Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.19.1
Segment Information
3 Months Ended
Mar. 31, 2019
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.
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 earnings before interest, taxes, depreciation and amortization, as further adjusted for additional items included in GAAP earnings which the Company believes are not considered to be representative or indicative of each of its segments' ongoing business or are considered to be associated with its 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 March 31,
 (dollars in millions)
2019
 
2018
Net Sales:
 
 
 
Electronics
 
 
 
Assembly Solutions
$
133.0

 
$
139.8

Circuitry Solutions
90.8

 
106.0

Semiconductor Solutions
42.1

 
42.2

     Total Electronics
265.9

 
288.0

Industrial & Specialty
 
 
 
Industrial Solutions
138.0

 
145.5

Graphics Solutions
35.7

 
38.7

Energy Solutions
20.2

 
20.3

     Total Industrial & Specialty
193.9

 
204.5

Total net sales
$
459.8

 
$
492.5

 
 
 
 
Adjusted EBITDA:
 

 
 

Electronics
$
56.4

 
$
60.1

Industrial & Specialty
42.2

 
44.0

Total Adjusted EBITDA
$
98.6

 
$
104.1

The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA:
 
Three months ended March 31,
 (dollars in millions)
2019
 
2018
Net income attributable to common stockholders
$
23.2

 
$
37.3

Add (subtract):
 
 
 
Net income attributable to the non-controlling interests
0.7


0.7

Income from discontinued operations, net of tax
(27.4
)
 
(46.9
)
Income tax (benefit) expense
(10.4
)

9.9

Interest expense, net
38.1

 
77.2

Depreciation expense
10.3

 
11.7

Amortization expense
28.4

 
28.5

EBITDA
62.9


118.4

Adjustments to reconcile to Adjusted EBITDA:
 
 
 
Restructuring expense
1.2


1.7

Integration costs
1.4


1.0

Foreign exchange gain on foreign denominated external and internal long-term debt
(28.3
)

(7.7
)
Debt refinancing costs
60.7

 

Change in fair value of contingent consideration
2.4

 
0.5

Gain on sale of equity investment

 
(11.3
)
Other, net
(1.7
)

1.5

Adjusted EBITDA
$
98.6


$
104.1