Element Solutions (ESI) 10-Q 28 Oct 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 21, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-36272
Entity Registrant Name	Element Solutions Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1744899
Entity Address, Street Name	500 East Broward Boulevard,
Entity Address, Suite Number	Suite 1860
Entity Address, City	Fort Lauderdale,
Entity Address, State	FL
Entity Address, Postal Zip Code	33394
City Area Code	561
Local Phone Number	207-9600
Title of each class	Common Stock, par value $0.01 per share
Trading Symbol	ESI
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		247,213,182
Entity Central Index Key	0001590714
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Net sales	$ 477.5	$ 464.7	$ 1,317.1	$ 1,381.2
Cost of sales	274	259	753.8	784.2
Gross profit	203.5	205.7	563.3	597
Operating expenses:
Selling, technical, general and administrative	134.8	128.8	373.4	397.6
Research and development	10.1	10	37.2	31.9
Total operating expenses	144.9	138.8	410.6	429.5
Operating profit	58.6	66.9	152.7	167.5
Other (expense) income:
Interest expense, net	(17.1)	(17.4)	(50.7)	(73.7)
Foreign exchange loss	(3.5)	(1.2)	(42.1)	(2.4)
Other (expense) income, net	(49.1)	2.9	(50.4)	(46.2)
Total other expense	(69.7)	(15.7)	(143.2)	(122.3)
(Loss) income before income taxes and non-controlling interests	(11.1)	51.2	9.5	45.2
Income tax benefit (expense)	47.3	(57.2)	37.4	(40)
Net income (loss) from continuing operations	36.2	(6)	46.9	5.2
(Loss) income from discontinued operations, net of tax	(0.2)	(0.9)	(1.1)	13.2
Net income (loss)	36	(6.9)	45.8	18.4
Net income attributable to non-controlling interests	0	0	0	(0.6)
Net income (loss) attributable to common stockholders	$ 36	$ (6.9)	$ 45.8	$ 17.8
Earnings (loss) per share
Basic from continuing operations (in dollars per share)	$ 0.15	$ (0.02)	$ 0.19	$ 0.02
Basic from discontinued operations (in dollars per share)	0	(0.01)	0	0.05
Basic attributable to common stockholders (in dollars per share)	0.15	(0.03)	0.19	0.07
Diluted from continuing operations (in dollars per share)	0.15	(0.02)	0.19	0.02
Diluted from discontinued operations (in dollars per share)	0	(0.01)	0	0.05
Diluted attributable to common stockholders (in dollars per share)	$ 0.15	$ (0.03)	$ 0.19	$ 0.07
Weighted average common shares outstanding
Basic (in shares)	248.9	254.4	249.4	259.9
Diluted (in shares)	249.1	254.4	250.1	262.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 36	$ (6.9)	$ 45.8	$ 18.4
Foreign currency translation:
Other comprehensive income (loss) before reclassifications	50.6	(47.8)	39.9	46.3
Reclassifications	0	0	0	479.8
Total foreign currency translation adjustments	50.6	(47.8)	39.9	526.1
Pension and post-retirement plans:
Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $0.0 for the three months ended September 30, 2020 and 2019, and $0.5 and $0.0 for the nine months ended September 30, 2020 and 2019, respectively	0	0	(0.5)	0
Reclassifications, net of tax expense (benefit) of $0.0 for the three and nine months ended September 30, 2020 and 2019, respectively	0	0	0	(2.1)
Total pension and post-retirement plans	0	0	(0.5)	(2.1)
Derivative financial instruments:
Other comprehensive (loss) income before reclassifications, net of tax expense of $0.6 and $0.0 for the three months ended September 30, 2020 and 2019, respectively and $0.6 and $0.0 expense for the nine months ended September 30, 2020 and 2019, respectively	(2.1)	(7.9)	(39.5)	(35.6)
Reclassifications, net of tax expense (benefit) of $0.0 for the three months ended September 30, 2020 and 2019, and $0.0 and $1.4 for the nine months ended September 30, 2020 and 2019, respectively	4.3	0.6	9.6	(4.8)
Total unrealized loss arising on qualified hedging derivatives	2.2	(7.3)	(29.9)	(40.4)
Other comprehensive income (loss)	52.8	(55.1)	9.5	483.6
Comprehensive income (loss)	88.8	(62)	55.3	502
Comprehensive income attributable to the non-controlling interests	0	0	0	(40.8)
Comprehensive income (loss) attributable to common stockholders	$ 88.8	$ (62)	$ 55.3	$ 461.2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension and post-retirement plans:
Tax expense	$ 0	$ 0	$ 0.5	$ 0
Tax expense, reclassification	0	0	0	0
Derivative financial instruments:
Tax expense	0.6	0	0.6	0
Tax expense, reclassification	$ 0	$ 0	$ 0	$ 1.4

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 248.4	$ 190.1
Accounts receivable, net of allowance for doubtful accounts of $11.1 and $8.8 at September 30, 2020 and December 31, 2019, respectively	366	363.9
Inventories	211.9	199.6
Prepaid expenses	24.4	18.3
Other current assets	87.6	50.3
Current assets of discontinued operations	8.3	11.2
Total current assets	946.6	833.4
Property, plant and equipment, net	234.6	264.8
Goodwill	2,189.6	2,179.6
Intangible assets, net	860.1	944.4
Other assets	88.9	95.7
Non-current assets of discontinued operations	7	6.5
Total assets	4,326.8	4,324.4
Liabilities and stockholders' equity
Accounts payable	103.8	96.8
Current installments of long-term debt and revolving credit facilities	7.7	7.8
Accrued expenses and other current liabilities	172.8	155.1
Current liabilities of discontinued operations	18.1	34.1
Total current liabilities	302.4	293.8
Debt	1,509.7	1,513.2
Pension and post-retirement benefits	49.2	50.8
Deferred income taxes	77.1	119.6
Other liabilities	145.4	127.7
Total liabilities	2,083.8	2,105.1
Commitments and contingencies (Note 11)
Stockholders' Equity
Preferred stock - Series A	0	0
Common stock: 400.0 shares authorized (2020: 261.2 shares issued; 2019: 258.4 shares issued)	2.6	2.6
Additional paid-in capital	4,120.8	4,114.2
Treasury stock (2020: 12.5 shares; 2019: 8.3 shares)	(117.1)	(78.9)
Accumulated deficit	(1,490.7)	(1,536.5)
Accumulated other comprehensive loss	(271)	(280.5)
Total stockholders' equity	2,244.6	2,220.9
Non-controlling interests	(1.6)	(1.6)
Total equity	2,243	2,219.3
Total liabilities and stockholders' equity	$ 4,326.8	$ 4,324.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts, current	$ 11.1	$ 8.8
Stockholders' Equity
Common shares authorized (in shares)	400,000,000	400,000,000
Common shares issued (in shares)	261,200,000	258,400,000
Treasury shares (in shares)	12,500,000	8,300,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)		$ 45.8	$ 18.4
Net (loss) income from discontinued operations, net of tax		(1.1)	13.2
Net income (loss) from continuing operations		46.9	5.2
Reconciliation of net income from continuing operations to net cash flows provided by operating activities:
Depreciation and amortization		120.5	115.8
Deferred income taxes		(41.2)	(0.1)
Foreign exchange loss (gain)		40.4	(17.8)
Other, net		61.8	84.3
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		(3.6)	2.7
Inventories		(8.9)	(15.2)
Accounts payable		8.2	3.9
Accrued expenses		(3)	(66)
Prepaid expenses and other current assets		(25.3)	(7.5)
Other assets and liabilities		(1.5)	(13.2)
Net cash flows provided by operating activities of continuing operations		194.3	92.1
Cash flows from investing activities:
Capital expenditures		(21.7)	(18.2)
Proceeds from disposal of property, plant and equipment		1.7	0
Acquisition of business, net of cash acquired		9	0
Proceeds from Arysta Sale (net of cash $148.7 million)		0	4,281.8
Other, net		(2.4)	6.7
Net cash flows (used in) provided by investing activities of continuing operations		(31.4)	4,270.3
Cash flows from financing activities:
Debt proceeds, net of discount		800	749.1
Repayments of borrowings		(805.9)	(4,605)
Change in lines of credit, net		0	(24.9)
Repurchases of common stock		(35.7)	(496.1)
Payment of financing fees		(44.7)	(39.5)
Other, net		(1.5)	(8.6)
Net cash flows used in financing activities of continuing operations		(87.8)	(4,425)
Cash flows from discontinued operations:
Net cash flows used in operating activities of discontinued operations		(14.7)	(154.1)
Net cash flows used in investing activities of discontinued operations		0	(5)
Net cash flows provided by financing activities of discontinued operations		0	4.8
Net cash flows used in discontinued operations		(14.7)	(154.3)
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(2.1)	1.7
Net increase (decrease) in cash, cash equivalents and restricted cash		58.3	(215.2)
Cash, cash equivalents and restricted cash at beginning of period	[1]	190.1	415.5
Cash, cash equivalents and restricted cash at end of period		$ 248.4	$ 200.3
[1]	Includes cash, cash equivalents and restricted cash of discontinued operations of $181.9 million at December 31, 2018.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Statement of Cash Flows [Abstract]
Cash from divestiture	$ 148.7
Cash, cash equivalents and restricted cash of discontinued operations		$ 181.9

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Total Stockholders' Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Non- controlling Interests
Balance at Dec. 31, 2018	$ 2,181.1	$ 2,109.2	$ 0	$ 2.9	$ 4,062.1	$ (3.5)	$ (1,195.4)	$ (756.9)	$ 71.9
Balance (in shares) at Dec. 31, 2018			2,000,000	289,316,170		341,967
Increase (Decrease) in Stockholders' Equity
Net income (loss)	18.4	17.8					17.8		0.6
Other comprehensive income (loss), net of taxes	(6)	(6)						(6)
Arysta Sale	411	457.6			(5.7)			463.3	(46.6)
Exercise/ vesting of share based compensation					1.9	$ (1.9)
Exercise/ vesting of share based compensation (in shares)				1,968,471		170,989
Conversion of shares of common stock of Platform Delaware Holdings, Inc. into common stock		27.3		$ 0.1	41.1			(13.9)	(27.3)
Conversion of shares (shares)				(4,019,710)
Issuance of common stock under ESPP	0.8	0.8			0.8
Issuance of common stock under ESPP (in shares)				90,503
Repurchases of common stock	(496.2)	(496.2)		$ (0.4)		$ (62.5)	(433.3)
Repurchases of common stock (in shares)				(37,000,000)		6,782,585
Equity compensation expense	11.6	11.6			11.6
Changes in non-controlling interests	(0.2)								(0.2)
Balance at Sep. 30, 2019	2,120.5	2,122.1	$ 0	$ 2.6	4,111.8	$ (67.9)	(1,610.9)	(313.5)	(1.6)
Balance (in shares) at Sep. 30, 2019			2,000,000	258,394,854		7,295,541
Balance at Jun. 30, 2019	2,231.2	2,232.8	$ 0	$ 2.6	4,109.4	$ (16.8)	(1,604)	(258.4)	(1.6)
Balance (in shares) at Jun. 30, 2019			2,000,000	258,323,823		1,667,541
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(6.9)	(6.9)					(6.9)
Other comprehensive income (loss), net of taxes	(55.1)	(55.1)						(55.1)
Exercise/ vesting of share based compensation (in shares)				38,953
Issuance of common stock under ESPP	0.2	0.2			0.2
Issuance of common stock under ESPP (in shares)				32,078
Repurchases of common stock	(51.1)	(51.1)				$ (51.1)
Repurchases of common stock (in shares)						5,628,000
Equity compensation expense	2.2	2.2			2.2
Balance at Sep. 30, 2019	2,120.5	2,122.1	$ 0	$ 2.6	4,111.8	$ (67.9)	(1,610.9)	(313.5)	(1.6)
Balance (in shares) at Sep. 30, 2019			2,000,000	258,394,854		7,295,541
Balance at Dec. 31, 2019	2,219.3	2,220.9	$ 0	$ 2.6	4,114.2	$ (78.9)	(1,536.5)	(280.5)	(1.6)
Balance (in shares) at Dec. 31, 2019			2,000,000	258,428,333		8,277,198
Increase (Decrease) in Stockholders' Equity
Net income (loss)	45.8	45.8					45.8
Other comprehensive income (loss), net of taxes	9.5	9.5						9.5
Exercise/ vesting of share based compensation	(2.3)	(2.3)			0.2	$ (2.5)
Exercise/ vesting of share based compensation (in shares)				667,550		213,517
Conversion of shares (shares)			(2,000,000)	2,000,000
Issuance of common stock under ESPP	0.8	0.8			0.8
Issuance of common stock under ESPP (in shares)				88,131
Repurchases of common stock	(35.7)	(35.7)				$ (35.7)
Repurchases of common stock (in shares)						3,980,117
Equity compensation expense	5.6	5.6			5.6
Balance at Sep. 30, 2020	2,243	2,244.6	$ 0	$ 2.6	4,120.8	$ (117.1)	(1,490.7)	(271)	(1.6)
Balance (in shares) at Sep. 30, 2020			0	261,184,014		12,470,832
Balance at Jun. 30, 2020	2,155.1	2,156.8	$ 0	$ 2.6	4,118.7	$ (114)	(1,526.7)	(323.8)	(1.7)
Balance (in shares) at Jun. 30, 2020			0	261,044,440		12,189,913
Increase (Decrease) in Stockholders' Equity
Net income (loss)	36	36					36
Other comprehensive income (loss), net of taxes	52.8	52.8						52.8
Exercise/ vesting of share based compensation	(0.5)	(0.5)				$ (0.5)
Exercise/ vesting of share based compensation (in shares)				110,009		43,290
Issuance of common stock under ESPP	0.3	0.3			0.3
Issuance of common stock under ESPP (in shares)				29,565
Repurchases of common stock	(2.6)	(2.6)				$ (2.6)
Repurchases of common stock (in shares)						237,629
Equity compensation expense	1.8	1.8			1.8
Balance at Sep. 30, 2020	$ 2,243	$ 2,244.6	$ 0	$ 2.6	$ 4,120.8	$ (117.1)	$ (1,490.7)	$ (271)	$ (1.6)
Balance (in shares) at Sep. 30, 2020			0	261,184,014		12,470,832

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND AND BASIS OF PRESENTATION	BACKGROUND AND BASIS OF PRESENTATION Background Element Solutions was incorporated in Delaware in January 2014 and its shares of common stock, par value $0.01 per share, trade on the NYSE under the ticker symbol “ESI.” Element Solutions is a leading global specialty chemicals company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, the innovative solutions of the Company's businesses enable customers' manufacturing processes in several key industries, including electronic circuitry, semiconductor, communications infrastructure, automotive systems, industrial surface finishing, consumer packaging and offshore energy. Element Solutions delivers its products to customers through its sales and service workforce, regional distributors and manufacturing representatives. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. In the opinion of management, these unaudited Condensed Consolidated Financial Statements reflect all adjustments that are normal, recurring and necessary for a fair statement of the Company's financial position, results of operations and cash flows for interim periods, but are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the related notes thereto included in the Company’s 2019 Annual Report. The process of preparing the Company’s unaudited Condensed Consolidated Financial Statements requires the use of estimates and judgments that affect the reported amount of assets, liabilities, net sales and expenses. These estimates and judgments are based on historical experience, future expectations and other factors as well as assumptions the Company believes to be reasonable under the circumstances. These estimates and judgments are reviewed on an ongoing basis and revised as necessary; however, the business and economic uncertainty resulting from the COVID-19 pandemic has made such estimates and judgments more difficult to determine. Actual amounts may differ materially from these estimates. Certain other prior year amounts have been reclassified to conform to the current year’s presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Accounting Pronouncements Not Yet Adopted Income Taxes (Topic 740) - In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes," which removes certain exceptions related to the approach for intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance is effective as of January 1, 2021, with early adoption permitted. The Company is evaluating the impact of the guidance on the Condensed Consolidated Financial Statements.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONSThe Arysta Sale was completed on January 31, 2019. In connection with the Arysta Sale, the Company agreed to retain certain liabilities associated with legal and tax proceedings, primarily related to an Arysta subsidiary in Brazil. The Company does not expect to incur any material losses as a result of these proceedings. However, the resolutions of these matters may take several years and, to the extent not covered by insurance, may adversely impact the Company's financial position or results of operations. The Company may record an additional gain or loss in the future as it settles certain remaining tax assets and liabilities associated with the Arysta Sale. The following table details the components comprising net (loss) income from the Company's discontinued operations attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 (1) Net sales $ — $ — $ — $ 65.3 Cost of sales — — — (45.5) Selling, technical, general and administrative — (0.4) — (37.8) Research and development — — — (4.6) (Loss) gain on Arysta Sale — (0.1) — 2.4 Operating loss — (0.5) — (20.2) Other, net (0.2) 0.7 (1.7) 9.4 (Loss) income from discontinued operations, before income taxes (0.2) 0.2 (1.7) (10.8) Income tax (expense) benefit — (1.1) 0.6 24.0 Net (loss) income from discontinued operations attributable to common stockholders $ (0.2) $ (0.9) $ (1.1) $ 13.2 (1) Includes activity through January 31, 2019, when the Arysta Sale was completed, and certain post-closing adjustments relating to, among

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The major components of inventory, on a net basis, were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Finished goods $ 122.1 $ 118.5 Work in process 26.5 22.6 Raw materials and supplies 63.3 58.5 Total inventories $ 211.9 $ 199.6

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The major components of property, plant and equipment were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Land and leasehold improvements $ 51.3 $ 68.6 Buildings and improvements 133.9 113.5 Machinery, equipment, fixtures and software 240.9 220.0 Construction in process 20.7 16.0 Total property, plant and equipment 446.8 418.1 Accumulated depreciation (212.2) (153.3) Property, plant and equipment, net $ 234.6 $ 264.8 For the three months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $10.7 million and $10.1 million, respectively. For the nine months ended September 30, 2020 and 2019, the Company recorded depreciation expense of $31.7 million and $30.8 million, respectively. During the third quarter of 2020, the Company met the requirements to classify a dormant facility in New Jersey, included in its Electronics segment, as held for sale. The current assets held for sale represent the net book value of the land of $17.2 million and the building of $2.7 million as of September 30, 2020. No impairment was identified. The Company received an initial

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill were as follows: (dollars in millions) Electronics Industrial & Specialty Total Balance at December 31, 2019 $ 1,223.4 $ 956.2 (1) $ 2,179.6 Acquisition (2) — 6.8 6.8 Purchase accounting adjustments (3) (1.6) — (1.6) Foreign currency translation 17.7 (12.9) 4.8 Balance at September 30, 2020 $ 1,239.5 $ 950.1 $ 2,189.6 (1) Includes accumulated impairment losses of $46.6 million. (2) On July 1, 2020, the Company completed the DMP Acquisition. which was not material to our Condensed Consolidated Financial Statements, and therefore, the purchase price allocation, pro forma and post-acquisition results of operations have not been presented. (3) During the second quarter of 2020, the Company recorded a step-up of fixed assets of $1.4 million for the Kester Acquisition. The impact of this acquisition on the Company's results of operations was not material. Indefinite-Lived Intangible Assets The carrying value of indefinite-lived intangible assets other than goodwill, which consisted solely of tradenames, was $68.0 million and $104 million at September 30, 2020 and December 31, 2019, respectively. During the first quarter of 2020, the Company determined that the useful life of one of its tradenames no longer met the criteria of an indefinite-lived asset and concluded no indication of impairment. Subsequently, the Company started amortizing this tradename over 15 years, consistent with other similar finite-lived assets. Finite-Lived Intangible Assets Intangible assets subject to amortization were as follows: September 30, 2020 December 31, 2019 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 957.0 $ (404.8) $ 552.2 $ 959.1 $ (351.4) $ 607.7 Developed technology 384.4 (225.3) 159.1 380.5 (194.8) 185.7 Tradenames 89.4 (9.4) 80.0 51.5 (4.9) 46.6 Other 1.6 (0.8) 0.8 1.6 (1.6) — Total $ 1,432.4 $ (640.3) $ 792.1 $ 1,392.7 $ (552.7) $ 840.0 For the three months ended September 30, 2020 and 2019, the Company recorded amortization expense on intangible assets of $30.5 million and $28.1 million, respectively. For the nine months ended September 30, 2020 and 2019, the Company recorded amortization expense on intangible assets of $88.8 million and $84.9 million, respectively. On March 9, 2020, the Company acquired a new subsea production control fluid designed to complement its Energy Solutions business for a purchase price of $6.3 million in cash. The Company may pay an additional $4.5 million upon the achievement of certain milestones associated with the potential certification and marketing of this product. As the acquisition did not meet the accounting definition of a business and this product is still in development with no alternative future use, the amount paid was expensed to research and development in the Condensed Consolidated Statements of Operations.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate September 30, 2020 December 31, 2019 USD Term Loans (1) 2026 LIBOR plus 2.00% $ 729.0 $ 733.4 Senior Notes - USD 800 million (2) 2028 3.875% 787.7 — Senior Notes - USD 800 million (3) 2025 5.875% — 786.7 Borrowings under the Revolving Credit Facility 2024 LIBOR plus 2.25% — — Other 0.7 0.9 Total debt 1,517.4 1,521.0 Less: current installments of long-term debt and revolving credit facilities 7.7 7.8 Total long-term debt $ 1,509.7 $ 1,513.2 (1) Term loans, net of unamortized discounts and debt issuance costs of $8.0 million and $9.1 million at September 30, 2020 and December 31, 2019, respectively. Weighted average effective interest rate of 2.3% and 2.2% at September 30, 2020 and December 31, 2019, respectively, including the effects of interest rate swaps and net investment hedges. See Note 8, Financial Instruments, for further information regarding the Company's interest rate swaps and net investment hedges. (2) Senior notes, net of unamortized debt issuance costs of $12.3 million at September 30, 2020. Weighted average effective interest rate of 4.1% at September 30, 2020. (3) Senior notes, net of unamortized discount and debt issuance costs of $13.3 million at December 31, 2019. Weighted average effective interest rate of 6.2% at December 31, 2019. Credit Agreement The Company is a party to the Credit Agreement, which provides for senior secured credit facilities in an aggregate principal amount of $1.08 billion, consisting of a revolving facility in an aggregate principal amount of $330 million maturing in 2024 and a term loan in an aggregate principal amount of $750 million maturing in 2026. Borrowings under the Credit Agreement bear interest at a rate per annum equal to a Base Rate, as defined in the Credit Agreement, plus, in each case, an applicable rate equal to a spread of 1.00% with respect to Base Rate Loans and a spread of 2.00% with respect to Eurocurrency Rate Loans. The Company is required to pay a commitment fee in respect of any undrawn portion of the revolving facility of 0.50% per annum, subject to a stepdown to 0.375% based on the Company’s first lien net leverage ratio. The Company's obligations under the Credit Agreement are guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries and secured by a first-priority security interest in substantially all of the assets of the Company and MacDermid, as borrowers, and the guarantors, including mortgages on material real property, subject to certain exceptions. Covenants, Events of Default and Provisions The Credit Agreement contains customary representations and warranties, and affirmative and negative covenants, including limitations on additional indebtedness, dividends, and other distributions, entry into new lines of business, use of loan proceeds, capital expenditures, restricted payments, restrictions on liens on the assets of the borrowers or any guarantor, transactions with affiliates, amendments to organizational documents, accounting changes, sale and leaseback transactions and dispositions. To the extent the borrowers have total outstanding borrowings under the revolving facility (subject to certain exceptions) greater than 30% of the commitment amount under the revolving facility, the Company's first lien net leverage ratio should not exceed 5.0 to 1.0, subject to a right to cure. The Credit Agreement requires the borrowers to make mandatory prepayments of borrowings, subject to certain exceptions, as described in the Credit Agreement. In addition, the Credit Agreement contains customary events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payment on, or defaults with respect to, certain other material indebtedness, bankruptcy and insolvency events, material judgments and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the Credit Agreement may be accelerated and the lenders could foreclose on their security interests in the assets of the borrowers and the guarantors. At September 30, 2020, the Company was in compliance with the debt covenants contained in the Credit Agreement and had full availability of its unused borrowing capacity of $325 million, net of letters of credit, under the revolving facility. 3.875% USD Notes due 2028 On August 18, 2020, the Company completed a private offering of $800 million aggregate principal amount of 3.875% senior notes due 2028. The net proceeds from this offering and cash on hand were used to pay for the full redemption of the Company's $800 million aggregate amount of 5.875% USD Notes due 2025 on September 4, 2020. In connection with the redemption, the Company expensed $45.7 million in "Other (expense) income, net" in the Consolidated Statement of Operations, consisting of a make-whole premium of $33.6 million, which is a cash outflow from financing activities in the Condensed Consolidated Statements of Cash Flows, and the write-off of debt issuance costs and original issue discount of $12.1 million. The 3.875% USD Notes due 2028 are governed by the 3.875% USD Notes Indenture, which provides, among other things, for customary affirmative and negative covenants, events of default and other customary provisions. The notes accrue interest at a rate of 3.875% per annum, payable semi-annually in arrears, on March 1 and September 1 of each year, beginning on March 1, 2021, and will mature on September 1, 2028, unless earlier repurchased or redeemed. Pursuant to the indenture, the Company has the option to redeem the 3.875% USD Notes due 2028 prior to their maturity, subject to, in certain cases, the payment of an applicable make-whole premium. The 3.875% USD Notes due 2028 are fully and unconditionally guaranteed on a senior unsecured basis by generally all of the Company’s domestic subsidiaries that guarantee the obligations of the borrowers under the Credit Agreement. Lines of Credit and Other Debt Facilities The Company has access to various revolving lines of credit, short-term debt facilities and overdraft facilities worldwide which are used to fund short-term cash needs. There were no amounts outstanding under such facilities at September 30, 2020 or December 31, 2019. The Company had letters of credit outstanding of $6.2 million and $5.7 million at September 30, 2020 and December 31, 2019, respectively, of which $5.5 million and $5.3 million at September 30, 2020 and December 31, 2019, respectively, reduced the borrowings available under the various facilities. At September 30, 2020 and December 31, 2019, the availability under these facilities totaled approximately $349 million and $351 million, respectively, net of outstanding letters of credit.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS Derivatives and Hedging In the normal course of business, the Company is exposed to risks relating to changes in foreign currency exchange rates, commodity prices and interest rates. Derivative financial instruments, such as foreign currency exchange forward contracts, commodities futures contracts, interest rate swaps and net investment hedges are used to manage the risks associated with changes in the conditions of those markets. All derivatives are recognized in the Condensed Consolidated Balance Sheets at fair value. The counterparties to the Company’s derivative agreements are major international financial institutions. The Company continually monitors its derivative positions and the credit ratings of its counterparties and does not anticipate nonperformance on their part. Foreign Currency The Company conducts a significant portion of its business in currencies other than the U.S. dollar and a portion of its business in currencies other than the functional currencies of its subsidiaries. As a result, the Company’s operating results are impacted by foreign currency exchange rate volatility. At September 30, 2020, the Company held foreign currency forward contracts to purchase and sell various currencies in order to mitigate such foreign currency exposure with the U.S. dollar and British pound. The Company has not designated any foreign currency exchange forward contracts as eligible for hedge accounting and, as a result, changes in the fair value of foreign currency forward contracts are recorded in the Condensed Consolidated Statements of Operations as "Other (expense) income, net." The total notional value of foreign currency exchange forward contracts held at September 30, 2020 and December 31, 2019 was approximately $213.3 million and $74.2 million, respectively, with settlement dates generally within one year. The market value of the foreign currency forward contracts was a $0.9 million net current liability at September 30, 2020 and a $0.7 million net current asset at December 31, 2019. Commodities As part of its risk management policy, the Company enters into commodities futures contracts for the purpose of mitigating its exposure to fluctuations in prices of certain metals used in the production of its finished goods. The Company held futures contracts to purchase and sell various metals, primarily tin and silver, with a notional value of $35.4 million and $28.6 million at September 30, 2020 and December 31, 2019, respectively. The market value of the metals forward contracts was $0.7 million net current asset at September 30, 2020 and $0.4 million net current liability at December 31, 2019. Substantially all contracts outstanding at September 30, 2020 had delivery dates within one year. The Company has not designated these derivatives as hedging instruments and, accordingly, records changes in their fair values in the Condensed Consolidated Statements of Operations as "Other (expense) income, net." Realized gains and losses on derivative contracts are accounted for as "Operating activities" in the Condensed Consolidated Statements of Cash Flows. Interest Rates The Company entered into interest rate swaps to effectively fix the floating rate of the interest payments associated with its $750 million term loan under the Credit Agreement through January 2024. These contracts were designated as a cash flow hedge. All interest payments to be paid during the last two years preceding the maturity date of this term loan (February 2024 to January 2026) will revert back to a floating rate of interest. The Company also entered into cross-currency swaps to effectively convert the $750 million term loan under the Credit Agreement, a U.S. dollar denominated debt obligation, into fixed-rate euro-denominated debt. Under these contracts, which expire in January 2024, the Company is obligated to make periodic euro-denominated coupon payments to the hedge counterparties on an aggregate initial notional amount of €662 million, in exchange for periodic U.S. dollar-denominated coupon payments from these hedge counterparties on an aggregate initial notional amount of $750 million. The Company has also designated these contracts as a net investment hedge of the foreign currency exposure of a portion of its net investment in its European operations. The net result of the above hedges is an interest rate of approximately 2.3%, which could vary due to changes in the euro and the U.S. dollar exchange rate. Changes in the fair value of a derivative instrument that is designated as, and meets all the required criteria of, a cash flow hedge are recorded in "Other comprehensive (loss) income" and reclassified from "Accumulated other comprehensive loss" into earnings as the underlying hedged item affects earnings. Amounts reclassified into earnings related to interest rate swaps are included in the Condensed Consolidated Statements of Operations as "Interest expense, net." Changes in the fair value of a derivative instrument that is designated as, and meets all the required criteria of, a net investment hedge are recorded in "Foreign currency translation" in "Accumulated other comprehensive loss" offsetting the translation adjustment attributable to the hedged portion of the Company’s net investment in its European operations. For the three and nine months ended September 30, 2020, the Company's interest rate swaps and cross-currency swaps were deemed highly effective. The Company expects to reclassify $17.5 million of expense associated with its interest rate swaps from "Accumulated other comprehensive loss" to "Interest expense, net" in the Condensed Consolidated Statements of Operations within the next twelve months. Fair Value Measurements The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis: (dollars in millions) Balance sheet location Classification September 30, 2020 December 31, 2019 Asset Category Foreign exchange not designated as hedging instruments Other current assets Level 2 $ 3.1 $ 0.9 Metals contracts not designated as hedging instruments Other current assets Level 2 1.9 0.3 Cross currency swaps designated as net investment hedge Other current assets Level 2 17.5 18.4 Available for sale equity securities Other assets Level 1 — 0.3 Total $ 22.5 $ 19.9 Liability Category Foreign exchange not designated as hedging instruments Accrued expenses and other current liabilities Level 2 $ 4.0 $ 0.2 Metals contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 1.2 0.7 Interest rate swaps designated as cash flow hedging instruments Accrued expenses and other current liabilities Level 2 17.5 6.9 Interest rate swaps designated as cash flow hedging instruments Other liabilities Level 2 38.3 19.7 Cross currency swaps designated as net investment hedge Other liabilities Level 2 6.8 0.3 Total $ 67.8 $ 27.8 The following methods and assumptions were used to estimate the fair value of each class of the Company’s financial assets and liabilities: Derivatives - Derivative assets and liabilities include foreign currency, metals, interest rate swaps and cross currency swaps. The values are determined using pricing models based upon observable market inputs, such as market spot and futures prices on over-the-counter derivative instruments, market interest rates, and consideration of counterparty credit risk. Available for sale equity securities - Available for sale equity securities classified as Level 1 assets are measured using quoted market prices at the reporting date multiplied by the quantity held. There were no significant transfers between the fair value hierarchy levels for the three and nine months ended September 30, 2020. The carrying value and estimated fair value of the Company’s long-term debt totaled $1.52 billion and $1.51 billion, respectively, at September 30, 2020. At December 31, 2019, the carrying value and estimated fair value totaled $1.52 billion and $1.58 billion, respectively. The carrying values noted above include unamortized discounts and debt issuance costs. The estimated fair value of long-term debt is measured using quoted market prices at the reporting date multiplied by the gross carrying amount of the related debt, which excludes unamortized discounts and debt issuance costs. Such instruments are valued using Level 2 inputs.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Preferred Stock The Company is authorized to issue 5 million shares of preferred stock. The Board had designated 2 million of those shares as "Series A Preferred Stock." At December 31, 2019, a total of 2 million shares of Series A Preferred Stock were issued and outstanding. All outstanding shares of Series A Preferred Stock were converted into shares of common stock of the Company during the first quarter of 2020. Repurchases of Common Stock During the three months ended September 30, 2020, as part of its previously-announced $750 million share repurchase program, the Company repurchased approximately 0.2 million shares of its common stock for approximately $2.6 million, at an average price of approximately $11.24 per share. During the nine months ended September 30, 2020, the Company repurchased approximately 4.0 million shares of its common stock for approximately $35.7 million, at an average price of approximately $8.96 per share. The repurchases were funded from cash on hand and the shares were allocated to treasury shares. The remaining authorization under the Company's share repurchase program was approximately $207 million at September 30, 2020. On October 6, 2020, the Company repurchased 1.5 million shares of its common stock at $11.50 per share or an aggregate purchase price of approximately $17.3 million. The repurchase was funded from cash on hand and the shares were allocated to treasury shares.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE Basic and diluted earnings per share are based on the weighted average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, assumes the issuance of all potentially dilutive share equivalents using the if-converted or treasury stock method. A computation of earnings (loss) per share from continuing operations and weighted average shares of the Company's common stock outstanding for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share amounts) 2020 2019 2020 2019 Net income (loss) from continuing operations $ 36.2 $ (6.0) $ 46.9 $ 5.2 Net income attributable to the non-controlling interests — — — (0.6) Net income (loss) from continuing operations attributable to common stockholders $ 36.2 $ (6.0) $ 46.9 $ 4.6 Basic weighted average common shares outstanding 248.9 254.4 249.4 259.9 Denominator adjustments for diluted EPS: Number of shares issuable upon conversion of Series A Preferred Stock — — 0.4 2.0 Number of stock options and RSUs 0.2 — 0.3 0.5 Denominator adjustments for diluted EPS 0.2 — 0.7 2.5 Diluted weighted average common shares outstanding 249.1 254.4 250.1 262.4 Earnings (loss) per share from continuing operations attributable to common stockholders: Basic $ 0.15 $ (0.02) $ 0.19 $ 0.02 Diluted $ 0.15 $ (0.02) $ 0.19 $ 0.02 For the three and nine months ended September 30, 2020 and 2019, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets and/or market conditions were not yet achieved for RSUs contingent upon performance: Three Months Ended September 30, Nine Months Ended September 30, (shares in millions) 2020 2019 2020 2019 Shares issuable for the contingent consideration — 4.9 — 4.9 Shares issuable upon conversion of Series A Preferred Stock — 2.0 — — Shares issuable upon vesting of RSUs and exercise of stock options 4.5 5.0 4.7 4.3 Total 4.5 11.9 4.7 9.2

Contingencies, Environmental an

Contingencies, Environmental and Legal Matters	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS	CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS Environmental Matters The Company is involved in various claims relating to environmental matters at current and former plants and waste management sites. The Company engages or participates in remedial and other environmental compliance activities at certain of these sites. At other sites, it has been named as a potential responsible party pursuant to the federal Superfund Act and/or state Superfund laws comparable to the federal law for site remediation. The Company analyzes each individual site, considering the number of parties involved, the level of its potential liability or contribution relating to the other parties, the nature and magnitude of the hazardous wastes involved, the method and extent of remediation, the potential insurance coverage, the estimated legal and consulting expense with respect to each site and the time period over which costs are likely to be incurred. Based on this analysis, the Company estimates the clean-up costs and related claims for each site. The estimates are based in part on discussions with other potential responsible parties, governmental agencies and engineering firms. The Company accrues for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current laws and existing technologies. The accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. The Company's environmental liabilities, which are included in the Condensed Consolidated Balance Sheets as "Accrued expenses and other current liabilities" and "Other liabilities," totaled $11.0 million and $12.0 million at September 30, 2020 and December 31, 2019, respectively, primarily driven by environmental remediation, clean-up costs and monitoring of sites that were either closed or disposed of in prior years. While uncertainty exists with respect to the amount and timing of its ultimate environmental liabilities, the Company does not currently anticipate any material losses in excess of the amount recorded. However, it is possible that new information about the sites, such as results of investigations, could make it necessary for the Company to reassess its potential exposure related to these environmental matters. The Company believes it is not possible to develop an estimate of the range of reasonably possible environmental loss in excess of the Company's recorded liabilities and is unable to ascertain the ultimate aggregate amount of monetary liabilities or financial impacts with respect to these matters. Legal Matters From time to time, the Company is involved in various legal proceedings, investigations and/or claims in the normal course of its business. Although it cannot predict with certainty the ultimate resolution of these matters, which involve judgments that are inherently subjective, the Company believes that their resolutions, to the extent not covered by insurance, will not, individually or in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or cash flows.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company's quarterly income tax provision is measured using an estimate of its consolidated annual effective tax rate, adjusted in the current period for discrete income tax items, within the periods presented. The comparison of the Company's income tax provision between periods is significantly impacted by tax law changes, the level and mix of earnings and losses by tax jurisdiction, foreign income tax rate differentials and discrete items. On July 23, 2020, the U.S. Treasury Department released regulations relating to the treatment of income that is subject to a high rate of foreign tax under the U.S. global intangible low-taxed income ("GILTI") and subpart F income regimes, and on July 28, 2020, it released new regulations relating to Internal Revenue Code section 163(j) and the related interest expense limitations. The Company has evaluated the impact of these new regulations on its Condensed Consolidated Financial Statements and calculated an estimated $42 million tax benefit from these regulations related to the 2018 and 2019 tax years producing an increase to the Company's net operating loss carryforwards. The Company recorded these impacts in the third quarter of 2020. For the three months ended September 30, 2020, the Company recognized an income tax benefit of $47.3 million, as compared to income tax expense of $57.2 million in the prior year. The tax benefit for the three months ended September 30, 2020 was driven by the benefit from the new regulations noted above, and to a lesser extent, the impacts from the GILTI provisions related to the 2020 tax year, a valuation allowance on tax attribute carryforwards and a tax on unremitted earnings related to non-U.S. jurisdictions. The tax expense for the three months ended September 30, 2019 represented tax on the Company's pre-tax income based on its estimated full year annual effective tax rate, which included the negative impact of U.S. GILTI provisions and an accrual of a valuation allowance on interest limitation carryforwards.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSThe Company is a party to an Advisory Services Agreement with Mariposa Capital, LLC, an affiliate of one of its founder directors, whereby Mariposa Capital, LLC is entitled to receive an annual fee of $3 million and reimbursement for expenses. This agreement is automatically renewed for successive one year terms unless either party notifies the other in writing of its intention not to renew no later than 90 days prior to the expiration of the applicable term. The fee is recorded in the Condensed Consolidated Statements of Operations as "Selling, technical, general and administrative" expense.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
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 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 September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Net sales: Electronics Assembly Solutions $ 155.0 $ 137.3 $ 393.2 $ 407.7 Circuitry Solutions 101.0 102.4 286.7 285.4 Semiconductor Solutions 50.8 40.3 149.0 120.7 Total Electronics 306.8 280.0 828.9 813.8 Industrial & Specialty Industrial Solutions 121.0 125.5 330.5 396.0 Graphics Solutions 33.6 40.1 106.8 113.1 Energy Solutions 16.1 19.1 50.9 58.3 Total Industrial & Specialty 170.7 184.7 488.2 567.4 Total net sales $ 477.5 $ 464.7 $ 1,317.1 $ 1,381.2 Adjusted EBITDA: Electronics $ 72.0 $ 73.6 $ 196.5 $ 190.4 Industrial & Specialty 29.8 41.8 100.2 124.1 Total Adjusted EBITDA $ 101.8 $ 115.4 $ 296.7 $ 314.5 The following table reconciles "Net income (loss) attributable to common stockholders" to Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Net income (loss) attributable to common stockholders $ 36.0 $ (6.9) $ 45.8 $ 17.8 Add (subtract): Net income attributable to the non-controlling interests — — — 0.6 Loss (income) from discontinued operations, net of tax 0.2 0.9 1.1 (13.2) Income tax (benefit) expense (47.3) 57.2 (37.4) 40.0 Interest expense, net 17.1 17.4 50.7 73.7 Depreciation expense 10.7 10.1 31.7 30.8 Amortization expense 30.5 28.1 88.8 84.9 EBITDA 47.2 106.8 180.7 234.6 Adjustments to reconcile to Adjusted EBITDA: Amortization of inventory step-up 1.0 — 2.4 — Restructuring expense 1.3 6.8 5.6 12.6 Acquisition and integration costs 0.4 0.8 8.3 2.5 Foreign exchange loss on foreign denominated external and internal long-term debt 2.3 1.1 43.2 1.5 Debt refinancing costs 45.7 — 45.7 61.0 Change in fair value of contingent consideration — 0.5 — 3.4 Other, net 3.9 (0.6) 10.8 (1.1) Adjusted EBITDA $ 101.8 $ 115.4 $ 296.7 $ 314.5

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. In the opinion of management, these unaudited Condensed Consolidated Financial Statements reflect all adjustments that are normal, recurring and necessary for a fair statement of the Company's financial position, results of operations and cash flows for interim periods, but are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the related notes thereto included in the Company’s 2019 Annual Report.
Basis of Presentation	The process of preparing the Company’s unaudited Condensed Consolidated Financial Statements requires the use of estimates and judgments that affect the reported amount of assets, liabilities, net sales and expenses. These estimates and judgments are based on historical experience, future expectations and other factors as well as assumptions the Company believes to be reasonable under the circumstances. These estimates and judgments are reviewed on an ongoing basis and revised as necessary; however, the business and economic uncertainty resulting from the COVID-19 pandemic has made such estimates and judgments more difficult to determine. Actual amounts may differ materially from these estimates.
Recent Accounting Pronouncements	Recently Issued Accounting Pronouncements Not Yet Adopted Income Taxes (Topic 740) - In December 2019, the FASB issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes," which removes certain exceptions related to the approach for intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The guidance is effective as of January 1, 2021, with early adoption permitted. The Company is evaluating the impact of the guidance on the Condensed Consolidated Financial Statements.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of discontinued operations	The following table details the components comprising net (loss) income from the Company's discontinued operations attributable to common stockholders: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 (1) Net sales $ — $ — $ — $ 65.3 Cost of sales — — — (45.5) Selling, technical, general and administrative — (0.4) — (37.8) Research and development — — — (4.6) (Loss) gain on Arysta Sale — (0.1) — 2.4 Operating loss — (0.5) — (20.2) Other, net (0.2) 0.7 (1.7) 9.4 (Loss) income from discontinued operations, before income taxes (0.2) 0.2 (1.7) (10.8) Income tax (expense) benefit — (1.1) 0.6 24.0 Net (loss) income from discontinued operations attributable to common stockholders $ (0.2) $ (0.9) $ (1.1) $ 13.2 (1) Includes activity through January 31, 2019, when the Arysta Sale was completed, and certain post-closing adjustments relating to, among

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Major components of inventory	The major components of inventory, on a net basis, were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Finished goods $ 122.1 $ 118.5 Work in process 26.5 22.6 Raw materials and supplies 63.3 58.5 Total inventories $ 211.9 $ 199.6

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Major components of property, plant, and equipment	The major components of property, plant and equipment were as follows: (dollars in millions) September 30, 2020 December 31, 2019 Land and leasehold improvements $ 51.3 $ 68.6 Buildings and improvements 133.9 113.5 Machinery, equipment, fixtures and software 240.9 220.0 Construction in process 20.7 16.0 Total property, plant and equipment 446.8 418.1 Accumulated depreciation (212.2) (153.3) Property, plant and equipment, net $ 234.6 $ 264.8

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the carrying amount of goodwill by segment	The changes in the carrying amount of goodwill were as follows: (dollars in millions) Electronics Industrial & Specialty Total Balance at December 31, 2019 $ 1,223.4 $ 956.2 (1) $ 2,179.6 Acquisition (2) — 6.8 6.8 Purchase accounting adjustments (3) (1.6) — (1.6) Foreign currency translation 17.7 (12.9) 4.8 Balance at September 30, 2020 $ 1,239.5 $ 950.1 $ 2,189.6 (1) Includes accumulated impairment losses of $46.6 million. (2) On July 1, 2020, the Company completed the DMP Acquisition. which was not material to our Condensed Consolidated Financial Statements, and therefore, the purchase price allocation, pro forma and post-acquisition results of operations have not been presented.
Schedule of finite-lived intangible assets subject to amortization	Intangible assets subject to amortization were as follows: September 30, 2020 December 31, 2019 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 957.0 $ (404.8) $ 552.2 $ 959.1 $ (351.4) $ 607.7 Developed technology 384.4 (225.3) 159.1 380.5 (194.8) 185.7 Tradenames 89.4 (9.4) 80.0 51.5 (4.9) 46.6 Other 1.6 (0.8) 0.8 1.6 (1.6) — Total $ 1,432.4 $ (640.3) $ 792.1 $ 1,392.7 $ (552.7) $ 840.0

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt and capital lease obligations	The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate September 30, 2020 December 31, 2019 USD Term Loans (1) 2026 LIBOR plus 2.00% $ 729.0 $ 733.4 Senior Notes - USD 800 million (2) 2028 3.875% 787.7 — Senior Notes - USD 800 million (3) 2025 5.875% — 786.7 Borrowings under the Revolving Credit Facility 2024 LIBOR plus 2.25% — — Other 0.7 0.9 Total debt 1,517.4 1,521.0 Less: current installments of long-term debt and revolving credit facilities 7.7 7.8 Total long-term debt $ 1,509.7 $ 1,513.2 (1) Term loans, net of unamortized discounts and debt issuance costs of $8.0 million and $9.1 million at September 30, 2020 and December 31, 2019, respectively. Weighted average effective interest rate of 2.3% and 2.2% at September 30, 2020 and December 31, 2019, respectively, including the effects of interest rate swaps and net investment hedges. See Note 8, Financial Instruments, for further information regarding the Company's interest rate swaps and net investment hedges. (2) Senior notes, net of unamortized debt issuance costs of $12.3 million at September 30, 2020. Weighted average effective interest rate of 4.1% at September 30, 2020. (3) Senior notes, net of unamortized discount and debt issuance costs of $13.3 million at December 31, 2019. Weighted average effective interest rate of 6.2% at December 31, 2019.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis: (dollars in millions) Balance sheet location Classification September 30, 2020 December 31, 2019 Asset Category Foreign exchange not designated as hedging instruments Other current assets Level 2 $ 3.1 $ 0.9 Metals contracts not designated as hedging instruments Other current assets Level 2 1.9 0.3 Cross currency swaps designated as net investment hedge Other current assets Level 2 17.5 18.4 Available for sale equity securities Other assets Level 1 — 0.3 Total $ 22.5 $ 19.9 Liability Category Foreign exchange not designated as hedging instruments Accrued expenses and other current liabilities Level 2 $ 4.0 $ 0.2 Metals contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 1.2 0.7 Interest rate swaps designated as cash flow hedging instruments Accrued expenses and other current liabilities Level 2 17.5 6.9 Interest rate swaps designated as cash flow hedging instruments Other liabilities Level 2 38.3 19.7 Cross currency swaps designated as net investment hedge Other liabilities Level 2 6.8 0.3 Total $ 67.8 $ 27.8

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Computation of earnings (loss) per share	A computation of earnings (loss) per share from continuing operations and weighted average shares of the Company's common stock outstanding for the three and nine months ended September 30, 2020 and 2019 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share amounts) 2020 2019 2020 2019 Net income (loss) from continuing operations $ 36.2 $ (6.0) $ 46.9 $ 5.2 Net income attributable to the non-controlling interests — — — (0.6) Net income (loss) from continuing operations attributable to common stockholders $ 36.2 $ (6.0) $ 46.9 $ 4.6 Basic weighted average common shares outstanding 248.9 254.4 249.4 259.9 Denominator adjustments for diluted EPS: Number of shares issuable upon conversion of Series A Preferred Stock — — 0.4 2.0 Number of stock options and RSUs 0.2 — 0.3 0.5 Denominator adjustments for diluted EPS 0.2 — 0.7 2.5 Diluted weighted average common shares outstanding 249.1 254.4 250.1 262.4 Earnings (loss) per share from continuing operations attributable to common stockholders: Basic $ 0.15 $ (0.02) $ 0.19 $ 0.02 Diluted $ 0.15 $ (0.02) $ 0.19 $ 0.02
Summary of securities excluded from computation of (loss) earnings per share	For the three and nine months ended September 30, 2020 and 2019, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets and/or market conditions were not yet achieved for RSUs contingent upon performance: Three Months Ended September 30, Nine Months Ended September 30, (shares in millions) 2020 2019 2020 2019 Shares issuable for the contingent consideration — 4.9 — 4.9 Shares issuable upon conversion of Series A Preferred Stock — 2.0 — — Shares issuable upon vesting of RSUs and exercise of stock options 4.5 5.0 4.7 4.3 Total 4.5 11.9 4.7 9.2

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summary of segment's 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 September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Net sales: Electronics Assembly Solutions $ 155.0 $ 137.3 $ 393.2 $ 407.7 Circuitry Solutions 101.0 102.4 286.7 285.4 Semiconductor Solutions 50.8 40.3 149.0 120.7 Total Electronics 306.8 280.0 828.9 813.8 Industrial & Specialty Industrial Solutions 121.0 125.5 330.5 396.0 Graphics Solutions 33.6 40.1 106.8 113.1 Energy Solutions 16.1 19.1 50.9 58.3 Total Industrial & Specialty 170.7 184.7 488.2 567.4 Total net sales $ 477.5 $ 464.7 $ 1,317.1 $ 1,381.2 Adjusted EBITDA: Electronics $ 72.0 $ 73.6 $ 196.5 $ 190.4 Industrial & Specialty 29.8 41.8 100.2 124.1 Total Adjusted EBITDA $ 101.8 $ 115.4 $ 296.7 $ 314.5 The following table reconciles "Net income (loss) attributable to common stockholders" to Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2020 2019 2020 2019 Net income (loss) attributable to common stockholders $ 36.0 $ (6.9) $ 45.8 $ 17.8 Add (subtract): Net income attributable to the non-controlling interests — — — 0.6 Loss (income) from discontinued operations, net of tax 0.2 0.9 1.1 (13.2) Income tax (benefit) expense (47.3) 57.2 (37.4) 40.0 Interest expense, net 17.1 17.4 50.7 73.7 Depreciation expense 10.7 10.1 31.7 30.8 Amortization expense 30.5 28.1 88.8 84.9 EBITDA 47.2 106.8 180.7 234.6 Adjustments to reconcile to Adjusted EBITDA: Amortization of inventory step-up 1.0 — 2.4 — Restructuring expense 1.3 6.8 5.6 12.6 Acquisition and integration costs 0.4 0.8 8.3 2.5 Foreign exchange loss on foreign denominated external and internal long-term debt 2.3 1.1 43.2 1.5 Debt refinancing costs 45.7 — 45.7 61.0 Change in fair value of contingent consideration — 0.5 — 3.4 Other, net 3.9 (0.6) 10.8 (1.1) Adjusted EBITDA $ 101.8 $ 115.4 $ 296.7 $ 314.5

Background and Basis of Prese_3

Background and Basis of Presentation (Details)	Jan. 31, 2014$ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Common stock par value (in dollars per share)	$ 0.01

Discontinued Operations - Compo

Discontinued Operations - Components Comprising Net Income (Loss) from Discontinued Operations, Net (Details) - Arysta - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Net sales	$ 0	$ 0	$ 0	$ 65.3
Cost of sales	0	0	0	(45.5)
Selling, technical, general and administrative	0	(0.4)	0	(37.8)
Research and development	0	0	0	(4.6)
(Loss) gain on Arysta Sale	0	(0.1)	0	2.4
Operating loss	0	(0.5)	0	(20.2)
Other, net	(0.2)	0.7	(1.7)	9.4
(Loss) income from discontinued operations, before income taxes	(0.2)	0.2	(1.7)	(10.8)
Income tax (expense) benefit	0	(1.1)	0.6	24
Net (loss) income from discontinued operations attributable to common stockholders	$ (0.2)	$ (0.9)	$ (1.1)	$ 13.2

Inventories - Major Components

Inventories - Major Components of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 122.1	$ 118.5
Work in process	26.5	22.6
Raw materials and supplies	63.3	58.5
Total inventories	$ 211.9	$ 199.6

Property, Plant and Equipment -

Property, Plant and Equipment - Major Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Property, plant and equipment
Total property, plant and equipment	$ 446.8	$ 418.1
Accumulated depreciation	(212.2)	(153.3)
Property, plant and equipment, net	234.6	264.8
Land and leasehold improvements
Property, plant and equipment
Total property, plant and equipment	51.3	68.6
Buildings and improvements
Property, plant and equipment
Total property, plant and equipment	133.9	113.5
Machinery, equipment, fixtures and software
Property, plant and equipment
Total property, plant and equipment	240.9	220
Construction in process
Property, plant and equipment
Total property, plant and equipment	$ 20.7	$ 16

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, plant and equipment
Depreciation expense	$ 10.7	$ 10.1	$ 31.7	$ 30.8
Received an initial deposit			3.6
Land
Property, plant and equipment
Non-current assets held for sale	17.2		17.2
Building
Property, plant and equipment
Non-current assets held for sale	$ 2.7		$ 2.7

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Goodwill
Beginning balance	$ 2,179.6
Acquisition	6.8
Purchase accounting adjustments	(1.6)
Foreign currency translation	4.8
Ending balance	2,189.6
Electronics
Goodwill
Beginning balance	1,223.4
Acquisition	0
Purchase accounting adjustments	(1.6)
Foreign currency translation	17.7
Ending balance	1,239.5
Industrial & Specialty
Goodwill
Beginning balance	956.2
Acquisition	6.8
Purchase accounting adjustments	0
Foreign currency translation	(12.9)
Ending balance	$ 950.1

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	Mar. 09, 2020	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Indefinite-lived Intangible Assets
Accumulated goodwill impairment losses							$ 46.6
Amortization of expense of intangible assets		$ 30.5		$ 28.1	$ 88.8	$ 84.9
Research and development		10.1		$ 10	$ 37.2	$ 31.9
Electronics
Indefinite-lived Intangible Assets
Payments to acquire intangible assets	$ 6.3
Research and development	$ 4.5
Tradenames
Indefinite-lived Intangible Assets
Finite lived intangible asset useful life					15 years
Tradenames
Indefinite-lived Intangible Assets
Indefinite lived intangible assets		$ 68			$ 68		$ 104
Kester
Indefinite-lived Intangible Assets
Fixed asset step-up acquisition			$ 1.4

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,432.4	$ 1,392.7
Accumulated Amortization	(640.3)	(552.7)
Net Book Value	792.1	840
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	957	959.1
Accumulated Amortization	(404.8)	(351.4)
Net Book Value	552.2	607.7
Developed technology
Finite-Lived Intangible Assets
Gross Carrying Amount	384.4	380.5
Accumulated Amortization	(225.3)	(194.8)
Net Book Value	159.1	185.7
Tradenames
Finite-Lived Intangible Assets
Gross Carrying Amount	89.4	51.5
Accumulated Amortization	(9.4)	(4.9)
Net Book Value	80	46.6
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	1.6	1.6
Accumulated Amortization	(0.8)	(1.6)
Net Book Value	$ 0.8	$ 0

Debt - Summary of Debt and Capi

Debt - Summary of Debt and Capital Leases Outstanding (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 04, 2020	Aug. 18, 2020	Dec. 31, 2019
Debt Instrument
Total debt	$ 1,517,400,000			$ 1,521,000,000
Less: current installments of long-term debt and revolving credit facilities	7,700,000			7,800,000
Total long-term debt	1,509,700,000			1,513,200,000
Domestic Line of Credit | USD Term Loan, due 2026
Debt Instrument
Total debt	729,000,000			733,400,000
Debt face amount	750,000,000
Unamortized discount (premium) and debt issuance costs, net	$ 8,000,000			$ 9,100,000
Effective interest rate (percent)	2.30%			2.20%
Domestic Line of Credit | USD Term Loan, due 2026 | LIBOR
Debt Instrument
Spread on variable rate (percent)	2.00%
Senior Notes
Debt Instrument
Unamortized discount (premium) and debt issuance costs, net	$ 12,300,000			$ 13,300,000
Effective interest rate (percent)	4.10%			6.20%
Senior Notes | USD Senior Notes, Due 2028
Debt Instrument
Total debt	$ 787,700,000			$ 0
Debt face amount	$ 800,000,000		$ 800,000,000
Stated interest rate (percent)	3.875%		3.875%
Senior Notes | USD Senior Notes, Due 2025
Debt Instrument
Total debt	$ 0			786,700,000
Debt face amount	$ 800,000,000	$ 800,000,000
Stated interest rate (percent)	5.875%	5.875%
Line of Credit | Revolving Credit Facility
Debt Instrument
Total debt	$ 0			0
Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument
Spread on variable rate (percent)	2.25%
Other
Debt Instrument
Total debt	$ 700,000			$ 900,000

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Domestic Line of Credit | Notes maturing 2026
Line of Credit Facility
Debt face amount	$ 750,000,000
Revolving Credit Facility
Line of Credit Facility
Maximum capacity	$ 1,080,000,000
Commitment fee (percent)	0.50%
Commitment fee step down percentage (percent)	0.375%
Revolving Credit Facility | Base Rate
Line of Credit Facility
Spread on variable rate (percent)	1.00%
Revolving Credit Facility | Eurocurrency Rate
Line of Credit Facility
Spread on variable rate (percent)	2.00%
Revolving Credit Facility | Line of Credit
Line of Credit Facility
Maximum capacity	$ 330,000,000

Debt - Covenants, Events of Def

Debt - Covenants, Events of Default and Provisions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Senior Notes
Debt Instrument
Covenant, outstanding borrowings leverage threshold (percent)	30.00%
First lien net leverage ratio	5
Line of Credit | Revolving Credit Facility
Debt Instrument
Line of credit current borrowing capacity	$ 325

Debt - USD Notes (Details)

Debt - USD Notes (Details) - Senior Notes - USD ($)	Aug. 18, 2020	Sep. 30, 2020	Sep. 04, 2020
USD Senior Notes, Due 2028
Debt Instrument
Stated interest rate (percent)	3.875%	3.875%
Debt face amount	$ 800,000,000	$ 800,000,000
Debt expense	45,700,000
Debt premium	33,600,000
Debt instrument, write off of deferred debt issuance cost	$ 12,100,000
USD Senior Notes, Due 2025
Debt Instrument
Stated interest rate (percent)		5.875%	5.875%
Debt face amount		$ 800,000,000	$ 800,000,000

Debt - Lines of Credit and Othe

Debt - Lines of Credit and Other Debt Facilities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument
Debt and capital lease obligations	$ 1,517,400,000	$ 1,521,000,000
Revolving Credit Facility
Debt Instrument
Reduction in borrowings	5,500,000	5,300,000
Line of Credit
Debt Instrument
Outstanding letters of credit	6,200,000	5,700,000
Line of Credit | Revolving Credit Facility
Debt Instrument
Debt and capital lease obligations	0	0
Line of Credit | Lines of Credit and Revolving Lines of Credit
Debt Instrument
Debt and capital lease obligations	0	0
Remaining borrowing capacity	$ 349,000,000	$ 351,000,000

Financial Instruments - Derivat

Financial Instruments - Derivatives and Hedging (Details) € in Millions	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020EUR (€)	Dec. 31, 2019USD ($)
Derivative Instruments, Gain (Loss)
Gain (loss) to be reclassified during next 12 months	$ 17,500,000
Metals contracts not designated as hedging instruments
Derivative Instruments, Gain (Loss)
Derivative liability	700,000		$ 400,000
Domestic Line of Credit | USD Term Loan, due 2026
Derivative Instruments, Gain (Loss)
Debt face amount	750,000,000
Foreign Exchange Forward
Derivative Instruments, Gain (Loss)
Derivative notional amount	$ 35,400,000		28,600,000
Derivative remaining maturity	1 year
Interest rate swaps | Medium-term Notes | Euro Notes
Derivative Instruments, Gain (Loss)
Derivative notional amount | €		€ 662
Interest rate swap rate (as a percent)	2.30%	2.30%
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative Instruments, Gain (Loss)
Derivative notional amount	$ 213,300,000		74,200,000
Derivative remaining maturity	1 year
Derivative liability	$ 900,000
Derivative asset			$ 700,000

Financial Instruments - Assets

Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Metals contracts not designated as hedging instruments
Liability Category
Derivative liability	$ 0.7	$ 0.4
Recurring
Asset Category
Total	22.5	19.9
Liability Category
Total	67.8	27.8
Recurring | Level 2 | Other current assets | Metals contracts not designated as hedging instruments | Not Designated as Hedging Instrument
Asset Category
Derivative asset	1.9	0.3
Recurring | Level 2 | Other current assets | Foreign exchange not designated as hedging instruments | Not Designated as Hedging Instrument
Asset Category
Derivative asset	3.1	0.9
Recurring | Level 2 | Other current assets | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument
Asset Category
Derivative asset	17.5	18.4
Recurring | Level 2 | Accrued expenses and other current liabilities | Metals contracts not designated as hedging instruments | Not Designated as Hedging Instrument
Liability Category
Derivative liability	1.2	0.7
Recurring | Level 2 | Accrued expenses and other current liabilities | Foreign exchange not designated as hedging instruments | Not Designated as Hedging Instrument
Liability Category
Derivative liability	4	0.2
Recurring | Level 2 | Accrued expenses and other current liabilities | Interest rate swaps designated as cash flow hedging instruments | Designated as Hedging Instrument
Liability Category
Derivative liability	17.5	6.9
Recurring | Level 2 | Other liabilities | Interest rate swaps designated as cash flow hedging instruments | Designated as Hedging Instrument
Liability Category
Derivative liability	38.3	19.7
Recurring | Level 2 | Other liabilities | Cross currency swaps designated as net investment hedge
Liability Category
Derivative liability	6.8	0.3
Recurring | Level 1 | Other assets
Asset Category
Available for sale equity securities	$ 0	$ 0.3

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurements, Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,520	$ 1,520
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,510	$ 1,580

Stockholders' Equity - Preferre

Stockholders' Equity - Preferred Stock (Details) - shares	Sep. 30, 2020	Dec. 31, 2019
Class of Stock
Number of preferred shares authorized in amendment (in shares)	5,000,000
Shares issuable upon conversion of Series A Preferred Stock
Class of Stock
Number of preferred shares authorized in amendment (in shares)	2,000,000
Preferred stock issued (in shares)		2,000,000
Preferred stock outstanding (in shares)		2,000,000

Stockholders' Equity - Repurcha

Stockholders' Equity - Repurchases of Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 06, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Class of Stock
Payment for shares acquired			$ 35.7	$ 496.1
Common Stock
Class of Stock
Stock repurchase program, authorized amount		$ 750	$ 750
Treasury shares acquired (in shares)		200,000	4,000,000
Payment for shares acquired		$ 2.6	$ 35.7
Treasury stock price (usd per share)		$ 11.24	$ 8.96
Remaining shares authorized for repurchase		$ 207	$ 207
Common Stock | Subsequent Event
Class of Stock
Treasury shares acquired (in shares)	1,500,000
Payment for shares acquired	$ 17.3
Treasury stock price (usd per share)	$ 11.50

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 36.2	$ (6)	$ 46.9	$ 5.2
Net income attributable to the non-controlling interests	0	0	0	(0.6)
Net income (loss) from continuing operations attributable to common stockholders	$ 36.2	$ (6)	$ 46.9	$ 4.6
Basic weighted average common shares outstanding (in shares)	248.9	254.4	249.4	259.9
Denominator adjustments for diluted EPS:
Number of shares issuable upon conversion of Series A Preferred Stock (in shares)	0	0	0.4	2
Number of stock options and RSUs (in shares)	0.2	0	0.3	0.5
Denominator adjustments for diluted EPS (in shares)	0.2	0	0.7	2.5
Diluted weighted average common shares outstanding (in shares)	249.1	254.4	250.1	262.4
Earnings (loss) per share from continuing operations attributable to common stockholders:
Basic (in dollars per share)	$ 0.15	$ (0.02)	$ 0.19	$ 0.02
Diluted (in dollars per share)	$ 0.15	$ (0.02)	$ 0.19	$ 0.02

Earnings (Loss) Per Share - Ant

Earnings (Loss) Per Share - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted-average securities not included in computation of diluted shares outstanding (in shares)	4.5	11.9	4.7	9.2
Shares issuable for the contingent consideration
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted-average securities not included in computation of diluted shares outstanding (in shares)	0	4.9	0	4.9
Shares issuable upon conversion of Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted-average securities not included in computation of diluted shares outstanding (in shares)	0	2	0	0
Shares issuable upon vesting of RSUs and exercise of stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted-average securities not included in computation of diluted shares outstanding (in shares)	4.5	5	4.7	4.3

Contingencies, Environmental _2

Contingencies, Environmental and Legal Matters (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Reserves for environmental matters	$ 11	$ 12

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
GILTI tax benefit	$ 42
Income tax (benefit) expense	$ (47.3)	$ 57.2	$ (37.4)	$ 40

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - Advisory Services Agreement - Mariposa Capital $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Related Party Transaction
Related party transaction expense	$ 3
Automatic renewal period	1 year
Agreement renewal period	90 days

Segment Information - Additiona

Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020segment
Segment Reporting [Abstract]
Number of reportable segments	2

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information
Total net sales	$ 477.5	$ 464.7	$ 1,317.1	$ 1,381.2
Total Adjusted EBITDA	101.8	115.4	296.7	314.5
Electronics
Segment Reporting Information
Total net sales	306.8	280	828.9	813.8
Total Adjusted EBITDA	72	73.6	196.5	190.4
Electronics | Assembly Solutions
Segment Reporting Information
Total net sales	155	137.3	393.2	407.7
Electronics | Circuitry Solutions
Segment Reporting Information
Total net sales	101	102.4	286.7	285.4
Electronics | Semiconductor Solutions
Segment Reporting Information
Total net sales	50.8	40.3	149	120.7
Industrial & Specialty
Segment Reporting Information
Total net sales	170.7	184.7	488.2	567.4
Total Adjusted EBITDA	29.8	41.8	100.2	124.1
Industrial & Specialty | Industrial Solutions
Segment Reporting Information
Total net sales	121	125.5	330.5	396
Industrial & Specialty | Graphics Solutions
Segment Reporting Information
Total net sales	33.6	40.1	106.8	113.1
Industrial & Specialty | Energy Solutions
Segment Reporting Information
Total net sales	$ 16.1	$ 19.1	$ 50.9	$ 58.3

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA to Net Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting [Abstract]
Net income (loss) attributable to common stockholders	$ 36	$ (6.9)	$ 45.8	$ 17.8
Add (subtract):
Net income attributable to the non-controlling interests	0	0	0	0.6
Loss (income) from discontinued operations, net of tax	0.2	0.9	1.1	(13.2)
Income tax (benefit) expense	(47.3)	57.2	(37.4)	40
Interest expense, net	17.1	17.4	50.7	73.7
Depreciation expense	10.7	10.1	31.7	30.8
Amortization expense	30.5	28.1	88.8	84.9
EBITDA	47.2	106.8	180.7	234.6
Adjustments to reconcile to Adjusted EBITDA:
Amortization of inventory step-up	1	0	2.4	0
Restructuring expense	1.3	6.8	5.6	12.6
Acquisition and integration costs	0.4	0.8	8.3	2.5
Foreign exchange loss on foreign denominated external and internal long-term debt	2.3	1.1	43.2	1.5
Debt refinancing costs	45.7	0	45.7	61
Change in fair value of contingent consideration	0	0.5	0	3.4
Other, net	3.9	(0.6)	10.8	(1.1)
Adjusted EBITDA	$ 101.8	$ 115.4	$ 296.7	$ 314.5