Segment Information

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Segment Information

22. SEGMENT INFORMATION

The following tables set forth financial and other information by segment for the period indicated:

Three months ended June 30									Other and
Dollars in thousands	Composite Fibers				Airlaid Materials				Unallocated						Total
	2021		2020		2021		2020		2021			2020			2021			2020
Net sales	$	141,598	$	122,137	$	103,313	$	94,046	$	—		$	—		$	244,911		$	216,183
Cost of products sold		119,334		100,387		90,138		77,581		(115	)		6,152			209,357			184,120
Gross profit (loss)		22,264		21,750		13,175		16,465		115			(6,152	)		35,554			32,063
SG&A		11,201		10,263		4,744		4,173		13,039			9,115			28,984			23,551
Gains on dispositions of plant,    equipment and timberlands, net		—		—		—		—		(1,553	)		(597	)		(1,553	)		(597	)
Total operating income (loss)		11,063		11,487		8,431		12,292		(11,371	)		(14,670	)		8,123			9,109
Non-operating expense		—		—		—		—		(2,610	)		(8,837	)		(2,610	)		(8,837	)
Income (loss) before income taxes	$	11,063	$	11,487	$	8,431	$	12,292	$	(13,981	)	$	(23,507	)	$	5,513		$	272
Supplementary Data
Net tons sold		34,471		29,032		34,315		33,277		—			—			68,786			62,309
Depreciation, depletion and amortization ($ in thousands) (1)	$	7,000	$	6,431	$	6,767	$	5,473	$	966		$	2,302		$	14,733		$	14,206
Capital expenditures		2,882		2,105		1,297		1,712		1,653			1,180			5,832			4,997

Six months ended June 30									Other and
Dollars in thousands	Composite Fibers				Airlaid Materials				Unallocated						Total
	2021		2020		2021		2020		2021			2020			2021			2020
Net sales	$	282,847	$	254,848	$	187,738	$	192,895	$	—		$	—		$	470,585		$	447,743
Cost of products sold		233,601		207,372		162,723		159,827		(589	)		11,679			395,735			378,878
Gross profit (loss)		49,246		47,476		25,015		33,068		589			(11,679	)		74,850			68,865
SG&A		22,118		20,887		9,387		8,754		20,306			18,431			51,811			48,072
Gains on dispositions of plant,    equipment and timberlands, net		—		—		—		—		(2,403	)		(597	)		(2,403	)		(597	)
Total operating income (loss)		27,128		26,589		15,628		24,314		(17,314	)		(29,513	)		25,442			21,390
Non-operating expense		—		—		—		—		(4,345	)		(11,104	)		(4,345	)		(11,104	)
Income (loss) before income taxes	$	27,128	$	26,589	$	15,628	$	24,314	$	(21,659	)	$	(40,617	)	$	21,097		$	10,286
Supplementary Data
Net tons sold		68,611		65,015		63,179		68,316		—			—			131,790			133,331
Depreciation, depletion and amortization ($ in thousands) (1)	$	13,981	$	12,897	$	12,615	$	10,924	$	1,870		$	5,787		$	28,466		$	29,608
Capital expenditures		5,655		6,061		3,036		3,815		2,520			2,135			11,211			12,011

(1) The amount presented in 2020 in the Other and unallocated columns represents accelerated depreciation incurred in connection with the restructuring of our metallized operations.

Segments  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 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 segment are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the table set forth above.

Management evaluates results of operations of the operating segments before 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 the 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 segments 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.