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Note 18 - Segment Information
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

18.

Segment Information:

 

The Company follows the accounting guidance that requires the utilization of a “management approach” to define and report the financial results of operating segments. The management approach defines operating segments along the lines used by the Company’s chief operating decision maker (CODM) to assess performance and make operating and resource allocation decisions. The CODM evaluates performance and allocates resources based primarily on operating income (loss). The operating segments are based primarily on internal management reporting.

 

The Company operates in three reportable segments; specialty metals flat products, carbon flat products, and tubular and pipe products.  The specialty metals flat products segment and the carbon flat products segment are at times consolidated and referred to as the flat products segments, as certain of the flat products segments’ assets and resources are shared by the specialty metals and carbon flat products segments and both segments’ products are stored in the shared facilities and, in some locations, processed on shared equipment.

 

Corporate expenses are reported as a separate line item for segment reporting purposes. Corporate expenses include the unallocated expenses related to managing the entire Company (i.e., all three segments), including compensation for certain personnel, expenses related to being a publicly traded entity such as board of directors’ expenses, audit expenses, and various other professional fees.

 

The following table provides financial information by segment and reconciles the Company’s operating income by segment to the consolidated income (loss) before income taxes for the years ended December 31, 2021, 2020 and 2019.

 

 

 

  

For the Year Ended December 31,

 

(in thousands)

 

2021

  

2020

  

2019

 

Net sales

            

Specialty metals flat products

 $585,751  $313,190  $363,634 

Carbon flat products

  1,344,150   690,273   926,903 

Tubular and pipe products

  382,352   230,681   288,503 

Total net sales

 $2,312,253  $1,234,144  $1,579,040 
             

Depreciation and amortization

            

Specialty metals flat products

 $3,692  $1,951  $1,830 

Carbon flat products

  11,286   11,941   11,624 

Tubular and pipe products

  5,267   5,478   5,408 

Corporate

  71   120   168 

Total depreciation and amortization

 $20,316  $19,490  $19,030 
             

Operating income

            

Specialty metals flat products

 $70,544  $11,666  $14,321 

Carbon flat products

  110,074   (10,289)  (5,023)

Tubular and pipe products

  7,353   9,019   18,607 

Corporate

  (15,505)  (9,823)  (11,295)

Total operating income

 $172,466  $573  $16,610 

Other loss, net

  (36)  (73)  (32)

Income before interest and income taxes

  172,430   500   16,578 

Interest and other expense on debt

  7,631   7,411   11,289 

Income (loss) before income taxes

 $164,799  $(6,911) $5,289 

 

 

 

      

For the Year Ended December 31,

     

(in thousands)

 

2021

  

2020

  

2019

 

Capital expenditures

            

Flat products

 $8,797  $7,589  $6,996 

Tubular and pipe products

  2,214   2,214   3,169 

Corporate

  -   -   - 

Total capital expenditures

 $11,011  $9,803  $10,165 
             

Assets

            

Flat products

 $777,074  $404,269    

Tubular and pipe products

  245,962   235,516    

Corporate

  536   820    

Total assets

 $1,023,572  $640,605    

 

There were no material revenue transactions between the carbon flat products, specialty metals flat products and tubular and pipe products segments for the years ended December 31, 2021, 2020 and 2019.

 

The Company sells certain products internationally, primarily in Canada and Mexico. International sales are immaterial to the consolidated financial results and to the individual segments’ results.