Description of Quanex Building Products's Business Segments
We currently have three reportable business segments: (1) North American Engineered
Components segment (“NA Engineered Components”), comprised of four
operating segments primarily focused on the fenestration market in North America
manufacturing vinyl profiles, insulating glass ("IG") spacers, screens
& other fenestration components; (2) European Engineered Components segment
(“EU Engineered Components”), comprised of our United Kingdom-based
vinyl extrusion business, manufacturing vinyl profiles and conservatories, and
the European insulating glass business manufacturing IG spacers; and (3) North
American Cabinet Components segment (“NA Cabinet Components”), comprised
solely of the North American cabinet door and components business acquired in
November 2015.
We continue to maintain the grouping previously called Corporate & Other,
now called Unallocated Corporate & Other, but a portion of the general and
administrative costs associated with the corporate office have been allocated
to the reportable operating segments, based upon a relative measure of profitability
in order to more accurately reflect each reportable operating segments administrative
costs. Certain costs were not allocated to the business segments, but remain
in Unallocated Corporate & Other, including transaction expenses, stock-based
compensation, long-term incentive awards based on the performance of our common
stock and other factors, certain severance and legal costs not deemed to be
allocable to all segments, depreciation of corporate assets, interest expense,
other, net, income taxes and inter-segment eliminations. This treatment was
applied to avoid an asymmetrical allocation amongst the reportable operating
segments for the comparative period due to the timing of acquisitions. Prior
to November 2, 2015, we had two reportable business segments: (1) Engineered
Products, comprised of our four operating segments focused primarily on North
American fenestration, and (2) International Extrusion, comprised solely of
HLP acquired on June 15, 2015. In addition, we recorded LIFO inventory adjustments,
corporate office charges and inter-segment eliminations as Corporate & Other.
Prior to April 1, 2014, we presented two reportable segments: (1) Engineered
Products, and (2) Aluminum Sheet Products as well as corporate and other. On
April 1, 2014, we sold Nichols, the sole operating segment included in our Aluminum
Sheet Products reportable segment, leaving one reportable segment. To account
for Nichols as a discontinued operation, we reclassified certain costs from
Corporate & Other to Nichols, including a portion of the LIFO reserve, as
well as insurance accruals related to workers compensation claims, to properly
reflect these direct expenses as a component of the disposal group.
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