XML 62 R26.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2021
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 regional 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 table shows certain measurements used by management to assess the performance of the segments described above as of December 31, 2021, 2020 and 2019, respectively:
(in thousands) | North America |  | Europe |  | Asia/ Pacific |  | Administrative & All Other |  | Total
2021 |  |  |  |
Net sales | $ | 1,362,941 |  |  | $ | 196,996 |  |  | $ | 13,280 |  |  | $ | — |  |  | $ | 1,573,217 |
Sales to other segments * | 2,237 |  |  | 5,696 |  |  | 27,109 |  |  | — |  |  | 35,042 |
Income from operations | 359,140 |  |  | 14,160 |  |  | 1,193 |  |  | (6,700) |  |  | 367,793 |
Depreciation and amortization | 33,950 |  |  | 6,172 |  |  | 1,844 |  |  | 511 |  |  | 42,477 |
Significant non-cash charges | 8,173 |  |  | 1,943 |  |  | 166 |  |  | 7,607 |  |  | 17,889 |
Provision for income taxes | 87,962 |  |  | 3,826 |  |  | 241 |  |  | 73 |  |  | 92,102 |
Capital expenditures, asset acquisition, and equity investments, net of cash acquired | 45,817 |  |  | 2,403 |  |  | 603 |  |  | 988 |  |  | 49,811 |
Total assets | 1,352,988 |  |  | 202,631 |  |  | 31,832 |  |  | (103,326) |  |  | 1,484,125 |
(in thousands) | North America |  | Europe |  | Asia/ Pacific |  | Administrative & All Other |  | Total
2020 |  |  |  |
Net sales | $ | 1,101,891 |  |  | $ | 156,713 |  |  | $ | 9,341 |  |  | $ | — |  |  | $ | 1,267,945 |
Sales to other segments * | 2,554 |  |  | 5,576 |  |  | 25,320 |  |  | — |  |  | 33,450 |
Income (loss) from operations | 249,252 |  |  | 8,396 |  |  | 308 |  |  | (5,593) |  |  | 252,363 |
Depreciation and amortization | 30,218 |  |  | 5,856 |  |  | 1,709 |  |  | 984 |  |  | 38,767 |
Significant non-cash charges | 6,929 |  |  | 1,226 |  |  | 376 |  |  | 4,975 |  |  | 13,506 |
Provision for income taxes | 58,201 |  |  | 3,817 |  |  | 613 |  |  | (67) |  |  | 62,564 |
Capital expenditures, including purchases of intangible assets, and business combination, net of cash acquired | 29,937 |  |  | 4,248 |  |  | 705 |  |  | 5,816 |  |  | 40,706 |
Total assets | 1,001,168 |  |  | 198,647 |  |  | 32,754 |  |  | — |  |  | 1,232,569 |
(in thousands) | North America |  | Europe |  | Asia/ Pacific |  | Administrative & All Other |  | Total
2019 |  |  |  |
Net sales | $ | 972,849 |  |  | $ | 155,144 |  |  | $ | 8,546 |  |  | $ | — |  |  | $ | 1,136,539 |
Sales to other segments * | 1,977 |  |  | 2,068 |  |  | 26,764 |  |  | — |  |  | 30,809 |
Income (loss) from operations | 176,329 |  |  | 6,817 |  |  | (731) |  |  | (1,161) |  |  | 181,254 |
Depreciation and amortization | 30,652 |  |  | 5,457 |  |  | 1,698 |  |  | 595 |  |  | 38,402 |
Significant non-cash charges | 5,273 |  |  | 1,141 |  |  | 211 |  |  | 4,157 |  |  | 10,782 |
Provision for income taxes | 40,452 |  |  | 1,934 |  |  | 577 |  |  | 1,412 |  |  | 44,375 |
Capital expenditures and business acquisitions, net of cash acquired | 31,695 |  |  | 8,245 |  |  | 236 |  |  | — |  |  | 40,176 |
Total assets | 1,269,545 |  |  | 169,785 |  |  | 30,055 |  |  | (374,019) |  |  | 1,095,366 |
* Sales to other segments are eliminated in consolidation. 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 & All Other." Cash and cash equivalent balances in "Administrative & All Other" were $223.5 million, $199.8 million and $161.4 million as of December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the Company had $75.8 million, or 25.2%, of its cash and cash equivalents held outside the U.S. 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 repatriated to the U.S. The significant non-cash charges comprise compensation related to equity 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), net and other, foreign exchange gain (loss), certain legal and professional fees associated with the acquisition of the Etanco Group, refer to Note 19 " Subsequent Events," 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, 2021, 2020 and 2019, respectively:
| 2021 |  | 2020 |  | 2019
(in thousands) | Net Sales |  | Long-Lived Assets |  | Net Sales |  | Long-Lived Assets |  | Net Sales |  | Long-Lived Assets
United States | $ | 1,287,085 |  |  | $ | 228,623 |  |  | $ | 1,045,509 |  |  | $ | 215,082 |  |  | $ | 921,703 |  |  | $ | 210,349 |
Canada | 70,401 |  |  | 2,861 |  |  | 52,889 |  |  | 3,059 |  |  | 47,948 |  |  | 1,181 |
United Kingdom | 37,408 |  |  | 1,851 |  |  | 24,290 |  |  | 2,073 |  |  | 26,376 |  |  | 1,683 |
Germany | 29,970 |  |  | 9,999 |  |  | 24,069 |  |  | 11,163 |  |  | 22,357 |  |  | 10,529 |
France | 50,445 |  |  | 5,988 |  |  | 40,672 |  |  | 7,095 |  |  | 39,969 |  |  | 7,010 |
Poland | 13,909 |  |  | 2,496 |  |  | 11,648 |  |  | 2,779 |  |  | 11,826 |  |  | 2,770 |
Sweden | 17,003 |  |  | 2,664 |  |  | 15,241 |  |  | 2,986 |  |  | 13,792 |  |  | 1,762 |
Denmark | 13,964 |  |  | 2,281 |  |  | 11,931 |  |  | 2,445 |  |  | 10,761 |  |  | 2,235 |
Norway | 12,736 |  |  | — |  |  | 11,138 |  |  | — |  |  | 11,238 |  |  | — |
Switzerland | 5,928 |  |  | 6,784 |  |  | 5,246 |  |  | 8,172 |  |  | 5,600 |  |  | 7,781 |
Australia | 8,120 |  |  | 201 |  |  | 5,749 |  |  | 134 |  |  | 4,939 |  |  | 110 |
Belgium | 6,818 |  |  | 2,349 |  |  | 5,311 |  |  | 2,268 |  |  | 5,605 |  |  | 1,913 |
The Netherlands | 4,834 |  |  | 39 |  |  | 4,526 |  |  | 61 |  |  | 4,019 |  |  | 93 |
New Zealand | 5,160 |  |  | 160 |  |  | 3,593 |  |  | 167 |  |  | 3,606 |  |  | 166 |
Chile | 5,455 |  |  | 31 |  |  | 3,493 |  |  | 49 |  |  | 3,198 |  |  | 28 |
Other countries | 3,981 |  |  | 8,463 |  |  | 2,640 |  |  | 9,797 |  |  | 3,602 |  |  | 10,647 |
| $ | 1,573,217 |  |  | $ | 274,790 |  |  | $ | 1,267,945 |  |  | $ | 267,330 |  |  | $ | 1,136,539 |  |  | $ | 258,257 |
Net sales and long-lived assets, excluding 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 shows the distribution of the Company’s net sales by product for the years ended December 31, 2021, 2020 and 2019, respectively:
(in thousands) | 2021 |  | 2020 |  | 2019
Wood Construction | $ | 1,361,113 |  |  | $ | 1,082,877 |  |  | $ | 948,768 |
Concrete Construction | 210,780 |  |  | 184,631 |  |  | 187,462 |
Other | 1,324 |  |  | 437 |  |  | 309 |
Total | $ | 1,573,217 |  |  | $ | 1,267,945 |  |  | $ | 1,136,539 |
No customers accounted for at least 10% of net sales for the years ended 2021, 2020 and 2019.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration