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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2017
Segment Reporting [Abstract] |
Segment and Geographic Information |
21. | SEGMENT AND GEOGRAPHIC INFORMATION
The following tables set forth profitability and other information by business unit:
For the year ended December 31, 2017 | Composite |  |  |  | Advanced Airlaid |  |  |  | Specialty |  |  |  | Other and |  |  |  |  |  |
In millions | Fibers |  |  |  | Materials |  |  |  | Papers |  |  |  | Unallocated |  |  |  | Total |
Net sales | $ | 544.3 |  |  |  | $ | 256.1 |  |  |  | $ | 790.9 |  |  |  | $ | — |  |  |  | $ | 1,591.3 |
Energy and related sales, net |  | — |  |  |  |  | — |  |  |  |  | 5.1 |  |  |  |  | — |  |  |  |  | 5.1 |
Total revenue |  | 544.3 |  |  |  |  | 256.1 |  |  |  |  | 796.0 |  |  |  |  | — |  |  |  |  | 1,596.4 |
Cost of products sold |  | 437.6 |  |  |  |  | 216.7 |  |  |  |  | 734.2 |  |  |  |  | 15.4 |  |  |  |  | 1,403.9 |
Gross profit |  | 106.7 |  |  |  |  | 39.4 |  |  |  |  | 61.8 |  |  |  |  | (15.4 | ) |  |  |  | 192.5 |
SG&A |  | 44.4 |  |  |  |  | 9.3 |  |  |  |  | 46.4 |  |  |  |  | 34.3 |  |  |  |  | 134.4 |
Loss on dispositions of plant, equipment and timberlands, net |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Total operating income (loss) |  | 62.3 |  |  |  |  | 30.1 |  |  |  |  | 15.4 |  |  |  |  | (49.7 | ) |  |  |  | 58.1 |
Non-operating expense |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (18.8 | ) |  |  |  | (18.8 | )
Income (loss) before income taxes | $ | 62.3 |  |  |  | $ | 30.1 |  |  |  | $ | 15.4 |  |  |  | $ | (68.5 | ) |  |  | $ | 39.3 |
Supplementary Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plant, equipment and timberlands, net | $ | 254.0 |  |  |  | $ | 235.6 |  |  |  | $ | 360.5 |  |  |  | $ | 15.6 |  |  |  | $ | 865.7 |
Depreciation, depletion and amortization |  | 28.3 |  |  |  |  | 9.6 |  |  |  |  | 30.8 |  |  |  |  | 7.3 |  |  |  |  | 76.0 |
Capital expenditures |  | 15.9 |  |  |  |  | 50.6 |  |  |  |  | 51.5 |  |  |  |  | 14.3 |  |  |  |  | 132.3 |
For the year ended December 31, 2016 | Composite |  |  |  | Advanced Airlaid |  |  |  | Specialty |  |  |  | Other and |  |  |  |  |  |
In millions | Fibers |  |  |  | Materials |  |  |  | Papers |  |  |  | Unallocated |  |  |  | Total |
Net sales | $ | 517.0 |  |  |  | $ | 244.3 |  |  |  | $ | 843.6 |  |  |  | $ | — |  |  |  | $ | 1,604.8 |
Energy and related sales, net |  | — |  |  |  |  | — |  |  |  |  | 6.1 |  |  |  |  | — |  |  |  |  | 6.1 |
Total revenue |  | 517.0 |  |  |  |  | 244.3 |  |  |  |  | 849.7 |  |  |  |  | — |  |  |  |  | 1,610.9 |
Cost of products sold |  | 416.4 |  |  |  |  | 209.5 |  |  |  |  | 752.6 |  |  |  |  | 13.9 |  |  |  |  | 1,392.3 |
Gross profit |  | 100.6 |  |  |  |  | 34.8 |  |  |  |  | 97.1 |  |  |  |  | (13.9 | ) |  |  |  | 218.7 |
SG&A |  | 46.3 |  |  |  |  | 8.4 |  |  |  |  | 55.9 |  |  |  |  | 80.1 |  |  |  |  | 190.7 |
Gains on dispositions of plant, equipment and timberlands, net |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 0.2 |  |  |  |  | 0.2 |
Total operating income (loss) |  | 54.3 |  |  |  |  | 26.4 |  |  |  |  | 41.2 |  |  |  |  | (94.2 | ) |  |  |  | 27.8 |
Non-operating expense |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (16.9 | ) |  |  |  | (16.9 | )
Income (loss) before income taxes | $ | 54.3 |  |  |  | $ | 26.4 |  |  |  | $ | 41.2 |  |  |  | $ | (111.1 | ) |  |  | $ | 10.9 |
Supplementary Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plant, equipment and timberlands, net | $ | 235.1 |  |  |  | $ | 179.3 |  |  |  | $ | 352.9 |  |  |  | $ | 8.6 |  |  |  | $ | 775.9 |
Depreciation, depletion and amortization |  | 27.8 |  |  |  |  | 9.0 |  |  |  |  | 26.3 |  |  |  |  | 2.7 |  |  |  |  | 65.8 |
Capital expenditures |  | 18.8 |  |  |  |  | 36.8 |  |  |  |  | 99.0 |  |  |  |  | 5.6 |  |  |  |  | 160.2 |
For the year ended December 31, 2015 | Composite |  |  |  | Advanced Airlaid |  |  |  | Specialty |  |  |  | Other and |  |  |  |  |  |
In millions | Fibers |  |  |  | Materials |  |  |  | Papers |  |  |  | Unallocated |  |  |  | Total |
Net sales | $ | 541.5 |  |  |  | $ | 244.6 |  |  |  | $ | 875.0 |  |  |  | $ | — |  |  |  | $ | 1,661.1 |
Energy and related sales, net |  | — |  |  |  |  | — |  |  |  |  | 5.7 |  |  |  |  | — |  |  |  |  | 5.7 |
Total revenue |  | 541.5 |  |  |  |  | 244.6 |  |  |  |  | 880.7 |  |  |  |  | — |  |  |  |  | 1,666.8 |
Cost of products sold |  | 434.4 |  |  |  |  | 215.7 |  |  |  |  | 804.5 |  |  |  |  | 9.2 |  |  |  |  | 1,463.8 |
Gross profit |  | 107.1 |  |  |  |  | 28.9 |  |  |  |  | 76.2 |  |  |  |  | (9.2 | ) |  |  |  | 203.0 |
SG&A |  | 45.7 |  |  |  |  | 7.6 |  |  |  |  | 43.3 |  |  |  |  | 31.0 |  |  |  |  | 127.7 |
Gains on dispositions of plant, equipment and timberlands, net |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (21.1 | ) |  |  |  | (21.1 | )
Total operating income (loss) |  | 61.4 |  |  |  |  | 21.3 |  |  |  |  | 32.9 |  |  |  |  | (19.1 | ) |  |  |  | 96.4 |
Non-operating expense |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | (17.8 | ) |  |  |  | (17.8 | )
Income (loss) before income taxes | $ | 61.4 |  |  |  | $ | 21.3 |  |  |  | $ | 32.9 |  |  |  | $ | (36.9 | ) |  |  | $ | 78.6 |
Supplementary Data |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Plant, equipment and timberlands, net | $ | 258.1 |  |  |  | $ | 153.5 |  |  |  | $ | 282.0 |  |  |  | $ | 5.7 |  |  |  | $ | 698.9 |
Depreciation, depletion and amortization |  | 26.2 |  |  |  |  | 8.8 |  |  |  |  | 26.0 |  |  |  |  | 2.2 |  |  |  |  | 63.2 |
Capital expenditures |  | 26.8 |  |  |  |  | 7.8 |  |  |  |  | 63.5 |  |  |  |  | 1.8 |  |  |  |  | 99.9 |
The sum of individual amounts set forth above may not agree to the consolidated financial statements included herein due to rounding. 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. 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 that 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.” In the evaluation of business unit 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. Our Composite Fibers business unit serves customers globally and focuses on higher value-added products in the following markets:
| • | Food & Beverage filtration paper primarily used for single-serve coffee and tea products;
| • | Wallcovering base materials used by the world’s largest wallpaper manufacturers;
| • | Technical Specialties a diverse line of special paper products used in applications such as electrical energy storage, transport and transmission, wipes, and other highly-engineered fiber-based applications;
| • | Composite Laminate paper used in production of decorative laminates, furniture, and flooring applications; and
| • | Metallized products used in labels, packaging liners, gift wrap, and other consumer product applications.
Composite Fibers’ revenue composition by market consisted of the following for the years indicated:
In thousands | 2017 |  |  |  | 2016 |  |  |  | 2015 |
Food & beverage | $ | 268,474 |  |  |  | $ | 258,463 |  |  |  | $ | 274,865 |
Wallcovering |  | 103,011 |  |  |  |  | 90,767 |  |  |  |  | 91,620 |
Technical specialties and other |  | 76,991 |  |  |  |  | 71,558 |  |  |  |  | 71,689 |
Composite laminates |  | 38,696 |  |  |  |  | 35,107 |  |  |  |  | 34,897 |
Metallized |  | 57,088 |  |  |  |  | 61,059 |  |  |  |  | 68,397 |
Total | $ | 544,260 |  |  |  | $ | 516,954 |  |  |  | $ | 541,468 |
The Advanced Airlaid Materials business unit is a leading global supplier of highly absorbent cellulose-based airlaid nonwoven materials primarily used to manufacture consumer products for growing global end-user markets. These products include:
| • | feminine hygiene;
| • | specialty wipes;
| • | adult incontinence;
| • | home care; and
| • | other consumer products.
Advanced Airlaid Materials’ revenue composition by market consisted of the following for the years indicated:
In thousands | 2017 |  |  |  | 2016 |  |  |  | 2015 |
Feminine hygiene | $ | 179,670 |  |  |  | $ | 173,902 |  |  |  | $ | 182,048 |
Specialty wipes |  | 29,519 |  |  |  |  | 25,206 |  |  |  |  | 22,950 |
Adult incontinence |  | 14,425 |  |  |  |  | 12,281 |  |  |  |  | 10,720 |
Home care |  | 13,029 |  |  |  |  | 12,630 |  |  |  |  | 13,345 |
Other |  | 19,458 |  |  |  |  | 20,243 |  |  |  |  | 15,526 |
Total | $ | 256,101 |  |  |  | $ | 244,262 |  |  |  | $ | 244,589 |
Our Specialty Papers business unit focuses on producing papers for the following markets:
| • | Carbonless & non-carbonless forms papers for credit card receipts, multi-part forms, security papers and other end-user applications;
| • | Engineered products for high speed ink jet printing, office specialty products, greeting cards, and other niche specialty applications;
| • | Envelope and converting papers primarily utilized for transactional and direct mail envelopes; and
| • | Book publishing papers for the production of high quality hardbound books and other book publishing needs.
Specialty Papers’ revenue composition by market consisted of the following for the years indicated:
In thousands | 2017 |  |  |  | 2016 |  |  |  | 2015 |
Carbonless & forms | $ | 292,071 |  |  |  | $ | 319,648 |  |  |  | $ | 349,831 |
Engineered products |  | 189,930 |  |  |  |  | 189,463 |  |  |  |  | 190,943 |
Envelope & converting |  | 154,291 |  |  |  |  | 173,362 |  |  |  |  | 178,067 |
Book publishing |  | 152,576 |  |  |  |  | 157,541 |  |  |  |  | 152,647 |
Other |  | 2,067 |  |  |  |  | 3,568 |  |  |  |  | 3,538 |
Total | $ | 790,935 |  |  |  | $ | 843,582 |  |  |  | $ | 875,026 |
No individual customer accounted for more than 10% of our consolidated net sales in 2017, 2016 and 2015. However, one customer accounted for the majority of Advanced Airlaid Materials’ net sales in each of the past three years ended December 31, 2017. Our net sales to external customers and location of net plant, equipment and timberlands are summarized below. Net sales are attributed to countries based upon origin of shipment.
| 2017 |  |  | 2016 |  |  | 2015 |
In thousands | Net sales |  |  | Plant, Equipment and Timberlands – Net |  |  | Net sales |  |  | Plant, Equipment and Timberlands – Net |  |  | Net sales |  |  | Plant, Equipment and Timberlands – Net |
United States | $ | 880,708 |  |  | $ | 456,223 |  |  | $ | 918,567 |  |  | $ | 391,977 |  |  | $ | 959,730 |  |  | $ | 287,447 |
Germany |  | 450,668 |  |  |  | 240,932 |  |  |  | 427,520 |  |  |  | 220,380 |  |  |  | 444,009 |  |  |  | 232,340 |
United Kingdom |  | 76,594 |  |  |  | 55,495 |  |  |  | 78,759 |  |  |  | 51,903 |  |  |  | 86,442 |  |  |  | 62,931 |
Canada |  | 120,434 |  |  |  | 78,220 |  |  |  | 115,902 |  |  |  | 79,727 |  |  |  | 118,568 |  |  |  | 81,201 |
Other |  | 62,893 |  |  |  | 34,873 |  |  |  | 64,049 |  |  |  | 31,911 |  |  |  | 52,335 |  |  |  | 34,945 |
Total | $ | 1,591,297 |  |  | $ | 865,743 |  |  | $ | 1,604,797 |  |  | $ | 775,898 |  |  | $ | 1,661,084 |  |  | $ | 698,864 |

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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 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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