Segment Information

3 Months Ended

Mar. 31, 2020

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 March 31,
(dollars in millions)	2020		2019
Net sales:
Electronics
Assembly Solutions	$	126.0	$	133.0
Circuitry Solutions	92.9		90.8
Semiconductor Solutions	50.0		42.1
Total Electronics	268.9		265.9
Industrial & Specialty
Industrial Solutions	125.9		138.0
Graphics Solutions	38.6		35.7
Energy Solutions	19.2		20.2
Total Industrial & Specialty	183.7		193.9
Total net sales	$	452.6	$	459.8

Adjusted EBITDA:
Electronics	$	66.5	$	56.4
Industrial & Specialty	43.6		42.2
Total Adjusted EBITDA	$	110.1	$	98.6

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


	Three months ended March 31,
(dollars in millions)	2020		2019
Net income attributable to common stockholders	$	8.6	$	23.2
Add (subtract):
Net income attributable to the non-controlling interests	—		0.7
Income from discontinued operations, net of tax	(0.2)		(27.4)
Income tax expense (benefit)	4.1		(10.4)
Interest expense, net	16.7		38.1
Depreciation expense	10.5		10.3
Amortization expense	29.4		28.4
EBITDA	69.1		62.9
Adjustments to reconcile to Adjusted EBITDA:
Amortization of inventory step-up	1.4		—
Restructuring expense	1.0		2.6
Acquisition and integration costs	6.6		1.4
Foreign exchange loss (gain) on foreign denominated external and internal long-term debt	29.1		(28.3)
Debt refinancing costs	—		60.7
Change in fair value of contingent consideration	—		2.4
Other, net	2.9		(3.1)
Adjusted EBITDA	$	110.1	$	98.6