Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company is organized into three reporting segments defined by the regions where the Company’s products are manufactured, marketed and distributed to the Company’s customers. The three reporting segments are the North America segment (comprised primarily of the Company’s operations in the U.S. and Canada), the Europe segment and the Asia/Pacific segment (comprised of the Company’s operations in Asia, the South Pacific, and the Middle East). These segments are similar in several ways, including the types of materials used, 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, 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.

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

	Three Months Ended March 31,
(in thousands)	2022		2021
Net Sales
North America	$	438,731	$	300,564
Europe	51,451		44,296
Asia/Pacific	3,388		2,782
Total	$	493,570	$	347,642
Sales to Other Segments*
North America	$	1,134	$	696
Europe	1,684		1,609
Asia/Pacific	8,567		8,527
Total	$	11,385	$	10,832
Income (Loss) from Operations **
North America	$	135,727	$	73,025
Europe	(1,370)		2,291
Asia/Pacific	564		425
Administrative and all other	(10,484)		(7,358)
Total	$	124,437	$	68,383

*    Sales to other segments are eliminated in consolidation.

**    The Company changed its presentation of its North America and Administrative and all other segment statement of operations to account for allocated expenses and management fees as a separate item below income from operations. Allocated expenses and management fees between the two segments were previously included in operating expenses and in income from operations.

					At
	At March 31,				December 31,
(in thousands)	2022		2021		2021
Total Assets
North America	$	1,120,027	$	1,125,887	$	1,352,988
Europe	1,034,323		198,363		202,631
Asia/Pacific	32,847		31,831		31,832
Administrative and all other	93,153		(61,354)		(103,326)
Total	$	2,280,350	$	1,294,727	$	1,484,125

Cash collected by the Company’s U.S. subsidiaries is routinely transferred into the Company’s cash management accounts and, therefore is in the total assets of “Administrative and all other.” Cash and cash equivalent balances in the “Administrative and all other” segment were $96.1 million, $248.7 million, and $223.5 million, as of March 31, 2022 and 2021, and December 31, 2021, respectively. On April 1, 2022, the Company used approximately $800 million of the funds held in our foreign operations to acquire ETANCO.

The Company’s 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. Its 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. The table below illustrates the distribution of the Company’s sales by product group as additional information for the following periods:

	Three Months Ended March 31,
(in thousands)	2022		2021
Wood construction products	$	435,438	$	301,578
Concrete construction products	57,976		45,523
Other	156		541
Total	$	493,570	$	347,642