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Supplemental Balance Sheet Data and Cash Flow Information | 3 Months Ended
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Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Supplemental Balance Sheet Data and Cash Flow Information | Supplemental Balance Sheet Data and Cash Flow Information Cash and cash equivalents — Cash and cash equivalents include securities with original maturities of three months or less and cash in banks, and our investment in a money market account, which is classified as a cash equivalent because of its short-term, highly liquid nature that is readily convertible to cash. The balance in our money market account was approximately $39.0 million and $40.9 million at March 31, 2025 and December 31, 2024, respectively. The fair value of our money market account is considered Level 1 in the fair value hierarchy because they are securities traded in active markets. Accounts Receivable, net — The components of accounts receivable, net were as follows:
| March 31, 2025 |  | December 31, 2024
Accounts receivable | $ | 43.6 |  |  | $ | 44.4 |
Allowance for doubtful accounts | (0.6) |  |  | (0.5) |
Accounts receivable, net | $ | 43.0 |  |  | $ | 43.9 |
One customer’s accounts receivable balance represented 26.7% and 33.5% of our accounts receivable balance as of March 31, 2025 and December 31, 2024, respectively. Inventories — The components of inventories were as follows:
| March 31, 2025 |  | December 31, 2024
Raw materials | $ | 17.5 |  |  | $ | 12.5 |
Work-in-process | 3.4 |  |  | — |
Finished goods | 14.4 |  |  | 9.2 |
Inventories | $ | 35.3 |  |  | $ | 21.7 |
Property, Plant, and Equipment, net — The following table details our property, plant, and equipment, net:
| March 31, 2025 |  | December 31, 2024
Land | $ | 2.4 |  |  | $ | 2.4 |
Buildings and improvements | 12.7 |  |  | 12.5 |
Leasehold improvements | 21.4 |  |  | 20.7 |
Machinery and equipment | 40.3 |  |  | 39.6 |
Computer and office equipment | 19.1 |  |  | 18.7 |
Converting machines | 232.1 |  |  | 222.0 |
Total property, plant, and equipment | 328.0 |  |  | 315.9 |
Accumulated depreciation | (187.6) |  |  | (178.3) |
Property, plant, and equipment, net | $ | 140.4 |  |  | $ | 137.6 |
We did not capitalize any interest in the periods presented. Depreciation expense recorded in cost of sales and depreciation and amortization in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) was as follows:
| Three Months Ended March 31,
| 2025 |  | 2024
Cost of sales | $ | 6.1 |  |  | $ | 10.4 |
Depreciation and amortization expense | 1.7 |  |  | 1.2 |
Total depreciation expense | $ | 7.8 |  |  | $ | 11.6 |
Accrued Liabilities and Other – The components of accrued liabilities and other were as follows:
| March 31, 2025 |  | December 31, 2024
Employee compensation | $ | 8.3 |  |  | $ | 4.7 |
Taxes | 10.7 |  |  | 7.9 |
Professional fees | 3.5 |  |  | 2.2 |
Bonus | 3.4 |  |  | 8.0 |
Interest | 0.1 |  |  | 1.2 |
Warranty reserve | 0.8 |  |  | 0.9 |
Amounts owed to customers | 0.3 |  |  | 1.0 |
Current portion of cross currency swaps | 6.5 |  |  | — |
Other | 3.9 |  |  | 2.6 |
Accrued liabilities and other | $ | 37.5 |  |  | $ | 28.5 |
Supplemental Cash Flow Information — Supplemental cash flow information is as follows:
| Three Months Ended March 31,
| 2025 |  | 2024
Supplemental cash flow information |  |  |
Interest paid | $ | 10.3 |  |  | $ | 6.0 |
Income taxes paid | $ | — |  |  | $ | 0.4 |
Non-cash investing activities |  |  |
Capital expenditures in accounts payable | $ | 2.1 |  |  | $ | 0.6 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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