SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATIONThe Company is organized based on the nature of its products and is composed of three reportable segments each overseen by a segment manager. These segments are reflective of how the Company's Chief Executive Officer, who is its Chief Operating Decision Maker ("CODM"), reviews operating results for the purpose of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments. As of June 30, 2021, the operating segments were Performance Materials, Technical Nonwovens, and Thermal Acoustical Solutions.

Performance Materials Segment

The Performance Materials segment is a worldwide leader in delivering innovative specialty filtration, sealing, and advanced materials solutions for demanding applications. Specifically, the segment’s offerings include: (1) specialty filtration media solutions for a variety of applications in the global air and liquid filtration market such as personal protective equipment (“PPE”), indoor air quality, life sciences, transportation, and industrial applications; (2) gasket materials and parts for a broad range of applications in the global sealing market for parts in large/heavy duty equipment for commercial, industrial, agriculture, and construction end markets; and (3) advanced materials that include highly engineered insulation solutions for cryogenic storage of liquid hydrogen/nitrogen, energy storage, and advanced composite materials for aerospace and defense applications.

Technical Nonwovens Segment

The Technical Nonwovens segment is a global leader in engineered nonwoven materials for industrial filtration applications and advanced materials products. The primary industrial filtration markets include air pollution and emissions control, power generation, and liquid filtration solutions. Advanced materials products include geotextile felts for separation, reinforcement, filtration, drainage, and protection; thermal and acoustic insulation for transportation and automotive applications; and highly customized and technical solutions for acoustic media, medical, building & construction, and safety apparel. Specifically, the segment’s offerings include needle punched nonwoven and highly engineered felts made from a variety of synthetic fibers. Automotive media is provided to Tier 1 and Tier 2 suppliers as well as the Company's Thermal Acoustical Solutions segment.

Thermal Acoustical Solutions Segment

The Thermal Acoustical Solutions segment designs, manufactures, and distributes a full range of innovative engineered products tailored for the transportation and industrial sectors. These products shield sensitive components from high temperature environments, assist in the reduction of harmful emissions and reduce noise and vibration. Within the transportation sector, the Company's products are found in the interior, underbody, and underhood of cars, trucks, SUVs, heavy duty trucks, and recreational vehicles.

Segment Results

Net sales by business segment is as follows:

	For the Three Months Ended				For the Six Months Ended
In thousands	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Performance Materials Segment (1),(2):
Filtration Products	$	34,066	$	29,636	$	68,412	$	55,523
Sealing and Advanced Solutions Products	43,120		28,837		88,107		68,170
Performance Materials Segment net sales	77,186		58,473		156,519		123,693
Technical Nonwovens Segment:
Industrial Filtration Products	35,411		29,413		71,812		60,782
Advanced Materials Products (2)	37,068		22,594		62,342		48,628
Technical Nonwovens Segment net sales	72,479		52,007		134,154		109,410
Thermal Acoustical Solutions Segment:
Parts	71,222		32,448		157,716		109,769
Tooling	5,636		5,000		10,186		11,440
Thermal Acoustical Solutions Segment net sales	76,858		37,448		167,902		121,209
Eliminations and Other (2)	(4,779)		(1,768)		(9,732)		(7,625)
Consolidated Net Sales	$	221,744	$	146,160	$	448,843	$	346,687

Operating income (loss) by business segment is as follows:

	For the Three Months Ended				For the Six Months Ended
In thousands	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Performance Materials (1),(3)	$	14,853	$	5,443	$	30,149	$	(51,498)
Technical Nonwovens (4)	8,765		6,684		13,869		10,497
Thermal Acoustical Solutions	(1,500)		(6,285)		174		(657)
Corporate Office Expenses	(12,704)		(7,588)		(22,639)		(15,656)
Consolidated Operating Income (Loss)	$	9,414	$	(1,746)	$	21,553	$	(57,314)

(1)For the six-month period ended June 30, 2021, the Performance Materials segment includes the results of the German facility that the Company sold on March 11, 2021.

(2)Included in the Performance Materials segment, Technical Nonwovens segment, and Eliminations and Other is the following:

•Performance Materials segment intercompany sales to the Thermal Acoustical Solutions segment were as follows:

◦$1.0 million and $0.3 million for the three-month periods ended June 30, 2021 and 2020, respectively.

◦$2.1 million and $1.2 million for the six-month periods ended June 30, 2021 and 2020, respectively.

•Technical Nonwovens segment intercompany sales to the Thermal Acoustical Solutions segment were as follows:

◦$3.6 million and $1.4 million for the three-month periods ended June 30, 2021 and 2020, respectively.

◦$7.5 million and $6.4 million for the six-month periods ended June 30, 2021 and 2020, respectively.

(3)Included in the operating results within the Performance Materials segment are the following:

•Impairment charges of $61.1 million related to goodwill and other long-lived assets for the six-month period ended June 30, 2020.

•Intangible asset amortization as follows:

◦$3.0 million and $4.0 million for the three-month periods ended June 30, 2021 and 2020, respectively.

◦$6.1 million and $7.9 million for the six-month periods ended June 30, 2021 and 2020, respectively.

(4)Included in the Technical Nonwovens segment is intangible assets amortization as follows:

•$1.1 million and $1.2 million for the three-month periods ended June 30, 2021 and 2020, respectively.

•$2.1 million and $2.3 million for the six-month periods ended June 30, 2021 and 2020, respectively.