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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
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 for purposes of allocating resources and evaluating performance. The Company's CODM is the President and Chief Executive Officer.
The CODM utilizes net sales and Adjusted EBITDA to allocate resources predominantly in the annual budget and forecasting process. The CODM evaluates the performance of the operating segments by considering budget to actual variances when making decisions about allocating capital and personnel to the segments and determining the compensation of certain employees. 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.
See Note 1, Background and Basis of Presentation, to the Consolidated Financial Statements for information about the transfer of the Company's Films business from the Industrial & Specialty segment to the Electronics segment and the transfer of certain product lines within the Electronics segment in 2023 and 2022.
Disaggregated Net Sales
The following table summarizes disaggregated external net sales by product category:
Year Ended December 31,
 (dollars in millions)202420232022
Net Sales:   
Electronics
Assembly Solutions$782.8 $726.1 $819.5 
Circuitry Solutions470.7 424.3 503.5 
Semiconductor Solutions307.9 264.3 288.2 
Total Electronics1,561.4 1,414.7 1,611.2 
Industrial & Specialty
Industrial Solutions666.4 699.0 728.3 
Graphics Solutions146.2 142.7 143.0 
Energy Solutions82.9 76.8 66.9 
Total Industrial & Specialty895.5 918.5 938.2 
Total net sales$2,456.9 $2,333.2 $2,549.4 
Results of Operations
The following table reconciles "Net income" to Adjusted EBITDA:
Year Ended December 31,
 (dollars in millions)202420232022
Net income$244.5 $118.2 $188.0 
Add (subtract):
Income from discontinued operations, net of tax(1.6)(2.1)(1.8)
Income tax expense44.8 13.0 85.8 
Interest expense, net56.3 49.3 51.2 
Depreciation expense40.0 42.6 41.6 
Amortization expense117.6 124.1 119.7 
EBITDA501.6 345.1 484.5 
Adjustments to reconcile to Adjusted EBITDA:   
Restructuring expense7.8 11.4 9.5 
Inventory step-up— 3.3 0.5 
Acquisition, divestiture and integration expense21.7 16.8 10.6 
Foreign exchange (gains) losses on intercompany loans(23.9)(9.7)7.8 
Debt refinancing costs0.8 7.8 — 
Goodwill impairment— 80.0 — 
Kuprion Acquisition research and development charge3.9 15.7 — 
Adjustment of stock compensation previously not probable— — 1.3 
Other, net22.8 11.9 12.4 
Adjusted EBITDA$534.7 $482.3 $526.6 
The following tables summarize financial information regarding each reportable segment's results of operations. As noted above, Adjusted EBITDA for each segment excludes certain items that may not be indicative of the Company's core operating results for its reportable segments. As such, the "Segment Total" below may not agree to the corresponding amounts on the Consolidated Statements of Operations.
Year Ended December 31, 2024
 (dollars in millions)
Electronics
Industrial & Specialty
Segment Total
Net sales
$1,561.4 $895.5 $2,456.9 
Cost of sales
910.1 506.4 1,416.5 
Selling, technical, general and administrative251.3 223.2 474.5 
Research and development45.1 11.7 56.8 
Other segment items (1)
15.3 (0.9)14.4 
Add: Depreciation expense
21.9 18.1 40.0 
Adjusted EBITDA
$361.5 $173.2 $534.7 
Year Ended December 31, 2023
 (dollars in millions)
Electronics
Industrial & Specialty
Segment Total
Net sales
$1,414.7 $918.5 $2,333.2 
Cost of sales
854.2 545.4 1,399.6 
Selling, technical, general and administrative227.9 215.1 443.0 
Research and development37.2 14.0 51.2 
Other segment items (1)
2.1 (2.4)(0.3)
Add: Depreciation expense
24.4 18.2 42.6 
Adjusted EBITDA
$317.7 $164.6 $482.3 
Year Ended December 31, 2022
 (dollars in millions)
Electronics
Industrial & Specialty
Segment Total
Net sales
$1,611.2 $938.2 $2,549.4 
Cost of sales
1,021.8 566.5 1,588.3 
Selling, technical, general and administrative224.9 209.6 434.5 
Research and development32.6 16.2 48.8 
Other segment items (1)
(5.3)(1.9)(7.2)
Add: Depreciation expense
23.5 18.1 41.6 
Adjusted EBITDA
$360.7 $165.9 $526.6 
(1) Other segment items for the Electronics segment primarily consist of $15.4 million, $1.6 million and $(1.6) million of realized losses (gains) associated with metals derivative contracts for 2024, 2023 and 2022, respectively. See Note 13, Financial Instruments, to the Consolidated Financial Statements for further discussion of these derivative instruments.
Net Sales by Major Country
A major country is defined as one in which total net sales represented 10% or more of the Company's total consolidated net sales in any of the years presented.
Year Ended December 31,
 (dollars in millions)202420232022
United States$566.4 $576.2 $645.3 
China479.0 418.9 498.1 
Other countries1,411.5 1,338.1 1,406.0 
Total$2,456.9 $2,333.2 $2,549.4 
Long-Lived Assets by Major Country
A major country is defined as one with long-lived assets greater than 10% of the Company's 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)20242023
United States$94.9 $94.7 
China35.7 39.4 
Other countries146.2 162.8 
Total$276.8 $296.9 
Assets by Reportable Segment
Total assets by reportable segment at December 31, 2024 and 2023 are not presented as they are not utilized for purposes of allocating resources and evaluating performance.