v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has two reportable segments: Filtration & Advanced Materials ("FAM") and Sustainable & Adhesive Solutions ("SAS").

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. 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 accounting policies of the reportable segments are the same as those described in Note 2. Summary of Significant Accounting Policies in the notes to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

Our Chief Operating Decision Maker ("CODM") is our President and Chief Executive Officer. Effective January 1, 2026, Gross Profit has replaced Operating profit as the GAAP performance metric the CODM considers when making resource allocation decisions for each segment.
Segment Results

The CODM primarily evaluates segment performance and allocates resources based on Gross profit. Assets are managed on a company-wide basis and, as such, are not disclosed at the segment level.

Net sales, Costs of products sold, and Gross profit by segments were (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net sales
FAM$201.7 $204.4 $390.0 $392.0 
SAS330.1 321.0 621.4 618.2 
Consolidated$531.8 $525.4 $1,011.4 $1,010.2 
Cost of products sold
FAM$154.1 $155.5 $302.7 $311.0 
SAS264.4 266.2 510.5 522.9 
Consolidated$418.5 $421.7 $813.2 $833.9 
Gross profit
FAM$47.6 $48.9 $87.3 $81.0 
SAS65.7 54.8 110.9 95.3 
Consolidated$113.3 $103.7 $198.2 $176.3 
Depreciation
FAM$6.8 $6.9 $13.5 $13.5 
SAS11.6 12.7 23.2 25.4 
Total segments18.4 19.6 36.7 38.9 
Unallocated0.6 0.7 1.0 1.3 
Consolidated$19.0 $20.3 $37.7 $40.2 
Segment Net sales are attributed to the following geographic locations of the Company’s direct customers during the three months ended June 30, 2026 and 2025 were as follows (in millions):
Three Months Ended June 30,
20262025
FAM
SAS
Total
FAM
SAS
Total
United States$113.6 $201.2 $314.8 $110.4 $184.3 $294.7 
Europe
46.4 82.0 128.4 49.7 89.7 139.4 
Asia-Pacific29.1 22.7 51.8 31.3 17.5 48.8 
Americas (excluding U.S.)7.6 17.0 24.6 7.1 19.8 26.9 
Other foreign countries5.0 7.2 12.2 5.9 9.7 15.6 
Net sales$201.7 $330.1 $531.8 $204.4 $321.0 $525.4 
Segment Net sales are attributed to the following geographic locations of the Company’s direct customers during the six months ended 2026 and 2025 were as follows (in millions):
Six Months Ended June 30,
20262025
FAM
SAS
Total
FAM
SAS
Total
United States$214.1 $362.2 $576.3 $213.0 $356.9 $569.9 
Europe
97.7 167.3 265.0 96.2 169.0 265.2 
Asia-Pacific55.3 43.7 99.0 58.7 37.6 96.3 
Americas (excluding U.S.)13.6 34.0 47.6 13.6 37.1 50.7 
Other foreign countries9.3 14.2 23.5 10.5 17.6 28.1 
Net sales$390.0 $621.4 $1,011.4 $392.0 $618.2 $1,010.2 

Net sales as a percentage by product category for the business were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Filtration & netting
24 %25 %25 %26 %
Advanced films
14 %13 %13 %13 %
Tapes, labels & liners
31 %30 %30 %30 %
Paper & packaging
16 %17 %17 %16 %
Healthcare & other
15 %15 %15 %15 %
   Net sales 100 %100 %100 %100 %
For more information on our Product Categories and the nature, timing and uncertainties associated with revenues and associated cash flows, refer to Note 3. Revenue Recognition of our Form 10-K for the 2025 fiscal year ended December 31, 2025.