Operating Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Reportable Segment Information

Our contract assets by operating segment as of March 31, 2025 and December 31, 2024 were as follows:


(Dollars in millions)	March 31, 2025		December 31, 2024
Advanced Electronics Solutions	$	20.0	$	18.9
Elastomeric Material Solutions	1.1		0.7
Other	3.9		4.1
Total contract assets	$	25.0	$	23.7

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 Solutions		Elastomeric Material Solutions		Other		Total
Three Months Ended March 31, 2025
Net sales - recognized over time	$	38.9	$	2.1	$	3.5	$	44.5
Net sales - recognized at a point in time	65.3		80.5		0.2		146.0
Total net sales	$	104.2	$	82.6	$	3.7	$	190.5
Cost of sales	$	75.1	$	55.9	$	2.5	$	133.5
Gross margin	$	29.1	$	26.7	$	1.2	$	57.0

Inventories, net	$	80.5	$	60.7	$	1.8	$	143.0
Depreciation expense	$	4.2	$	2.8	$	0.2	$	7.2

Three Months Ended March 31, 2024
Net sales - recognized over time	$	46.4	$	1.8	$	5.4	$	53.6
Net sales - recognized at a point in time	75.7		83.9		0.2		159.8
Total net sales	$	122.1	$	85.7	$	5.6	$	213.4
Cost of sales	$	87.4	$	54.4	$	3.4	$	145.2
Gross margin	$	34.7	$	31.3	$	2.2	$	68.2

Inventories, net	$	84.3	$	65.1	$	1.5	$	150.9
Depreciation expense	$	4.4	$	2.1	$	0.2	$	6.7

The following table presents net sales by our operating segment operations by geographic area for the periods indicated:


(Dollars in millions)	Net Sales(1)
Region/Country	Advanced Electronics Solutions		Elastomeric Material Solutions		Other		Total
Three Months Ended March 31, 2025
United States	$	22.1	$	33.7	$	0.9	$	56.7
Other Americas	0.8		3.0		—		3.8
Total Americas	22.9		36.7		0.9		60.5
China	33.6		19.9		1.0		54.5
Other APAC	12.7		8.0		0.6		21.3
Total APAC	46.3		27.9		1.6		75.8
Germany	11.6		5.6		0.2		17.4
Other EMEA	23.4		12.4		1.0		36.8
Total EMEA	35.0		18.0		1.2		54.2
Total net sales	$	104.2	$	82.6	$	3.7	$	190.5
Three Months Ended March 31, 2024
United States	$	20.4	$	33.1	$	1.0	$	54.5
Other Americas	0.6		3.9		0.1		4.6
Total Americas	21.0		37.0		1.1		59.1
China	34.3		20.4		1.6		56.3
Other APAC	23.7		6.6		1.1		31.4
Total APAC	58.0		27.0		2.7		87.7
Germany	21.9		7.9		0.2		30.0
Other EMEA	21.2		13.8		1.6		36.6
Total EMEA	43.1		21.7		1.8		66.6
Total net sales	$	122.1	$	85.7	$	5.6	$	213.4

(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.