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Business Segments | 12 Months Ended
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Dec. 31, 2015
Business Segments [Abstract] |
BUSINESS SEGMENTS | Note 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 that 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 segment profit contribution to the Company’s consolidated results. 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 be Rail Products and Services and Tubular and Energy Services, respectively. The name changes principally reflect the additional businesses conducted by those segments as a result of acquisitions that have enhanced 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 Company markets its products directly in all major industrial areas of the United States, Canada, and Europe, primarily through an internal sales force. The Company’s Rail Products and Services segment provides a full line of new and used rail, trackwork, and accessories to railroads, mines, and other customers in the rail industry. The Rail segment also designs and produces insulated rail joints, power rail, track fasteners, concrete railroad ties, coverboards, and special accessories for mass transit and other rail systems. In addition, the Rail Products and Services segment engineers, manufactures, and assembles friction management products and railway wayside data collection and management systems. The Company’s Construction Products segment sells and rents steel sheet piling, H-bearing pile, and other piling products for foundation and earth retention requirements. The Company’s Fabricated Products division sells bridge decking, bridge railing, structural steel fabrications, expansion joints, bridge forms, and other products for highway construction and repair. The concrete products businesses produce precast concrete buildings and a variety of specialty precast concrete products. The Company’s Tubular and Energy Services segment provides pipe coatings for natural gas pipelines and utilities, upstream test and inspection services, precision measurement systems for the oil and gas market, and produces threaded pipe products for the oil and gas markets as well as industrial water well and irrigation markets. The following table illustrates net sales, profit (loss), assets, depreciation/amortization, and expenditures for long-lived assets of the Company by segment for the years ended or at December 31, 2015, 2014, and 2013. Segment profit is the earnings from operations before income taxes and includes internal cost of capital charges for net assets used in the segment at a rate of generally 1% per month excluding recently acquired businesses. The internal cost of capital charges are eliminated during the consolidation process. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies except that the Company accounts for inventory on a First-In, First-Out (“FIFO”) basis at the segment level compared to a Last-In, First-Out (“LIFO”) basis at the consolidated level.
|  | 2015
|  |  |  |  |  |  |  |  |  | Expenditures
|  | Net |  | Segment |  | Segment |  | Depreciation/ |  | for Long-Lived
|  | Sales |  | Profit (Loss) |  | Assets |  | Amortization |  | Assets
Rail Products and Services | $ | 328,982 | $ | 27,037 | $ | 241,222 | $ | 8,098 | $ | 4,273
Construction Products |  | 176,394 |  | 12,958 |  | 86,335 |  | 2,720 |  | 1,260
Tubular and Energy Services |  | 119,147 |  | (81,344) | * | 216,715 |  | 14,857 |  | 4,303
Total | $ | 624,523 | $ | (41,349) | $ | 544,272 | $ | 25,675 | $ | 9,836
|  | 2014
|  |  |  |  |  |  |  |  |  | Expenditures
|  | Net |  | Segment |  | Segment |  | Depreciation/ |  | for Long-Lived
|  | Sales |  | Profit |  | Assets |  | Amortization |  | Assets
Rail Products and Services | $ | 374,615 | $ | 30,093 | $ | 239,951 | $ | 6,153 | $ | 5,115
Construction Products |  | 178,847 |  | 13,106 |  | 102,978 |  | 2,232 |  | 3,343
Tubular and Energy Services |  | 53,730 |  | 5,350 |  | 130,289 |  | 3,208 |  | 6,988
Total | $ | 607,192 | $ | 48,549 | $ | 473,218 | $ | 11,593 | $ | 15,446
|  | 2013
|  |  |  |  |  |  |  |  |  | Expenditures
|  | Net |  | Segment |  | Segment |  | Depreciation/ |  | for Long-Lived
|  | Sales |  | Profit |  | Assets |  | Amortization |  | Assets
Rail Products and Services | $ | 363,667 | $ | 28,692 | $ | 252,049 | $ | 6,505 | $ | 3,383
Construction Products |  | 191,751 |  | 10,206 |  | 77,900 |  | 1,758 |  | 1,805
Tubular and Energy Services |  | 42,545 |  | 9,208 |  | 51,497 |  | 1,054 |  | 2,460
Total | $ | 597,963 | $ | 48,106 | $ | 381,446 | $ | 9,317 | $ | 7,648
* | - Segment loss includes impairment of goodwill as further described in Note 4.
During 2015, 2014, and 2013, no single customer accounted for more than 10% of the Company’s consolidated net sales. Sales between segments are immaterial. Reconciliations of reportable segment net sales, profits, assets, depreciation/amortization, and expenditures for long-lived assets to the Company’s consolidated totals are illustrated as follows for the years ended and as of December 31:
|  | 2015 |  | 2014 |  | 2013
(Loss) income from Operations: |  |  |  |  |  |
Total for reportable segments | $ | (41,349) | $ | 48,549 | $ | 48,106
Adjustment of inventory to LIFO |  | 2,468 |  | 738 |  | 37
Unallocated interest income |  | 206 |  | 530 |  | 659
Unallocated equity in (loss) income of nonconsolidated investments |  | (413) |  | 1,282 |  | 1,316
Unallocated corporate amounts |  | (11,489) |  | (12,039) |  | (5,980)
(Loss) income from operations, before income taxes | $ | (50,577) | $ | 39,060 | $ | 44,138
Assets: |  |  |  |  |  |
Total for reportable segments | $ | 544,272 | $ | 473,218 | $ | 381,446
Unallocated corporate assets |  | 28,209 |  | 26,788 |  | 40,774
LIFO |  | (5,821) |  | (8,289) |  | (9,027)
Total assets | $ | 566,660 | $ | 491,717 | $ | 413,193
Depreciation/Amortization: |  |  |  |  |  |
Total for reportable segments | $ | 25,675 | $ | 11,593 | $ | 9,317
Other |  | 999 |  | 984 |  | 685
Total | $ | 26,674 | $ | 12,577 | $ | 10,002
Expenditures for Long-Lived Assets: |  |  |  |  |  |
Total for reportable segments | $ | 9,836 | $ | 15,446 | $ | 7,648
Expenditures funded through financing agreements |  | 288 |  | 1,981 |  | -
Other expenditures |  | 5,077 |  | 1,610 |  | 2,026
Total | $ | 15,201 | $ | 19,037 | $ | 9,674
The following table summarizes the Company’s sales by major geographic region in which the Company has operations for the years ended December 31:
|  | 2015 |  | 2014 |  | 2013
United States | $ | 522,404 | $ | 498,025 | $ | 495,710
Canada |  | 40,545 |  | 39,375 |  | 37,290
United Kingdom |  | 26,817 |  | 22,625 |  | 16,548
Other |  | 34,757 |  | 47,167 |  | 48,415
| $ | 624,523 | $ | 607,192 | $ | 597,963
The following table summarizes the Company’s long-lived assets by geographic region at December 31:
|  | 2015 |  | 2014 |  | 2013
United States | $ | 118,053 | $ | 66,905 | $ | 40,717
Canada |  | 6,186 |  | 7,440 |  | 8,833
Other |  | 2,506 |  | 457 |  | 559
| $ | 126,745 | $ | 74,802 | $ | 50,109
The following table summarizes the Company’s sales by major product line:
|  | 2015 |  | 2014 |  | 2013
Rail distribution products | $ | 126,277 | $ | 139,529 | $ | 144,911
Rail Technologies products |  | 98,237 |  | 109,053 |  | 88,670
Piling products |  | 94,853 |  | 111,182 |  | 140,302
Concrete products |  | 52,044 |  | 36,396 |  | 32,969
Test and inspection services |  | 35,906 |  | - |  | -
CXT concrete tie products |  | 35,740 |  | 52,562 |  | 44,108
Allegheny Rail Products |  | 35,155 |  | 45,008 |  | 36,666
Other products |  | 146,311 |  | 113,462 |  | 110,337
| $ | 624,523 | $ | 607,192 | $ | 597,963

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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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