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Operating Segment and Geographic Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Operating Segment and Geographic Information Operating Segment and Geographic Information
Our reporting structure is comprised of the following strategic operating segments: AES and EMS. Our remaining operations, which represent our non-core businesses, are reported in the Other operating segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally.
Operating Segment Information
The following table presents a disaggregation of revenue from contracts with customers and other pertinent financial information, for the periods indicated; inter-segment sales have been eliminated from the net sales data:
(Dollars in millions)Advanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
December 31, 2023
Net sales - recognized over time$234.1 $19.6 $15.8 $269.5 
Net sales - recognized at a point in time$275.6 $359.4 $3.9 $638.9 
Total net sales$509.7 $379.0 $19.7 $908.4 
Operating income$2.6 $76.1 $6.6 $85.3 
Total assets$762.8 $742.0 $12.4 $1,517.2 
Capital expenditures$30.5 $25.9 $0.6 $57.0 
Depreciation & amortization$27.6 $22.8 $0.7 $51.1 
Investment in unconsolidated joint ventures$— $11.1 $— $11.1 
Equity income in unconsolidated joint ventures$— $1.8 $— $1.8 
December 31, 2022
Net sales - recognized over time$227.0 $15.9 $16.4 $259.3 
Net sales - recognized at a point in time$303.2 $404.1 $4.6 $711.9 
Total net sales$530.2 $420.0 $21.0 $971.2 
Operating income$77.1 $60.4 $6.9 $144.4 
Total assets$854.2 $778.7 $13.3 $1,646.2 
Capital expenditures$58.9 $57.6 $0.3 $116.8 
Depreciation & amortization$21.7 $23.5 $0.7 $45.9 
Investment in unconsolidated joint ventures$— $14.1 $— $14.1 
Equity income in unconsolidated joint ventures$— $4.4 $— $4.4 
December 31, 2021
Net sales - recognized over time$244.1 $14.9 $18.8 $277.8 
Net sales - recognized at a point in time$290.4 $363.1 $1.6 $655.1 
Total net sales$534.5 $378.0 $20.4 $932.9 
Operating income$50.2 $60.1 $6.9 $117.2 
Total assets$826.7 $759.6 $12.3 $1,598.6 
Capital expenditures$38.9 $31.8 $0.4 $71.1 
Depreciation & amortization$22.9 $19.7 $0.7 $43.3 
Investment in unconsolidated joint ventures$— $16.3 $— $16.3 
Equity income in unconsolidated joint ventures$— $7.0 $— $7.0 
Operating Segment Net Sales by Geographic Area
The following table presents net sales by our operating segment operations by geographic area for the years indicated:
(Dollars in millions)
Net Sales(1)
Region/CountryAdvanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
December 31, 2023
United States$81.1 $155.4 $3.9 $240.4 
Other Americas3.6 13.7 0.3 17.6 
Total Americas84.7 169.1 4.2 258.0 
China144.6 93.0 4.3 241.9 
Other APAC88.3 31.7 5.6 125.6 
Total APAC232.9 124.7 9.9 367.5 
Germany95.2 28.3 0.5 124.0 
Other EMEA96.9 56.9 5.1 158.9 
Total EMEA192.1 85.2 5.6 282.9 
Total net sales$509.7 $379.0 $19.7 $908.4 
December 31, 2022
United States$122.7 $169.4 $4.5 $296.6 
Other Americas6.6 15.4 0.3 22.3 
Total Americas129.3 184.8 4.8 318.9 
China154.4 121.7 7.4 283.5 
Other APAC75.2 31.4 2.7 109.3 
Total APAC229.6 153.1 10.1 392.8 
Germany78.7 30.4 1.1 110.2 
Other EMEA92.6 51.7 5.0 149.3 
Total EMEA171.3 82.1 6.1 259.5 
Total net sales$530.2 $420.0 $21.0 $971.2 
December 31, 2021
United States$93.6 $161.2 $4.5 $259.3 
Other Americas3.1 10.2 0.8 14.1 
Total Americas96.7 171.4 5.3 273.4 
China193.4 122.0 4.8 320.2 
Other APAC85.1 27.6 2.6 115.3 
Total APAC278.5 149.6 7.4 435.5 
Germany72.6 29.2 0.8 102.6 
Other EMEA86.7 27.8 6.9 121.4 
Total EMEA159.3 57.0 7.7 224.0 
Total net sales$534.5 $378.0 $20.4 $932.9 
(1) Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated.
Contract Assets
We had contract assets primarily related to unbilled revenue for revenue recognized related to 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” financial statement line item in the consolidated statements of financial position.
Our contract assets by operating segment were as follows:
As of December 31,
(Dollars in millions)20232022
Advanced Electronics Solutions$41.4 $33.8 
Elastomeric Material Solutions0.4 1.6 
Other3.4 3.5 
Total contract assets$45.2 $38.9 
We did not have any contract liabilities as of December 31, 2023 or 2022. No impairment losses were recognized in 2023, 2022 or 2021 on any contract assets arising from our contracts with customers.
Long-Lived Assets by Geographic Area
Our long-lived assets(1) by geographic area were as follows:
As of December 31,
(Dollars in millions)20232022
United States$384.1 $401.2 
England166.7 161.9 
Germany148.9 139.7 
Other169.2 154.7 
Total long-lived assets$868.9 $857.5 
(1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets, property, plant and equipment and right-of-use assets. Countries with 10% or more of long-lived assets have been disclosed.