Segment and Geographic Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment and Geographic Information

SEGMENT AND GEOGRAPHIC INFORMATION

The following table sets forth net sales, profitability and other information by segment:

	Year ended December 31,
In thousands, except per share	2023		2022		2021
Net Sales
Airlaid Material	$	586,480	$	601,514	$	470,250
Composite Fibers	483,517		523,863		556,807
Spunlace	317,916		365,949		57,637
Inter-segment sales elimination	(2,397)		—		—
Total	$	1,385,516	$	1,491,326	$	1,084,694
Operating income (loss)
Airlaid Material	$	43,207	$	54,809	$	42,244
Composite Fibers	21,347		16,923		37,422
Spunlace	(2,068)		(9,289)		(1,338)
Other and unallocated	(59,774)		(226,394)		(49,714)
Total	$	2,712	$	(163,951)	$	28,614
Depreciation and amortization
Airlaid Material	$	30,464	$	30,114	$	28,101
Composite Fibers	15,665		19,632		27,690
Spunlace	13,245		11,850		1,693
Other and unallocated	3,873		5,128		3,937
Total	$	63,247	$	66,724	$	61,421
Capital expenditures
Airlaid Material	$	9,885	$	9,691	$	8,431
Composite Fibers	12,286		15,730		11,912
Spunlace	9,047		6,689		3,810
Other and unallocated	2,552		5,630		5,884
Total	$	33,770	$	37,740	$	30,037
Tons shipped (metric)
Airlaid Material	156,442		164,844		148,134
Composite Fibers	94,742		103,092		132,196
Spunlace	61,618		72,725		12,514
Inter-segment sales elimination	(1,258)		—		—
Total	311,544		340,661		292,844
Plant, equipment and timberlands, net
Airlaid Material	$	335,456	$	347,142	$	371,324
Composite Fibers	146,022		145,959		202,445
Spunlace	160,294		159,648		161,478
Other and unallocated	21,144		23,062		23,565
Total	$	662,916	$	675,811	$	758,812

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 operating 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 operating segments are allocated primarily based on an estimated utilization of support area services.

Management evaluates results of operations of the operating segments before pension expense, 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 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 segment 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.

Our Airlaid Materials segment is a leading global supplier of highly absorbent cellulose-based airlaid nonwoven materials used in the following categories:

•Feminine hygiene and other hygiene applications;

•Specialty wipes;

•Tabletop;

•Adult incontinence;

•Home care;

•Food pads; and

•Other consumer and industrial products.

The Composite Fibers segment serves customers globally and focuses on higher value-added products in the following categories:

•Food & beverage;

•Technical specialties;

•Wallcovering;

•Composite laminates; and

•Metallized products.

The Spunlace segment is a global leading specialist manufacturer of premium quality spunlace nonwovens for critical cleaning, high-performance materials, personal care, hygiene and medical applications. The categories served by Spunlace include:

•Consumer wipes;

•Critical cleaning;

•Health care;

•Hygiene;

•High performance; and

•Beauty care.

Disaggregated net sales by categories and geographic region for the segments is presented in Item 8 Financial Statements and Supplementary Data, Note 8 – “Revenue.”

In 2023, 2022 and 2021, approximately 16%, 15% and 16%, respectively, of our consolidated net sales were from sales to Procter & Gamble Company, a customer in the Airlaid Materials and Spunlace segments.

Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment.

	2023				2022				2021
In thousands	Net sales		Plant, Equipment and Timberlands – Net		Net sales		Plant, Equipment and Timberlands – Net		Net sales		Plant, Equipment and Timberlands – Net
United States	$	497,370	$	304,895	$	508,679	$	317,191	$	255,086	$	326,668
Germany	531,241		197,267		537,363		194,586		513,043		251,375
United Kingdom	79,640		42,198		74,487		43,015		82,144		50,420
Canada	133,793		57,408		146,393		61,516		120,808		65,291
Other	143,472		61,148		224,404		59,503		113,613		65,057
Total	$	1,385,516	$	662,916	$	1,491,326	$	675,811	$	1,084,694	$	758,812