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Segment Results (Tables)
9 Months Ended
Sep. 30, 2017
Segment Results [Abstract]  
Summarized Financial Information on Operations by Reportable Segment
The following table provides summarized information about the Company’s operations by reportable segment and reconciles Segment Adjusted EBITDA to Income (Loss) Before Income Taxes for the three month and nine month periods ended September 30, 2017 and 2016:
 
  
For the Three
Months Ended
September 30,
  
For the Nine
Months Ended
September 30,
 
  
2017
  
2016 (1)
  
2017
  
2016 (1)
 
             
Revenue
            
Industrials
 
$
288.2
  
$
265.6
  
$
819.0
  
$
803.6
 
Energy
  
301.6
   
137.9
   
719.4
   
385.8
 
Medical
  
59.8
   
59.1
   
172.0
   
172.2
 
Total Revenue
 
$
649.6
  
$
462.6
  
$
1,710.4
  
$
1,361.6
 
Segment Adjusted EBITDA
                
Industrials
 
$
63.1
  
$
55.6
  
$
173.7
  
$
156.2
 
Energy
  
98.6
   
22.0
   
199.2
   
70.2
 
Medical
  
16.8
   
16.6
   
46.9
   
44.7
 
Total Segment Adjusted EBITDA
 
$
178.5
  
$
94.2
  
$
419.8
  
$
271.1
 
Less items to reconcile Segment Adjusted EBITDA to
                
Income (Loss) Before Income Taxes:
                
Corporate expenses not allocated to segments
 
$
13.8
  
$
5.2
  
$
30.9
  
$
18.8
 
Interest expense
  
30.1
   
43.0
   
115.4
   
128.7
 
Depreciation and amortization expense
  
43.5
   
42.9
   
126.9
   
126.9
 
Impairment of goodwill and other intangible assets (a)
  
-
   
-
   
-
   
1.5
 
Sponsor fees and expenses (b)
  
-
   
1.8
   
17.3
   
3.8
 
Restructuring and related business transformation costs (c)
  
6.3
   
18.2
   
20.5
   
46.2
 
Acquisition related expenses and non-cash charges (d)
  
1.2
   
1.9
   
3.1
   
3.6
 
Environmental remediation loss reserve (e)
  
-
   
-
   
0.9
   
-
 
Expenses related to initial stock offering (f)
  
0.5
   
-
   
3.6
   
-
 
Establish public company financial reporting compliance (g)
  
3.8
   
0.1
   
7.2
   
0.1
 
Stock-based compensation (h)
  
9.8
   
-
   
166.0
   
-
 
Loss on extinguishment of debt (i)
  
34.1
   
-
   
84.5
   
-
 
Other adjustments (j)
  
3.0
   
3.2
   
9.8
   
1.8
 
Income (Loss) Before Income Taxes:
 
$
32.4
  
$
(22.1
)
 
$
(166.3
)
 
$
(60.3
)

(1)
In the fourth quarter of fiscal 2016, the Company modified its methodology for presenting reconciling items from Income (Loss) Before Income Taxes.  The reconciling items for the three and nine month periods ended September 30, 2016 have been restated to conform to the methodology used in the three and nine month periods ended September 30, 2017, and included the following:
 
(a)
Represents non-cash charges for impairment of goodwill and other intangible assets.

(b)
Represents management fees and expenses paid to KKR, including a monitoring agreement termination fee of $16.2 million paid in the nine months ended September 30, 2017.

(c)
Restructuring and related business transformation costs consist of the following:

 
 
For the Three
Months Ended
September 30,
  
For the Nine
Months Ended
September 30,
 
 
 
2017
  
2016
  
2017
  
2016
 
 
            
Restructuring charges
 
$
2.8
  
$
3.0
  
$
4.9
  
$
15.4
 
Severance, sign-on, relocation and executive search costs
  
0.6
   
5.7
   
2.2
   
12.7
 
Facility reorganization, relocation and other costs
  
1.0
   
2.9
   
3.9
   
6.5
 
Information technology infrastructure transformation
  
0.8
   
0.6
   
3.4
   
1.0
 
(Gains) losses on asset and business disposals
  
(0.6
)
  
1.7
   
2.0
   
1.6
 
Consultant and other advisor fees
  
0.5
   
3.2
   
1.7
   
6.9
 
Other, net
  
1.2
   
1.1
   
2.4
   
2.1
 
Total restructuring and related business transformation costs
 
$
6.3
  
$
18.2
  
$
20.5
  
$
46.2
 

(d)
Represents costs associated with successful and/or abandoned acquisitions, including third-party expenses, post-closure integration costs and non-cash charges and credits arising from fair value purchase accounting adjustments.

(e)
Represents estimated environmental remediation costs and losses relating to a former production facility.

(f)
Represents expenses related to the Company’s initial stock offering.

(g)
Represents third party expenses to comply with the requirements of Sarbanes-Oxley in 2018 and the accelerated adoption of the new revenue recognition standard (ASC 606 - Revenue from Contracts with Customers) in the first quarter of 2018, one year ahead of the required adoption date for a private company.  These expenses were previously included in ‘Expenses related to initial stock offering’ and prior periods have been restated to conform to current period presentation.

(h)
Represents stock-based compensation expense recognized for stock options outstanding for the three months and nine months ended September 30, 2017 of $7.8 million and $69.2 million, respectively, and DSUs granted to employees at the date of the initial public offering for the three months and nine months ended September 30, 2017 of $2.0 million and $96.8 million, respectively.  See Note 9 “Stock-Based Compensation”.

(i)
Represents losses on extinguishment of debt recognized on the redemption of the senior notes and pay down of a portion of the Original Dollar Term Loan Facility with proceeds from the initial public offering in May 2017($50.4 million) and in connection with the refinancing of the Original Dollar Term Loan Facility and Euro Term Loan Facility in August 2017 ($34.1 million).

(j)
Includes (i) foreign exchange gains and losses, (ii) effects of amortization of prior service costs and amortization of gains in pension and other postretirement benefits (OPEB) expense, (iii) certain legal and compliance costs and (iv) other miscellaneous adjustments.