Segment Information

3 Months Ended

Mar. 31, 2020

The Company is organized into three reportable segments, which 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. The Company's 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 used in production, production processes, distribution channels and product applications. The Company’s measure of profit or loss for its reportable segments is income (loss) from operations.

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



	Three Months Ended March 31,
(in thousands)	2020			2019
Net Sales
North America	$	249,050		$	221,431
Europe	32,732			35,780
Asia/Pacific	1,886			2,033
Total	$	283,668		$	259,244
Sales to Other Segments*
North America	$	640		$	341
Europe	1,254			458
Asia/Pacific	4,813			6,396
Total	$	6,707		$	7,195
Income (Loss) from Operations
North America	$	53,561		$	32,814
Europe	(1,670		)	(384		)
Asia/Pacific	(604		)	(542		)
Administrative and all other	(1,937		)	(1,865		)
Total	$	49,350		$	30,023

* Sales to other segments are eliminated in consolidation.



							At
	At March 31,						December 31,
(in thousands)	2020			2019			2019
Total Assets
North America	$	1,153,775		$	1,155,633		$	1,269,545
Europe	163,476			167,769			169,785
Asia/Pacific	27,919			27,131			30,055
Administrative and all other	(146,922		)	(320,181		)	(374,019		)
Total	$	1,198,248		$	1,030,352		$	1,095,366

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 $248.7 million, $76.0 million, and $161.4 million, as of March 31, 2020 and 2019, and December 31, 2019, 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, the following table illustrates the distribution of the Company’s net sales by product group as additional information for the following periods:



	Three Months Ended March 31,
(in thousands)	2020		2019

Wood construction products	$	242,520	$	217,613
Concrete construction products	41,012		41,577
Other	136		54
Total	$	283,668	$	259,244

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.

No customer accounted for as much as 10% of net sales for the three months ended March 31, 2020. The Company’s largest customer for three months ended March 31, 2019 accounted for 10.6% of net sales, which was attributable mostly to the North America segment.