Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reporting structure is comprised of the following operating segments: Advanced Connectivity Solutions (ACS), Elastomeric Material Solutions (EMS), Power Electronics Solutions (PES) and the Other segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally. In the second quarter of 2015, we concluded that we needed to update two of our operating segment names to better align the business product portfolio offerings to the market. Therefore, Advanced Connectivity Solutions replaces the name of Printed Circuit Materials, and Elastomeric Material Solutions replaces the name of High Performance Foams. There were no changes to the composition of these two operating segments. The Power Electronics Solutions and Other segment names remain unchanged.

We completed the acquisition of Arlon on January 22, 2015. As part of the integration process, Arlon operations related to circuit materials and silicones were included in our ACS and EMS segments, respectively. The Other segment includes the Arlon business that manufactures specialty polyimide, epoxy-based laminates and bonding materials.

As a result of the acquisition, we significantly increased our asset holdings. The following table sets forth the total assets allocated to each segment:

(Dollars in thousands)
	June 30, 2015
Assets
Advanced Connectivity Solutions	$	315,714
Elastomeric Material Solutions	276,218
Power Electronics Solutions	335,248
Other	40,550
Total Assets	$	967,730

The following table sets forth the information about our segments for the periods indicated, inter-segment sales have been eliminated from the sales data:

(Dollars in thousands)	Three Months Ended						Six Months Ended
	June 30, 2015			June 30, 2014			June 30, 2015			June 30, 2014
Net sales
Advanced Connectivity Solutions	$	66,408		$	61,507		$	137,695		$	120,044
Elastomeric Material Solutions	47,016			42,796			91,572			84,000
Power Electronics Solutions	38,539			42,919			77,068			83,717
Other	11,135			6,273			21,814			12,374
Net sales	$	163,098		$	153,495		$	328,149		$	300,135
Operating income
Advanced Connectivity Solutions	$	12,046		$	10,300		$	24,883		$	22,260
Elastomeric Material Solutions	5,533			4,580			8,548			10,310
Power Electronics Solutions	851			(733		)	3,219			832
Other	2,080			2,072			3,960			4,275
Operating income	20,510			16,219			40,610			37,677
Equity income in unconsolidated joint ventures	392			1,062			1,311			2,039
Other income (expense), net	(517		)	(76		)	(646		)	(1,268		)
Interest expense, net	(1,304		)	(720		)	(2,310		)	(1,468		)
Income before income tax expense (benefit)	$	19,081		$	16,485		$	38,965		$	36,980