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Business Segments | 6 Months Ended
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Jun. 30, 2015
Business Segments [Abstract] |
BUSINESS SEGMENTS | 2. BUSINESS SEGMENTS The Company is a leading manufacturer, fabricator, and distributor of products and services for rail, construction, energy, and utility markets. The Company is organized and evaluated by product group, which is the basis for identifying reportable segments. Each segment represents a revenue-producing component of the Company for which separate financial information is produced internally and is subject to evaluation by the Company’s chief operating decision maker in deciding how to allocate resources. Each segment is evaluated based upon their contribution to the Company’s consolidated results based upon segment profit. As a result of recently completed acquisitions, during the first quarter of 2015, the Company renamed the Rail Products and Tubular Products business segments to Rail Products and Services and Tubular and Energy Services, respectively. The name changes principally relate to adjacent market acquisitions which has created a platform to enhance our product and service offerings within the rail and energy markets. Excluding the addition of current year acquisitions, there were no changes to the divisions that have been aggregated within the segments nor were there changes to the historical reportable segment results. The following table illustrates revenues and profits from operations of the Company by segment for the periods indicated:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2015 |  | June 30, 2015
|  | Net |  | Segment |  | Net |  | Segment
|  | Sales |  | Profit |  | Sales |  | Profit
Rail Products and Services | $ | 86,882 | $ | 6,413 | $ | 164,558 | $ | 12,485
Construction Products |  | 49,516 |  | 5,158 |  | 83,806 |  | 6,386
Tubular and Energy Services |  | 35,021 |  | 358 |  | 60,962 |  | 2,316
Total | $ | 171,419 | $ | 11,929 | $ | 309,326 | $ | 21,187
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2014 |  | June 30, 2014
|  | Net |  | Segment |  | Net |  | Segment
|  | Sales |  | Profit |  | Sales |  | Profit
Rail Products and Services | $ | 107,484 | $ | 6,836 | $ | 180,980 | $ | 12,152
Construction Products |  | 41,810 |  | 3,371 |  | 69,193 |  | 4,587
Tubular and Energy Services |  | 17,538 |  | 2,726 |  | 28,073 |  | 3,312
Total | $ | 166,832 | $ | 12,933 | $ | 278,246 | $ | 20,051
Segment profits from operations, as shown above, include internal cost of capital charges for assets used in the segment at a rate of generally 1% per month. There has been no change in the measurement of segment profit from operations from December 31, 2014. The internal cost of capital charges are eliminated during the consolidation process. The following table provides a reconciliation of reportable segment net profit from operations to the Company’s consolidated total:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2015 |  | 2014 |  | 2015 |  | 2014
Income for reportable segments | $ | 11,929 | $ | 12,933 | $ | 21,187 | $ | 20,051
Interest expense |  | (1,288) |  | (126) |  | (1,901) |  | (249)
Interest income |  | 37 |  | 147 |  | 94 |  | 291
Other income |  | (95) |  | 138 |  | 708 |  | 273
LIFO income |  | 406 |  | 202 |  | 400 |  | 198
Equity in (loss) income of nonconsolidated investments |  | (186) |  | 142 |  | (13) |  | 346
Corporate expense, cost of capital elimination, and other unallocated charges |  | (2,980) |  | (3,206) |  | (5,985) |  | (5,359)
Income before income taxes | $ | 7,823 | $ | 10,230 | $ | 14,490 | $ | 15,551
The following table illustrates assets of the Company by segment:
|  | June 30, |  | December 31,
|  | 2015 |  | 2014
Rail Products and Services | $ | 257,856 | $ | 239,951
Construction Products |  | 97,300 |  | 102,978
Tubular and Energy Services |  | 318,521 |  | 130,289
Unallocated corporate assets |  | 36,039 |  | 30,192
LIFO |  | (7,889) |  | (8,289)
Total | $ | 701,827 | $ | 495,121

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599 + Details
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