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Business Segments | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company is a leading manufacturer and distributor of products and services for transportation and energy infrastructure with locations in North America and Europe. The Company is organized and operates in three different operating segments: the Rail Products and Services segment, the Construction Products segment, and the Tubular and Energy Services segment. The segments represent components of the Company (a) that engage in activities from which revenue is generated and expenses are incurred; (b) whose operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who makes decisions about resources to be allocated to the segments, and (c) for which discrete financial information is available. Operating segments are evaluated on their segment profit contribution to the Company's consolidated results. Other income and expenses, interest, income taxes, and certain other items are managed on a consolidated basis. The Company's segment accounting policies are the same as those described in Note 2. Business Segments of the Notes to the Company's Consolidated Financial Statements contained in its Annual Report on Form 10-K for the year-ended December 31, 2018. The following table illustrates the Company's revenues and profit from operations by segment for the periods indicated:
|  | Three Months Ended September 30, 2019 |  |  |  | Three Months Ended September 30, 2018 |  |
|  | Net Sales |  | Segment Profit |  | Net Sales |  | Segment Profit
Rail Products and Services |  | $ | 67,741 |  |  | $ | 3,417 |  |  | $ | 84,517 |  |  | $ | 5,299 |
Construction Products |  | 47,175 |  |  | 1,848 |  |  | 41,534 |  |  | 1,603 |
Tubular and Energy Services |  | 39,360 |  |  | 2,230 |  |  | 41,043 |  |  | 4,274 |
Total |  | $ | 154,276 |  |  | $ | 7,495 |  |  | $ | 167,094 |  |  | $ | 11,176 |
|  | Nine Months Ended September 30, 2019 |  |  |  | Nine Months Ended September 30, 2018 |  |
|  | Net Sales |  | Segment Profit |  | Net Sales |  | Segment Profit
Rail Products and Services |  | $ | 244,836 |  |  | $ | 14,815 |  |  | $ | 238,571 |  |  | $ | 12,655 |
Construction Products |  | 139,926 |  |  | 6,095 |  |  | 112,641 |  |  | 4,478 |
Tubular and Energy Services |  | 120,916 |  |  | 11,937 |  |  | 111,226 |  |  | 10,704 |
Total |  | $ | 505,678 |  |  | $ | 32,847 |  |  | $ | 462,438 |  |  | $ | 27,837 |
Segment profit from operations, as shown above, includes allocated corporate operating expenses. Operating expenses related to corporate headquarter functions that directly support the segment activity are allocated based on segment headcount, revenue contribution, or activity of the business units within the segments, based on the corporate activity type provided to the segment. The expense allocation excludes certain corporate costs that are separately managed from the segments. The following table provides a reconciliation of segment net profit from operations to the Company’s consolidated total:
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
|  | 2019 |  | 2018 |  | 2019 |  | 2018
Profit for reportable segments |  | $ | 7,495 |  |  | $ | 11,176 |  |  | $ | 32,847 |  |  | $ | 27,837 |
Interest expense - net |  | (1,079) |  |  | (1,296) |  |  | (4,031) |  |  | (4,813) |
Other income (expense) - net |  | 421 |  |  | (157) |  |  | 823 |  |  | 320 |
Unallocated corporate expenses and other unallocated charges |  | (3,722) |  |  | (3,297) |  |  | (10,947) |  |  | (12,089) |
Income before income taxes |  | $ | 3,115 |  |  | $ | 6,426 |  |  | $ | 18,692 |  |  | $ | 11,255 |
The following table illustrates assets of the Company by segment:
|  | September 30, 2019 |  | December 31, 2018
Rail Products and Services |  | $ | 181,694 |  |  | $ | 175,704 |
Construction Products |  | 99,997 |  |  | 97,133 |
Tubular and Energy Services |  | 86,531 |  |  | 90,402 |
Unallocated corporate assets |  | 28,065 |  |  | 20,010 |
Total |  | $ | 396,287 |  |  | $ | 383,249 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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