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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information Effective with the Merger, the Company reassessed its reportable segments and concluded that it had two operating product line segments that are also the reportable segments for financial reporting purposes: Advanced Technical Materials ("ATM") and Fiber-Based Solutions ("FBS"). ATM was comprised of the legacy SWM Advanced Materials & Structures segment and certain legacy Neenah segments allocated to ATM. FBS was comprised of the legacy SWM Engineered Papers segment and the legacy Neenah Fine Paper and Packaging segment. As part of an organizational realignment initiative effective during the first fiscal quarter of 2024, we reorganized into two new reportable segments: (1) Filtration & Advanced Materials ("FAM") and (2) Sustainable & Adhesive Solutions ("SAS"). The FAM segment supplies customers directly, serving a diverse set of generally high-growth end markets. FAM end markets include water and air purification, life sciences, industrial processes, transportation, glass and glazing, packaging, agriculture, building and construction, safety and security. SAS is focused primarily on tapes, labels, liners, specialty paper, packaging and healthcare solutions. The SAS segment supplies customers through distribution and directly, serving growing and mature end markets including building and construction, DIY, product packaging, consumer & commercial papers, personal care, advanced wound care, medical device fixation and medical packaging. The change in reportable segments reflects the realignment of management and the related internal review of our operating segments. The prior period presentation has been recasted to align with our current segment reporting structure. The accounting policies of the reportable segments are the same as those described in Note 2.Summary of Significant Accounting Policies. Our Chief Operating Decision Maker ("CODM") is our President and Chief Executive Officer. The CODM considers operating profit when making resource allocation decisions for each segment. Information about Net Sales and Operating Profit (Loss) The CODM primarily evaluates segment performance and allocates resources based on Operating profit (loss). General corporate expenses that do not directly support the operations of the business segments are unallocated expenses. Assets are managed on a total company basis and are therefore not disclosed at the segment level. Net sales, costs of products sold, nonmanufacturing expense, restructuring and impairment expense, and operating profit (loss) by segments were (in millions):
| Years Ended December 31,
| 2024 |  |  |  | 2023 |  |  |  | 2022
Net sales |  |  |  |  |  |  |  |  |  |  |
FAM | $ | 766.5 |  |  |  |  | $ | 810.0 |  |  |  |  | $ | 776.6 |  |  |
SAS | 1,214.6 |  |  |  |  | 1,216.0 |  |  |  |  | 860.3 |  |  |
Consolidated | $ | 1,981.1 |  |  |  |  | $ | 2,026.0 |  |  |  |  | $ | 1,636.9 |  |  |
Cost of products sold |  |  |  |  |  |  |  |  |  |  |
FAM | $ | 592.3 |  |  |  |  | $ | 613.3 |  |  |  |  | $ | 582.8 |  |  |
SAS | 1,024.7 |  |  |  |  | 1,056.9 |  |  |  |  | 748.1 |  |  |
Consolidated | $ | 1,617.0 |  |  |  |  | $ | 1,670.2 |  |  |  |  | $ | 1,330.9 |  |  |
| Years Ended December 31,
| 2024 |  |  |  | 2023 |  |  |  | 2022
Total nonmanufacturing expense |  |  |  |  |  |  |  |  |  |  |
FAM | $ | 98.6 |  |  |  |  | $ | 94.6 |  |  |  |  | $ | 88.1 |  |  |
SAS | 115.5 |  |  |  |  | 115.1 |  |  |  |  | 86.5 |  |  |
Total segments | 214.1 |  |  |  |  | 209.7 |  |  |  |  | 174.6 |  |  |
Unallocated | 105.6 |  |  |  |  | 136.4 |  |  |  |  | 152.5 |  |  |
Consolidated | $ | 319.7 |  |  |  |  | $ | 346.1 |  |  |  |  | $ | 327.1 |  |  |
Restructuring and impairment |  |  |  |  |  |  |  |  |  |  |
FAM | $ | 5.6 |  |  |  |  | $ | 2.8 |  |  |  |  | $ | 14.8 |  |  |
SAS | 29.1 |  |  |  |  | 420.3 |  |  |  |  | 1.7 |  |  |
Total segments | 34.7 |  |  |  |  | 423.1 |  |  |  |  | 16.5 |  |  |
Unallocated | 3.4 |  |  |  |  | 0.5 |  |  |  |  | 2.6 |  |  |
Consolidated | $ | 38.1 |  |  |  |  | $ | 423.6 |  |  |  |  | $ | 19.1 |  |  |
Operating profit (loss) |  |  |  |  |  |  |  |  |  |  |
FAM | $ | 70.0 |  |  |  |  | $ | 99.3 |  |  |  |  | $ | 90.9 |  |  |
SAS | 45.4 |  |  |  |  | (376.3) |  |  |  |  | 24.0 |  |  |
Total segments | 115.4 |  |  |  |  | (277.0) |  |  |  |  | 114.9 |  |  |
Unallocated | (109.1) |  |  |  |  | (136.9) |  |  |  |  | (155.1) |  |  |
Consolidated | $ | 6.3 |  |  |  |  | $ | (413.9) |  |  |  |  | $ | (40.2) |  |  |
Capital spending and depreciation by segments were (in millions):
| Capital Spending |  | Depreciation
| Years Ended December 31, |  | Years Ended December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
FAM | $ | 24.0 |  |  | $ | 29.7 |  |  | $ | 24.5 |  |  | $ | 24.9 |  |  | $ | 25.3 |  |  | $ | 18.9 |
SAS | 30.0 |  |  | 33.1 |  |  | 20.5 |  |  | 51.4 |  |  | 54.3 |  |  | 32.6 |
Total segments | 54.0 |  |  | 62.8 |  |  | 45.0 |  |  | 76.3 |  |  | 79.6 |  |  | 51.5 |
Unallocated | 1.0 |  |  | 3.2 |  |  | 0.6 |  |  | 1.4 |  |  | 2.1 |  |  | 0.4 |
Consolidated | $ | 55.0 |  |  | $ | 66.0 |  |  | $ | 45.6 |  |  | $ | 77.7 |  |  | $ | 81.7 |  |  | $ | 51.9 |
Information about Geographic Areas Long-lived assets by geographic area were as follows (in millions):
| December 31,
| 2024 |  | 2023
U.S. | $ | 340.5 |  |  | $ | 369.8 |
France | 28.1 |  |  | 32.2 |
Germany | 161.4 |  |  | 174.7 |
U.K. | 56.1 |  |  | 56.6 |
Other foreign countries | 58.0 |  |  | 65.8 |
Consolidated | $ | 644.1 |  |  | $ | 699.1 |

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- Definition The entire disclosure for reporting segments including data and tables. 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