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Segment Information | 6 Months Ended
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Jun. 30, 2020
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company's operations are organized into two reportable segments: Electronics and Industrial & Specialty. These segments represent businesses for which separate financial information is utilized by the chief operating decision maker, or CODM, for purposes of allocating resources and evaluating performance. The Company allocates resources and evaluates the performance of its operating segments based primarily on net sales and Adjusted EBITDA. Adjusted EBITDA for each segment is defined as earnings before interest, taxes, depreciation and amortization, as further adjusted for additional items included in GAAP earnings which the Company believes are not considered to be representative or indicative of each of its segments' ongoing business or are considered to be associated with its capital structure. Adjusted EBITDA for each segment also includes an allocation of corporate costs, such as compensation expense and professional fees. Results of Operations The following table summarizes financial information regarding each reportable segment’s results of operations, including disaggregated external net sales by product category:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(dollars in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Net sales: |  |  |  |  |  |  |
Electronics |  |  |  |  |  |  |
Assembly Solutions | $ | 112.2 |  |  | $ | 137.4 |  |  | $ | 238.2 |  |  | $ | 270.4 |
Circuitry Solutions | 92.8 |  |  | 92.2 |  |  | 185.7 |  |  | 183.0 |
Semiconductor Solutions | 48.2 |  |  | 38.3 |  |  | 98.2 |  |  | 80.4 |
Total Electronics | 253.2 |  |  | 267.9 |  |  | 522.1 |  |  | 533.8 |
Industrial & Specialty |  |  |  |  |  |  |
Industrial Solutions | 83.6 |  |  | 132.5 |  |  | 209.5 |  |  | 270.5 |
Graphics Solutions | 34.6 |  |  | 37.3 |  |  | 73.2 |  |  | 73.0 |
Energy Solutions | 15.6 |  |  | 19.0 |  |  | 34.8 |  |  | 39.2 |
Total Industrial & Specialty | 133.8 |  |  | 188.8 |  |  | 317.5 |  |  | 382.7 |
Total net sales | $ | 387.0 |  |  | $ | 456.7 |  |  | $ | 839.6 |  |  | $ | 916.5 |
Adjusted EBITDA: |  |  |  |  |  |  |
Electronics | $ | 58.0 |  |  | $ | 60.4 |  |  | $ | 124.5 |  |  | $ | 116.8 |
Industrial & Specialty | 26.8 |  |  | 40.1 |  |  | 70.4 |  |  | 82.3 |
Total Adjusted EBITDA | $ | 84.8 |  |  | $ | 100.5 |  |  | $ | 194.9 |  |  | $ | 199.1 |
The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
(dollars in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Net income attributable to common stockholders | $ | 1.2 |  |  | $ | 1.5 |  |  | $ | 9.8 |  |  | $ | 24.7 |
Add (subtract): |  |  |  |  |  |  |
Net (loss) income attributable to the non-controlling interests | — |  |  | (0.1) |  |  | — |  |  | 0.6 |
Loss (income) from discontinued operations, net of tax | 1.1 |  |  | 13.3 |  |  | 0.9 |  |  | (14.1) |
Income tax expense (benefit) | 5.8 |  |  | (6.8) |  |  | 9.9 |  |  | (17.2) |
Interest expense, net | 16.9 |  |  | 18.2 |  |  | 33.6 |  |  | 56.3 |
Depreciation expense | 10.5 |  |  | 10.4 |  |  | 21.0 |  |  | 20.7 |
Amortization expense | 28.9 |  |  | 28.4 |  |  | 58.3 |  |  | 56.8 |
EBITDA | 64.4 |  |  | 64.9 |  |  | 133.5 |  |  | 127.8 |
Adjustments to reconcile to Adjusted EBITDA: |  |  |  |  |  |  |
Amortization of inventory step-up | — |  |  | — |  |  | 1.4 |  |  | — |
Restructuring expense | 3.3 |  |  | 3.2 |  |  | 4.3 |  |  | 5.8 |
Acquisition and integration costs | 1.3 |  |  | 0.3 |  |  | 7.9 |  |  | 1.7 |
Foreign exchange loss on foreign denominated external and internal long-term debt | 11.8 |  |  | 28.7 |  |  | 40.9 |  |  | 0.4 |
Debt refinancing costs | — |  |  | 0.3 |  |  | — |  |  | 61.0 |
Change in fair value of contingent consideration | — |  |  | 0.5 |  |  | — |  |  | 2.9 |
Other, net | 4.0 |  |  | 2.6 |  |  | 6.9 |  |  | (0.5) |
Adjusted EBITDA | $ | 84.8 |  |  | $ | 100.5 |  |  | $ | 194.9 |  |  | $ | 199.1 |

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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