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Reportable Segments and Geographic Data | 12 Months Ended
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Dec. 31, 2014
Reportable Segments and Geographic Data [Abstract] |
Reportable Segments and Geographic Data | 4. Reportable Segments and Geographic Data In accordance with applicable disclosure guidance for enterprise segments and related information, the internal organization that is used by management for making operating decisions and assessing performance is used as the basis for our reportable segments. The accounting policies of the segments are the same as those described in Note 1. Corporate expenses include wages and benefits for Corporate headquarters personnel, costs related to information systems development and support, and professional fees related to legal, audit, and other activities. These costs are not allocated to the reportable segments because the decision-making for these functions lies outside of the segments. Machine Clothing: The Machine Clothing segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and several other industrial applications. The Machine Clothing segment also supplies customized, consumable fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries. We sell our Machine Clothing products directly to customer end-users. Our products, manufacturing processes, and distribution channels for Machine Clothing are substantially the same in each region of the world in which we operate. We design, manufacture, and market paper machine clothing for each section of the paper machine and for every grade of paper Paper machine clothing products are customized, consumable products of technologically sophisticated design that utilize polymeric materials in a complex structure. Albany Engineered Composites: The Albany Engineered Composites segment (AEC), including Albany Safran Composites, LLC (ASC), in which our customer SAFRAN Group owns a 10 percent noncontrolling interest, provides highly engineered, advanced composite structures based on proprietary technology to customers in the aerospace and defense industries. AEC's largest program relates to CFM International's LEAP engine, which is scheduled to enter into service in 2016. Under this program, AEC through ASC, is the exclusive supplier of advanced composite fan blades and cases under a long-term supply contract. In 2014, approximately 20 percent of AEC sales were related to U.S. government contracts or programs. The following tables show data by reportable segment, reconciled to consolidated totals included in the financial statements:
(in thousands) | 2014 | 2013 | 2012
Net Sales |  |  |
Machine Clothing | $655,026 | $674,747 | $693,176
Albany Engineered Composites | 90,319 | 82,667 | 67,765
Consolidated total | $745,345 | $757,414 | $760,941
Depreciation and amortization |  |  |
Machine Clothing | 45,066 | 46,521 | 48,052
Albany Engineered Composites | 10,880 | 8,460 | 5,963
Corporate expenses | 8,346 | 8,808 | 9,052
Consolidated total | $64,292 | $63,789 | $63,067
Operating income/(loss) |  |  |
Machine Clothing | 136,450 | 114,370 | 143,358
Albany Engineered Composites | (10,483) | (14,404) | (10,918)
Corporate expenses | (54,607) | (47,875) | (176,576)
Operating income/(loss) before reconciling items | $71,360 | $52,091 | ($44,136)
Reconciling items: |  |  |
Interest income | (1,541) | (1,468) | (1,517)
Interest expense | 12,254 | 15,227 | 18,118
Other expense/(income),net | (6,853) | 7,256 | 7,629
Income/(loss) from continuing operations before income taxes | $67,500 | $31,076 | ($68,366)
The table below presents pension settlement and restructuring costs by reportable segment (also see Note 6):
(in thousands) | 2014 | 2013 | 2012
Pension settlement |  |  |
Corporate expenses | $8,190 | $ - | $119,735
Restructuring expense |  |  |
Machine Clothing | $4,828 | $24,568 | $7,386
Albany Engineered Composites | 931 | 540 | -
Corporate expenses | - | - | (325)
Consolidated total | $5,759 | $25,108 | $7,061
In the measurement of assets utilized by each reportable segment, we include accounts receivable, inventories, net property, plant and equipment, intangibles and goodwill. Excluded from segment assets are cash, tax related assets, prepaid and other current assets, and certain other assets not directly associated with segment operations. The following table presents assets and capital expenditures by reportable segment:
(in thousands) | 2014 | 2013 | 2012
Segment assets |  |  |
Machine Clothing | $565,853 | $624,388 | $660,595
Albany Engineered Composites | 175,338 | 147,104 | 109,717
Reconciling items: |  |  |
Cash | 179,802 | 222,666 | 190,718
Income taxes receivable and deferred | 76,283 | 92,754 | 105,474
Other assets | 32,028 | 39,245 | 51,187
Consolidated total assets | $1,029,304 | $1,126,157 | $1,117,691
Capital expenditures and purchased software |  |  |
Machine Clothing | $23,202 | $22,892 | $16,210
Albany Engineered Composites | 32,141 | 36,928 | 18,979
Corporate expenses | 3,530 | 4,637 | 2,018
Consolidated total | $58,873 | $64,457 | $37,207
The decrease in Other assets from 2012 to 2013 includes $16.6 million of receivables related to the sale of discontinued operations which were received during 2013. The following table shows data by geographic area. Net sales are based on the location of the operation recording the final sale to the customer. Net sales recorded by our entity in Switzerland are derived from products sold throughout Europe and Asia, and are invoiced in various currencies.
(in thousands) | 2014 | 2013 | 2012
Net sales |  |  |
United States | $324,750 | $338,729 | $324,764
Switzerland | 184,022 | 190,035 | 203,478
Brazil | 59,332 | 62,076 | 58,755
China | 52,822 | 43,265 | 39,929
Mexico | 27,431 | 24,938 | 26,117
France | 26,654 | 21,557 | 21,487
Other countries | 70,334 | 76,814 | 86,411
Consolidated total | $745,345 | $757,414 | $760,941
Property, plant and equipment, at cost, net |  |  |
United States | $168,848 | $162,380 | $137,405
China | 93,182 | 103,109 | 114,037
France | 25,091 | 15,893 | 12,296
Korea | 23,473 | 35,542 | 38,266
United Kingdom | 22,222 | 25,246 | 26,269
Canada | 18,236 | 22,434 | 27,396
Other countries | 44,061 | 54,226 | 64,485
Consolidated total | $395,113 | $418,830 | $420,154

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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