Segment Information

9 Months Ended

Sep. 27, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company is a leading global, technology-driven developer, producer and marketer of engineered materials, primarily focused on the production of nonwoven products. The Company operates through four reportable segments, with the main source of revenue being the sales of primary and intermediate products to consumer and industrial markets. The Company has one major customer that accounts for over 10% of its business, the loss of which would have a material adverse impact on reported financial results. Sales to this customer are reported within each of the reportable segments.

Segment information is based on the “management” approach which designates the internal reporting used by management for making decisions and assessing performance. The Company manages its business on a geographic basis, as each region provides similar products and services. The reportable segments are consistent with the manner in which financial information is desegregated for internal review and decision making. The accounting policies of the reportable segments are the same as those described in Note 3, “Summary of Significant Accounting Policies” of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company’s 2013 Form 10-K. Intercompany sales between the segments are eliminated.

In light of the recent acquisition of Providência, the Company realigned its reportable segments during the third quarter of 2014 to more closely reflect our corporate and business strategies and to promote additional productivity and growth. Reportable segments are now as follows: North America, South America, Europe and Asia. The operations previously reported in the Oriented Polymers segment are now included within the North America segment, along with the operations in Mexico. The South America segment includes the Providência operations in Brazil in addition to our previously existing operations in Colombia and Argentina. The Europe and Asia segments remain unchanged. Prior year information has been updated to conform to the current year presentation.

Financial data by reportable segment is as follows:

In thousands	Three Months Ended September 27, 2014			Three Months Ended September 28, 2013			Nine Months Ended September 27, 2014			Nine Months Ended September 28, 2013
Net sales:
North America	$	214,490		$	137,230		$	603,214		$	409,454
South America	107,963			38,962			204,954			113,752
Europe	125,958			67,901			409,037			219,113
Asia	49,602			44,886			143,290			125,280
Total	$	498,013		$	288,979		$	1,360,495		$	867,599
Operating income (loss):
North America	$	22,670		$	14,478		$	63,427		$	40,347
South America	(3,454		)	2,144			3,248			5,329
Europe	2,377			2,524			12,703			9,236
Asia	2,068			4,134			10,927			13,723
Unallocated Corporate	(6,652		)	(9,108		)	(36,742		)	(33,164		)
Eliminations	(47		)	(106		)	(177		)	(166		)
Subtotal	16,962			14,066			53,386			35,305
Special charges, net	(14,893		)	(7,093		)	(47,868		)	(10,647		)
Total	$	2,069		$	6,973		$	5,518		$	24,658
Depreciation and amortization expense:
North America	$	16,475		$	6,379		$	35,988		$	19,193
South America	8,295			2,106			13,068			6,391
Europe	7,249			3,089			21,034			9,153
Asia	5,247			5,605			16,343			13,802
Unallocated Corporate	(2,163		)	430			(2,115		)	1,282
Subtotal	35,103			17,609			84,318			49,821
Amortization of loan acquisition costs	1,670			607			3,970			1,821
Total	$	36,773		$	18,216		$	88,288		$	51,642
Capital spending:
North America	$	6,221		$	1,704		$	23,079		$	3,662
South America	3,489			807			7,223			1,126
Europe	4,399			1,877			8,420			2,926
Asia	5,134			3,914			12,618			26,437
Corporate	766			697			2,469			1,348
Total	$	20,009		$	8,999		$	53,809		$	35,499

In thousands	September 27, 2014		December 28, 2013
Division assets:
North America	$	918,441	$	644,913
South America	570,278		135,373
Europe	322,723		351,591
Asia	259,555		265,729
Corporate	56,619		66,914
Total	$	2,127,616	$	1,464,520