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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number 000-23486
 https://cdn.kscope.io/cf7ae0b974dd15365e6348146700b5aa-nnbr-20210930_g1.jpg
NN, Inc.
(Exact name of registrant as specified in its charter)
Delaware 62-1096725
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification Number)
6210 Ardrey Kell Road, Suite 600
Charlotte, North Carolina 28277
(Address of principal executive offices, including zip code)
(980) 264-4300
(Registrant’s telephone number, including area code) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common Stock, par value $0.01 per shareNNBRThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer ☐ Smaller reporting company
 Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of November 1, 2021, there were 43,033,548 shares of the registrant’s common stock, par value $0.01 per share, outstanding.


Table of Contents
NN, Inc.
INDEX
 
Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
PART I. FINANCIAL INFORMATION 
Item 1.Financial Statements
NN, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(Unaudited)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except per share data)2021202020212020
Net sales$117,244 $113,761 $367,205 $308,506 
Cost of sales (exclusive of depreciation and amortization shown separately below)98,642 90,076 298,127 249,612 
Selling, general, and administrative expense12,181 13,745 40,341 44,178 
Depreciation and amortization11,605 11,435 34,860 34,119 
Goodwill impairment   92,942 
Other operating expense (income), net(572)(39)(901)4,138 
Loss from operations(4,612)(1,456)(5,222)(116,483)
Interest expense3,578 6,873 9,175 17,036 
Loss on extinguishment of debt and write-off of debt issuance costs 144 2,390 144 
Derivative payments on interest rate swap  1,717  
Loss on interest rate swap  2,033  
Other expense (income), net(4,346)(262)(2,788)67 
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture(3,844)(8,211)(17,749)(133,730)
Benefit (provision) for income taxes(375)8,715 612 7,935 
Share of net income from joint venture842 1,136 3,456 1,792 
Income (loss) from continuing operations(3,377)1,640 (13,681)(124,003)
Income (loss) from discontinued operations, net of tax (Note 2) 20,330  (123,966)
Net income (loss)$(3,377)$21,970 $(13,681)$(247,969)
Other comprehensive income (loss):
Foreign currency translation gain (loss)$(2,612)$6,712 $(1,550)$(6,636)
Interest rate swap:
Change in fair value, net of tax(176)21 (176)(12,443)
Reclassification adjustment for losses included in net income (loss), net of tax22 3,148 2,873 6,838 
Other comprehensive income (loss)$(2,766)$9,881 $1,147 $(12,241)
Comprehensive income (loss)$(6,143)$31,851 $(12,534)$(260,210)
Basic net income (loss) per common share:
Income (loss) from continuing operations per common share$(0.13)$(0.04)$(0.75)$(3.16)
Income (loss) from discontinued operations per common share 0.49  (2.94)
Net income (loss) per common share$(0.13)$0.45 $(0.75)$(6.10)
Weighted average common shares outstanding44,455 42,202 43,862 42,170 
Diluted net income (loss) per common share:
Income (loss) from continuing operations per common share$(0.13)$(0.04)$(0.75)$(3.16)
Income (loss) from discontinued operations per common share 0.49  (2.94)
Net income (loss) per common share$(0.13)$0.45 $(0.75)$(6.10)
Weighted average common shares outstanding44,455 42,202 43,862 42,170 
See notes to condensed consolidated financial statements (unaudited).
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NN, Inc.
Condensed Consolidated Balance Sheets
(Unaudited) 
(in thousands, except per share data)September 30, 2021December 31, 2020
Assets
Current assets:
Cash and cash equivalents$24,611 $48,138 
Accounts receivable, net83,990 84,615 
Inventories75,321 62,517 
Income tax receivable11,742 8,800 
Other current assets11,837 11,148 
Total current assets207,501 215,218 
Property, plant and equipment, net212,468 223,690 
Operating lease right-of-use assets47,449 50,264 
Intangible assets, net92,305 103,065 
Investment in joint venture30,799 26,983 
Deferred tax assets131  
Other non-current assets4,053 5,742 
Total assets$594,706 $624,962 
Liabilities, Preferred Stock, and Stockholders’ Equity
Current liabilities:
Accounts payable$44,033 $37,435 
Accrued salaries, wages and benefits18,858 21,296 
Income tax payable1,339 3,557 
Current maturities of long-term debt3,355 4,885 
Current portion of operating lease liabilities5,505 4,797 
Other current liabilities11,983 31,261 
Total current liabilities85,073 103,231 
Deferred tax liabilities8,344 11,178 
Long-term debt, net of current portion151,323 79,025 
Operating lease liabilities, net of current portion52,417 55,053 
Other non-current liabilities21,337 17,237 
Total liabilities318,494 265,724 
Commitments and contingencies (Note 11)
Series D perpetual preferred stock - $0.01 par value per share, 65 shares authorized, issued and outstanding at September 30, 2021
51,383  
Series B convertible preferred stock - $0.01 par value per share, 100 shares authorized, issued and outstanding at December 31, 2020
 105,086 
Stockholders' equity:
Common stock - $0.01 par value per share, 90,000 shares authorized, 42,686 and 43,034 shares issued and outstanding at December 31, 2020 and September 30, 2021, respectively
430 427 
Additional paid-in capital476,540 493,332 
Accumulated deficit(219,556)(205,875)
Accumulated other comprehensive loss(32,585)(33,732)
Total stockholders’ equity224,829 254,152 
Total liabilities, preferred stock, and stockholders’ equity$594,706 $624,962 
See notes to condensed consolidated financial statements (unaudited).
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NN, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Three Months Ended September 30, 2021 and 2020
(Unaudited)
 
Common StockAccumulated deficitAccumulated other comprehensive income (loss)
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
Total
Balance, June 30, 202143,034 $430 $477,923 $(216,179)$(29,819)$232,355 
Net loss— — — (3,377)— (3,377)
Dividends accrued for preferred stock— — (2,314)— — (2,314)
Share-based compensation expense  931 — — 931 
Change in fair value of interest rate swap, net of tax of $53
— — — — (176)(176)
Reclassification of interest rate swap to net loss, net of tax of $7
— — — — 22 22 
Foreign currency translation loss— — — — (2,612)(2,612)
Balance, September 30, 202143,034 $430 $476,540 $(219,556)$(32,585)$224,829 

Common StockAccumulated deficitAccumulated other comprehensive income (loss)
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
WarrantsTotal
Balance, June 30, 202042,747 $427 $498,294 $1,076 $(375,222)$(66,676)$57,899 
Net income— — — — 21,970 — 21,970 
Dividends accrued for preferred stock— — (3,139)— — — (3,139)
Share-based compensation expense  1,435 — — — 1,435 
Restricted shares forgiven for taxes(8)— (46)— — — (46)
Change in estimate of share-based award vesting— — (577)— — — (577)
Reclassification of warrants to liabilities— — — (1,076)— — (1,076)
Change in fair value of interest rate swap, net of tax of $6
— — — — — 21 21 
Reclassification of interest rate swap settlement to net income, net of tax of $952
— — — — — 3,148 3,148 
Foreign currency translation gain— — — — — 6,712 6,712 
Balance, September 30, 202042,739 $427 $495,967 $ $(353,252)$(56,795)$86,347 
See notes to condensed consolidated financial statements (unaudited).

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NN, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
Nine Months Ended September 30, 2021 and 2020
(Unaudited)
 
Common StockAccumulated deficitAccumulated other comprehensive income (loss)
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
Total
Balance, December 31, 202042,686 $427 $493,332 $(205,875)$(33,732)$254,152 
Net loss— — — (13,681)— (13,681)
Dividends accrued for preferred stock— — (19,054)— — (19,054)
Shares issued for option exercises6  48 — — 48 
Share-based compensation expense394 4 2,913 — — 2,917 
Restricted shares forgiven for taxes(52)(1)(362)— — (363)
Change in estimate of share-based award vesting— — (337)— — (337)
Change in fair value of interest rate swap, net of tax of $53
— — — — (176)(176)
Reclassification of interest rate swap to net loss, net of tax of $868
— — — — 2,873 2,873 
Foreign currency translation loss— — — — (1,550)(1,550)
Balance, September 30, 202143,034 $430 $476,540 $(219,556)$(32,585)$224,829 
Common StockAccumulated deficitAccumulated other comprehensive income (loss)
(in thousands)Number
of
shares
Par
value
Additional
paid-in
capital
WarrantsTotal
Balance, December 31, 201942,313 $423 $501,615 $1,076 $(105,283)$(44,554)$353,277 
Net loss— — — — (247,969)— (247,969)
Dividends accrued for preferred stock— — (9,133)— — — (9,133)
Share-based compensation expense442 4 4,138 — — — 4,142 
Restricted shares forgiven for taxes(16) (76)— — — (76)
Change in estimate of share-based award vesting— — (577)— — — (577)
Reclassification of warrants to liabilities— — — (1,076)— — (1,076)
Change in fair value of interest rate swap, net of tax of $3,764
— — — — — (12,443)(12,443)
Reclassification of interest rate swap settlement to net loss, net of tax of $2,068
— — — — — 6,838 6,838 
Foreign currency translation loss— — — — — (6,636)(6,636)
Balance, September 30, 202042,739 $427 $495,967 $ $(353,252)$(56,795)$86,347 
See notes to condensed consolidated financial statements (unaudited).

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NN, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
(in thousands) 20212020
Cash flows from operating activities
Net loss$(13,681)$(247,969)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of continuing operations34,860 34,119 
Depreciation and amortization of discontinued operations 35,731 
Amortization of debt issuance costs and discount1,049 4,981 
Goodwill impairment of continuing operations 92,942 
Goodwill impairment of discontinued operations 146,757 
Loss on extinguishment of debt and write-off of debt issuance costs2,390 1,532 
Total derivative loss, net of cash settlements3,750  
Share of net income from joint venture (3,456)(1,792)
Compensation expense from issuance of share-based awards2,580 3,565 
Deferred income taxes(3,720)(61,889)
Other(1,834)(1,516)
Changes in operating assets and liabilities:
Accounts receivable136 4,894 
Inventories(13,252)4,149 
Accounts payable7,982 (1,702)
Income taxes receivable and payable, net(5,171)(10,753)
Other(5,942)16,295 
Net cash provided by operating activities5,691 19,344 
Cash flows from investing activities
Acquisition of property, plant and equipment(14,556)(20,518)
Proceeds from sale of property, plant, and equipment1,177 3,153 
Cash paid for post-closing adjustments on sale of business(3,880) 
Cash settlements of interest rate swap(15,420) 
Net cash used in investing activities(32,679)(17,365)
Cash flows from financing activities
Cash paid for debt issuance costs(7,360)(661)
Proceeds from issuance of preferred stock61,793  
Redemption of preferred stock(122,434) 
Proceeds from long-term debt166,000 64,716 
Repayments of long-term debt(88,058)(17,123)
Repayments of short-term debt, net(1,563)(849)
Other(3,859)(2,142)
Net cash provided by financing activities4,519 43,941 
Effect of exchange rate changes on cash flows(1,058)(5,506)
Net change in cash and cash equivalents(23,527)40,414 
Cash and cash equivalents at beginning of period (1)48,138 31,703 
Cash and cash equivalents at end of period (1)$24,611 $72,117 
_______________________________
(1) Cash and cash equivalents include $16.0 million and $13.8 million of cash and cash equivalents that were included in current assets of discontinued operations as of September 30, 2020, and December 31, 2019, respectively.

See notes to condensed consolidated financial statements (unaudited).
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NN, Inc.
Notes to Condensed Consolidated Financial Statements
September 30, 2021
(Unaudited)
Note 1. Interim Financial Statements
Nature of Business
NN, Inc. is a global diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies primarily for the automotive, general industrial, electrical, aerospace, defense, and medical markets. As used in this Quarterly Report on Form 10-Q (this “Quarterly Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries.
Basis of Presentation
The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2020, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2021. Historical periods presented reflect reclassifications for discontinued operations (see Note 2). In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three and nine months ended September 30, 2021 and 2020; financial position as of September 30, 2021, and December 31, 2020; and cash flows for the nine months ended September 30, 2021 and 2020, on a basis consistent with our audited consolidated financial statements other than the adoption of new accounting standards (see Accounting Standards Recently Adopted section below). These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods.
Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the interim financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2020 Annual Report. The results for the three and nine months ended September 30, 2021, are not necessarily indicative of results for the year ending December 31, 2021, or any other future periods.
Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands.
Accounting Standards Recently Adopted
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) as part of its initiative to reduce complexity in accounting standards. ASU 2019-12 removes certain exceptions and provides simplification to specific tax items to improve consistent application. This standard was effective for us beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and related disclosures.
Accounting Standards Not Yet Adopted
In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, (“ASU 2020-06”) which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. We plan to adopt ASU 2020-06 effective January 1, 2022 using the modified retrospective adoption method. We do not anticipate that the adoption will have a material impact on our consolidated financial statements and related disclosures.
In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, (“ASU 2021-04”) which clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. Specifically,
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ASU 2021-04 requires the issuer to treat a modification of an equity-classified warrant as an exchange of the original warrant. The difference between the fair value of the modified warrant and the fair value of the warrant immediately before modification is then recognized as an issuance cost or discount of the related transaction. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted. ASU 2021-04 should be applied prospectively to modifications or exchanges occurring after the effective date. Either the full or modified retrospective adoption method is allowed. We do not have any equity-classified written call options that would be subject to this guidance. Therefore, we do not expect any impact on our consolidated financial statements and related disclosures.

Note 2. Discontinued Operations
In October 2020, we closed on the sale of our Life Sciences business under the terms of a Stock Purchase Agreement (the “SPA”) with affiliates of American Securities LLC for $753.3 million cash. The SPA includes a potential earnout payment of up to $70.0 million based on the performance of the Life Sciences business during the year ending December 31, 2022, measured by Adjusted EBITDA targets, as defined by the SPA. After working capital and other closing adjustments, we received cash proceeds at closing of $757.2 million in 2020 and paid $3.9 million to the buyer during the nine months ended September 30, 2021, for post-closing adjustments.
Under the terms of a transition services agreement, we provided certain support services after the sale. In accordance with the terms of the SPA, we agreed to indemnify the buyer for certain tax liabilities on its consolidated federal income tax return related to the Life Sciences business during the portion of the year ended December 31, 2020, prior to the change in ownership on October 6, 2020. We estimate that the tax indemnification will result in a payment of approximately $1.2 million to the buyer during the year ending December 31, 2021, and we have recorded this estimated obligation in the “Other current liabilities” line item on the Condensed Consolidated Balance Sheets as of September 30, 2021, and December 31, 2020.
In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the operating results of the Life Sciences business are classified as discontinued operations. The presentation of discontinued operations includes revenues and expenses of the discontinued operations as well as any gain on the disposition of the business, all net of tax, as one line item on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for all historical periods presented have been revised to reflect this presentation. Accordingly, the results of the Life Sciences business have been excluded from continuing operations and segment results for all historical periods presented in the condensed consolidated financial statements and the accompanying notes unless otherwise stated. The Condensed Consolidated Statements of Cash Flows for historical periods include cash flows of the Life Sciences business in each line item unless otherwise stated.
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The following table presents the operating results of the discontinued operations.
Three Months Ended
September 30, 2020
Nine Months Ended
September 30, 2020
Net sales$68,525 $223,944 
Cost of sales (exclusive of depreciation and amortization shown separately below)50,444 158,538 
Selling, general, and administrative expense6,164 20,189 
Depreciation and amortization12,030 35,731 
Goodwill impairment 146,757 
Other operating expense, net24 20 
Loss from operations(137)(137,291)
Interest expense12,248 37,857 
Loss on extinguishment of debt and write-off of debt issuance costs1,388 1,388 
Other income, net(234)(325)
Loss from discontinued operations before costs of disposal and benefit for income taxes(13,539)(176,211)
Benefit for income taxes39,954 59,598 
Income (loss) from discontinued operations before costs of disposal26,415 (116,613)
Costs of disposal of discontinued operations (1)(6,598)(7,956)
Benefit for income taxes on costs of disposal513 603 
Income (loss) from discontinued operations, net of tax$20,330 $(123,966)
_______________________________
(1)Represents incremental direct costs related to the sale of the Life Sciences business that were incurred prior to the closing of the sale.
During the first quarter of 2020, our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. The decline in market capitalization was a triggering event that caused us to perform a goodwill impairment analysis as of March 31, 2020. The carrying value of the Life Sciences reporting unit exceeded its estimated fair value as of March 31, 2020. As a result of our analysis, we recorded an impairment loss on goodwill of $146.8 million for Life Sciences. The judgments, assumptions, and estimates involved in the goodwill impairment analysis for the Life Sciences reporting unit are consistent with those discussed in Note 5.
Our previous credit facility, which was in place at the time, required us to use proceeds from the sale of the Life Sciences business to prepay a portion of our previous debt. We paid $700.0 million in the aggregate on our term loans immediately after the transaction closed on October 6, 2020. The prepayment was applied to debt in accordance with the prepayment provisions of the previous credit agreement, which was in place at the time. Average quarterly interest rates were multiplied by the required prepayment amounts to calculate interest expense to be reclassified to discontinued operations for historical periods presented. The following table summarizes the amount of interest expense related to the previous credit facility that has been reclassified to discontinued operations.
Three Months Ended
September 30, 2020
Nine Months Ended
September 30, 2020
Interest on debt$11,060 $34,410 
Amortization of debt issuance costs1,215 3,692 
Capitalized interest(114)(519)
Other87 274 
Total interest expense of discontinued operations$12,248 $37,857 

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The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for the historical period presented.
Nine Months Ended
September 30, 2020
Depreciation and amortization$35,731 
Goodwill impairment146,757 
Amortization of debt issuance costs3,692 
Loss on extinguishment of debt and write-off of debt issuance costs1,388 
Acquisition of property, plant and equipment7,626 
Right-of-use assets obtained in exchange for new finance lease liabilities695 
Right-of-use assets obtained in exchange for new operating lease liabilities (1)6,174 
_______________________________
(1) Includes new leases, renewals, and modifications.

Note 3. Segment Information
Our business is aggregated into the following two reportable segments:
Mobile Solutions, which is focused on growth in the automotive and general industrial end markets; and
Power Solutions, which is focused on growth in the electrical, general industrial, automotive, aerospace, defense, and medical end markets.
These divisions are considered our two operating segments as each engages in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance. Historically, we had a third operating segment, Life Sciences, that was focused on growth in the medical end market. See Note 2 for information regarding the sale of the Life Sciences business on October 6, 2020. The results of the Life Sciences business are classified as discontinued operations for the three and nine months ended September 30, 2020, and therefore are not included in the tabular presentation below.
The following tables present results of continuing operations by reportable segment.
Mobile
Solutions
Power
Solutions
Corporate
and
Consolidations
Total
Three Months Ended September 30, 2021
Net sales$68,586 $48,680 $(22)(a)$117,244 
Income (loss) from operations(257)1,252 (5,607)$(4,612)
Interest expense(3,578)
Other4,346 
Loss from continuing operations before income taxes and share of net income from joint venture$(3,844)
Three Months Ended September 30, 2020
Net sales$70,371 $43,415 $(25)(a)$113,761 
Income (loss) from operations4,953 1,143 (7,552)$(1,456)
Interest expense(6,873)
Other118 
Loss from continuing operations before income taxes and share of net income from joint venture$(8,211)

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Mobile
Solutions
Power
Solutions
Corporate
and
Consolidations
Total
Nine Months Ended September 30, 2021
Net sales$220,248 $147,026 $(69)(a)$367,205 
Income (loss) from operations8,342 6,559 (20,123)