Rogers (ROG) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 22, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-4347
Entity Registrant Name	ROGERS CORP
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	06-0513860
Entity Address, Address Line One	2225 W. Chandler Blvd.
Entity Address, City or Town	Chandler
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85224-6155
City Area Code	480
Local Phone Number	917-6000
Title of 12(b) Security	Capital Stock,
Entity Trading Symbol	ROG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		18,656,607
Entity Central Index Key	0000084748
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 213,400	$ 243,800
Cost of sales	145,200	164,100
Gross margin	68,200	79,700
Selling, general and administrative expenses	47,500	60,100
Research and development expenses	8,900	9,600
Restructuring and impairment charges	100	10,500
Other operating (income) expense, net	0	(200)
Operating income (loss)	11,700	(300)
Equity income in unconsolidated joint ventures	300	100
Other income (expense), net	400	100
Interest expense, net	(800)	(3,500)
Income (loss) before income taxes	11,600	(3,600)
Income tax expense (benefit)	3,800	(100)
Net income (loss)	$ 7,800	$ (3,500)
Basic earnings per share (in dollars per share)	$ 0.42	$ (0.19)
Diluted earnings per share (in dollars per share)	$ 0.42	$ (0.19)
Shares used in computing:
Basic earnings per share (in shares)	18.6	18.6
Diluted earnings per share (in shares)	18.7	18.6

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 7.8	$ (3.5)
Foreign currency translation adjustment	(9.2)	9.7
Pension and other postretirement benefits:
Amortization of loss, net of tax (Note 2)	0.1	0
Other comprehensive income (loss)	(9.1)	9.7
Comprehensive income (loss)	$ (1.3)	$ 6.2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 116.9	$ 131.7
Accounts receivable, less allowance for credit losses of $1.0 and $1.1	159.2	161.9
Contract assets	40.3	45.2
Inventories, net	150.9	153.5
Asbestos-related insurance receivables, current portion	4.3	4.3
Other current assets	29.8	30.3
Total current assets	501.4	526.9
Property, plant and equipment, net of accumulated depreciation of $386.2 and $385.7	363.4	366.3
Operating lease right-of-use assets	18.6	18.9
Goodwill	357.2	359.8
Other intangible assets, net of amortization	120.3	123.9
Asbestos-related insurance receivables, non-current portion	52.2	52.2
Investments in unconsolidated joint ventures	10.9	11.1
Deferred income taxes	55.7	49.7
Other long-term assets	8.3	8.4
Total assets	1,488	1,517.2
Current liabilities
Accounts payable	51.7	50.3
Accrued employee benefits and compensation	29.5	31.1
Accrued income taxes payable	7.3	2
Operating lease obligations, current portion	3.8	3.5
Asbestos-related liabilities, current portion	$ 5.5	$ 5.5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities
Other accrued liabilities	$ 19.2	$ 24
Total current liabilities	117	116.4
Borrowings under revolving credit facility	0	30
Operating lease obligations, non-current portion	15.1	15.4
Asbestos-related liabilities, non-current portion	56	56
Non-current income tax	7.2	7.2
Deferred income taxes	22.7	22.9
Other long-term liabilities	10.2	10.3
Commitments and contingencies (Note 6 and Note 10)
Shareholders’ equity
Capital stock - $1 par value; 50.0 authorized shares; 18.7 and 18.6 shares issued and outstanding	18.7	18.6
Additional paid-in capital	153.8	151.8
Retained earnings	1,162.8	1,155
Accumulated other comprehensive loss	(75.5)	(66.4)
Total shareholders' equity	1,259.8	1,259
Total liabilities and shareholders' equity	$ 1,488	$ 1,517.2

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1	$ 1.1
Property, plant and equipment, accumulated depreciation	$ 386.2	$ 385.7
Capital Stock, par value (in dollars per share)	$ 1	$ 1
Capital Stock, authorized shares (in shares)	50	50
Capital Stock, shares issued (in shares)	18.7	18.6
Capital Stock, shares outstanding (in shares)	18.7	18.6

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Capital Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance, beginning of period at Dec. 31, 2022		$ 18.6	$ 140.7	$ 1,098.4	$ (85.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued for vested restricted stock units, net of shares withheld for taxes		0	(2.5)
Shares repurchased		0	0
Equity compensation expense			2.1
Net income (loss)	$ (3.5)			(3.5)
Other comprehensive income (loss)	9.7				9.7
Balance, end of period at Mar. 31, 2023	1,178.3	18.6	140.3	1,094.9	(75.5)
Balance, beginning of period at Dec. 31, 2023	1,259	18.6	151.8	1,155	(66.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued for vested restricted stock units, net of shares withheld for taxes		0.1	(1.2)
Shares repurchased	(0.2)	0	(0.3)
Equity compensation expense			3.5
Net income (loss)	7.8			7.8
Other comprehensive income (loss)	(9.1)				(9.1)
Balance, end of period at Mar. 31, 2024	$ 1,259.8	$ 18.7	$ 153.8	$ 1,162.8	$ (75.5)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net income (loss)	$ 7.8	$ (3.5)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Depreciation and amortization	11.3	14.6
Equity compensation expense	3.5	2.1
Deferred income taxes	(5.9)	(7.4)
Equity in undistributed income of unconsolidated joint ventures	(0.3)	(0.1)
Dividends received from unconsolidated joint ventures	1.2	1.5
Other non-cash charges, net	0.1	0.1
Changes in assets and liabilities:
Accounts receivable	(2.8)	2.6
Proceeds from insurance related to operations	4.1	0.5
Contract assets	4.1	(7.9)
Inventories, net	1.3	3.9
Other current assets	0.4	5.4
Accounts payable and other accrued expenses	2	(8.8)
Other, net	1.3	(1.2)
Net cash provided by operating activities	28.1	1.8
Investing Activities:
Capital expenditures	(9.4)	(16.4)
Disposition of business	0	1
Net cash used in investing activities	(9.4)	(15.4)
Financing Activities:
Repayment of debt principal and finance lease obligations	(30.1)	(25.1)
Line of credit issuance costs	0	(1.8)
Payments of taxes related to net share settlement of equity awards	(1.1)	(2.5)
Share repurchases	(0.3)	0
Net cash used in financing activities	(31.5)	(29.4)
Effect of exchange rate fluctuations on cash	(2)	0.8
Net decrease in cash and cash equivalents	(14.8)	(42.2)
Cash and cash equivalents at beginning of period	131.7	235.9
Cash and cash equivalents at end of period	116.9	193.7
Supplemental Disclosures:
Accrued capital additions	5.4	2.1
Interest, net of amounts capitalized	0.5	3.5
Income taxes, net of refunds	$ 3.1	$ 4

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation As used herein, the terms “Company,” “Rogers,” “we,” “us,” “our” and similar terms mean Rogers Corporation and its consolidated subsidiaries, unless the context indicates otherwise. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. Accordingly, these statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, the accompanying condensed consolidated financial statements include all normal recurring adjustments necessary for their fair presentation in accordance with GAAP. All significant intercompany balances and transactions have been eliminated. Interim results are not necessarily indicative of results for a full year. For further information regarding our accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss by component were as follows: (Dollars and accompanying footnotes in millions) Foreign Currency Translation Adjustments Pension and Other Postretirement Benefits (1) Total Balance as of December 31, 2023 $ (56.8) $ (9.6) $ (66.4) Other comprehensive income (loss) before reclassifications (9.2) — (9.2) Amounts reclassified from accumulated other comprehensive loss — 0.1 0.1 Net current-period other comprehensive income (loss) (9.2) 0.1 (9.1) Balance as of March 31, 2024 $ (66.0) $ (9.5) $ (75.5) Balance as of December 31, 2022 $ (75.6) $ (9.6) $ (85.2) Other comprehensive income (loss) before reclassifications 9.7 — 9.7 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (loss) 9.7 — 9.7 Balance as of March 31, 2023 $ (65.9) $ (9.6) $ (75.5) (1) Net of taxes of $1.8 million for both March 31, 2024 and December 31, 2023. Net of taxes of $1.9 million for both March 31, 2023 and December 31, 2022.

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Derivatives and Hedging	Derivatives and Hedging The valuation of our derivative contracts used to manage their respective risks is described below: • Foreign Currency – The fair value of any foreign currency option derivative is based upon valuation models applied to current market information such as strike price, spot rate, maturity date and volatility, and by reference to market values resulting from an over-the-counter market or obtaining market data for similar instruments with similar characteristics. • Commodity – The fair value of copper derivatives is computed using a combination of intrinsic and time value valuation models, which are collectively a function of five primary variables: price of the underlying instrument, time to expiration, strike price, interest rate and volatility. The intrinsic valuation model reflects the difference between the strike price of the underlying copper derivative instrument and the current prevailing copper prices in an over-the-counter market at period end. The time value valuation model incorporates changes in the price of the underlying copper derivative instrument, the time value of money, the underlying copper derivative instrument’s strike price and the remaining time to the underlying copper derivative instrument’s expiration date from the period end date. As of March 31, 2024, we did not have any derivative contracts that qualified for hedge accounting treatment. Foreign Currency During the three months ended March 31, 2024, we entered into U.S. dollar, euro, Korean won, and Japanese yen forward contracts. We entered into these foreign currency forward contracts to mitigate certain global transactional exposures. These contracts do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our condensed consolidated statements of operations in the period in which the adjustment occurred. As of March 31, 2024, the notional values of the remaining foreign currency forward contracts were as follows: Notional Values of Foreign Currency Derivatives USD/CNH $ 20,700,000 EUR/USD € 14,700,000 KRW/USD ₩ 5,372,800,000 JPY/EUR ¥ 250,000,000 Commodity As of March 31, 2024, we had 12 outstanding contracts to hedge exposure related to the purchase of copper in our AES operating segment. These contracts are held with financial institutions and are intended to offset rising copper prices and do not qualify for hedge accounting treatment. As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” in our condensed consolidated statements of operations in the period in which the adjustment occurred. As of March 31, 2024, the volume of our copper contracts outstanding was as follows: Volume of Copper Derivatives April 2024 - June 2024 69 metric tons per month July 2024 - September 2024 69 metric tons per month October 2024 - December 2024 69 metric tons per month January 2025 - March 2025 69 metric tons per month Effects on Financial Statements The impacts from our derivative instruments on the statement of operations and statements of comprehensive income were as follows: Three Months Ended (Dollars in millions) Financial Statement Line Item March 31, 2024 March 31, 2023 Foreign Currency Contracts Contracts not designated as hedging instruments Other income (expense), net $ (0.1) $ — Copper Derivative Contracts Contracts not designated as hedging instruments Other income (expense), net $ — $ — The accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values of derivative instruments measured at fair value on a recurring basis, categorized by contract type and level of inputs used in the valuation, were as follows: Derivative Instruments at Fair Value as of March 31, 2024 (Dollars in millions) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ (0.1) $ — $ (0.1) Copper derivative contracts $ — $ 0.5 $ — $ 0.5 Derivative Instruments at Fair Value as of December 31, 2023 (Dollars in millions) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ (0.2) $ — $ (0.2) Copper derivative contracts $ — $ 0.4 $ — $ 0.4 (1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the condensed consolidated statements of financial position.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Raw materials $ 76.5 $ 71.5 Work-in-process 41.6 45.6 Finished goods 32.8 36.4 Total inventories $ 150.9 $ 153.5

Balance Sheet Items

Balance Sheet Items	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Items	Balance Sheet Items Restricted Cash Our restricted cash balance, which is subject to contractual restrictions and not readily available, is recorded in the “Cash and cash equivalents” line item in the condensed consolidated statements of financial position, and serves as collateral for letters of credit related to our environmental and workers’ compensation liabilities. Our restricted cash balance as of March 31, 2024 and December 31 2023 was as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Restricted Cash $ 2.2 $ 2.2 Accounts Receivable The “Accounts receivable, net” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Accounts Receivable - Trade $ 146.6 $ 143.2 Accounts Receivable - Other 12.6 18.7 Total $ 159.2 $ 161.9 Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Accounts Payable - Trade $ 47.6 $ 46.3 Accounts Payable - Other 4.1 4.0 Total $ 51.7 $ 50.3 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 Ended (Dollars in millions) March 31, 2024 March 31, 2023 Restructuring charges Global workforce reduction $ — $ 7.0 Facility consolidations 0.1 3.5 Total restructuring charges $ 0.1 $ 10.5 Total restructuring and impairment charges $ 0.1 $ 10.5 Restructuring Charges - Global Workforce Reduction On February 16, 2023, we announced a plan to reduce our global workforce that was substantially completed in the first half of 2023, and concluded in the fourth quarter of 2023. The plan significantly reduced our manufacturing costs and operating expenses. We incurred $8.8 million in pre-tax restructuring charges related to this plan, all of which was in the form of cash-based expenditures and substantially all of which were related to employee severance and other termination benefits. Restructuring Charges - Facility Consolidations In late 2022 and early 2023, we announced our intention to exit certain facilities in the U.S. and Asia. The plan significantly reduced our manufacturing costs and operating expenses. We have incurred $8.2 million in pre-tax restructuring charges to-date related to these facility consolidations, most of which were in the form of accelerated depreciation. As part of our facility consolidations plan, in February 2023, we entered into an asset purchase agreement to sell our high-performance engineered cellular elastomer business in our EMS operating segment for a purchase price of $1.8 million. The first phase of the deal, which pertained to the net assets other than the land and building, was completed in late March 2023, while the second phase, which pertained to the sale of the land and building, was completed in early September 2023. Of the $1.8 million purchase price, $1.0 million and $0.8 million were allocated to the first and second phases of the deal, respectively. The first phase of the deal included $3.7 million in assets and $3.1 million in liabilities. The assets were primarily comprised of accounts receivable, contract assets and inventories, while the liabilities were primarily comprised of accounts payable and other accrued liabilities, along with the previously recognized accrual against the net assets of the business based on the estimated fair value of the business in December 2022. We incurred $1.2 million of selling costs in 2023, which were recorded in “Selling, general and administrative expenses” in our condensed consolidated statements of operations. As of March 31, 2024 we recognized $13.1 million of assets held for sale within the “Other current assets” financial statement line item of our condensed consolidated statements of financial position, representing the land and building at our Price Road facility in Chandler, Arizona. We still expect the sale of this facility to be completed in the second quarter of 2024. In September 2023, we entered into an agreement to sell one of our Suzhou, China facilities, which had a carrying value of $3.0 million, for $6.8 million resulting in a pre-tax gain of $1.9 million, inclusive of selling and disposal costs. The sale was completed in December 2023. The net impact of this transaction was recorded in the “Other operating (income) expense, net” line item in the condensed consolidated statements of operations. Allocation of Restructuring and Impairment Charges to Operating Segments The following table summarizes the allocation of restructuring and impairment charges to our operating segments: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Advanced Electronics Solutions Allocated restructuring charges $ 0.1 $ 5.4 Elastomeric Material Solutions Allocated restructuring charges — 5.1 Total restructuring and impairment charges $ 0.1 $ 10.5 Other Operating (Income) Expense, Net The components of “Other operating (income) expense, net” line item in the condensed consolidated statements of operations, were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 UTIS fire Professional services $ — $ 0.3 Insurance recoveries — (0.5) Total UTIS fire — (0.2) Total other operating (income) expense, net $ — $ (0.2) In early February 2021, there was a fire at our UTIS manufacturing facility in Ansan, South Korea, which manufactures eSorba® polyurethane foams used in portable electronics and display applications. The site was safely evacuated and there were no reported injuries; however, there was extensive damage to the manufacturing site and some damage to nearby property. Commercial production at our new location in Siheung, South Korea commenced in late January 2023. In connection with the UTIS fire, we recognized insurance recoveries of $0.5 million related to our ongoing insurance claims for business interruption and property damage for the three months ended March 31, 2023. We incurred $0.3 million for various professional services for the three months ended March 31, 2023, in connection with the pursuit of our insurance claims. Interest Expense, Net The components of “Interest expense, net” line item in the condensed consolidated statements of operations, were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Interest on revolving credit facility $ (0.5) $ (3.4) Line of credit fees (0.3) (0.3) Debt issuance amortization costs (0.1) (0.3) Interest income 0.1 0.5 Total interest expense, net $ (0.8) $ (3.5)

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Leases Finance Leases Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month periods ended March 31, 2024 and 2023. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month periods ended March 31, 2024 and 2023. Operating Leases We have operating leases primarily related to manufacturing and R&D facilities as well as vehicles. Our expenses and payments for operating leases were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Operating leases expense $ 1.3 $ 1.0 Short-term leases expense $ 0.2 $ 0.1 Payments on operating lease obligations $ 1.0 $ 0.8 Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows: (Dollars in millions) Financial Statement Line Item March 31, 2024 December 31, 2023 Finance lease right-of-use assets Property, plant and equipment, net $ 1.4 $ 1.5 Operating lease right-of-use assets Operating lease right-of-use assets $ 18.6 $ 18.9 Finance lease obligations, current portion Other accrued liabilities $ 0.4 $ 0.4 Finance lease obligations, non-current portion Other long-term liabilities $ 1.0 $ 1.1 Total finance lease obligations $ 1.4 $ 1.5 Operating lease obligations, current portion Operating lease obligations, current portion $ 3.8 $ 3.5 Operating lease obligations, non-current portion Operating lease obligations, non-current portion $ 15.1 $ 15.4 Total operating lease obligations $ 18.9 $ 18.9 Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2024: Finance Operating (Dollars in millions) Leases Signed Less: Leases Not Yet Commenced Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2024 $ 0.3 $ — $ 0.3 $ 3.9 $ (0.1) $ 3.8 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.5 (1.2) 3.3 2027 1.4 (1.2) 0.2 3.7 (1.1) 2.6 2028 1.3 (1.2) 0.1 2.6 (0.8) 1.8 Thereafter 5.1 (5.0) 0.1 11.9 (4.8) 7.1 Total lease payments 11.2 (9.7) 1.5 31.8 (9.1) 22.7 Less: Interest (1.8) 1.7 (0.1) (6.1) 2.3 (3.8) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 25.7 $ (6.8) $ 18.9 The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments: March 31, 2024 December 31, 2023 Weighted Average Remaining Lease Term Finance leases 3.9 years 4.0 years Operating leases 6.7 years 7.0 years Weighted Average Discount Rate Finance leases 4.22% 4.14% Operating leases 5.37% 5.35%
Leases	Leases Finance Leases Amortization expense related to our finance lease right-of-use assets, which is primarily included in the “Cost of sales” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month periods ended March 31, 2024 and 2023. Interest expense related to our finance lease obligations, which is included in the “Interest expense, net” line item of the condensed consolidated statements of operations, was immaterial for each of the three-month periods ended March 31, 2024 and 2023. Operating Leases We have operating leases primarily related to manufacturing and R&D facilities as well as vehicles. Our expenses and payments for operating leases were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Operating leases expense $ 1.3 $ 1.0 Short-term leases expense $ 0.2 $ 0.1 Payments on operating lease obligations $ 1.0 $ 0.8 Lease Balances in Statements of Financial Position The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows: (Dollars in millions) Financial Statement Line Item March 31, 2024 December 31, 2023 Finance lease right-of-use assets Property, plant and equipment, net $ 1.4 $ 1.5 Operating lease right-of-use assets Operating lease right-of-use assets $ 18.6 $ 18.9 Finance lease obligations, current portion Other accrued liabilities $ 0.4 $ 0.4 Finance lease obligations, non-current portion Other long-term liabilities $ 1.0 $ 1.1 Total finance lease obligations $ 1.4 $ 1.5 Operating lease obligations, current portion Operating lease obligations, current portion $ 3.8 $ 3.5 Operating lease obligations, non-current portion Operating lease obligations, non-current portion $ 15.1 $ 15.4 Total operating lease obligations $ 18.9 $ 18.9 Net Future Minimum Lease Payments The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2024: Finance Operating (Dollars in millions) Leases Signed Less: Leases Not Yet Commenced Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2024 $ 0.3 $ — $ 0.3 $ 3.9 $ (0.1) $ 3.8 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.5 (1.2) 3.3 2027 1.4 (1.2) 0.2 3.7 (1.1) 2.6 2028 1.3 (1.2) 0.1 2.6 (0.8) 1.8 Thereafter 5.1 (5.0) 0.1 11.9 (4.8) 7.1 Total lease payments 11.2 (9.7) 1.5 31.8 (9.1) 22.7 Less: Interest (1.8) 1.7 (0.1) (6.1) 2.3 (3.8) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 25.7 $ (6.8) $ 18.9 The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments: March 31, 2024 December 31, 2023 Weighted Average Remaining Lease Term Finance leases 3.9 years 4.0 years Operating leases 6.7 years 7.0 years Weighted Average Discount Rate Finance leases 4.22% 4.14% Operating leases 5.37% 5.35%

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill The changes in the net carrying amount of goodwill by operating segment were as follows: (Dollars in millions) Advanced Electronics Solutions Elastomeric Material Solutions Other Total December 31, 2023 $ 117.7 $ 239.9 $ 2.2 $ 359.8 Foreign currency translation adjustment (1.5) (1.1) — $ (2.6) March 31, 2024 $ 116.2 $ 238.8 $ 2.2 $ 357.2 Other Intangible Assets The carrying amount of other intangible assets were as follows: March 31, 2024 December 31, 2023 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 177.0 $ 91.4 $ 85.6 $ 177.9 $ 90.0 $ 87.9 Technology 76.8 58.6 18.2 77.4 58.1 19.3 Trademarks and trade names 19.3 7.4 11.9 19.4 7.4 12.0 Covenants not to compete 1.3 1.0 0.3 1.3 0.9 0.4 Total definite-lived other intangible assets 274.4 158.4 116.0 276.0 156.4 119.6 Indefinite-lived other intangible asset 4.3 — 4.3 4.3 — 4.3 Total other intangible assets $ 278.7 $ 158.4 $ 120.3 $ 280.3 $ 156.4 $ 123.9 In the table above, gross carrying amounts and accumulated amortization may differ from prior periods due to foreign exchange rate fluctuations. Amortization expense was $3.1 million and $3.3 million for the three months ended March 31, 2024 and 2023, respectively. The estimated future amortization expense is $9.3 million, $10.8 million, $10.4 million, $10.0 million, and $7.8 million in 2024, 2025, 2026, 2027 and 2028, respectively. These amounts could vary based on changes in foreign currency exchange rates. The weighted average amortization period as of March 31, 2024, by definite-lived other intangible asset class, is presented in the table below: Weighted Average Remaining Amortization Period Customer relationships 7.3 years Technology 3.2 years Trademarks and trade names 9.8 years Covenants not to compete 0.4 years Total definite-lived other intangible assets 6.9 years

Pension Benefits and Other Post

Pension Benefits and Other Postretirement Benefits	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Pension Benefits and Other Postretirement Benefits	Pension Benefits and Other Postretirement Benefits Pension and Other Postretirement Benefit Plans As of March 31, 2024, we had one qualified noncontributory defined benefit pension plan, the Union Plan, which was frozen and ceased accruing benefits in 2013. Additionally, we sponsor other postretirement benefit plans, including multiple fully insured or self-funded medical plans and life insurance plans for certain retirees. The measurement date for all plans is December 31 st for each respective plan year. Components of Net Periodic Benefit Cost (Credit) The components of net periodic benefit (credit) cost were as follows: Pension Benefits Three Months Ended March 31, (Dollars in millions) 2024 2023 Interest cost 0.2 0.3 Expected return of plan assets (0.3) (0.4) Amortization of net loss (gain) 0.1 0.1 Net periodic benefit cost (credit) $ — $ — Employer Contributions There were no required or voluntary contributions made to the Union Plan for each of the three months ended March 31, 2024 and 2023. Additionally, we are not required to make additional contributions to the Union Plan for the remainder of 2024. As there is no funding requirement for the other postretirement benefit plans, we funded these benefit payments as incurred, which were immaterial for each of the three months ended March 31, 2024 and 2023, using cash from operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt On March 24, 2023, we entered into a Fifth Amended Credit Agreement with each of the lenders party thereto, JPMorgan Chase Bank, N.A. as administrative agent, and HSBC Bank USA, National Association, Wells Fargo Bank, National Association, Citibank, N.A. and Citizens Bank, N.A. as Co-Syndication Agents. The Fifth Amended Credit Agreement amends and restates the Fourth Amended Credit Agreement, and provides for (1) a revolving credit facility with up to $450.0 million of revolving loans, with sub-limits for multicurrency borrowings, letters of credit and swing-line notes, and (2) a $225.0 million expansion feature. Borrowings may be used to finance working capital needs, for letters of credit and for general corporate purposes in the ordinary course of business, including the financing of permitted acquisitions (as defined in the Fifth Amended Credit Agreement). The Fifth Amended Credit Agreement extends the maturity, the date on which all amounts borrowed or outstanding under the Fifth Amended Credit Agreement are due, from March 31, 2024 to March 24, 2028. All obligations under the Fifth Amended Credit Agreement are guaranteed by each of our existing and future material domestic subsidiaries, as defined in the Fifth Amended Credit Agreement (the Guarantors). The obligations are also secured by a Fifth Amended and Restated Pledge and Security Agreement, dated as of March 24, 2023, entered into by us and the Guarantors which grants to the administrative agent, for the benefit of the lenders, a security interest, subject to certain exceptions, in substantially all of the non-real estate assets of ours and the Guarantors. These assets include, but are not limited to, receivables, equipment, intellectual property, inventory, and stock in certain subsidiaries. Borrowings under the Fifth Amended Credit Agreement bear interest based on one of two options. Alternate base rate loans will bear interest at a rate that includes a base reference rate plus a spread of 62.5 to 100.0 basis points, depending on our leverage ratio. The base reference rate will be the greater of the (1) prime rate, (2) federal funds effective rate plus 50 basis points, and (3) one-month Term SOFR plus 110 basis points. Loans bearing an interest rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR, or the Adjusted TIBOR (each as defined in the Fifth Amended Credit Agreement) will bear interest based on the screen rate plus a spread of 162.5 to 200.0 basis points, depending on our leverage ratio. Based on our leverage ratio as of March 31, 2024, the spread was 162.5 basis points. In addition to interest payable on the principal amount of indebtedness outstanding, we incur an annual fee of 25 to 35 basis points (based upon our leverage ratio), paid quarterly, of the unused amount of the lenders’ commitments under the Fifth Amended Credit Agreement. The Fifth Amended Credit Agree ment contains customary representations and warranties, covenants, mandatory prepayments and events of default under which the Company’s payment obligations may be accelerated. The financial covenants include a requirement to maintain (1) a total net leverage ratio of no more than 3.25 to 1.00, subject to a one-time election to increase the maximum total net leverage ratio to 3.75 to 1.00 for one There were no borrowings under the Fifth Amended Credit Agreement during the three months ended March 31, 2024 or the three months ended March 31, 2023. We are not required to make any quarterly principal payments under the Fifth Amended Credit Agreement. We made a $30.0 million discretionary principal payment during the three months ended March 31, 2024, and we made a $25.0 million discretionary principal payment during the three months ended March 31, 2023. We had no outstanding borrowings under our revolving credit facility as of March 31, 2024, and $30.0 million as of December 31, 2023. We had $2.0 million and $2.1 million of outstanding line of credit issuance costs as of March 31, 2024 and December 31, 2023, respectively, which will be amortized over the life of the Fifth Amended Credit Agreement.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We are currently engaged in the following material environmental and legal proceedings: Asbestos Overview We, like many other industrial companies, have been named as a defendant in a number of lawsuits filed in courts across the country by persons alleging personal injury from exposure to products containing asbestos. We have never mined, milled, manufactured or marketed asbestos; rather, we made and provided to industrial users a limited number of products that contained encapsulated asbestos, but we stopped manufacturing these products in the late 1980s. Most of the claims filed against us involve numerous defendants, sometimes as many as several hundred. In virtually all of the cases against us, the plaintiffs are seeking unspecified damages above a jurisdictional minimum against multiple defendants who may have manufactured, sold or used asbestos-containing products to which the plaintiffs were allegedly exposed and from which they purportedly suffered injury. Most of these cases are being litigated in Maryland, Illinois, Missouri and New York; however, we are also defending cases in other states. We continue to vigorously defend these cases, primarily on the basis of the plaintiffs’ inability to establish compensable loss as a result of exposure to our products. The indemnity and defense costs of our asbestos-related product liability litigation to date have been substantially covered by insurance. The following table summarizes the change in number of asbestos claims outstanding for the three months ended March 31, 2024: Asbestos Claims Claims outstanding as of January 1, 2024 506 New claims filed 35 Pending claims concluded (1) (36) Claims outstanding as of March 31, 2024 505 (1) For the three months ended March 31, 2024, 32 claims were dismissed and 4 claims were settled. Settlements totaled approximately $1.5 million for the three months ended March 31, 2024. Impact on Financial Statements We recognize a liability for asbestos-related contingencies that are probable of occurrence and reasonably estimable. In connection with the recognition of liabilities for asbestos-related matters, we record asbestos-related insurance receivables that are deemed probable. The liability projection period covers all current and future indemnity and defense costs through 2064, which represents the expected end of our asbestos liability exposure with no further ongoing claims expected beyond that date. This conclusion was based on our history and experience with the claims data, the diminished volatility and consistency of observable claims data, the period of time that has elapsed since we stopped manufacturing products that contained encapsulated asbestos and an expected downward trend in claims due to the average age of our claimants, which is approaching the average life expectancy. To date, the indemnity and defense costs of our asbestos-related product liability litigation have been substantially covered by insurance. Although we have exhausted coverage under some of our insurance policies, we believe that we have applicable primary, excess and/or umbrella coverage for claims arising with respect to most of the years during which we manufactured and marketed asbestos-containing products. In addition, we have entered into a cost sharing agreement with most of our primary, excess and umbrella insurance carriers to facilitate the ongoing administration and payment of claims covered by the carriers. The cost sharing agreement may be terminated by any party, but will continue until a party elects to terminate it. As of the filing date for this report, the agreement has not been terminated, and no carrier had informed us that it intends to terminate the agreement. We expect to continue to exhaust individual primary, excess and umbrella coverages over time, and there is no assurance that such exhaustion will not accelerate due to additional claims, damages and settlements or that coverage will be available as expected. We are responsible for uninsured indemnity and defense costs, and we incurred an immaterial amount of expenses for each of the three month periods ended March 31, 2024 and 2023, respectively, related to such costs. The amounts recorded for the asbestos-related liability and the related insurance receivables are based on facts known at the time and a number of assumptions. However, projecting for future events, such as the number of new claims to be filed each year, the average cost of disposing of such claims, the length of time it takes to dispose of such claims, coverage issues among insurers and the continuing solvency of various insurance companies, as well as the numerous uncertainties surrounding asbestos litigation in the United States, could cause the actual liability and insurance recoveries for us to be higher or lower than those projected or recorded. The full extent of our financial exposure to asbestos-related litigation remains very difficult to estimate and could include both compensatory and punitive damage awards. Changes recorded in the estimated liability and estimated insurance recovery based on projections of asbestos litigation and corresponding insurance coverage, result in the recognition of expense or income. Our projected asbestos-related liabilities and insurance receivables were as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Asbestos-related liabilities $ 61.5 $ 61.5 Asbestos-related insurance receivables $ 56.5 $ 56.5 Environmental Voluntary Corrective Action Program Our location in Rogers, Connecticut is part of the Connecticut Voluntary Corrective Action Program (VCAP). As part of this program, we partnered with the Connecticut Department of Energy and Environmental Protection (CT DEEP) to determine the corrective actions to be taken at the site related to contamination issues. We evaluated this matter and completed internal due diligence work related to the site in the fourth quarter of 2015. Remediation activities on the site are ongoing and are recorded as reductions to the accrual as they are incurred. We have incurred $2.0 million of aggregate remediation costs through March 31, 2024, and the accrual for future remediation efforts is $0.7 million. Other Matters In addition to the above issues, the nature and scope of our business brings us in regular contact with the general public and a variety of businesses and government agencies. Such activities inherently subject us to the possibility of litigation, including environmental and product liability matters that are defended and handled in the ordinary course of business. We have established accruals for matters for which management considers a loss to be probable and reasonably estimable. It is the opinion of management that facts known at the present time do not indicate that such litigation will have a material adverse impact on our results of operations, financial position or cash flows.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. The following table sets forth the computation of basic and diluted earnings per share: (Dollars and shares in millions, except per share amounts) Three Months Ended March 31, 2024 March 31, 2023 Numerator: Net income (loss) $ 7.8 $ (3.5) Denominator: Weighted-average shares outstanding - basic 18.6 18.6 Effect of dilutive shares 0.1 — Weighted-average shares outstanding - diluted 18.7 18.6 Basic earnings (loss) per share $ 0.42 $ (0.19) Diluted earnings (loss) per share $ 0.42 $ (0.19)

Capital Stock and Equity Compen

Capital Stock and Equity Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Capital Stock and Equity Compensation	Capital Stock and Equity Compensation Share Repurchases In 2015, we initiated a share repurchase program (the “Program”) of up to $100.0 million of the Company’s capital stock to mitigate the dilutive effects of stock option exercises and vesting of restricted stock units granted by the Company, in addition to enhancing shareholder value. The Program has no expiration date and may be suspended or discontinued at any time without notice. For the three months ended March 31, 2024, we purchased 1,500 shares for a total value of $0.2 million using cash from operations and cash on hand. As of March 31, 2024, $23.8 million remained available to purchase under the Program. Our stock repurchases may occur from time to time through open market purchases, privately negotiated transactions or plans designed to comply with Rule 10b5-1 promulgated under the Exchange Act. (Dollars in millions, except shares and per share amounts) Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs March 1, 2024 to March 31, 2024 1,500 $ 109.92 1,500 $ 23.8 Equity Compensation Performance-Based Restricted Stock Units As of March 31, 2024, we had outstanding performance-based restricted stock units with a market condition from 2024 and 2023. These awards generally cliff vest at the end of a three-year measurement period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. The performance-based restricted stock units with a market condition have one measurement criterion: the three-year total shareholder return (“TSR”) on our capital stock as compared to that of a specified group of peer companies. The fair value of this measurement criterion was determined on the grant date using a Monte Carlo simulation valuation model. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period with no changes for final projected payout of the awards. We account for forfeitures as they occur. The following table sets forth the assumptions used in the Monte Carlo calculation for each material award granted in 2024 and 2023: February 19, 2024 February 13, 2024 February 9, 2023 Expected volatility 46.3% 46.2% 53.2% Expected term (in years) 2.9 2.9 2.9 Risk-free interest rate 4.35% 4.35% 4.08% Expected volatility – In determining expected volatility, we have considered a number of factors, including historical volatility. Expected term – We use the vesting period of the award to determine the expected term assumption for the Monte Carlo simulation valuation model. Risk-free interest rate – We use an implied “spot rate” yield on U.S. Treasury Constant Maturity rates as of the grant date for our assumption of the risk-free interest rate. Expected dividend yield – We do not currently pay dividends on our capital stock; therefore, a dividend yield of 0% was used in the Monte Carlo simulation valuation model. As of March 31, 2024, we had outstanding performance-based restricted stock units with a performance condition from 2024. These awards generally cliff vest at the end of a two-year performance period. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed during the measurement period. Participants are eligible to be awarded shares ranging from 0% to 200% of the original award amount, based on certain defined performance measures. The performance-based restricted stock units with a performance condition have one measurement criterion: 2025 net revenue. The fair value of these awards was determined based on the market value of the underlying stock price at the grant date with cumulative compensation expense recognized to-date being increased or decreased based on the changes in the forecasted payout percentage as of the end of each reporting period. We account for forfeitures as they occur. A summary of activity of the outstanding performance-based restricted stock units for the three months ended March 31, 2024 is presented below: Performance-Based Awards outstanding as of December 31, 2023 73,528 Awards granted 79,700 Stock issued — Awards cancelled (26,737) Awards outstanding as of March 31, 2024 126,491 We recognized $1.3 million and $0.1 million of compensation expense for performance-based restricted stock units for the three months ended March 31, 2024 and 2023, respectively. Time-Based Restricted Stock Units As of March 31, 2024, we had time-based restricted stock unit awards from 2024, 2023, 2022 and 2021 outstanding. The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date. However, employees whose employment terminates during the measurement period due to death, disability, or, in certain cases, retirement may receive a pro-rata payout based on the number of days they were employed subsequent to the last grant anniversary date. Each time-based restricted stock unit represents a right to receive one share of Rogers’ capital stock at the end of the vesting period. The fair value of the award is determined by the market value of the underlying stock price at the grant date. We recognize compensation expense on all of these awards on a straight-line basis over the vesting period. We account for forfeitures as they occur. A summary of activity of the outstanding time-based restricted stock units for the three months ended March 31, 2024 is presented below: Time-Based Awards outstanding as of December 31, 2023 100,999 Awards granted 67,480 Stock issued (34,261) Awards cancelled (3,688) Awards outstanding as of March 31, 2024 130,530 We recognized $1.9 million and $2.1 million of compensation expense for time-based restricted stock units for the three months ended March 31, 2024 and 2023, respectively. Deferred Stock Units We grant deferred stock units to non-management directors. These awards are fully vested on the date of grant and the related shares are generally issued on the 13-month anniversary of the grant date unless the individual elects to defer the receipt of those shares. Each deferred stock unit results in the issuance of one share of Rogers’ capital stock. The grant of deferred stock units is typically done annually during the second quarter of each year. The fair value of the award is determined by the market value of the underlying stock price at the grant date. A summary of activity of the outstanding deferred stock units for the three months ended March 31, 2024 is presented below: Deferred Stock Units Awards outstanding as of December 31, 2023 8,100 Awards granted 450 Stock issued (950) Awards outstanding as of March 31, 2024 7,600 We recognized an immaterial amount of compensation expense and no compensation expense for deferred stock units for the three months ended March 31, 2024 and 2023, respectively. Employee Stock Purchase Plan We have an ESPP that allows eligible employees to purchase, through payroll deductions, shares of our capital stock at a discount to fair market value. The ESPP has two six-month offering periods each year, the first beginning in mid-December and ending in mid-June and the second beginning in mid-June and ending in mid-December. The ESPP contains a look-back feature that allows the employee to acquire shares of our capital stock at a 15% discount from the underlying market price at the beginning or end of the applicable period, whichever is lower. We recognize compensation expense on this plan ratably over the offering period based on the fair value of the anticipated number of shares that will be issued at the end of each offering period. Compensation expense is adjusted at the end of each offering period for the actual number of shares issued. Fair value is determined based on two factors: (i) the 15% discount on the underlying stock’s market value on the first day of the applicable offering period, and (ii) the fair value of the look-back feature determined by using the Black-Scholes model. We recognized $0.2 million of compensation expense associated with the ESPP for the three months ended March 31, 2024.

Operating Segment Information

Operating Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Operating Segment Information	Operating Segment Information Our reporting structure is comprised of the following strategic operating segments: AES and EMS. The remaining operations, which represent our non-core businesses, are reported in the Other operating segment. Our AES operating segment designs, develops, manufactures and sells circuit materials, ceramic substrate materials, busbars and cooling solutions for applications in EV/HEV, automotive (e.g., ADAS), aerospace and defense (e.g., antenna systems, communication systems and phased array radar systems), renewable energy (e.g., wind and solar), wireless infrastructure (e.g., power amplifiers, antennas and small cells), mass transit, industrial (e.g., variable frequency drives), connected devices (e.g., mobile internet devices and thermal solutions) and wired infrastructure (e.g., computing and internet protocol infrastructure) markets. Our EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense, footwear and impact mitigation markets; customized silicones used in flex heater and semiconductor thermal applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense and medical markets; and polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for EV/HEV, general industrial, automotive and aerospace and defense markets. Our Other operating segment consists of elastomer components for applications in the general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets. 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, 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 Operating income $ 4.4 $ 5.3 $ 2.0 $ 11.7 Three Months Ended March 31, 2023 Net sales - recognized over time $ 62.4 $ 9.0 $ 3.9 $ 75.3 Net sales - recognized at a point in time 73.5 93.2 1.8 168.5 Total net sales $ 135.9 $ 102.2 $ 5.7 $ 243.8 Operating income $ (5.5) $ 3.2 $ 2.0 $ (0.3) Net sales by operating segment and by geographic area were as follows: (Dollars in millions) Net Sales (1) Region/Country Advanced Electronics Solutions Elastomeric Material Solutions Other Total 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 Three Months Ended March 31, 2023 United States $ 21.5 $ 41.9 $ 1.1 $ 64.5 Other Americas 2.4 9.2 0.1 11.7 Total Americas 23.9 51.1 1.2 76.2 China 38.4 20.2 2.4 61.0 Other APAC 24.9 7.0 0.5 32.4 Total APAC 63.3 27.2 2.9 93.4 Germany 24.0 8.0 0.1 32.1 Other EMEA 24.7 15.9 1.5 42.1 Total EMEA 48.7 23.9 1.6 74.2 Total net sales $ 135.9 $ 102.2 $ 5.7 $ 243.8 (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. We have 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 contract assets on the condensed consolidated statements of financial position. Contract assets by operating segment were as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Advanced Electronics Solutions $ 35.6 $ 41.4 Elastomeric Material Solutions 0.7 0.4 Other 4.0 3.4 Total contract assets $ 40.3 $ 45.2 We did not have any contract liabilities as of March 31, 2024 or December 31, 2023. No impairment losses were recognized for each of the three month periods ended March 31, 2024 and 2023, respectively, on any receivables or contract assets arising from our contracts with customers.

Supplemental Financial Informat

Supplemental Financial Information	3 Months Ended
	Mar. 31, 2024
Supplemental Income Statement Elements [Abstract]
Supplemental Financial Information	Balance Sheet Items Restricted Cash Our restricted cash balance, which is subject to contractual restrictions and not readily available, is recorded in the “Cash and cash equivalents” line item in the condensed consolidated statements of financial position, and serves as collateral for letters of credit related to our environmental and workers’ compensation liabilities. Our restricted cash balance as of March 31, 2024 and December 31 2023 was as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Restricted Cash $ 2.2 $ 2.2 Accounts Receivable The “Accounts receivable, net” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Accounts Receivable - Trade $ 146.6 $ 143.2 Accounts Receivable - Other 12.6 18.7 Total $ 159.2 $ 161.9 Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Accounts Payable - Trade $ 47.6 $ 46.3 Accounts Payable - Other 4.1 4.0 Total $ 51.7 $ 50.3 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 Ended (Dollars in millions) March 31, 2024 March 31, 2023 Restructuring charges Global workforce reduction $ — $ 7.0 Facility consolidations 0.1 3.5 Total restructuring charges $ 0.1 $ 10.5 Total restructuring and impairment charges $ 0.1 $ 10.5 Restructuring Charges - Global Workforce Reduction On February 16, 2023, we announced a plan to reduce our global workforce that was substantially completed in the first half of 2023, and concluded in the fourth quarter of 2023. The plan significantly reduced our manufacturing costs and operating expenses. We incurred $8.8 million in pre-tax restructuring charges related to this plan, all of which was in the form of cash-based expenditures and substantially all of which were related to employee severance and other termination benefits. Restructuring Charges - Facility Consolidations In late 2022 and early 2023, we announced our intention to exit certain facilities in the U.S. and Asia. The plan significantly reduced our manufacturing costs and operating expenses. We have incurred $8.2 million in pre-tax restructuring charges to-date related to these facility consolidations, most of which were in the form of accelerated depreciation. As part of our facility consolidations plan, in February 2023, we entered into an asset purchase agreement to sell our high-performance engineered cellular elastomer business in our EMS operating segment for a purchase price of $1.8 million. The first phase of the deal, which pertained to the net assets other than the land and building, was completed in late March 2023, while the second phase, which pertained to the sale of the land and building, was completed in early September 2023. Of the $1.8 million purchase price, $1.0 million and $0.8 million were allocated to the first and second phases of the deal, respectively. The first phase of the deal included $3.7 million in assets and $3.1 million in liabilities. The assets were primarily comprised of accounts receivable, contract assets and inventories, while the liabilities were primarily comprised of accounts payable and other accrued liabilities, along with the previously recognized accrual against the net assets of the business based on the estimated fair value of the business in December 2022. We incurred $1.2 million of selling costs in 2023, which were recorded in “Selling, general and administrative expenses” in our condensed consolidated statements of operations. As of March 31, 2024 we recognized $13.1 million of assets held for sale within the “Other current assets” financial statement line item of our condensed consolidated statements of financial position, representing the land and building at our Price Road facility in Chandler, Arizona. We still expect the sale of this facility to be completed in the second quarter of 2024. In September 2023, we entered into an agreement to sell one of our Suzhou, China facilities, which had a carrying value of $3.0 million, for $6.8 million resulting in a pre-tax gain of $1.9 million, inclusive of selling and disposal costs. The sale was completed in December 2023. The net impact of this transaction was recorded in the “Other operating (income) expense, net” line item in the condensed consolidated statements of operations. Allocation of Restructuring and Impairment Charges to Operating Segments The following table summarizes the allocation of restructuring and impairment charges to our operating segments: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Advanced Electronics Solutions Allocated restructuring charges $ 0.1 $ 5.4 Elastomeric Material Solutions Allocated restructuring charges — 5.1 Total restructuring and impairment charges $ 0.1 $ 10.5 Other Operating (Income) Expense, Net The components of “Other operating (income) expense, net” line item in the condensed consolidated statements of operations, were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 UTIS fire Professional services $ — $ 0.3 Insurance recoveries — (0.5) Total UTIS fire — (0.2) Total other operating (income) expense, net $ — $ (0.2) In early February 2021, there was a fire at our UTIS manufacturing facility in Ansan, South Korea, which manufactures eSorba® polyurethane foams used in portable electronics and display applications. The site was safely evacuated and there were no reported injuries; however, there was extensive damage to the manufacturing site and some damage to nearby property. Commercial production at our new location in Siheung, South Korea commenced in late January 2023. In connection with the UTIS fire, we recognized insurance recoveries of $0.5 million related to our ongoing insurance claims for business interruption and property damage for the three months ended March 31, 2023. We incurred $0.3 million for various professional services for the three months ended March 31, 2023, in connection with the pursuit of our insurance claims. Interest Expense, Net The components of “Interest expense, net” line item in the condensed consolidated statements of operations, were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Interest on revolving credit facility $ (0.5) $ (3.4) Line of credit fees (0.3) (0.3) Debt issuance amortization costs (0.1) (0.3) Interest income 0.1 0.5 Total interest expense, net $ (0.8) $ (3.5)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The below discussion of the effective tax rate for the periods presented in the consolidated statements of operations is in comparison to the 21% U.S. statutory federal income tax rate. Our effective tax rate was 32.8% in the first quarter of 2024. During the first quarter of 2024, our effective tax rate was unfavorably impacted primarily by the write-off of deferred tax assets related to stock compensation. During the first quarter of 2023, our effective tax rate was 3.5%. During the first quarter of 2023, our effective tax rate was unfavorably impacted primarily by an increase in the valuation allowance attributable to loss jurisdictions in which no benefit is anticipated to be realized. The OECD Pillar 2 guidelines published to date include transition and safe harbor rules around the implementation of the Pillar 2 global minimum tax of 15%. Based on current enacted legislation effective in 2024 and our structure, we do not expect a material impact in 2024. We are monitoring developments and evaluating the impacts these new rules will have on our future effective income tax rate, tax payments, financial condition, and results of operations.

Recent Accounting Standards

Recent Accounting Standards	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recent Accounting Standards	Recent Accounting Standards Recently Issued Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment disclosures. This amendment will improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the standard requires using the retrospective approach. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the standard should be applied on a prospective basis and retrospective application to all periods presented is permitted. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 7.8	$ (3.5)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Recent Accounting Standards (Po

Recent Accounting Standards (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Recently Issued Standards	Recently Issued Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment disclosures. This amendment will improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the standard requires using the retrospective approach. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. Adoption of the standard should be applied on a prospective basis and retrospective application to all periods presented is permitted. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Accumulated Balances Related to Each Component of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive loss by component were as follows: (Dollars and accompanying footnotes in millions) Foreign Currency Translation Adjustments Pension and Other Postretirement Benefits (1) Total Balance as of December 31, 2023 $ (56.8) $ (9.6) $ (66.4) Other comprehensive income (loss) before reclassifications (9.2) — (9.2) Amounts reclassified from accumulated other comprehensive loss — 0.1 0.1 Net current-period other comprehensive income (loss) (9.2) 0.1 (9.1) Balance as of March 31, 2024 $ (66.0) $ (9.5) $ (75.5) Balance as of December 31, 2022 $ (75.6) $ (9.6) $ (85.2) Other comprehensive income (loss) before reclassifications 9.7 — 9.7 Amounts reclassified from accumulated other comprehensive loss — — — Net current-period other comprehensive income (loss) 9.7 — 9.7 Balance as of March 31, 2023 $ (65.9) $ (9.6) $ (75.5) (1) Net of taxes of $1.8 million for both March 31, 2024 and December 31, 2023. Net of taxes of $1.9 million for both March 31, 2023 and December 31, 2022.

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	As of March 31, 2024, the notional values of the remaining foreign currency forward contracts were as follows: Notional Values of Foreign Currency Derivatives USD/CNH $ 20,700,000 EUR/USD € 14,700,000 KRW/USD ₩ 5,372,800,000 JPY/EUR ¥ 250,000,000 As of March 31, 2024, the volume of our copper contracts outstanding was as follows: Volume of Copper Derivatives April 2024 - June 2024 69 metric tons per month July 2024 - September 2024 69 metric tons per month October 2024 - December 2024 69 metric tons per month January 2025 - March 2025 69 metric tons per month
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	The impacts from our derivative instruments on the statement of operations and statements of comprehensive income were as follows: Three Months Ended (Dollars in millions) Financial Statement Line Item March 31, 2024 March 31, 2023 Foreign Currency Contracts Contracts not designated as hedging instruments Other income (expense), net $ (0.1) $ — Copper Derivative Contracts Contracts not designated as hedging instruments Other income (expense), net $ — $ —
Schedule of Derivative Instruments Measured at Fair Value on a Recurring Basis	The fair values of derivative instruments measured at fair value on a recurring basis, categorized by contract type and level of inputs used in the valuation, were as follows: Derivative Instruments at Fair Value as of March 31, 2024 (Dollars in millions) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ (0.1) $ — $ (0.1) Copper derivative contracts $ — $ 0.5 $ — $ 0.5 Derivative Instruments at Fair Value as of December 31, 2023 (Dollars in millions) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ (0.2) $ — $ (0.2) Copper derivative contracts $ — $ 0.4 $ — $ 0.4 (1) All balances were recorded in the “Other current assets” or “Other accrued liabilities” line items in the condensed consolidated statements of financial position.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Raw materials $ 76.5 $ 71.5 Work-in-process 41.6 45.6 Finished goods 32.8 36.4 Total inventories $ 150.9 $ 153.5

Balance Sheet Items (Tables)

Balance Sheet Items (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Restricted Cash	Our restricted cash balance as of March 31, 2024 and December 31 2023 was as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Restricted Cash $ 2.2 $ 2.2
Schedule of Accounts Receivable	The “Accounts receivable, net” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Accounts Receivable - Trade $ 146.6 $ 143.2 Accounts Receivable - Other 12.6 18.7 Total $ 159.2 $ 161.9
Schedule of Accounts Payable	The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) March 31, 2024 December 31, 2023 Accounts Payable - Trade $ 47.6 $ 46.3 Accounts Payable - Other 4.1 4.0 Total $ 51.7 $ 50.3

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lease Expense, Payments for Operating Leases, and Information Related to Lease Term and Discount Rates	Our expenses and payments for operating leases were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Operating leases expense $ 1.3 $ 1.0 Short-term leases expense $ 0.2 $ 0.1 Payments on operating lease obligations $ 1.0 $ 0.8 The following table includes information regarding the lease term and discount rates utilized in the calculation of the present value of net future minimum lease payments: March 31, 2024 December 31, 2023 Weighted Average Remaining Lease Term Finance leases 3.9 years 4.0 years Operating leases 6.7 years 7.0 years Weighted Average Discount Rate Finance leases 4.22% 4.14% Operating leases 5.37% 5.35%
Schedule of Assets and Liabilities Balance Related To Finance and Operating Leases	The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows: (Dollars in millions) Financial Statement Line Item March 31, 2024 December 31, 2023 Finance lease right-of-use assets Property, plant and equipment, net $ 1.4 $ 1.5 Operating lease right-of-use assets Operating lease right-of-use assets $ 18.6 $ 18.9 Finance lease obligations, current portion Other accrued liabilities $ 0.4 $ 0.4 Finance lease obligations, non-current portion Other long-term liabilities $ 1.0 $ 1.1 Total finance lease obligations $ 1.4 $ 1.5 Operating lease obligations, current portion Operating lease obligations, current portion $ 3.8 $ 3.5 Operating lease obligations, non-current portion Operating lease obligations, non-current portion $ 15.1 $ 15.4 Total operating lease obligations $ 18.9 $ 18.9
Schedule of Finance Lease Liability Maturity	The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2024: Finance Operating (Dollars in millions) Leases Signed Less: Leases Not Yet Commenced Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2024 $ 0.3 $ — $ 0.3 $ 3.9 $ (0.1) $ 3.8 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.5 (1.2) 3.3 2027 1.4 (1.2) 0.2 3.7 (1.1) 2.6 2028 1.3 (1.2) 0.1 2.6 (0.8) 1.8 Thereafter 5.1 (5.0) 0.1 11.9 (4.8) 7.1 Total lease payments 11.2 (9.7) 1.5 31.8 (9.1) 22.7 Less: Interest (1.8) 1.7 (0.1) (6.1) 2.3 (3.8) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 25.7 $ (6.8) $ 18.9
Schedule of Operating Lease Liability Maturity	The following table includes future minimum lease payments under finance and operating leases together with the present value of the net future minimum lease payments as of March 31, 2024: Finance Operating (Dollars in millions) Leases Signed Less: Leases Not Yet Commenced Leases in Effect Leases Signed Less: Leases Not Yet Commenced Leases in Effect 2024 $ 0.3 $ — $ 0.3 $ 3.9 $ (0.1) $ 3.8 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.5 (1.2) 3.3 2027 1.4 (1.2) 0.2 3.7 (1.1) 2.6 2028 1.3 (1.2) 0.1 2.6 (0.8) 1.8 Thereafter 5.1 (5.0) 0.1 11.9 (4.8) 7.1 Total lease payments 11.2 (9.7) 1.5 31.8 (9.1) 22.7 Less: Interest (1.8) 1.7 (0.1) (6.1) 2.3 (3.8) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 25.7 $ (6.8) $ 18.9

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the net carrying amount of goodwill by operating segment were as follows: (Dollars in millions) Advanced Electronics Solutions Elastomeric Material Solutions Other Total December 31, 2023 $ 117.7 $ 239.9 $ 2.2 $ 359.8 Foreign currency translation adjustment (1.5) (1.1) — $ (2.6) March 31, 2024 $ 116.2 $ 238.8 $ 2.2 $ 357.2
Schedule of Intangible Assets	The carrying amount of other intangible assets were as follows: March 31, 2024 December 31, 2023 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 177.0 $ 91.4 $ 85.6 $ 177.9 $ 90.0 $ 87.9 Technology 76.8 58.6 18.2 77.4 58.1 19.3 Trademarks and trade names 19.3 7.4 11.9 19.4 7.4 12.0 Covenants not to compete 1.3 1.0 0.3 1.3 0.9 0.4 Total definite-lived other intangible assets 274.4 158.4 116.0 276.0 156.4 119.6 Indefinite-lived other intangible asset 4.3 — 4.3 4.3 — 4.3 Total other intangible assets $ 278.7 $ 158.4 $ 120.3 $ 280.3 $ 156.4 $ 123.9
Schedule of Weighted Average Amortization Period, by Intangible Asset Class	The weighted average amortization period as of March 31, 2024, by definite-lived other intangible asset class, is presented in the table below: Weighted Average Remaining Amortization Period Customer relationships 7.3 years Technology 3.2 years Trademarks and trade names 9.8 years Covenants not to compete 0.4 years Total definite-lived other intangible assets 6.9 years

Pension Benefits and Other Po_2

Pension Benefits and Other Postretirement Benefits (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The components of net periodic benefit (credit) cost were as follows: Pension Benefits Three Months Ended March 31, (Dollars in millions) 2024 2023 Interest cost 0.2 0.3 Expected return of plan assets (0.3) (0.4) Amortization of net loss (gain) 0.1 0.1 Net periodic benefit cost (credit) $ — $ —

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Liability For Unpaid Claims And Claims Adjustment Expense	The following table summarizes the change in number of asbestos claims outstanding for the three months ended March 31, 2024: Asbestos Claims Claims outstanding as of January 1, 2024 506 New claims filed 35 Pending claims concluded (1) (36) Claims outstanding as of March 31, 2024 505 (1) For the three months ended March 31, 2024, 32 claims were dismissed and 4 claims were settled. Settlements totaled approximately $1.5 million for the three months ended March 31, 2024.
Schedule of Asbestos-Related Claims and Insurance Receivables	Our projected asbestos-related liabilities and insurance receivables were as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Asbestos-related liabilities $ 61.5 $ 61.5 Asbestos-related insurance receivables $ 56.5 $ 56.5

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: (Dollars and shares in millions, except per share amounts) Three Months Ended March 31, 2024 March 31, 2023 Numerator: Net income (loss) $ 7.8 $ (3.5) Denominator: Weighted-average shares outstanding - basic 18.6 18.6 Effect of dilutive shares 0.1 — Weighted-average shares outstanding - diluted 18.7 18.6 Basic earnings (loss) per share $ 0.42 $ (0.19) Diluted earnings (loss) per share $ 0.42 $ (0.19)

Capital Stock and Equity Comp_2

Capital Stock and Equity Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Stockholders Equity	(Dollars in millions, except shares and per share amounts) Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs March 1, 2024 to March 31, 2024 1,500 $ 109.92 1,500 $ 23.8
Schedule of Weighted-Average Assumptions Used	The following table sets forth the assumptions used in the Monte Carlo calculation for each material award granted in 2024 and 2023: February 19, 2024 February 13, 2024 February 9, 2023 Expected volatility 46.3% 46.2% 53.2% Expected term (in years) 2.9 2.9 2.9 Risk-free interest rate 4.35% 4.35% 4.08%
Schedule of Restricted Stock and Restricted Stock Activity	A summary of activity of the outstanding performance-based restricted stock units for the three months ended March 31, 2024 is presented below: Performance-Based Awards outstanding as of December 31, 2023 73,528 Awards granted 79,700 Stock issued — Awards cancelled (26,737) Awards outstanding as of March 31, 2024 126,491 A summary of activity of the outstanding time-based restricted stock units for the three months ended March 31, 2024 is presented below: Time-Based Awards outstanding as of December 31, 2023 100,999 Awards granted 67,480 Stock issued (34,261) Awards cancelled (3,688) Awards outstanding as of March 31, 2024 130,530 A summary of activity of the outstanding deferred stock units for the three months ended March 31, 2024 is presented below: Deferred Stock Units Awards outstanding as of December 31, 2023 8,100 Awards granted 450 Stock issued (950) Awards outstanding as of March 31, 2024 7,600

Operating Segment Information (

Operating Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Reportable 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 Solutions Elastomeric Material Solutions Other Total 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 Operating income $ 4.4 $ 5.3 $ 2.0 $ 11.7 Three Months Ended March 31, 2023 Net sales - recognized over time $ 62.4 $ 9.0 $ 3.9 $ 75.3 Net sales - recognized at a point in time 73.5 93.2 1.8 168.5 Total net sales $ 135.9 $ 102.2 $ 5.7 $ 243.8 Operating income $ (5.5) $ 3.2 $ 2.0 $ (0.3) Net sales by operating segment and by geographic area were as follows: (Dollars in millions) Net Sales (1) Region/Country Advanced Electronics Solutions Elastomeric Material Solutions Other Total 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 Three Months Ended March 31, 2023 United States $ 21.5 $ 41.9 $ 1.1 $ 64.5 Other Americas 2.4 9.2 0.1 11.7 Total Americas 23.9 51.1 1.2 76.2 China 38.4 20.2 2.4 61.0 Other APAC 24.9 7.0 0.5 32.4 Total APAC 63.3 27.2 2.9 93.4 Germany 24.0 8.0 0.1 32.1 Other EMEA 24.7 15.9 1.5 42.1 Total EMEA 48.7 23.9 1.6 74.2 Total net sales $ 135.9 $ 102.2 $ 5.7 $ 243.8 (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 by operating segment were as follows: (Dollars in millions) March 31, 2024 December 31, 2023 Advanced Electronics Solutions $ 35.6 $ 41.4 Elastomeric Material Solutions 0.7 0.4 Other 4.0 3.4 Total contract assets $ 40.3 $ 45.2

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Income Statement Elements [Abstract]
Schedule of 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 Ended (Dollars in millions) March 31, 2024 March 31, 2023 Restructuring charges Global workforce reduction $ — $ 7.0 Facility consolidations 0.1 3.5 Total restructuring charges $ 0.1 $ 10.5 Total restructuring and impairment charges $ 0.1 $ 10.5 The following table summarizes the allocation of restructuring and impairment charges to our operating segments: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Advanced Electronics Solutions Allocated restructuring charges $ 0.1 $ 5.4 Elastomeric Material Solutions Allocated restructuring charges — 5.1 Total restructuring and impairment charges $ 0.1 $ 10.5
Schedule of Other Operating (Income) Expense	The components of “Other operating (income) expense, net” line item in the condensed consolidated statements of operations, were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 UTIS fire Professional services $ — $ 0.3 Insurance recoveries — (0.5) Total UTIS fire — (0.2) Total other operating (income) expense, net $ — $ (0.2)
Schedule of Components of Interest Expense, Net	The components of “Interest expense, net” line item in the condensed consolidated statements of operations, were as follows: Three Months Ended (Dollars in millions) March 31, 2024 March 31, 2023 Interest on revolving credit facility $ (0.5) $ (3.4) Line of credit fees (0.3) (0.3) Debt issuance amortization costs (0.1) (0.3) Interest income 0.1 0.5 Total interest expense, net $ (0.8) $ (3.5)

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	$ 1,259
Other comprehensive income (loss) before reclassifications	(9.2)	$ 9.7
Amounts reclassified from accumulated other comprehensive loss	0.1	0
Other comprehensive income (loss)	(9.1)	9.7
Balance, end of period	1,259.8	1,178.3
Amortization of loss, net of tax (Note 2)	1.8	1.9
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(66.4)	(85.2)
Other comprehensive income (loss)	(9.1)	9.7
Balance, end of period	(75.5)	(75.5)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(56.8)	(75.6)
Other comprehensive income (loss) before reclassifications	(9.2)	9.7
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive income (loss)	(9.2)	9.7
Balance, end of period	(66)	(65.9)
Pension and Other Postretirement Benefits
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period	(9.6)	(9.6)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	0.1	0
Other comprehensive income (loss)	0.1	0
Balance, end of period	$ (9.5)	$ (9.6)

Derivatives and Hedging (Notion

Derivatives and Hedging (Notional Values of Derivative Instruments) (Details) - Contracts not designated as hedging instruments	Mar. 31, 2024 USD ($) tons_per_month	Mar. 31, 2024 EUR (€) tons_per_month	Mar. 31, 2024 KRW (₩) tons_per_month
April 2024 - June 2024
Derivative [Line Items]
Volume of Copper Derivatives (in metric tons per month)	69	69	69
July 2024 - September 2024
Derivative [Line Items]
Volume of Copper Derivatives (in metric tons per month)	69	69	69
October 2024 - December 2024
Derivative [Line Items]
Volume of Copper Derivatives (in metric tons per month)	69	69	69
January 2025 - March 2025
Derivative [Line Items]
Volume of Copper Derivatives (in metric tons per month)	69	69	69
USD/CNH | Foreign Currency Derivatives
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | $	$ 20,700,000
EUR/USD | Foreign Currency Derivatives
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | €		€ 14,700,000
KRW/USD | Foreign Currency Derivatives
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | ₩			₩ 5,372,800,000
JPY/EUR | Foreign Currency Derivatives
Derivative [Line Items]
Notional Values of Foreign Currency Derivatives | ₩			₩ 250,000,000

Derivatives and Hedging (Additi

Derivatives and Hedging (Additional Information) (Details)	Mar. 31, 2024 contract
Bank Term Loan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative contracts related to minimizing risk associated with potential rise in copper prices (in contracts)	12

Derivatives and Hedging (Effect

Derivatives and Hedging (Effect and Fair Value of Derivative Instruments) (Details) - Contracts not designated as hedging instruments - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Foreign Currency Contracts
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	$ (0.1)	$ 0
Copper Derivative Contracts
Derivative [Line Items]
Derivative, gain (loss) on derivative, net	$ 0	$ 0

Derivatives and Hedging (Variou

Derivatives and Hedging (Various Instruments That Require Fair Value Measurement) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	$ (0.1)	$ (0.2)
Foreign currency contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	0	0
Foreign currency contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	(0.1)	(0.2)
Foreign currency contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	0	0
Copper derivative contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	0.5	0.4
Copper derivative contracts | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	0	0
Copper derivative contracts | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	0.5	0.4
Copper derivative contracts | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivatives	$ 0	$ 0

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 76.5	$ 71.5
Work-in-process	41.6	45.6
Finished goods	32.8	36.4
Total inventories	$ 150.9	$ 153.5

Balance Sheet Items (Restricted

Balance Sheet Items (Restricted Cash) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted Cash	$ 2.2	$ 2.2

Balance Sheet Items (Accounts R

Balance Sheet Items (Accounts Receivable) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable - Trade	$ 146.6	$ 143.2
Accounts Receivable - Other	12.6	18.7
Total	$ 159.2	$ 161.9

Balance Sheet Items (Accounts P

Balance Sheet Items (Accounts Payable) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Payable - Trade	$ 47.6	$ 46.3
Accounts Payable - Other	4.1	4
Total	$ 51.7	$ 50.3

Leases (Payment for Operating L

Leases (Payment for Operating Leases Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating leases expense	$ 1.3	$ 1
Short-term leases expense	0.2	0.1
Payments on operating lease obligations	$ 1	$ 0.8

Leases (Assets and Liabilities

Leases (Assets and Liabilities Balance Related to Finance and Operating Leases) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Finance lease right-of-use assets	$ 1.4	$ 1.5
Operating lease right-of-use assets	18.6	18.9
Finance lease obligations, current portion	0.4	0.4
Finance lease obligations, non-current portion	1	1.1
Total finance lease obligations	1.4	1.5
Operating lease obligations, current portion	3.8	3.5
Operating lease obligations, non-current portion	15.1	15.4
Total operating lease obligations	$ 18.9	$ 18.9
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net of accumulated depreciation of $386.2 and $385.7	Property, plant and equipment, net of accumulated depreciation of $386.2 and $385.7
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other accrued liabilities	Other accrued liabilities

Leases (Future Minimum Lease Pa

Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finance Leases Signed
2024	$ 0.3
2025	1.5
2026	1.6
2027	1.4
2028	1.3
Thereafter	5.1
Total lease payments	11.2
Less: Interest	(1.8)
Present Value of Net Future Minimum Lease Payments	9.4
Finance Leases Less: Leases Not Yet Commenced
2024	0
2025	(1.1)
2026	(1.2)
2027	(1.2)
2028	(1.2)
Thereafter	(5)
Total lease payments	(9.7)
Less: Interest	1.7
Present Value of Net Future Minimum Lease Payments	(8)
Finance Leases in Effect
2024	0.3
2025	0.4
2026	0.4
2027	0.2
2028	0.1
Thereafter	0.1
Total lease payments	1.5
Less: Interest	(0.1)
Total finance lease obligations	1.4	$ 1.5
Operating Leases Signed
2024	3.9
2025	5.2
2026	4.5
2027	3.7
2028	2.6
Thereafter	11.9
Total lease payments	31.8
Less: Interest	(6.1)
Present Value of Net Future Minimum Lease Payments	25.7
Operating Leases Less: Leases Not Yet Commenced
2024	(0.1)
2025	(1.1)
2026	(1.2)
2027	(1.1)
2028	(0.8)
Thereafter	(4.8)
Total lease payments	(9.1)
Less: Interest	2.3
Present Value of Net Future Minimum Lease Payments	(6.8)
Operating Leases in Effect
2024	3.8
2025	4.1
2026	3.3
2027	2.6
2028	1.8
Thereafter	7.1
Total lease payments	22.7
Less: Interest	(3.8)
Total operating lease obligations	$ 18.9	$ 18.9

Leases (Lease Term and Discount

Leases (Lease Term and Discount Rate of Net Future Minimum Lease Payments) (Details)	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Finance leases, weighted average remaining lease term (in years)	3 years 10 months 24 days	4 years
Operating leases, weighted average remaining lease term (in years)	6 years 8 months 12 days	7 years
Finance leases, weighted average discount rate (as a percent)	4.22%	4.14%
Operating leases, weighted average discount rate (as a percent)	5.37%	5.35%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 359.8
Foreign currency translation adjustment	(2.6)
Goodwill, ending balance	357.2
Advanced Electronics Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	117.7
Foreign currency translation adjustment	(1.5)
Goodwill, ending balance	116.2
Elastomeric Material Solutions
Goodwill [Roll Forward]
Goodwill, beginning balance	239.9
Foreign currency translation adjustment	(1.1)
Goodwill, ending balance	238.8
Other
Goodwill [Roll Forward]
Goodwill, beginning balance	2.2
Foreign currency translation adjustment	0
Goodwill, ending balance	$ 2.2

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 274.4	$ 276
Indefinite-lived other intangible asset	4.3	4.3
Total other intangible assets, gross carrying amount	278.7	280.3
Accumulated Amortization	158.4	156.4
Net Carrying Amount	116	119.6
Total other intangible assets, net carrying amount	120.3	123.9
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	177	177.9
Accumulated Amortization	91.4	90
Net Carrying Amount	85.6	87.9
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	76.8	77.4
Accumulated Amortization	58.6	58.1
Net Carrying Amount	18.2	19.3
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19.3	19.4
Accumulated Amortization	7.4	7.4
Net Carrying Amount	11.9	12
Covenants not to compete
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1.3	1.3
Accumulated Amortization	1	0.9
Net Carrying Amount	$ 0.3	$ 0.4

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3.1	$ 3.3
Annual Future Amortization Expense
Anticipated future amortization expense for the remainder of 2024	9.3
Anticipated future amortization expense for 2025	10.8
Anticipated future amortization expense for 2026	10.4
Anticipated future amortization expense for 2027	10
Anticipated future amortization expense for 2028	$ 7.8

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Details)	Mar. 31, 2024
Acquired Finite-Lived Intangible Assets [Line Items]
Total definite-lived other intangible assets	6 years 10 months 24 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Total definite-lived other intangible assets	7 years 3 months 18 days
Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Total definite-lived other intangible assets	3 years 2 months 12 days
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Total definite-lived other intangible assets	9 years 9 months 18 days
Covenants not to compete
Acquired Finite-Lived Intangible Assets [Line Items]
Total definite-lived other intangible assets	4 months 24 days

Pension Benefits and Other Po_3

Pension Benefits and Other Postretirement Benefits (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) plan	Mar. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of qualified noncontributory defined benefit plans | plan	1
Pension Benefits | Merged Plan
Defined Benefit Plan Disclosure [Line Items]
Contributions	$ 0	$ 0
Pension Benefits | Union Plan
Defined Benefit Plan Disclosure [Line Items]
Additional contributions required to make for remainder of fiscal year	$ 0

Pension Benefits and Other Po_4

Pension Benefits and Other Postretirement Benefits (Components of Net Periodic Benefit (Credit) Cost) (Details) - Pension Benefits - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Interest cost	$ 0.2	$ 0.3
Expected return of plan assets	(0.3)	(0.4)
Amortization of net loss (gain)	0.1	0.1
Net periodic benefit cost (credit)	$ 0	$ 0

Debt (Details)

Debt (Details)		3 Months Ended
	Mar. 24, 2023 USD ($) option	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Number of borrowings credit agreement interest options | option	2
Borrowings under revolving credit facility		$ 0		$ 30,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings under revolving credit facility		0		30,000,000
Outstanding line of credit issuance costs		$ 2,000,000		$ 2,100,000
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Leverage ratio	3.25
One-time leverage ratio maximum option	3.75
One-time leverage ratio maximum option, period of increased maximum leverage ratio	1 year
ICR covenant limit	3
Amount of unrestricted domestic cash and cash equivalents permitted to net against indebtedness in calculation of total net leverage ratio (up to)	$ 50,000,000
Debt instrument, leverage ratio, maximum		2.75
Discretionary principal payments on revolving credit facility		$ 30,000,000	$ 25,000,000
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Minimum
Debt Instrument [Line Items]
Unused capacity, commitment fee (as a percent)		0.25%
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Maximum
Debt Instrument [Line Items]
Unused capacity, commitment fee (as a percent)		0.35%
Allowed restricted payments, including cash dividends		$ 20,000,000
Revolving Credit Facility | Fourth Amended and Restated Credit Agreement | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.50%
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 450,000,000
Additional borrowing capacity		225,000,000
Variable rate lower range, basis spread	0.625%
Variable rate higher range, basis spread	1%
Proceeds from borrowings under revolving credit facility		$ 0
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Eurocurrency loans
Debt Instrument [Line Items]
Line of credit, LIBOR rate, minimum basis spread (as a percent)	1.625%
Line of credit, LIBOR rate, maximum basis spread (as a percent)	2%
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | London Interbank Offered Rate (LIBOR) 1
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.625%
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.10%
Revolving Credit Facility | Fifth Amended and Restated Credit Agreement | Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.50%

Commitments and Contingencies_2

Commitments and Contingencies (Change in Number of Asbestos Claims Outstanding) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) claim
Liability for Asbestos and Environmental Claims [Roll Forward]
Claims outstanding, beginning	506
New claims filed	35
Pending claims concluded	(36)
Claims outstanding, ending	505
Number of claims dismissed	32
Number of claims settled	4
Settlements | $	$ 1.5

Commitments and Contingencies_3

Commitments and Contingencies (Total Estimated Liability for Asbestos) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Asbestos-related liabilities	$ 61.5	$ 61.5
Asbestos-related insurance receivables	$ 56.5	$ 56.5

Commitments and Contingencies_4

Commitments and Contingencies (Additional Information) (Details) - Connecticut Voluntary Corrective Action Program $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Loss Contingencies [Line Items]
Environmental remediation expense incurred	$ 2
Accrual for future remediation efforts	$ 0.7

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income (loss)	$ 7.8	$ (3.5)
Denominator:
Weighted-average shares outstanding - basic (in shares)	18.6	18.6
Effect of dilutive shares (in shares)	0.1	0
Weighted-average shares outstanding - diluted (in shares)	18.7	18.6
Basic earnings per share (in dollars per share)	$ 0.42	$ (0.19)
Diluted earnings per share (in dollars per share)	$ 0.42	$ (0.19)

Capital Stock and Equity Comp_3

Capital Stock and Equity Compensation (Additional Information) (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) offering_period shares	Mar. 31, 2023 USD ($)	Dec. 31, 2015 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized stock repurchase amount			$ 100,000,000
Shares repurchased (in shares) | shares	1,500
Shares repurchased	$ 200,000
Remaining authorized stock repurchase amount	$ 23,800,000
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, measurement period (years)	3 years
Expected dividend yield (as a percent)	0%
Compensation expense	$ 1,300,000	$ (100,000)
Performance-Based Restricted Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, awarded shares as a percentage of the original award amount (as a percent)	0%
Performance-Based Restricted Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, awarded shares as a percentage of the original award amount (as a percent)	200%
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,900,000	2,100,000
Conversion ratio	1
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0	$ 0
Conversion ratio	1
Vesting period	13 months
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 200,000
Number of offerings | offering_period	2
Offering period	6 months
Capital stock discount (as a percent)	15%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, measurement period (years)	2 years
Restricted Stock Units (RSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, awarded shares as a percentage of the original award amount (as a percent)	0%
Restricted Stock Units (RSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock award program, awarded shares as a percentage of the original award amount (as a percent)	200%

Capital Stock and Equity Comp_4

Capital Stock and Equity Compensation (Stockholders Equity) (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Treasury stock acquired (in shares)	1,500
Treasury stock average cost (in dollars per share) | $ / shares	$ 109.92
Treasury stock acquired, publicly announced plans or programs (in shares)	1,500
Remaining authorized stock repurchase amount | $	$ 23.8

Capital Stock and Equity Comp_5

Capital Stock and Equity Compensation (Monte Carlo Calculation Assumptions) (Details) - Performance-Based Restricted Stock Units	Feb. 19, 2024	Feb. 13, 2024	Feb. 09, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	46.30%	46.20%	53.20%
Expected term (in years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Risk-free interest rate (as a percent)	4.35%	4.35%	4.08%

Capital Stock and Equity Comp_6

Capital Stock and Equity Compensation (Performance-Based Restricted Stock Awards) (Details) - Performance-Based Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards outstanding beginning balance (in shares)	73,528
Awards granted (in shares)	79,700
Stock issued (in shares)	0
Awards cancelled (in shares)	(26,737)
Awards outstanding ending balance (in shares)	126,491

Capital Stock and Equity Comp_7

Capital Stock and Equity Compensation (Time-Based Restricted Stock Awards) (Details) - Time-Based Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards outstanding beginning balance (in shares)	100,999
Awards granted (in shares)	67,480
Stock issued (in shares)	(34,261)
Awards cancelled (in shares)	(3,688)
Awards outstanding ending balance (in shares)	130,530

Capital Stock and Equity Comp_8

Capital Stock and Equity Compensation (Deferred Stock Units) (Details) - Deferred Stock Units - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Awards outstanding beginning balance (in shares)	8,100
Awards granted (in shares)	450
Stock issued (in shares)	(950)
Awards outstanding ending balance (in shares)	7,600
Compensation expense	$ 0	$ 0

Operating Segment Information_2

Operating Segment Information (Income by Reportable Segments) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 213.4	$ 243.8
Operating income	11.7	(0.3)
Total Americas
Segment Reporting Information [Line Items]
Net sales	59.1	76.2
United States
Segment Reporting Information [Line Items]
Net sales	54.5	64.5
Other Americas
Segment Reporting Information [Line Items]
Net sales	4.6	11.7
Total APAC
Segment Reporting Information [Line Items]
Net sales	87.7	93.4
China
Segment Reporting Information [Line Items]
Net sales	56.3	61
Other APAC
Segment Reporting Information [Line Items]
Net sales	31.4	32.4
Total EMEA
Segment Reporting Information [Line Items]
Net sales	66.6	74.2
Germany
Segment Reporting Information [Line Items]
Net sales	30	32.1
Other EMEA
Segment Reporting Information [Line Items]
Net sales	36.6	42.1
Advanced Electronics Solutions
Segment Reporting Information [Line Items]
Net sales	122.1	135.9
Operating income	4.4	(5.5)
Advanced Electronics Solutions | Total Americas
Segment Reporting Information [Line Items]
Net sales	21	23.9
Advanced Electronics Solutions | United States
Segment Reporting Information [Line Items]
Net sales	20.4	21.5
Advanced Electronics Solutions | Other Americas
Segment Reporting Information [Line Items]
Net sales	0.6	2.4
Advanced Electronics Solutions | Total APAC
Segment Reporting Information [Line Items]
Net sales	58	63.3
Advanced Electronics Solutions | China
Segment Reporting Information [Line Items]
Net sales	34.3	38.4
Advanced Electronics Solutions | Other APAC
Segment Reporting Information [Line Items]
Net sales	23.7	24.9
Advanced Electronics Solutions | Total EMEA
Segment Reporting Information [Line Items]
Net sales	43.1	48.7
Advanced Electronics Solutions | Germany
Segment Reporting Information [Line Items]
Net sales	21.9	24
Advanced Electronics Solutions | Other EMEA
Segment Reporting Information [Line Items]
Net sales	21.2	24.7
Elastomeric Material Solutions
Segment Reporting Information [Line Items]
Net sales	85.7	102.2
Operating income	5.3	3.2
Elastomeric Material Solutions | Total Americas
Segment Reporting Information [Line Items]
Net sales	37	51.1
Elastomeric Material Solutions | United States
Segment Reporting Information [Line Items]
Net sales	33.1	41.9
Elastomeric Material Solutions | Other Americas
Segment Reporting Information [Line Items]
Net sales	3.9	9.2
Elastomeric Material Solutions | Total APAC
Segment Reporting Information [Line Items]
Net sales	27	27.2
Elastomeric Material Solutions | China
Segment Reporting Information [Line Items]
Net sales	20.4	20.2
Elastomeric Material Solutions | Other APAC
Segment Reporting Information [Line Items]
Net sales	6.6	7
Elastomeric Material Solutions | Total EMEA
Segment Reporting Information [Line Items]
Net sales	21.7	23.9
Elastomeric Material Solutions | Germany
Segment Reporting Information [Line Items]
Net sales	7.9	8
Elastomeric Material Solutions | Other EMEA
Segment Reporting Information [Line Items]
Net sales	13.8	15.9
Other
Segment Reporting Information [Line Items]
Net sales	5.6	5.7
Operating income	2	2
Other | Total Americas
Segment Reporting Information [Line Items]
Net sales	1.1	1.2
Other | United States
Segment Reporting Information [Line Items]
Net sales	1	1.1
Other | Other Americas
Segment Reporting Information [Line Items]
Net sales	0.1	0.1
Other | Total APAC
Segment Reporting Information [Line Items]
Net sales	2.7	2.9
Other | China
Segment Reporting Information [Line Items]
Net sales	1.6	2.4
Other | Other APAC
Segment Reporting Information [Line Items]
Net sales	1.1	0.5
Other | Total EMEA
Segment Reporting Information [Line Items]
Net sales	1.8	1.6
Other | Germany
Segment Reporting Information [Line Items]
Net sales	0.2	0.1
Other | Other EMEA
Segment Reporting Information [Line Items]
Net sales	1.6	1.5
Recognized over time
Segment Reporting Information [Line Items]
Net sales	53.6	75.3
Recognized over time | Advanced Electronics Solutions
Segment Reporting Information [Line Items]
Net sales	46.4	62.4
Recognized over time | Elastomeric Material Solutions
Segment Reporting Information [Line Items]
Net sales	1.8	9
Recognized over time | Other
Segment Reporting Information [Line Items]
Net sales	5.4	3.9
Recognized at a point in time
Segment Reporting Information [Line Items]
Net sales	159.8	168.5
Recognized at a point in time | Advanced Electronics Solutions
Segment Reporting Information [Line Items]
Net sales	75.7	73.5
Recognized at a point in time | Elastomeric Material Solutions
Segment Reporting Information [Line Items]
Net sales	83.9	93.2
Recognized at a point in time | Other
Segment Reporting Information [Line Items]
Net sales	$ 0.2	$ 1.8

Operating Segment Information_3

Operating Segment Information (Contract Assets By Operating Segments) (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total contract assets	$ 40.3	$ 45.2
Advanced Electronics Solutions
Segment Reporting Information [Line Items]
Total contract assets	35.6	41.4
Elastomeric Material Solutions
Segment Reporting Information [Line Items]
Total contract assets	0.7	0.4
Other
Segment Reporting Information [Line Items]
Total contract assets	$ 4	$ 3.4

Supplemental Financial Inform_3

Supplemental Financial Information (Restructuring and Impairment Charges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 100	$ 10,500
Total restructuring and impairment charges	100	10,500
Global workforce reduction
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0	7,000
Facility consolidations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 100	$ 3,500

Supplemental Financial Inform_4

Supplemental Financial Information (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 16, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring expenses expected to incur	$ 8,200		$ 8,800
Operating segment for a purchase price	1,800
Disposal group, including discontinued operation, consideration phase one	1,000
Disposal group, including discontinued operation, consideration phase two	800
Disposal group, including discontinued operation, assets	3,700
Disposal group, including discontinued operation, liabilities	3,100
Disposal group, including discontinued operation, selling costs		$ 1,200
Net book value of assets held-and-used	13,100
Gain on sale of properties	1,900
Insurance recoveries	0	(500)
Professional services	0	$ 300
Suzhou, China Facilities
Restructuring Cost and Reserve [Line Items]
Net book value of assets held-and-used	3,000
Proceeds from sale of buildings	$ 6,800

Supplemental Financial Inform_5

Supplemental Financial Information (Allocation of Restructuring and Impairment Charges to Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring and impairment charges	$ 100	$ 10,500
Allocated restructuring charges | Advanced Electronics Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring and impairment charges	100	5,400
Allocated restructuring charges | Elastomeric Material Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring and impairment charges	$ 0	$ 5,100

Supplemental Financial Inform_6

Supplemental Financial Information (Other Operating (Income) Expense, Net) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
UTIS fire
Professional services	$ 0	$ 300
Insurance recoveries	0	(500)
Total UTIS fire	0	(200)
Other operating (income) expense, net	$ 0	$ (200)

Supplemental Financial Inform_7

Supplemental Financial Information (Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Supplemental Income Statement Elements [Abstract]
Interest on revolving credit facility	$ (500)	$ (3,400)
Line of credit fees	(300)	(300)
Debt issuance amortization costs	(100)	(300)
Interest income	100	500
Total interest expense, net	$ (800)	$ (3,500)

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	32.80%	3.50%