Segment Information

6 Months Ended

Jun. 28, 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 reflect its new organizational structure and business focus. 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 Argentina and Colombia. The Europe and Asia segments remain unchanged. Prior period information has been updated to conform to the current year presentation.

Financial data by segment is as follows:

In thousands	Three Months Ended June 28, 2014			Three Months Ended June 29, 2013			Six Months Ended June 28, 2014			Six Months Ended June 29, 2013
Net sales:
North America	$	195,425		$	136,346		$	388,723		$	272,224
South America	58,842			39,826			96,992			74,789
Europe	139,458			72,938			283,079			151,212
Asia	46,173			42,428			93,688			80,395
Total	$	439,898		$	291,538		$	862,482		$	578,620
Operating income (loss):
North America	$	22,976		$	14,357		$	40,758		$	25,858
South America	3,717			1,627			6,703			3,185
Europe	4,093			3,419			10,325			6,712
Asia	4,707			5,035			8,859			9,589
Unallocated Corporate	(16,838		)	(14,364		)	(30,091		)	(24,055		)
Eliminations	(93		)	(19		)	(130		)	(50		)
Subtotal	18,562			10,055			36,424			21,239
Special charges, net	(24,264		)	(1,750		)	(32,975		)	(3,554		)
Total	$	(5,702	)	$	8,305		$	3,449		$	17,685
Depreciation and amortization expense:
North America	$	9,684		$	6,319		$	19,513		$	12,814
South America	2,819			2,115			4,772			4,285
Europe	7,900			3,004			13,786			6,063
Asia	5,524			4,808			11,096			8,197
Unallocated Corporate	(293		)	421			48			853
Subtotal	25,634			16,667			49,215			32,212
Amortization of loan acquisition costs	1,274			607			2,300			1,214
Total	$	26,908		$	17,274		$	51,515		$	33,426
Capital spending:
North America	$	10,807		$	1,136		$	16,858		$	1,959
South America	1,525			198			3,734			318
Europe	1,512			501			4,021			1,049
Asia	4,884			9,964			7,484			22,523
Corporate	957			384			1,703			651
Total	$	19,685		$	12,183		$	33,800		$	26,500

In thousands	June 28, 2014		December 28, 2013
Division assets:
North America	$	937,919	$	644,913
South America	564,990		135,373
Europe	355,112		351,591
Asia	264,748		265,729
Corporate	79,783		66,914
Total	$	2,202,552	$	1,464,520