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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: June 30, 2024

or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________

Commission File Number: 001-13646
lcilogo.jpg
LCI INDUSTRIES
(Exact name of registrant as specified in its charter)
Delaware13-3250533
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification Number)
3501 County Road 6 East46514
Elkhart,Indiana(Zip Code)
(Address of principal executive offices)
(574) 535-1125
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report) N/A

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $.01 par valueLCIINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

1

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒                           Accelerated filer ☐
Non-accelerated filer ☐                        Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

The number of shares outstanding of the registrant’s common stock, as of the latest practicable date (July 31, 2024) was 25,462,195 shares of common stock.

2



LCI INDUSTRIES

TABLE OF CONTENTS
Page
PART I – 
  
 
  
 
  
 
 
  
 
  
 
  
 
  
 
  
 
  
PART II –
  
 
  
 
  
 
  
 
EXHIBIT 31.1 - SECTION 302 CEO CERTIFICATION
  
EXHIBIT 31.2 - SECTION 302 CFO CERTIFICATION 
  
EXHIBIT 32.1 - SECTION 906 CEO CERTIFICATION 
  
EXHIBIT 32.2 - SECTION 906 CFO CERTIFICATION 

3



PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
 2024202320242023
(In thousands, except per share amounts)    
Net sales$1,054,544 $1,014,639 $2,022,573 $1,987,949 
Cost of sales788,099 796,519 1,532,222 1,583,758 
Gross profit266,445 218,120 490,351 404,191 
Selling, general and administrative expenses175,841 162,946 342,136 328,974 
Operating profit90,604 55,174 148,215 75,217 
Interest expense, net7,962 10,249 17,283 20,643 
Income before income taxes82,642 44,925 130,932 54,574 
Provision for income taxes21,479 11,499 33,224 13,889 
Net income$61,163 $33,426 $97,708 $40,685 
Net income per common share:    
Basic$2.40 $1.32 $3.86 $1.61 
Diluted$2.40 $1.31 $3.85 $1.60 
Weighted average common shares outstanding:    
Basic25,473 25,329 25,344 25,273 
Diluted25,504 25,437 25,367 25,359 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
 2024202320242023
(In thousands)    
Net income$61,163 $33,426 $97,708 $40,685 
Other comprehensive (loss) income:
Net foreign currency translation adjustment(1,458)763 (4,721)2,763 
Actuarial (loss) gain on pension plans(345)100 (345)100 
Total comprehensive income$59,360 $34,289 $92,642 $43,548 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

LCI INDUSTRIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 June 30,December 31,
 20242023
(In thousands, except per share amount)  
ASSETS  
Current assets  
Cash and cash equivalents$130,418 $66,157 
Accounts receivable, net of allowances of $6,320 and $5,701 at June 30, 2024 and December 31, 2023, respectively
333,059 214,707 
Inventories, net687,870 768,407 
Prepaid expenses and other current assets67,637 67,599 
Total current assets1,218,984 1,116,870 
Fixed assets, net448,025 465,781 
Goodwill588,523 589,550 
Other intangible assets, net421,713 448,759 
Operating lease right-of-use assets239,810 245,388 
Other long-term assets94,924 92,971 
Total assets$3,011,979 $2,959,319 
LIABILITIES AND STOCKHOLDERS' EQUITY  
Current liabilities  
Current maturities of long-term indebtedness$558 $589 
Accounts payable, trade202,622 183,697 
Current portion of operating lease obligations38,656 36,269 
Accrued expenses and other current liabilities190,657 174,437 
Total current liabilities432,493 394,992 
Long-term indebtedness829,188 846,834 
Operating lease obligations214,434 222,680 
Deferred taxes29,350 32,345 
Other long-term liabilities112,101 107,432 
Total liabilities1,617,566 1,604,283 
Stockholders' equity
Common stock, par value $.01 per share
288 287 
Paid-in capital246,984 245,659 
Retained earnings1,220,151 1,177,034 
Accumulated other comprehensive income9,206 14,272 
Stockholders' equity before treasury stock1,476,629 1,437,252 
Treasury stock, at cost(82,216)(82,216)
Total stockholders' equity1,394,413 1,355,036 
Total liabilities and stockholders' equity$3,011,979 $2,959,319 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended 
June 30,
(In thousands)20242023
Cash flows from operating activities:  
Net income$97,708 $40,685 
Adjustments to reconcile net income to cash flows provided by operating activities:  
Depreciation and amortization64,728 65,549 
Stock-based compensation expense9,301 9,080 
Other non-cash items2,238 2,192 
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net(118,962)(80,952)
Inventories, net96,351 209,346 
Prepaid expenses and other assets(2,746)11,607 
Accounts payable, trade18,977 37,949 
Accrued expenses and other liabilities17,687 (21,891)
Net cash flows provided by operating activities185,282 273,565 
Cash flows from investing activities:  
Capital expenditures(21,328)(34,082)
Acquisitions of businesses(19,957)(25,851)
Other investing activities552 4,344 
Net cash flows used in investing activities(40,733)(55,589)
Cash flows from financing activities:  
Vesting of stock-based awards, net of shares tendered for payment of taxes(9,111)(9,585)
Proceeds from revolving credit facility86,248 234,200 
Repayments under revolving credit facility(87,766)(402,726)
Repayments under term loan and other borrowings(15,007)(10,703)
Payment of dividends(53,455)(53,154)
Payment of contingent consideration and holdbacks related to acquisitions— (517)
Other financing activities(2)(834)
Net cash flows used in financing activities(79,093)(243,319)
Effect of exchange rate changes on cash and cash equivalents (1,195)(62)
Net increase (decrease) in cash and cash equivalents64,261 (25,405)
Cash and cash equivalents at beginning of period66,157 47,499 
Cash and cash equivalents at end of period$130,418 $22,094 
Supplemental disclosure of cash flow information:  
Cash paid during the period for:
Interest$17,364 $20,804 
Income taxes, net of refunds$16,561 $5,724 
Non-cash investing and financing activities:
Purchase of property and equipment in accrued expenses$429 $1,704 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
7

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

(In thousands, except shares and per share amounts)Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive IncomeTreasury
Stock		Total
Stockholders’
Equity
Balance - December 31, 2022$285 $234,956 $1,221,279 $6,704 $(82,216)$1,381,008 
Net income— — 7,259 — — 7,259 
Issuance of 119,091 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes
1 (8,889)— — — (8,888)
Stock-based compensation expense— 4,695 — — — 4,695 
Other comprehensive income— — — 2,000 — 2,000 
Cash dividends ($1.05 per share)
— — (26,563)— — (26,563)
Dividend equivalents on stock-based awards— 532 (532)— — — 
Balance - March 31, 2023$286 $231,294 $1,201,443 $8,704 $(82,216)$1,359,511 
Net income— — 33,426 — — 33,426 
Issuance of 26,445 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes
— (697)— — — (697)
Stock-based compensation expense— 4,385 — — — 4,385 
Other comprehensive income— — — 863 — 863 
Cash dividends ($1.05 per share)
— — (26,591)— — (26,591)
Dividend equivalents on stock-based awards— 525 (525)— — — 
Balance - June 30, 2023$286 $235,507 $1,207,753 $9,567 $(82,216)$1,370,897 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.





















8

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

(In thousands, except shares and per share amounts)Common
Stock		Paid-in
Capital		Retained
Earnings		Accumulated Other Comprehensive IncomeTreasury
Stock		Total
Stockholders’
Equity
Balance - December 31, 2023$287 $245,659 $1,177,034 $14,272 $(82,216)$1,355,036 
Net income— — 36,545 — — 36,545 
Issuance of 122,023 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes
1 (9,041)— — — (9,040)
Stock-based compensation expense— 4,327 — — — 4,327 
Other comprehensive loss— — — (3,263)— (3,263)
Cash dividends ($1.05 per share)
— — (26,721)— — (26,721)
Dividend equivalents on stock-based awards— 569 (569)— — — 
Balance - March 31, 2024$288 $241,514 $1,186,289 $11,009 $(82,216)$1,356,884 
Net income— — 61,163 — — 61,163 
Issuance of 14,059 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes
— (71)— — — (71)
Stock-based compensation expense— 4,974 — — — 4,974 
Other comprehensive loss— — — (1,803)— (1,803)
Cash dividends ($1.05 per share)
— — (26,734)— — (26,734)
Dividend equivalents on stock-based awards— 567 (567)— — — 
Balance - June 30, 2024$288 $246,984 $1,220,151 $9,206 $(82,216)$1,394,413 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
9



LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    BASIS OF PRESENTATION

The Condensed Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), supplies, domestically and internationally, a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation markets, consisting primarily of recreational vehicles ("RVs") and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. At June 30, 2024, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

Most industries where the Company sells products or where its products are used historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, the Company's sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events, except as disclosed in the Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. Results for interim periods should not be considered indicative of results for the full year.

Use of Estimates

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

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty,
10
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2023 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures, which requires entities to report incremental information about significant segment expenses included in a segment's profit or loss measure as well as the name and title of the chief operating decision maker. The new standard also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is evaluating the effect of adopting this new accounting guidance.

3.    EARNINGS PER SHARE

The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
Weighted average shares outstanding for basic earnings per share
25,473 25,329 25,344 25,273 
Common stock equivalents pertaining to stock-based awards
31 108 23 86 
Weighted average shares outstanding for diluted earnings per share
25,504 25,437 25,367 25,359 
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive289 165 290 162 

For the Company's 1.125 percent convertible senior notes due 2026 (the "Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "Indenture"), to settle the principal amount of the Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the Convertible Notes are converted. Because the average closing price of the Company's common stock for each of the three and six months ended June 30, 2024, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.
11
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

In conjunction with the issuance of the Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock (the "Warrants"). The Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the Warrants, the Company uses the treasury stock method. With this method, the Company assumes exercise of the Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the Warrants less the number of shares repurchased, are included in diluted shares. For each of the three and six months ended June 30, 2024, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.

In connection with the issuance of the Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "Convertible Note Hedge Transactions") with the Counterparties. The Company paid an aggregate amount of $100.1 million to the Counterparties pursuant to the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. Exercise of the Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.

4.    ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

Acquisitions Completed During the Six Months Ended June 30, 2024

Camping World Furniture

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

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands)OEM SegmentAftermarket SegmentTotal
Net balance – December 31, 2023$421,701 $167,849 $589,550 
Acquisitions1,709 — 1,709 
Foreign currency translation(2,598)(138)(2,736)
Net balance – June 30, 2024
$420,812 $167,711 $588,523 
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.

12
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Other Intangible Assets

Other intangible assets consisted of the following at June 30, 2024:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$510,698 $209,210 $301,488 6to20
Patents114,939 72,039 42,900 3to20
Trade names (finite life)98,938 30,195 68,743 3to20
Trade names (indefinite life)7,432 — 7,432 Indefinite
Non-compete agreements10,304 9,450 854 3to6
Other609 313 296 2to12
Other intangible assets$742,920 $321,207 $421,713    
Other intangible assets consisted of the following at December 31, 2023:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$509,505 $189,967 $319,538 6to20
Patents114,864 67,602 47,262 3to20
Trade names (finite life)99,366 26,978 72,388 3to20
Trade names (indefinite life)7,600 — 7,600 Indefinite
Non-compete agreements10,104 8,453 1,651 3to6
Other609 289 320 2to12
Other intangible assets$742,048 $293,289 $448,759    

5.    INVENTORIES

Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Raw materials$411,029 $457,877 
Work in process42,213 45,112 
Finished goods234,628 265,418 
Inventories, net$687,870 $768,407 
At June 30, 2024 and December 31, 2023, the Company had recorded inventory obsolescence reserves of $81.4 million and $71.3 million, respectively.

13
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
6.    FIXED ASSETS

Fixed assets consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Fixed assets, at cost$991,401 $983,548 
Less accumulated depreciation and amortization543,376 517,767 
Fixed assets, net$448,025 $465,781 

7.    ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Employee compensation and benefits$71,195 $58,999 
Current portion of accrued warranty47,047 48,468 
Customer rebates23,805 19,403 
Other48,610 47,567 
Accrued expenses and other current liabilities$190,657 $174,437 
Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the six months ended June 30:
(In thousands)20242023
Balance at beginning of period$71,578 $54,528 
Provision for warranty expense28,228 40,128 
Warranty costs paid(28,439)(31,968)
Balance at end of period71,367 62,688 
Less long-term portion(24,320)(20,700)
Current portion of accrued warranty at end of period$47,047 $41,988 
`8.    LONG-TERM INDEBTEDNESS

Long-term debt consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Convertible Notes$460,000 $460,000 
Term Loan300,000 315,000 
Revolving Credit Loan71,757 75,909 
Other3,100 3,138 
Unamortized deferred financing fees(5,111)(6,624)
829,746 847,423 
Less current portion(558)(589)
Long-term indebtedness$829,188 $846,834 

14
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Credit Agreement

The Company and certain of its subsidiaries are party to a credit agreement dated December 14, 2018 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders (as amended, the "Credit Agreement"). The Credit Agreement provides for a $600.0 million revolving credit facility (of which $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loan") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Credit Agreement is December 7, 2026. The Term Loan is required to be repaid in an amount equal to 1.25 percent of the original principal amount of the Term Loan for the first eight quarterly periods commencing with the quarter ended December 31, 2021, 1.875 percent of the original principal amount of the Term Loan for the next eight quarterly periods, and then 2.50 percent of the original principal amount of the Term Loan of each additional payment until the maturity date. The Company prepaid $37.5 million of principal on the Term Loan during 2023 and an additional $15.0 million of principal on the Term Loan during the second quarter of 2024, all of which was applied to pay in full the scheduled principal amortization payments due through September 30, 2025. The Credit Agreement also permits the Company to request an increase to the revolving and/or term loan facility by up to an additional $400.0 million in the aggregate upon the approval of the lenders providing any such increase and the satisfaction of certain other conditions.

Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company as (i) base rate loans which bear interest at a base rate plus additional interest ranging from 0.0 percent to 0.875 percent (0.625 percent was applicable at June 30, 2024) depending on the Company’s total net leverage ratio or (ii) term benchmark loans which bear interest at term Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.1 percent for an interest period selected by the Company plus additional interest ranging from 0.875 percent to 1.875 percent (1.625 percent was applicable at June 30, 2024) depending on the Company’s total net leverage ratio. Foreign currency borrowings have the same additional interest margins applicable to term benchmark loans based on the Company's total net leverage ratio. At June 30, 2024, the Company had $4.8 million in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.150 percent to 0.275 percent (0.225 percent was applicable at June 30, 2024) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.

Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At June 30, 2024, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility, giving effect to this limitation, was $373.1 million at June 30, 2024. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.

At June 30, 2024, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.

Convertible Notes

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

As of June 30, 2024, the conversion rate of the Convertible Notes was 6.2118 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes. The conversion rate of the Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the
15
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
conversion rate for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

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

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

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

The Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the Convertible Notes of $434.7 million at June 30, 2024 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.

9.    LEASES

The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Operating lease expense$16,162 $15,670 $31,850 $30,914 
Short-term lease expense964 1,307 1,951 2,787 
Variable lease expense1,277 1,200 2,163 2,200 
Total lease expense$18,403 $18,177 $35,964 $35,901 

10.    COMMITMENTS AND CONTINGENCIES

Holdback Payments and Contingent Consideration

From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are fixed payments and are accrued at their
16
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. Holdback payment and contingent consideration balances were not material at June 30, 2024.

Product Recalls

From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company’s products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls. Product recall reserves were not material at June 30, 2024.

Environmental

The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Environmental reserves were not material at June 30, 2024.

Litigation

In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of June 30, 2024, would not be material to the Company's financial position or results of operations.

11.    STOCKHOLDERS' EQUITY

The following table summarizes information about shares of the Company's common stock at:
 June 30,December 31,
(In thousands)20242023
Common stock authorized75,000 75,000 
Common stock issued28,803 28,667 
Treasury stock3,341 3,341 
Common stock outstanding25,462 25,326 

17
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2024 and December 31, 2023:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
First Quarter 2023$1.05 03/10/2303/24/23$26,563 
Second Quarter 20231.05 06/02/2306/16/2326,591 
Third Quarter 20231.05 09/01/2309/15/2326,590 
Fourth Quarter 20231.05 12/01/2312/15/2326,592 
Total 2023$4.20 $106,336 
First Quarter 2024$1.05 03/08/2403/22/24$26,721 
Second Quarter 20241.05 05/31/2406/14/2426,734 
Total 2024$2.10 $53,455 

Deferred and Restricted Stock Units

The LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan") provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2023296,305 $118.60 
Issued1,155 112.36 
Granted143,407 125.20 
Dividend equivalents5,903 108.00 
Forfeited(10,882)121.61 
Vested(129,541)115.05 
Outstanding at June 30, 2024306,347 $119.91 

Performance Stock Units

The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2023207,279 $122.57 
Granted108,096 132.77
Dividend equivalents4,626 107.94
Vested(78,695)143.54
Outstanding at June 30, 2024241,306 $120.26 

18
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Stock Repurchase Program

On May 19, 2022, the Company's Board of Directors authorized a stock repurchase program granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, ending on May 19, 2025. The timing of stock repurchases, and the number of shares will depend upon the market conditions and other factors. Share repurchases, if any, will be made in the open market and in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors. In 2022, the Company purchased 253,490 shares at a weighted average price of $94.89 per share, totaling $24.1 million. No purchases were made in 2023 or during the six months ended June 30, 2024.

12.    SEGMENT REPORTING

The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 77 percent and 76 percent of consolidated net sales for the six months ended June 30, 2024 and 2023, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting primarily of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 53 percent of the Company's OEM Segment net sales for the six months ended June 30, 2024 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 23 percent and 24 percent of consolidated net sales for the six months ended June 30, 2024 and 2023, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation products, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

Decisions concerning the allocation of the Company's resources are made by the Company's chief operating decision maker ("CODM"), with oversight by the Board of Directors. The CODM evaluates the performance of each segment based upon segment operating profit or loss, generally defined as income or loss before interest and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

19
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(In thousands)
U.S. (a)
Int’l (b)
Total
U.S. (a)
Int’l (b)
Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$418,947 $7,402 $426,349 $326,824 $11,915 $338,739 
Motorhomes32,889 30,731 63,620 40,689 30,496 71,185 
Adjacent Industries OEMs254,778 51,377 306,155 298,355 50,729 349,084 
Total OEM Segment net sales706,614 89,510 796,124 665,868 93,140 759,008 
Aftermarket Segment:
Total Aftermarket Segment net sales235,273 23,147 258,420 234,901 20,730 255,631 
Total net sales$941,887 $112,657 $1,054,544 $900,769 $113,870 $1,014,639 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(In thousands)
U.S. (a)
Int’l (b)
Total
U.S. (a)
Int’l (b)
Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$799,109 $18,003 $817,112 $641,806 $27,486 $669,292 
Motorhomes72,893 59,565 132,458 84,693 56,043 140,736 
Adjacent Industries OEMs503,291 101,575 604,866 607,820 99,332 707,152 
Total OEM Segment net sales1,375,293 179,143 1,554,436 1,334,319 182,861 1,517,180 
Aftermarket Segment:
Total Aftermarket Segment net sales424,921 43,216 468,137 435,388 35,381 470,769 
Total net sales$1,800,214 $222,359 $2,022,573 $1,769,707 $218,242 $1,987,949 
(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America

The following table presents the Company's operating profit by segment:
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
Operating profit:
OEM Segment$50,562 $18,642 $83,398 $17,921 
Aftermarket Segment40,042 36,532 64,817 57,296 
Total operating profit$90,604 $55,174 $148,215 $75,217 

20
LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the Company's revenue disaggregated by product:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$229,934 $202,735 $442,073 $400,791 
Windows and doors228,957 220,094 446,579 438,705 
Furniture and mattresses110,720 125,346 216,169 265,909 
Axles, ABS, and suspension solutions89,277 88,635 174,569 164,384 
Other137,236 122,198 275,046 247,391 
Total OEM Segment net sales796,124 759,008 1,554,436 1,517,180 
Total Aftermarket Segment net sales258,420 255,631 468,137 470,769 
Total net sales$1,054,544 $1,014,639 $2,022,573 $1,987,949 

21
LCI INDUSTRIES
ITEM 2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and Notes thereto included in Item 1 of Part I of this report, as well as the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

LCI Industries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"), through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), supplies, domestically and internationally, a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation markets, consisting primarily of recreational vehicles ("RVs") and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. We also supply engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet.

We have two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant. At June 30, 2024, we operated over 110 manufacturing and distribution facilities located throughout North America and Europe. See Note 12 of the Notes to Condensed Consolidated Financial Statements for further information regarding our segments.

Our OEM Segment manufactures and distributes a broad array of highly engineered components for the leading OEMs of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 51 percent of our OEM Segment net sales for the twelve months ended June 30, 2024 were of components for travel trailer and fifth-wheel RVs, including:
● Steel chassis and related components● Electric and manual entry steps
● Axles, ABS, and suspension solutions● Awnings and awning accessories
● Slide-out mechanisms and solutions● Electronic components
● Thermoformed bath, kitchen, and other products● Appliances
● Vinyl, aluminum, and frameless windows● Air conditioners
● Manual, electric, and hydraulic stabilizer and 
   leveling systems		● Televisions and sound systems
● Entry, luggage, patio, and ramp doors● Tankless water heaters
● Furniture and mattresses● Other accessories
The Aftermarket Segment supplies many of these engineered components to the related aftermarket channels of the recreation and transportation products, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

We are executing a strategic initiative to diversify the markets we serve outside of the historical concentration within the North American RV OEM industry. Approximately 57 percent of net sales for the three months ended June 30, 2024 were generated outside of the North American RV OEM market. We believe our diversification strategy has helped offset downswings in the North American RV OEM industry, while maintaining our strong position and ability to ramp up quickly to take advantage of upswings.

Most industries where we sell products or where our products are used historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, our sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty,
22
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters, or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.

INDUSTRY BACKGROUND

OEM Segment

North American Recreational Vehicle Industry

An RV is a vehicle designed as temporary living quarters for recreational, camping, travel, or seasonal use. RVs may be motorized (motorhomes) or towable (travel trailers, fifth-wheel travel trailers, folding camping trailers, and truck campers).
The annual sales cycle for the RV industry generally starts in October after the "Open House" in Elkhart, Indiana where many of the largest RV OEMs display product to RV retail dealers and ends after the conclusion of the summer selling season in September in the following calendar year. Between October and March, industry-wide wholesale shipments of travel trailer and fifth-wheel RVs have historically exceeded retail sales as dealers build inventories to support anticipated sales. Between April and September, the spring and summer selling seasons, retail sales of travel trailer and fifth-wheel RVs have historically exceeded industry-wide wholesale shipments.
According to the Recreation Vehicle Industry Association ("RVIA"), industry-wide wholesale shipments from the United States of travel trailer and fifth-wheel RVs, our primary RV market, increased 16 percent to 155,500 units in the first six months of 2024, compared to the same period in 2023, as retail dealers restocked inventories during the first six months of 2024 compared to destocking efforts in the same period of 2023. Retail demand for travel trailer and fifth-wheel RVs decreased 11 percent in the first six months of 2024 compared to the same period in 2023. Retail demand has declined from elevated post-pandemic levels, primarily driven by inflation and elevated interest rates impacting retail consumers' discretionary spending. Retail demand is typically revised upward in subsequent months, primarily due to delayed RV registrations.
While we measure our OEM Segment RV sales against industry-wide wholesale shipment statistics, the underlying health of the RV industry is determined by retail demand. A comparison of the number of units and the year-over-year percentage change in industry-wide wholesale shipments and retail sales of travel trailers and fifth-wheel RVs, as reported by Statistical Surveys, Inc., as well as the resulting estimated change in dealer inventories, for both the United States and Canada, is as follows:
    Estimated
 WholesaleRetailUnit Impact on
 UnitsChangeUnitsChangeDealer Inventories
Quarter ended June 30, 202482,000 15%96,400 (12)%(14,400)
Quarter ended March 31, 202473,500 17%65,400 (9)%8,100
Quarter ended December 31, 202363,400 2%53,700 (9)%9,700
Quarter ended September 30, 202361,500 (16)%92,000 (13)%(30,500)
Twelve months ended June 30, 2024280,400 4%307,500 (11)%(27,100)
Quarter ended June 30, 202371,600 (47)%109,100 (16)%(37,500)
Quarter ended March 31, 202362,700 (59)%71,800 (24)%(9,100)
Quarter ended December 31, 202262,000 (52)%59,100 (23)%2,900
Quarter ended September 30, 202273,300 (46)%106,000 (19)%(32,700)
Twelve months ended June 30, 2023269,600 (40)%346,000 (24)%(76,400)
According to the RVIA, industry-wide wholesale shipments of motorhome RVs in the first six months of 2024 decreased 25 percent to 19,200 units compared to the first six months of 2023. Retail demand for motorhome RVs in the first six months of 2024 decreased 17 percent to 21,300 units compared to the first six months of 2023. Retail demand has declined
23
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
from post-pandemic elevated levels, primarily driven by inflation and higher interest rates impacting retail consumers' discretionary spending.

Adjacent Industries

Our portfolio of products used in RVs can also be used in other applications, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing (collectively, "Adjacent Industries"). In many cases, OEM customers of the Adjacent Industries are affiliated with RV OEMs through related subsidiaries. We believe there are significant opportunities in these Adjacent Industries.

Aftermarket Segment

Many of our OEM Segment products are also sold through various aftermarket channels of the recreation and transportation markets, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. This includes discretionary accessories and replacement service parts. We have teams dedicated to product, technical, and installation training as well as marketing support for our Aftermarket Segment customers. We also support multiple call centers to provide responses to customers for product, delivery, and technical support. This support is designed for a rapid response to critical repairs, so customer downtime is minimal. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims. Many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

According to Go RVing, estimated RV ownership in the United States as of 2021 increased to a record-high 11.2 million households. This vibrant market is a key driver for aftermarket sales, as we anticipate owners will likely upgrade their units as well as replace parts and accessories which have been subjected to normal wear and tear.


RESULTS OF OPERATIONS

Consolidated Highlights

•Consolidated net sales in the second quarter of 2024 increased 3.9 percent to $1.1 billion, from $1.0 billion in the same period of 2023.
•Net income for the second quarter of 2024 was $61.2 million, or $2.40 per diluted share, compared to net income of $33.4 million, or $1.31 per diluted share, for the same period of 2023.
•Consolidated operating profit during the second quarter of 2024 was $90.6 million, compared to $55.2 million in the same period of 2023. Operating profit margin was 8.6 percent in the second quarter of 2024 compared to 5.4 percent in the same period of 2023. The increase was primarily due to decreases in material and freight costs.
•The cost of steel and aluminum consumed in certain of our manufactured components decreased in the second quarter of 2024 compared to the same period of 2023. Raw material costs are subject to continued fluctuation and impact certain contractual selling prices which are indexed to select commodities.
•In June 2024, we paid a quarterly dividend of $1.05 per share, aggregating to $26.7 million.

24
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
OEM Segment - Second Quarter

Net sales of the OEM Segment in the second quarter of 2024 increased by $37.1 million, compared to the same period of 2023. Net sales of components to OEMs were to the following markets for the three months ended June 30:
(In thousands)20242023Change
RV OEMs: 
Travel trailers and fifth-wheels$426,349 $338,739 26 %
Motorhomes63,620 71,185 (11)%
Adjacent Industries OEMs306,155 349,084 (12)%
Total OEM Segment net sales$796,124 $759,008 5 %

According to the RVIA, industry-wide wholesale unit shipments for the three months ended June 30 were:
 20242023Change
Travel trailer and fifth-wheels82,000 71,600 15 %
Motorhomes8,800 12,100 (27)%

The trend in our average product content per RV produced is an indicator of our overall market share of components for new RVs. Our average product content per type of RV, calculated based upon our net sales of components to domestic RV OEMs for the different types of RVs produced for the twelve months ended June 30, divided by the industry-wide wholesale shipments of the different product mix of RVs for the same period, was:
Content per:20242023Change
Travel trailer and fifth-wheel$5,237 $5,459 (4)%
Motorhome$3,766 $3,760 — %

Our average product content per type of RV excludes international sales and sales to the Aftermarket Segment and Adjacent Industries. Content per RV is impacted by changes in selling prices for our products, market share gains, and acquisitions. For the twelve months ended June 30, 2024, travel trailer and fifth-wheel RV content declined year-over-year primarily due to pricing decreases indexed to commodity and freight indices and unit mix, partially offset by market share gains.

Our increase in net sales to RV OEMs during the second quarter of 2024 was driven by a 15 percent increase in North American travel trailer and fifth-wheel wholesale shipments, increased selling prices which are indexed to select commodities, and market share gains. The increase in North American travel trailer and fifth-wheel wholesale shipments was due to retail dealers restocking inventories during the 2024 period compared to destocking efforts in the same period of 2023.

Our decrease in net sales to OEMs in Adjacent Industries during the second quarter of 2024 was primarily due to lower sales to North American marine and utility trailer OEMs, driven by current dealer inventory levels, inflation, and rising interest rates impacting retail consumers.

25
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
Operating profit of the OEM Segment was $50.6 million in the second quarter of 2024, an increase of $31.9 million compared to the same period of 2023. The operating profit margin of the OEM Segment increased to 6.4 percent in the second quarter of 2024, compared to 2.5 percent for the same period of 2023 and was positively impacted by:
•Decreases in material costs, which positively impacted operating profit by $31.1 million compared to the same period in 2023, primarily related to decreased in-bound freight and material sourcing strategies.
•The impact of fixed costs spread over increased sales, which increased operating profit by $4.0 million related to fixed production overhead costs and $2.8 million related to fixed selling, general, and administrative costs.
•A decrease in warranty costs primarily due to reduced warranty claim payments, which increased operating profit by $4.4 million compared to the same period in 2023.
Partially offset by:
•Sales mix increase of lower margin products, which negatively impacted operating profit by $7.0 million compared to the same period in 2023.
Amortization expense on intangible assets for the OEM Segment was $10.2 million in the second quarter of 2024, consistent with the same period in 2023. Depreciation expense on fixed assets for the OEM Segment was $13.7 million in the second quarter of 2024, compared to $14.7 million in the same period of 2023.

OEM Segment – Year to Date

Net sales of the OEM Segment in the first six months of 2024 increased by $37.3 million, compared to the same period of 2023. Net sales of components to OEMs were to the following markets for the six months ended June 30:
(In thousands)20242023Change
RV OEMs:   
Travel trailers and fifth-wheels$817,112 $669,292 22 %
Motorhomes132,458 140,736 (6)%
Adjacent Industries OEMs604,866 707,152 (14)%
Total OEM Segment net sales$1,554,436 $1,517,180 2 %

According to the RVIA, industry-wide wholesale unit shipments for the six months ended June 30 were:
 20242023Change
Travel trailer and fifth-wheel RVs155,500 134,300 16 %
Motorhomes19,200 25,500 (25)%

Our increase in net sales to RV OEMs during the first six months of 2024 was driven by a 16 percent increase in North American travel trailer and fifth-wheel wholesale shipments during the first six months of 2024, as retail dealers restocked inventories during the 2024 period compared to destocking efforts in the same period of 2023.

Our decrease in net sales to OEMs in Adjacent Industries during the first six months of 2024 was primarily due to lower sales to North American marine and utility trailer OEMs, driven by current dealer inventory levels, inflation, and rising interest rates impacting retail consumers.

Operating profit of the OEM Segment was $83.4 million in the first six months of 2024, an increase of $65.5 million compared to the same period of 2023. The operating profit margin of the OEM Segment increased to 5.4 percent in the first six months of 2024, compared to 1.2 percent for the same period in 2023, and was positively impacted by:
•Decreases in material costs, which positively impacted operating profit by $58.1 million compared to the same period in 2023, primarily related to decreased in-bound freight and material sourcing strategies.
26
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
•A decrease in warranty costs primarily due to reduced warranty claim payments, which increased operating profit by $11.6 million compared to the same period in 2023.
•The impact of fixed costs spread over increased sales, which increased operating profit by $4.4 million related to fixed production overhead costs and $3.0 million related to fixed selling, general, and administrative costs.
Partially offset by:
•Sales mix increase of lower margin products, which negatively impacted operating profit by $14.0 million compared to the same period in 2023.
Amortization expense on intangible assets for the OEM Segment was $20.4 million in the first six months of 2024, compared to $20.7 million in the same period of 2023. Depreciation expense on fixed assets for the OEM Segment was $27.8 million in the first six months of 2024, compared to $29.0 million in the same period of 2023.

Aftermarket Segment - Second Quarter

Net sales of the Aftermarket Segment in the second quarter of 2024 increased by $2.8 million, compared to the same period of 2023. Net sales of components in the Aftermarket Segment were as follows for the three months ended June 30:
(In thousands)20242023Change
Total Aftermarket Segment net sales$258,420 $255,631 1 %

Net sales of the Aftermarket Segment for the second quarter of 2024 were slightly higher than for the same period in 2023, primarily driven by market share gains in the automotive aftermarket, partially offset by lower volumes within marine and RV aftermarkets, which have been negatively impacted by lower consumers' discretionary spending.

Operating profit of the Aftermarket Segment was $40.0 million in the second quarter of 2024, an increase of $3.5 million compared to the same period of 2023. The operating profit margin of the Aftermarket Segment was 15.5 percent in the second quarter of 2024, compared to 14.3 percent in the same period in 2023, and was positively impacted by:
•Decreases in material costs, which positively impacted operating profit by $7.7 million compared to the same period in 2023, primarily related to decreased in-bound freight and material sourcing strategies.
Partially offset by:
•Increases in production labor costs, which negatively impacted operating profit by $2.9 million compared to the same period of 2023.
•Increased production facility costs resulting from investments to expand capacity in the automotive aftermarket over the past year, which reduced operating profit by $1.3 million.
Amortization expense on intangible assets for the Aftermarket Segment was $4.0 million in the second quarter of 2024, consistent with the same period of 2023. Depreciation expense on fixed assets for the Aftermarket Segment was $4.2 million in the second quarter of 2024, consistent with the same period of 2023.

Aftermarket Segment – Year to Date

Net sales of the Aftermarket Segment in the first six months of 2024 decreased by $2.6 million, compared to the same period of 2023. Net sales of components in the Aftermarket Segment were as follows for the six months ended June 30:
(In thousands)20242023Change
Total Aftermarket Segment net sales$468,137 $470,769 (1)%

Net sales of the Aftermarket Segment decreased during the first six months of 2024, primarily driven by lower volumes within marine and RV aftermarkets, which have been negatively impacted by lower consumers' discretionary spending, partially offset by market share gains in the automotive aftermarket.
Operating profit of the Aftermarket Segment was $64.8 million in the first six months of 2024, an increase of $7.5 million compared to the same period of 2023. The operating profit margin of the Aftermarket Segment was 13.8 percent in the first six months of 2024, compared to 12.2 percent in the same period in 2023, and was positively impacted by:
27
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
•Decreases in material costs, which positively impacted operating profit by $12.8 million compared to the same period in 2023, primarily related to decreased in-bound freight and material sourcing strategies.
Partially offset by:
•Increases in production labor costs, which negatively impacted operating profit by $4.7 million compared to the same period of 2023.
•Increased production facility costs resulting from investments to expand capacity in the automotive aftermarket over the past year, which reduced operating profit by $2.1 million.
Amortization expense on intangible assets for the Aftermarket Segment was $7.8 million in the first six months of 2024, consistent with the same period of 2023. Depreciation expense on fixed assets for the Aftermarket Segment was $8.8 million in the first six months of 2024, compared to $8.1 million in the same period of 2023.

Interest Expense

Interest expense, net was $17.3 million for the six months ended June 30, 2024, compared to $20.6 million in the same period of 2023. The decrease in net interest expense was primarily due to net repayments of $47.4 million on the revolving credit facility in the second half of 2023 and $1.5 million in the six months ended June 30, 2024, principal prepayments on our Term Loan (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements) of $37.5 million in the second half of 2023 and $15.0 million in the three months ended June 30, 2024, and interest income of $0.9 million for the six months ended June 30, 2024, partially offset by higher global interest rates on our adjustable rate debt including the Term Loan and revolving credit facility. See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.

Income Taxes

The effective tax rate for each of the six months ended June 30, 2024 and 2023 was 25.4 percent. The effective tax rate for the six months ended June 30, 2024 differed from the Federal statutory rate primarily due to state taxes, foreign taxes, and non-deductible expenses, partially offset by the recognition of excess tax benefits on stock-based compensation as a component of the provision for income taxes, and Federal and Indiana research and development credits.

LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

We maintain a level of liquidity sufficient to allow us to meet our cash needs in the short term. Over the long term, we manage our cash and capital structure to maximize shareholder return, maintain our financial condition, and maintain flexibility for our future strategic investments. We continuously assess our capital requirements, working capital needs, debt and leverage levels, debt and lease maturity schedules, capital expenditure requirements, dividends, future investments or acquisitions, and potential share repurchases. We believe our operating cash flows, credit facilities, as well as any potential future borrowings, will be sufficient to fund our future payments and long-term initiatives.

As of June 30, 2024, we had $130.4 million in cash and cash equivalents, and $373.1 million of availability under our revolving credit facility under the Credit Agreement (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements). We also have the ability to request an increase to the revolving and/or incremental term loan facilities by up to an additional $400.0 million in the aggregate upon approval of the lenders providing any such increase and the satisfaction of certain other conditions. See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.

We believe the availability under the revolving credit facility under the Credit Agreement, along with our cash flows from operations, are adequate to finance our anticipated cash requirements for the next twelve months.
28
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)

The Condensed Consolidated Statements of Cash Flows reflect the following for the six months ended June 30:

(In thousands)20242023
Net cash flows provided by operating activities$185,282 $273,565 
Net cash flows used in investing activities(40,733)(55,589)
Net cash flows used in financing activities(79,093)(243,319)
Effect of exchange rate changes on cash and cash equivalents (1,195)(62)
Net increase (decrease) in cash and cash equivalents$64,261 $(25,405)

Cash Flows from Operating Activities
Net cash flows provided by operating activities were $185.3 million in the first six months of 2024, compared to $273.6 million in the first six months of 2023. The decrease in net cash flows provided by operating activities was primarily due to the net change in assets and liabilities, net of acquired businesses, as it used $144.8 million more cash in the first six months of 2024 compared to the same period in 2023. The net change in assets and liabilities was partially offset by an increase in net income of $57.0 million. The primary use of cash in net assets was the increase of $119.0 million in accounts receivable due to seasonally higher sales in the first six months of 2024. While we continued to reduce inventory in the first six months of 2024, the larger decrease in inventory in the first six months of 2023 was due to initiatives to reduce inventory as RV production demand slowed from record levels seen during the first half of 2022 and decreasing commodity and freight costs.
Depreciation and amortization was $64.7 million in the first six months of 2024, and is expected to be approximately $125 to $135 million for the full year 2024. Non-cash stock-based compensation expense in the first six months of 2024 was $9.3 million. Non-cash stock-based compensation expense is expected to be approximately $17 to $22 million for the full year 2024.

Cash Flows from Investing Activities
Cash flows used in investing activities of $40.7 million in the first six months of 2024 were primarily comprised of $21.3 million for capital expenditures and $20.0 million for the acquisition of a business. Cash flows used in investing activities of $55.6 million in the first six months of 2023 were primarily comprised of $34.1 million for capital expenditures and $25.9 million for the acquisitions of businesses.
Our capital expenditures are primarily for replacement and growth. Over the long term, based on our historical capital expenditures, the replacement portion has averaged approximately one to two percent of net sales, while the growth portion has averaged approximately two to three percent of net sales. However, there are many factors that can impact the actual spending compared to these historical averages. We estimate full year 2024 capital expenditures of $40 to $60 million, including investments in automation and lean projects.
Capital expenditures and acquisitions of businesses in the first six months of 2024 were funded by cash on hand and borrowings under our Credit Agreement. Capital expenditures and any acquisitions in the remainder of fiscal year 2024 are expected to be funded primarily from cash generated from operations, as well as periodic borrowings under our revolving credit facility.

Cash Flows from Financing Activities
Cash flows used in financing activities of $79.1 million in the first six months of 2024 were primarily comprised of payments of quarterly dividends of $53.5 million, net debt repayments of $16.5 million under our revolving credit facility, Term Loan, and other borrowings, and cash outflows of $9.1 million related to vesting of stock-based awards, net of shares tendered for payment of taxes.
Cash flows used in financing activities of $243.3 million in the first six months of 2023 were primarily comprised of $168.5 million in net repayments under our revolving credit facility, payments of quarterly dividends of $53.2 million, $10.7 million in repayments under our Term Loan and other borrowings, and cash outflows of $9.6 million related to vesting of stock-based awards, net of shares tendered for payment of taxes.
29
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The Credit Agreement includes both financial and non-financial covenants. The covenants dictate we shall not permit our net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At June 30, 2024, we were in compliance with all financial covenants.
We have paid regular quarterly dividends since 2016. Future dividend policy with respect to our common stock will be determined by our Board of Directors considering our prevailing financial needs, earnings, and other relevant factors, including any limitations in our debt agreements, such as maintenance of certain financial ratios.
In May 2022, our Board of Directors authorized a stock repurchase program for the purchase of up to $200.0 million of our common stock over a three-year period ending on May 19, 2025. No shares were repurchased during the six months ended June 30, 2024 and 2023. As of June 30, 2024, there was $175.9 million remaining under the stock repurchase program.

CORPORATE GOVERNANCE

We are in compliance with the corporate governance requirements of the Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange. Our governance documents and committee charters and key practices have been posted to the “Investors” section of our website (www.lci1.com) and are updated periodically. The website also contains, or provides direct links to, all SEC filings, press releases and investor presentations. We have also established a Whistleblower Policy, which includes a toll-free hotline (800-461-9330) to report complaints about our accounting, internal controls, auditing matters or other concerns. The Whistleblower Policy and procedure for complaints can be found on our website (www.lci1.com).

CONTINGENCIES

Information required by this item is included in Note 10 of the Notes to Condensed Consolidated Financial Statements and is incorporated herein by reference.

RAW MATERIALS INFLATION

The prices of key raw materials, consisting primarily of steel and aluminum, and components used by us which are made from these raw materials, are influenced by demand and other factors specific to these commodities, as well as by inflationary pressures. We experienced reduced prices of these commodities in the first six months of 2024, but prices of these commodities have historically been volatile. As a result, while we currently expect commodity prices for the remainder of the year to remain generally consistent with the second quarter of 2024, there can be no assurance that raw material costs will not increase. Please see "Results of Operations" above for additional information regarding the impact of raw material costs on our results of operations for the first six months of 2024.

NEW ACCOUNTING PRONOUNCEMENTS

Information required by this item is included in Note 2 of the Notes to Condensed Consolidated Financial Statements.

CRITICAL ACCOUNTING ESTIMATES

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

30
LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
For a discussion of our critical accounting estimates, refer to Management's Discussion and Analysis of Results of Operations and Financial Condition in our Annual Report on Form 10-K for the year ended December 31, 2023. There have been no material changes to our critical accounting estimates as described in that Annual Report.

FORWARD-LOOKING STATEMENTS

This Form 10-Q contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this Form 10-Q that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.

Forward-looking statements, including, without limitation, those relating to the Company's production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this Form 10-Q, are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this Form 10-Q, the impacts of future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of, and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in the Company's subsequent filings with the SEC, including the Company's Quarterly Reports on Form 10-Q. Readers of this report are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
31

LCI INDUSTRIES
ITEM 3 – QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk related to changes in short-term interest rates on our variable rate debt. Depending on the interest rate option selected as further described in Note 8 of the Notes to Condensed Consolidated Financial Statements, interest is charged based on an indexed rate plus an applicable margin. Assuming a hypothetical increase of 0.25 percent in the indexed interest rate (which approximates a six percent increase of the weighted-average interest rate on our borrowings as of June 30, 2024), our results of operations would not be materially affected.
We are also exposed to changes in the prices of raw materials, specifically steel and aluminum. We have, from time to time, entered into derivative instruments for the purpose of managing a portion of the exposures associated with fluctuations in steel and aluminum prices. While these derivative instruments are subject to fluctuations in value, these fluctuations are generally offset by the changes in fair value of the underlying exposures. We had no outstanding derivative instruments on commodities at June 30, 2024 and December 31, 2023.
We have historically been able to obtain sales price increases to partially offset the majority of raw material cost increases. However, there can be no assurance future cost increases, if any, can be partially or fully passed on to customers, or that the timing of such sales price increases will match raw material cost increases.
Additional information required by this item is included under the caption "Raw Materials Inflation" in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this report.

ITEM 4 – CONTROLS AND PROCEDURES
a.Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure, in accordance with the definition of "disclosure controls and procedures" in Rule 13a-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, cannot provide absolute assurance of achieving the desired control objectives. Management included in its evaluation the cost-benefit relationship of possible controls and procedures. We continually evaluate our disclosure controls and procedures to determine if changes are appropriate based upon changes in our operations or the business environment in which we operate.
As of the end of the period covered by this Form 10-Q, we performed an evaluation, under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of June 30, 2024.
b.Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended June 30, 2024, which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
32

LCI INDUSTRIES

PART II – OTHER INFORMATION

ITEM 1 – LEGAL PROCEEDINGS
In the normal course of business, we are subject to proceedings, lawsuits, regulatory agency inquiries and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of June 30, 2024, would not be material to our financial position or results of operations.

ITEM 1A – RISK FACTORS

There have been no material changes to the matters discussed in Part I, Item 1A – Risk Factors in our Annual Report on Form 10-K as filed with the SEC on February 23, 2024.

ITEM 5 - OTHER INFORMATION

During the quarter ended June 30, 2024, none of our officers or directors (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).

ITEM 6 – EXHIBITS

a)    Exhibits as required by item 601 of Regulation S-K:

1LCI Industries Restated Certificate of Incorporation, as amended effective December 30, 2016 (incorporated by reference to Exhibit 3.1 included in the Registrant’s Form 10-K for the year ended December 31, 2016).
2Certificate of Amendment to the Restated Certificate of Incorporation of LCI Industries, dated May 16, 2024 (incorporated by reference to Exhibit 3.1 included in the Registrant's Form 8-K filed on May 17, 2024).
3Amended and Restated Certificate of Incorporation of LCI Industries, conformed version that includes all amendments through May 16, 2024.
4Amended and Restated Bylaws of LCI Industries, effective March 9, 2023 (incorporated by reference to Exhibit 3.2 included in the Registrant's Form 10-Q filed on May 9, 2023).
5Certification of Chief Executive Officer required by Rule 13a-14(a).
6
Certification of Chief Financial Officer required by Rule 13a-14(a).
7
Certification of Chief Executive Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
8
Certification of Chief Financial Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
9101
The following information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Income; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Balance Sheets; (iv) Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Stockholders’ Equity; (vi) Notes to Condensed Consolidated Financial Statements; and (vii) information in Part II, Item 5.
10104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

33

LCI INDUSTRIES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

LCI INDUSTRIES
Registrant
By/s/ Lillian D. Etzkorn
Lillian D. Etzkorn
Chief Financial Officer
August 6, 2024

34
EXHIBIT 3.3
AMENDED AND RESTATED

CERTIFICATE OF INCORPORATION OF

LCI INDUSTRIES

(Conformed Version Reflecting All Amendments Through May 16, 2024)



FIRST: The name of the Corporation is LCI INDUSTRIES.
SECOND: The registered office of the Corporation is located at 2711 Centerville Road, Suite 400, in the City of Wilmington 19808, in the County of New Castle, in the State of Delaware. The name of its registered agent at that address is Corporation Service Company.
THIRD: The purpose of the Corporation is to engage in any lawful act or activity for which a Corporation may be organized under the General Corporation Law of Delaware.
FOURTH: Section A. The total number of shares of all classes of stock which the Corporation shall have the authority to issue is seventy-five million (75,000,000) shares of Common Stock, par value $0.01 per share.
Section B. Each holder of Common Stock shall be entitled to one vote for each share of Common Stock held of record on all matters on which stockholders generally are entitled to vote. Subject to the provisions of law, dividends may be paid on the Common Stock at such times and in such amounts as the Board of Directors shall determine.
FIFTH: Section A. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors, which shall consist of not less than three nor more than twelve persons. The exact number of directors that constitute the whole Board within the minimum and maximum limitations specified in the preceding sentence shall be such number as from time to time shall be fixed by, or in the manner provided in, the Corporation’s by-laws.
1

Section B. Subject to the rights of the holders of any series of Preferred Stock then outstanding, newly created directorships resulting from any increase in the authorized number of directors and any vacancies in the Board of Directors resulting from death, resignation, retirement, disqualification, removal from office or other cause shall be filled by a majority vote of the directors then in office, and directors so chosen shall hold office for a term expiring at the next following Annual Meeting of Stockholders. No decrease in the number of directors constituting the Board of Directors shall be effective until the next following Annual Meeting of Stockholders.
Section C. The Board of Directors shall have power without the assent or vote of the stockholders to make, alter, amend, change, add or to repeal the By-Laws of the Corporation; to fix and vary the amount of shares of stock, or capital of the Corporation to be reserved for any proper purpose; to authorize and cause to be executed mortgages and liens upon all or any part of the property of the Corporation; to determine the use and disposition of any surplus or net profits; and to fix the times for the declaration and payment of dividends.
Section D. In addition to the powers expressly conferred upon them in this Certificate of Incorporation or by statute, the directors are further empowered to exercise all powers and do all acts as may be exercised or done by the Corporation; subject, nevertheless, to the provisions of the statutes of Delaware, of this Certificate of Incorporation, and to any By-Laws from time to time made by the stockholders; provided, however, that no By-Laws so made shall invalidate any prior act of the directors which would have been valid if such By-Laws had not been made.
2

Section E. Special meetings of the stockholders of the Corporation may be called by the Board of Directors or by the President or by a majority of the stockholders entitled to vote at such a meeting.
SIXTH: The Corporation shall, to the full extent permitted by Section 145 of the Delaware General Corporation Law, as amended from time to time, indemnify all persons whom it may indemnify pursuant thereto. If Section 145 shall be repealed, the Corporation shall indemnify any persons, and to the same extent, as it would have been able to do under Section 145 in the form Section 145 existed immediately before its repeal as if it had not been repealed. The by-laws of the Corporation as adopted and amended from time to time by the Board of Directors may make any provision with respect to the indemnification permitted by this Article SIXTH in furtherance of the indemnification provisions of this Article SIXTH, provided such by-law or by-laws are not inconsistent with this Article SIXTH or Section 145, and provided further that no by-law in any way diminishes the scope or extent of the indemnification provided for in this Article SIXTH or in Section 145. No director or officer of the Corporation shall be liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or an officer, except for liability (i) for any breach of the director’s or officer’s duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the Delaware General Corporation Law, (iv) for any transaction from which the director or officer derived an improper personal benefit, or (v) in the case of an officer, in any action by or in the right of the Corporation. If the Delaware General Corporation Law is amended after approval by the stockholders of this provision to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or an officer of the
3

Corporation shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, as so amended.
SEVENTH: The Corporation reserves the right to amend, alter, change or repeal any provision contained in this Certificate of Incorporation in the manner now or hereafter prescribed by law, and all rights and powers conferred herein on stockholders, directors and officers are subject to this reserved power.
4

EXHIBIT 31.1
 
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 13a-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
I, Jason D. Lippert, Chief Executive Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of LCI Industries;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
Date: August 6, 2024
By /s/ Jason D. Lippert
Jason D. Lippert, Chief Executive Officer



EXHIBIT 31.2
 
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 13a-14(a)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
I, Lillian D. Etzkorn, Chief Financial Officer, certify that:

1.I have reviewed this quarterly report on Form 10-Q of LCI Industries;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
Date: August 6, 2024
By /s/ Lillian D. Etzkorn
Lillian D. Etzkorn, Chief Financial Officer



EXHIBIT 32.1
 
 
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
 
 
 
In connection with the quarterly report on Form 10-Q of LCI Industries (the “Company”) for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Jason D. Lippert, Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
 
 
By /s/ Jason D. Lippert
Chief Executive Officer
Principal Executive Officer
August 6, 2024
 


EXHIBIT 32.2
 
 
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002
 
 
 
In connection with the quarterly report on Form 10-Q of LCI Industries (the “Company”) for the period ended June 30, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Lillian D. Etzkorn, Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
 
 
By /s/ Lillian D. Etzkorn
Chief Financial Officer
Principal Financial Officer
August 6, 2024



v3.24.2.u1
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-13646  
Entity Registrant Name LCI INDUSTRIES  
Entity Central Index Key 0000763744  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-3250533  
Entity Address, Address Line One 3501 County Road 6 East  
Entity Address, City or Town Elkhart,  
Entity Address, State or Province IN  
Entity Address, Postal Zip Code 46514  
City Area Code 574  
Local Phone Number 535-1125  
Title of 12(b) Security Common Stock, $.01 par value  
Trading Symbol LCII  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   25,462,195
v3.24.2.u1
Condensed Consolidated Statements Of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 1,054,544 $ 1,014,639 $ 2,022,573 $ 1,987,949
Cost of sales 788,099 796,519 1,532,222 1,583,758
Gross profit 266,445 218,120 490,351 404,191
Selling, general and administrative expenses 175,841 162,946 342,136 328,974
Operating profit 90,604 55,174 148,215 75,217
Interest expense, net 7,962 10,249 17,283 20,643
Income before income taxes 82,642 44,925 130,932 54,574
Provision for income taxes 21,479 11,499 33,224 13,889
Net income $ 61,163 $ 33,426 $ 97,708 $ 40,685
Net income per common share:        
Basic (in usd per share) $ 2.40 $ 1.32 $ 3.86 $ 1.61
Diluted (in usd per share) $ 2.40 $ 1.31 $ 3.85 $ 1.60
Weighted average common shares outstanding:        
Basic (in shares) 25,473 25,329 25,344 25,273
Diluted (in shares) 25,504 25,437 25,367 25,359
v3.24.2.u1
Condensed Consolidated Statement Of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 61,163 $ 33,426 $ 97,708 $ 40,685
Other comprehensive (loss) income:        
Net foreign currency translation adjustment (1,458) 763 (4,721) 2,763
Actuarial (loss) gain on pension plans (345) 100 (345) 100
Total comprehensive income $ 59,360 $ 34,289 $ 92,642 $ 43,548
v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 130,418 $ 66,157
Accounts receivable, net of allowances of $6,320 and $5,701 at June 30, 2024 and December 31, 2023, respectively 333,059 214,707
Inventories, net 687,870 768,407
Prepaid expenses and other current assets 67,637 67,599
Total current assets 1,218,984 1,116,870
Fixed assets, net 448,025 465,781
Goodwill 588,523 589,550
Other intangible assets, net 421,713 448,759
Operating lease right-of-use assets 239,810 245,388
Other long-term assets 94,924 92,971
Total assets 3,011,979 2,959,319
Current liabilities    
Current maturities of long-term indebtedness 558 589
Accounts payable, trade 202,622 183,697
Current portion of operating lease obligations 38,656 36,269
Accrued expenses and other current liabilities 190,657 174,437
Total current liabilities 432,493 394,992
Long-term indebtedness 829,188 846,834
Operating lease obligations 214,434 222,680
Deferred taxes 29,350 32,345
Other long-term liabilities 112,101 107,432
Total liabilities 1,617,566 1,604,283
Stockholders’ equity    
Common stock, par value $.01 per share 288 287
Paid-in capital 246,984 245,659
Retained earnings 1,220,151 1,177,034
Accumulated other comprehensive income 9,206 14,272
Stockholders' equity before treasury stock 1,476,629 1,437,252
Treasury stock, at cost (82,216) (82,216)
Total stockholders' equity 1,394,413 1,355,036
Total liabilities and stockholders' equity $ 3,011,979 $ 2,959,319
v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Accounts receivable, allowances $ 6,320 $ 5,701
Common stock, par value (in usd per share) $ 0.01 $ 0.01
v3.24.2.u1
Condensed Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net income $ 61,163 $ 36,545 $ 33,426 $ 7,259 $ 97,708 $ 40,685  
Adjustments to reconcile net income to cash flows provided by operating activities:              
Depreciation and amortization         64,728 65,549  
Stock-based compensation expense         9,301 9,080  
Other non-cash items         2,238 2,192  
Changes in assets and liabilities, net of acquisitions of businesses:              
Accounts receivable, net         (118,962) (80,952)  
Inventories, net         96,351 209,346  
Prepaid expenses and other assets         (2,746) 11,607  
Accounts payable, trade         18,977 37,949  
Accrued expenses and other liabilities         17,687 (21,891)  
Net cash flows provided by operating activities         185,282 273,565  
Cash flows from investing activities:              
Capital expenditures         (21,328) (34,082)  
Acquisitions of businesses         (19,957) (25,851)  
Other investing activities         552 4,344  
Net cash flows used in investing activities         (40,733) (55,589)  
Cash flows from financing activities:              
Vesting of stock-based awards, net of shares tendered for payment of taxes         (9,111) (9,585)  
Proceeds from revolving credit facility         86,248 234,200  
Repayments under revolving credit facility         (87,766) (402,726)  
Repayments under term loan and other borrowings         (15,007) (10,703)  
Payment of dividends         (53,455) (53,154)  
Payment of contingent consideration and holdbacks related to acquisitions         0 (517)  
Other financing activities         (2) (834)  
Net cash flows used in financing activities         (79,093) (243,319)  
Effect of exchange rate changes on cash and cash equivalents         (1,195) (62)  
Net increase (decrease) in cash and cash equivalents         64,261 (25,405)  
Cash and cash equivalents at beginning of period   $ 66,157   $ 47,499 66,157 47,499 $ 47,499
Cash and cash equivalents at end of period $ 130,418   $ 22,094   130,418 22,094 $ 66,157
Supplemental disclosure of cash flow information:              
Interest         17,364 20,804  
Income taxes, net of refunds         16,561 5,724  
Purchase of property and equipment in accrued expenses         $ 429 $ 1,704  
v3.24.2.u1
Condensed Consolidated Statement Of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning balance at Dec. 31, 2022 $ 1,381,008 $ 285 $ 234,956 $ 1,221,279 $ 6,704 $ (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 7,259     7,259    
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes (8,888) 1 (8,889)      
Stock-based compensation expense 4,695   4,695      
Other comprehensive income (loss) 2,000       2,000  
Cash dividends (26,563)     (26,563)    
Dividend equivalents on stock-based awards 0   532 (532)    
Ending balance at Mar. 31, 2023 1,359,511 286 231,294 1,201,443 8,704 (82,216)
Beginning balance at Dec. 31, 2022 1,381,008 285 234,956 1,221,279 6,704 (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 40,685          
Ending balance at Jun. 30, 2023 1,370,897 286 235,507 1,207,753 9,567 (82,216)
Beginning balance at Mar. 31, 2023 1,359,511 286 231,294 1,201,443 8,704 (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 33,426     33,426    
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes (697) 0 (697)      
Stock-based compensation expense 4,385   4,385      
Other comprehensive income (loss) 863       863  
Cash dividends (26,591)     (26,591)    
Dividend equivalents on stock-based awards 0   525 (525)    
Ending balance at Jun. 30, 2023 1,370,897 286 235,507 1,207,753 9,567 (82,216)
Beginning balance at Dec. 31, 2023 1,355,036 287 245,659 1,177,034 14,272 (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 36,545     36,545    
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes (9,040) 1 (9,041)      
Stock-based compensation expense 4,327   4,327      
Other comprehensive income (loss) (3,263)       (3,263)  
Cash dividends (26,721)     (26,721)    
Dividend equivalents on stock-based awards 0   569 (569)    
Ending balance at Mar. 31, 2024 1,356,884 288 241,514 1,186,289 11,009 (82,216)
Beginning balance at Dec. 31, 2023 1,355,036 287 245,659 1,177,034 14,272 (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 97,708          
Ending balance at Jun. 30, 2024 1,394,413 288 246,984 1,220,151 9,206 (82,216)
Beginning balance at Mar. 31, 2024 1,356,884 288 241,514 1,186,289 11,009 (82,216)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income 61,163     61,163    
Issuance of shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes (71) 0 (71)      
Stock-based compensation expense 4,974   4,974      
Other comprehensive income (loss) (1,803)       (1,803)  
Cash dividends (26,734)     (26,734)    
Dividend equivalents on stock-based awards 0   567 (567)    
Ending balance at Jun. 30, 2024 $ 1,394,413 $ 288 $ 246,984 $ 1,220,151 $ 9,206 $ (82,216)
v3.24.2.u1
Condensed Consolidated Statement Of Stockholders' Equity (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]        
Issuance of common stock (in shares) 14,059 122,023 26,445 119,091
Cash dividend (in usd per share) $ 1.05 $ 1.05 $ 1.05 $ 1.05
v3.24.2.u1
Basis of Presentation
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Presentation BASIS OF PRESENTATION
The Condensed Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), supplies, domestically and internationally, a broad array of highly engineered components for the leading original equipment manufacturers ("OEMs") in the recreation and transportation markets, consisting primarily of recreational vehicles ("RVs") and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. The Company also supplies engineered components to the related aftermarkets of these industries, primarily by selling to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. At June 30, 2024, the Company operated over 110 manufacturing and distribution facilities located throughout North America and Europe.

Most industries where the Company sells products or where its products are used historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, the Company's sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.

The Company is not aware of any significant events, except as disclosed in the Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements. All significant intercompany balances and transactions have been eliminated.

In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. Results for interim periods should not be considered indicative of results for the full year.

Use of Estimates

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

Risks and Uncertainties

Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty,
including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.
v3.24.2.u1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its December 31, 2023 Annual Report on Form 10-K and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.

Recent Accounting Pronouncements

Recently issued accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 820): Improvements to Reportable Segment Disclosures, which requires entities to report incremental information about significant segment expenses included in a segment's profit or loss measure as well as the name and title of the chief operating decision maker. The new standard also requires interim disclosures related to reportable segment profit or loss and assets that had previously only been disclosed annually. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the effect of adopting this new accounting guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is evaluating the effect of adopting this new accounting guidance.
v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
Weighted average shares outstanding for basic earnings per share
25,473 25,329 25,344 25,273 
Common stock equivalents pertaining to stock-based awards
31 108 23 86 
Weighted average shares outstanding for diluted earnings per share
25,504 25,437 25,367 25,359 
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive289 165 290 162 

For the Company's 1.125 percent convertible senior notes due 2026 (the "Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "Indenture"), to settle the principal amount of the Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the Convertible Notes are converted. Because the average closing price of the Company's common stock for each of the three and six months ended June 30, 2024, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.
In conjunction with the issuance of the Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock (the "Warrants"). The Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the Warrants, the Company uses the treasury stock method. With this method, the Company assumes exercise of the Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the Warrants less the number of shares repurchased, are included in diluted shares. For each of the three and six months ended June 30, 2024, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.

In connection with the issuance of the Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "Convertible Note Hedge Transactions") with the Counterparties. The Company paid an aggregate amount of $100.1 million to the Counterparties pursuant to the Convertible Note Hedge Transactions. The Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The Convertible Note Hedge Transactions will expire upon the maturity of the Convertible Notes, subject to earlier exercise or termination. Exercise of the Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.
v3.24.2.u1
Acquisitions, Goodwill And Other Intangible Assets
 6 Months Ended
Jun. 30, 2024
Acquisitions, Goodwill And Other Intangible Assets [Abstract]  
Acquisitions, Goodwill And Other Intangible Assets ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS
Acquisitions Completed During the Six Months Ended June 30, 2024

Camping World Furniture

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

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands)OEM SegmentAftermarket SegmentTotal
Net balance – December 31, 2023$421,701 $167,849 $589,550 
Acquisitions1,709 — 1,709 
Foreign currency translation(2,598)(138)(2,736)
Net balance – June 30, 2024
$420,812 $167,711 $588,523 
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.
Other Intangible Assets

Other intangible assets consisted of the following at June 30, 2024:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$510,698 $209,210 $301,488 6to20
Patents114,939 72,039 42,900 3to20
Trade names (finite life)98,938 30,195 68,743 3to20
Trade names (indefinite life)7,432 — 7,432 Indefinite
Non-compete agreements10,304 9,450 854 3to6
Other609 313 296 2to12
Other intangible assets$742,920 $321,207 $421,713    
Other intangible assets consisted of the following at December 31, 2023:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$509,505 $189,967 $319,538 6to20
Patents114,864 67,602 47,262 3to20
Trade names (finite life)99,366 26,978 72,388 3to20
Trade names (indefinite life)7,600 — 7,600 Indefinite
Non-compete agreements10,104 8,453 1,651 3to6
Other609 289 320 2to12
Other intangible assets$742,048 $293,289 $448,759    
Acquisitions, Goodwill And Other Intangible Assets ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS
Acquisitions Completed During the Six Months Ended June 30, 2024

Camping World Furniture

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

Goodwill

Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands)OEM SegmentAftermarket SegmentTotal
Net balance – December 31, 2023$421,701 $167,849 $589,550 
Acquisitions1,709 — 1,709 
Foreign currency translation(2,598)(138)(2,736)
Net balance – June 30, 2024
$420,812 $167,711 $588,523 
Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.
Other Intangible Assets

Other intangible assets consisted of the following at June 30, 2024:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$510,698 $209,210 $301,488 6to20
Patents114,939 72,039 42,900 3to20
Trade names (finite life)98,938 30,195 68,743 3to20
Trade names (indefinite life)7,432 — 7,432 Indefinite
Non-compete agreements10,304 9,450 854 3to6
Other609 313 296 2to12
Other intangible assets$742,920 $321,207 $421,713    
Other intangible assets consisted of the following at December 31, 2023:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$509,505 $189,967 $319,538 6to20
Patents114,864 67,602 47,262 3to20
Trade names (finite life)99,366 26,978 72,388 3to20
Trade names (indefinite life)7,600 — 7,600 Indefinite
Non-compete agreements10,104 8,453 1,651 3to6
Other609 289 320 2to12
Other intangible assets$742,048 $293,289 $448,759    
v3.24.2.u1
Inventories
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventories INVENTORIES
Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Raw materials$411,029 $457,877 
Work in process42,213 45,112 
Finished goods234,628 265,418 
Inventories, net$687,870 $768,407 
At June 30, 2024 and December 31, 2023, the Company had recorded inventory obsolescence reserves of $81.4 million and $71.3 million, respectively.
v3.24.2.u1
Fixed Assets
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Fixed Assets FIXED ASSETS
Fixed assets consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Fixed assets, at cost$991,401 $983,548 
Less accumulated depreciation and amortization543,376 517,767 
Fixed assets, net$448,025 $465,781 
v3.24.2.u1
Accrued Expenses And Other Current Liabilities
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Accrued Expenses And Other Current Liabilities ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Employee compensation and benefits$71,195 $58,999 
Current portion of accrued warranty47,047 48,468 
Customer rebates23,805 19,403 
Other48,610 47,567 
Accrued expenses and other current liabilities$190,657 $174,437 
Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the six months ended June 30:
(In thousands)20242023
Balance at beginning of period$71,578 $54,528 
Provision for warranty expense28,228 40,128 
Warranty costs paid(28,439)(31,968)
Balance at end of period71,367 62,688 
Less long-term portion(24,320)(20,700)
Current portion of accrued warranty at end of period$47,047 $41,988 
v3.24.2.u1
Long-Term Indebtedness
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Indebtedness LONG-TERM INDEBTEDNESS
Long-term debt consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Convertible Notes$460,000 $460,000 
Term Loan300,000 315,000 
Revolving Credit Loan71,757 75,909 
Other3,100 3,138 
Unamortized deferred financing fees(5,111)(6,624)
829,746 847,423 
Less current portion(558)(589)
Long-term indebtedness$829,188 $846,834 
Credit Agreement

The Company and certain of its subsidiaries are party to a credit agreement dated December 14, 2018 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders (as amended, the "Credit Agreement"). The Credit Agreement provides for a $600.0 million revolving credit facility (of which $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loan") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Credit Agreement is December 7, 2026. The Term Loan is required to be repaid in an amount equal to 1.25 percent of the original principal amount of the Term Loan for the first eight quarterly periods commencing with the quarter ended December 31, 2021, 1.875 percent of the original principal amount of the Term Loan for the next eight quarterly periods, and then 2.50 percent of the original principal amount of the Term Loan of each additional payment until the maturity date. The Company prepaid $37.5 million of principal on the Term Loan during 2023 and an additional $15.0 million of principal on the Term Loan during the second quarter of 2024, all of which was applied to pay in full the scheduled principal amortization payments due through September 30, 2025. The Credit Agreement also permits the Company to request an increase to the revolving and/or term loan facility by up to an additional $400.0 million in the aggregate upon the approval of the lenders providing any such increase and the satisfaction of certain other conditions.

Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company as (i) base rate loans which bear interest at a base rate plus additional interest ranging from 0.0 percent to 0.875 percent (0.625 percent was applicable at June 30, 2024) depending on the Company’s total net leverage ratio or (ii) term benchmark loans which bear interest at term Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of 0.1 percent for an interest period selected by the Company plus additional interest ranging from 0.875 percent to 1.875 percent (1.625 percent was applicable at June 30, 2024) depending on the Company’s total net leverage ratio. Foreign currency borrowings have the same additional interest margins applicable to term benchmark loans based on the Company's total net leverage ratio. At June 30, 2024, the Company had $4.8 million in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.150 percent to 0.275 percent (0.225 percent was applicable at June 30, 2024) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.

Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At June 30, 2024, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility, giving effect to this limitation, was $373.1 million at June 30, 2024. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.

At June 30, 2024, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.

Convertible Notes

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

As of June 30, 2024, the conversion rate of the Convertible Notes was 6.2118 shares of the Company's common stock per $1,000 principal amount of the Convertible Notes. The conversion rate of the Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the
conversion rate for a holder that elects to convert its Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.

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

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

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

The Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the Convertible Notes of $434.7 million at June 30, 2024 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.
v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases LEASES
The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Operating lease expense$16,162 $15,670 $31,850 $30,914 
Short-term lease expense964 1,307 1,951 2,787 
Variable lease expense1,277 1,200 2,163 2,200 
Total lease expense$18,403 $18,177 $35,964 $35,901 
v3.24.2.u1
Commitments And Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments And Contingencies COMMITMENTS AND CONTINGENCIES
Holdback Payments and Contingent Consideration

From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are fixed payments and are accrued at their
discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. Holdback payment and contingent consideration balances were not material at June 30, 2024.

Product Recalls

From time to time, the Company cooperates with and assists its customers on their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company’s products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls. Product recall reserves were not material at June 30, 2024.

Environmental

The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Environmental reserves were not material at June 30, 2024.

Litigation

In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of June 30, 2024, would not be material to the Company's financial position or results of operations.
v3.24.2.u1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity STOCKHOLDERS' EQUITY
The following table summarizes information about shares of the Company's common stock at:
 June 30,December 31,
(In thousands)20242023
Common stock authorized75,000 75,000 
Common stock issued28,803 28,667 
Treasury stock3,341 3,341 
Common stock outstanding25,462 25,326 
The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2024 and December 31, 2023:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
First Quarter 2023$1.05 03/10/2303/24/23$26,563 
Second Quarter 20231.05 06/02/2306/16/2326,591 
Third Quarter 20231.05 09/01/2309/15/2326,590 
Fourth Quarter 20231.05 12/01/2312/15/2326,592 
Total 2023$4.20 $106,336 
First Quarter 2024$1.05 03/08/2403/22/24$26,721 
Second Quarter 20241.05 05/31/2406/14/2426,734 
Total 2024$2.10 $53,455 

Deferred and Restricted Stock Units

The LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan") provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2023296,305 $118.60 
Issued1,155 112.36 
Granted143,407 125.20 
Dividend equivalents5,903 108.00 
Forfeited(10,882)121.61 
Vested(129,541)115.05 
Outstanding at June 30, 2024306,347 $119.91 

Performance Stock Units

The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2023207,279 $122.57 
Granted108,096 132.77
Dividend equivalents4,626 107.94
Vested(78,695)143.54
Outstanding at June 30, 2024241,306 $120.26 
Stock Repurchase Program

On May 19, 2022, the Company's Board of Directors authorized a stock repurchase program granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, ending on May 19, 2025. The timing of stock repurchases, and the number of shares will depend upon the market conditions and other factors. Share repurchases, if any, will be made in the open market and in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors. In 2022, the Company purchased 253,490 shares at a weighted average price of $94.89 per share, totaling $24.1 million. No purchases were made in 2023 or during the six months ended June 30, 2024.
v3.24.2.u1
Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.

The OEM Segment, which accounted for 77 percent and 76 percent of consolidated net sales for the six months ended June 30, 2024 and 2023, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting primarily of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 53 percent of the Company's OEM Segment net sales for the six months ended June 30, 2024 were of components for travel trailer and fifth-wheel RVs.

The Aftermarket Segment, which accounted for 23 percent and 24 percent of consolidated net sales for the six months ended June 30, 2024 and 2023, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation products, primarily to retail dealers, wholesale distributors, and service centers, as well as direct to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.

Decisions concerning the allocation of the Company's resources are made by the Company's chief operating decision maker ("CODM"), with oversight by the Board of Directors. The CODM evaluates the performance of each segment based upon segment operating profit or loss, generally defined as income or loss before interest and income taxes. Decisions concerning the allocation of resources are also based on each segment's utilization of assets. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(In thousands)
U.S. (a)
Int’l (b)
Total
U.S. (a)
Int’l (b)
Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$418,947 $7,402 $426,349 $326,824 $11,915 $338,739 
Motorhomes32,889 30,731 63,620 40,689 30,496 71,185 
Adjacent Industries OEMs254,778 51,377 306,155 298,355 50,729 349,084 
Total OEM Segment net sales706,614 89,510 796,124 665,868 93,140 759,008 
Aftermarket Segment:
Total Aftermarket Segment net sales235,273 23,147 258,420 234,901 20,730 255,631 
Total net sales$941,887 $112,657 $1,054,544 $900,769 $113,870 $1,014,639 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(In thousands)
U.S. (a)
Int’l (b)
Total
U.S. (a)
Int’l (b)
Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$799,109 $18,003 $817,112 $641,806 $27,486 $669,292 
Motorhomes72,893 59,565 132,458 84,693 56,043 140,736 
Adjacent Industries OEMs503,291 101,575 604,866 607,820 99,332 707,152 
Total OEM Segment net sales1,375,293 179,143 1,554,436 1,334,319 182,861 1,517,180 
Aftermarket Segment:
Total Aftermarket Segment net sales424,921 43,216 468,137 435,388 35,381 470,769 
Total net sales$1,800,214 $222,359 $2,022,573 $1,769,707 $218,242 $1,987,949 
(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America

The following table presents the Company's operating profit by segment:
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
Operating profit:
OEM Segment$50,562 $18,642 $83,398 $17,921 
Aftermarket Segment40,042 36,532 64,817 57,296 
Total operating profit$90,604 $55,174 $148,215 $75,217 
The following table presents the Company's revenue disaggregated by product:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$229,934 $202,735 $442,073 $400,791 
Windows and doors228,957 220,094 446,579 438,705 
Furniture and mattresses110,720 125,346 216,169 265,909 
Axles, ABS, and suspension solutions89,277 88,635 174,569 164,384 
Other137,236 122,198 275,046 247,391 
Total OEM Segment net sales796,124 759,008 1,554,436 1,517,180 
Total Aftermarket Segment net sales258,420 255,631 468,137 470,769 
Total net sales$1,054,544 $1,014,639 $2,022,573 $1,987,949 
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net Income (Loss) Attributable to Parent $ 61,163 $ 36,545 $ 33,426 $ 7,259 $ 97,708 $ 40,685
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.
Recently adopted accounting pronouncement
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Earnings per Share
The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
Weighted average shares outstanding for basic earnings per share
25,473 25,329 25,344 25,273 
Common stock equivalents pertaining to stock-based awards
31 108 23 86 
Weighted average shares outstanding for diluted earnings per share
25,504 25,437 25,367 25,359 
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive289 165 290 162 
v3.24.2.u1
Acquisitions, Goodwill And Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Acquisitions, Goodwill And Other Intangible Assets [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill by reportable segment were as follows:
(In thousands)OEM SegmentAftermarket SegmentTotal
Net balance – December 31, 2023$421,701 $167,849 $589,550 
Acquisitions1,709 — 1,709 
Foreign currency translation(2,598)(138)(2,736)
Net balance – June 30, 2024
$420,812 $167,711 $588,523 
Schedule of Other Intangible Assets
Other intangible assets consisted of the following at June 30, 2024:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$510,698 $209,210 $301,488 6to20
Patents114,939 72,039 42,900 3to20
Trade names (finite life)98,938 30,195 68,743 3to20
Trade names (indefinite life)7,432 — 7,432 Indefinite
Non-compete agreements10,304 9,450 854 3to6
Other609 313 296 2to12
Other intangible assets$742,920 $321,207 $421,713    
Other intangible assets consisted of the following at December 31, 2023:
(In thousands)Gross
Cost		Accumulated
Amortization		Net
Balance		Estimated Useful
Life in Years
Customer relationships$509,505 $189,967 $319,538 6to20
Patents114,864 67,602 47,262 3to20
Trade names (finite life)99,366 26,978 72,388 3to20
Trade names (indefinite life)7,600 — 7,600 Indefinite
Non-compete agreements10,104 8,453 1,651 3to6
Other609 289 320 2to12
Other intangible assets$742,048 $293,289 $448,759    
v3.24.2.u1
Inventories (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule Of Inventories
Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Raw materials$411,029 $457,877 
Work in process42,213 45,112 
Finished goods234,628 265,418 
Inventories, net$687,870 $768,407 
v3.24.2.u1
Fixed Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule Of Fixed Assets
Fixed assets consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Fixed assets, at cost$991,401 $983,548 
Less accumulated depreciation and amortization543,376 517,767 
Fixed assets, net$448,025 $465,781 
v3.24.2.u1
Accrued Expenses And Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Schedule Of Accrued Expenses And Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Employee compensation and benefits$71,195 $58,999 
Current portion of accrued warranty47,047 48,468 
Customer rebates23,805 19,403 
Other48,610 47,567 
Accrued expenses and other current liabilities$190,657 $174,437 
Schedule Of Reconciliation Of The Activity Related To Accrued Warranty The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the six months ended June 30:
(In thousands)20242023
Balance at beginning of period$71,578 $54,528 
Provision for warranty expense28,228 40,128 
Warranty costs paid(28,439)(31,968)
Balance at end of period71,367 62,688 
Less long-term portion(24,320)(20,700)
Current portion of accrued warranty at end of period$47,047 $41,988 
v3.24.2.u1
Long-Term Indebtedness (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following at:
 June 30,December 31,
(In thousands)20242023
Convertible Notes$460,000 $460,000 
Term Loan300,000 315,000 
Revolving Credit Loan71,757 75,909 
Other3,100 3,138 
Unamortized deferred financing fees(5,111)(6,624)
829,746 847,423 
Less current portion(558)(589)
Long-term indebtedness$829,188 $846,834 
v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Components of Lease Cost The components of lease expense were as follows:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2024202320242023
Operating lease expense$16,162 $15,670 $31,850 $30,914 
Short-term lease expense964 1,307 1,951 2,787 
Variable lease expense1,277 1,200 2,163 2,200 
Total lease expense$18,403 $18,177 $35,964 $35,901 
v3.24.2.u1
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary Of Common Stock Information
The following table summarizes information about shares of the Company's common stock at:
 June 30,December 31,
(In thousands)20242023
Common stock authorized75,000 75,000 
Common stock issued28,803 28,667 
Treasury stock3,341 3,341 
Common stock outstanding25,462 25,326 
Schedule of Dividends Declared
The table below summarizes the regular quarterly dividends declared and paid during the periods ended June 30, 2024 and December 31, 2023:
(In thousands, except per share data)Per ShareRecord DatePayment DateTotal Paid
First Quarter 2023$1.05 03/10/2303/24/23$26,563 
Second Quarter 20231.05 06/02/2306/16/2326,591 
Third Quarter 20231.05 09/01/2309/15/2326,590 
Fourth Quarter 20231.05 12/01/2312/15/2326,592 
Total 2023$4.20 $106,336 
First Quarter 2024$1.05 03/08/2403/22/24$26,721 
Second Quarter 20241.05 05/31/2406/14/2426,734 
Total 2024$2.10 $53,455 
Deferred And Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Awards and Units Activity Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2023296,305 $118.60 
Issued1,155 112.36 
Granted143,407 125.20 
Dividend equivalents5,903 108.00 
Forfeited(10,882)121.61 
Vested(129,541)115.05 
Outstanding at June 30, 2024306,347 $119.91 
Stock Awards and Performance Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Awards and Units Activity Transactions in PSUs under the 2018 Plan are summarized as follows:
Number of SharesWeighted Average Price
Outstanding at December 31, 2023207,279 $122.57 
Granted108,096 132.77
Dividend equivalents4,626 107.94
Vested(78,695)143.54
Outstanding at June 30, 2024241,306 $120.26 
v3.24.2.u1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Disaggregation of Revenue
The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
(In thousands)
U.S. (a)
Int’l (b)
Total
U.S. (a)
Int’l (b)
Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$418,947 $7,402 $426,349 $326,824 $11,915 $338,739 
Motorhomes32,889 30,731 63,620 40,689 30,496 71,185 
Adjacent Industries OEMs254,778 51,377 306,155 298,355 50,729 349,084 
Total OEM Segment net sales706,614 89,510 796,124 665,868 93,140 759,008 
Aftermarket Segment:
Total Aftermarket Segment net sales235,273 23,147 258,420 234,901 20,730 255,631 
Total net sales$941,887 $112,657 $1,054,544 $900,769 $113,870 $1,014,639 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
(In thousands)
U.S. (a)
Int’l (b)
Total
U.S. (a)
Int’l (b)
Total
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels$799,109 $18,003 $817,112 $641,806 $27,486 $669,292 
Motorhomes72,893 59,565 132,458 84,693 56,043 140,736 
Adjacent Industries OEMs503,291 101,575 604,866 607,820 99,332 707,152 
Total OEM Segment net sales1,375,293 179,143 1,554,436 1,334,319 182,861 1,517,180 
Aftermarket Segment:
Total Aftermarket Segment net sales424,921 43,216 468,137 435,388 35,381 470,769 
Total net sales$1,800,214 $222,359 $2,022,573 $1,769,707 $218,242 $1,987,949 
(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America
Schedule Of Information Relating To Segments
The following table presents the Company's operating profit by segment:
 Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
Operating profit:
OEM Segment$50,562 $18,642 $83,398 $17,921 
Aftermarket Segment40,042 36,532 64,817 57,296 
Total operating profit$90,604 $55,174 $148,215 $75,217 
Revenue Disaggregated by Product
The following table presents the Company's revenue disaggregated by product:
Three Months Ended 
June 30,		Six Months Ended 
June 30,
(In thousands)2024202320242023
OEM Segment:
Chassis, chassis parts, and slide-out mechanisms$229,934 $202,735 $442,073 $400,791 
Windows and doors228,957 220,094 446,579 438,705 
Furniture and mattresses110,720 125,346 216,169 265,909 
Axles, ABS, and suspension solutions89,277 88,635 174,569 164,384 
Other137,236 122,198 275,046 247,391 
Total OEM Segment net sales796,124 759,008 1,554,436 1,517,180 
Total Aftermarket Segment net sales258,420 255,631 468,137 470,769 
Total net sales$1,054,544 $1,014,639 $2,022,573 $1,987,949 
v3.24.2.u1
Basis of Presentation (Details)
Jun. 30, 2024
Manufacturing Facility  
Property, Plant and Equipment  
Manufacturing Facilities 110
v3.24.2.u1
Earnings Per Share - Schedule of Computation of Earnings per Share (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Weighted average shares outstanding for basic earnings per share 25,473 25,329 25,344 25,273
Common stock equivalents pertaining to stock options and deferred stock units (in shares) 31 108 23 86
Weighted average shares outstanding for diluted earnings per share 25,504 25,437 25,367 25,359
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares) 289 165 290 162
v3.24.2.u1
Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2021
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
May 13, 2021
Debt Instrument [Line Items]            
Number of shares called by warrant           2,800
Warrant, strike price (in dollars per share)           $ 259.84
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)   289 165 290 162  
Purchases of convertible note hedge contracts $ 100.1          
Warrants            
Debt Instrument [Line Items]            
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)   2,800   2,800    
Convertible Debt Securities            
Debt Instrument [Line Items]            
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive (in shares)       2,800    
Convertible Notes            
Debt Instrument [Line Items]            
Stated interest rate           1.125%
Conversion price   $ 165.65   $ 165.65    
v3.24.2.u1
Acquisitions, Goodwill And Other Intangible Assets (Narrative) (Details) - CWDS, LLC - USD ($)
$ in Millions
 1 Months Ended
May 31, 2024
May 03, 2024
Acquired Intangible Assets    
Purchase price $ 20.0  
Holdback payment $ 1.0  
Goodwill   $ 1.7
Identifiable intangible assets   $ 4.3
v3.24.2.u1
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Goodwill By Reportable Segment) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Segment Reporting Information  
Net balance – beginning of period $ 589,550
Acquisitions 1,709
Foreign currency translation (2,736)
Net balance – end of period 588,523
OEM Segment  
Segment Reporting Information  
Net balance – beginning of period 421,701
Acquisitions 1,709
Foreign currency translation (2,598)
Net balance – end of period 420,812
Aftermarket Segment  
Segment Reporting Information  
Net balance – beginning of period 167,849
Acquisitions 0
Foreign currency translation (138)
Net balance – end of period $ 167,711
v3.24.2.u1
Acquisitions, Goodwill And Other Intangible Assets (Schedule Of Other Intangible Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Acquired Intangible Assets      
Accumulated Amortization $ 321,207   $ 293,289
Intangible Assets, Gross (Excluding Goodwill) 742,920   742,048
Intangible Assets, Net (Excluding Goodwill) 421,713   448,759
Tradenames      
Acquired Intangible Assets      
Indefinite-Lived Intangible Assets 7,432   7,600
Customer Relationships      
Acquired Intangible Assets      
Finite-Lived Intangible Assets, Gross 510,698   509,505
Accumulated Amortization 209,210   189,967
Net Balance $ 301,488   319,538
Customer Relationships | Minimum      
Acquired Intangible Assets      
Estimated Useful Life in Years 6 years 6 years  
Customer Relationships | Maximum      
Acquired Intangible Assets      
Estimated Useful Life in Years 20 years 20 years  
Patents      
Acquired Intangible Assets      
Finite-Lived Intangible Assets, Gross $ 114,939   114,864
Accumulated Amortization 72,039   67,602
Net Balance $ 42,900   47,262
Patents | Minimum      
Acquired Intangible Assets      
Estimated Useful Life in Years 3 years 3 years  
Patents | Maximum      
Acquired Intangible Assets      
Estimated Useful Life in Years 20 years 20 years  
Tradenames      
Acquired Intangible Assets      
Finite-Lived Intangible Assets, Gross $ 98,938   99,366
Accumulated Amortization 30,195   26,978
Net Balance $ 68,743   72,388
Tradenames | Minimum      
Acquired Intangible Assets      
Estimated Useful Life in Years 3 years 3 years  
Tradenames | Maximum      
Acquired Intangible Assets      
Estimated Useful Life in Years 20 years 20 years  
Non-compete Agreements      
Acquired Intangible Assets      
Finite-Lived Intangible Assets, Gross $ 10,304   10,104
Accumulated Amortization 9,450   8,453
Net Balance $ 854   1,651
Non-compete Agreements | Minimum      
Acquired Intangible Assets      
Estimated Useful Life in Years 3 years 3 years  
Non-compete Agreements | Maximum      
Acquired Intangible Assets      
Estimated Useful Life in Years 6 years 6 years  
Other      
Acquired Intangible Assets      
Finite-Lived Intangible Assets, Gross $ 609   609
Accumulated Amortization 313   289
Net Balance $ 296   $ 320
Other | Minimum      
Acquired Intangible Assets      
Estimated Useful Life in Years 2 years 2 years  
Other | Maximum      
Acquired Intangible Assets      
Estimated Useful Life in Years 12 years 12 years  
v3.24.2.u1
Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 411,029 $ 457,877
Work in process 42,213 45,112
Finished goods 234,628 265,418
Inventories, net 687,870 768,407
Inventory obsolescence reserves $ 81,400 $ 71,300
v3.24.2.u1
Fixed Assets (Schedule Of Fixed Assets) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]    
Fixed assets, at cost $ 991,401 $ 983,548
Less accumulated depreciation and amortization 543,376 517,767
Fixed assets, net $ 448,025 $ 465,781
v3.24.2.u1
Accrued Expenses And Other Current Liabilities (Schedule Of Accrued Expenses And Other Current Liabilities) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Payables and Accruals [Abstract]      
Employee compensation and benefits $ 71,195 $ 58,999  
Current portion of accrued warranty 47,047 48,468 $ 41,988
Customer rebates 23,805 19,403  
Other 48,610 47,567  
Accrued expenses and other current liabilities $ 190,657 $ 174,437  
v3.24.2.u1
Accrued Expenses And Other Current Liabilities (Schedule Of Reconciliation Of The Activity Related To Accrued Warranty) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]      
Balance at beginning of period $ 71,578 $ 54,528  
Provision for warranty expense 28,228 40,128  
Warranty costs paid 28,439 31,968  
Balance at end of period 71,367 62,688  
Less long-term portion (24,320) (20,700)  
Current portion of accrued warranty $ 47,047 $ 41,988 $ 48,468
v3.24.2.u1
Long-Term Indebtedness (Schedule of Long-term Debt) (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Unamortized deferred financing fees $ (5,111) $ (6,624)
Long-term debt 829,746 847,423
Less current portion (558) (589)
Long-term debt, excluding current maturities 829,188 846,834
Convertible Notes    
Debt Instrument [Line Items]    
Long-term debt, gross 460,000 460,000
Line of Credit    
Debt Instrument [Line Items]    
Long-term debt, gross 71,757 75,909
Term Loan    
Debt Instrument [Line Items]    
Long-term debt, gross 300,000 315,000
Other    
Debt Instrument [Line Items]    
Long-term debt, gross $ 3,100 $ 3,138
v3.24.2.u1
Long-Term Indebtedness (Narrative) (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 07, 2021
USD ($)
May 13, 2021
USD ($)
tradingDay
Dec. 19, 2019
Dec. 14, 2018
USD ($)
Apr. 27, 2016
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Line of Credit Facility                  
Long-term indebtedness             $ 829,188,000 $ 829,188,000 $ 846,834,000
Level 1                  
Line of Credit Facility                  
Convertible debt, fair value             434,700,000 434,700,000  
Term Loan                  
Line of Credit Facility                  
Debt, face amount   $ 400,000,000              
Term Loan | Period one                  
Line of Credit Facility                  
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed   1.25%              
Debt term       2 years          
Term Loan | Period two                  
Line of Credit Facility                  
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed   1.875%              
Term Loan | Period three                  
Line of Credit Facility                  
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed   2.50%              
Debt Instrument, Prepaid, Principal                 $ 37,500,000
Term Loan | Period two                  
Line of Credit Facility                  
Debt Instrument, Prepaid, Principal             15,000,000    
Convertible Notes                  
Line of Credit Facility                  
Debt, face amount     $ 460,000,000            
Stated interest rate     1.125%            
Proceeds from issuance of convertible notes     $ 447,800,000            
Debt, conversion ratio 0.0061615                
Redemption price, percentage     100.00%            
Amount of principal held     25.00%            
Convertible Notes | Period one                  
Line of Credit Facility                  
Threshold trading days | tradingDay     20            
Threshold consecutive trading days | tradingDay     30            
Threshold percentage of stock price trigger     130.00%            
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit                  
Line of Credit Facility                  
Letter of credit             4,800,000 $ 4,800,000  
Commitment fee percentage               0.225%  
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Minimum                  
Line of Credit Facility                  
Commitment fee percentage               0.15%  
JPMorgan Chase Bank And Wells Fargo Bank | Line of Credit | Maximum                  
Line of Credit Facility                  
Commitment fee percentage               0.275%  
JPMorgan Chase Bank And Wells Fargo Bank | Letter of Credit                  
Line of Credit Facility                  
Maximum borrowings under line of credit           $ 50,000,000      
Prudential Investment Management Inc | Line of Credit                  
Line of Credit Facility                  
Long-term indebtedness         $ 400,000,000        
Prudential Investment Management Inc | Line of Credit | New Term Loan, Amendment No. 4                  
Line of Credit Facility                  
Long-term indebtedness   $ 400,000,000              
JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit                  
Line of Credit Facility                  
Maximum borrowings under line of credit         $ 600,000,000        
Remaining availability under the facilities             $ 373,100,000 $ 373,100,000  
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Line of Credit Facility                  
Debt instrument, additional margin interest rate               0.625%  
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum                  
Line of Credit Facility                  
Debt instrument, additional margin interest rate           0.00%      
Option One | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum                  
Line of Credit Facility                  
Debt instrument, additional margin interest rate         0.875%        
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Line of Credit Facility                  
Basis spread on variable rate               1.625%  
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum                  
Line of Credit Facility                  
Basis spread on variable rate               0.875%  
Option Two | JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum                  
Line of Credit Facility                  
Debt instrument, additional margin interest rate         1.875%        
v3.24.2.u1
Leases (Components of Lease Cost) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]        
Operating lease expense $ 16,162 $ 15,670 $ 31,850 $ 30,914
Short-term lease expense 964 1,307 1,951 2,787
Variable lease expense 1,277 1,200 2,163 2,200
Total lease expense $ 18,403 $ 18,177 $ 35,964 $ 35,901
v3.24.2.u1
Stockholders' Equity (Summary Of Common Stock Information) (Details) - shares
shares in Thousands
Jun. 30, 2024
Dec. 31, 2023
Stockholders' Equity Note [Abstract]    
Common stock authorized (in shares) 75,000 75,000
Common stock issued (in shares) 28,803 28,667
Treasury stock, common, shares (in shares) 3,341 3,341
Common stock outstanding (in shares) 25,462 25,326
v3.24.2.u1
Stockholders' Equity (Summary of Regular Quarterly Dividend) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Cash dividend (in usd per share) $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 1.05 $ 2.10   $ 4.20
Payment of dividends             $ 53,455 $ 53,154  
Common Stock                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                  
Payment of dividends $ 26,734 $ 26,721 $ 26,592 $ 26,590 $ 26,591 $ 26,563 $ 53,455   $ 106,336
v3.24.2.u1
Stockholders' Equity (Stock Awards and Units Activity) (Details)
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Deferred And Restricted Stock Units  
Number of Shares  
Outstanding at beginning of period (in shares) | shares 296,305
Issued (in shares) | shares 1,155
Granted (in shares) | shares 143,407
Dividend equivalents (in shares) | shares 5,903
Forfeited (in shares) | shares (10,882)
Vested (in shares) | shares (129,541)
Outstanding at end of period (in shares) | shares 306,347
Weighted Average Price  
Outstanding at beginning of period (in usd per share) | $ / shares $ 118.60
Issued (in usd per share) | $ / shares 112.36
Granted (in usd per share) | $ / shares 125.20
Dividend equivalents (in usd per share) | $ / shares 108.00
Forfeited (in usd per share) | $ / shares 121.61
Vested (in usd per share) | $ / shares 115.05
Outstanding at end of period (in usd per share) | $ / shares $ 119.91
Stock Awards and Performance Stock Units  
Number of Shares  
Outstanding at beginning of period (in shares) | shares 207,279
Granted (in shares) | shares 108,096
Dividend equivalents (in shares) | shares 4,626
Vested (in shares) | shares (78,695)
Outstanding at end of period (in shares) | shares 241,306
Weighted Average Price  
Outstanding at beginning of period (in usd per share) | $ / shares $ 122.57
Granted (in usd per share) | $ / shares 132.77
Dividend equivalents (in usd per share) | $ / shares 107.94
Vested (in usd per share) | $ / shares 143.54
Outstanding at end of period (in usd per share) | $ / shares $ 120.26
v3.24.2.u1
Stockholders' Equity (Stock Repurchase Program) (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
May 19, 2022
Mar. 31, 2023
Jun. 30, 2024
Dec. 31, 2023
Equity [Abstract]        
Number of shares authorized to be repurchased 200,000,000      
Stock repurchase program, period in force 3 years      
Stock repurchased during period (in shares)   253,490 0 0
Stock repurchased (in usd per share)   $ 94.89    
Stock repurchase price   $ 24.1    
v3.24.2.u1
Segment Reporting (Narrative) (Details) - segment
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information    
Number of reportable segments 2  
Product Concentration Risk | Net sales | OEM Segment    
Segment Reporting Information    
Concentration risk, percentage 77.00% 76.00%
Product Concentration Risk | Net sales | Travel trailers and fifth-wheels    
Segment Reporting Information    
Concentration risk, percentage 53.00%  
Product Concentration Risk | Net sales | Aftermarket Segment    
Segment Reporting Information    
Concentration risk, percentage 23.00% 24.00%
v3.24.2.u1
Segment Reporting (Disaggregation of Revenue) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 1,054,544 $ 1,014,639 $ 2,022,573 $ 1,987,949
OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 796,124 759,008 1,554,436 1,517,180
Travel trailers and fifth-wheels        
Disaggregation of Revenue [Line Items]        
Net sales 426,349 338,739 817,112 669,292
Motorhomes        
Disaggregation of Revenue [Line Items]        
Net sales 63,620 71,185 132,458 140,736
Adjacent industries OEMs        
Disaggregation of Revenue [Line Items]        
Net sales 306,155 349,084 604,866 707,152
Aftermarket Segment        
Disaggregation of Revenue [Line Items]        
Net sales 258,420 255,631 468,137 470,769
Chassis, chassis parts and slide-out mechanisms | OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 229,934 202,735 442,073 400,791
Windows and doors | OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 228,957 220,094 446,579 438,705
Furniture and mattresses | OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 110,720 125,346 216,169 265,909
Axles and suspension solutions | OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 89,277 88,635 174,569 164,384
Other | OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 137,236 122,198 275,046 247,391
U.S.        
Disaggregation of Revenue [Line Items]        
Net sales 941,887 900,769 1,800,214 1,769,707
U.S. | OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 706,614 665,868 1,375,293 1,334,319
U.S. | Travel trailers and fifth-wheels        
Disaggregation of Revenue [Line Items]        
Net sales 418,947 326,824 799,109 641,806
U.S. | Motorhomes        
Disaggregation of Revenue [Line Items]        
Net sales 32,889 40,689 72,893 84,693
U.S. | Adjacent industries OEMs        
Disaggregation of Revenue [Line Items]        
Net sales 254,778 298,355 503,291 607,820
U.S. | Aftermarket Segment        
Disaggregation of Revenue [Line Items]        
Net sales 235,273 234,901 424,921 435,388
International        
Disaggregation of Revenue [Line Items]        
Net sales 112,657 113,870 222,359 218,242
International | OEM Segment        
Disaggregation of Revenue [Line Items]        
Net sales 89,510 93,140 179,143 182,861
International | Travel trailers and fifth-wheels        
Disaggregation of Revenue [Line Items]        
Net sales 7,402 11,915 18,003 27,486
International | Motorhomes        
Disaggregation of Revenue [Line Items]        
Net sales 30,731 30,496 59,565 56,043
International | Adjacent industries OEMs        
Disaggregation of Revenue [Line Items]        
Net sales 51,377 50,729 101,575 99,332
International | Aftermarket Segment        
Disaggregation of Revenue [Line Items]        
Net sales $ 23,147 $ 20,730 $ 43,216 $ 35,381
v3.24.2.u1
Segment Reporting (Schedule of Operating Profit by Segment) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information        
Operating profit $ 90,604 $ 55,174 $ 148,215 $ 75,217
Operating Segments | OEM Segment        
Segment Reporting Information        
Operating profit 50,562 18,642 83,398 17,921
Operating Segments | Aftermarket Segment        
Segment Reporting Information        
Operating profit $ 40,042 $ 36,532 $ 64,817 $ 57,296
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