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Operating Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Operating Segment and Geographic Information | Operating Segment and Geographic Information Our reporting structure is comprised of the following strategic operating segments: AES and EMS. Our remaining operations, which represent our non-core businesses, are reported in the Other operating segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. Operating Segment Information The following table presents a disaggregation of revenue from contracts with customers and other pertinent financial information, for the periods indicated; inter-segment sales have been eliminated from the net sales data:
(Dollars in millions) | Advanced Electronics Solutions |  | Elastomeric Material Solutions |  | Other |  | Total
December 31, 2023 |  |  |  |  |  |  |
Net sales - recognized over time | $ | 234.1 |  |  | $ | 19.6 |  |  | $ | 15.8 |  |  | $ | 269.5 |
Net sales - recognized at a point in time | $ | 275.6 |  |  | $ | 359.4 |  |  | $ | 3.9 |  |  | $ | 638.9 |
Total net sales | $ | 509.7 |  |  | $ | 379.0 |  |  | $ | 19.7 |  |  | $ | 908.4 |
Operating income | $ | 2.6 |  |  | $ | 76.1 |  |  | $ | 6.6 |  |  | $ | 85.3 |
Total assets | $ | 762.8 |  |  | $ | 742.0 |  |  | $ | 12.4 |  |  | $ | 1,517.2 |
Capital expenditures | $ | 30.5 |  |  | $ | 25.9 |  |  | $ | 0.6 |  |  | $ | 57.0 |
Depreciation & amortization | $ | 27.6 |  |  | $ | 22.8 |  |  | $ | 0.7 |  |  | $ | 51.1 |
Investment in unconsolidated joint ventures | $ | — |  |  | $ | 11.1 |  |  | $ | — |  |  | $ | 11.1 |
Equity income in unconsolidated joint ventures | $ | — |  |  | $ | 1.8 |  |  | $ | — |  |  | $ | 1.8 |
December 31, 2022 |  |  |  |  |  |  |
Net sales - recognized over time | $ | 227.0 |  |  | $ | 15.9 |  |  | $ | 16.4 |  |  | $ | 259.3 |
Net sales - recognized at a point in time | $ | 303.2 |  |  | $ | 404.1 |  |  | $ | 4.6 |  |  | $ | 711.9 |
Total net sales | $ | 530.2 |  |  | $ | 420.0 |  |  | $ | 21.0 |  |  | $ | 971.2 |
Operating income | $ | 77.1 |  |  | $ | 60.4 |  |  | $ | 6.9 |  |  | $ | 144.4 |
Total assets | $ | 854.2 |  |  | $ | 778.7 |  |  | $ | 13.3 |  |  | $ | 1,646.2 |
Capital expenditures | $ | 58.9 |  |  | $ | 57.6 |  |  | $ | 0.3 |  |  | $ | 116.8 |
Depreciation & amortization | $ | 21.7 |  |  | $ | 23.5 |  |  | $ | 0.7 |  |  | $ | 45.9 |
Investment in unconsolidated joint ventures | $ | — |  |  | $ | 14.1 |  |  | $ | — |  |  | $ | 14.1 |
Equity income in unconsolidated joint ventures | $ | — |  |  | $ | 4.4 |  |  | $ | — |  |  | $ | 4.4 |
December 31, 2021 |  |  |  |  |  |  |
Net sales - recognized over time | $ | 244.1 |  |  | $ | 14.9 |  |  | $ | 18.8 |  |  | $ | 277.8 |
Net sales - recognized at a point in time | $ | 290.4 |  |  | $ | 363.1 |  |  | $ | 1.6 |  |  | $ | 655.1 |
Total net sales | $ | 534.5 |  |  | $ | 378.0 |  |  | $ | 20.4 |  |  | $ | 932.9 |
Operating income | $ | 50.2 |  |  | $ | 60.1 |  |  | $ | 6.9 |  |  | $ | 117.2 |
Total assets | $ | 826.7 |  |  | $ | 759.6 |  |  | $ | 12.3 |  |  | $ | 1,598.6 |
Capital expenditures | $ | 38.9 |  |  | $ | 31.8 |  |  | $ | 0.4 |  |  | $ | 71.1 |
Depreciation & amortization | $ | 22.9 |  |  | $ | 19.7 |  |  | $ | 0.7 |  |  | $ | 43.3 |
Investment in unconsolidated joint ventures | $ | — |  |  | $ | 16.3 |  |  | $ | — |  |  | $ | 16.3 |
Equity income in unconsolidated joint ventures | $ | — |  |  | $ | 7.0 |  |  | $ | — |  |  | $ | 7.0 |
Operating Segment Net Sales by Geographic Area The following table presents net sales by our operating segment operations by geographic area for the years indicated:
(Dollars in millions) |  | Net Sales(1)
Region/Country |  | Advanced Electronics Solutions |  | Elastomeric Material Solutions |  | Other |  | Total
December 31, 2023 |  |  |  |  |  |  |  |
United States |  | $ | 81.1 |  |  | $ | 155.4 |  |  | $ | 3.9 |  |  | $ | 240.4 |
Other Americas |  | 3.6 |  |  | 13.7 |  |  | 0.3 |  |  | 17.6 |
Total Americas |  | 84.7 |  |  | 169.1 |  |  | 4.2 |  |  | 258.0 |
China |  | 144.6 |  |  | 93.0 |  |  | 4.3 |  |  | 241.9 |
Other APAC |  | 88.3 |  |  | 31.7 |  |  | 5.6 |  |  | 125.6 |
Total APAC |  | 232.9 |  |  | 124.7 |  |  | 9.9 |  |  | 367.5 |
Germany |  | 95.2 |  |  | 28.3 |  |  | 0.5 |  |  | 124.0 |
Other EMEA |  | 96.9 |  |  | 56.9 |  |  | 5.1 |  |  | 158.9 |
Total EMEA |  | 192.1 |  |  | 85.2 |  |  | 5.6 |  |  | 282.9 |
Total net sales |  | $ | 509.7 |  |  | $ | 379.0 |  |  | $ | 19.7 |  |  | $ | 908.4 |
December 31, 2022 |  |  |  |  |  |  |  |
United States |  | $ | 122.7 |  |  | $ | 169.4 |  |  | $ | 4.5 |  |  | $ | 296.6 |
Other Americas |  | 6.6 |  |  | 15.4 |  |  | 0.3 |  |  | 22.3 |
Total Americas |  | 129.3 |  |  | 184.8 |  |  | 4.8 |  |  | 318.9 |
China |  | 154.4 |  |  | 121.7 |  |  | 7.4 |  |  | 283.5 |
Other APAC |  | 75.2 |  |  | 31.4 |  |  | 2.7 |  |  | 109.3 |
Total APAC |  | 229.6 |  |  | 153.1 |  |  | 10.1 |  |  | 392.8 |
Germany |  | 78.7 |  |  | 30.4 |  |  | 1.1 |  |  | 110.2 |
Other EMEA |  | 92.6 |  |  | 51.7 |  |  | 5.0 |  |  | 149.3 |
Total EMEA |  | 171.3 |  |  | 82.1 |  |  | 6.1 |  |  | 259.5 |
Total net sales |  | $ | 530.2 |  |  | $ | 420.0 |  |  | $ | 21.0 |  |  | $ | 971.2 |
December 31, 2021 |  |  |  |  |  |  |  |
United States |  | $ | 93.6 |  |  | $ | 161.2 |  |  | $ | 4.5 |  |  | $ | 259.3 |
Other Americas |  | 3.1 |  |  | 10.2 |  |  | 0.8 |  |  | 14.1 |
Total Americas |  | 96.7 |  |  | 171.4 |  |  | 5.3 |  |  | 273.4 |
China |  | 193.4 |  |  | 122.0 |  |  | 4.8 |  |  | 320.2 |
Other APAC |  | 85.1 |  |  | 27.6 |  |  | 2.6 |  |  | 115.3 |
Total APAC |  | 278.5 |  |  | 149.6 |  |  | 7.4 |  |  | 435.5 |
Germany |  | 72.6 |  |  | 29.2 |  |  | 0.8 |  |  | 102.6 |
Other EMEA |  | 86.7 |  |  | 27.8 |  |  | 6.9 |  |  | 121.4 |
Total EMEA |  | 159.3 |  |  | 57.0 |  |  | 7.7 |  |  | 224.0 |
Total net sales |  | $ | 534.5 |  |  | $ | 378.0 |  |  | $ | 20.4 |  |  | $ | 932.9 |
(1) Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated. Contract Assets We had contract assets primarily related to unbilled revenue for revenue recognized related to products that are deemed to have no alternative use whereby we have the right to payment. Revenue is recognized in advance of billing to the customer in these circumstances as billing is typically performed at the time of shipment to the customer. The unbilled revenue is included in the “Contract assets” financial statement line item in the consolidated statements of financial position. Our contract assets by operating segment were as follows:
| As of December 31,
(Dollars in millions) | 2023 |  | 2022
Advanced Electronics Solutions | $ | 41.4 |  |  | $ | 33.8 |
Elastomeric Material Solutions | 0.4 |  |  | 1.6 |
Other | 3.4 |  |  | 3.5 |
Total contract assets | $ | 45.2 |  |  | $ | 38.9 |
We did not have any contract liabilities as of December 31, 2023 or 2022. No impairment losses were recognized in 2023, 2022 or 2021 on any contract assets arising from our contracts with customers. Long-Lived Assets by Geographic Area Our long-lived assets(1) by geographic area were as follows:
| As of December 31,
(Dollars in millions) | 2023 |  | 2022
United States | $ | 384.1 |  |  | $ | 401.2 |
England | 166.7 |  |  | 161.9 |
Germany | 148.9 |  |  | 139.7 |
Other | 169.2 |  |  | 154.7 |
Total long-lived assets | $ | 868.9 |  |  | $ | 857.5 |
(1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets, property, plant and equipment and right-of-use assets. Countries with 10% or more of long-lived assets have been disclosed.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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