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Segment Information
 3 Months Ended
Mar. 31, 2014
Segment Reporting [Abstract]  
Segment Information

17. SEGMENT INFORMATION

The following table sets forth financial and other information by business unit for the period indicated:

 

Three months ended March 31

Dollars in millions

   Composite Fibers     Advanced Airlaid
Materials		     Specialty Papers     Other and
Unallocated		     Total  
    2014     2013     2014     2013     2014     2013     2014     2013     2014     2013  

Net sales

   $ 158.6      $ 111.8      $ 71.3      $ 66.2      $ 225.8      $ 227.1      $ —        $ —        $ 455.7      $ 405.2   

Energy and related sales, net

     —          —          —          —          5.3        1.1        —          —          5.3        1.1   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

     158.6        111.8        71.3        66.2        231.1        228.2        —          —          461.0        406.3   

Cost of products sold

     126.0        90.4        63.1        59.5        215.0        195.5        1.8        3.5        405.9        348.9   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit (loss)

     32.6        21.5        8.2        6.7        16.1        32.7        (1.8 )      (3.5 )      55.0        57.4   

SG&A

     13.3        9.8        2.3        2.2        13.7        14.5        4.3        7.0        33.6        33.5   

Gains on dispositions of plant, equipment and timberlands, net

     —          —          —          —          —          —          (0.8 )      (0.1 )      (0.8 )      (0.1 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating income (loss)

     19.3        11.6        5.9        4.5        2.4        18.3        (5.2 )      (10.5 )      22.3        24.0   

Non-operating expense

     —          —          —          —          —          —          (4.5 )      (3.5 )      (4.5 )      (3.5 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

   $ 19.3      $ 11.6      $ 5.9      $ 4.5      $ 2.4      $ 18.3      $ (9.8 )    $ (13.9 )    $ 17.8      $ 20.5   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Supplementary Data

                    

Net tons sold (thousands)

     40.0        22.5        25.1        23.9        202.2        202.3        —          —          267.3        248.8   

Depreciation, depletion and amortization

   $ 7.6      $ 4.6      $ 2.3      $ 2.2      $ 8.3      $ 8.3      $ 0.5      $ 0.2      $ 18.6      $ 15.4   

Capital expenditures

     6.0        17.5        1.5        2.1        6.2        8.6        0.8        3.2        14.4        31.4   

The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding.

On April 30, 2013, we completed the acquisition of Dresden for $211 million. Dresden’s results are included prospectively from the acquisition date as part of the Composite Fibers business unit. For additional information related to this acquisition, refer to Note 3 – Acquisition.

 

Results of individual business units 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 business units are not necessarily comparable with similar information for any other company. The management accounting process uses assumptions and allocations to measure performance of the business units. 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 business unit are allocated primarily based on an estimated utilization of support area services or are included in “Other and Unallocated” in the Business Unit Performance table.

 

Management evaluates results of operations of the business units before pension expense, certain corporate level costs, and the effects of certain gains or losses not considered to be related to the core business operations. Management believes this is a more meaningful representation of the operating performance of its core businesses, the profitability of business units and the extent of cash flow generated from these core operations. Such amounts are presented under the caption “Other and Unallocated.” This presentation is aligned with the management and operating structure of our company and is the basis on which the Company’s performance is evaluated internally and by the Company’s Board of Directors.