Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The following tables set forth financial and other information by segment for the period indicated:

Three months ended September 30									Other and
Dollars in thousands	Composite Fibers				Airlaid Materials				Unallocated				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Net sales	$	138,118	$	132,419	$	141,533	$	101,054	$	—	$	—	$	279,651	$	233,473
Cost of products sold	121,028		112,031		121,102		83,699		(836)		(508)		241,294		195,222
Gross profit (loss)	17,090		20,388		20,431		17,355		836		508		38,357		38,251
SG&A	11,278		9,924		5,689		4,438		9,099		10,273		26,066		24,635
Gains on dispositions of plant,  equipment and timberlands, net	—		—		—		—		(2,235)		(413)		(2,235)		(413)
Total operating income (loss)	5,812		10,464		14,742		12,917		(6,028)		(9,352)		14,526		14,029
Non-operating expense	—		—		—		—		(2,916)		(3,888)		(2,916)		(3,888)
Income (loss) before income taxes	$	5,812	$	10,464	$	14,742	$	12,917	$	(8,944)	$	(13,240)	$	11,610	$	10,141
Supplementary Data
Net tons sold	32,737		35,009		43,526		34,752		—		—		76,263		69,761
Depreciation, depletion and amortization ($ in thousands)	$	6,904	$	6,755	$	7,763	$	5,674	$	1,043	$	1,273	$	15,710	$	13,702
Capital expenditures	2,585		3,060		2,926		2,791		1,797		2,303		7,308		8,154

Nine months ended September 30									Other and
Dollars in thousands	Composite Fibers				Airlaid Materials				Unallocated				Total
	2021		2020		2021		2020		2021		2020		2021		2020
Net sales	$	420,965	$	387,267	$	329,271	$	293,949	$	—	$	—	$	750,236	$	681,216
Cost of products sold	354,629		319,403		283,825		243,526		(1,425)		11,171		637,029		574,100
Gross profit (loss)	66,336		67,864		45,446		50,423		1,425		(11,171)		113,207		107,116
SG&A	33,396		30,811		15,076		13,192		29,405		28,704		77,877		72,707
Gains on dispositions of plant,  equipment and timberlands, net	—		—		—		—		(4,638)		(1,010)		(4,638)		(1,010)
Total operating income (loss)	32,940		37,053		30,370		37,231		(23,342)		(38,865)		39,968		35,419
Non-operating expense	—		—		—		—		(7,261)		(14,992)		(7,261)		(14,992)
Income (loss) before income taxes	$	32,940	$	37,053	$	30,370	$	37,231	$	(30,603)	$	(53,857)	$	32,707	$	20,427
Supplementary Data
Net tons sold	101,348		100,024		106,705		103,068		—		—		208,053		203,092
Depreciation, depletion and amortization ($ in thousands) (1)	$	20,885	$	19,652	$	20,378	$	16,598	$	2,913	$	7,060	$	44,176	$	43,310
Capital expenditures	8,240		9,121		5,962		6,606		4,317		4,438		18,519		20,165

(1)The amount presented in 2020 in the Other and unallocated columns represents accelerated depreciation incurred in connection with the restructuring of our metallized operations.

Segments Results of individual operating segments are presented based on our management accounting practices and management structure. There is no comprehensive, authoritative body of guidance for management accounting equivalent to accounting principles generally accepted in the United States of America; therefore, the financial results of individual segments are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the segments. Methodologies are refined from time to time as management accounting practices are enhanced and businesses change. The costs incurred by support areas not directly aligned with the segment are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the table set forth above.

Management evaluates results of operations of the operating segments before certain corporate level costs and the effects of certain gains or losses not considered to be related to the core business operations. Management believes that this is a more meaningful representation of the operating performance of its core businesses, the profitability of the segments and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” In the evaluation of operating segments results, management does not use any measures of total assets. This presentation is aligned with the management and operating structure of our company. It is also on this basis that the Company’s performance is evaluated internally and by the Company’s Board of Directors.