v3.26.1
Balance Sheet Items
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Items Balance Sheet Items
Accounts Receivable
The “Accounts receivable, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)June 30, 2026December 31, 2025
Accounts receivable - trade$142.6 $121.2 
Allowance for credit losses(1.2)(1.3)
Accounts receivable - other7.8 10.7 
Total accounts receivable, net$149.2 $130.6 
Contract Assets
We had contract assets primarily related to unbilled revenue for products that are deemed to have no alternative use whereby we have the right to payment. Revenue is recognized in advance of billing to the customer in these circumstances as billing is typically performed at the time of shipment to the customer. The unbilled revenue is included in the “Contract assets” line item in the condensed consolidated statements of financial position. We did not have any contract liabilities as of June 30, 2026 or December 31, 2025. No impairment losses were recognized in either of the three- and six-month periods ended June 30, 2026 or June 30, 2025 on any contract assets arising from our contracts with customers. Our contract assets by operating segment as of June 30, 2026 and December 31, 2025 were as follows:
(Dollars in millions)June 30, 2026December 31, 2025
Advanced Electronics Solutions$23.7 $24.0 
Elastomeric Material Solutions0.1 0.1 
Other3.3 3.8 
Total contract assets$27.1 $27.9 
Short-term investments
The “Short-term investments” line on the condensed consolidated statements of financial position consists of time deposits with original maturities of more than three months and less than twelve months at the date of purchase, and with remaining maturities of twelve months or less as of June 30, 2026. Interest earned on these investments is recorded within the “Interest income, net” line item in the condensed consolidated statements of operations. All short-term investments are measured and recorded at fair value on a recurring basis and classified as Level 2 within the fair value hierarchy. As of June 30, 2026, these investments had an amortized cost and fair value of $30.0 million. There were no short-term investments at December 31, 2025.
Inventories
The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)June 30, 2026December 31, 2025
Raw materials$60.1 $51.9 
Work-in-process39.7 42.3 
Finished goods30.2 30.8 
Total inventories$130.0 $125.0 
Accounts Payable
The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
(Dollars in millions)June 30, 2026December 31, 2025
Accounts payable - trade$59.7 $41.3 
Accounts payable - other3.4 1.6 
Total accounts payable$63.1 $42.9 
Supplemental Financial Information
Restructuring and Impairment Charges
The components of the “Restructuring and impairment charges” line item in the condensed consolidated statements of operations, were as follows:
Three Months EndedSix Months Ended
(Dollars in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Restructuring charges
Manufacturing footprint consolidation$0.6 $3.6 $5.0 $7.6 
Global workforce reduction0.1 0.7 0.6 2.5 
Executive leadership transition— — 0.8 — 
Other— — — 0.1 
Total restructuring charges0.7 4.3 6.4 10.2 
Impairment charges
Lease impairment charges— — 0.2 — 
Goodwill impairment— 67.3 — 67.3 
Other intangible assets impairment— 4.5 — 4.5 
Total impairment charges— 71.8 0.2 71.8 
Total restructuring and impairment charges$0.7 $76.1 $6.6 $82.0 
Restructuring Charges - Manufacturing Footprint Consolidation
In June 2024, we announced our intent to consolidate our high frequency circuit material manufacturing operations, impacting our Evergem, Belgium facility, which was completed in the fourth quarter of 2025. We incurred $3.6 million in restructuring charges in the three months ended June 30, 2025, of which $2.9 million related to severance and other termination benefits and $0.7 million related to accelerated depreciation.
In July 2025, we announced our intention to implement initiatives to reduce costs in the curamik® business under our AES operating and reportable segment and expect to record expenses in the range of $12.0 million to $15.0 million comprised of severance costs, property plant and equipment relocation and reinstallation costs, consulting fees and other miscellaneous cash costs.
During the three and six months ended June 30, 2026, we recognized $0.6 million and $5.0 million, respectively, in restructuring charges, nearly all of which relate to severance and termination benefits.
Restructuring Charges - Global Workforce Reduction
In 2025, we announced a plan to reduce our global workforce that was substantially completed in the second half of 2025. We incurred $0.1 million and $0.7 million in pre-tax restructuring charges related to this plan for the three months ended June 30, 2026 and 2025, respectively, and $0.6 million and $2.5 million in pre-tax restructuring charges related to this plan for the six months ended June 30, 2026 and 2025, respectively, all of which were related to severance and other termination benefits.
Restructuring Charges - Executive Leadership Transition
In July 2025, certain executives left the Company as part of an executive leadership transition. In addition to these departures, other related organizational changes were made leading to departures of additional personnel through March 2026. We have incurred $0.8 million in restructuring charges related to this transition in the six months ended June 30, 2026 for severance and other termination benefits.
Restructuring Severance and Related Benefits Accrual
Remaining severance and related benefits to be paid for the manufacturing footprint consolidation, global workforce reduction, and executive leadership transition restructuring projects is presented in the table below for the period ended June 30, 2026:
(Dollars in thousands)
Restructuring Severance and Related Benefits
Balance as of December 31, 2025$10.2 
Provisions6.3 
Payments(12.6)
Foreign currency translation adjustment(0.1)
Balance as of June 30, 2026$3.8 
Allocation of Restructuring and Impairment Charges to Operating and Reportable Segments
The following table summarizes the allocation of restructuring and impairment charges to our operating and reportable segments:
Three Months EndedSix Months Ended
(Dollars in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Advanced Electronics Solutions
Allocated restructuring charges$0.7 $3.8 $6.0 $8.5 
Allocated impairment charges— 71.8 0.2 71.8 
Elastomeric Material Solutions
Allocated restructuring charges— 0.5 0.4 1.7 
Total restructuring and impairment charges$0.7 $76.1 $6.6 $82.0 
Other Income (Expense), Net
The components of the “Other income (expense), net” line item in the condensed consolidated statements of operations, were as follows:
Three Months EndedSix Months Ended
(Dollars in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Foreign currency translation impacts$1.9 $(1.9)$3.2 $(3.2)
Foreign currency derivative impacts(1.3)(0.2)(2.3)(0.4)
Copper derivative impacts0.5 (0.1)0.5 0.1 
Other— — — (0.3)
Total other income (expense), net$1.1 $(2.2)$1.4 $(3.8)
Interest Income, Net
The components of the “Interest income, net” line item in the condensed consolidated statements of operations, were as follows:
Three Months EndedSix Months Ended
(Dollars in millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Line of credit fees$(0.3)$(0.3)$(0.6)$(0.6)
Debt issuance amortization costs(0.1)(0.1)(0.2)(0.2)
Interest income0.9 0.8 1.7 1.6 
Other(0.2)— (0.3)(0.1)
Total interest income, net$0.3 $0.4 $0.6 $0.7