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Balance Sheet Items | 9 Months Ended
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Sep. 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) | September 30, 2025 |  | December 31, 2024
Accounts receivable - trade | $ | 135.6 |  |  | $ | 125.1 |
Allowance for credit losses | (1.4) |  |  | (1.5) |
Accounts receivable - other | 11.3 |  |  | 11.7 |
Total accounts receivable, net | $ | 145.5 |  |  | $ | 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 September 30, 2025 or December 31, 2024. No impairment losses were recognized in each of the three- and nine-month periods ended September 30, 2025 or September 30, 2024 on any contract assets arising from our contracts with customers. Our contract assets by operating segment as of September 30, 2025 and December 31, 2024 were as follows:
(Dollars in millions) | September 30, 2025 |  | December 31, 2024
Advanced Electronics Solutions | $ | 22.4 |  |  | $ | 18.9 |
Elastomeric Material Solutions | 0.2 |  |  | 0.7 |
Other | 4.1 |  |  | 4.1 |
Total contract assets | $ | 26.7 |  |  | $ | 23.7 |
Inventories The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | September 30, 2025 |  | December 31, 2024
Raw materials | $ | 66.1 |  |  | $ | 62.7 |
Work-in-process | 44.9 |  |  | 41.7 |
Finished goods | 31.9 |  |  | 37.9 |
Total inventories | $ | 142.9 |  |  | $ | 142.3 |
Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions) | September 30, 2025 |  | December 31, 2024
Accounts payable - trade | $ | 47.5 |  |  | $ | 45.6 |
Accounts payable - other | 2.2 |  |  | 2.5 |
Total accounts payable | $ | 49.7 |  |  | $ | 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 |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Restructuring charges |  |  |  |  |  |  |
Manufacturing footprint consolidation | $ | 1.3 |  |  | $ | 5.9 |  |  | $ | 8.9 |  |  | $ | 6.3 |
Global workforce reduction | 0.4 |  |  | — |  |  | 2.9 |  |  | — |
Executive leadership transition | 5.4 |  |  | — |  |  | 5.4 |  |  | — |
R&D facility exit | — |  |  | 0.4 |  |  | — |  |  | 1.3 |
Facility consolidations | — |  |  | — |  |  | 0.1 |  |  | 0.2 |
Total restructuring charges | 7.1 |  |  | 6.3 |  |  | 17.3 |  |  | 7.8 |
Impairment charges |  |  |  |  |  |  |
Goodwill impairment | — |  |  | — |  |  | 67.3 |  |  | — |
Other intangible assets impairment | — |  |  | — |  |  | 4.5 |  |  | — |
Total impairment charges | — |  |  | — |  |  | 71.8 |  |  | — |
Total restructuring and impairment charges | $ | 7.1 |  |  | $ | 6.3 |  |  | $ | 89.1 |  |  | $ | 7.8 |
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 expect to incur approximately $22.0 million to $24.0 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 $1.3 million of restructuring charges related to this plan for the three months ended September 30, 2025, substantially all of which were related to severance and other termination benefits. We incurred $8.9 million of restructuring charges related to this plan for the nine months ended September 30, 2025, of which $6.9 million related to severance and other termination benefits and $1.4 million related to accelerated depreciation. We incurred $5.9 million in restructuring charges related to this plan in the three months ended September 30, 2024, of which $4.7 million related to severance and other termination benefits and $1.2 million related to accelerated depreciation. We incurred $6.3 million of restructuring charges related to this plan in the nine months ended September 30, 2024, of which $4.7 million related to severance and other termination benefits and $1.6 million related to accelerated depreciation. Severance and related benefits activity related to the manufacturing footprint consolidation plan is presented in the table below for the nine months ended September 30, 2025:
(Dollars in thousands) | Manufacturing Footprint Consolidation Restructuring Severance and Related Benefits
Balance as of December 31, 2024 | $ | 9.2 |
Provisions | 6.8 |
Payments | (12.7) |
Foreign currency translation adjustment | 1.4 |
Balance as of September 30, 2025 | $ | 4.7 |
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 $0.4 million and $2.9 million in pre-tax restructuring charges related to this plan for the three and nine months ended September 30, 2025, respectively, all of which were related to severance and other termination benefits. All termination benefits were paid out as of September 30, 2025. Restructuring Charges - Executive Leadership Transition In July 2025, certain executives left the Company as part of an executive leadership transition. In addition to these departures, other related organizational changes were made leading to departures of additional personnel. We have incurred $5.4 million in restructuring charges related to this transition in the three and nine months ended September 30, 2025, substantially all of which were related to severance and other termination benefits. Severance and related benefits activity related to the executive leadership transition is presented in the table below for the nine months ended September 30, 2025:
(Dollars in thousands) | Executive Leadership Transition Restructuring Severance and Related Benefits
Balance as of December 31, 2024 | $ | — |
Provisions | 5.3 |
Payments | (3.2) |
Foreign currency translation adjustment | — |
Balance as of September 30, 2025 | $ | 2.1 |
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 $0.4 million in pre-tax restructuring charges for the three months ended September 30, 2024, of which, $0.3 million related to severance and other termination benefits. We incurred $1.3 million in pre-tax restructuring charges in the nine months ended September 30, 2024, of which $0.6 million relates to severance and other termination benefits and $0.7 million 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. Restructuring Charges - curamik® Cost Actions On July 30, 2025, we announced our intention to implement initiatives to reduce costs in the curamik® business under our AES operating segment. This determination was made in response to market conditions and once fully implemented, these actions are expected to reduce manufacturing costs and operating expenses. As a result of these intended actions, we expect to record expenses in the range of $12.0 million to $20.0 million comprised of employee severance costs, property, plant and equipment relocation and reinstallation costs, consulting fees and other miscellaneous cash costs. No charges were recognized in the third quarter of 2025 as the termination benefits, number of employees and timing of actions were still subject to negotiation. We expect the bulk of the cash outflows will occur in 2026, with some cash outflows occurring in the fourth quarter of 2025. 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 |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Advanced Electronics Solutions |  |  |  |  |  |  |
Allocated restructuring charges | $ | 4.2 |  |  | $ | 6.1 |  |  | $ | 12.7 |  |  | $ | 7.2 |
Allocated impairment charges | — |  |  | — |  |  | 71.8 |  |  | — |
Elastomeric Material Solutions |  |  |  |  |  |  |
Allocated restructuring charges | 2.9 |  |  | 0.2 |  |  | 4.6 |  |  | 0.6 |
Allocated impairment charges | — |  |  | — |  |  | — |  |  | — |
Total restructuring and impairment charges | $ | 7.1 |  |  | $ | 6.3 |  |  | $ | 89.1 |  |  | $ | 7.8 |
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 |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Foreign currency translation impacts | $ | 0.8 |  |  | $ | (0.1) |  |  | $ | (2.4) |  |  | $ | 0.7 |
Foreign currency derivative impacts | (0.4) |  |  | (0.8) |  |  | (0.8) |  |  | (1.2) |
Copper derivative impacts | — |  |  | (0.1) |  |  | 0.1 |  |  | 0.3 |
Other | — |  |  | (0.5) |  |  | (0.3) |  |  | (0.6) |
Total other income (expense), net | $ | 0.4 |  |  | $ | (1.5) |  |  | $ | (3.4) |  |  | $ | (0.8) |
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 |  | Nine Months Ended
(Dollars in millions) | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Interest on revolving credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (0.5) |
Line of credit fees | (0.3) |  |  | (0.2) |  |  | (0.9) |  |  | (0.8) |
Debt issuance amortization costs | (0.2) |  |  | (0.2) |  |  | (0.4) |  |  | (0.4) |
Interest income | 0.7 |  |  | 0.5 |  |  | 2.3 |  |  | 0.8 |
Other | — |  |  | (0.1) |  |  | (0.1) |  |  | (0.1) |
Total interest income (expense), net | $ | 0.2 |  |  | $ | — |  |  | $ | 0.9 |  |  | $ | (1.0) |

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