Segment Information

12 Months Ended

Dec. 31, 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 earnings which the Company believes are not considered to be representative or indicative of each segment's 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:


	Year Ended December 31,
(dollars in millions)	2019		2018		2017
Net Sales:
Electronics
Assembly Solutions	$	545.6	$	580.0	$	561.4
Circuitry Solutions	377.6		406.3		401.1
Semiconductor Solutions	162.5		171.2		160.1
Total Electronics	1,085.7		1,157.5		1,122.6
Industrial & Specialty
Industrial Solutions	521.1		560.7		528.0
Graphics Solutions	152.0		159.1		153.4
Energy Solutions	77.1		83.7		74.6
Total Industrial & Specialty	750.2		803.5		756.0
Total net sales	$	1,835.9	$	1,961.0	$	1,878.6

Adjusted EBITDA:
Electronics	$	252.9	$	248.2	$	233.1
Industrial & Specialty	163.8		172.5		168.1
Total Adjusted EBITDA	$	416.7	$	420.7	$	401.2

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


	Year Ended December 31,
(dollars in millions)	2019		2018		2017
Net income (loss) attributable to common stockholders	$	92.2	$	(324.4)	$	(296.2)
Add (subtract):
Net income attributable to the non-controlling interests	0.7		4.5		0.6
(Income) loss from discontinued operations, net of tax	(13.3)		242.9		103.8
Income tax expense (benefit)	61.3		23.8		(68.6)
Interest expense, net	90.7		311.0		336.9
Depreciation expense	41.5		44.6		46.4
Amortization expense	113.2		112.1		109.6
EBITDA	386.3		414.5		232.5
Adjustments to reconcile to Adjusted EBITDA:
Restructuring expense	14.1		6.3		23.5
Amortization of inventory step-up	0.7		—		—
Acquisition and integration costs	1.9		12.1		4.1
Legal settlement	—		—		(10.8)
Foreign exchange (gain) loss on foreign denominated external and internal long-term debt	(31.9)		6.0		53.4
Debt refinancing costs	62.0		0.5		83.1
Pension plan settlement	—		—		10.5
Gain on sale of equity investment	—		(11.3)		—
Change in fair value of contingent consideration	(17.4)		(21.8)		3.4
Other, net	1.0		14.4		1.5
Adjusted EBITDA	$	416.7	$	420.7	$	401.2

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,
(dollars in millions)	2019		2018		2017
United States	$	448.7	$	477.4	$	451.4
China	328.3		367.4		358.6
Other countries	1,058.9		1,116.2		1,068.6
Total	$	1,835.9	$	1,961.0	$	1,878.6

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,
(dollars in millions)	2019		2018
United States	$	112.4	$	108.2
China	31.8		36.1
Other countries	120.6		122.6
Total	$	264.8	$	266.9

Assets by Reportable Segment

Total assets by reportable segment at December 31, 2019 and 2018 are not presented as they are not utilized by the CODM for purposes of allocating resources and evaluating performance.