Segment Information

9 Months Ended

Sep. 30, 2015

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 expense, 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)	2015			2014			2015			2014
Net Sales
North America	$	184,515		$	171,064		$	518,221		$	476,546
Europe	29,728			34,609			83,143			97,297
Asia/Pacific	1,896			3,647			7,931			11,675
Total	$	216,139		$	209,320		$	609,295		$	585,518
Sales to Other Segments*
North America	$	680		$	1,058		$	2,284		$	3,151
Europe	250			308			641			934
Asia/Pacific	5,623			5,890			16,287			13,218
Total	$	6,553		$	7,256		$	19,212		$	17,303
Income (Loss) from Operations
North America	$	33,432		$	29,914		$	89,148		$	82,598
Europe	3,563			3,447			5,259			6,283
Asia/Pacific	(945		)	(148		)	(3,119		)	(1,783		)
Administrative and all other	(801		)	(995		)	(4,753		)	(3,142		)
Total	$	35,249		$	32,218		$	86,535		$	83,956

* The sales to other segments are eliminated in consolidation.

					At
	At September 30,				December 31,
(in thousands)	2015		2014		2014
Total Assets
North America	$	730,333	$	684,820	$	679,844
Europe	176,208		190,359		180,005
Asia/Pacific	25,586		29,379		29,552
Administrative and all other	27,919		77,285		83,664
Total	$	960,046	$	981,843	$	973,065

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 $153.8 million, $166.8 million, and $167.4 million, as of September 30, 2015 and 2014, and December 31, 2014, 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)	2015		2014		2015		2014
Wood Construction Products	$	182,869	$	175,522	$	518,381	$	496,564
Concrete Construction Products	33,229		33,704		90,614		88,735
Other	41		94		300		219
Total	$	216,139	$	209,320	$	609,295	$	585,518

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.