WABASH NATIONAL CORP, 10-Q filed on 4/30/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-10883  
Entity Registrant Name WABASH NATIONAL CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 52-1375208  
Entity Address, Address Line One 3900 McCarty Lane  
Entity Address, City or Town Lafayette  
Entity Address, State or Province IN  
Entity Address, Postal Zip Code 47905  
City Area Code 765  
Local Phone Number 771-5310  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol WNC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   41,870,141
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000879526  
Current Fiscal Year End Date --12-31  
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 81,036 $ 115,484
Accounts receivable, net 171,693 143,946
Inventories, net 278,648 258,825
Prepaid expenses and other 126,191 76,233
Total current assets 657,568 594,488
Property, plant, and equipment, net 335,501 339,247
Goodwill 196,662 188,441
Deferred income taxes 8,411 94,873
Intangible assets, net 71,656 74,445
Investment in unconsolidated entities 7,250 7,250
Other assets 138,145 112,785
Total assets 1,415,193 1,411,529
Current liabilities:    
Current portion of long-term debt 0 0
Accounts payable 211,199 146,738
Other accrued liabilities 204,165 161,671
Total current liabilities 415,364 308,409
Long-term debt 417,317 397,142
Other non-current liabilities 177,420 516,152
Total liabilities 1,010,101 1,221,703
Commitments and contingencies
Noncontrolling interest 1,251 996
Wabash National Corporation stockholders’ equity:    
Common stock 200,000,000 shares authorized, $0.01 par value, 42,147,995 and 42,882,308 shares outstanding, respectively 786 781
Additional paid-in capital 692,471 689,216
Retained earnings 333,109 105,633
Accumulated other comprehensive losses (2,450) (3,229)
Treasury stock at cost, 36,515,016 and 35,253,489 common shares, respectively (620,075) (603,571)
Total Wabash National Corporation stockholders' equity 403,841 188,830
Total liabilities, noncontrolling interest, and equity $ 1,415,193 $ 1,411,529
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares outstanding (in shares) 42,147,995 42,882,308
Treasury stock, shares (in shares) 36,515,016 35,253,489
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Net sales $ 380,890 $ 515,276
Cost of sales 361,887 438,830
Gross profit 19,003 76,446
General and administrative expenses (304,685) 36,673
Selling expenses 6,379 7,042
Amortization of intangible assets 2,789 3,156
Impairment and other, net (31) 0
Income from operations 314,551 29,575
Other income (expense):    
Interest expense (5,026) (4,988)
Other, net 1,614 1,609
Other expense, net (3,412) (3,379)
Loss from unconsolidated entity (1,842) (1,486)
Income before income tax expense 309,297 24,710
Income tax expense 78,101 6,423
Net income 231,196 18,287
Net income attributable to noncontrolling interest 255 120
Net income attributable to common stockholders $ 230,941 $ 18,167
Net income attributable to common stockholders per share:    
Basic (in usd per share) $ 5.41 $ 0.40
Diluted (in usd per share) $ 5.36 $ 0.39
Weighted average common shares outstanding (in thousands):    
Basic (in shares) 42,716 45,383
Diluted (in shares) 43,087 46,254
Dividends declared per share (in usd per share) $ 0.08 $ 0.08
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 231,196 $ 18,287
Other comprehensive income, net of tax:    
Foreign currency translation adjustment 167 184
Unrealized gain on derivative instruments, net of tax 612 276
Total other comprehensive income 779 460
Comprehensive income 231,975 18,747
Comprehensive income attributable to noncontrolling interest 255 120
Comprehensive income attributable to common stockholders $ 231,720 $ 18,627
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 231,196 $ 18,287
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation 12,243 9,580
Amortization of intangibles 2,789 3,156
Net loss on sale of property, plant and equipment 33 0
Deferred income taxes 86,461 (3,574)
Stock-based compensation 3,249 3,246
Non-cash interest expense 246 237
Loss from unconsolidated entity 1,842 1,486
Accounts receivable (27,747) (64,690)
Inventories (19,823) (10,916)
Prepaid expenses and other (15,573) 772
Accounts payable and accrued liabilities 73,227 22,203
Other, net (348,415) 2,803
Net cash used in operating activities (272) (17,410)
Cash flows from investing activities    
Cash payments for capital expenditures (8,698) (19,185)
Expenditures for revenue generating assets (20,144) 0
Proceeds from the sale of assets 40 0
Acquisition, net of cash acquired (1,666) 0
Note receivable issued to unconsolidated entity (3,350) 0
Net cash used in investing activities (33,818) (19,185)
Cash flows from financing activities    
Proceeds from exercise of stock options 11 7
Dividends paid (3,864) (4,151)
Borrowings under revolving credit facilities 20,414 232
Payments under revolving credit facilities (414) (232)
Debt issuance costs paid (1) (5)
Stock repurchases (16,504) (22,138)
Distribution to noncontrolling interest 0 (603)
Net cash used in financing activities (358) (26,890)
Cash and cash equivalents:    
Net decrease in cash and cash equivalents (34,448) (63,485)
Cash and cash equivalents at beginning of period 115,484 179,271
Cash and cash equivalents at end of period 81,036 115,786
Supplemental disclosures of cash flow information:    
Cash paid for interest 191 196
Net cash refunds received for income taxes (193) (40)
Period end balance of payables for property, plant, and equipment $ 5,001 $ 11,512
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2023   45,393,260        
Balance at beginning of period at Dec. 31, 2023 $ 549,496 $ 774 $ 677,886 $ 403,923 $ (428) $ (532,659)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income attributable to common stockholders for the period 18,167     18,167    
Foreign currency translation 184       184  
Stock-based compensation (in shares)   334,955        
Stock-based compensation 3,246 $ 6 3,240      
Stock repurchase (in shares)   (589,144)        
Stock repurchase (22,138)         (22,138)
Common stock dividends (3,152)     (3,152)    
Unrealized gain on derivative instruments, net of tax 276       276  
Stock option exercises (in shares)   500        
Stock option exercises 7   7      
Balance at end of period (in shares) at Mar. 31, 2024   45,139,571        
Balance at end of period at Mar. 31, 2024 $ 546,086 $ 780 681,133 418,938 32 (554,797)
Balance at beginning of period (in shares) at Dec. 31, 2024 42,882,308 42,882,308        
Balance at beginning of period at Dec. 31, 2024 $ 188,830 $ 781 689,216 105,633 (3,229) (603,571)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income attributable to common stockholders for the period 230,941     230,941    
Foreign currency translation 167       167  
Stock-based compensation (in shares)   298,701        
Stock-based compensation 3,249 $ 5 3,244      
Stock repurchase (in shares)   (1,033,764)        
Stock repurchase (16,504)         (16,504)
Common stock dividends (3,465)     (3,465)    
Unrealized gain on derivative instruments, net of tax 612       612  
Stock option exercises (in shares)   750        
Stock option exercises $ 11   11      
Balance at end of period (in shares) at Mar. 31, 2025 42,147,995 42,147,995        
Balance at end of period at Mar. 31, 2025 $ 403,841 $ 786 $ 692,471 $ 333,109 $ (2,450) $ (620,075)
v3.25.1
DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION
Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana. The Company was founded as a dry van trailer manufacturer—today, the Company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. The Company designs, manufactures, and services a diverse range of products, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. This diversification has been achieved through acquisitions, organic growth, and product innovation.
The condensed consolidated financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations, and its cash flows. The Company consolidates into its financial statements the accounts of the Company and any partially owned subsidiary it has the ability to control (see Note 6). The Company does not have any subsidiaries it consolidates based solely on the power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, its affiliates are businesses established and maintained in connection with its operating strategy and are not special purposes entities. All intercompany transactions and balances have been eliminated.
The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
v3.25.1
NEW ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS NEW ACCOUNTING PRONOUNCEMENTS
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosure of the nature of expenses included in the consolidated financial statements. The effective date of this ASU is for annual periods beginning after December 15, 2026. The Company is evaluating the effect this guidance will have on the consolidated financial statements.
v3.25.1
REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales, and the associated costs are included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that occur after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense.
The Company has identified three separate and distinct performance obligations: (1) the sale of a trailer or equipment, (2) the sale of replacement parts, and (3) service work. For trailer, truck body, equipment, and replacement part sales, control is transferred and revenue is recognized from the sale upon shipment to, or pick up by, the customer in accordance with the contract terms. The Company does not have any material extended payment terms as payment is received shortly after the point of sale. Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does have customers who pay for the product prior to the transfer of control, which is recorded as customer deposits in Other accrued liabilities as shown in Note 12. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product.
v3.25.1
BUSINESS COMBINATIONS
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS BUSINESS COMBINATIONS
Trailerhawk.AI, LLC
The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations (“ASC 805”). The guidance requires consideration given, including contingent consideration, assets acquired, and liabilities assumed to be valued at their fair values at the acquisition date. The guidance further provides that: (1) acquisition costs will generally be expensed as incurred, (2) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (3) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. ASC 805 requires that any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed, be recognized as goodwill.
On February 3, 2025, the Company acquired substantially all of the assets and certain of the liabilities of TrailerHawk.ai, LLC a Delaware limited liability company “Trailerhawk”, from Loadsmith Holding Corporation for an initial purchase price of $2.5 million less an allowance of $0.8 million for 2025 development activities, plus the release of $3.0 million and accrued interest of $0.1 million on convertible promissory notes, and contingent consideration related to the earnout liability as described below. Trailerhawk is an innovation leader leveraging artificial intelligence and telematics to create digital solutions that allow customers to protect trailer and cargo through the logistics chain. This investment is synergistic with our recurring revenue initiatives, particularly for our Linq Venture Holdings, LLC and Trailers as a Service (TaaS)SM offerings. Trailerhawk will be included within the Parts and Services reportable segment and currently does not have revenue or earnings. The acquisition includes a purchase price adjustment clause that provides for the possibility of additional earnout payments of up to $15.0 million over a period of seven years after the closing date of the transaction based on certain profitability metrics as a percentage of revenue for each of the subsequent seven years from the acquisition.
The initial accounting for the business combination is incomplete due to the pending finalization of the valuation of certain tangible assets, intangible assets and the earnout liability. Consequently, provisional amounts for these assets and liabilities have been recorded based on the information currently available. The provisional amounts are as follows: Identifiable intangible assets $9.1 million, other assets $0.3 million, and earnout liability $4.7 million. The provisional amounts are subject to change as additional information becomes available and as the valuation studies are finalized. The primary areas of uncertainty include the fair values of identifiable intangible assets and earnout liabilities. During the measurement period, the Company will adjust the provisional amounts retrospectively to reflect any new information obtained about facts and circumstances that existed as of the acquisition date. Any such adjustments will be recognized in the reporting period in which the adjustment amounts are determined. Any significant measurement period adjustments will be disclosed in subsequent financial statements, including the impact on the income statement and balance sheet. As of March 31, 2025, the Company recognized $8.2 million of Goodwill due to the acquisition of Trailerhawk. The Goodwill from this transaction is deductible for tax purposes.
v3.25.1
GOODWILL & OTHER INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & OTHER INTANGIBLE ASSETS GOODWILL & OTHER INTANGIBLE ASSETS
As further described in Note 19, the Company has established two operating and reportable segments: Transportation Solutions (“TS”) and Parts & Services (“P&S”). These operating and reportable segments have also been determined to be the applicable reporting units for purposes of goodwill assignment and evaluation. As of March 31, 2025, goodwill allocated to the TS and P&S segments was approximately $120.5 million and $76.2 million, respectively. The Company considered whether there were any indicators of impairment during the three months ended March 31, 2025 and concluded there were none.
The changes in the carrying amounts of goodwill from December 31, 2023 through the three-month period ended March 31, 2025 were as follows (in thousands):
Transportation SolutionsParts & ServicesTotal
Balance at December 31, 2023
Goodwill$188,743 $108,066 $296,809 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2023120,486 67,923 188,409 
Effects of foreign currency20 12 32 
Balance at December 31, 2024
Goodwill188,763 108,078 296,841 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2024120,506 67,935 188,441 
Acquisition of Trailerhawk AI, LLC— 8,220 8,220 
Effects of foreign currency— 1 1 
Balance at March 31, 2025
Goodwill188,763 116,299 305,062 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of March 31, 2025$120,506 $76,156 $196,662 
v3.25.1
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS
VIEs & Consolidation
The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either the variable interest model (the “VIE model”) or the voting interest model (the “VOE model”).
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity.
The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE through its interest in the VIE.
To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (typically management and representation on the board of directors as well as control of the overall strategic direction of the entity) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE.
To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests, which primarily include the obligation to absorb losses or fund expenditures or losses (if needed), that are deemed to be variable interests in the VIE. This assessment requires the Company to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.
At the VIE’s inception, the Company determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. The Company then performs on-going reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation conclusion is required each reporting period. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with the applicable GAAP.
Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, the Company consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. The Company has no entities consolidated under the VOE model.
At each reporting period, the Company reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model.
If the Company concludes it is not the primary beneficiary of a VIE, the Company evaluates whether it has the ability to exercise significant influence over operating and financial policies of the entity requiring the equity method of accounting. The Company’s judgment regarding the level of influence over an equity method investment includes, but is not limited to, considering key factors such as the Company’s ownership interest (generally represented by ownership of at least 20 percent but not more than 50 percent), representation on the board of directors, participation in policy making decisions, technological dependency, and material intercompany transactions. Generally, under the equity method, investments are recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of the initial investment. Equity in income or losses is recorded according to the Company’s level of ownership; if losses accumulate, the Company records its share of losses until the investment has been fully depleted. If the Company’s investment has been fully depleted, the Company recognizes additional losses only when it is committed to provide further financial support. Dividends received from equity method, reduce the amount of the Company’s investment when received and do not impact the Company’s earnings. The Company evaluates its equity method investments for an other-than-temporary impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Linq Venture Holdings LLC
During the fourth quarter of 2023, the Company continued to unify and expand its parts and services capabilities and ecosystem by executing an agreement with a partner to create a new legal entity (Linq Venture Holdings LLC, “Linq”). Linq aims to develop and scale a digital marketplace for the transportation and logistics distribution industry. It intends to serve as the digital channel for marketing Wabash equipment and parts & services, as well as non-Wabash parts & services, in a digital marketplace format to end-customers as well as dealers.
The Company holds 49% ownership of the membership units in Linq, while its partner holds 51%. Initial capital contributions to Linq were made in proportion to the respective ownership interests, with the Company contributing approximately $2.5 million and its partner contributing approximately $2.6 million. At formation, Linq had no debt or other financial obligations beyond typical operating expenses. Creditors of Linq do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, to be made no later than 30 days after the end of the second and fourth quarters of each year, in proportion to the respective ownership interests.
The operating agreement provides the Company’s partner with put rights that would require the Company to purchase its partner’s interest in Linq. In addition, the operating agreement provides the Company with call rights that would allow it to purchase its partner’s interest in Linq. These put and call rights vary depending upon when they may be exercised, which is generally from formation of Linq up to and including the seven-year anniversary of formation. Upon receiving notice that the Company’s partner has exercised the put right or the Company has exercised the call right, a valuation will occur as stipulated within the operating agreement. Generally, the valuation stipulated within the operating agreement is materially equivalent to a fair value calculation. Such put and call rights have not been exercised by the Company’s partner or the Company as of the current period end date.
Because Linq does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that Linq is a VIE. The Company has the ability to significantly influence the activities of Linq through minority representation on the Board of Directors as well as through participation in certain management and strategic decisions of Linq. The Company’s partner is responsible for the overall development and management of the digital marketplace, the primary purpose for which Linq was formed. Both the Company and its partner are required to provide funding to Linq if needed.
As part of Linq’s formation, the Company executed a credit agreement with Linq, providing a $10 million revolving line of credit (the “Wabash Note”) with a 7% simple accrued interest rate, paid quarterly. During the fourth quarter of 2024, an additional $15 million Wabash Note was approved by the Board of Directors, increasing the revolving line of credit to $25 million. The commitment under the Wabash Note may be increased to $35 million subject to the approval of the Board of Directors as stipulated in the operating agreement. In the three-month period ended March 31, 2025, $3.4 million was borrowed under the Wabash Notes and as of March 31, 2025, there was $14.5 million outstanding. As of and through the three-month period ended March 31, 2024, there were no amounts borrowed under the Wabash Note. Interest income resulting from the Wabash Notes for the three-month periods ended March 31, 2025 and 2024 was $0.2 million and zero, respectively. Interest income under the Wabash Notes is included in Other, net in the Company’s Condensed Consolidated Statements of Operations. The Company does not provide financial or other support to Linq that it was not contractually obligated to provide.
Given the facts and circumstances specific to Linq, the Company concluded that it is not the primary beneficiary of this VIE. However, the Company has the ability to exercise significant influence over the operating and financial policies of Linq. The Company’s maximum exposure to loss in this unconsolidated VIE is limited to the Company’s initial capital contribution and any amounts borrowed under the Wabash Notes. The partner’s put right does not have a standalone value as it is based upon a fair value calculation when exercised, as stipulated in the operating agreement.
The Company’s equity method investment in Linq is recorded in Investment in unconsolidated entity on its Condensed Consolidated Balance Sheets. Any amounts borrowed under the Wabash Notes are recorded in Other assets on the Company’s Condensed Consolidated Balance Sheets. Linq is considered operationally integral. The Company’s share of the results from its equity method investment is included in Loss from unconsolidated entity in the Condensed Consolidated Statements of Operations.
The following table is a rollforward of activities related to the Company’s unconsolidated entity (in thousands):
20252024
Balance at January 1$— $1,647 
Loss from unconsolidated entity(1,842)(1,486)
Equity deficit applied to note (1)
1,842 — 
Balance at March 31$— $161 

(1) As the Company is not required to advance additional funds to Linq, excess losses beyond its initial investment have been recorded against the basis of its other investments in Linq, which is comprised of the loan receivable for amounts borrowed under the Wabash Notes.
Wabash Parts LLC
During the second quarter of 2022, the Company unified and expanded its parts and distribution capabilities by executing an agreement with a partner to create a new legal entity (Wabash Parts LLC, “WP”) to operate a parts and services distribution platform. The Company holds 50% ownership in WP while its partner holds the remaining 50%. Initial capital contributions were insignificant. WP has no debt or other financial obligations other than typical operating expenses and costs. Creditors of WP do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, no later than 30 days after the end of the second and fourth quarters of each year in proportion to the respective ownership interests.
The operating agreement provides the Company’s partner with a put right that would require the Company to purchase its partner’s interest in WP. Upon receiving notice that the Company’s partner has exercised the put right, a valuation will occur as stipulated within the operating agreement. Such put right has not been exercised by the Company’s partner and is therefore not mandatorily redeemable as of the current period end date, however the existence of the put right that is beyond the Company’s control requires the noncontrolling interest to be presented in the temporary equity section of the Company’s Condensed Consolidated Balance Sheets.
Because the entity does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that WP is a VIE. The Company has the power to direct the activities of WP through majority representation on the Board of Directors as well as control related to the management and overall strategic direction of the entity. In addition, the Company has the obligation to absorb the benefits and losses of WP that could potentially be significant to the entity. The Company also has a requirement to provide funding to the entity if needed. Given the facts and circumstances specific to WP, the Company concluded that it is the primary beneficiary and, as such, is required to consolidate the entity. WP’s results of operations are included in the Parts & Services operating and reportable segment. Through March 31, 2025, the Company did not provide financial or other support to this VIE that it was not contractually obligated to provide. As of March 31, 2025, the Company does not have any obligations to provide financial support to WP.
The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in thousands):
March 31,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$4,217 $4,131 
Accounts receivable, net2,654 2,013 
Inventories, net31 30 
Prepaid expenses and other(8)7 
Total current assets6,894 6,181 
Property, plant, and equipment, net— — 
Other assets310 277 
Total assets$7,204 $6,458 
Liabilities
Current liabilities:
Accounts payable$4,678 $4,437 
Other accrued liabilities22 29 
Total current liabilities4,700 4,466 
Other non-current liabilities— — 
Total liabilities$4,700 $4,466 

The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
20252024
Balance at January 1 $996 $603 
Net income attributable to noncontrolling interest255 120 
Distributions paid to noncontrolling interest— (603)
Balance at March 31$1,251 $120 
UpLabs Ventures, LLC
During the third quarter of 2024, the Company established a collaborative framework with UpLabs Ventures, LLC to identify, design, incubate, develop, and launch new businesses (Portfolio Companies) in the mobility and digital solutions sector. This partnership aims to leverage the strengths of both parties to create innovative solutions and new market opportunities. The agreement includes detailed provisions for investment, equity sharing, intellectual property, revenue recognition, indemnification, purchase options, governance, and terminations, ensuring a structured and mutually beneficial partnership.
The Company’s initial capital investment in the fourth quarter of 2024 was $6.0 million to launch venture labs aimed at providing solutions that optimize customer end-to-end supply chains across transportation, logistics and infrastructure markets. The $6.0 million nonrefundable investment covers the first contract year. The cost method investment is recorded in Investment in unconsolidated entities on the Company’s Condensed Consolidated Balance Sheets.
Additionally, for each contract year of the collaboration during the term, the Company will pay fees in the amount of 2% of the investment amount, inclusive of any inflation adjustments and expenses of $0.5 million, subject to equivalent upward inflation adjustment based on the Consumer Price Index, compounded annually. The Company paid a total of $0.6 million in investment fees in the fourth quarter of 2024 to cover the first contract year.
v3.25.1
INVENTORIES, NET
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES, NET INVENTORIES, NET
Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. Inventories, net of reserves, consist of the following components (in thousands):
March 31,
2025		December 31,
2024
Raw materials and components$149,462 $134,975 
Finished goods106,580 92,662 
Work in progress11,990 15,984 
Aftermarket parts7,848 7,690 
Used trailers2,768 7,514 
$278,648 $258,825 
v3.25.1
PREPAID EXPENSES AND OTHER
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER PREPAID EXPENSES AND OTHER
Prepaid expenses and other current assets consist of the following (in thousands):
March 31,
2025		December 31,
2024
Chassis converter pool agreements$91,906 $57,109 
Income tax receivables18,942 10,269 
Insurance premiums & maintenance/subscription agreements11,818 5,595 
Commodity swap contracts560 163 
All other2,965 3,097 
$126,191 $76,233 
Chassis converter pool agreements represent chassis transferred to the Company on a restricted basis by the manufacturer, who retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales to the manufacturer’s dealers. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. As further described in Note 10, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Other items primarily consist of investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets.
v3.25.1
DEBT
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consists of the following (in thousands):
March 31,
2025		December 31,
2024
Senior Notes due 2028$400,000 $400,000 
Revolving Credit Agreement20,000 — 
420,000 400,000 
Less: unamortized discount and fees(2,683)(2,858)
Less: current portion— — 
$417,317 $397,142 
Senior Notes
On October 6, 2021, the Company closed on an offering of $400 million in aggregate principal amount of its 4.50% unsecured Senior Notes (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture dated as of October 6, 2021, by and among the Company, certain subsidiary guarantors named therein (the “Guarantors”) and Wells Fargo Bank, National Association, as trustee (the “Indenture”). The Senior Notes bear interest at the rate of 4.50% and pay interest semi-annually in cash in arrears on April 15 and October 15 of each year. The Senior Notes will mature on October 15, 2028.
The Company may redeem some or all of the Senior Notes at redemption prices (expressed as percentages of principal amount) equal to 102.250% for the twelve-month period beginning on October 15, 2024, 101.125% for the twelve-month period beginning October 15, 2025 and 100.000% beginning on October 15, 2026, plus accrued and unpaid interest to, but not including, the redemption date. Upon the occurrence of a Change of Control (as defined in the Indenture), unless the Company has exercised its optional redemption right in respect of the Senior Notes, the holders of the Senior Notes will have the right to require the Company to repurchase all or a portion of the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid interest to, but not including, the date of repurchase.
The Senior Notes are guaranteed on a senior unsecured basis by all direct and indirect existing and future domestic restricted subsidiaries, subject to certain restrictions. The Senior Notes and related guarantees are the Company’s and the Guarantors’ general unsecured senior obligations and will be subordinated to all of the Company and the Guarantors’ existing and future secured debt to the extent of the assets securing that secured obligation. In addition, the Senior Notes are structurally subordinated to any existing and future debt of any of the Company’s subsidiaries that are not Guarantors, to the extent of the assets of those subsidiaries.
Subject to a number of exceptions and qualifications, the Indenture restricts the Company’s ability and the ability of certain of its subsidiaries to: (i) incur additional indebtedness; (ii) pay dividends or make other distributions in respect of, or repurchase or redeem, its capital stock or with respect to any other interest or participation in, or measured by, its profits; (iii) make loans and certain investments; (iv) sell assets; (v) create or incur liens; (vi) enter into transactions with affiliates; and (vii) consolidate, merge or sell all or substantially all of its assets. These covenants are subject to a number of important exceptions and qualifications.
During any time when the Senior Notes are rated investment grade by at least two of Moody’s, Fitch and Standard & Poor’s Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, many of such covenants will be suspended and the Company and its subsidiaries will cease to be subject to such covenants during such period.
The Indenture contains customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs and is continuing, the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, may be declared immediately due and payable. These amounts automatically become due and payable if an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs. As of March 31, 2025, the Company was in compliance with all covenants.
Contractual coupon interest expense and accretion of fees for the Senior Notes for each three-month period ended March 31, 2025 and 2024 was $4.5 million and $0.2 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes are included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.
Revolving Credit Agreement
On September 23, 2022, the Company entered into the Third Amendment to Second Amended and Restated Credit Agreement among the Company, certain of its subsidiaries as borrowers (together with the Company, the “Borrowers”), certain of its subsidiaries as guarantors, the lenders party thereto, and Wells Fargo Capital Finance, LLC, as the administrative agent (the “Agent”), which amended the Company’s existing Second Amended and Restated Credit Agreement dated as of December 21, 2018 (as amended from time to time, the “Revolving Credit Agreement”).
Under the Revolving Credit Agreement, the lenders agree to make available a $350 million revolving credit facility to the Borrowers with a scheduled maturity date of September 23, 2027. The Company has the option to increase the total commitments under the facility by up to an additional $175 million, subject to certain conditions, including obtaining agreements from one or more lenders, whether or not party to the Revolving Credit Agreement, to provide such additional commitments. Availability under the Revolving Credit Agreement is based upon quarterly (or more frequent under certain circumstances) borrowing base certifications of the Borrowers’ eligible inventory, eligible leasing inventory and eligible accounts receivable, and is reduced by certain reserves in effect from time to time.
Subject to availability, the Revolving Credit Agreement provides for a letter of credit subfacility in the amount of $25 million and allows for swingline loans in the amount of $35 million. Outstanding borrowings under the Revolving Credit Agreement bear interest at an annual rate, at the Borrowers’ election, equal to (i) adjusted term Secured Overnight Financing Rate plus a margin ranging from 1.25% to 1.75% or (ii) a base rate plus a margin ranging from 0.25% to 0.75%, in each case depending upon the monthly average excess availability under the Revolving Credit Agreement. The Borrowers are required to pay a monthly unused line fee equal to 0.20% times the average daily unused availability along with other customary fees and expenses of the Agent and the lenders.
The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Guarantors”) and is secured by substantially all personal property of the Borrowers and the Guarantors.
The Revolving Credit Agreement contains customary covenants limiting the ability of the Company and certain of its subsidiaries to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock, enter into transactions with affiliates, merge, dissolve, repay subordinated indebtedness, make investments and dispose of assets. In addition, the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 as of the end of any period of 12 fiscal months when excess availability under the Revolving Credit Agreement is less than the greater of (a) 10.0% of the lesser of (i) the total revolving commitments and (ii) the borrowing base (such lesser amount, the “Line Cap”) and (b) $25 million. As of March 31, 2025, the Company was in compliance with all covenants.
If availability under the Revolving Credit Agreement is less than the greater of (i) 10% of the Line Cap and (ii) $25 million for three consecutive business days, or if there exists an event of default, amounts in any of the Borrowers’ and the Guarantors’ deposit accounts (other than certain excluded accounts) will be transferred daily into a blocked account held by the Agent and applied to reduce the outstanding amounts under the facility.
The Revolving Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the lenders may, among other things, require the immediate payment of all amounts outstanding and foreclose on collateral. In addition, in the case of an event of default arising from certain events of bankruptcy or insolvency, the lenders’ obligations under the Revolving Credit Agreement would automatically terminate, and all amounts outstanding under the Revolving Credit Agreement would automatically become due and payable.
The Company’s liquidity position, defined as cash on hand and available borrowing capacity on the Revolving Credit Agreement, amounted to $310.0 million as of March 31, 2025 and $421.9 million as of December 31, 2024.
During the three-month period ended March 31, 2025, the Company had payments of principal totaling $0.4 million and borrowings of principal totaling $20.4 million under the Revolving Credit Agreement. As of March 31, 2025, there was $20.0 million outstanding under the Revolving Credit Agreement.
During the three-month period ended March 31, 2024, the Company had payments of principal totaling $0.2 million and borrowings of principal totaling $0.2 million under the Revolving Credit Agreement. As of March 31, 2024, there were no amounts outstanding under the Revolving Credit Agreement.
Interest expense under the Revolving Credit Agreement for each three-month period ended March 31, 2025 and 2024 was approximately $0.3 million and $0.2 million, respectively. Interest expense under the Revolving Credit Agreement is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.
v3.25.1
FINANCIAL DERIVATIVE INSTRUMENTS
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL DERIVATIVE INSTRUMENTS FINANCIAL DERIVATIVE INSTRUMENTS
Commodity Pricing Risk
As of March 31, 2025, the Company was party to commodity swap contracts for specific commodities with notional amounts of approximately $12.3 million. The Company uses commodity swap contracts to mitigate the risks associated with fluctuations in commodity prices impacting its cash flows related to inventory purchases from suppliers. The Company does not hedge all commodity price risk.
At inception, the Company designated the commodity swap contracts as cash flow hedges. The contracts mature at specified monthly settlement dates and will be recognized into earnings through December 2025. The effective portion of the hedging transaction is recognized in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and transferred to earnings when the forecasted hedged transaction takes place or when the forecasted hedged transaction is no longer probable to occur.
Financial Statement Presentation
As of March 31, 2025 and December 31, 2024, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
Asset / (Liability) Derivatives
Balance Sheet CaptionMarch 31,
2025		December 31,
2024
Derivatives designated as hedging instruments
Commodity swap contractsPrepaid expenses and other$560 $163 
Commodity swap contractsAccounts payable and Other accrued liabilities(76)(299)
Total derivatives designated as hedging instruments$484 $(136)

The following table summarizes the gain or loss recognized in AOCI as of March 31, 2025 and December 31, 2024 and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2025 and 2024 (in thousands):
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax)Location of Gain (Loss) Reclassified from AOCI into Earnings
(Effective Portion)		Amount of Gain (Loss)
Reclassified from AOCI into Earnings
March 31,
2025		December 31,
2024		Three Months Ended
March 31,
20252024
Derivatives instruments
Commodity swap contracts$382 $(230)Cost of sales$(270)$(748)
Over the next 12 months, the Company expects to reclassify approximately $0.5 million of pretax deferred gains, related to the commodity swap contracts, from AOCI to cost of sales as inventory purchases are settled.
v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES LEASES
Lessee Activities
The Company records a right-of-use (“ROU”) asset and lease liability for substantially all leases for which it is a lessee, in accordance with Accounting Standards Codification (“ASC”) 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration.
The Company leases certain industrial spaces, office spaces, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally 1 to 5 years. The exercise of lease renewal options is at the Company’s sole discretion, and are included in the lease term only to the extent such renewal options are reasonably certain of being exercised at lease commencement. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
During the three months ended March 31, 2025, leased assets obtained in exchange for new operating lease liabilities totaled approximately $2.7 million. During the three months ended March 31, 2024, leased assets obtained in exchange for new operating lease liabilities totaled approximately $2.1 million. As of March 31, 2025, obligations related to operating leases that the Company has executed but have not yet commenced were nominal.
Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
ClassificationMarch 31, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$36,063 $36,423 
Total leased ROU assets$36,063 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$12,345 $11,782 
Noncurrent
OperatingOther non-current liabilities23,718 24,641 
Total lease liabilities$36,063 $36,423 

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
ClassificationThree Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$3,588 $2,760 
Net lease cost$3,588 $2,760 

Maturity of the Company’s lease liabilities as of March 31, 2025 is as follows (in thousands):
Operating LeasesFinance LeasesTotal
2025 (remainder)$10,449 $— $10,449 
202612,939 — 12,939 
20277,994 — 7,994 
20284,196 — 4,196 
20292,666 — 2,666 
Thereafter1,426 — 1,426 
Total lease payments$39,669 $— $39,669 
Less: interest3,606 — 
Present value of lease payments$36,063 $— 
As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

Remaining lease term and discount rates are as follows:
March 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.51 %5.38 %
Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$3,554 $2,736 
Operating cash flows from finance leases$— $— 
Financing cash flows from finance leases$— $— 
Lessor and Sublessor Activities
The Company leases dry van trailers to customers under full-service lease agreements and operating lease agreements. At the inception of a contract, in accordance with the applicable accounting guidance (ASC 842, Leases) the Company considers whether the arrangement contains a lease and, as applicable, performs the required lease classification tests. The Company, as a lessor, has no sales-type or direct financing lease arrangements as of March 31, 2025.
The Company’s full-service lease agreements are an integrated service that include lease component amounts related to the use of the trailer, as well as non-lease components for preventative maintenance, certain repairs as defined in the related agreement, and ad valorem taxes. In accordance with the applicable accounting guidance (ASC 842, Leases), the Company has elected to combine lease and non-lease components when reporting revenue for the full-service underlying class of leased assets.
Initial lease terms are generally three to five years. Certain of the Company’s leases provide customers with renewal options that provide the ability to extend the lease term for a period of generally one to five years. In addition, some leases include options for the customer to purchase the trailers at fair market value, as determined by the Company at or near the end of the lease. The Company’s lease agreements generally do not have residual value guarantees nor permit customers to terminate the lease agreements prior to natural expiration. As stipulated in the lease agreements, the Company may receive reimbursements from customers for certain damage or required repairs to the trailers.
Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and at arm’s length.
Lease income is included in Net sales on the Company’s Condensed Consolidated Statements of Operations, and is recorded in the Parts & Services operating segment. For the three months ended March 31, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Operating lease income
Fixed lease income$649 $643 
Variable lease income— — 
Total lease income
$649 $643 
The following table shows the Company’s future contractual receipts from noncancelable operating leases as of March 31, 2025 (in thousands):
Operating Leases1
2025 (remainder)$1,545 
20262,061 
20271,949 
20281,157 
2029— 
Thereafter— 
Total contractual receipts$6,712 
—————————
(1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.
LEASES LEASES
Lessee Activities
The Company records a right-of-use (“ROU”) asset and lease liability for substantially all leases for which it is a lessee, in accordance with Accounting Standards Codification (“ASC”) 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration.
The Company leases certain industrial spaces, office spaces, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally 1 to 5 years. The exercise of lease renewal options is at the Company’s sole discretion, and are included in the lease term only to the extent such renewal options are reasonably certain of being exercised at lease commencement. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise.
During the three months ended March 31, 2025, leased assets obtained in exchange for new operating lease liabilities totaled approximately $2.7 million. During the three months ended March 31, 2024, leased assets obtained in exchange for new operating lease liabilities totaled approximately $2.1 million. As of March 31, 2025, obligations related to operating leases that the Company has executed but have not yet commenced were nominal.
Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
ClassificationMarch 31, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$36,063 $36,423 
Total leased ROU assets$36,063 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$12,345 $11,782 
Noncurrent
OperatingOther non-current liabilities23,718 24,641 
Total lease liabilities$36,063 $36,423 

Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
ClassificationThree Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$3,588 $2,760 
Net lease cost$3,588 $2,760 

Maturity of the Company’s lease liabilities as of March 31, 2025 is as follows (in thousands):
Operating LeasesFinance LeasesTotal
2025 (remainder)$10,449 $— $10,449 
202612,939 — 12,939 
20277,994 — 7,994 
20284,196 — 4,196 
20292,666 — 2,666 
Thereafter1,426 — 1,426 
Total lease payments$39,669 $— $39,669 
Less: interest3,606 — 
Present value of lease payments$36,063 $— 
As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments.

Remaining lease term and discount rates are as follows:
March 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.51 %5.38 %
Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$3,554 $2,736 
Operating cash flows from finance leases$— $— 
Financing cash flows from finance leases$— $— 
Lessor and Sublessor Activities
The Company leases dry van trailers to customers under full-service lease agreements and operating lease agreements. At the inception of a contract, in accordance with the applicable accounting guidance (ASC 842, Leases) the Company considers whether the arrangement contains a lease and, as applicable, performs the required lease classification tests. The Company, as a lessor, has no sales-type or direct financing lease arrangements as of March 31, 2025.
The Company’s full-service lease agreements are an integrated service that include lease component amounts related to the use of the trailer, as well as non-lease components for preventative maintenance, certain repairs as defined in the related agreement, and ad valorem taxes. In accordance with the applicable accounting guidance (ASC 842, Leases), the Company has elected to combine lease and non-lease components when reporting revenue for the full-service underlying class of leased assets.
Initial lease terms are generally three to five years. Certain of the Company’s leases provide customers with renewal options that provide the ability to extend the lease term for a period of generally one to five years. In addition, some leases include options for the customer to purchase the trailers at fair market value, as determined by the Company at or near the end of the lease. The Company’s lease agreements generally do not have residual value guarantees nor permit customers to terminate the lease agreements prior to natural expiration. As stipulated in the lease agreements, the Company may receive reimbursements from customers for certain damage or required repairs to the trailers.
Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and at arm’s length.
Lease income is included in Net sales on the Company’s Condensed Consolidated Statements of Operations, and is recorded in the Parts & Services operating segment. For the three months ended March 31, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Operating lease income
Fixed lease income$649 $643 
Variable lease income— — 
Total lease income
$649 $643 
The following table shows the Company’s future contractual receipts from noncancelable operating leases as of March 31, 2025 (in thousands):
Operating Leases1
2025 (remainder)$1,545 
20262,061 
20271,949 
20281,157 
2029— 
Thereafter— 
Total contractual receipts$6,712 
—————————
(1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.
v3.25.1
OTHER ACCRUED LIABILITIES
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
OTHER ACCRUED LIABILITIES OTHER ACCRUED LIABILITIES
The following table presents the major components of Other accrued liabilities (in thousands):
March 31,
2025		December 31,
2024
Warranty$15,984 $16,958 
Chassis converter pool agreements91,032 57,109 
Payroll and related taxes14,709 12,931 
Customer deposits33,047 31,029 
Self-insurance11,935 12,198 
Accrued interest8,402 3,818 
Operating lease obligations12,345 11,782 
Accrued taxes8,313 6,572 
All other8,398 9,274 
$204,165 $161,671 
The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):
20252024
Balance as of January 1$16,958 $21,286 
Provisions and revisions to estimates587 444 
Payments(1,561)(1,677)
Balance as of March 31$15,984 $20,053 
The Company offers a limited warranty for its products with a coverage period that ranges between 1 and 5 years, except that the coverage period for DuraPlate® trailer panels is 10 years and the coverage period for steel main beams on flatbed trailer products exceeds 10 years. The Company passes through component manufacturers’ warranties to our customers. The Company’s policy is to accrue the estimated cost of warranty coverage at the time of the sale
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company’s fair value measurements are based upon a three-level valuation hierarchy. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy:
▪Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets;
▪Level 2 — Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument; and
▪Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
Recurring Fair Value Measurements
The Company maintains a non-qualified deferred compensation plan which is offered to senior management and other key employees. The amount owed to participants is an unfunded and unsecured general obligation of the Company. Participants are offered various investment options with which to invest the amount owed to them, and the plan administrator maintains a record of the liability owed to participants by investment. To minimize the impact of the change in market value of this liability, the Company has elected to purchase a separate portfolio of investments through the plan administrator similar to those chosen by the participant.
The investments purchased by the Company include mutual funds, which are classified as Level 1, and life-insurance contracts valued based on the performance of underlying mutual funds, which are classified as Level 2. Additionally, the Company holds a pool of investments made by a wholly owned captive insurance subsidiary. These investments are comprised of mutual funds, which are classified as Level 1.
The fair value of the Company’s derivatives is estimated with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes, and are classified as Level 2.
Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are shown below (in thousands):
FrequencyAsset / (Liability)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
March 31, 2025
Commodity swap contractsRecurring$484 $— $484 $— 
Mutual fundsRecurring$14,048 $14,048 $— $— 
Life-insurance contractsRecurring$20,968 $— $20,968 $— 
December 31, 2024
Commodity swap contractsRecurring$(136)$— $(136)$— 
Mutual fundsRecurring$14,447 $14,447 $— $— 
Life-insurance contractsRecurring$22,358 $— $22,358 $— 

Estimated Fair Value of Debt
The estimated fair value of debt at March 31, 2025 consists of the Senior Notes due 2028 (see Note 9). The fair value of the Senior Notes due 2028 are based upon third party pricing sources, which generally do not represent daily market activity or represent data obtained from an exchange, and are classified as Level 2. The interest rates on the Company’s borrowings under the Revolving Credit Agreement are adjusted regularly to reflect current market rates and thus carrying value approximates fair value for any borrowings.
The Company’s carrying and estimated fair value of debt at March 31, 2025 and December 31, 2024 were as follows (in thousands):
March 31, 2025December 31, 2024
Carrying
Value		Fair ValueCarrying
Value		Fair Value
Level 1Level 2Level 3Level 1Level 2Level 3
Instrument
Senior Notes due 2028$397,317 $— $357,088 $— $397,142 $— $363,385 $— 
Revolving Credit Agreement20,000 — 20,000 — — — — — 
$417,317 $— $377,088 $— $397,142 $— $363,385 $— 
The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements, since long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the condensed consolidated financial statements.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation
As of March 31, 2025, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations, including class action lawsuits, in connection with the conduct of its business activities, in various jurisdictions, both in the United States and internationally. Accrual for losses have been recorded in accordance with GAAP. Based on the information currently available, management does not believe that existing proceedings and investigations will have a material impact on our consolidated financial condition or liquidity if determined in a manner adverse to the Company except as otherwise described below. However, such matters are unpredictable, and we could incur judgments or enter into settlements for current or future claims that could materially and adversely affect our financial statements. Costs associated with the litigation and settlements of legal matters are reported within General and administrative expenses in the Condensed Consolidated Statements of Operations.
Legal Matter Estimated Liability
The Company was named as a defendant in California state court in three purported class action lawsuits, alleging wage and hour claims under California-specific employment laws: one that remains pending (“Pending Class Action”), and two which were resolved in the first quarter of 2024 (collectively “Closed Class Action”). The defense of the Closed Class Action lawsuits were being handled in conjunction with one another. During the three months ended March 31, 2023, in accordance with ASC 450, the Company concluded a liability related to these matters was probable and estimable. As such, an estimated liability of $3.0 million was included in General & administrative expenses in the Consolidated Statements of Operations for the year ended December 31, 2023. During the second quarter of 2023, the Company reached an agreement to resolve the Closed Class Action via settlement for an amount materially consistent with the estimated liability. The settlement proceeds were paid in the first quarter of 2024, and the Company received confirmation on February 20, 2024 that the administrator received the settlement payment. Those matters are now closed.
Product Liability Claims
The Company is and has been, and may in the future be, subject to product liability claims and litigation incidental to the Company’s normal operating activities. On October 6, 2020, the Company was named as a co-defendant in a lawsuit, Eileen Williams, Elizabeth Perkins, et al. v. Wabash National Corporation, et al., filed in the Circuit Court of the City of St. Louis, Missouri (the “Product Liability Matter”). On September 5, 2024, a jury awarded compensatory damages of $11.5 million and punitive damages of $450 million (the “Award”) against the Company in the Product Liability Matter. On November 22, 2024, applying an offset related to the plaintiff’s settlement with a separate defendant, the Circuit Court entered judgment in the Product Liability Matter consisting of compensatory damages of $11.5 million and punitive damages of $450 million. On March 20, 2025, the Circuit Court determined that the punitive damage award in the Product Liability Matter did not comport with the Company’s constitutional rights. Accordingly, the Circuit Court ordered the punitive damages award reduced to $108 million with the compensatory damages award remaining at $11.5 million (collectively, the “Adjusted Award”).
The case related to a 2019 motor vehicle accident in which a passenger vehicle with an unobstructed view struck the back of a nearly stopped 2004 Wabash trailer that was operated by co-defendant GDS Express Inc. at the time of the accident. The evidence was undisputed that the trailer fully complied with all applicable regulations. Based on the Adjusted Award, the Company has recognized a $342 million reduction to a charge taken in the fourth quarter of 2024 and as of March 31, 2025, the Company has recognized an aggregate liability for this matter of $119.5 million included in the Company’s Condensed Consolidated Balance Sheet within Other non-current liabilities. The $342 million adjustment is included in the Company’s Condensed Consolidated Statements of Operation within General and Administrative expenses. The Company believes that the compensatory damages will be covered by the Company’s insurance policies and recorded a $11.5 million receivable included in Other assets in the Company’s Condensed Consolidated Balance Sheet as of March 31, 2025. As of December 31, 2024, the aggregate liability recorded for this matter was $461.5 million and the receivable for compensatory damages was $11.5 million.
The Company believes the Adjusted Award is abnormally high and the verdict is not supported by the facts or the law. Among other things, and despite precedent to the contrary, the jury was prevented from hearing critical evidence in the case, including that the driver’s blood alcohol level was over the legal limit at the time of the accident. The fact that neither the driver nor his passenger was wearing a seatbelt was also kept from the jury, even though plaintiffs argued both would have survived a 55-mile-per-hour collision had the vehicle not broken through the trailer’s rear impact guard. The Company has filed a notice of appeal, and the Company will be evaluating all available legal options.
The ultimate outcome of such claims and litigation, including the Product Liability Matter, cannot be predicted with any certainty and any such claim or litigation could materially and adversely affect the Company’s financial condition, results of operations and cash flows.
Environmental Disputes
In August 2014, the Company received notice as a potentially responsible party (“PRP”) by the South Carolina Department of Health and Environmental Control (the “DHEC”) pertaining to the Philip Services Site located in Rock Hill, South Carolina pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and corresponding South Carolina statutes. PRPs include parties identified through manifest records as having contributed to deliveries of hazardous substances to the Philip Services Site between 1979 and 1999. The DHEC’s allegation that the Company was a PRP arises out of four manifest entries in 1989 under the name of a company unaffiliated with Wabash National Corporation (or any of its former or current subsidiaries) that purport to be delivering a de minimis amount of hazardous waste to the Philip Services Site “c/o Wabash National Corporation.” As such, the Philip Services Site PRP Group (the “PRP Group”) notified Wabash in August 2014 that it was offering the Company the opportunity to resolve any liabilities associated with the Philip Services Site by entering into a Cash Out and Reopener Settlement Agreement (the “Settlement Agreement”) with the PRP Group, as well as a Consent Decree with the DHEC. The Company has accepted the offer from the PRP Group to enter into the Settlement Agreement and Consent Decree, while reserving its rights to contest its liability for any deliveries of hazardous materials to the Philips Services Site. The requested settlement payment is immaterial to the Company’s financial condition and results of operations, and as a result, if the Settlement Agreement and Consent Decree are finalized, the payment to be made by the Company thereunder is not expected to have a material adverse effect on the Company’s financial condition or results of operations.
On November 13, 2019, the Company received a notice that it was considered one of several PRPs by the Indiana Department of Environmental Management (“IDEM”) under CERCLA and state law related to substances found in soil and groundwater at a property located at 817 South Earl Avenue, Lafayette, Indiana (the “Site”). The Company has never owned or operated the Site, but the Site is near certain of the Company’s owned properties. In 2020, the Company agreed to implement a limited work plan to further investigate the source of the contamination at the Site and worked with IDEM and other PRPs to finalize the terms of the work plan. The Company submitted its initial site investigation report to IDEM during the third quarter of 2020, indicating that the data collected by the Company’s consultant confirmed that the Company’s properties are not the source of contamination at the Site. In December 2021, after completing further groundwater sampling work, the Company submitted to IDEM a supplemental written report, which again stated that the Company is not a responsible party and the Company’s properties are not a source of any contamination. In June 2022, the Company and other PRPs finalized Work Plan Addendum No. 3, which provided for additional groundwater sampling on another PRP property. The Company completed all additional sampling and submitted supplemental reports to IDEM as of the first quarter of 2024. All available information and reports establish there is no source of any contamination on the Company’s owned properties. As of March 31, 2025, based on the information available, the Company does not expect this matter to have a material adverse effect on its financial condition or results of operations.
Chassis Converter Pool Agreements
The Company obtains vehicle chassis for its specialized vehicle products directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled, nor expects to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of March 31, 2025, the Company’s outstanding chassis converter pool with the manufacturer totaled $91.0 million and has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Prepaid expenses and other and Other accrued liabilities. All other chassis programs are handled as consigned inventory belonging to the manufacturer and totaled approximately $3.1 million. Under these agreements, if the chassis is not delivered to a customer within a specified time frame, the Company is required to pay a finance or storage charge on the chassis. Additionally, the Company receives finance support funds from manufacturers when the chassis are assigned into the Company’s chassis pool. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company.
v3.25.1
NET INCOME PER COMMON SHARE
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME PER COMMON SHARE NET INCOME PER COMMON SHARE
Basic earnings per common share is calculated based on the weighted average number of common shares outstanding during the period, including vested shares deferred under our non-qualified deferred compensation plan. Diluted earnings per common share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net income attributable to common stockholders per common share is determined using net income attributable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). The number of antidilutive securities that could potentially dilute basic earnings per share (“EPS”) in the future but were not included in the computation of diluted EPS because to do so would be antidilutive was 251,431 shares as of March 31, 2025. There were 118,506 antidilutive securities as of March 31, 2024.
Three Months Ended
March 31,
20252024
Basic net income attributable to common stockholders per share:
Net income attributable to common stockholders$230,941 $18,167 
Weighted average common shares outstanding42,716 45,383 
Basic net income attributable to common stockholders per share$5.41 $0.40 
Diluted net income attributable to common stockholders per share:
Net income attributable to common stockholders$230,941 $18,167 
Weighted average common shares outstanding42,716 45,383 
Dilutive stock options and restricted stock371 871 
Diluted weighted average common shares outstanding43,087 46,254 
Diluted net income attributable to common stockholders per share$5.36 $0.39 
v3.25.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company recognizes all share-based payments based upon their grant date fair value. The Company grants restricted stock units subject to specific service, performance, and/or market conditions. The Company’s policy is to recognize expense for awards that have service conditions only subject to graded vesting using the straight-line attribution method. In addition, the Company’s policy is to estimate expected forfeitures on share-based awards. The fair value of service and performance-based units is based on the market price of a share of underlying common stock at the date of grant. The fair values of the awards that contain market conditions are estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility, risk-free rates of return, and correlation matrix. The amount of compensation costs related to restricted stock units and performance units not yet recognized, excluding estimated forfeitures, was $21.1 million at March 31, 2025, for which the expense will be recognized through 2028.
v3.25.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Share Repurchase Program
On February 15, 2024, the Company announced that the Board of Directors approved the repurchase of an additional $150 million in shares of common stock over a three-year period. This authorization was an increase to the previous $150 million repurchase program approved in August 2021 and the previous $100 million repurchase programs approved in November 2018, February 2017, and February 2016. The repurchase program is set to expire in February 2027. Stock repurchases under this program may be made in the open market or in private transactions at times and in amounts determined by the Company. As of March 31, 2025, $110.5 million remained available under the program.
Common and Preferred Stock
The Board of Directors has the authority to issue common and unclassed preferred stock of up to 200 million shares and 25 million shares, respectively, with par value of $0.01 per share, as well as to fix dividends, voting and conversion rights, redemption provisions, liquidation preferences, and other rights and restrictions.
Accumulated Other Comprehensive Income (Loss)
Changes in AOCI by component, net of tax, for the three months ended March 31, 2025 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2024$(2,999)$(230)$(3,229)
Net unrealized gains (losses) arising during the period(a)
167 409 576 
Less: Net realized gains (losses) reclassified to net income(b)
— (203)(203)
Net change during the period167 612 779 
Balances at March 31, 2025$(2,832)$382 $(2,450)
—————————
(a) Derivative instruments net of $0.1 million of tax liability for the three months ended March 31, 2025.
(b) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2025.
Changes in AOCI by component, net of tax, for the three months ended March 31, 2024 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2023$(816)$388 $(428)
Net unrealized gains (losses) arising during the period(c)
184 (290)(106)
Less: Net realized gains (losses) reclassified to net income(d)
— (566)(566)
Net change during the period184 276 460 
Balances at March 31, 2024$(632)$664 $32 
—————————
(c) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2024.
(d) Derivative instruments net of $0.2 million of tax benefit for the three months ended March 31, 2024.
.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXESFor the three months ended March 31, 2025, the Company recognized income tax expense of $78.1 million compared to income tax expense of $6.4 million for the same period in the prior year. The effective tax rates for the first three months of 2025 and 2024 were 25.3% and 26.0%, respectively. For each three-month period ended March 31, 2025 and 2024, the effective tax rate differs from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes.
v3.25.1
SEGMENTS
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
a. Segment Reporting
The Company’s Chief Operating Decision Maker (“CODM”) is comprised of the Chief Executive Officer and the Board of Directors. Based on how the CODM manages the business, allocates resources, makes operating decisions, and evaluates operating performance, the Company manages its business in two operating and reportable segments: Transportation Solutions and Parts & Services.
Additional information related to the composition of each segment is included below.
▪Transportation Solutions (“TS”): The TS segment comprises the design and manufacturing operations for the Company’s transportation-related equipment and products. This includes dry and refrigerated van trailers, platform trailers, and the Company’s wood flooring production facility. The Company’s EcoNex™ products, which are part of the Company’s AcuthermTM portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. Additionally, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies, as well as service and stake bodies, are also in the TS segment.
▪Parts & Services (“P&S”): The P&S segment comprises the Company’s Parts and Services business, as well as the Upfitting Solutions and Services business (a component of our Truck Bodies business). Additionally, the Company’s Composites business, which focuses on the use of DuraPlate® composite panels beyond the semi-trailer market, is also part of the P&S segment. This segment also includes the Wabash Parts LLC and Linq Venture Holdings LLC entities, which we created with our partners as further described in Note 6. Our Trailers as a Service (TaaS)SM initiatives, which combine our market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network to provide a valuable suite of services to our customers, are included in the P&S segment as well. Finally, the P&S segment includes the Company’s Engineered Products business, which manufactures stainless-steel storage tanks and silos, mixers and processors for a variety of end markets. Growing and expanding the Parts and Services offerings continues to be a key strategic initiative for the Company.
The accounting policies of the TS and P&S segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income from operations. The CODM evaluates performance by considering comparative period and forecast-to-actual variances for these measures monthly. The Company has not allocated certain corporate related administrative costs, interest, and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance.
Reportable segment information is as follows (in thousands):
Three Months Ended March 31, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$329,048 $51,842 $— $380,890 
Intersegment sales17,755 113 (17,868)— 
Total net sales346,803 51,955 (17,868)380,890 
Cost of sales338,389 41,366 (17,868)361,887 
     Gross profit8,414 10,589 — 19,003 
Other operating expenses (1)
18,212 3,679 24,561 46,452 
     Segment (loss) income from operations(9,798)6,910 (24,561)(27,449)
Product liability matter— — 342,000 342,000 
     Consolidated (loss) income from operations$(9,798)$6,910 $317,439 $314,551 
Depreciation and amortization$12,705 $1,177 $1,150 $15,032 
Three Months Ended March 31, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$467,123 $48,153 $— $515,276 
Intersegment sales3,305 1,081 (4,386)— 
Total net sales470,428 49,234 (4,386)515,276 
Cost of sales407,316 35,900 (4,386)438,830 
     Gross profit63,112 13,334 — 76,446 
Other operating expenses (1)
18,857 2,814 25,200 46,871 
     Consolidated income (loss) from operations$44,255 $10,520 $(25,200)$29,575 
Depreciation and amortization$11,318 $546 $858 $12,722 
___________________
(1) Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net.
b.  Product Information
The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and services, and (4) equipment and other (which includes truck bodies). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Three Months Ended March 31, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$251,045 $— $(17,670)$233,375 61.3 %
Used trailers— 1,500 — 1,500 0.4 %
Components, parts and services— 31,502 — 31,502 8.3 %
Equipment and other95,758 18,953 (198)114,513 30.1 %
Total net sales$346,803 $51,955 $(17,868)$380,890 100.0 %
Three Months Ended March 31, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$366,158 $— $(820)$365,338 70.9 %
Used trailers— 1,344 — 1,344 0.3 %
Components, parts and services— 35,630 — 35,630 6.9 %
Equipment and other104,270 12,260 (3,566)112,964 21.9 %
Total net sales$470,428 $49,234 $(4,386)$515,276 100.0 %
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income attributable to common stockholders for the period $ 230,941 $ 18,167
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
NEW ACCOUNTING PRONOUNCEMENTS (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”, which requires additional disclosure of the nature of expenses included in the consolidated financial statements. The effective date of this ASU is for annual periods beginning after December 15, 2026. The Company is evaluating the effect this guidance will have on the consolidated financial statements.
REVENUE RECOGNITION
The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales, and the associated costs are included in Cost of sales in the Condensed Consolidated Statements of Operations. For shipping and handling costs that occur after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense.
v3.25.1
GOODWILL & OTHER INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amounts of goodwill from December 31, 2023 through the three-month period ended March 31, 2025 were as follows (in thousands):
Transportation SolutionsParts & ServicesTotal
Balance at December 31, 2023
Goodwill$188,743 $108,066 $296,809 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2023120,486 67,923 188,409 
Effects of foreign currency20 12 32 
Balance at December 31, 2024
Goodwill188,763 108,078 296,841 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2024120,506 67,935 188,441 
Acquisition of Trailerhawk AI, LLC— 8,220 8,220 
Effects of foreign currency— 1 1 
Balance at March 31, 2025
Goodwill188,763 116,299 305,062 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of March 31, 2025$120,506 $76,156 $196,662 
v3.25.1
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Equity Method Investments
The following table is a rollforward of activities related to the Company’s unconsolidated entity (in thousands):
20252024
Balance at January 1$— $1,647 
Loss from unconsolidated entity(1,842)(1,486)
Equity deficit applied to note (1)
1,842 — 
Balance at March 31$— $161 

(1) As the Company is not required to advance additional funds to Linq, excess losses beyond its initial investment have been recorded against the basis of its other investments in Linq, which is comprised of the loan receivable for amounts borrowed under the Wabash Notes.
Schedule of Variable Interest Entities
The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in thousands):
March 31,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$4,217 $4,131 
Accounts receivable, net2,654 2,013 
Inventories, net31 30 
Prepaid expenses and other(8)7 
Total current assets6,894 6,181 
Property, plant, and equipment, net— — 
Other assets310 277 
Total assets$7,204 $6,458 
Liabilities
Current liabilities:
Accounts payable$4,678 $4,437 
Other accrued liabilities22 29 
Total current liabilities4,700 4,466 
Other non-current liabilities— — 
Total liabilities$4,700 $4,466 
Schedule Of Noncontrolling Interest Activity
The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
20252024
Balance at January 1 $996 $603 
Net income attributable to noncontrolling interest255 120 
Distributions paid to noncontrolling interest— (603)
Balance at March 31$1,251 $120 
v3.25.1
INVENTORIES, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current Inventories, net of reserves, consist of the following components (in thousands):
March 31,
2025		December 31,
2024
Raw materials and components$149,462 $134,975 
Finished goods106,580 92,662 
Work in progress11,990 15,984 
Aftermarket parts7,848 7,690 
Used trailers2,768 7,514 
$278,648 $258,825 
v3.25.1
PREPAID EXPENSES AND OTHER (Tables)
 3 Months Ended
Mar. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
March 31,
2025		December 31,
2024
Chassis converter pool agreements$91,906 $57,109 
Income tax receivables18,942 10,269 
Insurance premiums & maintenance/subscription agreements11,818 5,595 
Commodity swap contracts560 163 
All other2,965 3,097 
$126,191 $76,233 
v3.25.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following (in thousands):
March 31,
2025		December 31,
2024
Senior Notes due 2028$400,000 $400,000 
Revolving Credit Agreement20,000 — 
420,000 400,000 
Less: unamortized discount and fees(2,683)(2,858)
Less: current portion— — 
$417,317 $397,142 
v3.25.1
FINANCIAL DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
As of March 31, 2025 and December 31, 2024, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
Asset / (Liability) Derivatives
Balance Sheet CaptionMarch 31,
2025		December 31,
2024
Derivatives designated as hedging instruments
Commodity swap contractsPrepaid expenses and other$560 $163 
Commodity swap contractsAccounts payable and Other accrued liabilities(76)(299)
Total derivatives designated as hedging instruments$484 $(136)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the gain or loss recognized in AOCI as of March 31, 2025 and December 31, 2024 and the amounts reclassified from AOCI into earnings for the three months ended March 31, 2025 and 2024 (in thousands):
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax)Location of Gain (Loss) Reclassified from AOCI into Earnings
(Effective Portion)		Amount of Gain (Loss)
Reclassified from AOCI into Earnings
March 31,
2025		December 31,
2024		Three Months Ended
March 31,
20252024
Derivatives instruments
Commodity swap contracts$382 $(230)Cost of sales$(270)$(748)
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Assets and Liabilities, Lessee
Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
ClassificationMarch 31, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$36,063 $36,423 
Total leased ROU assets$36,063 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$12,345 $11,782 
Noncurrent
OperatingOther non-current liabilities23,718 24,641 
Total lease liabilities$36,063 $36,423 
Lease, Cost
Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
ClassificationThree Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$3,588 $2,760 
Net lease cost$3,588 $2,760 
Remaining lease term and discount rates are as follows:
March 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.51 %5.38 %
Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$3,554 $2,736 
Operating cash flows from finance leases$— $— 
Financing cash flows from finance leases$— $— 
Operating Lease, Liability, Maturity
Maturity of the Company’s lease liabilities as of March 31, 2025 is as follows (in thousands):
Operating LeasesFinance LeasesTotal
2025 (remainder)$10,449 $— $10,449 
202612,939 — 12,939 
20277,994 — 7,994 
20284,196 — 4,196 
20292,666 — 2,666 
Thereafter1,426 — 1,426 
Total lease payments$39,669 $— $39,669 
Less: interest3,606 — 
Present value of lease payments$36,063 $— 
Finance Lease, Liability, Maturity
Maturity of the Company’s lease liabilities as of March 31, 2025 is as follows (in thousands):
Operating LeasesFinance LeasesTotal
2025 (remainder)$10,449 $— $10,449 
202612,939 — 12,939 
20277,994 — 7,994 
20284,196 — 4,196 
20292,666 — 2,666 
Thereafter1,426 — 1,426 
Total lease payments$39,669 $— $39,669 
Less: interest3,606 — 
Present value of lease payments$36,063 $— 
Operating Lease, Lease Income For the three months ended March 31, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Operating lease income
Fixed lease income$649 $643 
Variable lease income— — 
Total lease income
$649 $643 
Lessor, Operating Lease, Payment to be Received, Maturity
The following table shows the Company’s future contractual receipts from noncancelable operating leases as of March 31, 2025 (in thousands):
Operating Leases1
2025 (remainder)$1,545 
20262,061 
20271,949 
20281,157 
2029— 
Thereafter— 
Total contractual receipts$6,712 
—————————
(1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.
v3.25.1
OTHER ACCRUED LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Other Accrued Liabilities
The following table presents the major components of Other accrued liabilities (in thousands):
March 31,
2025		December 31,
2024
Warranty$15,984 $16,958 
Chassis converter pool agreements91,032 57,109 
Payroll and related taxes14,709 12,931 
Customer deposits33,047 31,029 
Self-insurance11,935 12,198 
Accrued interest8,402 3,818 
Operating lease obligations12,345 11,782 
Accrued taxes8,313 6,572 
All other8,398 9,274 
$204,165 $161,671 
Changes in Product Warranty Accrual
The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):
20252024
Balance as of January 1$16,958 $21,286 
Provisions and revisions to estimates587 444 
Payments(1,561)(1,677)
Balance as of March 31$15,984 $20,053 
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities
Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024 are shown below (in thousands):
FrequencyAsset / (Liability)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
March 31, 2025
Commodity swap contractsRecurring$484 $— $484 $— 
Mutual fundsRecurring$14,048 $14,048 $— $— 
Life-insurance contractsRecurring$20,968 $— $20,968 $— 
December 31, 2024
Commodity swap contractsRecurring$(136)$— $(136)$— 
Mutual fundsRecurring$14,447 $14,447 $— $— 
Life-insurance contractsRecurring$22,358 $— $22,358 $— 
Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis
The Company’s carrying and estimated fair value of debt at March 31, 2025 and December 31, 2024 were as follows (in thousands):
March 31, 2025December 31, 2024
Carrying
Value		Fair ValueCarrying
Value		Fair Value
Level 1Level 2Level 3Level 1Level 2Level 3
Instrument
Senior Notes due 2028$397,317 $— $357,088 $— $397,142 $— $363,385 $— 
Revolving Credit Agreement20,000 — 20,000 — — — — — 
$417,317 $— $377,088 $— $397,142 $— $363,385 $— 
v3.25.1
NET INCOME PER COMMON SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income Per Share
Three Months Ended
March 31,
20252024
Basic net income attributable to common stockholders per share:
Net income attributable to common stockholders$230,941 $18,167 
Weighted average common shares outstanding42,716 45,383 
Basic net income attributable to common stockholders per share$5.41 $0.40 
Diluted net income attributable to common stockholders per share:
Net income attributable to common stockholders$230,941 $18,167 
Weighted average common shares outstanding42,716 45,383 
Dilutive stock options and restricted stock371 871 
Diluted weighted average common shares outstanding43,087 46,254 
Diluted net income attributable to common stockholders per share$5.36 $0.39 
v3.25.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Changes in AOCI by Component
Changes in AOCI by component, net of tax, for the three months ended March 31, 2025 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2024$(2,999)$(230)$(3,229)
Net unrealized gains (losses) arising during the period(a)
167 409 576 
Less: Net realized gains (losses) reclassified to net income(b)
— (203)(203)
Net change during the period167 612 779 
Balances at March 31, 2025$(2,832)$382 $(2,450)
—————————
(a) Derivative instruments net of $0.1 million of tax liability for the three months ended March 31, 2025.
(b) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2025.
Changes in AOCI by component, net of tax, for the three months ended March 31, 2024 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2023$(816)$388 $(428)
Net unrealized gains (losses) arising during the period(c)
184 (290)(106)
Less: Net realized gains (losses) reclassified to net income(d)
— (566)(566)
Net change during the period184 276 460 
Balances at March 31, 2024$(632)$664 $32 
—————————
(c) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2024.
(d) Derivative instruments net of $0.2 million of tax benefit for the three months ended March 31, 2024.
.
v3.25.1
SEGMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Reportable Segment Information
Reportable segment information is as follows (in thousands):
Three Months Ended March 31, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$329,048 $51,842 $— $380,890 
Intersegment sales17,755 113 (17,868)— 
Total net sales346,803 51,955 (17,868)380,890 
Cost of sales338,389 41,366 (17,868)361,887 
     Gross profit8,414 10,589 — 19,003 
Other operating expenses (1)
18,212 3,679 24,561 46,452 
     Segment (loss) income from operations(9,798)6,910 (24,561)(27,449)
Product liability matter— — 342,000 342,000 
     Consolidated (loss) income from operations$(9,798)$6,910 $317,439 $314,551 
Depreciation and amortization$12,705 $1,177 $1,150 $15,032 
Three Months Ended March 31, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$467,123 $48,153 $— $515,276 
Intersegment sales3,305 1,081 (4,386)— 
Total net sales470,428 49,234 (4,386)515,276 
Cost of sales407,316 35,900 (4,386)438,830 
     Gross profit63,112 13,334 — 76,446 
Other operating expenses (1)
18,857 2,814 25,200 46,871 
     Consolidated income (loss) from operations$44,255 $10,520 $(25,200)$29,575 
Depreciation and amortization$11,318 $546 $858 $12,722 
___________________
(1) Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net.
Major Product Categories and Percentage of Consolidated Net Sales The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Three Months Ended March 31, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$251,045 $— $(17,670)$233,375 61.3 %
Used trailers— 1,500 — 1,500 0.4 %
Components, parts and services— 31,502 — 31,502 8.3 %
Equipment and other95,758 18,953 (198)114,513 30.1 %
Total net sales$346,803 $51,955 $(17,868)$380,890 100.0 %
Three Months Ended March 31, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$366,158 $— $(820)$365,338 70.9 %
Used trailers— 1,344 — 1,344 0.3 %
Components, parts and services— 35,630 — 35,630 6.9 %
Equipment and other104,270 12,260 (3,566)112,964 21.9 %
Total net sales$470,428 $49,234 $(4,386)$515,276 100.0 %
v3.25.1
REVENUE RECOGNITION (Details)
 3 Months Ended
Mar. 31, 2025
performance_obligation
Revenue from Contract with Customer [Abstract]  
Number of separate and distinct performance obligations 3
v3.25.1
BUSINESS COMBINATIONS - Additional Information (Details) - USD ($)
$ in Thousands
Feb. 03, 2025
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]        
Goodwill   $ 196,662 $ 188,441 $ 188,409
Trailerhawk.ai, LLC        
Business Acquisition [Line Items]        
Payments to acquire businesses, gross $ 2,500      
Allowance for development activities 800      
Convertible debt 3,000      
Liabilities incurred 100      
Earnout payments $ 15,000      
Earnout payment period (in years) 7 years      
Intangibles $ 9,100      
Other assets 300      
Contingent consideration liability $ 4,700      
Goodwill   $ 8,200    
v3.25.1
GOODWILL & OTHER INTANGIBLE ASSETS - Narrative (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
product_category
Mar. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Goodwill [Line Items]        
Number of operating segments 2 2    
Number of reportable segments 2 2    
Goodwill $ 196,662 $ 196,662 $ 188,441 $ 188,409
Transportation Solutions        
Goodwill [Line Items]        
Goodwill 120,506 120,506 120,506 120,486
Parts & Services        
Goodwill [Line Items]        
Goodwill $ 76,156 $ 76,156 $ 67,935 $ 67,923
v3.25.1
GOODWILL & OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Mar. 31, 2025
Goodwill [Roll Forward]      
Goodwill, gross $ 296,841 $ 296,809 $ 305,062
Accumulated impairment losses (108,400) (108,400) (108,400)
Net goodwill 188,441 188,409 196,662
Acquisition of Trailerhawk AI, LLC 8,220    
Effects of foreign currency 1 32  
Transportation Solutions      
Goodwill [Roll Forward]      
Goodwill, gross 188,763 188,743 188,763
Accumulated impairment losses (68,257) (68,257) (68,257)
Net goodwill 120,506 120,486 120,506
Acquisition of Trailerhawk AI, LLC 0    
Effects of foreign currency 0 20  
Parts & Services      
Goodwill [Roll Forward]      
Goodwill, gross 108,078 108,066 116,299
Accumulated impairment losses (40,143) (40,143) (40,143)
Net goodwill 67,935 67,923 $ 76,156
Acquisition of Trailerhawk AI, LLC 8,220    
Effects of foreign currency $ 1 $ 12  
v3.25.1
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Other Ownership Interests [Line Items]        
Note receivable issued to unconsolidated entity $ 3,350,000   $ 0  
Long-term debt, gross 420,000,000 $ 400,000,000    
Linq        
Other Ownership Interests [Line Items]        
Note receivable issued to unconsolidated entity       $ 2,500,000
Excess cash distribution, term       30 days
Linq | Wabash        
Other Ownership Interests [Line Items]        
Long-term line of credit 14,500,000      
Linq | Wabash | Line of Credit        
Other Ownership Interests [Line Items]        
Line of credit facility, maximum borrowing capacity $ 10,000,000      
Interest rate, stated percentage 7.00%      
Line of credit facility, additional borrowing capacity $ 15,000,000      
Line of credit facility accordion feature increase amount 35,000,000      
Long-term debt, gross 3,400,000 0    
Interest income (less than) $ 200,000   $ 0  
Linq | Wabash | Revolving Credit Agreement | Line of Credit        
Other Ownership Interests [Line Items]        
Line of credit facility, maximum borrowing capacity   $ 25,000,000    
Partners | Linq        
Other Ownership Interests [Line Items]        
Note receivable issued to unconsolidated entity       $ 2,600,000
Wabash Parts LLC        
Other Ownership Interests [Line Items]        
Excess cash distribution, term   30 days    
Noncontrolling interest, ownership percentage by parent 50.00%      
Noncontrolling interest, ownership percentage by noncontrolling owners 50.00%      
Linq        
Other Ownership Interests [Line Items]        
Ownership percentage       49.00%
Put and call exercise rights duration (in years)       7 years
Linq | Partners        
Other Ownership Interests [Line Items]        
Ownership percentage       51.00%
Up Labs Ventures        
Other Ownership Interests [Line Items]        
Note receivable issued to unconsolidated entity   $ 6,000,000    
Investment fee percentage 2.00%      
Inflation adjustments and expenses, amount $ 500,000      
Investment fees, amount   $ 600,000    
v3.25.1
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Summary of Investment Balance (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]    
Beginning balance $ 7,250  
Loss from unconsolidated entity (1,842) $ (1,486)
Ending balance 7,250  
Variable Interest Entity, Primary Beneficiary    
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]    
Beginning balance 0 1,647
Loss from unconsolidated entity (1,842) (1,486)
Note receivable issued to unconsolidated entity 1,842 0
Ending balance $ 0 $ 161
v3.25.1
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Summary of Variable Interest Entity Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 81,036 $ 115,484
Accounts receivable, net 171,693 143,946
Inventories, net 278,648 258,825
Total current assets 657,568 594,488
Other assets 138,145 112,785
Total assets 1,415,193 1,411,529
Accounts payable 211,199 146,738
Other accrued liabilities 8,398 9,274
Total current liabilities 415,364 308,409
Other non-current liabilities 177,420 516,152
Total liabilities 1,010,101 1,221,703
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 4,217 4,131
Accounts receivable, net 2,654 2,013
Inventories, net 31 30
Prepaid expenses and other (8) 7
Total current assets 6,894 6,181
Property, plant, and equipment, net 0 0
Other assets 310 277
Total assets 7,204 6,458
Accounts payable 4,678 4,437
Other accrued liabilities 22 29
Total current liabilities 4,700 4,466
Other non-current liabilities 0 0
Total liabilities $ 4,700 $ 4,466
v3.25.1
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Summary of Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]    
Balance at January 1 $ 996 $ 603
Net income attributable to noncontrolling interest 255 120
Distributions paid to noncontrolling interest 0 (603)
Ending balance $ 1,251 $ 120
v3.25.1
INVENTORIES, NET (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials and components $ 149,462 $ 134,975
Finished goods 106,580 92,662
Work in progress 11,990 15,984
Aftermarket parts 7,848 7,690
Used trailers 2,768 7,514
Total inventory $ 278,648 $ 258,825
v3.25.1
PREPAID EXPENSES AND OTHER (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Chassis converter pool agreements $ 91,906 $ 57,109
Income tax receivables 18,942 10,269
Insurance premiums & maintenance/subscription agreements 11,818 5,595
Commodity swap contracts 560 163
All other 2,965 3,097
Prepaid expenses and other current assets $ 126,191 $ 76,233
v3.25.1
DEBT - Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt, gross $ 420,000 $ 400,000
Less: unamortized discount and fees (2,683) (2,858)
Less: current portion 0 0
Long-term debt 417,317 397,142
Senior Notes due 2028    
Debt Instrument [Line Items]    
Long-term debt, gross 400,000 400,000
Revolving Credit Agreement    
Debt Instrument [Line Items]    
Long-term debt, gross $ 20,000 $ 0
v3.25.1
DEBT - Senior Notes (Details) - Senior Notes due 2028 - New Senior Notes - USD ($)
 3 Months Ended
Oct. 06, 2021
Mar. 31, 2025
Debt Instrument [Line Items]    
Notes issued, aggregate principal amount $ 400,000,000  
Notes issued, interest rate 4.50%  
Interest expense   $ 4,500,000
Accretion expense   $ 200,000
Debt Instrument, Redemption, Period One    
Debt Instrument [Line Items]    
Debt instrument, redemption price, percentage 102.25%  
Debt Instrument, Redemption, Period Two    
Debt Instrument [Line Items]    
Debt instrument, redemption price, percentage 101.125%  
Debt Instrument, Redemption, Period Three    
Debt Instrument [Line Items]    
Debt instrument, redemption price, percentage 100.00%  
Debt Instrument, Redemption, Period Four    
Debt Instrument [Line Items]    
Debt instrument, redemption price, percentage 101.00%  
v3.25.1
DEBT - Revolving Credit Agreement (Details)
 3 Months Ended
Sep. 23, 2022
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Repayments of lines of credit   $ 414,000 $ 232,000  
Borrowings under revolving credit facilities   20,414,000 232,000  
Long-term debt, gross   420,000,000   $ 400,000,000
Revolving Credit Agreement        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity $ 350,000,000      
Line of credit facility accordion feature increase amount $ 175,000,000      
Line of credit facility, unused capacity, commitment fee percentage 0.20%      
Fixed charge coverage ratio 1.0      
Line of credit facility, excess availability, commitment percentage, threshold 10.00%      
Line of credit facility, excess availability, amount $ 25,000,000      
Line of credit facility, excess availability applied to principal, commitment percentage 10.00%      
Debt instrument, covenant period 3 years      
Liquidity position to meet future obligations, amount   310,000,000.0   $ 421,900,000
Repayments of lines of credit   400,000 200,000  
Borrowings under revolving credit facilities   20,400,000 200,000  
Long-term debt, gross   20,000,000.0 0  
Interest expense   $ 300,000 $ 200,000  
Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 1.25%      
Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 1.75%      
Revolving Credit Agreement | Base Rate | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 0.25%      
Revolving Credit Agreement | Base Rate | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 0.75%      
Letter of Credit | Revolving Credit Agreement        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity $ 25,000,000      
Bridge Loan | Revolving Credit Agreement        
Debt Instrument [Line Items]        
Line of credit facility, maximum borrowing capacity $ 35,000,000      
v3.25.1
FINANCIAL DERIVATIVE INSTRUMENTS - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative notional amount $ 12.3
Pretax deferred gains expected to be reclassified $ 0.5
v3.25.1
FINANCIAL DERIVATIVE INSTRUMENTS - Fair Value Carrying Amount of Derivative Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Total derivatives designated as hedging instruments $ 484 $ (136)
Prepaid expenses and other    
Derivative [Line Items]    
Derivative asset, fair value, gross asset 560 163
Accounts payable and Other accrued liabilities    
Derivative [Line Items]    
Liability derivatives $ (76) $ (299)
v3.25.1
FINANCIAL DERIVATIVE INSTRUMENTS - Summary of Gain or Loss Recognized in AOCI (Details) - Commodity swap contracts - Cash Flow Hedging - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of (Loss) Gain Recognized in AOCI on Derivatives (Effective Portion, net of tax) $ 382   $ (230)
Amount of Gain (Loss) Reclassified from AOCI into Earnings $ (270) $ (748)  
v3.25.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lessee, Lease, Description [Line Items]    
Right-of-use asset obtained in exchange for operating lease liability $ 2.7 $ 2.1
Lease not yet commenced $ 0.0  
Minimum    
Lessee, Lease, Description [Line Items]    
Lessee renewal term 1 year  
Lessor, operating lease, term of contract 3 years  
Lessor renewal term 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Lessee renewal term 5 years  
Lessor, operating lease, term of contract 5 years  
Lessor renewal term 5 years  
v3.25.1
LEASES - Leased Assets and Liabilities Included Within the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Right-of-Use Assets    
Operating lease, right-of-use asset, statement of financial position [Extensible List] Other assets Other assets
Operating $ 36,063 $ 36,423
Total leased ROU assets $ 36,063 $ 36,423
Current    
Operating lease, liability, current, statement of financial position [Extensible List] Other accrued liabilities Other accrued liabilities
Operating $ 12,345 $ 11,782
Noncurrent    
Operating lease, liability, noncurrent, statement of financial position [Extensible List] Other non-current liabilities Other non-current liabilities
Operating $ 23,718 $ 24,641
Total lease liabilities $ 36,063 $ 36,423
v3.25.1
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Operating lease cost $ 3,588 $ 2,760
Net lease cost $ 3,588 $ 2,760
v3.25.1
LEASES - Maturity of Lease Liabilities (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Operating Leases  
2025 (remainder) $ 10,449
2026 12,939
2027 7,994
2028 4,196
2029 2,666
Thereafter 1,426
Total lease payments 39,669
Less: interest 3,606
Present value of lease payments 36,063
Finance Leases  
2025 (remainder) 0
2026 0
2027 0
2028 0
2029 0
Thereafter 0
Total lease payments 0
Less: interest 0
Present value of lease payments 0
Total  
2025 (remainder) 10,449
2026 12,939
2027 7,994
2028 4,196
2029 2,666
Thereafter 1,426
Total lease payments $ 39,669
v3.25.1
LEASES - Lease Terms and Discount Rates (Details)
Mar. 31, 2025
Dec. 31, 2024
Weighted average remaining lease term (years)    
Operating leases 3 years 4 months 24 days 3 years 6 months
Weighted average discount rate    
Operating leases 5.51% 5.38%
v3.25.1
LEASES - Lease Costs Included in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows from operating leases $ 3,554 $ 2,736
Operating cash flows from finance leases 0 0
Financing cash flows from finance leases $ 0 $ 0
v3.25.1
LEASES - Lessor Operating Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Fixed lease income $ 649 $ 643
Variable lease income 0 0
Total lease income $ 649 $ 643
v3.25.1
LEASES - Lessor Maturity Schedule (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Leases [Abstract]  
2025 (remainder) $ 1,545
2026 2,061
2027 1,949
2028 1,157
2029 0
Thereafter 0
Total contractual receipts $ 6,712
v3.25.1
OTHER ACCRUED LIABILITIES - Other Accrued Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]        
Warranty $ 15,984 $ 16,958 $ 20,053 $ 21,286
Chassis converter pool agreements 91,032 57,109    
Payroll and related taxes 14,709 12,931    
Customer deposits 33,047 31,029    
Self-insurance 11,935 12,198    
Accrued interest 8,402 3,818    
Operating lease obligations 12,345 11,782    
Accrued taxes 8,313 6,572    
All other 8,398 9,274    
Other accrued liabilities $ 204,165 $ 161,671    
v3.25.1
OTHER ACCRUED LIABILITIES - Changes in Product Warranty Accrual (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Product Warranty Accrual [Roll Forward]    
Balance at beginning of period $ 16,958 $ 21,286
Provisions and revisions to estimates 587 444
Payments (1,561) (1,677)
Balance at end of period $ 15,984 $ 20,053
v3.25.1
OTHER ACCRUED LIABILITIES - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
Minimum  
Accrued Liabilities [Line Items]  
Warranty coverage period 1 year
Maximum  
Accrued Liabilities [Line Items]  
Warranty coverage period 5 years
DuraPlate Trailer Panels  
Accrued Liabilities [Line Items]  
Warranty coverage period 10 years
Steel Main Beams On Flatbed Trailers  
Accrued Liabilities [Line Items]  
Warranty coverage period 10 years
v3.25.1
FAIR VALUE MEASUREMENTS - Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts $ 20,968 $ 22,358
Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 14,048 14,447
Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 484 (136)
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 14,048 14,447
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts 20,968 22,358
Significant Other Observable Inputs (Level 2) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 0 0
Significant Other Observable Inputs (Level 2) | Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 484 (136)
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts 0 0
Significant Unobservable Inputs (Level 3) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 0 0
Significant Unobservable Inputs (Level 3) | Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts $ 0 $ 0
v3.25.1
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 417,317 $ 397,142
Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 397,317 397,142
Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 20,000 0
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 1 | Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 1 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 377,088 363,385
Level 2 | Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 357,088 363,385
Level 2 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 20,000 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 3 | Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 3 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 0 $ 0
v3.25.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 20, 2025
USD ($)
Nov. 22, 2024
USD ($)
Sep. 05, 2024
USD ($)
Mar. 31, 2025
USD ($)
lawsuit
Dec. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2024
lawsuit
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]                
Outstanding chassis converter pool       $ 91,032 $ 57,109 $ 57,109    
Chassis converter pool, delivery period       90 days        
California Consolidated Class Action                
Loss Contingencies [Line Items]                
Number of lawsuits | lawsuit       3        
Pending Litigation | California Consolidated Class Action                
Loss Contingencies [Line Items]                
Number of lawsuits | lawsuit       1        
Estimated litigation liability               $ 3,000
Settled Litigation | California Consolidated Class Action                
Loss Contingencies [Line Items]                
Number of lawsuits | lawsuit             2  
Product Liability Claims | Missouri Product Liability Claim                
Loss Contingencies [Line Items]                
Litigation Reduction Charges       $ 342,000 342,000      
Product Liability Claims | Pending Litigation | Missouri Product Liability Claim                
Loss Contingencies [Line Items]                
Estimated litigation liability       119,500 $ 461,500 461,500    
Product Liability Claims | Settled Litigation | Missouri Product Liability Claim                
Loss Contingencies [Line Items]                
Compensatory damages $ 11,500 $ 11,500 $ 11,500 11,500   $ 11,500    
Punitive damages $ 108,000 $ 450,000 $ 450,000          
Chassis Converter Pool Agreements                
Loss Contingencies [Line Items]                
Consigned inventory belonging to the manufacturer       $ 3,100        
v3.25.1
NET INCOME PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 251,431 118,506
Basic net income attributable to common stockholders per share:    
Net income attributable to common stockholders $ 230,941 $ 18,167
Weighted average common shares outstanding (in shares) 42,716,000 45,383,000
Basic net income attributable to common stockholders per share (in usd per share) $ 5.41 $ 0.40
Diluted net income attributable to common stockholders per share:    
Net income attributable to common stockholders $ 230,941 $ 18,167
Weighted average common shares outstanding (in shares) 42,716,000 45,383,000
Dilutive stock options and restricted stock (in shares) 371,000 871,000
Diluted weighted average common shares outstanding (in shares) 43,087,000 46,254,000
Diluted net income income attributable to common stockholders per share (in usd per share) $ 5.36 $ 0.39
v3.25.1
STOCK-BASED COMPENSATION (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Compensation costs related to restricted stock units and performance units not yet recognized $ 21.1
v3.25.1
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
Feb. 15, 2024
Mar. 31, 2025
Dec. 31, 2024
Aug. 31, 2021
Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Stock repurchase program, authorized amount $ 150.0     $ 150.0 $ 100.0
Stock repurchase program, period in force 3 years        
Stock repurchase program, remaining authorized repurchase amount   $ 110.5      
Common stock, shares authorized (in shares)   200,000,000 200,000,000    
Common stock, par value (in usd per share)   $ 0.01 $ 0.01    
Preferred Class A          
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Preferred stock, shares authorized (in shares)   25,000,000      
v3.25.1
STOCKHOLDERS' EQUITY - Changes in AOCI by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period $ 188,830 $ 549,496
Net unrealized gains (losses) arising during the period 576 (106)
Less: Net realized gains (losses) reclassified to net income (203) (566)
Total other comprehensive income 779 460
Balance at end of period 403,841 546,086
Other comprehensive income before reclassifications, tax expense (benefit) 100 (100)
Reclassification from AOCI, current period, tax expense (benefit) 100 200
Total    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (3,229) (428)
Balance at end of period (2,450) 32
Foreign Currency Translation    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (2,999) (816)
Net unrealized gains (losses) arising during the period 167 184
Less: Net realized gains (losses) reclassified to net income 0 0
Total other comprehensive income 167 184
Balance at end of period (2,832) (632)
Derivative Instruments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (230) 388
Net unrealized gains (losses) arising during the period 409 (290)
Less: Net realized gains (losses) reclassified to net income (203) (566)
Total other comprehensive income 612 276
Balance at end of period $ 382 $ 664
v3.25.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 78,101 $ 6,423
Effective tax rate 25.30% 26.00%
v3.25.1
SEGMENTS - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
product_category
Mar. 31, 2025
segment
product_category
Segment Reporting [Abstract]    
Number of reportable segments 2 2
Number of operating segments 2 2
Number of products 4 4
v3.25.1
SEGMENTS - Reportable Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net sales    
Net sales $ 380,890 $ 515,276
Cost of sales 361,887 438,830
Gross profit 19,003 76,446
Other operating expenses 46,452 46,871
Segment (loss) income from operations (27,449)  
Product liability matter 342,000  
Consolidated (loss) income from operations 314,551 29,575
Depreciation and amortization 15,032 12,722
Transportation Solutions    
Net sales    
Net sales 329,048 467,123
Parts & Services    
Net sales    
Net sales 51,842 48,153
Operating Segments | Transportation Solutions    
Net sales    
Net sales 346,803 470,428
Cost of sales 338,389 407,316
Gross profit 8,414 63,112
Other operating expenses 18,212 18,857
Segment (loss) income from operations (9,798)  
Product liability matter 0  
Consolidated (loss) income from operations (9,798) 44,255
Depreciation and amortization 12,705 11,318
Operating Segments | Parts & Services    
Net sales    
Net sales 51,955 49,234
Cost of sales 41,366 35,900
Gross profit 10,589 13,334
Other operating expenses 3,679 2,814
Segment (loss) income from operations 6,910  
Product liability matter 0  
Consolidated (loss) income from operations 6,910 10,520
Depreciation and amortization 1,177 546
Corporate And Eliminations    
Net sales    
Net sales (17,868) (4,386)
Intersegment Eliminations    
Net sales    
Net sales (17,868) (4,386)
Intersegment Eliminations | Transportation Solutions    
Net sales    
Net sales (17,755) (3,305)
Intersegment Eliminations | Parts & Services    
Net sales    
Net sales (113) (1,081)
Corporate and Eliminations    
Net sales    
Net sales 0 0
Cost of sales (17,868) (4,386)
Gross profit 0 0
Other operating expenses 24,561 25,200
Segment (loss) income from operations (24,561)  
Product liability matter 342,000  
Consolidated (loss) income from operations 317,439 (25,200)
Depreciation and amortization $ 1,150 $ 858
v3.25.1
SEGMENTS - Major Product Categories and Percentage of Consolidated Net Sales (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Product Information [Line Items]    
Net sales $ 380,890 $ 515,276
Sales Revenue, Net | Product Concentration Risk    
Product Information [Line Items]    
Percentage of consolidated net sales 100.00% 100.00%
Eliminations    
Product Information [Line Items]    
Net sales $ (17,868) $ (4,386)
Transportation Solutions    
Product Information [Line Items]    
Net sales 329,048 467,123
Transportation Solutions | Operating Segments    
Product Information [Line Items]    
Net sales 346,803 470,428
Transportation Solutions | Eliminations    
Product Information [Line Items]    
Net sales (17,755) (3,305)
Parts & Services    
Product Information [Line Items]    
Net sales 51,842 48,153
Parts & Services | Operating Segments    
Product Information [Line Items]    
Net sales 51,955 49,234
Parts & Services | Eliminations    
Product Information [Line Items]    
Net sales (113) (1,081)
New trailers    
Product Information [Line Items]    
Net sales $ 233,375 $ 365,338
New trailers | Sales Revenue, Net | Product Concentration Risk    
Product Information [Line Items]    
Percentage of consolidated net sales 61.30% 70.90%
New trailers | Eliminations    
Product Information [Line Items]    
Net sales $ (17,670) $ (820)
New trailers | Transportation Solutions | Operating Segments    
Product Information [Line Items]    
Net sales 251,045 366,158
New trailers | Parts & Services | Operating Segments    
Product Information [Line Items]    
Net sales 0 0
Used trailers    
Product Information [Line Items]    
Net sales $ 1,500 $ 1,344
Used trailers | Sales Revenue, Net | Product Concentration Risk    
Product Information [Line Items]    
Percentage of consolidated net sales 0.40% 0.30%
Used trailers | Eliminations    
Product Information [Line Items]    
Net sales $ 0 $ 0
Used trailers | Transportation Solutions | Operating Segments    
Product Information [Line Items]    
Net sales 0 0
Used trailers | Parts & Services | Operating Segments    
Product Information [Line Items]    
Net sales 1,500 1,344
Components, parts and services    
Product Information [Line Items]    
Net sales $ 31,502 $ 35,630
Components, parts and services | Sales Revenue, Net | Product Concentration Risk    
Product Information [Line Items]    
Percentage of consolidated net sales 8.30% 6.90%
Components, parts and services | Eliminations    
Product Information [Line Items]    
Net sales $ 0 $ 0
Components, parts and services | Transportation Solutions | Operating Segments    
Product Information [Line Items]    
Net sales 0 0
Components, parts and services | Parts & Services | Operating Segments    
Product Information [Line Items]    
Net sales 31,502 35,630
Equipment and other    
Product Information [Line Items]    
Net sales $ 114,513 $ 112,964
Equipment and other | Sales Revenue, Net | Product Concentration Risk    
Product Information [Line Items]    
Percentage of consolidated net sales 30.10% 21.90%
Equipment and other | Eliminations    
Product Information [Line Items]    
Net sales $ (198) $ (3,566)
Equipment and other | Transportation Solutions | Operating Segments    
Product Information [Line Items]    
Net sales 95,758 104,270
Equipment and other | Parts & Services | Operating Segments    
Product Information [Line Items]    
Net sales $ 18,953 $ 12,260