Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information

Segment Information

14.               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 American segment, comprising primarily the United States and Canada, the European segment and the Asia/Pacific segment, comprising the Company’s operations in China, Hong Kong, the south Pacific and the Middle East. These segments are similar in several ways, including the types of materials, the production processes, the distribution channels and the product applications.

The following table illustrates certain measurements used by management to assess the performance of the segments described above as of December 31, 2011, 2010 and 2009, or for the years then ended:

(in thousands)

	North				Asia/			Administrative
2011	America		Europe		Pacific			& All Other			Total
Net sales	$	474,722	$	118,246	$	9,528		$	950		$	603,446
Sales to other segments *	4,805		575		11,359			—			16,739
Income (loss) from operations	75,350		1,296		(1,471		)	(1,118		)	74,057
Depreciation and amortization	13,194		4,849		1,211			1,497			20,751
Impairment of goodwill	—		1,282		—			—			1,282
Impairment of long-lived asset	1,094		—		—			—			1,094
Significant non-cash charges	4,464		966		129			1,278			6,837
Income tax expense (benefit)	25,348		2,588		(805		)	755			27,886
Capital expenditures and acquisitions	72,291		5,062		544			19			77,916
Total assets	540,082		180,016		29,306			86,683			836,087

	North					Asia/			Administrative
2010	America		Europe			Pacific			& All Other		Total
Net sales	$	444,622	$	101,314		$	9,232		$	319	$	555,487
Sales to other segments *	3,994		136			9,140			—		13,270
Income (loss) from operations	81,007		(3,674		)	(111		)	1,202		78,424
Depreciation and amortization	13,588		4,626			1,233			1,704		21,151
Impairment of goodwill	—		6,292			—			—		6,292
Impairment of long-lived asset	—		419			—			—		419
Significant non-cash charges	2,645		390			47			607		3,689
Income tax expense	28,712		2,440			289			1,798		33,239
Capital expenditures and acquisitions	26,305		6,370			512			368		33,555
Total assets	557,762		123,669			25,576			167,702		874,709

	North					Asia/			Administrative
2009	America		Europe			Pacific			& All Other			Total
Net sales	$	427,428	$	93,616		$	5,500		$	—		$	526,544
Sales to other segments *	5,129		282			2,274			—			7,685
Income (loss) from operations	49,895		(12,050		)	(4,013		)	(2,336		)	31,496
Depreciation and amortization	17,062		5,203			972			2,127			25,364
Significant non-cash charges	1,718		307			12			115			2,152
Income tax expense (benefit)	16,146		(364		)	(152		)	1,726			17,356
Capital expenditures and acquisitions	3,816		30,372			3,673			1,626			39,487
Total assets	496,970		133,676			20,150			193,009			843,805

* Sales to other segments are eliminated on consolidation.

Total assets from discontinued operations of $71.6 million at December 31, 2009, and capital expenditures and acquisitions from the discontinued operations of $0.4 million for the year ended December 31, 2009, are included in “Administrative and All Other” for that year.

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 short-term investment balances in “Administrative and All Other” were $68.5 million, $274.6 million and $205.1 million as of December 31, 2011, 2010 and 2009, respectively. 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 and All Other,” and loss from equity method investment, which is attributed to the North American segment.

The following table illustrates how the Company’s net sales and long-lived assets were distributed geographically as of December 31, 2011, 2010 and 2009, or for the years then ended:

(in thousands)

	2011				2010				2009
	Net		Long-Lived		Net		Long-Lived		Net		Long-Lived
	Sales		Assets		Sales		Assets		Sales		Assets
United States	$	433,242	$	165,363	$	401,675	$	154,182	$	393,078	$	157,228
Canada	42,350		5,964		43,165		6,117		34,121		5,818
Denmark	20,162		2,831		18,623		3,533		18,893		4,658
United Kingdom	23,598		1,370		20,233		1,660		18,157		2,150
France	43,319		10,530		34,552		12,573		31,897		13,634
Germany	27,237		4,957		24,221		1,278		21,269		1,434
Ireland	2,720		3,075		2,769		3,454		2,552		3,993
China/Hong Kong	4,754		10,022		5,027		10,522		2,890		11,105
Australia	4,774		507		4,205		276		2,610		344
Other countries	1,290		560		1,017		604		1,077		626
	$	603,446	$	205,179	$	555,487	$	194,199	$	526,544	$	200,990

Net sales and long-lived assets, net of intangible assets, are attributable to the country where the operations are located. Long-lived assets of the Company’s discontinued venting operations, which were sold in 2010, were $12.0 million at December 31, 2009, and are included in the “United States” amount for that year.

The Company’s largest customer, attributable mostly to the North America segment, accounted for 10%, 11% and 12% of net sales for the years ended December 31, 2011, 2010 and 2009, respectively.