Segment Information

9 Months Ended

Sep. 30, 2022

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,				Nine months ended September 30,
Dollars in thousands	2022		2021		2022		2021
Net Sales
Composite Fibers	$	128,269	$	138,118	$	387,436	$	420,965
Airlaid Material	154,351		141,533		447,523		329,271
Spunlace	89,160		—		282,464		—
Total	$	371,780	$	279,651	$	1,117,423	$	750,236
Operating income (loss)
Composite Fibers	$	6,636	$	5,812	$	12,080	$	32,940
Airlaid Material	16,553		14,742		40,718		30,370
Spunlace	(4,671)		—		(8,051)		—
Other and unallocated	(52,585)		(6,028)		(185,779)		(23,342)
Total	$	(34,067)	$	14,526	$	(141,032)	$	39,968
Depreciation and amortization
Composite Fibers	$	3,961	$	6,904	$	15,276	$	20,885
Airlaid Material	7,400		7,763		22,571		20,378
Spunlace	2,954		—		8,813		—
Other and unallocated	1,231		1,043		3,822		2,913
Total	$	15,546	$	15,710	$	50,482	$	44,176
Capital expenditures
Composite Fibers	$	2,462	$	2,585	$	12,720	$	8,240
Airlaid Material	1,925		2,926		7,457		5,962
Spunlace	1,341		—		5,227		—
Other and unallocated	1,659		1,797		4,680		4,317
Total	$	7,387	$	7,308	$	30,084	$	18,519
Tons shipped (metric)
Composite Fibers	24,958		32,737		77,415		101,348
Airlaid Material	41,925		43,526		125,658		106,705
Spunlace	17,674		—		57,768		—
Total	84,557		76,263		260,841		208,053

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.