Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company is a leading global innovator and manufacturer of specialty materials, primarily focused on the production of nonwoven products. The Company operates through four operating segments, which represent its four reportable segments: North America, South America, Europe and Asia, 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, Procter & Gamble, which accounts for approximately 12% 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 disaggregated 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 2014 Form 10-K. Intercompany sales between the segments are eliminated.

Financial data by reportable segment is as follows:

In thousands	Three Months Ended March 31, 2015			Three Months Ended March 29, 2014
Net sales:
North America	$	208,322		$	193,298
South America	93,086			38,150
Europe	112,389			143,621
Asia	47,441			47,515
Total	$	461,238		$	422,584
Operating income (loss):
North America	$	29,197		$	17,783
South America	13,674			2,986
Europe	9,755			6,232
Asia	5,283			4,152
Unallocated Corporate	(16,417		)	(13,254		)
Eliminations	360			(37		)
Subtotal	41,852			17,862
Special charges, net	(6,022		)	(8,711		)
Total	$	35,830		$	9,151
Depreciation and amortization expense:
North America	$	12,677		$	9,828
South America	5,845			1,953
Europe	4,000			5,887
Asia	5,521			5,572
Unallocated Corporate	558			340
Subtotal	28,601			23,580
Amortization of loan acquisition costs	1,654			1,026
Total	$	30,255		$	24,606
Capital spending:
North America	$	3,447		$	6,051
South America	802			2,208
Europe	3,107			2,509
Asia	3,468			2,600
Corporate	186			747
Total	$	11,010		$	14,115

In thousands	March 31, 2015		December 31, 2014
Division assets:
North America	$	825,545	$	819,133
South America	463,527		536,140
Europe	266,879		304,879
Asia	263,865		261,172
Corporate	81,945		113,849
Total	$	1,901,761	$	2,035,173

The Company serves customers focused on personal care, infection prevention and high performance solutions, where our products are critical components used in a broad array of consumer and commercial products. Products within each of these three applications are as follows:

• Personal Care - Specialty materials used for hygiene, dryer sheets and personal wipes products

• Infection Prevention - Specialty materials used for healthcare, filtration and disinfectant wipes products

• High Performance Solutions - Specialty materials used for Building & Construction/Geosynthetics & Agriculture, industrial wipes, filtration, and various other applications

Net sales by key application is as follows:

In thousands	Three Months Ended March 31, 2015		Three Months Ended March 29, 2014
Personal Care	$	235,229	$	194,470
Infection Prevention	79,856		80,439
High Performance Solutions	146,153		147,675
Total	$	461,238	$	422,584