Segment Information

12 Months Ended

Dec. 31, 2018

As a result of the Arysta Sale, the Company completed certain changes to its organizational structure that resulted in a change to the Company's reportable business segments. The previously reported Agricultural Solutions segment has met the requirements to be classified as discontinued operations and the previously reported Performance Solutions segment was separated into the Electronics and the Industrial & Specialty segments, which 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 earnings that are not considered to be representative or indicative of each segment's ongoing business. Adjusted EBITDA for each segment also includes an allocation of corporate costs.

Results of Operations

The following table summarizes financial information regarding each reportable segment’s results of operations:



	Year Ended December 31,
(amounts in millions)	2018		2017		2016
Net Sales:
Electronics	$	1,157.5	$	1,122.6	$	1,039.2
Industrial & Specialty	803.5		756.0		730.9
Total	$	1,961.0	$	1,878.6	$	1,770.1
Adjusted EBITDA:
Electronics	$	248.2	$	233.1	$	212.3
Industrial & Specialty	172.5		168.1		156.1
Total	$	420.7	$	401.2	$	368.4

The following table reconciles "Net loss attributable to common stockholders" to Adjusted EBITDA:



	Year Ended December 31,
($ amounts in millions)	2018			2017			2016
Net loss attributable to common stockholders	$	(324.4	)	$	(296.2	)	$	(40.8	)
Add (subtract):
Gain on amendment of Series B Convertible Preferred Stock	—			—			(32.9		)
Net income (loss) attributable to the non-controlling interests	4.5			0.6			(3.0		)
Loss (income) from discontinued operations, net of tax	242.9			103.8			(113.8		)
Income tax expense (benefit)	23.8			(68.6		)	(41.3		)
Interest expense, net	311.0			336.9			372.3
Depreciation expense	44.6			46.4			46.6
Amortization expense	112.1			109.6			109.1
EBITDA	414.5			232.5			296.2
Adjustments to reconcile to Adjusted EBITDA:
Restructuring expense	6.3			23.5			25.0
Amortization of inventory step-up	—			—			11.7
Acquisition and integration costs	12.1			4.1			25.1
Legal settlement	—			(10.8		)	—
Foreign exchange loss on foreign denominated external and internal long-term debt	6.0			53.4			25.8
Debt refinancing costs	0.5			83.1			19.7
Goodwill impairment	—			—			46.6
Gain on settlement agreement related to Series B Convertible Preferred Stock	—			—			(103.0		)
Non-cash change in fair value of preferred stock redemption liability	—			—			5.0
Pension plan settlement	—			10.5			1.7
Gain on sale of equity investment	(11.3		)	—			—
Change in fair value of contingent consideration	(21.8		)	3.4			5.1
Other, net	14.4			1.5			9.5
Adjusted EBITDA	$	420.7		$	401.2		$	368.4

Net Sales by Major Country

A major country is defined as one with total net sales by geographic area based on the country where sales were generated greater than 10% of the total consolidated net sales in any of the years presented.



	Year Ended December 31,
(amounts in millions)	2018		2017		2016
United States	$	477.4	$	451.4	$	457.1
China	367.4		358.6		323.0
Other countries	1,116.2		1,068.6		990.0
Total	$	1,961.0	$	1,878.6	$	1,770.1

Long-Lived Assets by Major Country

A major country is defined as one with long-lived assets greater than 10% of the total long-lived assets, net in any of the years presented. Long-lived assets represent property, plant and equipment, net.



	December 31,
(amounts in millions)	2018		2017
United States	$	108.2	$	114.0
China	36.1		41.6
Other countries	122.6		131.8
Total	$	266.9	$	287.4

Disaggregated Net Sales by Product Category

The following table presents the Company's disaggregated external net sales by product category for each of the periods presented:



	Year Ended December 31,
(amounts in millions)	2018		2017		2016
Electronics:
Assembly Solutions	$	580.0	$	561.4	$	493.8
Circuitry Solutions	406.3		401.1		383.2
Semiconductor Solutions	171.2		160.1		162.2
Electronics total	1,157.5		1,122.6		1,039.2
Industrial & Specialty:
Industrial Solutions	560.7		528.0		486.2
Graphics Solutions	159.1		153.4		171.8
Energy Solutions	83.7		74.6		72.9
Industrial & Specialty total	803.5		756.0		730.9
Total	$	1,961.0	$	1,878.6	$	1,770.1

Assets by Reportable Segment

Total assets by reportable segment at December 31, 2018 and 2017 are not presented as they are not utilized by the CODM, for purposes of allocating resources and evaluating performance.