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Supplemental Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Supplemental Income Statement Elements [Abstract] |
Schedule of 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 |  |  |  |  |
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 |  |  |  |  |
Schedule of Severance Activity | 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 |
Schedule of Other Nonoperating Income (Expense) | 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 |  |  |  |  |
Schedule of Components of 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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