Segment Information
The Company has two 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 higher-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.
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 segment were (in millions):
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| Years Ended December 31, |
| 2025 | | | | 2024 | | | | 2023 |
| Net sales | | | | | | | | | | | |
| FAM | $ | 767.5 | | | | | $ | 766.5 | | | | | $ | 810.0 | | | |
| SAS | 1,219.5 | | | | | 1,214.6 | | | | | 1,216.0 | | | |
| Consolidated | $ | 1,987.0 | | | | | $ | 1,981.1 | | | | | $ | 2,026.0 | | | |
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| Cost of products sold | | | | | | | | | | | |
| FAM | $ | 604.2 | | | | | $ | 592.3 | | | | | $ | 613.3 | | | |
| SAS | 1,019.9 | | | | | 1,024.7 | | | | | 1,056.9 | | | |
| Consolidated | $ | 1,624.1 | | | | | $ | 1,617.0 | | | | | $ | 1,670.2 | | | |
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Total nonmanufacturing expense | | | | | | | | | | | |
| FAM | $ | 94.4 | | | | | $ | 98.6 | | | | | $ | 94.6 | | | |
| SAS | 112.3 | | | | | 115.5 | | | | | 115.1 | | | |
| Total segments | 206.7 | | | | | 214.1 | | | | | 209.7 | | | |
| Unallocated | 108.8 | | | | | 105.6 | | | | | 136.4 | | | |
| Consolidated | $ | 315.5 | | | | | $ | 319.7 | | | | | $ | 346.1 | | | |
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| Years Ended December 31, |
| 2025 | | | | 2024 | | | | 2023 |
| Restructuring and impairment | | | | | | | | | | | |
| FAM | $ | 428.7 | | | | | $ | 5.6 | | | | | $ | 2.8 | | | |
| SAS | 1.7 | | | | | 29.1 | | | | | 420.3 | | | |
| Total segments | 430.4 | | | | | 34.7 | | | | | 423.1 | | | |
| Unallocated | 1.4 | | | | | 3.4 | | | | | 0.5 | | | |
| Consolidated | $ | 431.8 | | | | | $ | 38.1 | | | | | $ | 423.6 | | | |
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| Operating profit (loss) | | | | | | | | | | | |
| FAM | $ | (359.8) | | | | | $ | 70.0 | | | | | $ | 99.3 | | | |
| SAS | 85.6 | | | | | 45.4 | | | | | (376.3) | | | |
| Total segments | (274.2) | | | | | 115.4 | | | | | (277.0) | | | |
| Unallocated | (110.2) | | | | | (109.1) | | | | | (136.9) | | | |
| Consolidated | $ | (384.4) | | | | | $ | 6.3 | | | | | $ | (413.9) | | | |
Capital spending and depreciation by segments were (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Capital Spending | | Depreciation |
| Years Ended December 31, | | Years Ended December 31, |
| 2025 | | 2024 | | 2023 | | 2025 | | 2024 | | 2023 |
| FAM | $ | 13.8 | | | $ | 24.0 | | | $ | 29.7 | | | $ | 25.8 | | | $ | 24.9 | | | $ | 25.3 | |
| SAS | 26.0 | | | 30.0 | | | 33.1 | | | 47.9 | | | 51.4 | | | 54.3 | |
| Total segments | 39.8 | | | 54.0 | | | 62.8 | | | 73.7 | | | 76.3 | | | 79.6 | |
| Unallocated | 0.2 | | | 1.0 | | | 3.2 | | | 1.2 | | | 1.4 | | | 2.1 | |
| Consolidated | $ | 40.0 | | | $ | 55.0 | | | $ | 66.0 | | | $ | 74.9 | | | $ | 77.7 | | | $ | 81.7 | |
Information about Geographic Areas
Long-lived assets by geographic area were as follows (in millions):
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| December 31, |
| 2025 | | 2024 |
| U.S. | $ | 311.7 | | | $ | 340.5 | |
| France | 29.4 | | | 28.1 | |
| Germany | 172.9 | | | 161.4 | |
| U.K. | 57.8 | | | 56.1 | |
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| Other foreign countries | 58.4 | | | 58.0 | |
| Consolidated | $ | 630.2 | | | $ | 644.1 | |