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Segment Information | 12 Months Ended
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Dec. 31, 2019
Segment Information [Abstract] |
Segment Information | 10. Segment Information The Company reports financial information based on the organizational structure used by the Company’s chief operating decision makers for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision makers review the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware, sporting and industrial use. Domestic sales orders are filled primarily from the Company’s distribution centers in North Carolina, Washington, Massachusetts, Tennessee and California. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots. Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 14% and 12% of the Company’s total net sales in 2019 and 2018, respectively. The Chief Operating Decision Maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results. The following table sets forth certain financial data by segment for the fiscal years ended December 31, 2019 and 2018: Financial data by segment: (000’s omitted)
Year Ended December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| United States |  |  | Canada |  |  | Europe |  | Consolidated |
Net sales | $ | 125,717 |  |  | $ | 6,678 |  |  | $ | 10,062 |  | $ | 142,457 |
Operating income |  | 7,199 |  |  |  | 771 |  |  |  | 459 |  |  | 8,429 |
Assets |  | 98,577 |  |  |  | 6,168 |  |  |  | 6,003 |  |  | 110,749 |
Additions to property, plant and equipment |  | 1,646 |  |  |  | 2 |  |  |  | 32 |  |  | 1,680 |
Depreciation and amortization |  | 3,347 |  |  |  | 16 |  |  |  | 70 |  |  | 3,433 |
Year Ended December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| United States |  |  | Canada |  |  | Europe |  | Consolidated |
Net sales | $ | 120,993 |  |  | $ | 7,040 |  |  | $ | 9,288 |  | $ | 137,321 |
Operating income |  | 6,103 |  |  |  | 884 |  |  |  | 470 |  |  | 7,457 |
Assets |  | 99,721 |  |  |  | 3,839 |  |  |  | 5,918 |  |  | 109,478 |
Additions to property, plant and equipment |  | 2,705 |  |  |  | 83 |  |  |  | 63 |  |  | 2,851 |
Depreciation and amortization |  | 3,153 |  |  |  | 9 |  |  |  | 67 |  |  | 3,229 |
The following is a reconciliation of segment operating income to consolidated income before taxes:
|  | 2019 |  |  | 2018 |
Total operating income |  | $ | 8,429 |  |  | $ | 7,457 |
Interest expense, net |  |  | 1,789 |  |  |  | 1,858 |
Other expense |  |  | 97 |  |  |  | 68 |
Consolidated income before taxes |  | $ | 6,543 |  |  | $ | 5,531 |
The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer.
Revenues |  | 2019 |  |  | 2018 |
United States |  | $ | 124,059 |  |  | $ | 119,573 |
International: |  |  |  |  |  |  |  |
Canada |  |  | 6,678 |  |  |  | 7,040 |
Europe |  |  | 10,062 |  |  |  | 9,288 |
Other |  |  | 1,658 |  |  |  | 1,420 |
Total International |  | $ | 18,398 |  |  | $ | 17,748 |
Total Revenues |  | $ | 142,457 |  |  | $ | 137,321 |

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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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