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v3.25.2

Balance Sheet Items (Tables) | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of 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 |
Schedule of Reportable Segment Information | 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 |
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
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 34.9 |  |  | $ | 2.4 |  |  | $ | 3.9 |  |  | $ | 41.2 |
Net sales - recognized at a point in time |  | 74.1 |  |  | 87.0 |  |  | 0.5 |  |  | 161.6 |
Total net sales |  | $ | 109.0 |  |  | $ | 89.4 |  |  | $ | 4.4 |  |  | $ | 202.8 |
Cost of sales |  | $ | 78.1 |  |  | $ | 57.9 |  |  | $ | 2.8 |  |  | $ | 138.8 |
Gross margin |  | $ | 30.9 |  |  | $ | 31.5 |  |  | $ | 1.6 |  |  | $ | 64.0 |
Inventories, net |  | $ | 85.5 |  |  | $ | 64.1 |  |  | $ | 1.6 |  |  | $ | 151.2 |
Depreciation expense |  | $ | 4.4 |  |  | $ | 2.8 |  |  | $ | 0.2 |  |  | $ | 7.4 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 46.0 |  |  | $ | 1.5 |  |  | $ | 3.9 |  |  | $ | 51.4 |
Net sales - recognized at a point in time |  | 69.5 |  |  | 93.2 |  |  | 0.1 |  |  | 162.8 |
Total net sales |  | $ | 115.5 |  |  | $ | 94.7 |  |  | $ | 4.0 |  |  | $ | 214.2 |
Cost of sales |  | $ | 79.5 |  |  | $ | 59.0 |  |  | $ | 2.6 |  |  | $ | 141.1 |
Gross margin |  | $ | 36.0 |  |  | $ | 35.7 |  |  | $ | 1.4 |  |  | $ | 73.1 |
Inventories, net |  | $ | 85.2 |  |  | $ | 64.0 |  |  | $ | 1.6 |  |  | $ | 150.8 |
Depreciation expense |  | $ | 4.4 |  |  | $ | 2.0 |  |  | $ | 0.2 |  |  | $ | 6.6 |
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 73.8 |  |  | $ | 4.5 |  |  | $ | 7.4 |  |  | $ | 85.7 |
Net sales - recognized at a point in time |  | 139.4 |  |  | 167.5 |  |  | 0.7 |  |  | 307.6 |
Total net sales |  | $ | 213.2 |  |  | $ | 172.0 |  |  | $ | 8.1 |  |  | $ | 393.3 |
Cost of sales |  | $ | 153.2 |  |  | $ | 113.8 |  |  | $ | 5.3 |  |  | $ | 272.3 |
Gross margin |  | $ | 60.0 |  |  | $ | 58.2 |  |  | $ | 2.8 |  |  | $ | 121.0 |
Inventories, net |  | $ | 85.5 |  |  | $ | 64.1 |  |  | $ | 1.6 |  |  | $ | 151.2 |
Depreciation expense |  | $ | 8.6 |  |  | $ | 5.6 |  |  | $ | 0.4 |  |  | $ | 14.6 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 92.4 |  |  | $ | 3.3 |  |  | $ | 9.3 |  |  | $ | 105.0 |
Net sales - recognized at a point in time |  | 145.2 |  |  | 177.1 |  |  | 0.3 |  |  | 322.6 |
Total net sales |  | $ | 237.6 |  |  | $ | 180.4 |  |  | $ | 9.6 |  |  | $ | 427.6 |
Cost of sales |  | $ | 166.9 |  |  | $ | 113.4 |  |  | $ | 6.0 |  |  | $ | 286.3 |
Gross margin |  | $ | 70.7 |  |  | $ | 67.0 |  |  | $ | 3.6 |  |  | $ | 141.3 |
Inventories, net |  | $ | 85.2 |  |  | $ | 64.0 |  |  | $ | 1.6 |  |  | $ | 150.8 |
Depreciation expense |  | $ | 8.8 |  |  | $ | 4.1 |  |  | $ | 0.4 |  |  | $ | 13.3 |
The following table presents net sales by our operating segment operations by geographic area for the periods indicated:
(Dollars in millions) |  | Net Sales(1)
Region/Country |  | Advanced Electronics Solutions |  | Elastomeric Material Solutions |  | Other |  | Total
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |
United States |  | $ | 22.9 |  |  | $ | 33.9 |  |  | $ | 0.8 |  |  | $ | 57.6 |
Other Americas |  | 0.4 |  |  | 2.7 |  |  | — |  |  | 3.1 |
Total Americas |  | 23.3 |  |  | 36.6 |  |  | 0.8 |  |  | 60.7 |
China |  | 33.9 |  |  | 25.9 |  |  | 1.3 |  |  | 61.1 |
Other APAC |  | 13.5 |  |  | 7.7 |  |  | 0.6 |  |  | 21.8 |
Total APAC |  | 47.4 |  |  | 33.6 |  |  | 1.9 |  |  | 82.9 |
Germany |  | 13.4 |  |  | 5.9 |  |  | 0.2 |  |  | 19.5 |
Other EMEA |  | 24.9 |  |  | 13.3 |  |  | 1.5 |  |  | 39.7 |
Total EMEA |  | 38.3 |  |  | 19.2 |  |  | 1.7 |  |  | 59.2 |
Total net sales |  | $ | 109.0 |  |  | $ | 89.4 |  |  | $ | 4.4 |  |  | $ | 202.8 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |
United States |  | $ | 17.8 |  |  | $ | 37.4 |  |  | $ | 1.0 |  |  | $ | 56.2 |
Other Americas |  | 2.7 |  |  | 3.5 |  |  | 0.2 |  |  | 6.4 |
Total Americas |  | 20.5 |  |  | 40.9 |  |  | 1.2 |  |  | 62.6 |
China |  | 39.0 |  |  | 25.4 |  |  | 1.0 |  |  | 65.4 |
Other APAC |  | 26.9 |  |  | 8.1 |  |  | 0.5 |  |  | 35.5 |
Total APAC |  | 65.9 |  |  | 33.5 |  |  | 1.5 |  |  | 100.9 |
Germany |  | 16.7 |  |  | 6.9 |  |  | 0.1 |  |  | 23.7 |
Other EMEA |  | 12.4 |  |  | 13.4 |  |  | 1.2 |  |  | 27.0 |
Total EMEA |  | 29.1 |  |  | 20.3 |  |  | 1.3 |  |  | 50.7 |
Total net sales |  | $ | 115.5 |  |  | $ | 94.7 |  |  | $ | 4.0 |  |  | $ | 214.2 |
(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.
(Dollars in millions) |  | Net Sales(1)
Region/Country |  | Advanced Electronics Solutions |  | Elastomeric Material Solutions |  | Other |  | Total
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |
United States |  | $ | 45.0 |  |  | $ | 67.6 |  |  | $ | 1.7 |  |  | $ | 114.3 |
Other Americas |  | 1.2 |  |  | 5.7 |  |  | — |  |  | 6.9 |
Total Americas |  | 46.2 |  |  | 73.3 |  |  | 1.7 |  |  | 121.2 |
China |  | 67.5 |  |  | 45.8 |  |  | 2.3 |  |  | 115.6 |
Other APAC |  | 26.2 |  |  | 15.7 |  |  | 1.2 |  |  | 43.1 |
Total APAC |  | 93.7 |  |  | 61.5 |  |  | 3.5 |  |  | 158.7 |
Germany |  | 25.0 |  |  | 11.5 |  |  | 0.4 |  |  | 36.9 |
Other EMEA |  | 48.3 |  |  | 25.7 |  |  | 2.5 |  |  | 76.5 |
Total EMEA |  | 73.3 |  |  | 37.2 |  |  | 2.9 |  |  | 113.4 |
Total net sales |  | $ | 213.2 |  |  | $ | 172.0 |  |  | $ | 8.1 |  |  | $ | 393.3 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |
United States |  | $ | 38.2 |  |  | $ | 70.5 |  |  | $ | 2.0 |  |  | $ | 110.7 |
Other Americas |  | 3.3 |  |  | 7.4 |  |  | 0.3 |  |  | 11.0 |
Total Americas |  | 41.5 |  |  | 77.9 |  |  | 2.3 |  |  | 121.7 |
China |  | 73.3 |  |  | 45.8 |  |  | 2.6 |  |  | 121.7 |
Other APAC |  | 50.6 |  |  | 14.7 |  |  | 1.6 |  |  | 66.9 |
Total APAC |  | 123.9 |  |  | 60.5 |  |  | 4.2 |  |  | 188.6 |
Germany |  | 38.6 |  |  | 14.8 |  |  | 0.3 |  |  | 53.7 |
Other EMEA |  | 33.6 |  |  | 27.2 |  |  | 2.8 |  |  | 63.6 |
Total EMEA |  | 72.2 |  |  | 42.0 |  |  | 3.1 |  |  | 117.3 |
Total net sales |  | $ | 237.6 |  |  | $ | 180.4 |  |  | $ | 9.6 |  |  | $ | 427.6 |
(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.
Schedule of 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 |
Schedule of 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 |

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