Financial Analysis

Commitments and Contingencies Other Commitments As of December 31, 2025, we had contractual obligations to purchase products and services (primarily raw materials), capital projects, and energy totaling $105.1 million. These commitments extend beyond 2029. The Company has $8.8 million of other letters of credit, guarantees and surety bonds outstanding at December 31, 2025. In connection with the EP Divestiture, we undertook to indemnify and hold Evergreen Hill Enterprise harmless from claims and liabilities related to the EP business that were identified as excluded or specified liabilities in the related agreements up to an amount not to exceed $10 million. As of December 31, 2025, there were no material claims pending under this indemnification. Litigation We are involved in various legal proceedings from time to time, including relating to contracts, commercial disputes, taxes, environmental issues, employment and workers' compensation claims, product liability and other matters. We periodically review the status of these proceedings with both inside and outside counsel. We believe that the ultimate disposition of these matters will not have a material effect on the results of operations in a given quarter or year. Environmental Matters The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to va …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Total debt, net of debt issuance costs, is summarized in the following table (in millions): December 31, 2025 2024 Revolving facility - U.S. dollar borrowings $ 160.0 $ 237.0 Term loan A facility 83.3 83.3 Term loan B facility 116.5 116.5 Delayed draw term loan 270.1 270.1 8.000% Senior unsecured notes due October 1, 2029 400.0 400.0 German loan agreement 3.7 5.9 Debt issuance costs (15.4) (23.5) Total debt 1,018.2 1,089.3 Less: Current debt (2.9) (2.6) Long-term debt $ 1,015.3 $ 1,086.7 On September 25, 2018, the Company entered into a $700.0 million credit agreement (the Credit Agreement), which replaced the Companys previous senior secured credit facilities and provides for a five-year $500.0 million revolving line of credit (the Revolving Credit Facility) and a seven-year $200.0 million bank term loan facility (the Term Loan A Facility). Subject to certain conditions, the Company may request incremental loans to be extended under the Revolving Credit Facility or as additional Term Loan Facilities so long as the Company is in pro forma compliance with the required financial covenants and the aggregate of such increases does not exceed $400.0 million. On February 10, 2021, we amended the Credit Agreement to, among other things, add a new seven-year $350.0 million Term Loan B Facility (the Term Loan B Facility) and to decrease the incremental loans that may be extended at the Companys request to $250.0 million. Further amendments effective February 22, 2022 adjusted th …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Net sales are attributed to the following geographic locations of the Companys direct customers (in millions): Years Ended December 31, 2025 2024 2023 FAM SAS Total FAM SAS Total FAM SAS Total United States $ 417.2 $ 698.9 $ 1,116.1 $ 414.3 $ 683.2 $ 1,097.5 $ 456.9 $ 644.0 $ 1,100.9 Europe 188.4 341.7 530.1 194.1 323.9 518.0 196.3 350.1 546.4 Asia/Pacific 115.3 75.9 191.2 119.1 90.9 210.0 119.4 87.3 206.7 Americas (excluding U.S.) 26.3 71.2 97.5 23.0 83.5 106.5 23.2 102.3 125.5 Other foreign countries 20.3 31.8 52.1 16.0 33.1 49.1 14.2 32.3 46.5 Net sales $ 767.5 $ 1,219.5 $ 1,987.0 $ 766.5 $ 1,214.6 $ 1,981.1 $ 810.0 $ 1,216.0 $ 2,026.0 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Income Taxes For financial reporting purposes, loss before income taxes includes the following components (in millions): Years Ended December 31, 2025 2024 2023 U.S. $ (349.1) $ (92.8) $ (256.9) Foreign (113.9) 13.9 (224.0) Total $ (463.0) $ (78.9) $ (480.9) An analysis of the expense (benefit) for income taxes from continuing operations follows (in millions): Years Ended December 31, 2025 2024 2023 Current income taxes: U.S. federal $ (2.2) $ 0.8 $ (13.5) U.S. state 0.9 (2.1) (2.3) Foreign 5.8 7.0 18.8 4.5 5.7 3.0 Deferred income taxes: U.S. federal (14.6) (27.9) (5.7) U.S. state (8.9) (0.5) 0.9 Foreign (106.6) (7.5) 28.6 (130.1) (35.9) 23.8 Total $ (125.6) $ (30.2) $ 26.8 A reconciliation of income taxes computed at the U.S. Federal statutory income tax rate to the expense for income taxes for the year ended December 31, 2025 in accordance with ASU 2023-09 was as follows (in millions): Years Ended December 31, 2025 Amount Percent Tax Provision at U.S. Statutory Rate $ (97.2) 21.0 % State and Local Income Taxes, Net of Federal Income Tax Effect (1) (6.2) 1.3 Foreign Tax Effects United Kingdom Changes in valuation allowances (2) 12.0 (2.6) Other 1.1 (0.2) Foreign income tax rate differential (0.7) 0.2 Germany Goodwill impairment 16.1 (3.5) Other (1.4) 0.3 Foreign income tax rate differential (4.4) 1.0 Enacted changes in tax laws or rates (8.3) 1.8 Luxembourg Enacted changes in tax laws or rates 9.8 (2.1) Other (0.2) Foreign income tax rate differential (0.9) 0.2 Changes in v …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company leases certain office space, warehouses, manufacturing facilities, land, and equipment. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; we recognize lease expense for these short-term leases in Selling and general expense in the Consolidated Statements of Income (Loss) on a straight-line basis over the lease term. For leases without lease terms (e.g., month-to-month leases), lease expense is recognized as incurred and no asset or liability is recorded for these leases. The Company accounts for lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) separately from non-lease components (e.g., common-area maintenance costs). Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of lease renewal options is at our sole discretion. Lease assets and liabilities are determined based on the lease term including those periods for which renewal options are considered reasonably certain to be exercised. Certain leases also include options to purchase the leased property, although we are unlikely to do so in most cases. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, mos …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures."" The amendment enhances income tax disclosure requirements, particularly regarding the effective tax rate reconciliation and income taxes paid. The amendments in this ASU became effective for fiscal years beginning after December 15, 2024. The prospective adoption of this standard is reflected in Note 15. Income Taxes. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures."" The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Companys disclosures. In July 2025, the FASB issued ASU 2025-05, ""Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets."" The ASU provide entities with a practical expedie …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

"Postretirement and Other Benefits The Company sponsors a number of different defined contribution retirement plans, alternative retirement plans and/or defined benefit pension plans across its operations. Defined benefit pension plans are sponsored in the United States, France, United Kingdom, Germany, Italy, and Canada and Other Post-Employment Benefits (""OPEB"") benefits related to postretirement healthcare and life insurance are sponsored in the United States, Germany, and Canada. The Company provides benefits under the non-qualified Supplemental Executive Retirement Plan (""SERP"") and Supplemental Retirement Contribution Plan (""SRCP"") plans to the extent necessary to fulfill the intent of its retirement plans without regard to the limitations set by the Internal Revenue Code on qualified retirement benefit plans. North American Pension and Postretirement Healthcare and Life Insurance Benefits The U.S. operations have defined benefit retirement plans that cover certain full-time employees. Retirement benefits are based on either a cash balance benefit formula or a final average pay formula for certain employees who were ""grandfathered"" and retained retirement benefits under the terms of the plan prior to its amendment to include a cash balance benefit formula. Benefits related to the U.S. defined benefit and pension plan are frozen for all employees. During the third quarter of 2025, we purchased an annuity contract which transferred approximately $65.5 million of p …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"Restructuring and Other Impairment Activities In January 2024, we announced an organizational realignment initiative (the ""Plan"") that is expected to streamline organizational size and complexity and leverage business critical resources to enhance customer support and reduce overhead cost. Restructuring and other impairment expenses related to the Plan were comprised primarily of severance charges. Activities associated with a first and second waves of the Plan were completed during 2024 and 2025, respectively, with additional initiatives expected through 2026. Restructuring activities associated with the first and second waves are substantially complete; related additional costs are not expected to be significant. Assets held for sale of $5.0 million were included in Other current assets as of December 31, 2025. Assets held for sale of $10.3 million were included in Other current assets as of December 31, 2024. The following table summarizes total restructuring and other impairment expense (in millions): Year Ended December 31, 2025 2024 2023 Filtration and Advanced Materials (1) Severance and termination benefits $ 3.4 $ 3.8 $ 0.1 Other exit costs 1.5 1.8 2.7 FAM restructuring expense 4.9 5.6 2.8 Sustainable and Adhesive Solutions (2) Severance and termination benefits 1.7 10.6 Other exit costs 0.1 2.3 1.1 SAS restructuring expense 1.8 12.9 1.1 Unallocated Severance and termination benefits 1.4 3.4 Other exit costs 0.1 Unallocated restructuring expense 1.4 3.4 0.1 Total …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

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 Companys 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 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"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 tot …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies 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 Companys manufacturing facilities to the customer. Any freight costs billed to and paid by a customer are included in net sales. Refer to Note 3. Revenue Recognition for additional information. Freight Costs 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. Foreign Currency Translation The income statements of foreign entities are translated into U.S. dollars at average exchange rates prevailing during the periods presented. The balance sheets of these entities are translated at period-end exchange rates, and the differences from historical exchange rates are reflected in a separate component of Accumulated other comprehensive income (loss), net of tax (""AOCI"") in the Consolidated Balance Sheets as unrealized foreign currency translation adjustments. Foreign currency risks arise from transactions and balances denominated in non-local currencies. Gains and losses resulting from remeasurement and settlement of such transactions and balances, net of currency hedge impacts, included in Other expense, net, in the Consolidated Statements of Income (Loss) were losses of $6.0 million, $3.0 million, and $1.7 m …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Other Commitments In connection with the EP Divestiture, we undertook to indemnify and hold Evergreen Hill Enterprise harmless from claims and liabilities related to the EP business that were identified as excluded or specified liabilities in the related agreements up to an amount not to exceed $10 million. As of September 30, 2025, there were no material claims pending under this indemnification. Litigation We are involved in various legal proceedings from time to time, including relating to contracts, commercial disputes, taxes, environmental issues, employment and workers' compensation claims, product liability and other matters. We periodically review the status of these proceedings with both inside and outside counsel. We believe that the ultimate disposition of these matters will not have a material effect on the results of operations in a given quarter or year. Environmental Matters The Company's operations are subject to various nations' federal, state and local laws, regulations and ordinances relating to environmental matters. The nature of the Company's operations exposes it to the risk of claims with respect to various environmental matters, and there can be no assurance that material costs or liabilities will not be incurred in connection with such claims. While the Company has incurred in the past several years, and will continue to incur, capital and operating expenditures in order to comply with environmental laws and regulations, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt Total debt, net of debt issuance costs, is summarized in the following table (in millions): September 30, 2025 December 31, 2024 Revolving facility - U.S. dollar borrowings $ 172.0 $ 237.0 Term loan A facility 83.3 83.3 Term loan B facility 116.5 116.5 Delayed draw term loan 270.1 270.1 8.000% Senior unsecured notes due October 1, 2029 400.0 400.0 German loan agreement 4.4 5.9 Debt issuance costs (17.4) (23.5) Total debt 1,028.9 1,089.3 Less: Current debt (2.9) (2.6) Total long-term debt $ 1,026.0 $ 1,086.7 Credit Facility On September 25, 2018, the Company entered into a $700.0 million credit agreement (the ""Credit Agreement""), which replaced the Companys previous senior secured credit facilities and provides for a five-year $500.0 million revolving line of credit (the ""Revolving Credit Facility"") and a seven-year $200.0 million bank term loan facility (the ""Term Loan A Facility""). Subject to certain conditions, including the absence of a default or event of default under the Credit Agreement, the Company may request incremental loans to be extended under the Revolving Credit Facility or as additional Term Loan Facilities so long as the Company is in pro forma compliance with the financial covenants set forth in the Credit Agreement and the aggregate of such increases does not exceed $400.0 million. On February 10, 2021, the Company amended its Credit Agreement to, among other things, add a new seven-year $350.0 million Term Loan B Facility (the ""Term Loan B Fac …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Net sales are attributed to the following geographic locations of the Companys 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 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 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"Income Taxes For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records a quarterly income tax provision in accordance with ASC 740-270, Accounting for Income Taxes in Interim Periods. These interim estimates are subject to variation due to several factors, including the ability of the Company to accurately forecast pre-tax and taxable income and loss by jurisdiction, changes in laws or regulations, and expenses or losses for which tax benefits are not recognized. Jurisdictions with a projected loss for the year or an actual year-to-date loss where no tax benefit can be recognized are excluded from the estimated annual effective tax rate. The impact of including these jurisdictions on the quarterly effective tax rate calculations could result in a higher or lower effective tax rate during a quarter, based upon the mix and timing of actual earnings versus annual projections. The Company's effective tax rate from continuing operations was 42.9% and 13.3% for the three months ended September 30, 2025 and 2024, respectively. The net change was primarily due to the impact from a one-time tax adjustment and mix of earnings in the current period. The Company's effective tax rate from continuing operations was 3.2% and 20.8% for the nine months ended September 30, 2025 and 2024, respectively. The net change was primarily due to the impact from a $57.0 million increase to our valuation allowance, goodwill …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, ""Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures."" The amendment enhances reportable segment disclosure requirements, primarily regarding significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of other segment items and expanded interim disclosures that align with those required annually, among other provisions. The amendments in this ASU became effective on a retrospective basis for annual periods beginning January 1, 2024, and interim periods within those annual periods beginning January 1, 2025. The adoption of this standard is reflected in Note 14. Segment Information. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures."" The amendment enhances income tax disclosure requirements, particularly regarding the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024. The adoption of this accounting standard will not have an impact on our consolidated financial statements, but this standard will require certain additional disclosures. In November 2024, the FASB issued ASU 2024-03, ""Income Statement - Reporting Comprehensive Incom …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Postretirement and Other Benefits The Company sponsors a number of different defined contribution retirement plans, alternative retirement plans and/or defined benefit pension plans across its operations. Defined benefit pension plans are sponsored in the United States, France, United Kingdom, Germany, Italy, and Canada and OPEB benefits related to post-retirement healthcare and life insurance are sponsored in the United States, Germany, and Canada. As of September 30, 2025, retained contributions of $5.8 million related to our UK Pension scheme are included in the Restricted cash. The use of these funds is limited to obligations associated with the scheme. Pension and Other Benefits The components of net pension cost (benefit) during the three months ended September 30, 2025 and 2024 were as follows (in millions): Pension Benefits Other Post-employment Plans U.S. Non-U.S. U.S. Non-U.S. Three Months Ended September 30, 2025 2024 2025 2024 2025 2024 2025 2024 Service cost $ 0.2 $ 0.4 $ 0.3 $ 0.3 $ $ $ 0.3 $ 0.3 Interest cost 4.1 4.2 2.0 2.3 0.3 0.3 0.1 Expected return on plan assets (4.6) (5.6) (1.3) (1.6) Amortizations and other Settlement loss 3.6 Net pension cost (benefit) $ 3.3 $ (1.0) $ 1.0 $ 1.0 $ 0.3 $ 0.3 $ 0.4 $ 0.3 The components of net pension cost (benefit) during the nine months ended September 30, 2025 and 2024 were as follows (in millions): Pension Benefits Other Post-employment Plans U.S. Non-U.S. U.S. Non-U.S. Nine Months Ended September 30, 2025 2024 2025 202 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"Restructuring and Other Impairment Activities In January 2024, we announced an organizational realignment initiative (the ""Plan"") that is expected to streamline organizational size and complexity and leverage business critical resources to enhance customer support and reduce overhead cost. Restructuring and other impairment expenses related to the Plan were comprised primarily of severance charges. Activities associated with a first wave of the Plan were completed during 2024, with additional initiatives expected through 2026. Restructuring activities associated with the current initiative are substantially complete; additional costs are not expected to be significant. During the third quarter of 2025, we recognized an impairment charge of $4.7 million associated with long-lived assets at one of our North American facilities, which will be closed during the fourth quarter of 2025. Assets held for sale of $5.0 million and $10.3 million were included in Other current assets as of September 30, 2025 and December 31, 2024, respectively. The following table summarizes total restructuring and other impairment expense (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Filtration and Advanced Materials (1) Severance and termination benefits $ 0.7 $ 0.3 $ 2.8 $ 3.8 Other exit costs 0.4 0.4 1.2 1.4 FAM restructuring expense 1.1 0.7 4.0 5.2 Sustainable and Adhesive Solutions (2) Severance and termination benefits 1.0 0.5 1.4 10.6 Other …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

"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 Companys 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 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"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, 2024. 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. Segment Results The CODM primarily evaluates seg …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Subsequent EventsOn November 5, 2025, we entered into an amendment to the Receivables Sales Agreement (the ""Amended Receivables Sales Agreement""). Refer to Note 2. Revenue Recognition for additional information."

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