SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

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. See Note 1, Background and Basis of Presentation, to the unaudited Condensed Consolidated Financial Statements for information about the transfer of the Company's Films business and other transfers of product lines that occurred in the first quarter of 2023.

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 EBITDA, as further adjusted for additional items included in earnings which the Company believes are not representative or indicative of each of its segments' ongoing business or are considered to be associated with the Company's 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)	2023		2022		2023		2022
Net sales:
Electronics
Assembly Solutions	$	184.0	$	222.4	$	357.5	$	453.0
Circuitry Solutions	103.0		137.9		209.7		273.2
Semiconductor Solutions	68.8		80.5		128.2		156.2
Total Electronics	355.8		440.8		695.4		882.4
Industrial & Specialty
Industrial Solutions	175.8		182.3		356.5		372.4
Graphics Solutions	36.7		37.6		71.6		70.2
Energy Solutions	17.8		16.2		37.0		32.1
Total Industrial & Specialty	230.3		236.1		465.1		474.7
Total net sales	$	586.1	$	676.9	$	1,160.5	$	1,357.1
Adjusted EBITDA:
Electronics	$	76.3	$	101.2	$	149.0	$	202.1
Industrial & Specialty	39.8		39.2		79.4		83.1
Total Adjusted EBITDA	$	116.1	$	140.4	$	228.4	$	285.2

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)	2023		2022		2023		2022
Net income attributable to common stockholders	$	29.9	$	65.2	$	72.8	$	121.3
Add (subtract):
Net (loss) income attributable to non-controlling interests	(0.2)		0.2		(0.1)		0.5
Income from discontinued operations, net of tax	(2.9)		(1.8)		(2.9)		(1.8)
Income tax expense	21.2		23.9		38.1		43.9
Interest expense, net	12.0		13.2		23.7		27.3
Depreciation expense	10.1		10.3		19.6		20.9
Amortization expense	31.0		30.3		60.6		61.3
EBITDA	101.1		141.3		211.8		273.4
Adjustments to reconcile to Adjusted EBITDA:
Inventory step-up	—		—		—		0.5
Restructuring expense	1.9		1.3		4.2		3.2
Acquisition and integration expense	4.4		1.1		8.3		4.0
Foreign exchange (gain) loss on intercompany loans	(8.5)		(0.9)		(14.1)		0.7
Kuprion Acquisition research and development charge	15.7		—		15.7		—
Adjustment of stock compensation previously not probable	—		—		—		1.3
Other, net	1.5		(2.4)		2.5		2.1
Adjusted EBITDA	$	116.1	$	140.4	$	228.4	$	285.2