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Balance Sheet Items | 3 Months Ended
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Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Items | Balance Sheet Items Restricted Cash Our restricted cash balance, which is subject to contractual restrictions and not readily available, is recorded in the “Cash and cash equivalents” line item in the condensed consolidated statements of financial position, and serves as collateral for letters of credit related to our environmental and workers’ compensation liabilities. Our restricted cash balance as of March 31, 2024 and December 31 2023 was as follows:
(Dollars in millions) | March 31, 2024 |  | December 31, 2023
Restricted Cash | $ | 2.2 |  |  | $ | 2.2 |
Accounts Receivable The “Accounts receivable, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | March 31, 2024 |  | December 31, 2023
Accounts Receivable - Trade | $ | 146.6 |  |  | $ | 143.2 |
Accounts Receivable - Other | 12.6 |  | 18.7
Total | $ | 159.2 |  |  | $ | 161.9 |
Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | March 31, 2024 |  | December 31, 2023
Accounts Payable - Trade | $ | 47.6 |  |  | $ | 46.3 |
Accounts Payable - Other | 4.1 |  | 4.0
Total | $ | 51.7 |  |  | $ | 50.3 |
Supplemental Financial Information Restructuring and Impairment Charges The components of the “Restructuring and impairment charges” line item in the condensed consolidated statements of operations were as follows:
| Three Months Ended |  |
(Dollars in millions) | March 31, 2024 |  | March 31, 2023 |  |  |  |
Restructuring charges |  |  |  |  |  |  |
Global workforce reduction | $ | — |  |  | $ | 7.0 |  |  |  |  |
Facility consolidations | 0.1 |  |  | 3.5 |  |  |  |  |
Total restructuring charges | $ | 0.1 |  |  | $ | 10.5 |  |  |  |  |
Total restructuring and impairment charges | $ | 0.1 |  |  | $ | 10.5 |  |  |  |  |
Restructuring Charges - Global Workforce Reduction On February 16, 2023, we announced a plan to reduce our global workforce that was substantially completed in the first half of 2023, and concluded in the fourth quarter of 2023. The plan significantly reduced our manufacturing costs and operating expenses. We incurred $8.8 million in pre-tax restructuring charges related to this plan, all of which was in the form of cash-based expenditures and substantially all of which were related to employee severance and other termination benefits. Restructuring Charges - Facility Consolidations In late 2022 and early 2023, we announced our intention to exit certain facilities in the U.S. and Asia. The plan significantly reduced our manufacturing costs and operating expenses. We have incurred $8.2 million in pre-tax restructuring charges to-date related to these facility consolidations, most of which were in the form of accelerated depreciation. As part of our facility consolidations plan, in February 2023, we entered into an asset purchase agreement to sell our high-performance engineered cellular elastomer business in our EMS operating segment for a purchase price of $1.8 million. The first phase of the deal, which pertained to the net assets other than the land and building, was completed in late March 2023, while the second phase, which pertained to the sale of the land and building, was completed in early September 2023. Of the $1.8 million purchase price, $1.0 million and $0.8 million were allocated to the first and second phases of the deal, respectively. The first phase of the deal included $3.7 million in assets and $3.1 million in liabilities. The assets were primarily comprised of accounts receivable, contract assets and inventories, while the liabilities were primarily comprised of accounts payable and other accrued liabilities, along with the previously recognized accrual against the net assets of the business based on the estimated fair value of the business in December 2022. We incurred $1.2 million of selling costs in 2023, which were recorded in “Selling, general and administrative expenses” in our condensed consolidated statements of operations. As of March 31, 2024 we recognized $13.1 million of assets held for sale within the “Other current assets” financial statement line item of our condensed consolidated statements of financial position, representing the land and building at our Price Road facility in Chandler, Arizona. We still expect the sale of this facility to be completed in the second quarter of 2024. In September 2023, we entered into an agreement to sell one of our Suzhou, China facilities, which had a carrying value of $3.0 million, for $6.8 million resulting in a pre-tax gain of $1.9 million, inclusive of selling and disposal costs. The sale was completed in December 2023. The net impact of this transaction was recorded in the “Other operating (income) expense, net” line item in the condensed consolidated statements of operations. Allocation of Restructuring and Impairment Charges to Operating Segments The following table summarizes the allocation of restructuring and impairment charges to our operating segments:
| Three Months Ended |  |
(Dollars in millions) | March 31, 2024 |  | March 31, 2023 |  |  |  |
Advanced Electronics Solutions |  |  |  |  |  |  |
Allocated restructuring charges | $ | 0.1 |  |  | $ | 5.4 |  |  |  |  |
Elastomeric Material Solutions |  |  |  |  |  |  |
Allocated restructuring charges | — |  |  | 5.1 |  |  |  |  |
Total restructuring and impairment charges | $ | 0.1 |  |  | $ | 10.5 |  |  |  |  |
Other Operating (Income) Expense, Net The components of “Other operating (income) expense, net” line item in the condensed consolidated statements of operations, were as follows:
| Three Months Ended |  |
(Dollars in millions) | March 31, 2024 |  | March 31, 2023 |  |  |  |
UTIS fire |  |  |  |  |  |  |
Professional services | $ | — |  |  | $ | 0.3 |  |  |  |  |
Insurance recoveries | — |  |  | (0.5) |  |  |  |  |
Total UTIS fire | — |  |  | (0.2) |  |  |  |  |
Total other operating (income) expense, net | $ | — |  |  | $ | (0.2) |  |  |  |  |
In early February 2021, there was a fire at our UTIS manufacturing facility in Ansan, South Korea, which manufactures eSorba® polyurethane foams used in portable electronics and display applications. The site was safely evacuated and there were no reported injuries; however, there was extensive damage to the manufacturing site and some damage to nearby property. Commercial production at our new location in Siheung, South Korea commenced in late January 2023. In connection with the UTIS fire, we recognized insurance recoveries of $0.5 million related to our ongoing insurance claims for business interruption and property damage for the three months ended March 31, 2023. We incurred $0.3 million for various professional services for the three months ended March 31, 2023, in connection with the pursuit of our insurance claims. Interest Expense, Net The components of “Interest expense, net” line item in the condensed consolidated statements of operations, were as follows:
| Three Months Ended |  |
(Dollars in millions) | March 31, 2024 |  | March 31, 2023 |  |  |  |
Interest on revolving credit facility | $ | (0.5) |  |  | $ | (3.4) |  |  |  |  |
Line of credit fees | (0.3) |  |  | (0.3) |  |  |  |  |
Debt issuance amortization costs | (0.1) |  |  | (0.3) |  |  |  |  |
Interest income | 0.1 |  |  | 0.5 |  |  |  |  |
Total interest expense, net | $ | (0.8) |  |  | $ | (3.5) |  |  |  |  |

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