v3.26.1
Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
Accounts Receivable
Accounts receivable consist of the following (in millions):
March 31, 2026December 31, 2025
Accounts receivable$106.3 $108.0 
Income tax receivable0.1 0.1 
Allowances and doubtful accounts:
Doubtful accounts(3.1)(4.0)
Sales discounts(0.3)(0.3)
Total Accounts receivable, net of allowances$103.0 $103.8 
Losses on receivables are estimated based on known troubled accounts and historical experience. In developing forecasts as part of estimating expected credit losses, we assume that current conditions as of the balance sheet date do not change for the life of the asset. Receivables are considered impaired and written off when it is probable that payments due will not be collected. Bad debt expense was a net benefit of $0.4 million for the three months ended March 31, 2026, compared to $0.1 million for the three months ended March 31, 2025.
Inventories
Inventories at the lower of cost (determined on the FIFO method) or net realizable value consists of the following (in millions):
March 31, 2026December 31, 2025
Raw materials$34.1 $34.7 
Work in process25.0 25.2 
Finished goods78.2 84.0 
Supplies and other4.0 4.1 
Total Inventories$141.3 $148.0 
We incurred $3.3 million of expense for inventory write-offs and obsolescence in the three months ended March 31, 2026, compared to $1.7 million in the three months ended March 31, 2025.
Property, Plant and Equipment
Property, plant and equipment consists of the following (in millions):
March 31, 2026December 31, 2025
Land$1.3 $1.3 
Buildings and leasehold improvements39.9 40.1 
Machinery and equipment201.9 199.1 
Construction in progress25.4 25.0 
268.5 265.5 
Less accumulated depreciation(157.3)(152.1)
Total Property, Plant and Equipment, net$111.2 $113.4 
Depreciation expense was $5.6 million for the three months ended March 31, 2026, compared to $4.5 million for the three months ended March 31, 2025.
Goodwill and Intangible Assets
We test goodwill for impairment annually or more frequently whenever events or circumstances more likely than not indicate that the fair value of our reporting units may be below their respective carrying amounts.
In our most recent goodwill impairment test on July 1, 2025, we determined that the fair value of our reporting units equaled or exceeded the net carrying amount of our reporting units.
The changes in the carrying amount of goodwill are as follows (in millions):
SNSPM&RTotal
Balance, December 31, 2025$341.3 $53.6 $394.9 
Currency translation adjustment— (0.9)(0.9)
Balance, March 31, 2026$341.3 $52.7 $394.0 
Intangible assets subject to amortization consist of the following (in millions):
March 31, 2026December 31, 2025
Gross
Carrying
Amount		Accumulated
Amortization		Net Carrying AmountGross
Carrying
Amount		Accumulated
Amortization		Net Carrying Amount
Trademarks$41.9 $(31.1)$10.8 $41.9 $(30.8)$11.1 
Patents and acquired technologies251.8 (193.9)57.9 251.9 (191.5)60.4 
Other95.5 (49.5)46.0 94.1 (47.8)46.3 
Total$389.2 $(274.5)$114.7 $387.9 $(270.1)$117.8 
Amortization expense for intangible assets is included in “Cost of products sold” and “Selling and general expenses” and was $4.6 million for the three months ended March 31, 2026, compared to $5.1 million for the three months ended March 31, 2025.
Amortization expense for the remainder of 2026, the following four years and thereafter is estimated as follows (in millions):
Amount
Remainder of 2026$14.0 
202717.0 
202816.4 
202915.2 
203012.9 
Thereafter39.2 
Total$114.7 

Accrued Expenses
Accrued expenses consist of the following (in millions):
March 31, 2026December 31, 2025
Accrued rebates and customer incentives$11.0 $13.1 
Accrued salaries and wages21.7 37.0 
Accrued taxes and other6.6 16.9 
Other(a)
18.3 24.3 
Total Accrued Expenses$57.6 $91.3 
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(a)Other includes $7.5 million of contingent consideration associated with the acquisition of Nexus. See Note 3, “Business Acquisition” for further information.
Other Long-Term Liabilities
Other long-term liabilities consist of the following (in millions):
March 31, 2026December 31, 2025
Accrued compensation and benefits$4.1 $4.0 
Other(a)
10.0 9.5 
Total Other Long-Term Liabilities$14.1 $13.5 
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(a)Other includes $9.8 million and $9.3 million of contingent consideration associated with the acquisition of Nexus as of March 31, 2026 and December 31, 2025, respectively . See Note 3, “Business Acquisition” for further information.