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RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS (Policies)
 6 Months Ended
Jun. 28, 2020
Accounting Policies [Abstract]  
Recent Issued Accounting Pronouncements
Goodwill Impairment

In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-04, "Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". This ASU simplifies the accounting for goodwill impairments by eliminating step two from the goodwill impairment test. The standard requires that the impairment loss be measured as the excess of the reporting unit's carrying amount over its fair value. It eliminates the second step that requires the impairment to be measured between the implied value of a reporting unit's goodwill and its carrying value. The Company adopted ASU 2017-04 on January 1, 2020 and the adoption did not have a material impact on the condensed consolidated financial statements.

Credit Losses

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments”, which amends certain provisions of Accounting Standards Codification ("ASC") 326, “Financial Instruments-Credit Loss”. The ASU changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held to maturity debt securities, loans and other instruments, entities are required to use a
new forward-looking “expected loss” model that generally will result in the earlier recognition of allowances for losses. Additionally, entities are required to disclose more information with respect to credit quality indicators, including information used to track credit quality by year of origination for most financing receivables. The Company adopted ASU 2016-13 on January 1, 2020 and the adoption did not have a material impact on the condensed consolidated financial statements.

Income Taxes

In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", a new standard to simplify the accounting for income taxes. The guidance eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences related to changes in ownership of equity method investments and foreign subsidiaries. The guidance also simplifies aspects of accounting for franchise taxes and enacted changes in tax laws or rates, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.

Reference Rate Reform

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)", a new standard providing final guidance to provide temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as SOFR. Entities can elect not to apply certain modification accounting requirements to contracts affected by what the guidance calls reference rate reform, if certain criteria are met. An entity that makes this election would not have to remeasure the contracts at the modification date or reassess a previous accounting determination. Entities can elect various optional expedients that would allow them to continue applying hedge accounting for hedging relationships affected by reference rate reform, if certain criteria are met. The guidance is effective upon issuance and generally can be applied through December 31, 2022. We are currently evaluating the impact of this standard on our consolidated financial statements.
Revenue from Contract with Customer
 3.
REVENUE RECOGNITION

In the following table, revenue from contracts with customers, net of intersegment sales, is disaggregated by market type and by reportable segment, consistent with how the Company believes the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors:
 
 
Second Quarter Ended June 28, 2020
(thousands)
 
Manufacturing
 
Distribution
 
Total Reportable Segments
Market type:
 
 
 
 
 
 
Recreational Vehicle
 
$
139,628

 
$
64,498

 
$
204,126

Manufactured Housing
 
36,407

 
53,907

 
90,314

Industrial
 
61,679

 
8,878

 
70,557

Marine
 
54,860

 
4,188

 
59,048

Total
 
$
292,574

 
$
131,471

 
$
424,045


 
 
Six Months Ended June 28, 2020
(thousands)
 
Manufacturing
 
Distribution
 
Total Reportable Segments
Market type:
 
 
 
 
 
 
Recreational Vehicle
 
$
366,413

 
$
157,933

 
$
524,346

Manufactured Housing
 
82,012

 
120,671

 
202,683

Industrial
 
133,126

 
16,023

 
149,149

Marine
 
130,289

 
6,810

 
137,099

Total
 
$
711,840

 
$
301,437

 
$
1,013,277


 
 
Second Quarter Ended June 30, 2019
(thousands)
 
Manufacturing
 
Distribution
 
Total Reportable Segments
Market type:
 
 
 
 
 
 
Recreational Vehicle
 
$
240,677

 
$
100,244

 
$
340,921

Manufactured Housing
 
44,739

 
65,200

 
109,939

Industrial
 
62,823

 
9,534

 
72,357

Marine
 
86,036

 
3,965

 
90,001

Total
 
$
434,275

 
$
178,943

 
$
613,218

`

 
 
Six Months Ended June 30, 2019
(thousands)
 
Manufacturing
 
Distribution
 
Total Reportable Segments
Market type:
 
 
 
 
 
 
Recreational Vehicle
 
$
475,555

 
$
207,802

 
$
683,357

Manufactured Housing
 
86,942

 
129,016

 
215,958

Industrial
 
123,751

 
17,583

 
141,334

Marine
 
173,711

 
7,076

 
180,787

Total
 
$
859,959

 
$
361,477

 
$
1,221,436


Contract Liabilities
Contract liabilities, representing upfront payments from customers received prior to satisfying performance obligations, were immaterial as of the beginning and end of all periods presented and changes in contract liabilities were immaterial during all periods presented.