $ 12,100 $ 12,900
Deferred Compensation Arrangement with Individual, Postretirement Benefits      
Other long-term liabilities 112,931 107,432  
Accrued expenses and other current liabilities 52,726 47,721  
Deferred Compensation      
Deferred Compensation Arrangement with Individual, Postretirement Benefits      
Compensation deferred by participants 400 2,600 5,400
Amount withdrawn from the Plan by participants 2,900 5,000 $ 2,400
Other long-term liabilities 43,800 40,500  
Accrued expenses and other current liabilities 2,500 2,500  
Life insurance contract assets $ 45,200 $ 41,800  
v3.25.0.1
Long-Term Indebtedness (Schedule) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Unamortized deferred financing fees $ (3,598) $ (6,624)
Long-term debt, net 757,253 847,423
Less current portion 423 589
Long-term debt 756,830 846,834
Term Loan    
Debt Instrument [Line Items]    
Long-term debt, gross 280,000 315,000
Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt, gross 19,263 75,909
Other Debt    
Debt Instrument [Line Items]    
Long-term debt, gross 1,588 3,138
Convertible Debt    
Debt Instrument [Line Items]    
Long-term debt, gross $ 460,000 $ 460,000
v3.25.0.1
Long-Term Indebtedness (Narrative) (Details)
 12 Months Ended
Dec. 07, 2021
USD ($)
May 13, 2021
USD ($)
tradingDay
Dec. 19, 2019
Apr. 27, 2016
USD ($)
Dec. 31, 2024
USD ($)
$ / shares
Dec. 31, 2023
USD ($)
Dec. 14, 2018
USD ($)
Line of Credit Facility              
Long-term indebtedness         $ 756,830,000 $ 846,834,000  
Long-term debt, net         757,253,000 847,423,000  
Level 1              
Line of Credit Facility              
Convertible Debt, Fair Value Disclosures         453,100,000    
Term Loan              
Line of Credit Facility              
Face amount $ 400,000,000            
Term Loan | Period One              
Line of Credit Facility              
Debt instrument term (in years)     2 years        
Term Loan | Period Two              
Line of Credit Facility              
Debt instrument term (in years)     2 years        
Term Loan | First Eight Quarters              
Line of Credit Facility              
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed 1.25%            
Debt Instrument, Prepaid, Principal         $ 35,000,000 37,500,000  
Term Loan | Next Eight Quarters              
Line of Credit Facility              
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed 1.875%            
Term Loan | Thereafter              
Line of Credit Facility              
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed 2.50%            
Convertible Debt              
Line of Credit Facility              
Face amount   $ 460,000,000          
Stated rate   1.125%          
Debt conversion ratio   0.0060369     0.0062482    
Conversion price | $ / shares         $ 165.65    
Debt Instrument, Redemption Price, Percentage   100.00%          
Proceeds from issuance of convertible notes   $ 447,800,000          
Debt Instrument, Redemption, Amount of Principal Held, Percent   25.00%          
Convertible Debt | Period One              
Line of Credit Facility              
Debt Instrument, Convertible, Threshold Trading Days | tradingDay   20          
Debt Instrument, Convertible, Threshold Consecutive Trading Days | tradingDay   30          
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger   130.00%          
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit              
Line of Credit Facility              
Letter of credit         $ 4,800,000 $ 4,700,000  
Commitment fee percentage         0.20%    
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Minimum              
Line of Credit Facility              
Commitment fee percentage         0.15%    
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Maximum              
Line of Credit Facility              
Commitment fee percentage         0.275%    
JPMorgan Chase Bank And Wells Fargo Bank | Letter of Credit              
Line of Credit Facility              
Maximum borrowings under line of credit       $ 50,000,000      
JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit              
Line of Credit Facility              
Maximum borrowings under line of credit             $ 600,000,000
Remaining availability under the facilities         $ 452,500,000    
Prudential Investment Management Inc | Line of Credit              
Line of Credit Facility              
Long-term indebtedness             $ 400,000,000
Prudential Investment Management Inc | Line of Credit | New Term Loan, Amendment No. 4              
Line of Credit Facility              
Long-term indebtedness $ 400,000,000            
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Minimum              
Line of Credit Facility              
Debt additional margin interest rate       0.00% 0.375%    
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Maximum              
Line of Credit Facility              
Debt additional margin interest rate         0.875%    
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit              
Line of Credit Facility              
Interest rate         1.375%    
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Minimum              
Line of Credit Facility              
Interest rate         0.875%    
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Maximum              
Line of Credit Facility              
Interest rate         1.875%    
v3.25.0.1
Income Taxes (Schedule of Components of Earnings before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 195,866 $ 92,679 $ 550,030
Foreign (6,528) (9,675) (24,575)
Total earnings before income taxes $ 189,338 $ 83,004 $ 525,455
v3.25.0.1
Income Taxes (Schedule of Provisions of Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current Income Tax Expense (Benefit), Continuing Operations      
Federal $ 45,922 $ 15,454 $ 114,744
State and local 6,887 1,752 22,998
Foreign 735 (464) 2,016
Total current provision 53,544 16,742 139,758
Deferred Income Tax Expense (Benefit), Continuing Operations      
Federal (2,249) 5,824 (3,786)
State and local (425) 824 (285)
Foreign (4,399) (4,581) (5,206)
Total deferred provision (7,073) 2,067 (9,277)
Provision for income taxes $ 46,471 $ 18,809 $ 130,481
v3.25.0.1
Income Taxes (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Examination      
Cash and cash equivalents $ 165,756 $ 66,157  
Deferred tax liabilities 19,758 29,094  
Net operating loss carryforwards - foreign 15,200    
Valuation allowance 7,657 7,300  
Accrued interest and penalties related to taxes 9,600 7,200 $ 5,100
Unrecognized tax benefits, net of federal income tax benefits $ 33,900 $ 30,800 $ 27,500
Geographic Concentration Risk | Cash and Cash Equivalents | Int'l      
Income Tax Examination      
Consolidated risk, percentage 11.00% 19.00%  
Federal      
Income Tax Examination      
Taxes payable $ 5,600    
Income taxes receivable   $ 7,700  
State      
Income Tax Examination      
Taxes payable 3,700    
Income taxes receivable   5,800  
Foreign      
Income Tax Examination      
Taxes payable   3,200  
Income taxes receivable 3,300    
Deferred tax liabilities 8,700 15,400  
Tax Authority, Hong Kong      
Income Tax Examination      
Valuation allowance 7,500 $ 7,200  
Tax Authority, UK      
Income Tax Examination      
Net operating loss carryforwards - foreign 1,700    
Tax Authority, Italy      
Income Tax Examination      
Net operating loss carryforwards - foreign 5,100    
Tax Authority, Hong Kong      
Income Tax Examination      
Net operating loss carryforwards - foreign 7,500    
Other Foreign Tax Authorities      
Income Tax Examination      
Net operating loss carryforwards - foreign $ 900    
v3.25.0.1
Income Taxes (Schedule of Income Taxes Reconciliation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Income tax at federal statutory rate $ 39,761 $ 17,431 $ 110,345
State income tax, net of federal income tax impact 5,105 2,035 17,944
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount 3,735 1,896 3,784
Federal tax credits (1,002) (1,219) (1,638)
Share-based payment compensation excess tax benefit (346) (242) (509)
Other (782) (1,092) 555
Provision for income taxes $ 46,471 $ 18,809 $ 130,481
v3.25.0.1
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Stock-based compensation $ 1,836 $ 1,840
Pension 909 1,133
Deferred compensation 11,114 10,223
Warranty 13,540 13,936
Convertible debt bond hedge 7,323 12,289
Inventory 24,007 20,811
Research and experimental costs 9,018 6,845
Other 6,963 7,043
Lease obligation asset 57,528 62,460
Net operating loss, interest, and tax credit carryforwards 15,152 13,231
Total deferred tax assets 147,390 149,811
Less: Valuation allowance - foreign (7,657) (7,300)
Total deferred tax assets net of valuation allowance 139,733 142,511
Lease obligation liability (54,106) (59,212)
Fixed assets (40,432) (45,995)
Intangible assets (64,953) (66,398)
Total deferred tax liabilities (159,491) (171,605)
Deferred Tax Liabilities, Net $ (19,758) $ (29,094)
v3.25.0.1
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits      
Balance at beginning of period $ 24,395 $ 23,376 $ 20,462
Changes in tax positions of prior years 0 218 0
Additions based on tax positions related to the current year 1,219 1,195 5,758
Decreases due to settlements of liabilities 0 0 (904)
Closure of tax years (699) (394) (1,940)
Balance at end of period $ 24,915 $ 24,395 $ 23,376
v3.25.0.1
Leases (Components of Lease Cost) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease cost $ 64,343 $ 61,247 $ 55,414
Short-term lease cost 3,587 4,969 7,737
Variable lease cost 4,180 4,312 3,046
Total lease cost $ 72,110 $ 70,528 $ 66,197
v3.25.0.1
Leases (Narrative) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Remaining lease term 8 years 6 months    
Discount rate 6.70%    
Operating lease right-of-use assets $ 224,313 $ 245,388  
Right-of-use asset obtained in exchange for operating lease 29,600 44,500 $ 132,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Operating Lease, Right of Use Assets 5,500 400 42,200
Operating lease payments $ 59,600 $ 55,500 $ 47,900
v3.25.0.1
Leases (Future Minimum Lease Payments) (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Leases [Abstract]  
2025 $ 52,407
2026 41,855
2027 35,847
2028 32,668
2029 29,303
Thereafter 122,447
Total future minimum lease payments 314,527
Less interest (75,927)
Present value of operating lease liabilities $ 238,600
v3.25.0.1
Stockholders' Equity (Details) - shares
shares in Thousands
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]    
Common stock, authorized (in shares) 75,000 75,000
Common stock, shares issued 28,804 28,667
Treasury stock, shares 3,341 3,341
Common stock, shares outstanding 25,463 25,326
v3.25.0.1
Stockholders' Equity (Schedule of Quarterly Dividends Declared and Paid) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]                              
Dividends paid per share (in usd per share) $ 1.15 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 0.90 $ 4.30 $ 4.20 $ 4.05
Payment of dividends                         $ 109,471 $ 106,336 $ 102,726
Common Stock                              
Class of Stock [Line Items]                              
Payment of dividends $ 29,280 $ 26,736 $ 26,734 $ 26,721 $ 26,592 $ 26,590 $ 26,591 $ 26,563 $ 26,453 $ 26,701 $ 26,702 $ 22,870 $ 109,471 $ 106,336 $ 102,726
v3.25.0.1
Stockholders' Equity (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Oct. 31, 2018
May 24, 2018
Share-based Compensation Arrangement by Share-based Payment Award          
Number of shares of common stock subject to awards         1,500,000
Shares available for grant 640,848 821,703 1,032,403    
Weighted average diluted shares outstanding excludes shares of common stock subject to stock options 242,000 165,000 102,000    
Number of shares authorized to be repurchased (in shares)       200,000,000  
Stock repurchase program, period in force 3 years        
Stock repurchased during period (in shares) 0 0 253,490    
Weighted average price (in usd per share)     $ 94.89    
Stock repurchased during period     $ 24.1    
Deferred and Restricted Stock Unit          
Share-based Compensation Arrangement by Share-based Payment Award          
Unrecognized compensation costs $ 19.0        
Unrecognized compensation costs, weighted-average recognition period 1 year 8 months 12 days        
Performance Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award          
Unrecognized compensation costs $ 6.3        
Unrecognized compensation costs, weighted-average recognition period 2 years 2 months 12 days        
v3.25.0.1
Stockholders' Equity (Schedule of Stock-Based Compensation) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based compensation expense $ 18,653 $ 18,229 $ 23,695
Deferred and Restricted Stock Unit      
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based compensation expense 15,668 15,462 15,594
Performance Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award      
Stock-based compensation expense $ 2,985 $ 2,767 $ 8,101
v3.25.0.1
Stockholders' Equity (Schedule of Deferred and Restricted Stock Units Transactions) (Details) - Deferred and Restricted Stock Unit - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Balance at beginning of the period (in shares) 296,305 277,774 285,711
Issued (in shares) 2,321 3,244 5,427
Granted (in shares) 143,407 159,640 162,719
Dividend equivalents (in shares) 11,596 10,731 10,871
Forfeited (in shares) (21,249) (23,440) (15,012)
Vested (in shares) (130,903) (131,644) (171,942)
Balance at end of the period (in shares) 301,477 296,305 277,774
Weighted Average Price      
Outstanding exercise price (in usd per share) $ 118.60 $ 120.92 $ 110.41
Issued (in usd per share) 111.83 119.43 101.87
Granted (in usd per share) 125.20 114.22 119.84
Dividend equivalent (in usd per share) 112.25 116.99 103.27
Forfeited (in usd per share) 122.30 121.16 121.99
Exercised (in usd per share) 114.87 112.10 96.21
Outstanding exercise price (in usd per share) $ 119.84 $ 118.60 $ 120.92
v3.25.0.1
Stockholders' Equity (Schedule of Stock Awards) (Details) - Performance Stock Units - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Number of Shares      
Balance at beginning of the period (in shares) 207,279 162,381 149,961
Granted (in shares) 108,096 140,953 91,988
Dividend equivalents (in shares) 9,198 7,236 6,210
Forfeited (in shares)   (3,245) (4,840)
Vested (in shares) (78,695) (100,046) (80,938)
Balance at end of the period (in shares) 245,878 207,279 162,381
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Outstanding exercise price (in usd per share) $ 122.57 $ 120.12 $ 104.01
Granted (in usd per share) 132.77 108.42 110.83
Dividend equivalents (in usd per share) 112.27 117.20 103.29
Forfeited (in usd per share)   96.55 78.11
Vested (in usd per share) 143.54 101.11 82.40
Outstanding exercise price (in usd per share) $ 120.26 $ 122.57 $ 120.12
v3.25.0.1
Stockholders' Equity (Accumulated Other Comprehensive Income) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance $ 1,355,036 $ 1,381,008 $ 1,092,875
Net foreign currency translation adjustment (10,807) 8,532 (20,920)
Actuarial (loss) gain on pension plans (233) (964) 28,125
Net current-period other comprehensive income (loss) (11,040) 7,568  
Ending Balance 1,386,886 1,355,036 1,381,008
Accumulated Other Comprehensive (Loss) Income      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 14,272 6,704 (501)
Ending Balance 3,232 14,272 6,704
Foreign currency items      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance (14,789) (23,321)  
Net foreign currency translation adjustment (9,366) 8,532  
Actuarial (loss) gain on pension plans 0 0  
Net current-period other comprehensive income (loss) (9,366) 8,532  
Ending Balance (24,155) (14,789) (23,321)
Pension items      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning Balance 29,061 30,025  
Net foreign currency translation adjustment (1,441) 0  
Actuarial (loss) gain on pension plans (233) (964)  
Net current-period other comprehensive income (loss) (1,674) (964)  
Ending Balance $ 27,387 $ 29,061 $ 30,025
v3.25.0.1
Segment Reporting (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
Segment Reporting Information      
Number of reportable segments | segment 2    
Int'l      
Segment Reporting Information      
Long-lived assets | $ $ 361.8 $ 399.4  
Product Concentration Risk | Aftermarket Segment | Net sales      
Segment Reporting Information      
Consolidated risk, percentage 24.00% 23.00% 17.00%
Product Concentration Risk | OEM Segment | Net sales      
Segment Reporting Information      
Consolidated risk, percentage 76.00% 77.00% 83.00%
Product Concentration Risk | Travel Trailer and Fifth Wheels | Net sales      
Segment Reporting Information      
Consolidated risk, percentage 53.00% 47.00% 61.00%
Customer Concentration Risk | Net sales | Thor Industries, Inc.      
Segment Reporting Information      
Consolidated risk, percentage 16.00% 16.00% 23.00%
Customer Concentration Risk | Net sales | Berkshire Hathaway Inc.      
Segment Reporting Information      
Consolidated risk, percentage 18.00% 15.00% 20.00%
v3.25.0.1
Segment Reporting (Schedule of Net Sales by Segment) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information      
Net sales $ 3,741,208 $ 3,784,808 $ 5,207,143
OEM Segment      
Segment Reporting Information      
Net sales 2,860,450 2,903,742 4,315,870
Travel Trailer and Fifth Wheels      
Segment Reporting Information      
Net sales 1,514,578 1,358,853 2,617,585
Motorhomes      
Segment Reporting Information      
Net sales 233,066 269,356 339,097
OEMs Adjacent Industries      
Segment Reporting Information      
Net sales 1,112,806 1,275,533 1,359,188
Aftermarket Segment      
Segment Reporting Information      
Net sales 880,758 881,066 891,273
U.S.      
Segment Reporting Information      
Net sales 3,347,283 3,371,229 4,809,650
U.S. | OEM Segment      
Segment Reporting Information      
Net sales 2,543,929 2,557,126 3,984,755
U.S. | Travel Trailer and Fifth Wheels      
Segment Reporting Information      
Net sales 1,486,108 1,310,638 2,561,683
U.S. | Motorhomes      
Segment Reporting Information      
Net sales 130,545 160,857 238,613
U.S. | OEMs Adjacent Industries      
Segment Reporting Information      
Net sales 927,276 1,085,631 1,184,459
U.S. | Aftermarket Segment      
Segment Reporting Information      
Net sales 803,354 814,103 824,895
Int'l      
Segment Reporting Information      
Net sales 393,925 413,579 397,493
Int'l | OEM Segment      
Segment Reporting Information      
Net sales 316,521 346,616 331,115
Int'l | Travel Trailer and Fifth Wheels      
Segment Reporting Information      
Net sales 28,470 48,215 55,902
Int'l | Motorhomes      
Segment Reporting Information      
Net sales 102,521 108,499 100,484
Int'l | OEMs Adjacent Industries      
Segment Reporting Information      
Net sales 185,530 189,902 174,729
Int'l | Aftermarket Segment      
Segment Reporting Information      
Net sales $ 77,404 $ 66,963 $ 66,378
v3.25.0.1
Segment Reporting (Schedule of Information Relating to Segments) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information      
Net sales $ 3,741,208 $ 3,784,808 $ 5,207,143
Cost of sales 2,861,493 3,008,618 3,933,854
Gross profit 879,715 776,190 1,273,289
Selling, general and administrative expenses 661,478 652,762 720,261
Operating profit (loss) 218,237 123,428 553,028
Total assets 2,894,739 2,959,319  
Expenditures for long-lived assets 48,062 88,980 206,977
Depreciation and amortization 125,693 131,768 129,212
Purchase of long-lived assets as part of business acquisition 6,000 28,300 78,700
OEM Segment      
Segment Reporting Information      
Net sales 2,860,450 2,903,742 4,315,870
Aftermarket Segment      
Segment Reporting Information      
Net sales $ 880,758 $ 881,066 $ 891,273
Customer Concentration Risk | Net sales | Thor Industries, Inc.      
Segment Reporting Information      
Consolidated risk, percentage 16.00% 16.00% 23.00%
Customer Concentration Risk | Net sales | Berkshire Hathaway Inc.      
Segment Reporting Information      
Consolidated risk, percentage 18.00% 15.00% 20.00%
Operating Segments | OEM Segment      
Segment Reporting Information      
Net sales $ 2,860,450 $ 2,903,742 $ 4,315,870
Cost of sales 2,303,283 2,448,176 3,325,354
Gross profit 557,167 455,566 990,516
Selling, general and administrative expenses 450,086 438,205 511,366
Operating profit (loss) 107,081 17,361 479,150
Expenditures for long-lived assets 28,593 68,750 173,732
Depreciation and amortization 93,327 99,976 99,419
Operating Segments | Aftermarket Segment      
Segment Reporting Information      
Net sales 880,758 881,066 891,273
Cost of sales 558,210 560,442 608,500
Gross profit 322,548 320,624 282,773
Selling, general and administrative expenses 211,392 214,557 208,895
Operating profit (loss) 111,156 106,067 73,878
Expenditures for long-lived assets 19,469 20,230 33,245
Depreciation and amortization $ 32,366 $ 31,792 $ 29,793
v3.25.0.1
Segment Reporting (Schedule of Net Sales by Product) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information      
Total net sales $ 3,741,208 $ 3,784,808 $ 5,207,143
OEM Segment      
Segment Reporting Information      
Total net sales 2,860,450 2,903,742 4,315,870
Aftermarket Segment      
Segment Reporting Information      
Total net sales 880,758 881,066 891,273
Chassis, Chassis Parts and Slide-out Mechanisms | OEM Segment      
Segment Reporting Information      
Total net sales 811,607 785,158 1,563,168
Windows and Doors | OEM Segment      
Segment Reporting Information      
Total net sales 838,530 851,761 1,085,302
Furniture and Mattresses | OEM Segment      
Segment Reporting Information      
Total net sales 404,021 464,113 790,664
Axles and Suspension Solutions | OEM Segment      
Segment Reporting Information      
Total net sales 306,760 313,224 306,843
Other Products | OEM Segment      
Segment Reporting Information      
Total net sales $ 499,532 $ 489,486 $ 569,893