SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information, by Segment

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)	2023		2022		2021
Net Sales:
Electronics
Assembly Solutions	$	726.1	$	819.5	$	795.3
Circuitry Solutions	424.3		503.5		511.3
Semiconductor Solutions	264.3		288.2		283.5
Total Electronics	1,414.7		1,611.2		1,590.1
Industrial & Specialty
Industrial Solutions	699.0		728.3		599.7
Graphics Solutions	142.7		143.0		147.9
Energy Solutions	76.8		66.9		62.1
Total Industrial & Specialty	918.5		938.2		809.7
Total net sales	$	2,333.2	$	2,549.4	$	2,399.8

Adjusted EBITDA:
Electronics	$	317.7	$	360.7	$	370.6
Industrial & Specialty	164.6		165.9		154.2
Total Adjusted EBITDA	$	482.3	$	526.6	$	524.8

The following table reconciles "Net income" to Adjusted EBITDA:


	Year Ended December 31,
(dollars in millions)	2023		2022		2021
Net income	$	118.2	$	188.0	$	203.7
Add (subtract):

Income from discontinued operations, net of tax	(2.1)		(1.8)		(0.3)
Income tax expense	13.0		85.8		48.3
Interest expense, net	49.3		51.2		54.2
Depreciation expense	42.6		41.6		39.7
Amortization expense	124.1		119.7		124.2
EBITDA	345.1		484.5		469.8
Adjustments to reconcile to Adjusted EBITDA:
Restructuring expense	11.4		9.5		11.7
Inventory step-up	3.3		0.5		12.9
Acquisition and integration expense	16.8		10.6		14.2

Foreign exchange (gain) loss on internal debt	(9.7)		7.8		(16.6)
Debt refinancing costs	7.8		—		—

Goodwill impairment	80.0		—		—
Kuprion Acquisition research and development charge	15.7		—		—
Adjustment of stock compensation previously not probable (Note 8)	—		1.3		23.9
Other, net	11.9		12.4		8.9
Adjusted EBITDA	$	482.3	$	526.6	$	524.8

Schedule of Revenue from External Customers by Geographic Areas


	Year Ended December 31,
(dollars in millions)	2023		2022		2021
United States	$	576.2	$	645.3	$	585.0
China	418.9		498.1		486.5
Other countries	1,338.1		1,406.0		1,328.3
Total	$	2,333.2	$	2,549.4	$	2,399.8

Schedule of Revenue from External Customers and Long-lived Assets, by Geographical Areas


	December 31,
(dollars in millions)	2023		2022
United States	$	94.7	$	89.7
China	39.4		42.3
Other countries	162.8		145.2
Total	$	296.9	$	277.2