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v3.25.3

Operating Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reportable Segment Information | 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 |
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 September 30, 2025 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 47.7 |  |  | $ | 2.2 |  |  | $ | 3.8 |  |  | $ | 53.7 |
Net sales - recognized at a point in time |  | 67.0 |  |  | 95.0 |  |  | 0.3 |  |  | 162.3 |
Total net sales |  | $ | 114.7 |  |  | $ | 97.2 |  |  | $ | 4.1 |  |  | $ | 216.0 |
Cost of sales |  | $ | 78.6 |  |  | $ | 62.5 |  |  | $ | 2.6 |  |  | $ | 143.7 |
Gross margin |  | $ | 36.1 |  |  | $ | 34.7 |  |  | $ | 1.5 |  |  | $ | 72.3 |
Inventories, net |  | $ | 85.7 |  |  | $ | 55.5 |  |  | $ | 1.7 |  |  | $ | 142.9 |
Depreciation expense |  | $ | 4.4 |  |  | $ | 2.9 |  |  | $ | 0.2 |  |  | $ | 7.5 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 37.8 |  |  | $ | 1.0 |  |  | $ | 3.8 |  |  | $ | 42.6 |
Net sales - recognized at a point in time |  | 74.4 |  |  | 93.2 |  |  | 0.1 |  |  | 167.7 |
Total net sales |  | $ | 112.2 |  |  | $ | 94.2 |  |  | $ | 3.9 |  |  | $ | 210.3 |
Cost of sales |  | $ | 78.1 |  |  | $ | 55.4 |  |  | $ | 2.7 |  |  | $ | 136.2 |
Gross margin |  | $ | 34.1 |  |  | $ | 38.8 |  |  | $ | 1.2 |  |  | $ | 74.1 |
Inventories, net |  | $ | 86.5 |  |  | $ | 66.4 |  |  | $ | 1.5 |  |  | $ | 154.4 |
Depreciation expense |  | $ | 4.4 |  |  | $ | 2.3 |  |  | $ | 0.2 |  |  | $ | 6.9 |
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 121.5 |  |  | $ | 6.7 |  |  | $ | 11.2 |  |  | $ | 139.4 |
Net sales - recognized at a point in time |  | 206.4 |  |  | 262.5 |  |  | 1.0 |  |  | 469.9 |
Total net sales |  | $ | 327.9 |  |  | $ | 269.2 |  |  | $ | 12.2 |  |  | $ | 609.3 |
Cost of sales |  | $ | 231.8 |  |  | $ | 176.3 |  |  | $ | 7.9 |  |  | $ | 416.0 |
Gross margin |  | $ | 96.1 |  |  | $ | 92.9 |  |  | $ | 4.3 |  |  | $ | 193.3 |
Inventories, net |  | $ | 85.7 |  |  | $ | 55.5 |  |  | $ | 1.7 |  |  | $ | 142.9 |
Depreciation expense |  | $ | 13.0 |  |  | $ | 8.5 |  |  | $ | 0.6 |  |  | $ | 22.1 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 130.2 |  |  | $ | 4.3 |  |  | $ | 13.1 |  |  | $ | 147.6 |
Net sales - recognized at a point in time |  | 219.6 |  |  | 270.3 |  |  | 0.4 |  |  | 490.3 |
Total net sales |  | $ | 349.8 |  |  | $ | 274.6 |  |  | $ | 13.5 |  |  | $ | 637.9 |
Cost of sales |  | $ | 245.0 |  |  | $ | 168.8 |  |  | $ | 8.7 |  |  | $ | 422.5 |
Gross margin |  | $ | 104.8 |  |  | $ | 105.8 |  |  | $ | 4.8 |  |  | $ | 215.4 |
Inventories, net |  | $ | 86.5 |  |  | $ | 66.4 |  |  | $ | 1.5 |  |  | $ | 154.4 |
Depreciation expense |  | $ | 13.2 |  |  | $ | 6.4 |  |  | $ | 0.6 |  |  | $ | 20.2 |
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 September 30, 2025 |  |  |  |  |  |  |  |
United States |  | $ | 22.4 |  |  | $ | 38.0 |  |  | $ | 0.8 |  |  | $ | 61.2 |
Other Americas |  | 0.5 |  |  | 3.7 |  |  | 0.1 |  |  | 4.3 |
Total Americas |  | 22.9 |  |  | 41.7 |  |  | 0.9 |  |  | 65.5 |
China |  | 38.0 |  |  | 29.3 |  |  | 1.4 |  |  | 68.7 |
Other APAC |  | 11.0 |  |  | 8.7 |  |  | 0.3 |  |  | 20.0 |
Total APAC |  | 49.0 |  |  | 38.0 |  |  | 1.7 |  |  | 88.7 |
Germany |  | 14.3 |  |  | 5.4 |  |  | 0.1 |  |  | 19.8 |
Other EMEA |  | 28.5 |  |  | 12.1 |  |  | 1.4 |  |  | 42.0 |
Total EMEA |  | 42.8 |  |  | 17.5 |  |  | 1.5 |  |  | 61.8 |
Total net sales |  | $ | 114.7 |  |  | $ | 97.2 |  |  | $ | 4.1 |  |  | $ | 216.0 |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |
United States |  | $ | 19.2 |  |  | $ | 32.8 |  |  | $ | 0.9 |  |  | $ | 52.9 |
Other Americas |  | 0.3 |  |  | 4.1 |  |  | — |  |  | 4.4 |
Total Americas |  | 19.5 |  |  | 36.9 |  |  | 0.9 |  |  | 57.3 |
China |  | 32.0 |  |  | 29.9 |  |  | 1.0 |  |  | 62.9 |
Other APAC |  | 27.8 |  |  | 8.3 |  |  | 0.5 |  |  | 36.6 |
Total APAC |  | 59.8 |  |  | 38.2 |  |  | 1.5 |  |  | 99.5 |
Germany |  | 18.2 |  |  | 6.5 |  |  | 0.1 |  |  | 24.8 |
Other EMEA |  | 14.7 |  |  | 12.6 |  |  | 1.4 |  |  | 28.7 |
Total EMEA |  | 32.9 |  |  | 19.1 |  |  | 1.5 |  |  | 53.5 |
Total net sales |  | $ | 112.2 |  |  | $ | 94.2 |  |  | $ | 3.9 |  |  | $ | 210.3 |
(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
Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |
United States |  | $ | 67.4 |  |  | $ | 105.6 |  |  | $ | 2.5 |  |  | $ | 175.5 |
Other Americas |  | 1.7 |  |  | 9.4 |  |  | 0.1 |  |  | 11.2 |
Total Americas |  | 69.1 |  |  | 115.0 |  |  | 2.6 |  |  | 186.7 |
China |  | 105.5 |  |  | 75.1 |  |  | 3.7 |  |  | 184.3 |
Other APAC |  | 37.2 |  |  | 24.4 |  |  | 1.5 |  |  | 63.1 |
Total APAC |  | 142.7 |  |  | 99.5 |  |  | 5.2 |  |  | 247.4 |
Germany |  | 39.3 |  |  | 16.9 |  |  | 0.5 |  |  | 56.7 |
Other EMEA |  | 76.8 |  |  | 37.8 |  |  | 3.9 |  |  | 118.5 |
Total EMEA |  | 116.1 |  |  | 54.7 |  |  | 4.4 |  |  | 175.2 |
Total net sales |  | $ | 327.9 |  |  | $ | 269.2 |  |  | $ | 12.2 |  |  | $ | 609.3 |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |
United States |  | $ | 57.4 |  |  | $ | 103.3 |  |  | $ | 2.9 |  |  | $ | 163.6 |
Other Americas |  | 3.6 |  |  | 11.5 |  |  | 0.3 |  |  | 15.4 |
Total Americas |  | 61.0 |  |  | 114.8 |  |  | 3.2 |  |  | 179.0 |
China |  | 105.3 |  |  | 75.7 |  |  | 3.6 |  |  | 184.6 |
Other APAC |  | 78.4 |  |  | 23.0 |  |  | 2.1 |  |  | 103.5 |
Total APAC |  | 183.7 |  |  | 98.7 |  |  | 5.7 |  |  | 288.1 |
Germany |  | 56.8 |  |  | 21.3 |  |  | 0.4 |  |  | 78.5 |
Other EMEA |  | 48.3 |  |  | 39.8 |  |  | 4.2 |  |  | 92.3 |
Total EMEA |  | 105.1 |  |  | 61.1 |  |  | 4.6 |  |  | 170.8 |
Total net sales |  | $ | 349.8 |  |  | $ | 274.6 |  |  | $ | 13.5 |  |  | $ | 637.9 |
(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.

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