v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's operations are organized into two reportable segments: Electronics and Industrial & Specialty. These segments represent businesses for which separate financial information is utilized by the chief operating decision maker for purposes of allocating resources and evaluating performance. The Company's CODM is the President and Chief Executive Officer.
The CODM utilizes net sales and Adjusted EBITDA to allocate resources predominantly in the annual budget and forecasting process. The CODM evaluates the performance of the operating segments by considering budget to actual variances when making decisions about allocating capital and personnel to the segments and determining the compensation of certain employees. Adjusted EBITDA for each segment is defined as EBITDA, as further adjusted for additional items included in earnings which the Company believes are not representative or indicative of each of its segments' ongoing business or are considered to be associated with the Company's capital structure. Adjusted EBITDA for each segment also includes an allocation of corporate costs, such as compensation expense and professional fees.
Disaggregated Net Sales
The following table summarizes disaggregated external net sales by product category:
 Three Months EndedSix Months Ended
June 30,June 30,
 (dollars in millions)2025202420252024
Net sales:    
Electronics  
Assembly Solutions$221.0 $198.1 $415.1 $365.6 
Circuitry Solutions130.9 121.7 251.0 233.5 
Semiconductor Solutions87.5 71.9 167.6 141.8 
     Total Electronics439.4 391.7 833.7 740.9 
Industrial & Specialty
Industrial Solutions163.5 165.0 320.7 331.5 
Graphics Solutions— 36.8 24.2 73.8 
Energy Solutions22.3 19.2 40.3 41.5 
     Total Industrial & Specialty185.8 221.0 385.2 446.8 
Total net sales$625.2 $612.7 $1,218.9 $1,187.7 
Results of Operations
The following table reconciles "Net income" to Adjusted EBITDA:
 Three Months EndedSix Months Ended
June 30,June 30,
 (dollars in millions)2025202420252024
Net income$47.5 $93.3 $145.5 $149.3 
Add (subtract):
Income from discontinued operations, net of tax— (1.6)— (1.6)
Income tax expense (benefit)15.8 (17.5)33.6 (4.0)
Interest expense, net12.9 14.3 27.2 28.2 
Depreciation expense9.7 10.3 19.7 20.4 
Amortization expense28.5 29.8 55.7 60.0 
EBITDA114.4 128.6 281.7 252.3 
Adjustments to reconcile to Adjusted EBITDA:
Restructuring expense2.1 3.5 3.2 5.8 
Acquisition, integration and transaction expenses3.3 3.3 11.6 5.0 
Foreign exchange losses (gains) on intercompany loans10.6 (3.9)16.6 (10.7)
Loss (gain) on divestitures5.5 — (66.6)— 
Debt financing costs— — 1.8 — 
Kuprion Acquisition research and development charge— — — 3.9 
Other, net0.1 3.6 16.1 5.8 
Adjusted EBITDA$136.0 $135.1 $264.4 $262.1 
The following tables summarize financial information regarding each reportable segment's results of operations. As noted above, Adjusted EBITDA for each segment excludes certain items that may not be indicative of the Company's core operating results for its reportable segments. As such, the "Segment Total" below may not agree to the corresponding amounts on the Condensed Consolidated Statements of Operations.
Three Months Ended June 30,
20252024
 (dollars in millions)
Electronics
Industrial & Specialty
Segment Total
Electronics
Industrial & Specialty
Segment Total
Net sales
$439.4 $185.8 $625.2 $391.7 $221.0 $612.7 
Cost of sales
260.6 98.3 358.9 221.6 123.4 345.0 
Selling, technical, general and administrative71.0 48.8 119.8 60.5 56.3 116.8 
Research and development12.8 2.8 15.6 11.7 3.3 15.0 
Other segment items (1)
4.6 — 4.6 11.2 (0.1)11.1 
Add: Depreciation expense
6.1 3.6 9.7 5.5 4.8 10.3 
Adjusted EBITDA
$96.5 $39.5 $136.0 $92.2 $42.9 $135.1 
Six Months Ended June 30,
20252024
 (dollars in millions)
Electronics
Industrial & Specialty
Segment Total
Electronics
Industrial & Specialty
Segment Total
Net sales
$833.7 $385.2 $1,218.9 $740.9 $446.8 $1,187.7 
Cost of sales
493.8 208.0 701.8 422.5 251.7 674.2 
Selling, technical, general and administrative136.3 100.7 237.0 118.3 112.3 230.6 
Research and development24.8 6.1 30.9 21.9 6.7 28.6 
Other segment items (1)
5.3 (0.8)4.5 13.2 (0.6)12.6 
Add: Depreciation expense
11.9 7.8 19.7 11.1 9.3 20.4 
Adjusted EBITDA
$185.4 $79.0 $264.4 $176.1 $86.0 $262.1 
(1) Other segment items for the Electronics segment primarily consisted of $2.5 million and $11.2 million of realized losses associated with metals derivative contracts for the three months ended June 30, 2025 and 2024, respectively. Other segment items for the Electronics segment primarily consisted of $2.8 million and $14.0 million of realized losses associated with metals derivative contracts for the six months ended June 30, 2025 and 2024, respectively. See Note 7, Financial Instruments, to the Condensed Consolidated Financial Statements for further discussion of these derivative instruments.
Assets by Reportable Segment
Total assets by reportable segment at June 30, 2025 and December 31, 2024 are not presented as they are not utilized for purposes of allocating resources and evaluating performance.