v3.26.1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's operations are organized into two reportable segments: Electronics and Specialties. These segments represent businesses for which separate financial information is utilized by the chief operating decision maker (CODM) for purposes of allocating resources and evaluating performance. The Company's CODM is the 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)2026202520262025
Net sales:    
Electronics  
Assembly Solutions$369.0 $221.0 $694.5 $415.1 
Circuitry Solutions154.1 130.9 299.7 251.0 
Micromax128.6 — 193.4 — 
Semiconductor Solutions115.3 87.5 212.9 167.6 
     Total Electronics767.0 439.4 1,400.5 833.7 
Specialties
Industrial Solutions171.7 163.5 337.7 320.7 
EFC16.1 — 34.7 — 
Graphics Solutions— — — 24.2 
Energy Solutions23.1 22.3 45.0 40.3 
Total Specialties210.9 185.8 417.4 385.2 
Total net sales$977.9 $625.2 $1,817.9 $1,218.9 
Results of Operations
The following table reconciles "Net income" to Adjusted EBITDA:
 Three Months EndedSix Months Ended
June 30,June 30,
 (dollars in millions)2026202520262025
Net income$77.3 $47.5 $133.3 $145.5 
Add (subtract):
Income tax expense29.8 15.8 56.5 33.6 
Interest expense, net24.0 12.9 45.5 27.2 
Depreciation expense15.2 9.7 29.7 19.7 
Amortization expense29.5 28.5 57.5 55.7 
EBITDA175.8 114.4 322.5 281.7 
Adjustments to reconcile to Adjusted EBITDA:
Inventory step-up2.0 — 5.4 — 
Restructuring expense2.3 2.1 4.1 3.2 
Acquisition, integration and transaction expenses10.6 3.3 30.7 11.6 
Foreign exchange (gains) losses on intercompany loans(7.9)10.6 (7.0)16.6 
Loss (gain) on divestitures— 5.5 — (66.6)
Unrealized (gains) losses on metals derivative contracts(8.0)(3.9)(29.7)6.9 
Debt financing costs— — — 1.8 
Change in fair value of EFC contingent consideration3.4 — 9.3 — 
Other, net5.3 4.0 10.5 9.2 
Adjusted EBITDA$183.5 $136.0 $345.8 $264.4 
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,
20262025
 (dollars in millions)
Electronics
Specialties
Segment Total
Electronics
Specialties
Segment Total
Net sales
$767.0 $210.9 $977.9 $439.4 $185.8 $625.2 
Cost of sales
528.6 112.4 641.0 260.6 98.3 358.9 
Selling, technical, general and administrative93.7 59.0 152.7 71.0 48.8 119.8 
Research and development15.3 3.5 18.8 12.8 2.8 15.6 
Other segment items (1)
(1.8)(1.1)(2.9)4.6 — 4.6 
Add: Depreciation expense
10.3 4.9 15.2 6.1 3.6 9.7 
Adjusted EBITDA
$141.5 $42.0 $183.5 $96.5 $39.5 $136.0 
Six Months Ended June 30,
20262025
 (dollars in millions)
Electronics
Specialties
Segment Total
Electronics
Specialties
Segment Total
Net sales
$1,400.5 $417.4 $1,817.9 $833.7 $385.2 $1,218.9 
Cost of sales
929.6 221.9 1,151.5 493.8 208.0 701.8 
Selling, technical, general and administrative174.2 114.6 288.8 136.3 100.7 237.0 
Research and development30.8 7.0 37.8 24.8 6.1 30.9 
Other segment items (1)
25.2 (1.5)23.7 5.3 (0.8)4.5 
Add: Depreciation expense
19.9 9.8 29.7 11.9 7.8 19.7 
Adjusted EBITDA
$260.6 $85.2 $345.8 $185.4 $79.0 $264.4 
(1) Other segment items for the Electronics segment primarily consisted of $1.7 million of realized gains and $2.5 million of realized losses associated with metals derivative contracts for the three months ended June 30, 2026 and 2025, respectively. Other segment items for the Electronics segment primarily consisted of $25.0 million and $2.8 million of realized losses associated with metals derivative contracts for the six months ended June 30, 2026 and 2025, 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, 2026 and December 31, 2025 are not presented as they are not utilized for purposes of allocating resources and evaluating performance.