Segment Information

6 Months Ended

Jun. 30, 2019

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)	2019		2018		2019		2018
Net Sales:
Electronics
Assembly Solutions	$	137.4	$	149.8	$	270.4	$	289.6
Circuitry Solutions	92.2		102.1		183.0		208.1
Semiconductor Solutions	38.3		43.8		80.4		86.0
Total Electronics	267.9		295.7		533.8		583.7
Industrial & Specialty
Industrial Solutions	132.5		142.0		270.5		287.5
Graphics Solutions	37.3		40.7		73.0		79.4
Energy Solutions	19.0		23.2		39.2		43.5
Total Industrial & Specialty	188.8		205.9		382.7		410.4
Total net sales	$	456.7	$	501.6	$	916.5	$	994.1

Adjusted EBITDA:
Electronics	$	60.4	$	65.0	$	116.8	$	125.1
Industrial & Specialty	40.1		44.4		82.3		88.4
Total Adjusted EBITDA	$	100.5	$	109.4	$	199.1	$	213.5

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)	2019			2018			2019			2018
Net income attributable to common stockholders	$	1.5		$	12.0		$	24.7		$	49.3
Add (subtract):
Net (loss) income attributable to the non-controlling interests	(0.1		)	(0.2		)	0.6			0.5
Loss (income) from discontinued operations, net of tax	13.3			(61.4		)	(14.1		)	(108.3		)
Income tax (benefit) expense	(6.8		)	30.0			(17.2		)	39.9
Interest expense, net	18.2			78.3			56.3			155.5
Depreciation expense	10.4			11.2			20.7			22.9
Amortization expense	28.4			28.4			56.8			56.9
EBITDA	64.9			98.3			127.8			216.7
Adjustments to reconcile to Adjusted EBITDA:
Restructuring expense	2.8			1.6			4.0			3.3
Integration costs	0.3			3.5			1.7			4.5
Foreign exchange loss (gain) on foreign denominated external and internal long-term debt	28.7			4.6			0.4			(3.1		)
Debt refinancing costs	0.3			—			61.0			—
Change in fair value of contingent consideration	0.5			1.0			2.9			1.5
Gain on sale of equity investment	—			—			—			(11.3		)
Other, net	3.0			0.4			1.3			1.9
Adjusted EBITDA	$	100.5		$	109.4		$	199.1		$	213.5