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Segment Information | 12 Months Ended
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Dec. 31, 2015
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION During the first quarter of 2015, the Company completed certain changes to its organizational structure that resulted in a change to the Company's reportable business segments. As a result, Platform's former Performance Materials and Graphic Solutions reportable segments were combined into a new single Performance Applications reportable segment, and the AgroSolutions reportable segment was re-branded to Agricultural Solutions. In December 2015, the Company further re-branded its Performance Applications segment by changing its name to "Performance Solutions." Platform's segment reporting structure represents businesses for which separate financial information is utilized by the chief operating decision maker, or CODM, for purpose of allocating resources and evaluating performance. Each reportable segment has its own president, who reports to the CODM. As a result of these organizational and branding changes, Platform manages its business in two reportable segments: Performance Solutions and Agricultural Solutions. Performance Solutions – The Performance Solutions segment formulates and markets dynamic chemistry solutions that are used in automotive production, commercial packaging and printing, electronics, and oil and gas production and drilling. Its products include surface and coating materials, functional conversion coatings, electronics assembly materials, water-based hydraulic control fluids and photopolymers. Performance Solutions products are sold worldwide. In conjunction with the sale of its products, extensive technical service and support is provided to ensure superior performance. Within this segment, the Company provides specialty chemicals to the following industries; Electronics, Commercial Packing and Printing, Industrial, and Offshore. For the electronics industry, the segment designs and formulates a complete line of proprietary “wet” dynamic chemistries used by customers to process the surface of the printed circuit boards and other electronic components they manufacture. For the electronics industry, we also develop, manufacture and sell innovative interconnect materials used to assemble printed circuit boards and advance semiconductor packaging. For the commercial packaging and printing industries, the segment produces photopolymers, through an extensive line of flexographic plates, which are used to produce printing plates for transferring images onto commercial packaging, including packaging for consumer food products, pet food bags, corrugated boxes, labels and beverage containers. In addition, the segment also produces photopolymer printing plates for the flexographic and letterpress newspaper and publications markets. For the industrials, the segment's dynamic chemistries are used for finishing, cleaning and providing surface coatings for a broad range of metal and non-metal surfaces which improve the performance or look of a component of an industrial part or process. For the offshore industry, the segment produces water-based hydraulic control fluids for major oil and gas companies and drilling contractors for offshore deep water production and drilling applications. Agricultural Solutions – Our Agricultural Solutions segment is based on a solutions-oriented business model that focuses on product innovation to address an ever-increasing need for higher crop yield and quality. We offer to growers diverse crop protection solutions from weeds (herbicides), insects (insecticides) and diseases (fungicides), in foliar and seed treatment applications. We also offer a wide variety of proven biosolutions, including biostimulants, innovative nutrition and biocontrol products. We emphasize on farmer economics and food safety by combining, when possible, biosolutions with crop protection and seed treatment agrochemicals. Our Global Value Added Portfolio, or GVAP, consists of agrochemicals in the herbicides, insecticides, fungicides and seed treatment categories, based on patented or proprietary off-patent AIs. Our Global BioSolutions Portfolio, or GBP, includes biostimulants, innovative nutrition and biocontrol products. We consider our GVAP and GBP to be key pillars for our sustainable growth. In addition, we offer regional off-patent AIs and certain non-crop products, including animal health products, such as honey bee protective miticides and certain veterinary vaccines. The Company evaluates the performance of its operating segments based on net sales and adjusted EBITDA. Adjusted EBITDA for each segment is calculated by taking net income and adding back interest expense, income tax expense (benefit), depreciation expense and amortization expense. This amount is further adjusted for acquisition-related expenses and other non-operating and/or infrequent transactions and events. Adjusted EBITDA for each segment also includes an allocation of corporate costs such as corporate salary, wages, equity compensation expense and legal costs. Segment assets primarily include cash, receivables, inventories, prepaid expenses and other current assets, property, plant and equipment, goodwill, intangible assets, deferred taxes and other long term assets. Segment assets primarily exclude corporate assets, which consist of cash and cash equivalents, corporate property, plant and equipment, and deferred taxes. The following table summarizes financial information regarding each reportable segment’s results of operations for the periods presented. The historical periods have been recast to reflect the change to the Company's reportable business segment structure during the first quarter of 2015.
(amounts in millions) |  | Twelve Months Ended December 31, 2015 |  | Twelve Months Ended December 31, 2014 |  | Period from inception (April 23, 2013) through December 31, 2013 |  |  | Period from January 1, 2013 to October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
Net Sales: |  |  |  |  |  |  |  |  |
Performance Solutions |  | $ | 800.8 |  |  | $ | 755.2 |  |  | $ | 118.2 |  |  |  | $ | 627.7 |
Agricultural Solutions |  | 1,741.5 |  |  | 88.0 |  |  | — |  |  |  | — |
Consolidated net sales |  | $ | 2,542.3 |  |  | $ | 843.2 |  |  | $ | 118.2 |  |  |  | $ | 627.7 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |
Performance Solutions |  | $ | 80.0 |  |  | $ | 76.3 |  |  | $ | 12.8 |  |  |  | $ | 32.8 |
Agricultural Solutions |  | 171.0 |  |  | 11.7 |  |  | — |  |  |  | — |
Consolidated depreciation and amortization |  | $ | 251.0 |  |  | $ | 88.0 |  |  | $ | 12.8 |  |  |  | $ | 32.8 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |
Performance Solutions |  | $ | 224.3 |  |  | $ | 196.2 |  |  | $ | 27.4 |  |  |  | $ | 152.7 |
Agricultural Solutions |  | 343.3 |  |  | 16.0 |  |  | — |  |  |  | — |
Consolidated adjusted EBITDA |  | $ | 567.6 |  |  | $ | 212.2 |  |  | $ | 27.4 |  |  |  | $ | 152.7 |
The following table reconciles Adjusted EBITDA to Net (loss) income attributable to common stockholders:
(amounts in millions) |  | Twelve Months Ended December 31, 2015 |  | Twelve Months Ended December 31, 2014 |  | Period from inception (April 23, 2013) through December 31, 2013 |  |  | Period from January 1, 2013 to October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
Adjusted EBITDA |  | $ | 567.6 |  |  | $ | 212.2 |  |  | $ | 27.4 |  |  |  | $ | 152.7 |
Adjustments to reconcile to net (loss) income attributable to stockholders: |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  | (222.5 | ) |  | (38.7 | ) |  | (5.5 | ) |  |  | (46.3 | )
Depreciation and amortization expense |  | (251.0 | ) |  | (88.0 | ) |  | (12.8 | ) |  |  | (32.8 | )
Non-cash charges related to preferred dividend rights |  | — |  |  | — |  |  | (172.0 | ) |  |  | — |
Legal settlement |  | 16.0 |  |  | — |  |  | — |  |  |  | — |
Acquisition put option settlement |  | 3.0 |  |  | — |  |  | — |  |  |  | — |
Restructuring and related expenses |  | (54.8 | ) |  | (3.0 | ) |  | (3.5 | ) |  |  | (4.5 | )
Manufacturer's profit in inventory adjustment |  | (76.5 | ) |  | (35.5 | ) |  | (23.9 | ) |  |  | — |
Non-cash fair value adjustment to contingent consideration |  | (6.8 | ) |  | (29.1 | ) |  | 0.7 |  |  |  | — |
Acquisition transaction costs |  | (92.9 | ) |  | (47.8 | ) |  | (15.2 | ) |  |  | (16.9 | )
Debt extinguishment |  | — |  |  | — |  |  | — |  |  |  | (18.8 | )
Foreign exchange loss on foreign denominated external and internal debt |  | (46.4 | ) |  | (1.1 | ) |  | — |  |  |  | — |
Fair value loss on foreign exchange forward contract |  | (73.7 | ) |  | 0.3 |  |  | — |  |  |  | — |
Other income |  | 8.7 |  |  | (0.2 | ) |  | 3.4 |  |  |  | (6.9 | )
(Loss) income before income taxes and non-controlling interest |  | (229.3 | ) |  | (30.9 | ) |  | (201.4 | ) |  |  | 26.5 |
Income tax (expense) benefit |  | (75.1 | ) |  | 6.7 |  |  | 5.8 |  |  |  | (13.0 | )
Net income attributable to the non-controlling interests |  | (4.2 | ) |  | (5.7 | ) |  | 1.4 |  |  |  | (0.3 | )
Net (loss) income attributable to stockholders |  | $ | (308.6 | ) |  | $ | (29.9 | ) |  | $ | (194.2 | ) |  |  | $ | 13.2 |
The following table sets forth the Company's total net sales by geographic area based on the country where sales were generated:
(amounts in millions) |  | Twelve Months Ended December 31, 2015 |  | Twelve Months Ended December 31, 2014 |  | Period from inception (April 23, 2013) through December 31, 2013 |  |  | Period from January 1, 2013 to October 31, 2013
Net Sales: |  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
United States |  | $ | 474.6 |  |  | $ | 217.4 |  |  | $ | 31.5 |  |  |  | $ | 176.4 |
Foreign Net Sales: |  |  |  |  |  |  |  |  |  |  |
Brazil |  | 380.6 |  |  | 70.9 |  |  | 7.4 |  |  |  | 45.7 |
France |  | 196.8 |  |  | 64.3 |  |  | 8.3 |  |  |  | 44.8 |
Japan |  | 166.6 |  |  | 22.9 |  |  | 3.6 |  |  |  | 20.0 |
United Kingdom |  | 127.3 |  |  | 119.1 |  |  | 17.8 |  |  |  | 93.4 |
China |  | 108.3 |  |  | 87.8 |  |  | 13.5 |  |  |  | 64.2 |
Other countries |  | 1,088.1 |  |  | 260.8 |  |  | 36.1 |  |  |  | 183.2 |
Total Foreign Net Sales |  | 2,067.7 |  |  | 625.8 |  |  | 86.7 |  |  |  | 451.3 |
Total consolidated net sales |  | $ | 2,542.3 |  |  | $ | 843.2 |  |  | $ | 118.2 |  |  |  | $ | 627.7 |
The following table provides the Company's total long-lived assets by geographic area:
(amounts in millions) |  | December 31, 2015 |  | December 31, 2014
Long lived assets, net (1) |  |  |  |
United States |  | $ | 213.4 |  |  | $ | 67.0 |
Foreign countries |  |  |  |  |
China |  | 55.0 |  |  | 11.2 |
United Kingdom |  | 33.6 |  |  | 28.0 |
Germany |  | 33.0 |  |  | 0.3 |
Other countries |  | 156.6 |  |  | 72.1 |
Total foreign countries |  | 278.2 |  |  | 111.6 |
Total long lived assets, net |  | $ | 491.6 |  |  | $ | 178.6 |
(1) Long-lived assets represent property, plant and equipment, net. Total assets by reportable segment as of December 31, 2015 and 2014 are not presented as they are not utilized by the CODM for purpose of allocating resources and evaluating performance. The following table shows the Company's external party sales by product for the periods presented:
(amounts in millions) |  | Twelve Months Ended December 31, 2015 |  | Twelve Months Ended December 31, 2014 |  | Period from inception (April 23, 2013) through December 31, 2013 |  |  | Period from January 1, 2013 to October 31, 2013
|  | (Successor) |  | (Successor) |  | (Successor) |  |  | (Predecessor)
Performance Solutions |  |  |  |  |  |  |  |  |
Industrial Group |  | $ | 387.0 |  |  | $ | 429.4 |  |  | $ | 67.7 |  |  |  | $ | 353.4 |
Electronics Group |  | 198.8 |  |  | 159.9 |  |  | 24.9 |  |  |  | 128.4 |
Packaging and Printing Group |  | 173.9 |  |  | 165.9 |  |  | 25.6 |  |  |  | 145.9 |
Assembly Materials Group |  | 41.1 |  |  | — |  |  | — |  |  |  | — |
Performance Solutions sales |  | 800.8 |  |  | 755.2 |  |  | 118.2 |  |  |  | 627.7 |
Agricultural Solutions (1) |  | 1,741.5 |  |  | 88.0 |  |  | — |  |  |  | — |
Total consolidated net sales |  | $ | 2,542.3 |  |  | $ | 843.2 |  |  | $ | 118.2 |  |  |  | $ | 627.7 |
(1) Agricultural Solutions product offerings are comprised of five major global product lines: fungicides and biofungicides; herbicides; insecticides, bioinsecticides and acaricides; biostimulants and innovative nutrition; and seed treatments. However, the segment manages and reports sales on a regional basis, making it impractical to present such data by product line.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 + Details
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