Segment Information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company is organized into three reportable segments. The segments are defined by the regions where the Company’s products are manufactured, marketed and distributed to the Company’s customers. The three regional segments are the North America segment, comprising primarily the United States and Canada, the Europe segment, comprising continental Europe and the United Kingdom, and the Asia/Pacific segment, comprising the Company’s operations in China, Hong Kong, the South Pacific and the Middle East. These segments are similar in several ways, including the types of materials, the production processes, the distribution channels and the product applications.

The Company’s measure of profit or loss for its reportable segments is income (loss) from operations. The reconciling amount between consolidated income before tax and consolidated income from operations is interest income, which is primarily attributed to Administrative and All Other.

The following tables illustrate certain measurements used by management to assess the performance as of or for the following periods: 

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)	2014			2013			2014			2013
Net Sales
North America	$	171,064		$	157,278		$	476,546		$	444,772
Europe	34,609			33,866			97,297			89,855
Asia/Pacific	3,647			4,475			11,675			10,621
Total	$	209,320		$	195,619		$	585,518		$	545,248
Sales to Other Segments*
North America	$	1,058		$	1,316		$	3,151		$	3,247
Europe	308			20			934			332
Asia/Pacific	5,890			3,968			13,218			12,979
Total	$	7,256		$	5,304		$	17,303		$	16,558
Income (Loss) from Operations
North America	$	29,914		$	28,659		$	82,598		$	73,582
Europe	3,447			3,682			6,283			1,742
Asia/Pacific	(148		)	(649		)	(1,783		)	(1,878		)
Administrative and all other	(995		)	(807		)	(3,142		)	(3,871		)
Total	$	32,218		$	30,885		$	83,956		$	69,575

* The sales to other segments are eliminated in consolidation.

					At
	At September 30,				December 31,
(in thousands)	2014		2013		2013
Total Assets
North America	$	684,820	$	630,459	$	627,196
Europe	190,359		196,958		201,384
Asia/Pacific	29,379		32,757		31,560
Administrative and all other	77,285		74,002		93,473
Total	$	981,843	$	934,176	$	953,613

Cash collected by the Company’s United States subsidiaries is routinely transferred into the Company’s cash management accounts and, therefore, has been included in the total assets of “Administrative and all other.” Cash and cash equivalent balances in the “Administrative and all other” segment were $166.8 million, $120.1 million, and $156.0 million, as of September 30, 2014 and 2013, and December 31, 2013, respectively.

The following table illustrates the distribution of the Company’s net sales by product group for the following periods:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2014		2013		2014		2013
Wood Construction Products	$	175,522	$	164,091	$	496,564	$	462,751
Concrete Construction Products	33,704		31,488		88,735		82,323
Other	94		40		219		174
Total	$	209,320	$	195,619	$	585,518	$	545,248

Wood construction products include connectors, truss plates, fastening systems, fasteners and pre-fabricated shearwalls and are used for connecting and strengthening wood-based construction primarily in the residential construction market. Concrete construction products include adhesives, chemicals, mechanical anchors, carbide drill bits, powder actuated tools and fiber reinforcing materials and are used for restoration, protection or strengthening concrete, masonry and steel construction in residential, industrial, commercial and infrastructure construction.