Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 22, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 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 | 18,599,354 | |
Entity Central Index Key | 0000084748 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 214.2 | $ 230.9 | $ 427.6 | $ 474.7 |
Cost of sales | 141.1 | 151.3 | 286.3 | 315.4 |
Gross margin | 73.1 | 79.6 | 141.3 | 159.3 |
Selling, general and administrative expenses | 50.9 | 46.2 | 98.4 | 106.3 |
Research and development expenses | 9.5 | 8.1 | 18.4 | 17.7 |
Restructuring and impairment charges | 1.4 | 3.9 | 1.5 | 14.4 |
Other operating (income) expense, net | 0 | (6.5) | 0 | (6.7) |
Operating income | 11.3 | 27.9 | 23 | 27.6 |
Equity income in unconsolidated joint ventures | 0.5 | 0.8 | 0.8 | 0.9 |
Other income (expense), net | 0.3 | (0.8) | 0.7 | (0.7) |
Interest expense, net | (0.2) | (2.8) | (1) | (6.3) |
Income before income taxes | 11.9 | 25.1 | 23.5 | 21.5 |
Income tax expense | 3.8 | 7.2 | 7.6 | 7.1 |
Net income | $ 8.1 | $ 17.9 | $ 15.9 | $ 14.4 |
Basic earnings per share (in dollars per share) | $ 0.44 | $ 0.96 | $ 0.85 | $ 0.77 |
Diluted earnings per share (in dollars per share) | $ 0.44 | $ 0.96 | $ 0.85 | $ 0.77 |
Shares used in computing: | ||||
Basic earnings per share (in shares) | 18.6 | 18.6 | 18.6 | 18.6 |
Diluted earnings per share (in shares) | 18.6 | 18.7 | 18.6 | 18.7 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 8.1 | $ 17.9 | $ 15.9 | $ 14.4 |
Foreign currency translation adjustment | (5.7) | 4.3 | (14.9) | 14 |
Pension and other postretirement benefits: | ||||
Amortization of loss, net of tax | 0.1 | 0.2 | 0.2 | 0.2 |
Other comprehensive income (loss) | (5.6) | 4.5 | (14.7) | 14.2 |
Comprehensive income | $ 2.5 | $ 22.4 | $ 1.2 | $ 28.6 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 119.9 | $ 131.7 |
Accounts receivable, less allowance for credit losses of $1.0 and $1.1 | 160 | 161.9 |
Contract assets | 31.6 | 45.2 |
Inventories, net | 150.8 | 153.5 |
Asbestos-related insurance receivables, current portion | 4.3 | 4.3 |
Other current assets | 35.5 | 30.3 |
Total current assets | 502.1 | 526.9 |
Property, plant and equipment, net of accumulated depreciation of $393.2 and $385.7 | 365.7 | 366.3 |
Operating lease right-of-use assets | 17.6 | 18.9 |
Goodwill | 356.3 | 359.8 |
Other intangible assets, net of amortization | 117.2 | 123.9 |
Asbestos-related insurance receivables, non-current portion | 52.2 | 52.2 |
Investments in unconsolidated joint ventures | 9.7 | 11.1 |
Deferred income taxes | 58.1 | 49.7 |
Other long-term assets | 8.2 | 8.4 |
Total assets | 1,487.1 | 1,517.2 |
Current liabilities | ||
Accounts payable | 49.9 | 50.3 |
Accrued employee benefits and compensation | 30.9 | 31.1 |
Accrued income taxes payable | 7.6 | 2 |
Operating lease obligations, current portion | 3.7 | 3.5 |
Asbestos-related liabilities, current portion | 5.5 | 5.5 |
Other accrued liabilities | 18.9 | 24 |
Total current liabilities | 116.5 | 116.4 |
Borrowings under revolving credit facility | 0 | 30 |
Operating lease obligations, non-current portion | 14.1 | 15.4 |
Asbestos-related liabilities, non-current portion | 55.8 | 56 |
Non-current income tax | 7.5 | 7.2 |
Deferred income taxes | 22.6 | 22.9 |
Other long-term liabilities | 9.8 | 10.3 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Capital stock - $1 par value; 50.0 authorized shares; 18.6 and 18.6 shares issued and outstanding | 18.6 | 18.6 |
Additional paid-in capital | 152.4 | 151.8 |
Retained earnings | 1,170.9 | 1,155 |
Accumulated other comprehensive loss | (81.1) | (66.4) |
Total shareholders' equity | 1,260.8 | 1,259 |
Total liabilities and shareholders' equity | $ 1,487.1 | $ 1,517.2 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1 | $ 1.1 |
Property, plant and equipment, accumulated depreciation | $ 393.2 | $ 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) | 18.6 | 18.6 |
Capital Stock, shares outstanding (in shares) | 18.6 | 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 | (2.5) | ||||
Equity compensation expense | 7 | ||||
Net income | $ 14.4 | 14.4 | |||
Other comprehensive income (loss) | 14.2 | 14.2 | |||
Balance, end of period at Jun. 30, 2023 | 1,205.6 | 18.6 | 145.2 | 1,112.8 | (71) |
Balance, beginning of period at Mar. 31, 2023 | 18.6 | 140.3 | 1,094.9 | (75.5) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity compensation expense | 4.9 | ||||
Net income | 17.9 | 17.9 | |||
Other comprehensive income (loss) | 4.5 | 4.5 | |||
Balance, end of period at Jun. 30, 2023 | 1,205.6 | 18.6 | 145.2 | 1,112.8 | (71) |
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 | (1.3) | |||
Shares issued for employee stock purchase plan | 0.9 | ||||
Equity compensation expense | 8.8 | ||||
Shares repurchased | (7.8) | (0.1) | (7.8) | ||
Net income | 15.9 | 15.9 | |||
Other comprehensive income (loss) | (14.7) | (14.7) | |||
Balance, end of period at Jun. 30, 2024 | 1,260.8 | 18.6 | 152.4 | 1,170.9 | (81.1) |
Balance, beginning of period at Mar. 31, 2024 | 18.7 | 153.8 | 1,162.8 | (75.5) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares issued for vested restricted stock units, net of shares withheld for taxes | (0.1) | ||||
Shares issued for employee stock purchase plan | 0.9 | ||||
Equity compensation expense | 5.3 | ||||
Shares repurchased | (7.7) | (0.1) | (7.5) | ||
Net income | 8.1 | 8.1 | |||
Other comprehensive income (loss) | (5.6) | (5.6) | |||
Balance, end of period at Jun. 30, 2024 | $ 1,260.8 | $ 18.6 | $ 152.4 | $ 1,170.9 | $ (81.1) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities: | ||
Net income | $ 15,900 | $ 14,400 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 23,600 | 28,400 |
Equity compensation expense | 8,800 | 7,000 |
Deferred income taxes | (8,600) | (8,900) |
Equity in undistributed income of unconsolidated joint ventures | (800) | (900) |
Dividends received from unconsolidated joint ventures | 1,200 | 1,500 |
(Gain) loss on sale or disposal of property, plant and equipment | 0 | (500) |
Other non-cash charges, net | 100 | (100) |
Changes in assets and liabilities: | ||
Accounts receivable | (4,300) | (11,400) |
Proceeds from insurance related to operations | 4,100 | 1,000 |
Contract assets | 12,500 | (3,400) |
Inventories, net | 900 | 11,600 |
Other current assets | (5,400) | (1,500) |
Accounts payable and other accrued expenses | 2,900 | (17,400) |
Other, net | 100 | (2,300) |
Net cash provided by operating activities | 51,000 | 17,500 |
Investing Activities: | ||
Capital expenditures | (23,500) | (28,000) |
Disposition of business | 0 | 1,000 |
Proceeds from the sale of property, plant and equipment, net | 0 | 600 |
Proceeds from insurance claims | 0 | 1,800 |
Net cash used in investing activities | (23,500) | (24,600) |
Financing Activities: | ||
Repayment of debt principal and finance lease obligations | (30,200) | (85,200) |
Line of credit issuance costs | 0 | (1,800) |
Payments of taxes related to net share settlement of equity awards | (1,200) | (2,500) |
Proceeds from issuance of shares to employee stock purchase plan | 900 | 0 |
Share repurchases | (7,900) | 0 |
Net cash used in financing activities | (38,400) | (89,500) |
Effect of exchange rate fluctuations on cash | (900) | 2,200 |
Net decrease in cash and cash equivalents | (11,800) | (94,400) |
Cash and cash equivalents at beginning of period | 131,700 | 235,900 |
Cash and cash equivalents at end of period | 119,900 | 141,500 |
Supplemental Disclosures: | ||
Accrued capital additions | 4,300 | 1,200 |
Interest, net of amounts capitalized | 500 | 6,700 |
Income taxes, net of refunds | $ 7,200 | $ 5,600 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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 (14.9) — (14.9) Amounts reclassified from accumulated other comprehensive loss — 0.2 0.2 Net current-period other comprehensive income (loss) (14.9) 0.2 (14.7) Balance as of June 30, 2024 $ (71.7) $ (9.4) $ (81.1) Balance as of December 31, 2022 $ (75.6) $ (9.6) $ (85.2) Other comprehensive income (loss) before reclassifications 14.0 — 14.0 Amounts reclassified from accumulated other comprehensive loss — 0.2 0.2 Net current-period other comprehensive income (loss) 14.0 0.2 14.2 Balance as of June 30, 2023 $ (61.6) $ (9.4) $ (71.0) (1) Net of taxes of $1.7 million and $1.8 million as of June 30, 2024 and December 31, 2023, respectively. Net of taxes of $1.9 million for both June 30, 2023 and December 31, 2022. |
Derivatives and Hedging
Derivatives and Hedging | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [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 June 30, 2024, we did not have any derivative contracts that qualified for hedge accounting treatment. Foreign Currency During the three months ended June 30, 2024, we entered into U.S. dollar, euro, Korean won, Hungarian forint, 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 June 30, 2024, the notional values of the remaining foreign currency forward contracts were as follows: Notional Values of Foreign Currency Derivatives USD/CNH $ 26,337,770 EUR/USD € 6,000,000 KRW/USD ₩ 5,549,120,000 HUF/EUR Ft 1,100,000,000 JPY/EUR ¥ 250,000,000 Commodity As of June 30, 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 June 30, 2024, the volume of our copper contracts outstanding was as follows: Volume of Copper Derivatives 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 April 2025 - June 2025 69 metric tons per month Effects on Financial Statements The impacts from our derivative instruments on the statements of operations and statements of comprehensive income were as follows: Three Months Ended Six Months Ended (Dollars in millions) Financial Statement Line Item June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Foreign Currency Contracts Contracts not designated as hedging instruments Other income (expense), net $ (0.3) $ 0.8 $ (0.4) $ 0.8 Copper Derivative Contracts Contracts not designated as hedging instruments Other income (expense), net $ 0.4 $ (0.4) $ 0.4 $ (0.4) 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 June 30, 2024 (Dollars in millions) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ — $ — $ — Copper derivative contracts $ — $ 0.9 $ — $ 0.9 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 | 6 Months Ended |
Jun. 30, 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) June 30, 2024 December 31, 2023 Raw materials $ 77.7 $ 71.5 Work-in-process 38.3 45.6 Finished goods 34.8 36.4 Total inventories $ 150.8 $ 153.5 |
Balance Sheet Items
Balance Sheet Items | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023 was as follows: (Dollars in millions) June 30, 2024 December 31, 2023 Restricted Cash $ 2.2 $ 2.2 Accounts Receivable The “Accounts receivable, less allowance for credit losses” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) June 30, 2024 December 31, 2023 Accounts Receivable - Trade $ 145.8 $ 143.2 Accounts Receivable - Other 14.2 18.7 Total $ 160.0 $ 161.9 Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) June 30, 2024 December 31, 2023 Accounts Payable - Trade $ 46.7 $ 46.3 Accounts Payable - Other 3.2 4.0 Total $ 49.9 $ 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Restructuring charges Global workforce reduction $ — $ 1.1 $ — $ 8.1 Facility consolidations 0.1 2.8 0.2 6.3 Manufacturing footprint consolidation 0.4 — 0.4 — R&D facility exit 0.9 — 0.9 — Total restructuring charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 Total restructuring and impairment charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 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, of which $1.1 million and $8.1 million was incurred in the three and six months ended June 30, 2023, respectively, and substantially all of which was in the form of cash-based expenditures, 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 $8.3 million in pre-tax restructuring charges to-date related to these facility consolidations, of which $0.1 million and $0.2 million was incurred in the three and six months ended June 30, 2024, respectively, and $2.8 million and $6.3 million was incurred in the three and six months ended June 30, 2023, respectively, the majority 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 June 30, 2024, and as of December 31, 2023, we included $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 expect the sale of this facility to be completed in the second half 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. Restructuring Charges - Manufacturing Footprint Consolidation On June 6, 2024, we announced our intent to consolidate our high frequency circuit material manufacturing operations, impacting our Evergem, Belgium facility. We anticipate the plan to be completed in the second half of 2025. The plan is expected to significantly reduce our manufacturing costs and operating expenses. We estimate this will improve operating income between $7.0 million and $9.0 million annually. We expect to incur approximately $18.0 million to $28.0 million in pre-tax restructuring charges related to this plan, the majority of which are expected to be in the form of cash-based expenditures related to employee severance and other termination benefits. Most of the non-cash expenditures will be in the form of accelerated depreciation. We incurred $0.4 million in restructuring charges related to this plan in the three and six months ended June 30, 2024, all of which was in the form of accelerated depreciation. Restructuring Charges - R&D Facility Exit On June 13, 2024, we announced that we will close our Burlington, Massachusetts Innovation Center facility by the end of 2024. We expect to incur approximately $1.4 million to $1.7 million in pre-tax restructuring charges related to this plan, almost all of which are expected to be in the form of cash-based expenditures related to employee severance and other termination benefits or non-cash expenditures in the form of accelerated depreciation and amortization. We incurred $0.9 million in pre-tax restructuring charges in the three and six months ended June 30, 2024, respectively, of which $0.2 million relates to severance and other termination benefits and $0.7 million in the form of accelerated depreciation. 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Advanced Electronics Solutions Allocated restructuring charges $ 1.0 $ 3.1 $ 1.1 $ 8.5 Elastomeric Material Solutions Allocated restructuring charges 0.4 0.8 0.4 5.9 Total restructuring and impairment charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 UTIS fire Professional services $ — $ 0.2 $ — $ 0.5 Insurance recoveries — (6.2) — (6.7) Total UTIS fire — (6.0) — (6.2) (Gain) loss on sale or disposal of property, plant and equipment — (0.5) — (0.5) Total other operating (income) expense, net $ — $ (6.5) $ — $ (6.7) 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 $6.2 million and $6.7 million related to our ongoing insurance claims for business interruption and property damage for the three and six months ended June 30, 2023, respectively. We incurred $0.2 million and $0.5 million for various professional services for the three and six months ended June 30, 2023, respectively, 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest on revolving credit facility $ — $ (3.0) $ (0.5) $ (6.4) Line of credit fees (0.3) — (0.6) (0.3) Debt issuance amortization costs (0.1) (0.1) (0.2) (0.4) Interest income 0.2 0.3 0.3 0.8 Total interest expense, net $ (0.2) $ (2.8) $ (1.0) $ (6.3) |
Leases
Leases | 6 Months Ended |
Jun. 30, 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- and six-month periods ended June 30, 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- and six-month periods ended June 30, 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating leases expense $ 1.3 $ 0.8 $ 2.6 $ 1.8 Short-term leases expense $ 0.1 $ 0.3 $ 0.3 $ 0.4 Payments on operating lease obligations $ 1.4 $ 0.9 $ 2.4 $ 1.7 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 June 30, 2024 December 31, 2023 Finance lease right-of-use assets Property, plant and equipment, net $ 1.3 $ 1.5 Operating lease right-of-use assets Operating lease right-of-use assets $ 17.6 $ 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 $ 3.7 $ 3.5 Operating lease obligations, non-current portion Operating lease obligations, non-current portion $ 14.1 $ 15.4 Total operating lease obligations $ 17.8 $ 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 June 30, 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 $ 0.2 $ — $ 0.2 $ 2.5 $ (0.1) $ 2.4 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.6 (1.2) 3.4 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 5.0 (4.9) 0.1 11.9 (4.8) 7.1 Total lease payments 11.0 (9.6) 1.4 30.5 (9.1) 21.4 Less: Interest (1.6) 1.6 — (5.9) 2.3 (3.6) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 24.6 $ (6.8) $ 17.8 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: June 30, 2024 December 31, 2023 Weighted Average Remaining Lease Term Finance leases 3.6 years 4.0 years Operating leases 6.5 years 7.0 years Weighted Average Discount Rate Finance leases 4.24% 4.14% Operating leases 5.39% 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- and six-month periods ended June 30, 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- and six-month periods ended June 30, 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating leases expense $ 1.3 $ 0.8 $ 2.6 $ 1.8 Short-term leases expense $ 0.1 $ 0.3 $ 0.3 $ 0.4 Payments on operating lease obligations $ 1.4 $ 0.9 $ 2.4 $ 1.7 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 June 30, 2024 December 31, 2023 Finance lease right-of-use assets Property, plant and equipment, net $ 1.3 $ 1.5 Operating lease right-of-use assets Operating lease right-of-use assets $ 17.6 $ 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 $ 3.7 $ 3.5 Operating lease obligations, non-current portion Operating lease obligations, non-current portion $ 14.1 $ 15.4 Total operating lease obligations $ 17.8 $ 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 June 30, 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 $ 0.2 $ — $ 0.2 $ 2.5 $ (0.1) $ 2.4 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.6 (1.2) 3.4 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 5.0 (4.9) 0.1 11.9 (4.8) 7.1 Total lease payments 11.0 (9.6) 1.4 30.5 (9.1) 21.4 Less: Interest (1.6) 1.6 — (5.9) 2.3 (3.6) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 24.6 $ (6.8) $ 17.8 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: June 30, 2024 December 31, 2023 Weighted Average Remaining Lease Term Finance leases 3.6 years 4.0 years Operating leases 6.5 years 7.0 years Weighted Average Discount Rate Finance leases 4.24% 4.14% Operating leases 5.39% 5.35% |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 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 (2.1) (1.4) — $ (3.5) June 30, 2024 $ 115.6 $ 238.5 $ 2.2 $ 356.3 Other Intangible Assets The carrying amount of other intangible assets were as follows: June 30, 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 $ 176.9 $ 93.0 $ 83.9 $ 177.9 $ 90.0 $ 87.9 Technology 76.5 59.4 17.1 77.4 58.1 19.3 Trademarks and trade names 19.3 7.5 11.8 19.4 7.4 12.0 Covenants not to compete 1.3 1.1 0.2 1.3 0.9 0.4 Total definite-lived other intangible assets 274.0 161.0 113.0 276.0 156.4 119.6 Indefinite-lived other intangible asset 4.2 — 4.2 4.3 — 4.3 Total other intangible assets $ 278.2 $ 161.0 $ 117.2 $ 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 $3.4 million for the three months ended June 30, 2024 and 2023, respectively and $6.2 million and $6.7 million for the six months ended June 30, 2024 and 2023, respectively. The estimated future amortization expense is $6.2 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 June 30, 2024, by definite-lived other intangible asset class, is presented in the table below: Weighted Average Remaining Amortization Period Customer relationships 7.2 years Technology 3.2 years Trademarks and trade names 9.6 years Covenants not to compete 0.3 years Total definite-lived other intangible assets 6.8 years |
Pension Benefits and Other Post
Pension Benefits and Other Postretirement Benefits | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Pension Benefits and Other Postretirement Benefits | Pension Benefits and Other Postretirement Benefits Pension and Other Postretirement Benefit Plans As of June 30, 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 cost (credit) were as follows: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in millions) 2024 2023 2024 2023 Interest cost $ 0.3 $ 0.2 $ 0.5 $ 0.5 Expected return of plan assets (0.3) (0.3) (0.6) (0.7) Amortization of net loss (gain) 0.1 0.2 0.2 0.3 Net periodic benefit cost (credit) $ 0.1 $ 0.1 $ 0.1 $ — Employer Contributions There were no required or voluntary contributions made to the Union Plan for each of the three- and six-month periods ended June 30, 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- and six-month periods ended June 30, 2024 and 2023, using cash from operations. |
Debt
Debt | 6 Months Ended |
Jun. 30, 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 June 30, 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 and six months ended June 30, 2024 or the three and six months ended June 30, 2023. We are not required to make any quarterly principal payments under the Fifth Amended Credit Agreement. We made no payments and a $30.0 million discretionary principal payment during the three and six months ended June 30, 2024, respectively. We made $60.0 million and $85.0 million of discretionary principal payments during the three and six months ended June 30, 2023, respectively. We had no outstanding borrowings under our revolving credit facility as of June 30, 2024, and $30.0 million as of December 31, 2023. We had $1.8 million and $2.1 million of outstanding line of credit issuance costs as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2024: Asbestos Claims Claims outstanding as of January 1, 2024 506 New claims filed 79 Pending claims concluded (1) (63) Claims outstanding as of June 30, 2024 522 (1) For the six months ended June 30, 2024, 51 claims were dismissed and 12 claims were settled. Settlements totaled approximately $5.0 million for the six months ended June 30, 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- and six-month periods ended June 30, 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) June 30, 2024 December 31, 2023 Asbestos-related liabilities $ 61.3 $ 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 $0.7 million of aggregate remediation costs through June 30, 2024, and the accrual for future remediation efforts is $2.0 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 | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net income $ 8.1 $ 17.9 $ 15.9 $ 14.4 Denominator: Weighted-average shares outstanding - basic 18.6 18.6 18.6 18.6 Effect of dilutive shares — 0.1 — 0.1 Weighted-average shares outstanding - diluted 18.6 18.7 18.6 18.7 Basic earnings per share $ 0.44 $ 0.96 $ 0.85 $ 0.77 Diluted earnings per share $ 0.44 $ 0.96 $ 0.85 $ 0.77 |
Capital Stock and Equity Compen
Capital Stock and Equity Compensation | 6 Months Ended |
Jun. 30, 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. In 2024, the Board of Directors authorized an additional $100.0 million to be used for share repurchases. The Program has no expiration date and may be suspended or discontinued at any time without notice. For the three and six months ended June 30, 2024, we purchased 70,893 and 72,393 shares, respectively, for a total value of $7.7 million and $7.8 million, respectively, using cash from operations and cash on hand. As of June 30, 2024, $116.2 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 April 1 2024 to April 31, 2024 70,893 $ 108.79 70,893 $ 116.2 Equity Compensation Performance-Based Restricted Stock Units As of June 30, 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 June 30, 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 six months ended June 30, 2024 is presented below: Performance-Based Awards outstanding as of December 31, 2023 73,528 Awards granted 79,700 Stock issued — Awards cancelled (27,583) Awards outstanding as of June 30, 2024 125,645 We recognized $2.0 million and $1.3 million of compensation expense for performance-based restricted stock units for the three months ended June 30, 2024 and 2023, respectively. We recognized $3.3 million and $1.2 million of compensation expense for performance-based restricted stock units for the six months ended June 30, 2024 and 2023, respectively. Time-Based Restricted Stock Units As of June 30, 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 six months ended June 30, 2024 is presented below: Time-Based Awards outstanding as of December 31, 2023 100,999 Awards granted 67,920 Stock issued (36,049) Awards cancelled (6,196) Awards outstanding as of June 30, 2024 126,674 We recognized $2.1 million and $2.5 million of compensation expense for time-based restricted stock units for the three months ended June 30, 2024 and 2023, respectively. We recognized $4.0 million and $4.6 million of compensation expense for time-based restricted stock units for the six months ended June 30, 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 six months ended June 30, 2024 is presented below: Deferred Stock Units Awards outstanding as of December 31, 2023 8,100 Awards granted 10,950 Stock issued (7,150) Awards outstanding as of June 30, 2024 11,900 We recognized $1.3 million of compensation expense for deferred stock units for the three and six months ended June 30, 2024, and $1.2 million of compensation expense for the three and six months ended June 30, 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 $0.1 million and $0.3 million of expense associated with the ESPP for the three and six months ended June 30, 2024, respectively. |
Operating Segment Information
Operating Segment Information | 6 Months Ended |
Jun. 30, 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 June 30, 2024 Net sales - recognized over time $ 46.0 $ 1.5 $ 3.9 $ 51.4 Net sales - recognized at a point in time 69.5 93.2 0.1 162.8 Total net sales $ 115.5 $ 94.7 $ 4.0 $ 214.2 Operating income $ 3.0 $ 7.2 $ 1.1 $ 11.3 Three Months Ended June 30, 2023 Net sales - recognized over time $ 57.2 $ 7.1 $ 4.0 $ 68.3 Net sales - recognized at a point in time 73.0 88.3 1.3 162.6 Total net sales $ 130.2 $ 95.4 $ 5.3 $ 230.9 Operating income $ 5.8 $ 20.2 $ 1.9 $ 27.9 Six Months Ended June 30, 2024 Net sales - recognized over time $ 92.4 $ 3.3 $ 9.3 $ 105.0 Net sales - recognized at a point in time 145.2 177.1 0.3 322.6 Total net sales $ 237.6 $ 180.4 $ 9.6 $ 427.6 Operating income $ 7.4 $ 12.5 $ 3.1 $ 23.0 Six Months Ended June 30, 2023 Net sales - recognized over time $ 119.6 $ 16.1 $ 7.9 $ 143.6 Net sales - recognized at a point in time 146.5 181.5 3.1 331.1 Total net sales $ 266.1 $ 197.6 $ 11.0 $ 474.7 Operating income $ 0.3 $ 23.4 $ 3.9 $ 27.6 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 June 30, 2024 United States $ 17.8 $ 37.4 $ 1.0 $ 56.2 Other Americas 2.7 3.5 0.2 6.4 Total Americas 20.5 40.9 1.2 62.6 China 39.0 25.4 1.0 65.4 Other APAC 26.9 8.1 0.5 35.5 Total APAC 65.9 33.5 1.5 100.9 Germany 16.7 6.9 0.1 23.7 Other EMEA 12.4 13.4 1.2 27.0 Total EMEA 29.1 20.3 1.3 50.7 Total net sales $ 115.5 $ 94.7 $ 4.0 $ 214.2 Three Months Ended June 30, 2023 United States $ 21.4 $ 43.9 $ 1.0 $ 66.3 Other Americas 0.5 0.3 0.2 1.0 Total Americas 21.9 44.2 1.2 67.3 China 38.1 20.7 2.0 60.8 Other APAC 22.2 8.0 0.9 31.1 Total APAC 60.3 28.7 2.9 91.9 Germany 25.2 8.2 0.1 33.5 Other EMEA 22.8 14.3 1.1 38.2 Total EMEA 48.0 22.5 1.2 71.7 Total net sales $ 130.2 $ 95.4 $ 5.3 $ 230.9 (1) Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated. (Dollars in millions) Net Sales (1) Region/Country Advanced Electronics Solutions Elastomeric Material Solutions Other Total Six Months Ended June 30, 2024 United States $ 38.2 $ 70.5 $ 2.0 $ 110.7 Other Americas 3.3 7.4 0.3 11.0 Total Americas 41.5 77.9 2.3 121.7 China 73.3 45.8 2.6 121.7 Other APAC 50.6 14.7 1.6 66.9 Total APAC 123.9 60.5 4.2 188.6 Germany 38.6 14.8 0.3 53.7 Other EMEA 33.6 27.2 2.8 63.6 Total EMEA 72.2 42.0 3.1 117.3 Total net sales $ 237.6 $ 180.4 $ 9.6 $ 427.6 Six Months Ended June 30, 2023 United States $ 42.9 $ 85.8 $ 2.1 $ 130.8 Other Americas 2.9 9.5 0.3 12.7 Total Americas 45.8 95.3 2.4 143.5 China 76.5 40.9 4.4 121.8 Other APAC 47.1 15.0 1.4 63.5 Total APAC 123.6 55.9 5.8 185.3 Germany 49.2 16.2 0.2 65.6 Other EMEA 47.5 30.2 2.6 80.3 Total EMEA 96.7 46.4 2.8 145.9 Total net sales $ 266.1 $ 197.6 $ 11.0 $ 474.7 (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) June 30, 2024 December 31, 2023 Advanced Electronics Solutions $ 27.1 $ 41.4 Elastomeric Material Solutions 0.5 0.4 Other 4.0 3.4 Total contract assets $ 31.6 $ 45.2 We did not have any contract liabilities as of June 30, 2024 or December 31, 2023. No impairment losses were recognized for each of the three- and six-month periods ended June 30, 2024 and 2023, respectively, on any receivables or contract assets arising from our contracts with customers. |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 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 June 30, 2024 and December 31, 2023 was as follows: (Dollars in millions) June 30, 2024 December 31, 2023 Restricted Cash $ 2.2 $ 2.2 Accounts Receivable The “Accounts receivable, less allowance for credit losses” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) June 30, 2024 December 31, 2023 Accounts Receivable - Trade $ 145.8 $ 143.2 Accounts Receivable - Other 14.2 18.7 Total $ 160.0 $ 161.9 Accounts Payable The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) June 30, 2024 December 31, 2023 Accounts Payable - Trade $ 46.7 $ 46.3 Accounts Payable - Other 3.2 4.0 Total $ 49.9 $ 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Restructuring charges Global workforce reduction $ — $ 1.1 $ — $ 8.1 Facility consolidations 0.1 2.8 0.2 6.3 Manufacturing footprint consolidation 0.4 — 0.4 — R&D facility exit 0.9 — 0.9 — Total restructuring charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 Total restructuring and impairment charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 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, of which $1.1 million and $8.1 million was incurred in the three and six months ended June 30, 2023, respectively, and substantially all of which was in the form of cash-based expenditures, 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 $8.3 million in pre-tax restructuring charges to-date related to these facility consolidations, of which $0.1 million and $0.2 million was incurred in the three and six months ended June 30, 2024, respectively, and $2.8 million and $6.3 million was incurred in the three and six months ended June 30, 2023, respectively, the majority 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 June 30, 2024, and as of December 31, 2023, we included $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 expect the sale of this facility to be completed in the second half 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. Restructuring Charges - Manufacturing Footprint Consolidation On June 6, 2024, we announced our intent to consolidate our high frequency circuit material manufacturing operations, impacting our Evergem, Belgium facility. We anticipate the plan to be completed in the second half of 2025. The plan is expected to significantly reduce our manufacturing costs and operating expenses. We estimate this will improve operating income between $7.0 million and $9.0 million annually. We expect to incur approximately $18.0 million to $28.0 million in pre-tax restructuring charges related to this plan, the majority of which are expected to be in the form of cash-based expenditures related to employee severance and other termination benefits. Most of the non-cash expenditures will be in the form of accelerated depreciation. We incurred $0.4 million in restructuring charges related to this plan in the three and six months ended June 30, 2024, all of which was in the form of accelerated depreciation. Restructuring Charges - R&D Facility Exit On June 13, 2024, we announced that we will close our Burlington, Massachusetts Innovation Center facility by the end of 2024. We expect to incur approximately $1.4 million to $1.7 million in pre-tax restructuring charges related to this plan, almost all of which are expected to be in the form of cash-based expenditures related to employee severance and other termination benefits or non-cash expenditures in the form of accelerated depreciation and amortization. We incurred $0.9 million in pre-tax restructuring charges in the three and six months ended June 30, 2024, respectively, of which $0.2 million relates to severance and other termination benefits and $0.7 million in the form of accelerated depreciation. 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Advanced Electronics Solutions Allocated restructuring charges $ 1.0 $ 3.1 $ 1.1 $ 8.5 Elastomeric Material Solutions Allocated restructuring charges 0.4 0.8 0.4 5.9 Total restructuring and impairment charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 UTIS fire Professional services $ — $ 0.2 $ — $ 0.5 Insurance recoveries — (6.2) — (6.7) Total UTIS fire — (6.0) — (6.2) (Gain) loss on sale or disposal of property, plant and equipment — (0.5) — (0.5) Total other operating (income) expense, net $ — $ (6.5) $ — $ (6.7) 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 $6.2 million and $6.7 million related to our ongoing insurance claims for business interruption and property damage for the three and six months ended June 30, 2023, respectively. We incurred $0.2 million and $0.5 million for various professional services for the three and six months ended June 30, 2023, respectively, 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest on revolving credit facility $ — $ (3.0) $ (0.5) $ (6.4) Line of credit fees (0.3) — (0.6) (0.3) Debt issuance amortization costs (0.1) (0.1) (0.2) (0.4) Interest income 0.2 0.3 0.3 0.8 Total interest expense, net $ (0.2) $ (2.8) $ (1.0) $ (6.3) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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 31.9% in the second quarter of 2024. During the second quarter of 2024, our effective tax rate was unfavorably impacted primarily by the mix of income in higher tax rate jurisdictions. During the second quarter of 2023, our effective tax rate was 28.9%. During the second 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. For the first six months of 2024, the Company’s effective tax rate on its income before taxes was 32.3%. The effective tax rate for the first six months of 2024 was unfavorably impacted primarily by (i) the write-off of deferred tax assets related to stock compensation and, (ii) the mix of income in higher tax rate jurisdictions. During the first six months of 2023, the Company’s effective tax rate on its income before taxes was 33.2%. The effective tax rate for the first six months of 2023 was unfavorably impacted by the 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 | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 8.1 | $ 17.9 | $ 15.9 | $ 14.4 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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) | 6 Months Ended |
Jun. 30, 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 (14.9) — (14.9) Amounts reclassified from accumulated other comprehensive loss — 0.2 0.2 Net current-period other comprehensive income (loss) (14.9) 0.2 (14.7) Balance as of June 30, 2024 $ (71.7) $ (9.4) $ (81.1) Balance as of December 31, 2022 $ (75.6) $ (9.6) $ (85.2) Other comprehensive income (loss) before reclassifications 14.0 — 14.0 Amounts reclassified from accumulated other comprehensive loss — 0.2 0.2 Net current-period other comprehensive income (loss) 14.0 0.2 14.2 Balance as of June 30, 2023 $ (61.6) $ (9.4) $ (71.0) (1) Net of taxes of $1.7 million and $1.8 million as of June 30, 2024 and December 31, 2023, respectively. Net of taxes of $1.9 million for both June 30, 2023 and December 31, 2022. |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2024, the notional values of the remaining foreign currency forward contracts were as follows: Notional Values of Foreign Currency Derivatives USD/CNH $ 26,337,770 EUR/USD € 6,000,000 KRW/USD ₩ 5,549,120,000 HUF/EUR Ft 1,100,000,000 JPY/EUR ¥ 250,000,000 As of June 30, 2024, the volume of our copper contracts outstanding was as follows: Volume of Copper Derivatives 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 April 2025 - June 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 statements of operations and statements of comprehensive income were as follows: Three Months Ended Six Months Ended (Dollars in millions) Financial Statement Line Item June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Foreign Currency Contracts Contracts not designated as hedging instruments Other income (expense), net $ (0.3) $ 0.8 $ (0.4) $ 0.8 Copper Derivative Contracts Contracts not designated as hedging instruments Other income (expense), net $ 0.4 $ (0.4) $ 0.4 $ (0.4) |
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 June 30, 2024 (Dollars in millions) Level 1 Level 2 Level 3 Total (1) Foreign currency contracts $ — $ — $ — $ — Copper derivative contracts $ — $ 0.9 $ — $ 0.9 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) | 6 Months Ended |
Jun. 30, 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) June 30, 2024 December 31, 2023 Raw materials $ 77.7 $ 71.5 Work-in-process 38.3 45.6 Finished goods 34.8 36.4 Total inventories $ 150.8 $ 153.5 |
Balance Sheet Items (Tables)
Balance Sheet Items (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Restricted Cash | Our restricted cash balance as of June 30, 2024 and December 31, 2023 was as follows: (Dollars in millions) June 30, 2024 December 31, 2023 Restricted Cash $ 2.2 $ 2.2 |
Schedule of Accounts Receivable | The “Accounts receivable, less allowance for credit losses” line item in the condensed consolidated statements of financial position consisted of the following: (Dollars in millions) June 30, 2024 December 31, 2023 Accounts Receivable - Trade $ 145.8 $ 143.2 Accounts Receivable - Other 14.2 18.7 Total $ 160.0 $ 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) June 30, 2024 December 31, 2023 Accounts Payable - Trade $ 46.7 $ 46.3 Accounts Payable - Other 3.2 4.0 Total $ 49.9 $ 50.3 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating leases expense $ 1.3 $ 0.8 $ 2.6 $ 1.8 Short-term leases expense $ 0.1 $ 0.3 $ 0.3 $ 0.4 Payments on operating lease obligations $ 1.4 $ 0.9 $ 2.4 $ 1.7 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: June 30, 2024 December 31, 2023 Weighted Average Remaining Lease Term Finance leases 3.6 years 4.0 years Operating leases 6.5 years 7.0 years Weighted Average Discount Rate Finance leases 4.24% 4.14% Operating leases 5.39% 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 June 30, 2024 December 31, 2023 Finance lease right-of-use assets Property, plant and equipment, net $ 1.3 $ 1.5 Operating lease right-of-use assets Operating lease right-of-use assets $ 17.6 $ 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 $ 3.7 $ 3.5 Operating lease obligations, non-current portion Operating lease obligations, non-current portion $ 14.1 $ 15.4 Total operating lease obligations $ 17.8 $ 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 June 30, 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 $ 0.2 $ — $ 0.2 $ 2.5 $ (0.1) $ 2.4 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.6 (1.2) 3.4 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 5.0 (4.9) 0.1 11.9 (4.8) 7.1 Total lease payments 11.0 (9.6) 1.4 30.5 (9.1) 21.4 Less: Interest (1.6) 1.6 — (5.9) 2.3 (3.6) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 24.6 $ (6.8) $ 17.8 |
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 June 30, 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 $ 0.2 $ — $ 0.2 $ 2.5 $ (0.1) $ 2.4 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.6 (1.2) 3.4 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 5.0 (4.9) 0.1 11.9 (4.8) 7.1 Total lease payments 11.0 (9.6) 1.4 30.5 (9.1) 21.4 Less: Interest (1.6) 1.6 — (5.9) 2.3 (3.6) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 24.6 $ (6.8) $ 17.8 |
Schedule of Unrecorded Unconditional Purchase Obligations | 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 June 30, 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 $ 0.2 $ — $ 0.2 $ 2.5 $ (0.1) $ 2.4 2025 1.5 (1.1) 0.4 5.2 (1.1) 4.1 2026 1.6 (1.2) 0.4 4.6 (1.2) 3.4 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 5.0 (4.9) 0.1 11.9 (4.8) 7.1 Total lease payments 11.0 (9.6) 1.4 30.5 (9.1) 21.4 Less: Interest (1.6) 1.6 — (5.9) 2.3 (3.6) Present Value of Net Future Minimum Lease Payments $ 9.4 $ (8.0) $ 1.4 $ 24.6 $ (6.8) $ 17.8 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 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 (2.1) (1.4) — $ (3.5) June 30, 2024 $ 115.6 $ 238.5 $ 2.2 $ 356.3 |
Schedule of Intangible Assets | The carrying amount of other intangible assets were as follows: June 30, 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 $ 176.9 $ 93.0 $ 83.9 $ 177.9 $ 90.0 $ 87.9 Technology 76.5 59.4 17.1 77.4 58.1 19.3 Trademarks and trade names 19.3 7.5 11.8 19.4 7.4 12.0 Covenants not to compete 1.3 1.1 0.2 1.3 0.9 0.4 Total definite-lived other intangible assets 274.0 161.0 113.0 276.0 156.4 119.6 Indefinite-lived other intangible asset 4.2 — 4.2 4.3 — 4.3 Total other intangible assets $ 278.2 $ 161.0 $ 117.2 $ 280.3 $ 156.4 $ 123.9 |
Schedule of Weighted Average Amortization Period, by Intangible Asset Class | The weighted average amortization period as of June 30, 2024, by definite-lived other intangible asset class, is presented in the table below: Weighted Average Remaining Amortization Period Customer relationships 7.2 years Technology 3.2 years Trademarks and trade names 9.6 years Covenants not to compete 0.3 years Total definite-lived other intangible assets 6.8 years |
Pension Benefits and Other Po_2
Pension Benefits and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost (credit) were as follows: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, (Dollars in millions) 2024 2023 2024 2023 Interest cost $ 0.3 $ 0.2 $ 0.5 $ 0.5 Expected return of plan assets (0.3) (0.3) (0.6) (0.7) Amortization of net loss (gain) 0.1 0.2 0.2 0.3 Net periodic benefit cost (credit) $ 0.1 $ 0.1 $ 0.1 $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2024: Asbestos Claims Claims outstanding as of January 1, 2024 506 New claims filed 79 Pending claims concluded (1) (63) Claims outstanding as of June 30, 2024 522 (1) For the six months ended June 30, 2024, 51 claims were dismissed and 12 claims were settled. Settlements totaled approximately $5.0 million for the six months ended June 30, 2024. |
Schedule of Asbestos-Related Claims and Insurance Receivables | Our projected asbestos-related liabilities and insurance receivables were as follows: (Dollars in millions) June 30, 2024 December 31, 2023 Asbestos-related liabilities $ 61.3 $ 61.5 Asbestos-related insurance receivables $ 56.5 $ 56.5 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net income $ 8.1 $ 17.9 $ 15.9 $ 14.4 Denominator: Weighted-average shares outstanding - basic 18.6 18.6 18.6 18.6 Effect of dilutive shares — 0.1 — 0.1 Weighted-average shares outstanding - diluted 18.6 18.7 18.6 18.7 Basic earnings per share $ 0.44 $ 0.96 $ 0.85 $ 0.77 Diluted earnings per share $ 0.44 $ 0.96 $ 0.85 $ 0.77 |
Capital Stock and Equity Comp_2
Capital Stock and Equity Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 April 1 2024 to April 31, 2024 70,893 $ 108.79 70,893 $ 116.2 |
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 six months ended June 30, 2024 is presented below: Performance-Based Awards outstanding as of December 31, 2023 73,528 Awards granted 79,700 Stock issued — Awards cancelled (27,583) Awards outstanding as of June 30, 2024 125,645 A summary of activity of the outstanding time-based restricted stock units for the six months ended June 30, 2024 is presented below: Time-Based Awards outstanding as of December 31, 2023 100,999 Awards granted 67,920 Stock issued (36,049) Awards cancelled (6,196) Awards outstanding as of June 30, 2024 126,674 A summary of activity of the outstanding deferred stock units for the six months ended June 30, 2024 is presented below: Deferred Stock Units Awards outstanding as of December 31, 2023 8,100 Awards granted 10,950 Stock issued (7,150) Awards outstanding as of June 30, 2024 11,900 |
Operating Segment Information (
Operating Segment Information (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2024 Net sales - recognized over time $ 46.0 $ 1.5 $ 3.9 $ 51.4 Net sales - recognized at a point in time 69.5 93.2 0.1 162.8 Total net sales $ 115.5 $ 94.7 $ 4.0 $ 214.2 Operating income $ 3.0 $ 7.2 $ 1.1 $ 11.3 Three Months Ended June 30, 2023 Net sales - recognized over time $ 57.2 $ 7.1 $ 4.0 $ 68.3 Net sales - recognized at a point in time 73.0 88.3 1.3 162.6 Total net sales $ 130.2 $ 95.4 $ 5.3 $ 230.9 Operating income $ 5.8 $ 20.2 $ 1.9 $ 27.9 Six Months Ended June 30, 2024 Net sales - recognized over time $ 92.4 $ 3.3 $ 9.3 $ 105.0 Net sales - recognized at a point in time 145.2 177.1 0.3 322.6 Total net sales $ 237.6 $ 180.4 $ 9.6 $ 427.6 Operating income $ 7.4 $ 12.5 $ 3.1 $ 23.0 Six Months Ended June 30, 2023 Net sales - recognized over time $ 119.6 $ 16.1 $ 7.9 $ 143.6 Net sales - recognized at a point in time 146.5 181.5 3.1 331.1 Total net sales $ 266.1 $ 197.6 $ 11.0 $ 474.7 Operating income $ 0.3 $ 23.4 $ 3.9 $ 27.6 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 June 30, 2024 United States $ 17.8 $ 37.4 $ 1.0 $ 56.2 Other Americas 2.7 3.5 0.2 6.4 Total Americas 20.5 40.9 1.2 62.6 China 39.0 25.4 1.0 65.4 Other APAC 26.9 8.1 0.5 35.5 Total APAC 65.9 33.5 1.5 100.9 Germany 16.7 6.9 0.1 23.7 Other EMEA 12.4 13.4 1.2 27.0 Total EMEA 29.1 20.3 1.3 50.7 Total net sales $ 115.5 $ 94.7 $ 4.0 $ 214.2 Three Months Ended June 30, 2023 United States $ 21.4 $ 43.9 $ 1.0 $ 66.3 Other Americas 0.5 0.3 0.2 1.0 Total Americas 21.9 44.2 1.2 67.3 China 38.1 20.7 2.0 60.8 Other APAC 22.2 8.0 0.9 31.1 Total APAC 60.3 28.7 2.9 91.9 Germany 25.2 8.2 0.1 33.5 Other EMEA 22.8 14.3 1.1 38.2 Total EMEA 48.0 22.5 1.2 71.7 Total net sales $ 130.2 $ 95.4 $ 5.3 $ 230.9 (1) Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated. (Dollars in millions) Net Sales (1) Region/Country Advanced Electronics Solutions Elastomeric Material Solutions Other Total Six Months Ended June 30, 2024 United States $ 38.2 $ 70.5 $ 2.0 $ 110.7 Other Americas 3.3 7.4 0.3 11.0 Total Americas 41.5 77.9 2.3 121.7 China 73.3 45.8 2.6 121.7 Other APAC 50.6 14.7 1.6 66.9 Total APAC 123.9 60.5 4.2 188.6 Germany 38.6 14.8 0.3 53.7 Other EMEA 33.6 27.2 2.8 63.6 Total EMEA 72.2 42.0 3.1 117.3 Total net sales $ 237.6 $ 180.4 $ 9.6 $ 427.6 Six Months Ended June 30, 2023 United States $ 42.9 $ 85.8 $ 2.1 $ 130.8 Other Americas 2.9 9.5 0.3 12.7 Total Americas 45.8 95.3 2.4 143.5 China 76.5 40.9 4.4 121.8 Other APAC 47.1 15.0 1.4 63.5 Total APAC 123.6 55.9 5.8 185.3 Germany 49.2 16.2 0.2 65.6 Other EMEA 47.5 30.2 2.6 80.3 Total EMEA 96.7 46.4 2.8 145.9 Total net sales $ 266.1 $ 197.6 $ 11.0 $ 474.7 (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) June 30, 2024 December 31, 2023 Advanced Electronics Solutions $ 27.1 $ 41.4 Elastomeric Material Solutions 0.5 0.4 Other 4.0 3.4 Total contract assets $ 31.6 $ 45.2 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Restructuring charges Global workforce reduction $ — $ 1.1 $ — $ 8.1 Facility consolidations 0.1 2.8 0.2 6.3 Manufacturing footprint consolidation 0.4 — 0.4 — R&D facility exit 0.9 — 0.9 — Total restructuring charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 Total restructuring and impairment charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 The following table summarizes the allocation of restructuring and impairment charges to our operating segments: Three Months Ended Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Advanced Electronics Solutions Allocated restructuring charges $ 1.0 $ 3.1 $ 1.1 $ 8.5 Elastomeric Material Solutions Allocated restructuring charges 0.4 0.8 0.4 5.9 Total restructuring and impairment charges $ 1.4 $ 3.9 $ 1.5 $ 14.4 |
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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 UTIS fire Professional services $ — $ 0.2 $ — $ 0.5 Insurance recoveries — (6.2) — (6.7) Total UTIS fire — (6.0) — (6.2) (Gain) loss on sale or disposal of property, plant and equipment — (0.5) — (0.5) Total other operating (income) expense, net $ — $ (6.5) $ — $ (6.7) |
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 Six Months Ended (Dollars in millions) June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Interest on revolving credit facility $ — $ (3.0) $ (0.5) $ (6.4) Line of credit fees (0.3) — (0.6) (0.3) Debt issuance amortization costs (0.1) (0.1) (0.2) (0.4) Interest income 0.2 0.3 0.3 0.8 Total interest expense, net $ (0.2) $ (2.8) $ (1.0) $ (6.3) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance, beginning of period | $ 1,259 | |||||
Other comprehensive income (loss) before reclassifications | (14.9) | $ 14 | ||||
Amounts reclassified from accumulated other comprehensive loss | 0.2 | 0.2 | ||||
Other comprehensive income (loss) | $ (5.6) | $ 4.5 | (14.7) | 14.2 | ||
Balance, end of period | 1,260.8 | 1,205.6 | 1,260.8 | 1,205.6 | ||
Amortization loss, net of tax | 1.7 | 1.9 | 1.7 | 1.9 | $ 1.8 | $ 1.9 |
Accumulated Other Comprehensive Loss | ||||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||||
Balance, beginning of period | (75.5) | (75.5) | (66.4) | (85.2) | ||
Other comprehensive income (loss) | (5.6) | 4.5 | (14.7) | 14.2 | ||
Balance, end of period | (81.1) | (71) | (81.1) | (71) | ||
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 | (14.9) | 14 | ||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||||
Other comprehensive income (loss) | (14.9) | 14 | ||||
Balance, end of period | (71.7) | (61.6) | (71.7) | (61.6) | ||
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 | 0.2 | 0.2 | ||||
Other comprehensive income (loss) | 0.2 | 0.2 | ||||
Balance, end of period | $ (9.4) | $ (9.4) | $ (9.4) | $ (9.4) |
Derivatives and Hedging (Notion
Derivatives and Hedging (Notional Values of Derivative Instruments) (Details) - Contracts not designated as hedging instruments | Jun. 30, 2024 USD ($) tons_per_month | Jun. 30, 2024 EUR (€) tons_per_month | Jun. 30, 2024 KRW (₩) tons_per_month | Jun. 30, 2024 HUF (Ft) tons_per_month | Jun. 30, 2024 JPY (¥) tons_per_month |
July 2024 - September 2024 | |||||
Derivative [Line Items] | |||||
Volume of Copper Derivatives (in metric tons per month) | 69 | 69 | 69 | 69 | 69 |
October 2024 - December 2024 | |||||
Derivative [Line Items] | |||||
Volume of Copper Derivatives (in metric tons per month) | 69 | 69 | 69 | 69 | 69 |
January 2025 - March 2025 | |||||
Derivative [Line Items] | |||||
Volume of Copper Derivatives (in metric tons per month) | 69 | 69 | 69 | 69 | 69 |
April 2025 - June 2025 | |||||
Derivative [Line Items] | |||||
Volume of Copper Derivatives (in metric tons per month) | 69 | 69 | 69 | 69 | 69 |
USD/CNH | Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | $ | $ 26,337,770 | ||||
EUR/USD | Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | € | € 6,000,000 | ||||
KRW/USD | Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | ₩ | ₩ 5,549,120,000 | ||||
HUF/EUR | Foreign Currency Derivatives | |||||
Derivative [Line Items] | |||||
Notional Values of Foreign Currency Derivatives | Ft | Ft 1,100,000,000 | ||||
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) | Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Foreign Currency Contracts | ||||
Derivative [Line Items] | ||||
Derivative, gain (loss) on derivative, net | $ (0.3) | $ 0.8 | $ (0.4) | $ 0.8 |
Copper Derivative Contracts | ||||
Derivative [Line Items] | ||||
Derivative, gain (loss) on derivative, net | $ 0.4 | $ (0.4) | $ 0.4 | $ (0.4) |
Derivatives and Hedging (Variou
Derivatives and Hedging (Various Instruments That Require Fair Value Measurement) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Jun. 30, 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 | $ (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 | (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 | 0.9 | 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 | 0.9 | 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 77.7 | $ 71.5 |
Work-in-process | 38.3 | 45.6 |
Finished goods | 34.8 | 36.4 |
Total inventories | $ 150.8 | $ 153.5 |
Balance Sheet Items (Restricted
Balance Sheet Items (Restricted Cash) (Details) - USD ($) $ in Millions | Jun. 30, 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 | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts Receivable - Trade | $ 145.8 | $ 143.2 |
Accounts Receivable - Other | 14.2 | 18.7 |
Total | $ 160 | $ 161.9 |
Balance Sheet Items (Accounts P
Balance Sheet Items (Accounts Payable) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts Payable - Trade | $ 46.7 | $ 46.3 |
Accounts Payable - Other | 3.2 | 4 |
Total | $ 49.9 | $ 50.3 |
Leases (Payment for Operating L
Leases (Payment for Operating Leases Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating leases expense | $ 1.3 | $ 0.8 | $ 2.6 | $ 1.8 |
Short-term leases expense | 0.1 | 0.3 | 0.3 | 0.4 |
Payments on operating lease obligations | $ 1.4 | $ 0.9 | $ 2.4 | $ 1.7 |
Leases (Assets and Liabilities
Leases (Assets and Liabilities Balance Related to Finance and Operating Leases) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Finance lease right-of-use assets | $ 1.3 | $ 1.5 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property, plant and equipment, net of accumulated depreciation of $393.2 and $385.7 | Property, plant and equipment, net of accumulated depreciation of $393.2 and $385.7 |
Operating lease right-of-use assets | $ 17.6 | $ 18.9 |
Finance lease obligations, current portion | $ 0.4 | $ 0.4 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other accrued liabilities | Other accrued liabilities |
Finance lease obligations, non-current portion | $ 1 | $ 1.1 |
Total finance lease obligations | 1.4 | 1.5 |
Operating lease obligations, current portion | 3.7 | 3.5 |
Operating lease obligations, non-current portion | 14.1 | 15.4 |
Total operating lease obligations | $ 17.8 | $ 18.9 |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finance Leases Signed | ||
2024 | $ 0.2 | |
2025 | 1.5 | |
2026 | 1.6 | |
2027 | 1.4 | |
2028 | 1.3 | |
Thereafter | 5 | |
Total lease payments | 11 | |
Less: Interest | (1.6) | |
Present Value of Net Future Minimum Lease Payments | 9.4 | |
Finance Leases in Effect | ||
2024 | 0.2 | |
2025 | 0.4 | |
2026 | 0.4 | |
2027 | 0.2 | |
2028 | 0.1 | |
Thereafter | 0.1 | |
Total lease payments | 1.4 | |
Less: Interest | 0 | |
Total finance lease obligations | 1.4 | $ 1.5 |
Operating Leases Signed | ||
2024 | 2.5 | |
2025 | 5.2 | |
2026 | 4.6 | |
2027 | 3.7 | |
2028 | 2.6 | |
Thereafter | 11.9 | |
Total lease payments | 30.5 | |
Less: Interest | (5.9) | |
Present Value of Net Future Minimum Lease Payments | 24.6 | |
Operating Leases in Effect | ||
2024 | 2.4 | |
2025 | 4.1 | |
2026 | 3.4 | |
2027 | 2.6 | |
2028 | 1.8 | |
Thereafter | 7.1 | |
Total lease payments | 21.4 | |
Less: Interest | (3.6) | |
Total operating lease obligations | 17.8 | $ 18.9 |
Financing Lease, Lease Not yet Commenced | ||
Less: Leases Not Yet Commenced | ||
2024 | 0 | |
2025 | (1.1) | |
2026 | (1.2) | |
2027 | (1.2) | |
2028 | (1.2) | |
Thereafter | (4.9) | |
Total lease payments | (9.6) | |
Less: Interest | 1.6 | |
Present Value of Net Future Minimum Lease Payments | (8) | |
Operating Lease, Lease Not yet Commenced | ||
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) |
Leases (Lease Term and Discount
Leases (Lease Term and Discount Rate of Net Future Minimum Lease Payments) (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Finance leases, weighted average remaining lease term (in years) | 3 years 7 months 6 days | 4 years |
Operating leases, weighted average remaining lease term (in years) | 6 years 6 months | 7 years |
Finance leases, weighted average discount rate (as a percent) | 4.24% | 4.14% |
Operating leases, weighted average discount rate (as a percent) | 5.39% | 5.35% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill by Segment) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 359.8 |
Foreign currency translation adjustment | (3.5) |
Goodwill, ending balance | 356.3 |
Advanced Electronics Solutions | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 117.7 |
Foreign currency translation adjustment | (2.1) |
Goodwill, ending balance | 115.6 |
Elastomeric Material Solutions | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 239.9 |
Foreign currency translation adjustment | (1.4) |
Goodwill, ending balance | 238.5 |
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 | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 274 | $ 276 |
Indefinite-lived other intangible asset | 4.2 | 4.3 |
Total other intangible assets, gross carrying amount | 278.2 | 280.3 |
Accumulated Amortization | 161 | 156.4 |
Net Carrying Amount | 113 | 119.6 |
Total other intangible assets, net carrying amount | 117.2 | 123.9 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 176.9 | 177.9 |
Accumulated Amortization | 93 | 90 |
Net Carrying Amount | 83.9 | 87.9 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 76.5 | 77.4 |
Accumulated Amortization | 59.4 | 58.1 |
Net Carrying Amount | 17.1 | 19.3 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19.3 | 19.4 |
Accumulated Amortization | 7.5 | 7.4 |
Net Carrying Amount | 11.8 | 12 |
Covenants not to compete | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1.3 | 1.3 |
Accumulated Amortization | 1.1 | 0.9 |
Net Carrying Amount | $ 0.2 | $ 0.4 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 3.1 | $ 3.4 | $ 6.2 | $ 6.7 |
Annual Future Amortization Expense | ||||
Anticipated future amortization expense for the remainder of 2024 | 6.2 | 6.2 | ||
Anticipated future amortization expense for 2025 | 10.8 | 10.8 | ||
Anticipated future amortization expense for 2026 | 10.4 | 10.4 | ||
Anticipated future amortization expense for 2027 | 10 | 10 | ||
Anticipated future amortization expense for 2028 | $ 7.8 | $ 7.8 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Weighted Average Amortization Period by Intangible Asset Class) (Details) | Jun. 30, 2024 |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total definite-lived other intangible assets | 6 years 9 months 18 days |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total definite-lived other intangible assets | 7 years 2 months 12 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 7 months 6 days |
Covenants not to compete | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Total definite-lived other intangible assets | 3 months 18 days |
Pension Benefits and Other Po_3
Pension Benefits and Other Postretirement Benefits (Additional Information) (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) plan | Jun. 30, 2023 USD ($) | |
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 | $ 0 | $ 0 |
Pension Benefits | Union Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Additional contributions required to make for remainder of fiscal year | $ 0 | $ 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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 0.3 | $ 0.2 | $ 0.5 | $ 0.5 |
Expected return of plan assets | (0.3) | (0.3) | (0.6) | (0.7) |
Amortization of net loss (gain) | 0.1 | 0.2 | 0.2 | 0.3 |
Net periodic benefit cost (credit) | $ 0.1 | $ 0.1 | $ 0.1 | $ 0 |
Debt (Details)
Debt (Details) | 3 Months Ended | 6 Months Ended | ||||
Mar. 24, 2023 USD ($) option | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 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 | $ 0 | $ 30,000,000 | |||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings under revolving credit facility | 0 | 0 | 30,000,000 | |||
Outstanding line of credit issuance costs | 1,800,000 | 1,800,000 | $ 2,100,000 | |||
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 | $ 0 | $ 0 | $ 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% | |||||
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 | 2.75 | ||||
Discretionary principal payments on revolving credit facility | $ 0 | $ 60,000,000 | $ 30,000,000 | $ 85,000,000 | ||
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% |
Commitments and Contingencies_2
Commitments and Contingencies (Change in Number of Asbestos Claims Outstanding) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) claim | |
Liability for Asbestos and Environmental Claims [Roll Forward] | |
Claims outstanding, beginning | 506 |
New claims filed | 79 |
Pending claims concluded | (63) |
Claims outstanding, ending | 522 |
Number of claims dismissed | 51 |
Number of claims settled | 12 |
Settlements | $ | $ 5 |
Commitments and Contingencies_3
Commitments and Contingencies (Total Estimated Liability for Asbestos) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Asbestos-related liabilities | $ 61.3 | $ 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 | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Loss Contingencies [Line Items] | |
Environmental remediation expense incurred | $ 0.7 |
Accrual for future remediation efforts | $ 2 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net income | $ 8.1 | $ 17.9 | $ 15.9 | $ 14.4 |
Denominator: | ||||
Weighted-average shares outstanding - basic (in shares) | 18.6 | 18.6 | 18.6 | 18.6 |
Effect of dilutive shares (in shares) | 0 | 0.1 | 0 | 0.1 |
Weighted-average shares outstanding - diluted (in shares) | 18.6 | 18.7 | 18.6 | 18.7 |
Basic earnings per share (in dollars per share) | $ 0.44 | $ 0.96 | $ 0.85 | $ 0.77 |
Diluted earnings per share (in dollars per share) | $ 0.44 | $ 0.96 | $ 0.85 | $ 0.77 |
Capital Stock and Equity Comp_3
Capital Stock and Equity Compensation (Additional Information) (Details) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) offering_period shares | Jun. 30, 2023 USD ($) | Apr. 30, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2015 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Authorized stock repurchase amount | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | ||||
Shares repurchased (in shares) | shares | 70,893 | 72,393 | |||||
Shares repurchased | $ 7,700,000 | $ 7,800,000 | |||||
Remaining authorized stock repurchase amount | 116,200,000 | $ 116,200,000 | $ 116,200,000 | $ 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 | 2,000,000 | $ 1,300,000 | $ 3,300,000 | $ 1,200,000 | |||
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 | 2,100,000 | 2,500,000 | $ 4,000,000 | 4,600,000 | |||
Conversion ratio | 1 | ||||||
Deferred Stock Units | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | 1,300,000 | $ 1,200,000 | $ 1,300,000 | $ 1,200,000 | |||
Conversion ratio | 1 | ||||||
Vesting period | 13 months | ||||||
Employee Stock Purchase Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense | $ 100,000 | $ 300,000 | |||||
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) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Apr. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |||
Treasury stock acquired (in shares) | 70,893 | 1,500 | |
Treasury stock average cost (in dollars per share) | $ 108.79 | $ 109.92 | |
Treasury stock acquired, publicly announced plans or programs (in shares) | 70,893 | 1,500 | |
Remaining authorized stock repurchase amount | $ 116.2 | $ 23.8 | $ 116.2 |
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 | 6 Months Ended |
Jun. 30, 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) | (27,583) |
Awards outstanding ending balance (in shares) | 125,645 |
Capital Stock and Equity Comp_7
Capital Stock and Equity Compensation (Time-Based Restricted Stock Awards) (Details) - Time-Based Restricted Stock Units | 6 Months Ended |
Jun. 30, 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) | 67,920 |
Stock issued (in shares) | (36,049) |
Awards cancelled (in shares) | (6,196) |
Awards outstanding ending balance (in shares) | 126,674 |
Capital Stock and Equity Comp_8
Capital Stock and Equity Compensation (Deferred Stock Units) (Details) - Deferred Stock Units | 6 Months Ended |
Jun. 30, 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) | 8,100 |
Awards granted (in shares) | 10,950 |
Stock issued (in shares) | (7,150) |
Awards outstanding ending balance (in shares) | 11,900 |
Operating Segment Information_2
Operating Segment Information (Income by Reportable Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 214.2 | $ 230.9 | $ 427.6 | $ 474.7 |
Operating income | 11.3 | 27.9 | 23 | 27.6 |
Total Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 62.6 | 67.3 | 121.7 | 143.5 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 56.2 | 66.3 | 110.7 | 130.8 |
Other Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 6.4 | 1 | 11 | 12.7 |
Total APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 100.9 | 91.9 | 188.6 | 185.3 |
China | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 65.4 | 60.8 | 121.7 | 121.8 |
Other APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 35.5 | 31.1 | 66.9 | 63.5 |
Total EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 50.7 | 71.7 | 117.3 | 145.9 |
Germany | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 23.7 | 33.5 | 53.7 | 65.6 |
Other EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 27 | 38.2 | 63.6 | 80.3 |
Advanced Electronics Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 115.5 | 130.2 | 237.6 | 266.1 |
Operating income | 3 | 5.8 | 7.4 | 0.3 |
Advanced Electronics Solutions | Total Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20.5 | 21.9 | 41.5 | 45.8 |
Advanced Electronics Solutions | United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 17.8 | 21.4 | 38.2 | 42.9 |
Advanced Electronics Solutions | Other Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2.7 | 0.5 | 3.3 | 2.9 |
Advanced Electronics Solutions | Total APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 65.9 | 60.3 | 123.9 | 123.6 |
Advanced Electronics Solutions | China | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 39 | 38.1 | 73.3 | 76.5 |
Advanced Electronics Solutions | Other APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 26.9 | 22.2 | 50.6 | 47.1 |
Advanced Electronics Solutions | Total EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 29.1 | 48 | 72.2 | 96.7 |
Advanced Electronics Solutions | Germany | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 16.7 | 25.2 | 38.6 | 49.2 |
Advanced Electronics Solutions | Other EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 12.4 | 22.8 | 33.6 | 47.5 |
Elastomeric Material Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 94.7 | 95.4 | 180.4 | 197.6 |
Operating income | 7.2 | 20.2 | 12.5 | 23.4 |
Elastomeric Material Solutions | Total Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 40.9 | 44.2 | 77.9 | 95.3 |
Elastomeric Material Solutions | United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 37.4 | 43.9 | 70.5 | 85.8 |
Elastomeric Material Solutions | Other Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3.5 | 0.3 | 7.4 | 9.5 |
Elastomeric Material Solutions | Total APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 33.5 | 28.7 | 60.5 | 55.9 |
Elastomeric Material Solutions | China | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 25.4 | 20.7 | 45.8 | 40.9 |
Elastomeric Material Solutions | Other APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 8.1 | 8 | 14.7 | 15 |
Elastomeric Material Solutions | Total EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 20.3 | 22.5 | 42 | 46.4 |
Elastomeric Material Solutions | Germany | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 6.9 | 8.2 | 14.8 | 16.2 |
Elastomeric Material Solutions | Other EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 13.4 | 14.3 | 27.2 | 30.2 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4 | 5.3 | 9.6 | 11 |
Operating income | 1.1 | 1.9 | 3.1 | 3.9 |
Other | Total Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1.2 | 1.2 | 2.3 | 2.4 |
Other | United States | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1 | 1 | 2 | 2.1 |
Other | Other Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0.2 | 0.2 | 0.3 | 0.3 |
Other | Total APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1.5 | 2.9 | 4.2 | 5.8 |
Other | China | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1 | 2 | 2.6 | 4.4 |
Other | Other APAC | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0.5 | 0.9 | 1.6 | 1.4 |
Other | Total EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1.3 | 1.2 | 3.1 | 2.8 |
Other | Germany | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0.1 | 0.1 | 0.3 | 0.2 |
Other | Other EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1.2 | 1.1 | 2.8 | 2.6 |
Recognized over time | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 51.4 | 68.3 | 105 | 143.6 |
Recognized over time | Advanced Electronics Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 46 | 57.2 | 92.4 | 119.6 |
Recognized over time | Elastomeric Material Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1.5 | 7.1 | 3.3 | 16.1 |
Recognized over time | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 3.9 | 4 | 9.3 | 7.9 |
Recognized at a point in time | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 162.8 | 162.6 | 322.6 | 331.1 |
Recognized at a point in time | Advanced Electronics Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 69.5 | 73 | 145.2 | 146.5 |
Recognized at a point in time | Elastomeric Material Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 93.2 | 88.3 | 177.1 | 181.5 |
Recognized at a point in time | Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 0.1 | $ 1.3 | $ 0.3 | $ 3.1 |
Operating Segment Information_3
Operating Segment Information (Contract Assets By Operating Segments) (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Total contract assets | $ 31.6 | $ 45.2 |
Advanced Electronics Solutions | ||
Segment Reporting Information [Line Items] | ||
Total contract assets | 27.1 | 41.4 |
Elastomeric Material Solutions | ||
Segment Reporting Information [Line Items] | ||
Total contract assets | 0.5 | 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 Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 1.4 | $ 3.9 | $ 1.5 | $ 14.4 |
Total restructuring and impairment charges | 1.4 | 3.9 | 1.5 | 14.4 |
Global workforce reduction | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0 | 1.1 | 0 | 8.1 |
Facility consolidations | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0.1 | 2.8 | 0.2 | 6.3 |
Manufacturing footprint consolidation | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 0.4 | 0 | 0.4 | 0 |
R&D facility exit | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 0.9 | $ 0 | $ 0.9 | $ 0 |
Supplemental Financial Inform_4
Supplemental Financial Information (Additional Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 06, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 13, 2024 | Dec. 31, 2023 | Feb. 16, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $ 1.4 | $ 3.9 | $ 1.5 | $ 14.4 | ||||
Operating segment for a purchase price | 1.8 | 1.8 | ||||||
Disposal group, including discontinued operation, consideration phase one | 1 | 1 | ||||||
Disposal group, including discontinued operation, consideration phase two | 0.8 | 0.8 | ||||||
Disposal group, including discontinued operation, assets | 3.7 | 3.7 | ||||||
Disposal group, including discontinued operation, liabilities | 3.1 | 3.1 | ||||||
Disposal group, including discontinued operation, selling costs | 1.2 | 1.2 | ||||||
Net book value of assets held-and-used | 13.1 | 13.1 | $ 13.1 | |||||
Gain on sale of properties | 1.9 | |||||||
Global workforce reduction | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring expenses expected to incur | $ 8.8 | |||||||
Restructuring charges | 0 | 1.1 | 0 | 8.1 | ||||
Facility consolidations | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring expenses expected to incur | 8.3 | 8.3 | ||||||
Restructuring charges | 0.1 | 2.8 | 0.2 | 6.3 | ||||
Manufacturing footprint consolidation | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 0.4 | 0 | 0.4 | 0 | ||||
Restructuring and related incurred cost | 0.4 | 0.4 | ||||||
R&D facility exit | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 0.9 | $ 0 | 0.9 | $ 0 | ||||
Restructuring and related incurred cost | 0.9 | 0.9 | ||||||
Severance benefits expensed | 0.2 | 0.2 | ||||||
Accelerated depreciation | 0.7 | 0.7 | ||||||
Minimum | Manufacturing footprint consolidation | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Effect on future earnings | $ 7 | |||||||
Restructuring expenses expected to incur | 18 | |||||||
Minimum | R&D facility exit | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring expenses expected to incur | $ 1.4 | |||||||
Maximum | Manufacturing footprint consolidation | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Effect on future earnings | 9 | |||||||
Restructuring expenses expected to incur | $ 28 | |||||||
Maximum | R&D facility exit | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring expenses expected to incur | $ 1.7 | |||||||
Suzhou, China Facilities | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Net book value of assets held-and-used | $ 3 | 3 | ||||||
Proceeds from sale of buildings | $ 6.8 |
Supplemental Financial Inform_5
Supplemental Financial Information (Allocation of Restructuring and Impairment Charges to Operating Segments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring and impairment charges | $ 1.4 | $ 3.9 | $ 1.5 | $ 14.4 |
Allocated restructuring charges | Advanced Electronics Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring and impairment charges | 1 | 3.1 | 1.1 | 8.5 |
Allocated restructuring charges | Elastomeric Material Solutions | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Total restructuring and impairment charges | $ 0.4 | $ 0.8 | $ 0.4 | $ 5.9 |
Supplemental Financial Inform_6
Supplemental Financial Information (Other Operating (Income) Expense, Net) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
UTIS fire | ||||
Professional services | $ 0 | $ 0.2 | $ 0 | $ 0.5 |
Insurance recoveries | 0 | (6.2) | 0 | (6.7) |
Total UTIS fire | 0 | (6) | 0 | (6.2) |
(Gain) loss on sale or disposal of property, plant and equipment | 0 | (0.5) | 0 | (0.5) |
Other operating (income) expense, net | $ 0 | $ (6.5) | $ 0 | $ (6.7) |
Supplemental Financial Inform_7
Supplemental Financial Information (Interest Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Supplemental Income Statement Elements [Abstract] | ||||
Interest on revolving credit facility | $ 0 | $ (3) | $ (0.5) | $ (6.4) |
Line of credit fees | (0.3) | 0 | (0.6) | (0.3) |
Debt issuance amortization costs | (0.1) | (0.1) | (0.2) | (0.4) |
Interest income | 0.2 | 0.3 | 0.3 | 0.8 |
Total interest expense, net | $ (0.2) | $ (2.8) | $ (1) | $ (6.3) |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate (as a percent) | 31.90% | 28.90% | 32.30% | 33.20% |