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Segment Information | 9 Months Ended
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Sep. 30, 2024
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 line item primarily includes expenses such as self-insured workers compensation claims for employees, stock-based compensation for certain members of management, adjustments related to non-qualified deferred compensation plan, 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 illustrates certain measurements used by management to assess the performance of the segments described above as of or the following periods:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2024 | 2023 | 2024 | 2023
Net Sales |  |  |  |
North America | $ | 461,356 |  | $ | 456,820 |  | $ | 1,331,126 |  | $ | 1,328,615 |
Europe | 121,170 |  | 119,043 |  | 370,985 |  | 371,074 |
Asia/Pacific | 4,627 |  | 4,221 |  | 12,599 |  | 12,404 |
Total | $ | 587,153 |  | $ | 580,084 |  | $ | 1,714,710 |  | $ | 1,712,093 |
Sales to Other Segments* |  |  |  |
North America | $ | 711 |  | $ | 1,064 |  | $ | 2,410 |  | $ | 3,756 |
Europe | 1,032 |  | 1,327 |  | 3,695 |  | 4,399 |
Asia/Pacific | 6,146 |  | 8,022 |  | 23,716 |  | 21,880 |
Total | $ | 7,889 |  | $ | 10,413 |  | $ | 29,821 |  | $ | 30,035 |
Income (Loss) from Operations |  |  |  |
North America | $ | 123,253 |  | $ | 135,633 |  | $ | 354,212 |  | $ | 393,456 |
Europe | 12,635 |  | 15,450 |  | 33,037 |  | 42,894 |
Asia/Pacific | 260 |  | 477 |  | (617) |  | 718 |
Administrative and all other | (11,294) |  | (11,347) |  | (33,507) |  | (33,472) |
Total | $ | 124,854 |  | $ | 140,213 |  | $ | 353,125 |  | $ | 403,596 |
* Sales to other segments are eliminated upon consolidation.
|  |  | As of
| As of September 30, | December 31,
(in thousands) | 2024 | 2023 | 2023
Total Assets |  |  |
North America | $ | 2,013,641 |  | $ | 1,675,344 |  | $ | 1,745,341 |
Europe | 751,419 |  | 687,992 |  | 716,396 |
Asia/Pacific | 48,618 |  | 36,416 |  | 38,719 |
Administrative and all other | 83,781 |  | 415,735 |  | 204,268 |
Total | $ | 2,897,459 |  | $ | 2,815,487 |  | $ | 2,704,724 |
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 $208.3 million, $465.3 million and $368.6 million, as of September 30, 2024 and 2023, and December 31, 2023, respectively. Also included in the total assets of "Administrative and all other" are intercompany borrowings due from the Europe segment. Included in the total assets of each segment are net intercompany borrowings due to and from the other segments. 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 and commercial 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 illustrates the distribution of the Company’s net sales by product group as additional information for the three and nine months ended September 30, 2024 and 2023:
| Three Months Ended September 30, | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 | 2024 |  | 2023
Wood construction products | $ | 494,379 |  |  | $ | 491,308 |  | $ | 1,450,972 |  |  | $ | 1,461,442 |
Concrete construction products | 86,715 |  |  | 84,141 |  | 251,893 |  |  | 242,133 |
Other | 6,059 |  |  | 4,635 |  | 11,845 |  |  | 8,518 |
Total | $ | 587,153 |  |  | $ | 580,084 |  | $ | 1,714,710 |  |  | $ | 1,712,093 |

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- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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