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Note 12 - Segment Information | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 1 2 . SEGMENT INFORMATION Effective January 1, 2017, we updated our reporting segments to better reflect how management analyzes the business and allocates resources, as follows:
Prior Reporting Structure | New Reporting Structure
1. Wholesale – chain of wholesale stores operating under the name, The Leather Factory, located in North America | 1. North America – chain of stores located in North America (combined prior Wholesale and Retail)
2. Retail – chain of retail stores operating under the name, Tandy Leather Company, located in North America | 2. International – no change
3. International – four stores, 2 located in UK, 1 in Spain and 1 in Australia |
Our reportable operating segments have been determined as separately identifiable business units, and we measure segment earnings as operating earnings, defined as income before interest and income taxes. All prior year segment information has been restated to conform to the current segment structure.
|  | North America |  |  | International |  |  | Total |
For the year ended December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 78,568,219 |  |  | $ | 3,753,049 |  |  | $ | 82,321,268 |
Gross Profit |  |  | 49,889,888 |  |  |  | 2,223,941 |  |  |  | 52,113,829 |
Operating earnings |  |  | 7,498,817 |  |  |  | (256,995 | ) |  |  | 7,241,822 |
Interest expense |  |  | 205,555 |  |  |  | - |  |  |  | 205,555 |
Other expense, net |  |  | (135,011 | ) |  |  | 8,154 |  |  |  | (126,857 | )
Income before income taxes |  |  | 7,428,370 |  |  |  | (265,246 | ) |  |  | 7,163,124 |
Depreciation and amortization |  |  | 1,790,421 |  |  |  | 84,681 |  |  |  | 1,875,102 |
Fixed asset additions |  |  | 1,666,171 |  |  |  | 23,474 |  |  |  | 1,689,645 |
Total assets |  | $ | 70,302,116 |  |  | $ | 4,612,480 |  |  | $ | 74,914,596 |
For the year ended December 31, 2016 |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 79,041,920 |  |  | $ | 3,882,072 |  |  | $ | 82,923,992 |
Gross Profit |  |  | 49,315,003 |  |  |  | 2,398,239 |  |  |  | 51,713,242 |
Operating earnings |  |  | 10,224,773 |  |  |  | 75,958 |  |  |  | 10,300,731 |
Interest expense |  |  | 155,189 |  |  |  | - |  |  |  | 155,189 |
Other expense, net |  |  | (35,290 | ) |  |  | (21,997 | ) |  |  | (57,287 | )
Income before income taxes |  |  | 10,104,873 |  |  |  | 97,956 |  |  |  | 10,202,829 |
Depreciation and amortization |  |  | 1,631,534 |  |  |  | 87,620 |  |  |  | 1,719,154 |
Fixed asset additions |  |  | 1,609,829 |  |  |  | 87,875 |  |  |  | 1,697,704 |
Total assets |  | $ | 66,502,432 |  |  | $ | 4,150,288 |  |  | $ | 70,652,720 |
For the year ended December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 80,468,597 |  |  | $ | 3,692,603 |  |  | $ | 84,161,200 |
Gross Profit |  |  | 49,838,455 |  |  |  | 2,232,605 |  |  |  | 52,071,060 |
Operating earnings |  |  | 10,353,404 |  |  |  | 121,296 |  |  |  | 10,474,700 |
Interest expense |  |  | 330,004 |  |  |  | - |  |  |  | 330,004 |
Other expense, net |  |  | (63,230 | ) |  |  | (11,127 | ) |  |  | (74,357 | )
Income before income taxes |  |  | 10,086,630 |  |  |  | 132,423 |  |  |  | 10,219,053 |
Depreciation and amortization |  |  | 1,509,592 |  |  |  | 57,580 |  |  |  | 1,567,172 |
Fixed asset additions |  |  | 1,878,229 |  |  |  | 285,811 |  |  |  | 2,164,040 |
Total assets |  | $ | 59,894,498 |  |  | $ | 4,716,578 |  |  | $ | 64,611,076 |
Net sales by geographic areas were as follows:
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
United States |  | $ | 70,453,773 |  |  | $ | 70,886,401 |  |  | $ | 72,061,009 |
Canada |  |  | 7,224,894 |  |  |  | 7,199,155 |  |  |  | 7,543,468 |
All other countries |  |  | 4,642,601 |  |  |  | 4,838,436 |  |  |  | 4,556,723 |
|  | $ | 82,321,268 |  |  | $ | 82,923,992 |  |  | $ | 84,161,200 |
Geographic sales information is based on the location of the customer. Except for Canada, we had no sales to any single foreign country that was material to our consolidated net sales in 2017, 2016, and 2015. We do not have any significant long-lived assets outside of the United States.

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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