Segment Information

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company is organized into three reporting 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 and the Asia/Pacific segment, comprising the Company’s operations in Asia, the South Pacific and South Africa. These segments are similar in several ways, including the types of materials, the production processes, the distribution channels and the product applications.

The Administrative & All Other column primarily includes expenses such as self-insured workers compensation claims for employees of the Company’s venting business, which was sold in 2010, stock-based compensation for certain members of management, interest expense, foreign exchange gains or losses and income tax expense, as well as revenues and expenses related to real estate activities, such as rental income and depreciation expense on the Company’s property in Vacaville, California, which the Company has leased to a third party for a 10-year term expiring in August 2020.

The following table shows certain measurements used by management to assess the performance of the segments described above as of December 31, 2015, 2014 and 2013, respectively:

(in thousands)	North America		Europe		Asia/ Pacific			Administrative & All Other			Total
2015
Net sales	$	676,618	$	108,068	$	9,373		$	—		$	794,059
Sales to other segments *	2,857		931		20,496			—			24,284
Income (loss) from operations	109,446		3,795		(3,445		)	(775		)	109,021
Depreciation and amortization	17,812		5,773		1,785			1,451			26,821
Significant non-cash charges	8,221		1,251		131			2,355			11,958
Provision for income taxes	36,999		1,692		581			1,519			40,791
Capital expenditures and business acquisitions, net of     cash acquired	33,336		4,177		825			27			38,365
Total assets	748,241		168,305		24,366			20,397			961,309

(in thousands)	North America		Europe		Asia/ Pacific			Administrative & All Other		Total
2014
Net sales	$	613,843	$	123,177	$	15,128		$	—	$	752,148
Sales to other segments *	4,134		1,170		17,933			—		23,237
Income (loss) from operations	94,888		5,005		(1,566		)	949		99,276
Depreciation and amortization	18,129		6,755		1,554			1,480		27,918
Impairment of goodwill	—		530		—			—		530
Significant non-cash charges	9,722		1,164		203			2,101		13,190
Provision for income taxes	30,287		2,437		882			2,185		35,791
Capital expenditures and asset acquisitions, net of     cash acquired	20,160		2,977		798			—		23,935
Total assets	679,844		180,005		29,552			83,664		973,065

(in thousands)	North America		Europe		Asia/ Pacific			Administrative & All Other			Total
2013
Net sales	$	572,789	$	117,740	$	14,793		$	—		$	705,322
Sales to other segments *	4,735		352		16,334			—			21,421
Income (loss) from operations	84,885		1,258		(2,202		)	(2,463		)	81,478
Depreciation and amortization	17,707		7,019		1,499			1,293			27,518
Impairment of long-lived asset	—		1,025		—			—			1,025
Significant non-cash charges	8,867		1,561		142			2,177			12,747
Provision for (benefit from) income taxes	26,372		2,906		(101		)	1,416			30,593
Capital expenditures and asset acquisitions, net of     cash acquired	19,424		2,244		1,620			9			23,297
Total assets	627,196		201,384		31,560			96,385			956,525

 * Sales to other segments are eliminated on consolidation.

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 & All Other.” Cash and short-term investment balances in“Administrative & All Other” were $164.1 million, $167.4 million and $156.0 million as of December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015, the Company had $93.2 million, or 36.0%, of its cash and cash equivalents held outside the United States in accounts belonging to the Company’s various foreign operating entities. The majority of this balance is held in foreign currencies and could be subject to additional taxation if it were repatriated to the United States. The Company has no plans to repatriate cash and cash equivalents held outside the United States as the Company expects to use such funds for future international growth and acquisitions.

The significant non-cash charges comprise compensation related to the awards under the stock-based incentive plans and the stock bonus plan. The Company’s measure of profit or loss for its reportable segments is income (loss) from operations. The reconciling amounts between consolidated income before tax and consolidated income from operations are net interest income, which is primarily attributed to “Administrative & All Other.”

The following table shows the geographic distribution of the Company’s net sales and long-lived assets as of December 31, 2015, 2014 and 2013, respectively:

	2015				2014				2013
(in thousands)	Net Sales		Long-Lived Assets		Net Sales		Long-Lived Assets		Net Sales		Long-Lived Assets
United States	$	639,443	$	171,367	$	572,112	$	158,161	$	531,019	$	152,644
Canada	36,122		4,275		40,996		5,195		41,626		5,763
Denmark	14,987		1,381		15,121		1,518		14,993		1,907
United Kingdom	22,924		1,357		24,893		1,377		21,852		1,249
France	31,147		8,621		37,312		8,145		36,708		9,302
Germany	19,974		13,358		27,202		15,379		26,058		17,446
Switzerland	5,538		9,071		4,960		9,506		5,977		11,649
Poland	6,417		893		7,491		1,071		5,982		692
The Netherlands	4,773		15		4,539		30		4,306		63
Portugal	1,580		332		806		472		804		688
China/Hong Kong	4,097		7,510		9,646		8,966		9,802		9,499
Australia	3,121		274		3,245		267		3,289		356
New Zealand	2,154		142		2,237		82		1,701		125
Other countries	1,782		490		1,588		606		1,205		739
	$	794,059	$	219,086	$	752,148	$	210,775	$	705,322	$	212,122

Net sales and long-lived assets, net of intangible assets, are attributable to the country where the sales or manufacturing operations are located.

The following table show the distribution of the Company’s net sales by product for the years ended December 31, 2015, 2014 and 2013, respectively:

(in thousands)	2015		2014		2013
Wood Construction	$	674,274	$	636,003	$	596,837
Concrete Construction	119,481		115,921		108,295
Other	304		224		190
Total	$	794,059	$	752,148	$	705,322

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, specialty chemicals, mechanical anchors, carbide drill bits, powder actuated tools and reinforcing fiber materials and are used for restoration, protection or strengthening concrete, masonry and steel construction in residential, industrial, commercial and infrastructure construction.

No customer accounted for as much as 10% of net sales for the years ended December 31, 2015, 2014 and 2013.