Segment Information

6 Months Ended

Jun. 30, 2017

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, which the Company believes is not significant to its overall performance, 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 the "Administrative and all other" segment.

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

	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands)	2017			2016			2017			2016
Net Sales
North America	$	215,739		$	197,284		$	399,510		$	371,738
Europe	45,234			30,820			79,615			54,518
Asia/Pacific	2,029			1,869			3,744			3,240
Total	$	263,002		$	229,973		$	482,869		$	429,496
Sales to Other Segments*
North America	$	928		$	761		$	1,778		$	1,262
Europe	102			89			249			181
Asia/Pacific	5,620			6,548			10,569			11,729
Total	$	6,650		$	7,398		$	12,596		$	13,172
Income (Loss) from Operations
North America	$	42,011		$	40,116		$	68,778		$	70,568
Europe	4,138			1,899			2,304			281
Asia/Pacific	71			852			(124		)	1,007
Administrative and all other	(1,083		)	(1,943		)	(3,190		)	(4,291		)
Total	$	45,137		$	40,924		$	67,768		$	67,565

* The sales to other segments are eliminated in consolidation.

						At
	At June 30,					December 31,
(in thousands)	2017			2016		2016
Total Assets
North America	$	915,661		$	799,429	$	853,826
Europe	205,614			173,273		165,121
Asia/Pacific	25,006			26,797		25,118
Administrative and all other	(104,804		)	40		(64,091		)
Total	$	1,041,477		$	999,539	$	979,974

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 $69.8 million, $164.7 million, and $137.4 million, as of June 30, 2017 and 2016, and December 31, 2016, respectively. Total "Administrative and all other" assets are net of inter-segment due to and from accounts eliminated in consolidation.

While the Company manages its business by geographic segment, presented as additional information, the following table illustrates the distribution of the Company’s net sales by product group for the following periods:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2017		2016		2017		2016
Wood construction products	$	224,013	$	196,734	$	414,890	$	368,512
Concrete construction products	38,917		33,239		67,734		60,983
Other	72		—		245		1
Total	$	263,002	$	229,973	$	482,869	$	429,496

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.