v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting
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.