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Supplemental Financial Information | 3 Months Ended
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Mar. 31, 2025
Supplemental Income Statement Elements [Abstract] |
Supplemental Financial Information | Balance Sheet Items 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, 2025 |  | December 31, 2024
Accounts receivable - trade | $ | 130.8 |  |  | $ | 125.1 |
Allowance for credit losses | (1.6) |  |  | (1.5) |
Accounts receivable - other | 10.0 |  |  | 11.7 |
Total accounts receivable, net | $ | 139.2 |  |  | $ | 135.3 |
Contract Assets We had contract assets primarily related to unbilled revenue for 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” line item in the condensed consolidated statements of financial position. We did not have any contract liabilities as of March 31, 2025 or December 31, 2024. No impairment losses were recognized in each of the three-month periods ending March 31, 2025 or March 31, 2024 on any contract assets arising from our contracts with customers. Our contract assets by operating segment as of March 31, 2025 and December 31, 2024 were as follows:
(Dollars in millions) | March 31, 2025 |  | December 31, 2024
Advanced Electronics Solutions | $ | 20.0 |  |  | $ | 18.9 |
Elastomeric Material Solutions | 1.1 |  |  | 0.7 |
Other | 3.9 |  |  | 4.1 |
Total contract assets | $ | 25.0 |  |  | $ | 23.7 |
Inventories The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | March 31, 2025 |  | December 31, 2024
Raw materials | $ | 65.5 |  |  | $ | 62.7 |
Work-in-process | 45.5 |  |  | 41.7 |
Finished goods | 32.0 |  |  | 37.9 |
Total inventories | $ | 143.0 |  |  | $ | 142.3 |
Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | March 31, 2025 |  | December 31, 2024
Accounts payable - trade | $ | 48.2 |  |  | $ | 45.6 |
Accounts payable - other | 2.7 |  |  | 2.5 |
Total accounts payable | $ | 50.9 |  |  | $ | 48.1 |
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, 2025 |  | March 31, 2024 |  |  |  |
Restructuring charges |  |  |  |  |  |  |
Manufacturing footprint consolidation | $ | 4.0 |  |  | $ | — |  |  |  |  |
Global workforce reduction | 1.8 |  |  | — |  |  |  |  |
Facility consolidations | 0.1 |  |  | 0.1 |  |  |  |  |
Total restructuring charges | 5.9 |  |  | 0.1 |  |  |  |  |
Total restructuring and impairment charges | $ | 5.9 |  |  | $ | 0.1 |  |  |  |  |
Restructuring Charges - Manufacturing Footprint Consolidation In June 2024, we announced our intent to consolidate our high frequency circuit material manufacturing operations, impacting our Evergem, Belgium facility. We anticipate the plan to be completed in the second half of 2025. The plan is expected to significantly reduce our manufacturing costs and operating expenses. We estimate this will improve operating income between $7.0 million and $9.0 million annually. We expect to incur approximately $22.0 million to $28.0 million in pre-tax restructuring charges related to this plan, the majority of which are expected to be in the form of cash-based expenditures related to employee severance and other termination benefits. Most of the non-cash expenditures will be in the form of accelerated depreciation. We incurred $4.0 million of restructuring charges related to this plan for the three months ended March 31, 2025, of which $3.2 million were cash-based expenditures in the form of severance and other termination benefits and $0.7 million were non-cash expenditures in the form of accelerated depreciation. Severance and related benefits activity related to the manufacturing footprint consolidation plan is presented in the table below for the three months ended March 31, 2025:
(Dollars in thousands) | Manufacturing Footprint Consolidation Restructuring Severance and Related Benefits
Balance as of December 31, 2024 | $ | 9.2 |
Provisions | 3.2 |
Payments | (1.8) |
Foreign currency translation adjustment | 0.4 |
Balance as of March 31, 2025 | $ | 11.0 |
Restructuring Charges - Global Workforce Reduction In March 2025, we announced a plan to reduce our global workforce that was substantially completed in the first quarter of 2025. We incurred $1.8 million in pre-tax restructuring charges related to this plan in the three months ended March 31, 2025, all of which were cash-based expenditures in the form of employee severance and other termination benefits. Restructuring Charges - Facility Consolidations As of December 31, 2024, we included $13.1 million of assets held for sale within the “Other current assets” financial statement line item of the condensed consolidated statements of financial position, representing the land and building at our former Price Road facility in Chandler, Arizona. The sale was completed on March 11, 2025 for a sale price of $13.4 million, net of selling costs. 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, 2025 |  | March 31, 2024 |  |  |  |
Advanced Electronics Solutions |  |  |  |  |  |  |
Allocated restructuring charges | $ | 4.7 |  |  | $ | 0.1 |  |  |  |  |
Elastomeric Material Solutions |  |  |  |  |  |  |
Allocated restructuring charges | $ | 1.2 |  |  | $ | — |  |  |  |  |
Total restructuring and impairment charges | $ | 5.9 |  |  | $ | 0.1 |  |  |  |  |
Other Income (Expense), Net The components of the “Other income (expense), net” line item in the condensed consolidated statements of operations, were as follows:
| Three Months Ended |  |
(Dollars in millions) | March 31, 2025 |  | March 31, 2024 |  |  |  |
Foreign currency translation impacts | $ | (1.3) |  |  | $ | 0.5 |  |  |  |  |
Foreign currency derivative impacts | (0.2) |  |  | (0.1) |  |  |  |  |
Copper derivative impacts | 0.2 |  |  | — |  |  |  |  |
Other | (0.3) |  |  | — |  |  |  |  |
Total other income (expense), net | $ | (1.6) |  |  | $ | 0.4 |  |  |  |  |
Interest Income (Expense), Net The components of “Interest income (expense), net” line item in the condensed consolidated statements of operations, were as follows:
| Three Months Ended |  |
(Dollars in millions) | March 31, 2025 |  | March 31, 2024 |  |  |  |
Interest on revolving credit facility | $ | — |  |  | $ | (0.5) |  |  |  |  |
Line of credit fees | (0.3) |  |  | (0.3) |  |  |  |  |
Debt issuance amortization costs | (0.1) |  |  | (0.1) |  |  |  |  |
Interest income | 0.8 |  |  | 0.1 |  |  |  |  |
Other | (0.1) |  |  | — |  |  |  |  |
Total interest income (expense), net | $ | 0.3 |  |  | $ | (0.8) |  |  |  |  |

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