3 unchanged sentences
(Dollars and shares in millions, except per share amounts)
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Net sales $ 216.0 $ 210.3 $ 609.3 $ 637.9
21 unchanged sentences
(Dollars in millions)
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Net income (loss) $ 8.6 $ 10.7 $ ( 66.4 ) $ 26.6
8 unchanged sentences
(Dollars and shares in millions, except par value )
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Current assets
42 unchanged sentences
(Dollars and shares in millions)
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Capital Stock
25 unchanged sentences
(Dollars in millions)
−Removed: Six Months Ended
−Removed: June 30, 2025 June 30, 2024
+Added: Nine Months Ended
+Added: September 30, 2025 September 30, 2024
Operating Activities:
30 unchanged sentences
Effect of exchange rate fluctuations on cash 4.9 0.6
−Removed: Net decrease in cash and cash equivalents ( 2.6 ) ( 11.8 )
+Added: Net increase in cash and cash equivalents 8.0 14.7
Cash and cash equivalents at beginning of period 159.8 131.7
25 unchanged sentences
Other comprehensive income (loss) 47.9 0.2 48.1
−Removed: Balance as of June 30, 2025 $ ( 35.5 ) $ ( 8.4 ) $ ( 43.9 )
+Added: Balance as of September 30, 2025 $ ( 38.8 ) $ ( 8.4 ) $ ( 47.2 )
Balance as of December 31, 2023 $ ( 56.8 ) $ ( 9.6 ) $ ( 66.4 )
2 unchanged sentences
Other comprehensive income (loss) 10.9 0.3 11.2
−Removed: Balance as of June 30, 2024 $ ( 71.7 ) $ ( 9.4 ) $ ( 81.1 )
−Removed: (1) Net of taxes of $ 1.4 million and $ 1.5 million as of June 30, 2025 and December 31, 2024, respectively.
−Removed: Net of taxes of $ 1.7 million and $ 1.8 million as of June 30, 2024 and December 31, 2023, respectively.
+Added: Balance as of September 30, 2024 $ ( 45.9 ) $ ( 9.3 ) $ ( 55.2 )
+Added: (1) Net of taxes of $ 1.4 million and $ 1.5 million as of September 30, 2025 and December 31, 2024, respectively.
+Added: Net of taxes of $ 1.7 million and $ 1.8 million as of September 30, 2024 and December 31, 2023, respectively.
Note 3 – Derivatives and Hedging
5 unchanged sentences
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.
−Removed: As of June 30, 2025, we did not have any derivative contracts that qualified for hedge accounting treatment.
+Added: As of September 30, 2025, we did not have any derivative contracts that qualified for hedge accounting treatment.
Foreign Currency
−Removed: During the three and six months ended June 30, 2025, we entered into U.S.
+Added: During the three and nine months ended September 30, 2025, we entered into U.S.
dollar, euro, Korean won, Hungarian forint, and Japanese yen forward contracts.
2 unchanged sentences
As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” line item in our condensed consolidated statements of operations in the period in which the adjustment occurred.
−Removed: As of June 30, 2025, the notional values of the remaining foreign currency forward contracts were as follows:
+Added: As of September 30, 2025, the notional values of the remaining foreign currency forward contracts were as follows:
(Amounts in millions)
−Removed: Currencies (Buy/Sell) Amount (Buy/Sell)
−Removed: USD/CNH $ 48.9 / ¥ 350.0
−Removed: EUR/USD € 10.6 / $ 12.5
−Removed: KRW/USD ₩ 1,964.3 / $ 1.5
−Removed: HUF/EUR Ft 500.0 / € 1.2
−Removed: JPY/EUR ¥ 525.0 / € 3.1
−Removed: As of June 30, 2025, we had 12 outstanding contracts to hedge exposure related to the commodity price of copper in our AES operating segment.
+Added: Currencies (Buy/Sell) Maturity Date Notional Amount (Buy/Sell)
+Added: USD/CNH October 31, 2025 $ 49.1 / ¥ 350.0
+Added: EUR/USD October 31, 2025 € 11.1 / $ 13.0
+Added: KRW/USD October 31, 2025 ₩ 2,959.1 / $ 2.1
+Added: USD/GBP October 31, 2025 $ 8.6 / £ 6.4
+Added: As of September 30, 2025, we had 12 outstanding contracts to hedge exposure related to the commodity price 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.
−Removed: As a result, any fair value adjustments required on these contracts are recorded in “Other income (expense), net” line item in our condensed consolidated statements of operations in the period in which the adjustment occurred.
−Removed: As of June 30, 2025, the volume of our copper contracts outstanding was as follows:
−Removed: (Amounts in ones)
−Removed: Contract Period Amount
−Removed: July 2025 - September 2025 69 metric tons per month
+Added: As a result, any fair value adjustments required on these contracts are recorded in the “Other income (expense), net” line item in our condensed consolidated statements of operations in the period in which the adjustment occurred.
+Added: As of September 30, 2025, the volume of our copper contracts outstanding was as follows:
+Added: (Volume in ones, notional in millions)
+Added: Contract Period Volume Notional Amount
October 2025 - December 2025 69 metric tons per month
1 unchanged sentence
April 2026 - June 2026 69 metric tons per month
+Added: July 2026 - September 2026 69 metric tons per month
Note 4 - Balance Sheet Items
1 unchanged sentence
The “Accounts receivable, net” line item in the condensed consolidated statements of financial position consisted of the following:
−Removed: (Dollars in millions) June 30, 2025 December 31, 2024
+Added: (Dollars in millions) September 30, 2025 December 31, 2024
Accounts receivable - trade $ 135.6 $ 125.1
6 unchanged sentences
The unbilled revenue is included in the “Contract assets” line item in the condensed consolidated statements of financial position.
−Removed: We did not have any contract liabilities as of June 30, 2025 or December 31, 2024.
−Removed: No impairment losses were recognized in each of the three- and six-month periods ended June 30, 2025 or June 30, 2024 on any contract assets arising from our contracts with customers.
−Removed: Our contract assets by operating segment as of June 30, 2025 and December 31, 2024 were as follows:
−Removed: (Dollars in millions) June 30, 2025 December 31, 2024
+Added: We did not have any contract liabilities as of September 30, 2025 or December 31, 2024.
+Added: No impairment losses were recognized in each of the three- and nine-month periods ended September 30, 2025 or September 30, 2024 on any contract assets arising from our contracts with customers.
+Added: Our contract assets by operating segment as of September 30, 2025 and December 31, 2024 were as follows:
+Added: (Dollars in millions) September 30, 2025 December 31, 2024
Advanced Electronics Solutions $ 22.4 $ 18.9
3 unchanged sentences
The “Inventories, net” line item in the condensed consolidated statements of financial position consisted of the following:
−Removed: (Dollars in millions) June 30, 2025 December 31, 2024
+Added: (Dollars in millions) September 30, 2025 December 31, 2024
Raw materials $ 66.1 $ 62.7
4 unchanged sentences
The “Accounts payable” line item in the condensed consolidated statements of financial position consisted of the following:
−Removed: (Dollars in millions) June 30, 2025 December 31, 2024
+Added: (Dollars in millions) September 30, 2025 December 31, 2024
Accounts payable - trade $ 47.5 $ 45.6
4 unchanged sentences
We have finance leases primarily related to manufacturing equipment.
−Removed: Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were nil for the three months ended June 30, 2025 and 2024.
−Removed: Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities was $ 8.1 million and $ 0.1 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were nil and $ 0.1 million for the three months ended September 30, 2025 and 2024, respectively.
+Added: Noncash activities involving finance lease right-of-use assets obtained in exchange for lease liabilities were $ 8.1 million and $ 0.1 million for the nine months ended September 30, 2025 and 2024, respectively.
Our expenses and payments for finance leases were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Amortization expense of finance lease right-of-use assets $ 0.5 $ 0.2 $ 1.3 $ 0.4
3 unchanged sentences
We have operating leases primarily related to manufacturing and R&D facilities, as well as vehicles.
−Removed: Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities was $ 0.2 million and $ 0.2 million for the three months ended June 30, 2025 and 2024, respectively.
−Removed: Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities was $ 0.4 million and $ 0.3 million for the six months ended June 30, 2025 and 2024, respectively.
+Added: Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $ 0.2 million and $ 5.6 million for the three months ended September 30, 2025 and 2024, respectively.
+Added: Noncash activities involving operating lease right-of-use assets obtained in exchange for lease liabilities were $ 0.6 million and $ 5.9 million for the nine months ended September 30, 2025 and 2024, respectively.
Our expenses and payments for operating leases were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Operating leases expense $ 1.6 $ 1.3 $ 4.5 $ 3.9
3 unchanged sentences
The assets and liabilities balances related to finance and operating leases reflected in the condensed consolidated statements of financial position were as follows:
−Removed: (Dollars in millions) Financial Statement Line Item June 30, 2025 December 31, 2024
+Added: (Dollars in millions) Financial Statement Line Item September 30, 2025 December 31, 2024
Finance lease right-of-use assets Property, plant and equipment, net $ 9.0 $ 1.1
7 unchanged sentences
Net Future Minimum Lease Payments
−Removed: 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, 2025:
+Added: 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 September 30, 2025:
Finance Operating
12 unchanged sentences
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:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Weighted Average Remaining Lease Term
10 unchanged sentences
Foreign currency translation adjustment 5.4 7.8 — 13.2
−Removed: June 30, 2025 $ 51.7 $ 252.0 $ 2.2 $ 305.9
+Added: September 30, 2025 $ 51.7 $ 249.6 $ 2.2 $ 303.5
Other Intangible Assets
The carrying amount of other intangible assets were as follows:
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
(Dollars in millions) Gross Carrying Amount Accumulated Impairment Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount
7 unchanged sentences
The amortization expense related to other intangible assets was as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Amortization expense $ 2.8 $ 3.1 $ 8.2 $ 9.3
1 unchanged sentence
These amounts could vary based on changes in foreign currency exchange rates.
−Removed: The weighted average amortization period as of June 30, 2025, by definite-lived other intangible asset class, is presented in the table below:
+Added: The weighted average amortization period as of September 30, 2025, by definite-lived other intangible asset class, is presented in the table below:
Weighted Average Remaining Amortization Period
7 unchanged sentences
Based on our interim impairment assessment, we concluded our curamik ® reporting unit’s carrying value exceeded its estimated fair value.
−Removed: As a result, we recorded non-cash impairment charges to our curamik ® reporting unit’s goodwill and indefinite-lived other intangible asset of $ 67.3 million and $ 4.5 million, respectively, which represents full impairments of each.
+Added: As a result, during the second quarter of 2025, we recorded non-cash impairment charges to our curamik ® reporting unit’s goodwill and indefinite-lived other intangible asset of $ 67.3 million and $ 4.5 million, respectively, which represents full impairments of each.
The decline in the estimated fair value of our curamik ® reporting unit during the second quarter of 2025, and the resulting impairment charges, was primarily driven by revised short-term and mid-term forecasts for net sales and gross margin expectations of our curamik ® reporting unit.
6 unchanged sentences
We assessed the assumptions used in the quantitative impairment assessment to be reasonable and consistent with assumptions that would have been used by other market participants.
−Removed: No triggering events were identified for our other reporting units in the second quarter of 2025, and therefore, interim impairment assessments were considered unnecessary.
+Added: No interim triggering events were identified for our other reporting units, and therefore, interim impairment assessments were considered unnecessary.
Long-lived assets, including definite-lived other intangible assets, property, plant and equipment and lease right-of-use assets, are evaluated for recoverability whenever events or circumstances indicate the carrying value may not be recoverable.
4 unchanged sentences
Based on our long-lived assets recoverability test, our curamik ® reporting unit, had estimated future undiscounted cash flows that exceeded its carrying value.
−Removed: As a result, no impairment charges to our curamik ® reporting unit’s long-lived assets were recognized in the second quarter of 2025.
+Added: As a result, no impairment charges to our curamik ® reporting unit’s long-lived assets have been recognized.
Note 7 – Postretirement Benefit Plans
−Removed: As of June 30, 2025, we had one qualified noncontributory defined benefit pension plan, the Union Plan, which was frozen and ceased accruing benefits in 2013.
+Added: As of September 30, 2025, we had one qualified noncontributory defined benefit pension plan, the Union Plan, which was frozen and ceased accruing benefits in 2013.
The measurement date is December 31 st for each respective plan year.
3 unchanged sentences
The deferred compensation plan is funded through a rabbi trust, which is ultimately invested in accordance with each plan participants’ selections from pre-approved funds.
−Removed: As of June 30, 2025 and December 31, 2024, our deferred compensation plan primarily consisted of marketable securities, which includes mutual funds and fixed income funds.
+Added: As of September 30, 2025 and December 31, 2024, our deferred compensation plan primarily consisted of marketable securities, which includes mutual funds and fixed income funds.
Marketable securities are recorded at fair value.
1 unchanged sentence
The following table summarizes, by major security type, our marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:
−Removed: Fair Value of Deferred Compensation Plan as of June 30, 2025
+Added: Fair Value of Deferred Compensation Plan as of September 30, 2025
(Dollars in millions) Adjusted Cost Unrealized Gains Unrealized Losses Fair Value
22 unchanged sentences
Loans bearing an interest rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted Euro Interbank Offered Rate, or the Adjusted Tokyo Interbank Offered Rate (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.
−Removed: Based on our leverage ratio as of June 30, 2025, the spread was 162.5 basis points.
+Added: Based on our leverage ratio as of September 30, 2025, 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.
4 unchanged sentences
If our total net leverage ratio exceeds 2.75 to 1.00, we may nonetheless make up to $ 20.0 million in restricted payments, including cash dividends, during the fiscal year, provided that no default or event of default has occurred and is continuing or would result from the payments.
−Removed: Our total net leverage ratio did not exceed 2.75 to 1.00 and our interest coverage ratio was greater than or equal to 3.00 to 1.00 as of June 30, 2025.
+Added: Our total net leverage ratio did not exceed 2.75 to 1.00 and our interest coverage ratio was greater than or equal to 3.00 to 1.00 as of September 30, 2025.
Our discretionary principal payments on our revolving credit facility in 2025 and 2024 were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Discretionary principal payments $ — $ — $ — $ 30.0
−Removed: We had no outstanding borrowings under our revolving credit facility as of June 30, 2025 or December 31, 2024.
−Removed: We had $ 1.3 million and $ 1.6 million of outstanding line of credit issuance costs as of June 30, 2025 and December 31, 2024, respectively, which will be amortized over the life of the Fifth Amended Credit Agreement.
+Added: We had no outstanding borrowings under our revolving credit facility as of September 30, 2025 or December 31, 2024.
+Added: We had $ 1.2 million and $ 1.6 million of outstanding line of credit issuance costs as of September 30, 2025 and December 31, 2024, respectively, which will be amortized over the life of the Fifth Amended Credit Agreement.
Note 9 – Commitments and Contingencies
9 unchanged sentences
The indemnity and defense costs of our asbestos-related product liability litigation to date have been substantially covered by insurance.
−Removed: The following table summarizes the change in number of asbestos claims outstanding for the six months ended June 30, 2025:
+Added: The following table summarizes the change in number of asbestos claims outstanding for the nine months ended September 30, 2025:
Asbestos Claims
3 unchanged sentences
Pending claims settled ( 10 )
−Removed: Claims outstanding as of June 30, 2025
+Added: Claims outstanding as of September 30, 2025
The total indemnity settlements for asbestos claims in 2025 were as follows:
−Removed: (Dollars in millions) June 30, 2025
+Added: (Dollars in millions) September 30, 2025
Settlements $ 1.5
16 unchanged sentences
Our projected asbestos-related liabilities and insurance recoverables were as follows:
−Removed: (Dollars in millions) June 30, 2025 December 31, 2024
+Added: (Dollars in millions) September 30, 2025 December 31, 2024
Asbestos-related liabilities $ 57.2 $ 57.5
5 unchanged sentences
Remediation activities on the site are ongoing and are recorded as reductions to the accrual as they are incurred.
−Removed: We have incurred $ 2.0 million of aggregate remediation costs through June 30, 2025, substantially all of which was incurred and accrued for prior to 2023, and the accrual for future remediation efforts is $ 0.7 million.
+Added: We have incurred $ 2.0 million of aggregate remediation costs through September 30, 2025, substantially all of which was incurred and accrued for prior to 2023, and the accrual for future remediation efforts is $ 0.7 million.
Other Matters
7 unchanged sentences
The following table sets forth the computation of basic and diluted earnings (loss) per share:
−Removed: (Dollars and shares in millions, except per share amounts) Three Months Ended Six Months Ended
−Removed: June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: (Dollars and shares in millions, except per share amounts) Three Months Ended Nine Months Ended
+Added: September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Net income (loss) $ 8.6 $ 10.7 $ ( 66.4 ) $ 26.6
4 unchanged sentences
Diluted earnings (loss) per share $ 0.48 $ 0.58 $ ( 3.63 ) $ 1.43
−Removed: For the three and six months ended June 30, 2025, the assumed vesting of restricted stock units had an antidilutive effect on diluted loss per share and were excluded from the calculation of diluted loss per share.
−Removed: For the three and six months ended June 30, 2025, 0.3 million anti-dilutive shares were excluded from the calculation of diluted loss per share.
−Removed: For the three and six months ended June 30, 2024, 0.1 million shares of restricted stock were excluded from the calculation of diluted earnings per share.
+Added: Dilutive shares are calculated using the treasury stock method and primarily include unvested restricted stock units.
+Added: Anti-dilutive shares are excluded from the calculation of diluted shares and diluted earnings per share.
+Added: For the three months ended September 30, 2025, and 2024, 0.1 million shares were excluded for both periods.
+Added: For the nine months September 30, 2024, less than 0.1 million shares were excluded.
+Added: For the nine months ended September 30, 2025, the assumed vesting of restricted stock units had an antidilutive effect on diluted loss per share and were excluded from the calculation of diluted loss per share.
+Added: For the nine months ended September 30, 2025, 0.2 million anti-dilutive shares were excluded from the calculation of diluted loss per share.
Note 11 – Capital Stock and Equity Compensation
3 unchanged sentences
The Program has no expiration date and may be suspended or discontinued at any time without notice.
−Removed: For the three and six months ended June 30, 2025, we purchased 425,990 shares for a total value of $ 28.1 million using cash from operations and cash on hand.
−Removed: As of June 30, 2025, $ 76.1 million remained available to purchase under the Program.
+Added: For the three and nine months ended September 30, 2025, we purchased 137,879 shares and 563,869 shares for a total value of $ 10.0 million and $ 38.1 million, respectively, using cash from operations and cash on hand.
+Added: As of September 30, 2025, $ 66.1 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.
1 unchanged sentence
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
−Removed: April 1, 2025 to April 30, 2025 — $ — — $ 104.2
−Removed: May 1, 2025 to May 31, 2025 406,560 $ 63.09 406,560 $ 77.4
−Removed: June 1, 2025 to June 30, 2025 19,430 $ 66.01 19,430 $ 76.1
+Added: July 1, 2025 to July 31, 2025 — $ — — $ 76.1
+Added: August 1, 2025 to August 31, 2025 137,879 $ 72.50 137,879 $ 66.1
+Added: September 1, 2025 to September 30, 2025 — $ — — $ 66.1
Equity Compensation
1 unchanged sentence
The components of equity compensation expense were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Performance-based restricted stock units expense $ ( 0.7 ) $ 1.4 $ 3.2 $ 4.7
4 unchanged sentences
Performance-Based Restricted Stock Units
−Removed: As of June 30, 2025, we had outstanding performance-based restricted stock units with a market condition from 2025, 2024 and 2023.
+Added: As of September 30, 2025, we had outstanding performance-based restricted stock units with a market condition from 2025, 2024 and 2023.
These awards generally cliff vest at the end of a three-year measurement period.
17 unchanged sentences
therefore, a dividend yield of 0 % was used in the Monte Carlo simulation valuation model.
−Removed: As of June 30, 2025, we had outstanding performance-based restricted stock units with a performance condition from 2024.
+Added: As of September 30, 2025, 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.
4 unchanged sentences
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.
−Removed: As of June 30, 2025, the performance condition is not probable of vesting.
+Added: As of September 30, 2025, the performance condition is not probable of vesting.
As such, no compensation expense has been recognized for the performance-based restricted stock units.
We account for forfeitures as they occur.
−Removed: A summary of activity of the outstanding performance-based restricted stock units for the six months ended June 30, 2025 is presented below:
+Added: A summary of activity of the outstanding performance-based restricted stock units for the nine months ended September 30, 2025 is presented below:
Performance-Based
4 unchanged sentences
Awards forfeited/cancelled ( 75,581 )
−Removed: Awards outstanding as of June 30, 2025 187,871
+Added: Awards outstanding as of September 30, 2025 117,359
Time-Based Restricted Stock Units
−Removed: As of June 30, 2025, we had time-based restricted stock unit awards from 2025, 2024, 2023 and 2022 outstanding.
+Added: As of September 30, 2025, we had time-based restricted stock unit awards from 2025, 2024, 2023 and 2022 outstanding.
The outstanding awards all ratably vest on the first, second and third anniversaries of the original grant date.
4 unchanged sentences
We account for forfeitures as they occur.
−Removed: A summary of activity of the outstanding time-based restricted stock units for the six months ended June 30, 2025 is presented below:
+Added: A summary of activity of the outstanding time-based restricted stock units for the nine months ended September 30, 2025 is presented below:
Restricted Stock Units
3 unchanged sentences
Awards forfeited/cancelled ( 50,174 )
−Removed: Awards outstanding as of June 30, 2025 146,592
+Added: Awards outstanding as of September 30, 2025 125,122
Deferred Stock Units
4 unchanged sentences
The fair value of the award is determined by the market value of the underlying stock price at the grant date.
−Removed: A summary of activity of the outstanding deferred stock units for the six months ended June 30, 2025 is presented below:
+Added: A summary of activity of the outstanding deferred stock units for the nine months ended September 30, 2025 is presented below:
Deferred Stock Units
2 unchanged sentences
Stock issued ( 10,950 )
−Removed: Awards outstanding as of June 30, 2025 23,566
+Added: Awards outstanding as of September 30, 2025 23,566
Note 12 – Operating Segment Information
14 unchanged sentences
(Dollars in millions) Advanced Electronics Solutions Elastomeric Material Solutions Other Total
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
Net sales - recognized over time $ 47.7 $ 2.2 $ 3.8 $ 53.7
5 unchanged sentences
Depreciation expense $ 4.4 $ 2.9 $ 0.2 $ 7.5
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
Net sales - recognized over time $ 37.8 $ 1.0 $ 3.8 $ 42.6
5 unchanged sentences
Depreciation expense $ 4.4 $ 2.3 $ 0.2 $ 6.9
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
Net sales - recognized over time $ 121.5 $ 6.7 $ 11.2 $ 139.4
5 unchanged sentences
Depreciation expense $ 13.0 $ 8.5 $ 0.6 $ 22.1
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
Net sales - recognized over time $ 130.2 $ 4.3 $ 13.1 $ 147.6
9 unchanged sentences
Region/Country Advanced Electronics Solutions Elastomeric Material Solutions Other Total
−Removed: Three Months Ended June 30, 2025
+Added: Three Months Ended September 30, 2025
United States $ 22.4 $ 38.0 $ 0.8 $ 61.2
8 unchanged sentences
Total net sales $ 114.7 $ 97.2 $ 4.1 $ 216.0
−Removed: Three Months Ended June 30, 2024
+Added: Three Months Ended September 30, 2024
United States $ 19.2 $ 32.8 $ 0.9 $ 52.9
12 unchanged sentences
Region/Country Advanced Electronics Solutions Elastomeric Material Solutions Other Total
−Removed: Six Months Ended June 30, 2025
+Added: Nine Months Ended September 30, 2025
United States $ 67.4 $ 105.6 $ 2.5 $ 175.5
8 unchanged sentences
Total net sales $ 327.9 $ 269.2 $ 12.2 $ 609.3
−Removed: Six Months Ended June 30, 2024
+Added: Nine Months Ended September 30, 2024
United States $ 57.4 $ 103.3 $ 2.9 $ 163.6
13 unchanged sentences
The components of the “Restructuring and impairment charges” line item in the condensed consolidated statements of operations, were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Restructuring charges
1 unchanged sentence
Global workforce reduction 0.4 — 2.9 —
−Removed: Facility consolidations — 0.1 0.1 0.2
+Added: Executive leadership transition 5.4 — 5.4 —
R&D facility exit — 0.4 — 1.3
+Added: Facility consolidations — — 0.1 0.2
Total restructuring charges 7.1 6.3 17.3 7.8
8 unchanged sentences
The plan is expected to significantly reduce our manufacturing costs and operating expenses.
−Removed: We estimate this will improve operating income between $ 7.0 million and $ 9.0 million annually.
We expect to incur approximately $ 22.0 million to $ 24.0 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.
−Removed: We incurred $ 3.6 million of restructuring charges related to this plan for the three months ended June 30, 2025, of which $ 2.9 million were cash-based expenditures in the form of severance and other termination benefits and $ 0.7 million were non-cash expenditures in the form of accelerated depreciation.
−Removed: We incurred $ 7.6 million of restructuring charges related to this plan for the six months ended June 30, 2025, of which $ 6.1 million relates to severance and other termination benefits and $ 1.4 million in the form of accelerated depreciation.
−Removed: 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 were in the form of accelerated depreciation.
−Removed: Severance and related benefits activity related to the manufacturing footprint consolidation plan is presented in the table below for the six months ended June 30, 2025:
+Added: We incurred $ 1.3 million of restructuring charges related to this plan for the three months ended September 30, 2025, substantially all of which were related to severance and other termination benefits.
+Added: We incurred $ 8.9 million of restructuring charges related to this plan for the nine months ended September 30, 2025, of which $ 6.9 million related to severance and other termination benefits and $ 1.4 million related to accelerated depreciation.
+Added: We incurred $ 5.9 million in restructuring charges related to this plan in the three months ended September 30, 2024, of which $ 4.7 million related to severance and other termination benefits and $ 1.2 million related to accelerated depreciation.
+Added: We incurred $ 6.3 million of restructuring charges related to this plan in the nine months ended September 30, 2024, of which $ 4.7 million related to severance and other termination benefits and $ 1.6 million related to accelerated depreciation.
+Added: Severance and related benefits activity related to the manufacturing footprint consolidation plan is presented in the table below for the nine months ended September 30, 2025:
(Dollars in thousands) Manufacturing Footprint Consolidation Restructuring Severance and Related Benefits
3 unchanged sentences
Foreign currency translation adjustment 1.4
−Removed: Balance as of June 30, 2025 $ 12.9
+Added: Balance as of September 30, 2025 $ 4.7
Restructuring Charges - Global Workforce Reduction
In March 2025, we announced a plan to reduce our global workforce that was substantially completed in the first half of 2025.
−Removed: We incurred $ 0.7 million and $ 2.5 million in pre-tax restructuring charges related to this plan for the three and six months ended June 30, 2025, respectively, all of which were cash-based expenditures in the form of employee severance and other termination benefits.
+Added: We incurred $ 0.4 million and $ 2.9 million in pre-tax restructuring charges related to this plan for the three and nine months ended September 30, 2025, respectively, all of which were related to severance and other termination benefits.
+Added: All termination benefits were paid out as of September 30, 2025.
+Added: Restructuring Charges - Executive Leadership Transition
+Added: In July 2025, certain executives left the Company as part of an executive leadership transition.
+Added: In addition to these departures, other related organizational changes were made leading to departures of additional personnel.
+Added: We have incurred $ 5.4 million in restructuring charges related to this transition in the three and nine months ended September 30, 2025, substantially all of which were related to severance and other termination benefits.
+Added: Severance and related benefits activity related to the executive leadership transition is presented in the table below for the nine months ended September 30, 2025:
+Added: (Dollars in thousands) Executive Leadership Transition Restructuring Severance and Related Benefits
+Added: Balance as of December 31, 2024 $ —
+Added: Provisions 5.3
+Added: Payments ( 3.2 )
+Added: Foreign currency translation adjustment —
+Added: Balance as of September 30, 2025 $ 2.1
Restructuring Charges - R&D Facility Exit
In June 2024, we announced the closure of our Burlington, Massachusetts Innovation Center which was completed by the end of 2024.
−Removed: We incurred $ 0.9 million in pre-tax restructuring charges for both the three and six months ended June 30, 2024, of which, $ 0.2 million were cash-based expenditures in the form of severance and other termination benefits and $ 0.7 million were non-cash expenditures in the form of accelerated depreciation.
+Added: We incurred $ 0.4 million in pre-tax restructuring charges for the three months ended September 30, 2024, of which, $ 0.3 million related to severance and other termination benefits.
+Added: We incurred $ 1.3 million in pre-tax restructuring charges in the nine months ended September 30, 2024, of which $ 0.6 million relates to severance and other termination benefits and $ 0.7 million in the form of accelerated depreciation.
Restructuring Charges - Facility Consolidations
1 unchanged sentence
The sale was completed on March 11, 2025 for a sale price of $ 13.4 million, net of selling costs.
+Added: Restructuring Charges - curamik ® Cost Actions
+Added: On July 30, 2025, we announced our intention to implement initiatives to reduce costs in the curamik ® business under our AES operating segment.
+Added: This determination was made in response to market conditions and once fully implemented, these actions are expected to reduce manufacturing costs and operating expenses.
+Added: As a result of these intended actions, we expect to record expenses in the range of $ 12.0 million to $ 20.0 million comprised of employee severance costs, property, plant and equipment relocation and reinstallation costs, consulting fees and other miscellaneous cash costs.
+Added: No charges were recognized in the third quarter of 2025 as the termination benefits, number of employees and timing of actions were still subject to negotiation.
+Added: We expect the bulk of the cash outflows will occur in 2026, with some cash outflows occurring in the fourth quarter of 2025.
Goodwill Impairment Charge
6 unchanged sentences
The following table summarizes the allocation of restructuring and impairment charges to our operating segments:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Advanced Electronics Solutions
7 unchanged sentences
The components of the “Other income (expense), net” line item in the condensed consolidated statements of operations, were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Foreign currency translation impacts $ 0.8 $ ( 0.1 ) $ ( 2.4 ) $ 0.7
5 unchanged sentences
The components of “Interest income (expense), net” line item in the condensed consolidated statements of operations, were as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: (Dollars in millions) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (Dollars in millions) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
Interest on revolving credit facility $ — $ — $ — $ ( 0.5 )
7 unchanged sentences
statutory federal income tax rate.
−Removed: We had a negative tax rate of 6.2 % in the second quarter of 2025 due to tax expense on a pre-tax book loss.
−Removed: Our income tax expense for the second quarter of 2025 of $ 4.3 million was comprised primarily of an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized.
−Removed: Our effective tax rate was also unfavorably impacted by the $ 67.3 million goodwill impairment in curamik ® for which no tax benefit is available.
−Removed: During the second quarter of 2024, our effective tax rate was 31.9 %.
−Removed: During the second quarter of 2024, our effective tax rate was unfavorably impacted primarily by the mix of income in higher tax jurisdictions.
−Removed: We had a negative tax rate of 5.8 % for the six months ended June 30, 2025 due to tax expense on a pre-tax book loss.
−Removed: Our income tax expense for the six months ended June 30, 2025 of $ 4.1 million was comprised primarily of an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized.
−Removed: Our effective tax rate was also unfavorably impacted by the $ 67.3 million goodwill impairment in curamik ® for which no tax benefit is available.
−Removed: For the first six months of 2024, the Company’s effective tax rate on its income before income taxes was 32.3 %.
−Removed: The effective rate for the first six months of 2024 was unfavorably impacted by primarily (i) the write-off of deferred tax assets related to stock compensation and, (ii) the mix of income in higher tax rate jurisdictions.
+Added: We had a tax rate of 47.2 % in the third quarter of 2025.
+Added: During the quarter, our effective tax rate was unfavorably impacted by (i) an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized and (ii) an increase in reserves for uncertain tax positions.
+Added: During the third quarter of 2024, our effective tax rate was 20.7 %.
+Added: During the third quarter of 2024, our effective tax rate was favorably impacted by a decrease of reserves for uncertain tax positions, partially offset by the mix of income in higher tax rate jurisdictions.
+Added: We had a negative tax rate of 21.6 % for the nine months ended September 30, 2025 due to tax expense on a pre-tax book loss.
+Added: Our income tax expense for the nine months ended September 30, 2025 was unfavorably impacted by the $ 67.3 million goodwill impairment in curamik ® for which no tax benefit is available, an increase in the valuation allowance attributable to loss jurisdictions in which no tax benefit is anticipated to be realized, and an increase in reserves for uncertain tax positions.
+Added: For the first nine months of 2024, the Company’s effective tax rate on its income before income taxes was 28.1 %.
+Added: The effective rate for the first nine months of 2024 was unfavorably impacted primarily by the write-off of deferred tax assets related to stock compensation and the mix of income in higher tax rate jurisdictions, partially offset by a decrease of reserves for uncertain tax positions.
+Added: On July 4, 2025, H.R.
+Added: 1, otherwise known as the “One Big Beautiful Bill Act”, was signed into law.
+Added: We are currently evaluating the key provisions of this law and currently do not expect it to have a material impact on the Company or its financial statements.
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%.
11 unchanged sentences
Improvements to Reportable Segment Disclosures .
−Removed: ASU 2023-07 enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment disclosures.
+Added: ASU 2023-07 enhances segment reporting under Topic 280 by expanding the breadth and frequency of segment
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.
16 unchanged sentences
We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes.
−Removed: Note 17 - Subsequent Events
−Removed: On July 4, 2025, H.R.
−Removed: 1, otherwise known as the “One Big Beautiful Bill Act”, was signed into law.
−Removed: We are currently evaluating the key provisions of this law and currently do not expect it to have a material impact on the Company or its financial statements.
−Removed: On July 12, 2025, R.
−Removed: Colin Gouveia, President and Chief Executive Officer, left the Company and resigned from the Board of Directors.
−Removed: On July 14, 2025, Lawrence E.
−Removed: Schmid, Senior Vice President of Global Operations, and certain other executives left the Company.
−Removed: We expect to incur severance and other termination benefits charges of $ 4.9 million to $ 5.2 million related to these organizational changes.
−Removed: On July 12, 2025, the Board appointed Ali El-Haj as Interim President and Chief Executive Officer, to lead the Company on an interim basis while the Board conducts a search for a new President and Chief Executive Officer.
−Removed: On July 30, 2025 we determined to implement initiatives to reduce costs in the curamik ® reporting unit in our AES operating segment.
−Removed: This determination was made in response to market conditions and once fully implemented, these actions are expected to reduce manufacturing costs and operating expenses.
−Removed: As a result of these intended actions, we expect to record expenses in the range of $ 12.0 million to $ 20.0 million, which are expected to comprise of employee severance costs, property, plant and equipment relocation and reinstallation costs, consulting fees and other miscellaneous cash costs.
−Removed: We expect the bulk of the cash outflows will occur in 2026, with some cash outflows occurring in second half of 2025.
−Removed: These proposed initiatives are subject to a consultation process with the applicable works council representatives for our Eschenbach, Germany facility, which we initiated on July 31, 2025.
−Removed: Future disclosures related to these cost reduction initiatives will be disclosed in the Restructuring and Impairment Charges section of “Note 13 – Supplemental Financial Information.”
+Added: In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other Internal-Use Software (Subtopic 350-40).
+Added: This update specifically targets improvements to the accounting for internal-use software.
+Added: The amendments in this update (1) remove all references to prescriptive and sequential software development stages throughout Subtopic 350-40, (2) specify that the disclosures in Subtopic 360-10 are required for all capitalized internal-use software costs, regardless of how those costs are presented in the financial statements, (3) clarify that the intangibles disclosures in paragraphs 350-30-50-1 through 50-3 are not required for capitalized internal-use software costs, and (4) supersede the website development costs guidance and incorporate the recognition requirements for website-specific development costs form Subtopic 350-50 into Subtopic 350-40.
+Added: The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted.
+Added: Adoption should be applied either prospectively to financial statements issued after the effective date, a modified approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or retrospectively to any or all prior periods presented in the financial statements.
+Added: We will adopt ASU 2025-06 in our Annual Report on Form 10-K for the year ending December 31, 2028, using a prospective transition method.
+Added: We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and accompanying notes.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.