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Revenue Recognition | 6 Months Ended
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Jun. 30, 2022
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition The Company has two main sources of revenue: product sales and materials conversion. The Company recognizes product sales revenues when control of a product is transferred to the customer. For the majority of product sales, transfer of control occurs when the products are shipped from one of the Company’s manufacturing facilities to the customer. The cost of delivering finished goods to the Company’s customers is recorded as a component of Cost of products sold. Those costs include the amounts paid to a third party to deliver the finished goods. Any freight costs billed to and paid by a customer are included in net sales. The Company also provides services to customers through the conversion of customer-owned raw materials into processed finished goods. In these transactions, the Company generally recognizes revenue as processing is completed. Revenue is recognized when performance obligations under the terms of a contract with a customer are satisfied, which generally occurs when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Generally, the Company considers collectability of amounts due under a contract to be probable upon inception of a sale based on an evaluation of the credit worthiness of each customer. If collectability is not considered to be probable, the Company defers recognition of revenue on satisfied performance obligations until the uncertainty is resolved. We record estimates for bad debts based on our expectations for the collectability of amounts due from customers, considering historical collection history, expectations for future activity and other discrete events as applicable. Variable consideration, such as discounts or price concessions, is set forth in the terms of the contract at inception and is included in the assessment of the transaction price at the outset of the arrangement. The transaction price is allocated to the individual performance obligations due under the contract based on the relative stand-alone fair value of the performance obligations identified in the contract. The Company typically uses an observable price to determine the stand-alone selling price for separate performance obligations. The Company does not typically include extended payment terms or significant financing components in its contracts with customers. Certain product sales contracts may include cash-based incentives (volume rebates or credits), which are accounted for as variable consideration. We estimate these amounts at least quarterly based on the expected forecast quantities to be provided to customers and reduce revenues recognized accordingly. Incidental items that are immaterial in the context of the contract are recognized as expense in the period incurred. The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling expenses. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. As a practical expedient, the Company treats shipping and handling activities that occur after control of the good transfers as fulfillment activities, and therefore, does not account for shipping and handling costs as a separate performance obligation. Net sales attributed by geographic location based on the location of the Company’s direct customers were as follows (in millions):
| Three Months Ended
| June 30, 2022 |  | June 30, 2021
| AMS |  | EP |  | Total |  | AMS |  | EP |  | Total
United States | $ | 174.6 |  |  | $ | 37.1 |  |  | $ | 211.7 |  |  | $ | 154.1 |  |  | $ | 38.4 |  |  | $ | 192.5 |
Europe and the former Commonwealth of Independent States | 65.4 |  |  | 51.0 |  |  | 116.4 |  |  | 55.8 |  |  | 48.1 |  |  | 103.9 |
Asia/Pacific (including China) | 38.6 |  |  | 26.2 |  |  | 64.8 |  |  | 28.5 |  |  | 23.5 |  |  | 52.0 |
Americas (excluding U.S.) | 3.5 |  |  | 16.9 |  |  | 20.4 |  |  | 9.1 |  |  | 11.1 |  |  | 20.2 |
Other foreign countries | 6.0 |  |  | 7.1 |  |  | 13.1 |  |  | 4.5 |  |  | 4.7 |  |  | 9.2 |
Net sales (1) | $ | 288.1 |  |  | $ | 138.3 |  |  | $ | 426.4 |  |  | $ | 252.0 |  |  | $ | 125.8 |  |  | $ | 377.8 |
(1) Net sales include net hedging gains and losses for the three months ended June 30, 2022 and 2021.
| Six Months Ended
| June 30, 2022 |  | June 30, 2021
| AMS |  | EP |  | Total |  | AMS |  | EP |  | Total
United States | $ | 326.6 |  |  | $ | 75.7 |  |  | $ | 402.3 |  |  | $ | 259.8 |  |  | $ | 75.8 |  |  | $ | 335.6 |
Europe and the former Commonwealth of Independent States | 129.5 |  |  | 102.0 |  |  | 231.5 |  |  | 73.6 |  |  | 97.5 |  |  | 171.1 |
Asia/Pacific (including China) | 74.0 |  |  | 51.1 |  |  | 125.1 |  |  | 60.9 |  |  | 45.7 |  |  | 106.6 |
Americas (excluding U.S.) | 17.7 |  |  | 29.6 |  |  | 47.3 |  |  | 13.5 |  |  | 22.2 |  |  | 35.7 |
Other foreign countries | 13.2 |  |  | 13.8 |  |  | 27.0 |  |  | 7.2 |  |  | 9.8 |  |  | 17.0 |
Net sales (1) | $ | 561.0 |  |  | $ | 272.2 |  |  | $ | 833.2 |  |  | $ | 415.0 |  |  | $ | 251.0 |  |  | $ | 666.0 |
(1) Net sales include net hedging gains and losses for the six months ended June 30, 2022 and 2021. The AMS segment supplies customers serving generally high-growth end-markets, as follows. Healthcare - Sales to the medical market include products used in woundcare, diagnostic test strips, consumer wellness, and hospital-setting products. Industrial - Sales to the industrial end-market include products for high-end coated digital printing, packaging, undersea cable wraps, consumer-oriented specialty tapes and wind-turbine production. Construction - Sales to the construction end-market are comprised mostly of netting products for a range of erosion control and building applications. Transportation - The Company’s primary products are aftermarket automotive paint protection films, in addition to ballistic resistant and security glass used in various transportation modes. Filtration - The Company serves liquid and other filtration markets, producing reverse osmosis and other water filtration products along with media and support materials for air filtration devices. Net sales as a percentage by end market for the AMS business were as follows:
| Three Months Ended |  | Six Months Ended
| June 30, 2022 |  | June 30, 2021 |  | June 30, 2022 |  | June 30, 2021
Healthcare | 24 | % |  | 26 | % |  | 23 | % |  | 21 | %
Industrial | 23 | % |  | 21 | % |  | 24 | % |  | 19 | %
Construction | 21 | % |  | 21 | % |  | 20 | % |  | 21 | %
Transportation | 17 | % |  | 15 | % |  | 17 | % |  | 19 | %
Filtration | 15 | % |  | 17 | % |  | 16 | % |  | 20 | %
Net sales | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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