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Revenue Recognition | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue RecognitionRevenue 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 collections, 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 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. The remaining performance obligations as of December 31, 2022 are not considered material. Net sales are attributed to the following geographic locations based on the location of the Company’s direct customers (in millions):
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| ATM |  | FBS |  | Total |  | ATM |  | FBS |  | Total |  | ATM |  | FBS |  | Total
United States | $ | 753.8 |  |  | $ | 338.7 |  |  | $ | 1,092.5 |  |  | $ | 562.5 |  |  | $ | 155.8 |  |  | $ | 718.3 |  |  | $ | 376.7 |  |  | $ | 161.9 |  |  | $ | 538.6 |
Europe and the former Commonwealth of Independent States | 368.8 |  |  | 203.4 |  |  | 572.2 |  |  | 193.8 |  |  | 189.5 |  |  | 383.3 |  |  | 47.5 |  |  | 182.2 |  |  | 229.7 |
Asia/Pacific (including China) | 152.3 |  |  | 123.4 |  |  | 275.7 |  |  | 124.9 |  |  | 86.2 |  |  | 211.1 |  |  | 94.6 |  |  | 110.7 |  |  | 205.3 |
Americas (excluding U.S.) | 86.0 |  |  | 77.3 |  |  | 163.3 |  |  | 31.4 |  |  | 46.5 |  |  | 77.9 |  |  | 9.3 |  |  | 43.6 |  |  | 52.9 |
Other foreign countries | 35.3 |  |  | 28.4 |  |  | 63.7 |  |  | 18.1 |  |  | 31.3 |  |  | 49.4 |  |  | 15.4 |  |  | 32.5 |  |  | 47.9 |
Net sales(1) | $ | 1,396.2 |  |  | $ | 771.2 |  |  | $ | 2,167.4 |  |  | $ | 930.7 |  |  | $ | 509.3 |  |  | $ | 1,440.0 |  |  | $ | 543.5 |  |  | $ | 530.9 |  |  | $ | 1,074.4 |
(1) Net sales include net hedging gains and losses for the years ended December 31, 2021 and 2020. ATM is comprised of the legacy SWM Advanced Materials & Structures segment and FBS is comprised of the legacy Engineered Papers segment. As such, there were no changes to the historical results of these segments. Refer to Note 21. Segment Information for additional information on our reporting segments. The ATM segment supplies customers serving generally high-growth end-markets as follows: Industrials – substrates for tape, industrial, construction, infrastructure, performance labels, cable wrapping, abrasives, and other specialty applications. Protective solutions – paint protection films for transportation in aftermarket channel, interlayer lamination for ballistic resistant and security glass, high-performance graphics substrates, and emerging smart glass applications. Filtration – advanced media for transportation applications (such as air intake, cabin air, fuel oil), reverse osmosis water filtration, industrial process air and liquid applications, air purification, and HVAC and life science/personal protective equipment. Healthcare – advanced woundcare, consumer wellness, device fixation, and finger bandages. Release liners – substrates critical to adhesive separation for applications in the personal care, label, tape, industrial, graphic arts, composites, and medical categories. Net sales as a percentage by end-market for the ATM business were as follows:
| Years Ended December 31,
| 2022 |  | 2021
Industrials | 34 | % |  | 34 | %
Protective solutions | 22 | % |  | 29 | %
Filtration | 21 | % |  | 18 | %
Healthcare | 16 | % |  | 19 | %
Release liners | 7 | % |  | — | %
Net sales(1) | 100 | % |  | 100 | %
(1) Net sales includes Neenah effective July 6, 2022 and Scapa Group plc effective April 15, 2021. The FBS segment supplies customers serving generally both growing and mature end-markets as follows: Packaging and specialty papers – sustainable premium packaging solutions, imaging and communication, home & office, consumer goods, and other applications. Engineered papers – combustibles and reduce risk products, primarily for the tobacco industry, alternative fibers lightweight papers, and emerging alternative solutions. Net sales as a percentage by end-market for the FBS business were as follows:
| Years Ended December 31,
| 2022 |  | 2021
Packaging and specialty papers | 32 | % |  | — | %
Engineered papers | 68 | % |  | 100 | %
Net sales(1) | 100 | % |  | 100 | %
(1) Net sales includes Neenah effective July 6, 2022. There were no customers in the ATM segment and in the FBS segment which made up 10% or more of the Company's 2022, 2021 or 2020 consolidated net sales.

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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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