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SEGMENTS
 3 Months Ended
Mar. 31, 2016
SEGMENTS [Abstract]  
SEGMENTS
13.  SEGMENTS

The Company operates in one industry with three reportable operating segments, which are geographic in nature.  The segments consist of North America, Asia and Europe.  The primary criteria by which financial performance is evaluated and resources are allocated are net sales and income from operations.  The following is a summary of key financial data:
 
 
 
Three Months Ended
 
 
 
March 31,
 
 
 
2016
  
2015
 
Net Sales to External Customers:
    
    North America
 
$
66,300
  
$
76,760
 
    Asia
  
35,762
   
45,521
 
    Europe
  
19,120
   
19,734
 
 
 
$
121,182
  
$
142,015
 
 
        
Net Sales:
        
North America
 
$
69,254
  
$
87,017
 
Asia
  
59,648
   
73,149
 
Europe
  
22,373
   
41,537
 
Less intercompany net sales
  
(30,093
)
  
(59,688
)
 
 
$
121,182
  
$
142,015
 
 
        
Income from Operations:
        
North America
 
$
(43,187
)
 
$
3,470
 
Asia
  
(38,808
)
  
552
 
Europe
  
(21,412
)
  
5,025
 
 
 
$
(103,407
)
 
$
9,047
 
 
Net Sales – Segment net sales are attributed to individual segments based on the geographic source of the billing for such customer sales.  Intercompany sales include finished products manufactured in foreign countries which are then transferred to the United States and Europe for sale; finished goods manufactured in the United States which are transferred to Europe and Asia for sale; and semi-finished components manufactured in the United States which are sold to Asia for further processing.
 
Income from operations represents net sales less operating costs and expenses and does not include any amounts related to intercompany transactions.

The following items are included in the segment data presented above:

Impairment Charges – As further discussed in Note 4, Goodwill and Other Intangible Assets, the Company recorded a $108.6 million non-cash impairment charge related to its goodwill and trademarks during the first quarter of 2016.  Of this charge, $45.1 million was recorded in the Company's North America operating segment, $41.6 million was recorded in its Asia operating segment and $21.9 million was recorded in its Europe operating segment.