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Balance Sheet Items | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Items | 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) | June 30, 2025 |  | December 31, 2024
Accounts receivable - trade | $ | 131.7 |  |  | $ | 125.1 |
Allowance for credit losses | (1.6) |  |  | (1.5) |
Accounts receivable - other | 11.5 |  |  | 11.7 |
Total accounts receivable, net | $ | 141.6 |  |  | $ | 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 June 30, 2025 or December 31, 2024. No impairment losses were recognized in each of the three- and six-month periods ended June 30, 2025 or June 30, 2024 on any contract assets arising from our contracts with customers. Our contract assets by operating segment as of June 30, 2025 and December 31, 2024 were as follows:
(Dollars in millions) | June 30, 2025 |  | December 31, 2024
Advanced Electronics Solutions | $ | 20.9 |  |  | $ | 18.9 |
Elastomeric Material Solutions | 0.3 |  |  | 0.7 |
Other | 4.2 |  |  | 4.1 |
Total contract assets | $ | 25.4 |  |  | $ | 23.7 |
Inventories The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | June 30, 2025 |  | December 31, 2024
Raw materials | $ | 74.7 |  |  | $ | 62.7 |
Work-in-process | 44.7 |  |  | 41.7 |
Finished goods | 31.8 |  |  | 37.9 |
Total inventories | $ | 151.2 |  |  | $ | 142.3 |
Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | June 30, 2025 |  | December 31, 2024
Accounts payable - trade | $ | 50.3 |  |  | $ | 45.6 |
Accounts payable - other | 3.1 |  |  | 2.5 |
Total accounts payable | $ | 53.4 |  |  | $ | 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 |  | Six Months Ended
(Dollars in millions) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Restructuring charges |  |  |  |  |  |  |
Manufacturing footprint consolidation | $ | 3.6 |  |  | $ | 0.4 |  |  | $ | 7.6 |  |  | $ | 0.4 |
Global workforce reduction | 0.7 |  |  | — |  |  | 2.5 |  |  | — |
Facility consolidations | — |  |  | 0.1 |  |  | 0.1 |  |  | 0.2 |
R&D facility exit | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Total restructuring charges | 4.3 |  |  | 1.4 |  |  | 10.2 |  |  | 1.5 |
Impairment charges |  |  |  |  |  |  |
Goodwill impairment | 67.3 |  |  | — |  |  | 67.3 |  |  | — |
Other intangible assets impairment | 4.5 |  |  | — |  |  | 4.5 |  |  | — |
Total impairment charges | 71.8 |  |  | — |  |  | 71.8 |  |  | — |
Total restructuring and impairment charges | $ | 76.1 |  |  | $ | 1.4 |  |  | $ | 82.0 |  |  | $ | 1.5 |
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 $3.6 million of restructuring charges related to this plan for the three months ended June 30, 2025, of which $2.9 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. We incurred $7.6 million of restructuring charges related to this plan for the six months ended June 30, 2025, of which $6.1 million relates to severance and other termination benefits and $1.4 million in the form of accelerated depreciation. We incurred $0.4 million in restructuring charges related to this plan in the three and six months ended June 30, 2024, all of which were 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 six months ended June 30, 2025:
(Dollars in thousands) | Manufacturing Footprint Consolidation Restructuring Severance and Related Benefits
Balance as of December 31, 2024 | $ | 9.2 |
Provisions | 6.1 |
Payments | (3.9) |
Foreign currency translation adjustment | 1.5 |
Balance as of June 30, 2025 | $ | 12.9 |
Restructuring Charges - Global Workforce Reduction In March 2025, we announced a plan to reduce our global workforce that was substantially completed in the first half of 2025. We incurred $0.7 million and $2.5 million in pre-tax restructuring charges related to this plan for the three and six months ended June 30, 2025, respectively, all of which were cash-based expenditures in the form of employee severance and other termination benefits. Restructuring Charges - R&D Facility Exit In June 2024, we announced the closure of our Burlington, Massachusetts Innovation Center which was completed by the end of 2024. We incurred $0.9 million in pre-tax restructuring charges for both the three and six months ended June 30, 2024, of which, $0.2 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. 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. Goodwill Impairment Charge In the second quarter of 2025, we determined the $67.3 million of goodwill attributable to our curamik® reporting unit was impaired. For additional information, refer to “Note 6 – Goodwill and Other Intangible Assets.” Indefinite-Lived Other Intangible Asset Impairment Charge In the second quarter of 2025, we determined the $4.5 million indefinite-lived other intangible asset attributable to our curamik® reporting unit was impaired. For additional information, refer to “Note 6 – Goodwill and Other Intangible Assets.” 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 |  | Six Months Ended
(Dollars in millions) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Advanced Electronics Solutions |  |  |  |  |  |  |
Allocated restructuring charges | $ | 3.8 |  |  | $ | 1.0 |  |  | $ | 8.5 |  |  | $ | 1.1 |
Allocated impairment charges | 71.8 |  |  | — |  |  | 71.8 |  |  |
Elastomeric Material Solutions |  |  |  |  |  |  |
Allocated restructuring charges | 0.5 |  |  | 0.4 |  |  | 1.7 |  |  | 0.4 |
Allocated impairment charges | — |  |  | — |  |  | — |  |  | — |
Total restructuring and impairment charges | $ | 76.1 |  |  | $ | 1.4 |  |  | $ | 82.0 |  |  | $ | 1.5 |
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 |  | Six Months Ended
(Dollars in millions) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Foreign currency translation impacts | $ | (1.9) |  |  | $ | 0.3 |  |  | $ | (3.2) |  |  | $ | 0.8 |
Foreign currency derivative impacts | (0.2) |  |  | (0.3) |  |  | (0.4) |  |  | (0.4) |
Copper derivative impacts | (0.1) |  |  | 0.4 |  |  | 0.1 |  |  | 0.4 |
Other | — |  |  | (0.1) |  |  | (0.3) |  |  | (0.1) |
Total other income (expense), net | $ | (2.2) |  |  | $ | 0.3 |  |  | $ | (3.8) |  |  | $ | 0.7 |
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 |  | Six Months Ended
(Dollars in millions) | June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Interest on revolving credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (0.5) |
Line of credit fees | (0.3) |  |  | (0.3) |  |  | (0.6) |  |  | (0.6) |
Debt issuance amortization costs | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | (0.2) |
Interest income | 0.8 |  |  | 0.2 |  |  | 1.6 |  |  | 0.3 |
Other | — |  |  | — |  |  | (0.1) |  |  | — |
Total interest income (expense), net | $ | 0.4 |  |  | $ | (0.2) |  |  | $ | 0.7 |  |  | $ | (1.0) |

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