SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

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 segment change that occurred in the second quarter of 2022.

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, including unrealized gains/losses on metals derivative contracts, 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)	2022		2021		2022		2021
Net sales:
Electronics
Assembly Solutions	$	227.8	$	205.1	$	462.3	$	394.1
Circuitry Solutions	136.2		124.5		269.7		245.7
Semiconductor Solutions	74.9		65.3		146.8		121.5
Total Electronics	438.9		394.9		878.8		761.3
Industrial & Specialty
Industrial Solutions	182.3		135.2		372.4		268.6
Graphics Solutions	39.5		40.0		73.8		74.7
Energy Solutions	16.2		16.5		32.1		32.1
Total Industrial & Specialty	238.0		191.7		478.3		375.4
Total net sales	$	676.9	$	586.6	$	1,357.1	$	1,136.7
Adjusted EBITDA:
Electronics	$	101.5	$	93.7	$	202.6	$	191.2
Industrial & Specialty	38.9		38.1		82.6		78.4
Total Adjusted EBITDA	$	140.4	$	131.8	$	285.2	$	269.6

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)	2022		2021		2022		2021
Net income attributable to common stockholders	$	65.2	$	81.1	$	121.3	$	163.4
Add (subtract):
Net income attributable to non-controlling interests	0.2		—		0.5		—
Income from discontinued operations, net of tax	(1.8)		(2.0)		(1.8)		(2.0)
Income tax expense (benefit)	23.9		(31.9)		43.9		(0.8)
Interest expense, net	13.2		12.9		27.3		25.8
Depreciation expense	10.3		9.7		20.9		19.1
Amortization expense	30.3		30.4		61.3		60.1
EBITDA	141.3		100.2		273.4		265.6
Adjustments to reconcile to Adjusted EBITDA:
Inventory step-up	—		2.2		0.5		2.2
Restructuring expense	1.3		1.6		3.2		3.9
Acquisition and integration expense	1.1		5.9		4.0		3.2
Foreign exchange (gain) loss on internal debt	(0.9)		4.6		0.7		(23.4)
Adjustment of stock compensation previously not probable	—		13.6		1.3		13.6
Unrealized gain on metals derivative contracts	(6.1)		(1.3)		(4.3)		(1.4)
Other, net	3.7		5.0		6.4		5.9
Adjusted EBITDA	$	140.4	$	131.8	$	285.2	$	269.6