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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
SEGMENT INFORMATION |
SEGMENT INFORMATION | 18. SEGMENT INFORMATION We have two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). Our Chief Executive Officer evaluates the performance of our segments based on earnings from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. As of December 31, 2023, the “other” category in the table below included our wholesale and retail operations in Australia, South Africa, and Asia Pacific, which do not meet the criteria for separate reportable segment classification. We ceased operations in the Asia Pacific region in 2023, and are in the final stages of winding down this business. In the Wholesale segment, shoes are marketed through more than 10,000 footwear, department and specialty stores, primarily in the United States and Canada. Licensing revenues are also included in our wholesale segment. We have licensing agreements with third parties who sell our branded apparel, accessories, and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. In 2023 and 2022, there was no single customer with sales of 10% or more of our total sales. In the Retail segment, we operate e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Retail stores sell our branded footwear, primarily Florsheim, and accessories. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2023 and 2022 was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Wholesale |  | Retail |  | Other |  | Total
​ | ​ | (Dollars in thousands)
2023 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Product sales | ​ | $ | 247,896 | ​ | $ | 38,012 | ​ | $ | 29,636 | ​ | $ | 315,544
Licensing revenues | ​ |  | 2,504 | ​ |  | — | ​ |  | — | ​ |  | 2,504
Net sales | ​ |  | 250,400 | ​ |  | 38,012 | ​ |  | 29,636 | ​ |  | 318,048
Depreciation | ​ |  | 1,942 | ​ |  | 7 | ​ |  | 630 | ​ |  | 2,579
Earnings from operations | ​ |  | 33,288 | ​ |  | 6,752 | ​ |  | 984 | ​ |  | 41,024
Total assets | ​ |  | 276,626 | ​ |  | 4,594 | ​ |  | 28,122 | ​ |  | 309,342
Capital expenditures | ​ |  | 2,544 | ​ |  | — | ​ |  | 765 | ​ |  | 3,309
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2022 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Product sales | ​ | $ | 281,138 | ​ | $ | 36,694 | ​ | $ | 31,808 | ​ | $ | 349,640
Licensing revenues | ​ |  | 2,097 | ​ |  | — | ​ |  | — | ​ |  | 2,097
Net sales | ​ |  | 283,235 | ​ |  | 36,694 | ​ |  | 31,808 | ​ |  | 351,737
Depreciation | ​ |  | 1,969 | ​ |  | 4 | ​ |  | 512 | ​ |  | 2,485
Earnings from operations | ​ |  | 32,641 | ​ |  | 6,058 | ​ |  | 1,666 | ​ |  | 40,365
Total assets | ​ |  | 292,262 | ​ |  | 5,460 | ​ |  | 28,898 | ​ |  | 326,620
Capital expenditures | ​ |  | 882 | ​ |  | 12 | ​ |  | 1,448 | ​ |  | 2,342
​ All North American corporate office assets are included in the Wholesale segment. Transactions between segments primarily consist of sales between the Wholesale and Retail segments. Intersegment sales are valued at the cost of inventory plus an estimated cost to ship the products. Intersegment sales have been eliminated and are excluded from net sales in the above table. Geographic Segments Financial information relating to our business by geographic area was as follows for the years ended December 31, 2023 and 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (Dollars in thousands)
Net Sales |  | ​ |  |  | ​ |
United States | ​ | $ | 266,515 | ​ | $ | 292,441
Canada | ​ |  | 21,897 | ​ |  | 27,488
Australia | ​ |  | 23,012 | ​ |  | 25,196
Asia | ​ |  | 4,143 | ​ |  | 3,472
South Africa | ​ |  | 2,481 | ​ |  | 3,140
Total | ​ | $ | 318,048 | ​ | $ | 351,737
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-Lived Assets | ​ |  |  | ​ |  |
United States | ​ | $ | 75,274 | ​ | $ | 76,530
Other | ​ |  | 14,650 | ​ |  | 14,310
​ | ​ | $ | 89,924 | ​ | $ | 90,840
​ Net sales attributed to geographic locations are based on the location of the assets producing the sales. Long-lived assets by geographic location consist of property, plant and equipment (net), operating lease ROU assets, goodwill, trademarks, investment in real estate and amortizable intangible assets.

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