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SEGMENT INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following table summarizes disaggregated external net sales by product category:
|  | Year Ended December 31,
(dollars in millions) |  | 2024 |  | 2023 |  | 2022
Net Sales: |  |  |  |  |  |
Electronics |  |  |  |  |  |
Assembly Solutions |  | $ | 782.8 |  |  | $ | 726.1 |  |  | $ | 819.5 |
Circuitry Solutions |  | 470.7 |  |  | 424.3 |  |  | 503.5 |
Semiconductor Solutions |  | 307.9 |  |  | 264.3 |  |  | 288.2 |
Total Electronics |  | 1,561.4 |  |  | 1,414.7 |  |  | 1,611.2 |
Industrial & Specialty |  |  |  |  |  |
Industrial Solutions |  | 666.4 |  |  | 699.0 |  |  | 728.3 |
Graphics Solutions |  | 146.2 |  |  | 142.7 |  |  | 143.0 |
Energy Solutions |  | 82.9 |  |  | 76.8 |  |  | 66.9 |
Total Industrial & Specialty |  | 895.5 |  |  | 918.5 |  |  | 938.2 |
Total net sales |  | $ | 2,456.9 |  |  | $ | 2,333.2 |  |  | $ | 2,549.4 |
Results of Operations The following table reconciles "Net income" to Adjusted EBITDA:
|  | Year Ended December 31,
(dollars in millions) |  | 2024 |  | 2023 |  | 2022
Net income |  | $ | 244.5 |  |  | $ | 118.2 |  |  | $ | 188.0 |
Add (subtract): |  |  |  |  |  |
Income from discontinued operations, net of tax |  | (1.6) |  |  | (2.1) |  |  | (1.8) |
Income tax expense |  | 44.8 |  |  | 13.0 |  |  | 85.8 |
Interest expense, net |  | 56.3 |  |  | 49.3 |  |  | 51.2 |
Depreciation expense |  | 40.0 |  |  | 42.6 |  |  | 41.6 |
Amortization expense |  | 117.6 |  |  | 124.1 |  |  | 119.7 |
EBITDA |  | 501.6 |  |  | 345.1 |  |  | 484.5 |
Adjustments to reconcile to Adjusted EBITDA: |  |  |  |  |  |
Restructuring expense |  | 7.8 |  |  | 11.4 |  |  | 9.5 |
Inventory step-up |  | — |  |  | 3.3 |  |  | 0.5 |
Acquisition, divestiture and integration expense |  | 21.7 |  |  | 16.8 |  |  | 10.6 |
Foreign exchange (gains) losses on intercompany loans |  | (23.9) |  |  | (9.7) |  |  | 7.8 |
Debt refinancing costs |  | 0.8 |  |  | 7.8 |  |  | — |
Goodwill impairment |  | — |  |  | 80.0 |  |  | — |
Kuprion Acquisition research and development charge |  | 3.9 |  |  | 15.7 |  |  | — |
Adjustment of stock compensation previously not probable |  | — |  |  | — |  |  | 1.3 |
Other, net |  | 22.8 |  |  | 11.9 |  |  | 12.4 |
Adjusted EBITDA |  | $ | 534.7 |  |  | $ | 482.3 |  |  | $ | 526.6 |
The following tables summarize financial information regarding each reportable segment's results of operations. As noted above, Adjusted EBITDA for each segment excludes certain items that may not be indicative of the Company's core operating results for its reportable segments. As such, the "Segment Total" below may not agree to the corresponding amounts on the Consolidated Statements of Operations.
|  | Year Ended December 31, 2024
(dollars in millions) |  | Electronics |  | Industrial & Specialty |  | Segment Total
Net sales |  | $ | 1,561.4 |  |  | $ | 895.5 |  |  | $ | 2,456.9 |
Cost of sales |  | 910.1 |  |  | 506.4 |  |  | 1,416.5 |
Selling, technical, general and administrative |  | 251.3 |  |  | 223.2 |  |  | 474.5 |
Research and development |  | 45.1 |  |  | 11.7 |  |  | 56.8 |
Other segment items (1) |  | 15.3 |  |  | (0.9) |  |  | 14.4 |
Add: Depreciation expense |  | 21.9 |  |  | 18.1 |  |  | 40.0 |
Adjusted EBITDA |  | $ | 361.5 |  |  | $ | 173.2 |  |  | $ | 534.7 |
|  | Year Ended December 31, 2023
(dollars in millions) |  | Electronics |  | Industrial & Specialty |  | Segment Total
Net sales |  | $ | 1,414.7 |  |  | $ | 918.5 |  |  | $ | 2,333.2 |
Cost of sales |  | 854.2 |  |  | 545.4 |  |  | 1,399.6 |
Selling, technical, general and administrative |  | 227.9 |  |  | 215.1 |  |  | 443.0 |
Research and development |  | 37.2 |  |  | 14.0 |  |  | 51.2 |
Other segment items (1) |  | 2.1 |  |  | (2.4) |  |  | (0.3) |
Add: Depreciation expense |  | 24.4 |  |  | 18.2 |  |  | 42.6 |
Adjusted EBITDA |  | $ | 317.7 |  |  | $ | 164.6 |  |  | $ | 482.3 |
|  | Year Ended December 31, 2022
(dollars in millions) |  | Electronics |  | Industrial & Specialty |  | Segment Total
Net sales |  | $ | 1,611.2 |  |  | $ | 938.2 |  |  | $ | 2,549.4 |
Cost of sales |  | 1,021.8 |  |  | 566.5 |  |  | 1,588.3 |
Selling, technical, general and administrative |  | 224.9 |  |  | 209.6 |  |  | 434.5 |
Research and development |  | 32.6 |  |  | 16.2 |  |  | 48.8 |
Other segment items (1) |  | (5.3) |  |  | (1.9) |  |  | (7.2) |
Add: Depreciation expense |  | 23.5 |  |  | 18.1 |  |  | 41.6 |
Adjusted EBITDA |  | $ | 360.7 |  |  | $ | 165.9 |  |  | $ | 526.6 |
(1) Other segment items for the Electronics segment primarily consist of $15.4 million, $1.6 million and $(1.6) million of realized losses (gains) associated with metals derivative contracts for 2024, 2023 and 2022, respectively. See Note 13, Financial Instruments, to the Consolidated Financial Statements for further discussion of these derivative instruments.
Schedule of Revenue from External Customers by Geographic Areas | A major country is defined as one in which total net sales represented 10% or more of the Company's total consolidated net sales in any of the years presented.
|  | Year Ended December 31,
(dollars in millions) |  | 2024 |  | 2023 |  | 2022
United States |  | $ | 566.4 |  |  | $ | 576.2 |  |  | $ | 645.3 |
China |  | 479.0 |  |  | 418.9 |  |  | 498.1 |
Other countries |  | 1,411.5 |  |  | 1,338.1 |  |  | 1,406.0 |
Total |  | $ | 2,456.9 |  |  | $ | 2,333.2 |  |  | $ | 2,549.4 |
Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas | A major country is defined as one with long-lived assets greater than 10% of the Company's total long-lived assets, net in any of the years presented. Long-lived assets represent property, plant and equipment, net.
|  | December 31,
(dollars in millions) |  | 2024 |  | 2023
United States |  | $ | 94.9 |  |  | $ | 94.7 |
China |  | 35.7 |  |  | 39.4 |
Other countries |  | 146.2 |  |  | 162.8 |
Total |  | $ | 276.8 |  |  | $ | 296.9 |

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