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Revenue Recognition | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition The Company recognizes revenues when control of a product is transferred to the customer. Control is transferred when the products are shipped from one of the Company’s manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in Net sales. The cost the Company pays to deliver finished goods to our customers is recorded as a component of Cost of products sold. These costs include the amounts paid to a third party to deliver the finished goods. 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 credit losses 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 adjust 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 and general expense. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and 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 are attributed to the following geographic locations of the Company’s direct customers during the three months ended September 30, 2025 and 2024 were as follows (in millions):
| Three Months Ended September 30,
| 2025 |  | 2024
| FAM |  | SAS |  | Total |  | FAM |  | SAS |  | Total
United States | $ | 107.2 |  |  | $ | 184.6 |  |  | $ | 291.8 |  |  | $ | 101.2 |  |  | $ | 178.1 |  |  | $ | 279.3 |
Europe | 49.6 |  |  | 86.8 |  |  | 136.4 |  |  | 46.0 |  |  | 83.4 |  |  | 129.4 |
Asia-Pacific | 28.9 |  |  | 19.8 |  |  | 48.7 |  |  | 32.2 |  |  | 21.1 |  |  | 53.3 |
Americas (excluding U.S.) | 7.3 |  |  | 17.5 |  |  | 24.8 |  |  | 7.0 |  |  | 19.4 |  |  | 26.4 |
Other foreign countries | 5.3 |  |  | 6.7 |  |  | 12.0 |  |  | 3.2 |  |  | 6.9 |  |  | 10.1 |
Net sales | $ | 198.3 |  |  | $ | 315.4 |  |  | $ | 513.7 |  |  | $ | 189.6 |  |  | $ | 308.9 |  |  | $ | 498.5 |
Net sales are attributed to the following geographic locations of the Company’s direct customers during the nine months ended 2025 and 2024 were as follows (in millions):
| Nine Months Ended September 30,
| 2025 |  | 2024
| FAM |  | SAS |  | Total |  | FAM |  | SAS |  | Total
United States | $ | 320.2 |  |  | $ | 541.5 |  |  | $ | 861.7 |  |  | $ | 326.3 |  |  | $ | 515.3 |  |  | $ | 841.6 |
Europe | 145.8 |  |  | 255.8 |  |  | 401.6 |  |  | 150.6 |  |  | 259.5 |  |  | 410.1 |
Asia-Pacific | 87.6 |  |  | 57.4 |  |  | 145.0 |  |  | 96.2 |  |  | 64.7 |  |  | 160.9 |
Americas (excluding U.S.) | 20.9 |  |  | 54.6 |  |  | 75.5 |  |  | 18.1 |  |  | 61.5 |  |  | 79.6 |
Other foreign countries | 15.8 |  |  | 24.3 |  |  | 40.1 |  |  | 7.5 |  |  | 22.8 |  |  | 30.3 |
Net sales | $ | 590.3 |  |  | $ | 933.6 |  |  | $ | 1,523.9 |  |  | $ | 598.7 |  |  | $ | 923.8 |  |  | $ | 1,522.5 |
Net sales as a percentage by product category for the business were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Filtration & netting | 26 | % |  | 25 | % |  | 26 | % |  | 25 | %
Advanced films | 13 | % |  | 13 | % |  | 13 | % |  | 14 | %
Tapes, labels & liners | 29 | % |  | 30 | % |  | 29 | % |  | 30 | %
Paper & packaging | 17 | % |  | 17 | % |  | 17 | % |  | 17 | %
Healthcare & other | 15 | % |  | 15 | % |  | 15 | % |  | 14 | %
Net sales | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
FAM is focused primarily on filtration media and components, advanced films, coating and converting solutions, and extruded mesh products. The FAM segment supplies customers directly, serving a diverse set of generally high-growth end markets. Filtration & netting – includes high efficiency filtration media and components used in transportation applications, water filtration, industrial processes, life science, HVAC, and air pollution control, as well as extruded mesh products used in agriculture, and various packaging applications. Advanced films – includes paint protection films used in the transportation aftermarket channel, optical films for glass and glazing applications, interlayer films and lamination for ballistic resistance, medical films and composites for advanced wound care and consumer products, security glass, high-performance graphic substrates, and emerging smart glass applications. 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. Tapes, labels & liners – includes substrates for tapes used in building & construction, infrastructure, DIY, athletic, and industrial applications, substrates critical to protection and adhesive separation (including release liners and carriers) for applications in the personal care, label, tape, industrial, graphic arts, composites, and medical categories, as well as performance labels, and cable wrapping. Paper & packaging – includes premium printing and other specialty papers and packaging applications used for print collateral, advertising, direct mail, product packaging, graphics, wallpaper, and education, as well as consumer office, stationery and craft papers sold to large retailers, for small business, personal use and educational applications. Healthcare & other – includes advanced wound care, consumer wellness, device fixation, medical packaging, as well as a wide range of other solutions and applications. Transfer of Receivables On December 23, 2022, and further amended on October 20, 2023, the Company entered into an accounts receivables sales agreement (the "Receivables Sales Agreement") to sell certain trade receivables arising from revenue transactions of the Company's U.S. subsidiaries on a revolving basis. The maximum funding commitment of the Receivables Sales Agreement is $175.0 million. The agreement has an initial term of three years. On November 5, 2025, the Company entered into an amendment to the Receivable Sales Agreement to, among other things, (1) extend the term until November 5, 2026, and (2) reduce the maximum funding commitment from $175.0 million to $150.0 million. In connection with the Receivables Sales Agreement, the Company formed a separate bankruptcy-remote special purpose entity ("SPE"), which is a wholly owned and controlled subsidiary. The Company continuously transfers receivables to the SPE and the SPE transfers ownership and control of certain receivables that meet certain qualifying conditions to a third-party financial institution in exchange for cash. Certain receivables are held by the SPE and are pledged to secure the collectability of the sold receivables. The amount of receivables pledged as collateral as of September 30, 2025 and December 31, 2024 was $30.0 million and $28.7 million, respectively. The SPE incurs fees due to the third-party financial institution related to accounts receivable sales transactions. The Company has continuing involvement with the receivables transferred by the SPE to the third-party financial institution by providing collection services. The Company also participates in uncommitted trade accounts receivable sales programs ("Reverse Receivables Programs") under which certain trade receivables are sold, without recourse, to a third-party financial institution in exchange for cash. The Company does not retain any interest in or continuing involvement with the invoices after they are sold. The invoices are sold at face value, less a transaction fee. The Company accounts for transactions under the Receivables Sales Agreement and Reverse Receivables Programs as sales of financial assets, with the associated receivables derecognized from the Company’s unaudited Condensed Consolidated Balance Sheets. Total fees related to the Receivables Sales Agreement and Reverse Receivables Programs are considered to be a loss on the sale of financial assets. Continuous cash activity related to the Receivables Sales Agreement and Reverse Receivables Programs is reflected in cash from operating activities in the unaudited Condensed Consolidated Statements of Cash Flows. The following table summarizes the activity under the Receivables Sales Agreement and Reverse Receivables Programs (in millions):
| Nine Months Ended September 30,
| 2025 |  | 2024
Trade accounts receivable sold to financial institutions | $ | 797.7 |  |  | $ | 778.7 |
Cash proceeds from financial institutions | $ | 797.2 |  |  | $ | 778.1 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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