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Segment Information (Notes) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | 14. Segment Information The Company's two reportable segments are Precision Devices and MedTech & Specialty Audio. Information regarding the Company’s reportable segments is as follows:
| Three Months Ended June 30, 2025
(in millions) | Precision Devices |  | MedTech & Specialty Audio |  | Total
Revenues | $ | 78.5 |  |  | $ | 67.4 |  |  | $ | 145.9 |
Adjusted cost of goods sold | 48.1 |  |  | 33.3 |  |  | 81.4 |
Adjusted research and development expenses | 4.0 |  |  | 4.6 |  |  | 8.6 |
Adjusted selling and administrative expenses | 12.3 |  |  | 3.5 |  |  | 15.8 |
Other segment items (1) | 0.2 |  |  | (0.1) |  |  | 0.1 |
Segment adjusted earnings before interest and income taxes | $ | 13.9 |  |  | $ | 26.1 |  |  | $ | 40.0 |
Less: |  |  |  |  |
Corporate expenses |  |  |  |  | 12.3 |
Stock-based compensation expense |  |  |  |  | 6.3 |
Intangibles amortization expense |  |  |  |  | 4.1 |
Impairment charges |  |  |  |  | 3.6 |
Production transfer costs |  |  |  |  | 0.2 |
Acquisition-related costs |  |  |  |  | 0.2 |
Transition services credit |  |  |  |  | (0.5) |
Interest expense, net |  |  |  |  | 2.5 |
Earnings before income taxes and discontinued operations |  |  |  |  | $ | 11.3 |
(1) Other segment items primarily include foreign currency exchange gains and losses and other non-operating income and expense.
| Three Months Ended June 30, 2024
(in millions) | Precision Devices |  | MedTech & Specialty Audio (1) |  | Total
Revenues | $ | 74.1 |  |  | $ | 61.1 |  |  | $ | 135.2 |
Adjusted cost of goods sold | 46.5 |  |  | 28.5 |  |  | 75.0 |
Adjusted research and development expenses | 3.9 |  |  | 4.4 |  |  | 8.3 |
Adjusted selling and administrative expenses | 11.9 |  |  | 3.1 |  |  | 15.0 |
Segment adjusted earnings before interest and income taxes | $ | 11.8 |  |  | $ | 25.1 |  |  | $ | 36.9 |
Less: |  |  |  |  |
Corporate expenses |  |  |  |  | 11.7 |
Stock-based compensation expense |  |  |  |  | 5.9 |
Intangibles amortization expense |  |  |  |  | 4.2 |
Restructuring charges |  |  |  |  | 0.2 |
Production transfer costs |  |  |  |  | 0.8 |
Acquisition-related costs |  |  |  |  | 2.0 |
Other (2) |  |  |  |  | (0.3) |
Interest expense, net |  |  |  |  | 4.6 |
Earnings before income taxes and discontinued operations |  |  |  |  | $ | 7.8 |
(1) The results for MedTech & Specialty Audio have been adjusted to include sales transactions between this segment and CMM that were previously eliminated in consolidation and are now reflected as third-party transactions. Revenues and Adjusted Cost of goods sold for these transactions totaled $1.6 million and $1.5 million, respectively, for the three months ended June 30, 2024. (2) Other expenses include non-recurring professional service fees related to the execution of various reorganization projects and foreign currency exchange rate impacts on restructuring balances.
| Six Months Ended June 30, 2025
(in millions) | Precision Devices |  | MedTech & Specialty Audio |  | Total
Revenues | $ | 151.0 |  |  | $ | 127.1 |  |  | $ | 278.1 |
Adjusted cost of goods sold | 94.7 |  |  | 63.9 |  |  | 158.6 |
Adjusted research and development expenses | 7.9 |  |  | 9.1 |  |  | 17.0 |
Adjusted selling and administrative expenses | 23.6 |  |  | 6.9 |  |  | 30.5 |
Other segment items (1) | 0.2 |  |  | (0.2) |  |  | — |
Segment adjusted earnings before interest and income taxes | $ | 24.6 |  |  | $ | 47.4 |  |  | $ | 72.0 |
Less: |  |  |  |  |
Corporate expenses |  |  |  |  | 22.6 |
Stock-based compensation expense |  |  |  |  | 16.5 |
Intangibles amortization expense |  |  |  |  | 8.1 |
Impairment charges |  |  |  |  | 3.6 |
Restructuring charges |  |  |  |  | 2.9 |
Production transfer costs |  |  |  |  | 0.4 |
Acquisition-related costs |  |  |  |  | 0.7 |
Transition services credit |  |  |  |  | (1.2) |
Other (2) |  |  |  |  | 1.1 |
Interest expense, net |  |  |  |  | 5.2 |
Earnings before income taxes and discontinued operations |  |  |  |  | $ | 12.1 |
(1) Other segment items primarily include foreign currency exchange gains and losses and other non-operating income and expense. (2) Other expenses include non-recurring professional service fees related to the execution of various reorganization projects and foreign currency exchange rate impacts on restructuring balances.
| Six Months Ended June 30, 2024
(in millions) | Precision Devices |  | MedTech & Specialty Audio (1) |  | Total
Revenues | $ | 148.4 |  |  | $ | 120.1 |  |  | $ | 268.5 |
Adjusted cost of goods sold | 94.0 |  |  | 56.1 |  |  | 150.1 |
Adjusted research and development expenses | 7.6 |  |  | 8.7 |  |  | 16.3 |
Adjusted selling and administrative expenses | 25.1 |  |  | 6.4 |  |  | 31.5 |
Other segment items (2) | 0.1 |  |  | — |  |  | 0.1 |
Segment adjusted earnings before interest and income taxes | $ | 21.6 |  |  | $ | 48.9 |  |  | $ | 70.5 |
Less: |  |  |  |  |
Corporate expenses |  |  |  |  | 22.0 |
Stock-based compensation expense |  |  |  |  | 11.0 |
Intangibles amortization expense |  |  |  |  | 8.6 |
Restructuring charges |  |  |  |  | 2.7 |
Production transfer costs |  |  |  |  | 1.6 |
Acquisition-related costs |  |  |  |  | 6.2 |
Other (3) |  |  |  |  | 0.6 |
Interest expense, net |  |  |  |  | 9.0 |
Earnings before income taxes and discontinued operations |  |  |  |  | $ | 8.8 |
(1) The results for MedTech & Specialty Audio have been adjusted to include sales transactions between this segment and CMM that were previously eliminated in consolidation and are now reflected as third-party transactions. Revenues and Adjusted Cost of goods sold for these transactions totaled $3.5 million and $3.3 million, respectively, for the six months ended June 30, 2024. (2) Other segment items primarily include foreign currency exchange gains and losses and other non-operating income and expense. (3) Other expenses include non-recurring professional service fees related to the execution of various reorganization projects and foreign currency exchange rate impacts on restructuring balances. Information regarding assets of the Company's reportable segments is as follows:
| Total Assets
(in millions) | June 30, 2025 |  | December 31, 2024
Precision Devices | $ | 581.5 |  |  | $ | 619.9 |
MedTech & Specialty Audio | 415.6 |  |  | 410.6 |
Corporate (1) | 91.2 |  |  | 87.7 |
Total | $ | 1,088.3 |  |  | $ | 1,118.2 |
(1) Corporate assets at both June 30, 2025 and December 31, 2024 include $77.2 million of Syntiant preferred stock received in partial consideration for the sale of the CMM business on December 27, 2024 and a note receivable from Syntiant totaling $5.9 million and $6.4 million at June 30, 2025 and December 31, 2024, respectively. Corporate assets also include the portion of right-of-use operating lease assets subleased by Syntiant, which totaled $5.3 million and $0.3 million at June 30, 2025 and December 31, 2024, respectively. The following table details revenues by geographic location. Revenues are attributed to regions based on the location of the Company's direct customer, which in some instances is an intermediary and not necessarily the end user. The Company's businesses are based primarily in Asia, North America, and Europe.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
United States | $ | 58.7 |  |  | $ | 57.9 |  |  | $ | 114.0 |  |  | $ | 116.3 |
Asia | 58.5 |  |  | 43.3 |  |  | 106.5 |  |  | 85.8 |
Europe | 24.0 |  |  | 26.9 |  |  | 48.2 |  |  | 53.1 |
Other Americas | 2.5 |  |  | 2.5 |  |  | 4.9 |  |  | 5.1 |
Other | 2.2 |  |  | 4.6 |  |  | 4.5 |  |  | 8.2 |
Total | $ | 145.9 |  |  | $ | 135.2 |  |  | $ | 278.1 |  |  | $ | 268.5 |
Receivables, net from contracts with customers were $87.7 million and $89.5 million as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, our total remaining performance obligations were immaterial.

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