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 America segment (comprising primarily the Company's operations in the United States and Canada), the Europe segment and the Asia/Pacific segment (comprising the Company’s operations in Asia, the South Pacific, South Africa 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 of the Company’s venting business, which was sold in 2010, 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, such as rental income and depreciation expense on the Company’s property in Vacaville, California, which the Company has leased to a third party for a 10-year term expiring in August 2020.

The following table shows certain measurements used by management to assess the performance of the segments described above as of December 31, 2017, 2016 and 2015, respectively:



(in thousands)	North America		Europe		Asia/ Pacific		Administrative & All Other			Total
2017	North America		Europe		Asia/ Pacific		Administrative & All Other			Total
Net sales	$	803,697	$	165,155	$	8,173	$	—		$	977,025
Sales to other segments *	3,237		959		20,715		—			24,911
Income from operations	132,890		4,421		1,179		677			139,167
Depreciation and amortization	25,745		5,832		1,246		901			33,724
Gain on bargain purchase of a business	—		6,336		—		—			6,336
Significant non-cash charges	9,861		1,509		65		2,473			13,908
Provision for income taxes	47,434		2,124		419		1,824			51,801
Capital expenditures and business acquisitions, net of cash acquired	70,040		11,411		4,511		—			85,962
Total assets	953,033		208,640		26,820		(150,970		)	1,037,523



(in thousands)	North America		Europe		Asia/ Pacific		Administrative & All Other			Total
2016	North America		Europe		Asia/ Pacific		Administrative & All Other			Total
Net sales	$	742,021	$	111,274	$	7,366	$	—		$	860,661
Sales to other segments *	2,512		570		28,690		—			31,772
Income (loss) from operations	137,311		895		2,140		(869		)	139,477
Depreciation and amortization	19,433		5,809		1,208		1,477			27,927
Significant non-cash charges	9,124		1,052		113		3,657			13,946
Provision for income taxes	45,547		1,428		721		1,470			49,166
Capital expenditures and business acquisitions, net of cash acquired	37,652		8,461		1,250		—			47,363
Total assets	853,826		165,121		25,118		(64,091		)	979,974



(in thousands)	North America		Europe		Asia/ Pacific			Administrative & All Other			Total
2015	North America		Europe		Asia/ Pacific			Administrative & All Other			Total
Net sales	$	676,618	$	108,068	$	9,373		$	—		$	794,059
Sales to other segments *	2,857		931		20,496			—			24,284
Income (loss) from operations	109,446		3,795		(3,445		)	(775		)	109,021
Depreciation and amortization	17,812		5,773		1,785			1,451			26,821
Significant non-cash charges	8,221		1,251		131			2,355			11,958
Provision for (benefit from) income taxes	36,999		1,692		581			1,519			40,791
Capital expenditures and business acquisitions, net of cash acquired	33,336		4,177		825			27			38,365
Total assets	748,241		168,305		24,366			20,397			961,309

* Sales to other segments are eliminated on consolidation.

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 & All Other.” Cash and short-term investment balances in “Administrative & All Other” were $80.2 million, $137.4 million and $164.1 million as of December 31, 2017, 2016 and 2015, respectively. As of December 31, 2017, the Company had $86.5 million, or 51.3%, of its cash and cash equivalents held outside the United States in accounts belonging to the Company’s various foreign operating entities. The majority of this balance is held in foreign currencies and could be subject to additional taxation if it were repatriated to the United States.

The significant non-cash charges comprise compensation related to the awards under the Company's stock-based incentive plans and the Company's employee 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 (expense), loss in equity method investment, gain on bargain purchase of a business, and loss on disposal of a business. Interest income (expense) is primarily attributed to “Administrative & All Other.”

The following table shows the geographic distribution of the Company’s net sales and long-lived assets as of December 31, 2017, 2016 and 2015, respectively:



	2017				2016				2015
(in thousands)	Net Sales		Long-Lived Assets		Net Sales		Long-Lived Assets		Net Sales		Long-Lived Assets
United States	$	758,181	$	223,184	$	702,071	$	192,787	$	639,443	$	171,367
Canada	43,176		4,650		38,269		4,473		36,122		4,275
United Kingdom	23,157		1,459		20,905		1,183		22,924		1,357
Germany	21,821		14,153		20,751		12,582		19,974		13,358
France	36,677		9,152		33,062		8,349		31,147		8,621
Poland	20,409		2,471		6,633		1,830		6,417		893
Sweden	16,421		1,068		—		—		—		—
Denmark	14,723		1,601		15,728		1,249		14,987		1,381
Norway	12,902		229		—		—		—		—
Switzerland	5,593		8,748		6,549		8,469		5,538		9,071
Australia	5,501		268		4,741		239		3,121		274
Belgium	5,050		2,065		1,286		1,798		—		—
The Netherlands	4,834		110		4,909		21		4,773		15
New Zealand	2,604		130		2,474		163		2,154		142
Chile	2,314		61		1,572		56		902		91
Other countries	3,662		12,710		1,711		7,471		6,557		8,241
	$	977,025	$	282,059	$	860,661	$	240,670	$	794,059	$	219,086

Net sales and long-lived assets, net of intangible assets, are attributable to the country where the sales or manufacturing operations are located.

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 following table show the distribution of the Company’s net sales by product for the years ended December 31, 2017, 2016 and 2015, respectively:



(in thousands)	2017		2016		2015
Wood Construction	$	833,200	$	732,414	$	674,274
Concrete Construction	143,102		128,247		119,481
Other	723		—		304
Total	$	977,025	$	860,661	$	794,059

No customer accounted for as much as 10% of net sales for the years ended December 31, 2017, 2016 and 2015.