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Balance Sheet Items
 3 Months Ended
Mar. 31, 2026
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)March 31, 2026December 31, 2025
Accounts receivable - trade$131.6 $121.2 
Allowance for credit losses(1.2)(1.3)
Accounts receivable - other11.7 10.7 
Total accounts receivable, net$142.1 $130.6 
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 March 31, 2026 or December 31, 2025. No impairment losses were recognized in either of the three-month periods ended March 31, 2026 or March 31, 2025 on any contract assets arising from our contracts with customers. Our contract assets by operating segment as of March 31, 2026 and December 31, 2025 were as follows:
(Dollars in millions)March 31, 2026December 31, 2025
Advanced Electronics Solutions$22.2 $24.0 
Elastomeric Material Solutions0.1 0.1 
Other3.6 3.8 
Total contract assets$25.9 $27.9 
Inventories
The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)March 31, 2026December 31, 2025
Raw materials$54.9 $51.9 
Work-in-process42.7 42.3 
Finished goods29.9 30.8 
Total inventories$127.5 $125.0 
Accounts Payable
The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)March 31, 2026December 31, 2025
Accounts payable - trade$52.0 $41.3 
Accounts payable - other0.8 1.6 
Total accounts payable$52.8 $42.9 
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
(Dollars in millions)March 31, 2026March 31, 2025
Restructuring charges
Manufacturing footprint consolidation$4.4 $4.0 
Global workforce reduction0.5 1.8 
Executive leadership transition0.8 — 
Other— 0.1 
Total restructuring charges5.7 5.9 
Impairment charges
Lease impairment charges0.2 — 
Total impairment charges0.2 — 
Total restructuring and impairment charges$5.9 $5.9 
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, which was completed in the fourth quarter of 2025. We incurred $4.0 million in restructuring charges in the three months ended March 31, 2025, of which $3.2 million related to severance and other termination benefits and $0.7 million related to accelerated depreciation.
In July 2025, we announced our intention to implement initiatives to reduce costs in the curamik® business under our AES operating and reportable segment and expect to record expenses in the range of $12.0 million to $15.0 million comprised of severance costs, property plant and equipment relocation and reinstallation costs, consulting fees and other miscellaneous cash costs.
During the three months ended March 31, 2026, we recognized $4.4 million in restructuring charges, nearly all of which relates to severance and termination benefits.
Restructuring Charges - Global Workforce Reduction
In 2025, we announced a plan to reduce our global workforce that was substantially completed in the second half of 2025. We incurred $0.5 million and $1.8 million in pre-tax restructuring charges related to this plan for the three months ended March 31, 2026 and 2025, respectively, all of which were related to severance and other termination benefits.
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 through March 2026. We have incurred $0.8 million in restructuring charges related to this transition in the three months ended March 31, 2026 for severance and other termination benefits.
Restructuring Severance and Related Benefits Accrual
Remaining severance and related benefits to be paid for the manufacturing footprint consolidation, global workforce reduction, and executive leadership transition restructuring projects is presented in the table below for the period ending March 31, 2026:
(Dollars in thousands)
Restructuring Severance and Related Benefits
Balance as of December 31, 2025$10.2 
Provisions5.5 
Payments(7.3)
Foreign currency translation adjustment(0.1)
Balance as of March 31, 2026$8.3 
Allocation of Restructuring and Impairment Charges to Operating and Reportable Segments
The following table summarizes the allocation of restructuring and impairment charges to our operating and reportable segments:
Three Months Ended
(Dollars in millions)March 31, 2026March 31, 2025
Advanced Electronics Solutions
Allocated restructuring charges$5.2 $4.7 
Allocated impairment charges0.2 — 
Elastomeric Material Solutions
Allocated restructuring charges0.5 1.2 
Total restructuring and impairment charges$5.9 $5.9 
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
(Dollars in millions)March 31, 2026March 31, 2025
Foreign currency translation impacts$1.3 $(1.3)
Foreign currency derivative impacts(1.0)(0.2)
Copper derivative impacts— 0.2 
Other— (0.3)
Total other income (expense), net$0.3 $(1.6)
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, 2026March 31, 2025
Line of credit fees(0.3)(0.3)
Debt issuance amortization costs(0.1)(0.1)
Interest income0.8 0.8 
Other(0.1)(0.1)
Total interest income (expense), net$0.3 $0.3