XML 37 R22.htm IDEA: XBRL DOCUMENT v3.21.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The 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 March 31, 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 March 31,
In thousands20212020
Performance Materials Segment (1),(2):
Filtration Products$34,346 $25,887 
Sealing and Advanced Solutions Products44,987 39,333 
Performance Materials Segment net sales79,333 65,220 
Technical Nonwovens Segment:
Industrial Filtration Products36,401 31,369 
Advanced Materials Products (2)
25,274 26,034 
Technical Nonwovens Segment net sales61,675 57,403 
Thermal Acoustical Solutions Segment:
Parts86,494 77,321 
Tooling4,550 6,440 
Thermal Acoustical Solutions Segment net sales91,044 83,761 
     Eliminations and Other (2)
(4,953)(5,857)
Consolidated Net Sales $227,099 $200,527 

Operating income (loss) by business segment is as follows:
For the Three Months Ended March 31,
In thousands20212020
Performance Materials (1),(3)
$15,296 $(56,941)
Technical Nonwovens (4)
5,104 3,813 
Thermal Acoustical Solutions1,674 5,628 
Corporate Office Expenses(9,935)(8,068)
Consolidated Operating Income (Loss)$12,139 $(55,568)

(1)The Performance Materials segment includes the results of the facility in German 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:
•Technical Nonwovens segment intercompany sales of $3.9 million and $5.0 million to the Thermal Acoustical Solutions segment for the three-month periods ended March 31, 2021 and 2020, respectively.
•Performance Materials segment intercompany sales of $1.0 million and $0.9 million to the Thermal Acoustical Solutions segment for the three-month periods ended March 31, 2021 and 2020, respectively.
(3)Included in the operating results within the Performance Materials segment are the following:
•$61.1 million of impairment charges related to goodwill and other long-lived assets for the three-month period ended March 31, 2020.
•$3.0 million and $4.0 million of intangible assets amortization for the three-month periods ended March 31, 2021 and 2020, respectively.
(4)Included in the Technical Nonwovens segment is the following:
• $1.1 million and $1.2 million of intangible assets amortization for the three-month periods ended March 31, 2021 and 2020, respectively.