Segment Information

9 Months Ended

Sep. 30, 2016

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. China and Hong Kong operations are manufacturing and administrative support locations, respectively. These three reportable 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)	2016			2015			2016			2015
Net Sales
North America	$	197,459		$	184,515		$	569,198		$	518,221
Europe	31,485			29,728			86,003			83,143
Asia/Pacific	2,030			1,896			5,269			7,931
Total	$	230,974		$	216,139		$	660,470		$	609,295
Sales to Other Segments*
North America	$	732		$	680		$	1,994		$	2,284
Europe	157			250			338			641
Asia/Pacific	10,821			5,623			22,550			16,287
Total	$	11,710		$	6,553		$	24,882		$	19,212
Income (Loss) from Operations
North America	$	42,356		$	33,432		$	112,924		$	89,148
Europe	3,899			3,563			4,180			5,259
Asia/Pacific	250			(945		)	1,257			(3,119		)
Administrative and all other	(728		)	(801		)	(5,019		)	(4,753		)
Total	$	45,777		$	35,249		$	113,342		$	86,535

* The sales to other segments are eliminated in consolidation.

						At
	At September 30,					December 31,
(in thousands)	2016			2015		2015
Total Assets
North America	$	795,339		$	730,333	$	748,241
Europe	178,428			176,208		168,305
Asia/Pacific	26,291			25,586		24,366
Administrative and all other	(15,755		)	27,919		20,397
Total	$	984,303		$	960,046	$	961,309

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 $128.6 million, $153.8 million, and $164.1 million, as of September 30, 2016 and 2015, and December 31, 2015, respectively. Total "Administrative and all other" assets are net of inter-segment due to and from accounts which eliminate in consolidation.

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)	2016		2015		2016		2015
Wood Construction Products	$	193,513	$	182,869	$	562,025	$	518,381
Concrete Construction Products	37,461		33,229		98,445		90,614
Other	—		41		—		300
Total	$	230,974	$	216,139	$	660,470	$	609,295

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.