Element Solutions (ESI) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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(s)	ESI
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		247,456,533
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001590714
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 550.1	$ 452.6
Cost of sales	309.1	255.3
Gross profit	241	197.3
Operating expenses:
Selling, technical, general and administrative	129.6	125.2
Research and development	11.5	17.5
Total operating expenses	141.1	142.7
Operating profit	99.9	54.6
Other (expense) income:
Interest expense, net	(12.9)	(16.7)
Foreign exchange gain (loss)	28	(25.8)
Other (expense) income, net	(1.6)	0.4
Total other income (expense)	13.5	(42.1)
Income before income taxes and non-controlling interests	113.4	12.5
Income tax expense	(31.1)	(4.1)
Net income from continuing operations	82.3	8.4
Income from discontinued operations, net of tax	0	0.2
Net income attributable to common stockholders	$ 82.3	$ 8.6
Earnings per share
Basic from continuing operations (in dollars per share)	$ 0.33	$ 0.03
Basic from discontinued operations (in dollars per share)	0	0
Basic attributable to common stockholders (in dollars per share)	0.33	0.03
Diluted from continuing operations (in dollars per share)	0.33	0.03
Diluted from discontinued operations (in dollars per share)	0	0
Diluted attributable to common stockholders (in dollars per share)	$ 0.33	$ 0.03
Weighted average common shares outstanding
Basic (in shares)	247.2	250.3
Diluted (in shares)	248.6	252

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 82.3	$ 8.6
Foreign currency translation:
Other comprehensive loss before reclassifications, net of tax expense of $5.9 and $0.0 for three months ended March 31, 2021 and 2020, respectively	(52.7)	(23.6)
Reclassifications	0	0
Total foreign currency translation adjustments	(52.7)	(23.6)
Pension and post-retirement plans:
Other comprehensive loss before reclassifications, net of tax expense of $0.0 and $0.5 for the three months ended March 31, 2021 and 2020, respectively	0	(0.5)
Reclassifications, net of tax expense of $0.0 for the three months ended March 31, 2021 and 2020, respectively	0	0
Total pension and post-retirement plans	0	(0.5)
Derivative financial instruments:
Other comprehensive income (loss) before reclassifications, net of tax expense of $1.8 and $0.0 for the three months ended March 31, 2021 and 2020, respectively	3	(32)
Reclassifications, net of tax expense of $0.0 for the three months ended March 31, 2021 and 2020, respectively	4.4	1.6
Total unrealized loss arising on qualified hedging derivatives	7.4	(30.4)
Other comprehensive loss	(45.3)	(54.5)
Comprehensive income (loss) attributable to common stockholders	$ 37	$ (45.9)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign currency translation:
Tax expense	$ 5.9	$ 0
Pension and post-retirement plans:
Tax expense	0	0.5
Tax expense, reclassification	0	0
Derivative financial instruments:
Tax expense	1.8	0
Tax expense, reclassification	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash & cash equivalents	$ 317.5	$ 291.9
Accounts receivable, net of allowance for doubtful accounts of $10.1 and $9.7 at March 31, 2021 and December 31, 2020, respectively	422.3	403.4
Inventories	243.4	203.1
Prepaid expenses	26.2	24
Other current assets	60.7	67.5
Total current assets	1,070.1	989.9
Property, plant and equipment, net	235.3	240.4
Goodwill	2,225	2,252.7
Intangible assets, net	817.4	855.9
Other assets	125.6	141.2
Non-current assets of discontinued operations	3.3	3.3
Total assets	4,476.7	4,483.4
Liabilities and stockholders' equity
Accounts payable	122.5	95.6
Current installments of long-term debt	7.4	7.4
Accrued expenses and other current liabilities	183	204.2
Current liabilities of discontinued operations	7.1	7.1
Total current liabilities	320	314.3
Debt	1,507	1,508.1
Pension and post-retirement benefits	41.4	43.3
Deferred income taxes	111	112.9
Other liabilities	149.5	186.7
Total liabilities	2,128.9	2,165.3
Commitments and contingencies (Note 8)
Stockholders' equity
Common stock: 400.0 shares authorized (2021: 261.8 shares issued; 2020: 261.3 shares issued)	2.6	2.6
Additional paid-in capital	4,129.5	4,122.9
Treasury stock (2021: 14.3 shares; 2020: 14.2 shares)	(139.2)	(137.7)
Accumulated deficit	(1,403.3)	(1,473.2)
Accumulated other comprehensive loss	(240.1)	(194.8)
Total stockholders' equity	2,349.5	2,319.8
Non-controlling interests	(1.7)	(1.7)
Total equity	2,347.8	2,318.1
Total liabilities and stockholders' equity	$ 4,476.7	$ 4,483.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Allowance for doubtful accounts, current	$ 10.1	$ 9.7
Stockholders' equity
Common shares authorized (in shares)	400,000,000	400,000,000
Common shares issued (in shares)	261,800,000	261,300,000
Treasury shares (in shares)	14,300,000	14,200,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income attributable to common stockholders	$ 82.3	$ 8.6
Net income from discontinued operations, net of tax	0	0.2
Net income from continuing operations	82.3	8.4
Reconciliations of net income from continuing operations to net cash flows provided by operating activities:
Depreciation and amortization	39.1	39.9
Deferred income taxes	5.2	(2.4)
Foreign exchange (gain) loss	(28.9)	24.5
Incentive stock compensation	4.3	2
Other, net	(2.3)	8.8
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(26.3)	(2.6)
Inventories	(44.6)	(19)
Accounts payable	30.4	8.9
Accrued expenses	(18.8)	(6.2)
Prepaid expenses and other current assets	(9)	(4.4)
Other assets and liabilities	1.2	3.3
Net cash flows provided by operating activities of continuing operations	32.6	61.2
Cash flows from investing activities:
Capital expenditures	(8.5)	(10.5)
Other, net	19	(5.9)
Net cash flows provided by (used in) investing activities of continuing operations	10.5	(16.4)
Cash flows from financing activities:
Repayments of borrowings	(1.9)	(2)
Change in lines of credit, net	0	320
Repurchases of common stock	0	(33.1)
Dividends	(12.4)	0
Other, net	0.1	(1.5)
Net cash flows (used in) provided by financing activities of continuing operations	(14.2)	283.4
Cash flows from discontinued operations:
Net cash flows used in operating activities of discontinued operations	0	(14.7)
Net cash flows used in discontinued operations	0	(14.7)
Effect of exchange rate changes on cash and cash equivalents	(3.3)	(6.2)
Net increase in cash and cash equivalents	25.6	307.3
Cash and cash equivalents at beginning of period	291.9	190.1
Cash and cash equivalents at end of period	$ 317.5	$ 497.4

CONDENSED CONSOLIDATED STATEM_5

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, 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	8.6	8.6					8.6
Other comprehensive loss, net of taxes	(54.4)	(54.4)						(54.4)
Exercise/ vesting of share based compensation	(1.7)	(1.7)			0.2	$ (1.9)
Exercise/ vesting of share based compensation (in shares)				475,987		162,333
Issuance of common stock under ESPP	0.3	0.3			0.3
Issuance of common stock under ESPP (in shares)				28,689
Preferred stock conversion (in shares)			(2,000,000)	2,000,000
Repurchases of common stock	(33.1)	(33.1)				$ (33.1)
Repurchases of common stock (in shares)						3,742,488
Equity compensation expense	2.4	2.4			2.4
Balance at Mar. 31, 2020	2,141.4	2,143	$ 0	$ 2.6	4,117.1	$ (113.9)	(1,527.9)	(334.9)	(1.6)
Balance (in shares) at Mar. 31, 2020			0	260,933,009		(12,182,019)
Balance at Dec. 31, 2020	2,318.1	2,319.8		$ 2.6	4,122.9	$ (137.7)	(1,473.2)	(194.8)	(1.7)
Balance (in shares) at Dec. 31, 2020				261,330,127		(14,229,280)
Increase (Decrease) in Stockholders' Equity
Net income	82.3	82.3					82.3
Other comprehensive loss, net of taxes	(45.3)	(45.3)						(45.3)
Exercise/ vesting of share based compensation	0.4	0.4			1.9	$ (1.5)
Exercise/ vesting of share based compensation (in shares)				416,413		84,426
Issuance of common stock under ESPP	0.3	0.3			0.3
Issuance of common stock under ESPP (in shares)				22,278
Repurchases of common stock (in shares)						1,700
Dividends ($0.05 per share)	(12.4)	(12.4)					(12.4)
Equity compensation expense	4.4	4.4			4.4
Balance at Mar. 31, 2021	$ 2,347.8	$ 2,349.5		$ 2.6	$ 4,129.5	$ (139.2)	$ (1,403.3)	$ (240.1)	$ (1.7)
Balance (in shares) at Mar. 31, 2021				261,768,818		(14,315,406)

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2021$ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared (per share)	$ 0.05

Background and Basis of Present

Background and Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 New York Stock Exchange 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, these innovative solutions enable customers' manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage 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, 2021. 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 2020 Annual Report. The process of preparing the Company’s unaudited Condensed Consolidated Financial Statements requires the use of estimates that affect the reported amount of assets, liabilities, net sales and expenses. These estimates include assumptions and judgements based on historical experience, current conditions, future expectations and other factors the Company consider reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual amounts may differ materially from these estimates. Certain prior year amounts have been reclassified to conform to the current year’s presentation.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The major components of inventory, on a net basis, were as follows: (dollars in millions) March 31, 2021 December 31, 2020 Finished goods $ 144.2 $ 119.7 Work in process 30.0 23.0 Raw materials and supplies 69.2 60.4 Total inventories $ 243.4 $ 203.1

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 December 31, 2020 Land and leasehold improvements $ 52.3 $ 53.2 Buildings and improvements 138.1 139.5 Machinery, equipment, fixtures and software 256.2 245.8 Construction in process 24.5 22.3 Total property, plant and equipment 471.1 460.8 Accumulated depreciation (235.8) (220.4) Property, plant and equipment, net $ 235.3 $ 240.4 For the three months ended March 31, 2021 and 2020, the Company recorded depreciation expense of $9.4 million and $10.5 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 business segment, as held for sale. The sale of the facility was completed in January 2021 and the Company recognized a gain of $3.9 million in "Selling, technical, general and administrative" in the Condensed Consolidated Statements of Operations. The Company had received initial deposits of $4.6 million in the second half of 2020 and received the remaining cash of $19.0 million associated with sale during the first quarter of 2021. Cash flows associated with the sale of this facility are included in "Other, net" in the Condensed Consolidated Statements of Cash Flows as a cash inflow from investing activities.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
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, 2020 $ 1,274.0 $ 978.7 (1) $ 2,252.7 Foreign currency translation (12.7) (15.0) (27.7) Balance at March 31, 2021 $ 1,261.3 $ 963.7 $ 2,225.0 (1) Includes accumulated impairment losses of $46.6 million. Indefinite-Lived Intangible Asset The carrying value of the indefinite-lived intangible asset other than goodwill, which consisted of a tradename, was $68.0 million at March 31, 2021 and December 31, 2020, respectively. Finite-Lived Intangible Assets Intangible assets subject to amortization were as follows: March 31, 2021 December 31, 2020 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 972.4 $ (448.4) $ 524.0 $ 984.3 $ (435.4) $ 548.9 Developed technology 362.7 (215.4) 147.3 400.0 (241.5) 158.5 Tradenames 90.3 (12.2) 78.1 91.8 (11.3) 80.5 Other — — — 1.7 (1.7) — Total $ 1,425.4 $ (676.0) $ 749.4 $ 1,477.8 $ (689.9) $ 787.9 For the three months ended March 31, 2021 and 2020, the Company recorded amortization expense on intangible assets of $29.7 million and $29.4 million, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate March 31, 2021 December 31, 2020 Term Loans (1) 2026 LIBOR plus 2.00% $ 726.0 $ 727.5 Senior Notes - $800 million (2) 2028 3.875% 788.4 788.0 Total debt 1,514.4 1,515.5 Less: current installments of long-term debt 7.4 7.4 Total long-term debt $ 1,507.0 $ 1,508.1 (1) Term loans, net of unamortized discounts and debt issuance costs of $7.2 million and $7.6 million at March 31, 2021 and December 31, 2020, respectively. The effective interest rate was 2.3% and 2.4% at March 31, 2021 and December 31, 2020, respectively, including the effects of interest rate swaps and net investment hedges. See Note 6, 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 $11.6 million and $12.0 million at March 31, 2021 and December 31, 2020, respectively. The effective interest rate was 4.1% at March 31, 2021 and December 31, 2020, respectively. Credit Agreement The Company is a party to the Credit Agreement, which provides for senior secured credit facilities in an aggregate initial principal amount of $1.08 billion, consisting of a revolving credit facility in an aggregate initial principal amount of $330 million maturing in 2024 and a term loan in an aggregate initial principal amount of $750 million maturing in 2026. Borrowings under the Credit Agreement bear interest at a per annum rate equal to a Base Rate, as defined in the Credit Agreement, plus, in each case, an applicable interest 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 credit 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, as well as the assets of 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 credit facility (subject to certain exceptions) greater than 30% of the commitment amount under the revolving credit 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 March 31, 2021, 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 credit facility. 3.875% USD Notes due 2028 The 3.875% USD Notes due 2028 are governed by an indenture which provides, among other things, for customary affirmative and negative covenants, events of default and other customary provisions. 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 March 31, 2021 or December 31, 2020. The Company had letters of credit outstanding of $5.9 million and $6.2 million at March 31, 2021 and December 31, 2020, respectively, of which $5.5 million at March 31, 2021 and December 31, 2020, respectively, reduced the borrowings available under the various facilities. At March 31, 2021 and December 31, 2020, the availability under these facilities totaled approximately $349 million, respectively, net of outstanding letters of credit.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2021
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 primarily 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 March 31, 2021, the Company held foreign currency forward contracts to purchase and sell various currencies to mitigate foreign currency exposure with the U.S. dollar. 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 March 31, 2021 and December 31, 2020 was approximately $75.5 million and $78.5 million, respectively, with settlement dates generally within one year. The market value of the foreign currency forward contracts was a $0.8 million net current asset at March 31, 2021 and a $0.5 million net current liability at December 31, 2020. Commodities As part of its risk management policy, the Company enters into commodity 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, for a notional amount of $42.9 million and $25.0 million at March 31, 2021 and December 31, 2020, respectively. The market value of the metals forward contracts was a $1.0 million net current liability at March 31, 2021 and a $1.2 million net current liability at December 31, 2020. Substantially all contracts outstanding at March 31, 2021 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 and Cross-Currency Swaps The Company entered into interest rate swaps to mitigate its exposure to fluctuations in interest rates on its term loan through January 2024. The interest rate swaps effectively fix the floating rate of interest payments associated with the term loan under the Credit Agreement. The Company designated these contracts as cash flow hedges and changes in the fair value are recorded in "Other comprehensive income (loss)" and reclassified 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." The Company entered into cross-currency swaps to effectively convert the initial $750 million term loan under the Credit Agreement, a U.S. dollar denominated debt obligation, into fixed-rate euro-denominated debt through 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 designated these contracts as a net investment hedge of the foreign currency exposure of a portion of its net investment in its European operations. Changes in the fair value are recorded in "Foreign currency translation" in "Accumulated other comprehensive loss." All interest payments to be paid during the last two years preceding the maturity date of the term loan will revert back to a floating rate of interest for both the interest rate swaps and cross-currency swaps. The proceeds from these contracts are reflected as cash flows from Operating Activities on the Consolidated Statement of Cash Flows. The net result of the above hedges, which expire in January 2024, is an interest rate of approximately 2.3%, which could vary due to changes in the euro and the U.S. dollar exchange rate. For the three months ended March 31, 2021, the Company's interest rate swaps and cross-currency swaps were deemed highly effective. The Company expects to reclassify $17.4 million of expense 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 measured at fair value on a recurring basis: (dollars in millions) Balance sheet location Classification March 31, 2021 December 31, 2020 Asset Category Foreign exchange contracts not designated as hedging instruments Other current assets Level 2 $ 1.2 $ 0.2 Metals contracts not designated as hedging instruments Other current assets Level 2 1.4 0.4 Cross currency swaps designated as net investment hedge Other current assets Level 2 17.4 16.3 Total $ 20.0 $ 16.9 Liability Category Foreign exchange contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 $ 0.4 $ 0.7 Metals contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 2.4 1.6 Interest rate swaps designated as cash flow hedging instruments Accrued expenses and other current liabilities Level 2 17.4 17.6 Interest rate swaps designated as cash flow hedging instruments Other liabilities Level 2 24.4 33.5 Cross currency swaps designated as net investment hedge Other liabilities Level 2 16.3 43.3 Total $ 60.9 $ 96.7 Derivative assets and liabilities include foreign currency, metals, interest rate swaps and cross currency swaps. The fair 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. There were no significant transfers of financial instruments between the fair value hierarchy levels for the three months ended March 31, 2021. The carrying value and estimated fair value of the Company’s long-term debt totaled $1.51 billion and $1.52 billion, respectively, at March 31, 2021. At December 31, 2020, the carrying value and estimated fair value totaled $1.52 billion and $1.55 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.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREBasic 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 per share from continuing operations and weighted average shares of the Company's common stock outstanding for the three months ended March 31, 2021 and 2020 is as follows: Three Months Ended March 31, (dollars in millions, except per share amounts) 2021 2020 Net income from continuing operations attributable to common stockholders $ 82.3 $ 8.4 Basic weighted average common shares outstanding 247.2 250.3 Denominator adjustments for diluted EPS: Number of shares issuable upon conversion of Series A Preferred Stock — 1.2 Number of stock options and RSUs 1.4 0.5 Denominator adjustments for diluted EPS 1.4 1.7 Diluted weighted average common shares outstanding 248.6 252.0 Earnings per share from continuing operations attributable to common stockholders: Basic $ 0.33 $ 0.03 Diluted $ 0.33 $ 0.03 For the three months ended March 31, 2021 and 2020, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets were not yet met for awards contingent upon such measures: Three Months Ended March 31, (shares in millions) 2021 2020 Shares issuable upon vesting of RSUs and exercise of stock options 3.0 4.9 Total 3.0 4.9

Contingencies, Environmental an

Contingencies, Environmental and Legal Matters	3 Months Ended
	Mar. 31, 2021
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. At certain of these sites, the Company engages or participates in remedial and other environmental compliance activities. At other sites, the Company 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. After analyzing 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 waste 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 any costs would likely be incurred, 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 $9.9 million and $10.1 million at March 31, 2021 and December 31, 2020, 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, 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. As of the date hereof, the Company believes it is not practicable to provide an estimated range of reasonably possible environmental losses in excess of its recorded liabilities, and, as a result, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact that may be associated with 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. Arysta Sale In connection with the Arysta Sale, which closed on January 31, 2019, 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 a material loss 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company's quarterly income tax provision is measured using an estimate of its consolidated annual effective tax rate, adjusted for discrete items, within the periods presented. The comparison of the Company's income tax provision between periods can be significantly impacted by the level and mix of earnings and losses by tax jurisdiction and discrete items. For the three months ended March 31, 2021, the Company recognized income tax expense of $31.1 million resulting in an effective tax rate of 27%, as compared to income tax expense of $4.1 million resulting in an effective tax rate of 33% in the same period for 2020. The increase in income tax expense between these periods is primarily attributable to higher pre-tax earnings. Tax expense for the three months ended March 31, 2021 includes the negative impact of foreign withholding tax accruals and uncertain tax positions. Tax expense for the three months ended March 31, 2020 includes the negative impact of U.S. global intangible low-taxed income provisions and a benefit for the release of a valuation allowance on interest limitation carryforwards.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
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 EBITDA, as further adjusted for additional items included in earnings which the Company believes are not representative or indicative of each of its segments' ongoing business or are considered to be associated with 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) 2021 2020 Net sales: Electronics Assembly Solutions $ 189.0 $ 126.0 Circuitry Solutions 108.3 92.9 Semiconductor Solutions 56.2 50.0 Total Electronics 353.5 268.9 Industrial & Specialty Industrial Solutions 146.3 125.9 Graphics Solutions 34.7 38.6 Energy Solutions 15.6 19.2 Total Industrial & Specialty 196.6 183.7 Total net sales $ 550.1 $ 452.6 Adjusted EBITDA: Electronics $ 92.5 $ 66.5 Industrial & Specialty 45.4 43.6 Total Adjusted EBITDA $ 137.9 $ 110.1 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended March 31, (dollars in millions) 2021 2020 Net income attributable to common stockholders $ 82.3 $ 8.6 Add (subtract): Income from discontinued operations, net of tax — (0.2) Income tax expense 31.1 4.1 Interest expense, net 12.9 16.7 Depreciation expense 9.4 10.5 Amortization expense 29.7 29.4 EBITDA 165.4 69.1 Adjustments to reconcile to Adjusted EBITDA: Amortization of inventory step-up — 1.4 Restructuring expense 2.3 1.0 Acquisition and integration (income) expense (2.7) 6.6 Foreign exchange (gain) loss on internal debt (28.0) 29.1 Other, net 0.9 2.9 Adjusted EBITDA $ 137.9 $ 110.1

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
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, 2021. 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 2020 Annual Report.
Basis of Presentation	The process of preparing the Company’s unaudited Condensed Consolidated Financial Statements requires the use of estimates that affect the reported amount of assets, liabilities, net sales and expenses. These estimates include assumptions and judgements based on historical experience, current conditions, future expectations and other factors the Company consider reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual amounts may differ materially from these estimates.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Major components of inventory	The major components of inventory, on a net basis, were as follows: (dollars in millions) March 31, 2021 December 31, 2020 Finished goods $ 144.2 $ 119.7 Work in process 30.0 23.0 Raw materials and supplies 69.2 60.4 Total inventories $ 243.4 $ 203.1

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
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) March 31, 2021 December 31, 2020 Land and leasehold improvements $ 52.3 $ 53.2 Buildings and improvements 138.1 139.5 Machinery, equipment, fixtures and software 256.2 245.8 Construction in process 24.5 22.3 Total property, plant and equipment 471.1 460.8 Accumulated depreciation (235.8) (220.4) Property, plant and equipment, net $ 235.3 $ 240.4

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2020 $ 1,274.0 $ 978.7 (1) $ 2,252.7 Foreign currency translation (12.7) (15.0) (27.7) Balance at March 31, 2021 $ 1,261.3 $ 963.7 $ 2,225.0
Schedule of finite-lived intangible assets subject to amortization	Intangible assets subject to amortization were as follows: March 31, 2021 December 31, 2020 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 972.4 $ (448.4) $ 524.0 $ 984.3 $ (435.4) $ 548.9 Developed technology 362.7 (215.4) 147.3 400.0 (241.5) 158.5 Tradenames 90.3 (12.2) 78.1 91.8 (11.3) 80.5 Other — — — 1.7 (1.7) — Total $ 1,425.4 $ (676.0) $ 749.4 $ 1,477.8 $ (689.9) $ 787.9

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and capital lease obligations	The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate March 31, 2021 December 31, 2020 Term Loans (1) 2026 LIBOR plus 2.00% $ 726.0 $ 727.5 Senior Notes - $800 million (2) 2028 3.875% 788.4 788.0 Total debt 1,514.4 1,515.5 Less: current installments of long-term debt 7.4 7.4 Total long-term debt $ 1,507.0 $ 1,508.1 (1) Term loans, net of unamortized discounts and debt issuance costs of $7.2 million and $7.6 million at March 31, 2021 and December 31, 2020, respectively. The effective interest rate was 2.3% and 2.4% at March 31, 2021 and December 31, 2020, respectively, including the effects of interest rate swaps and net investment hedges. See Note 6, 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 $11.6 million and $12.0 million at March 31, 2021 and December 31, 2020, respectively. The effective interest rate was 4.1% at March 31, 2021 and December 31, 2020, respectively.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 measured at fair value on a recurring basis: (dollars in millions) Balance sheet location Classification March 31, 2021 December 31, 2020 Asset Category Foreign exchange contracts not designated as hedging instruments Other current assets Level 2 $ 1.2 $ 0.2 Metals contracts not designated as hedging instruments Other current assets Level 2 1.4 0.4 Cross currency swaps designated as net investment hedge Other current assets Level 2 17.4 16.3 Total $ 20.0 $ 16.9 Liability Category Foreign exchange contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 $ 0.4 $ 0.7 Metals contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 2.4 1.6 Interest rate swaps designated as cash flow hedging instruments Accrued expenses and other current liabilities Level 2 17.4 17.6 Interest rate swaps designated as cash flow hedging instruments Other liabilities Level 2 24.4 33.5 Cross currency swaps designated as net investment hedge Other liabilities Level 2 16.3 43.3 Total $ 60.9 $ 96.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of earnings per share, basic and diluted	A computation of earnings per share from continuing operations and weighted average shares of the Company's common stock outstanding for the three months ended March 31, 2021 and 2020 is as follows: Three Months Ended March 31, (dollars in millions, except per share amounts) 2021 2020 Net income from continuing operations attributable to common stockholders $ 82.3 $ 8.4 Basic weighted average common shares outstanding 247.2 250.3 Denominator adjustments for diluted EPS: Number of shares issuable upon conversion of Series A Preferred Stock — 1.2 Number of stock options and RSUs 1.4 0.5 Denominator adjustments for diluted EPS 1.4 1.7 Diluted weighted average common shares outstanding 248.6 252.0 Earnings per share from continuing operations attributable to common stockholders: Basic $ 0.33 $ 0.03 Diluted $ 0.33 $ 0.03
Schedule of antidilutive securities excluded from computation of earnings per share	For the three months ended March 31, 2021 and 2020, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets were not yet met for awards contingent upon such measures: Three Months Ended March 31, (shares in millions) 2021 2020 Shares issuable upon vesting of RSUs and exercise of stock options 3.0 4.9 Total 3.0 4.9

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of segment reporting information, by segment	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) 2021 2020 Net sales: Electronics Assembly Solutions $ 189.0 $ 126.0 Circuitry Solutions 108.3 92.9 Semiconductor Solutions 56.2 50.0 Total Electronics 353.5 268.9 Industrial & Specialty Industrial Solutions 146.3 125.9 Graphics Solutions 34.7 38.6 Energy Solutions 15.6 19.2 Total Industrial & Specialty 196.6 183.7 Total net sales $ 550.1 $ 452.6 Adjusted EBITDA: Electronics $ 92.5 $ 66.5 Industrial & Specialty 45.4 43.6 Total Adjusted EBITDA $ 137.9 $ 110.1 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended March 31, (dollars in millions) 2021 2020 Net income attributable to common stockholders $ 82.3 $ 8.6 Add (subtract): Income from discontinued operations, net of tax — (0.2) Income tax expense 31.1 4.1 Interest expense, net 12.9 16.7 Depreciation expense 9.4 10.5 Amortization expense 29.7 29.4 EBITDA 165.4 69.1 Adjustments to reconcile to Adjusted EBITDA: Amortization of inventory step-up — 1.4 Restructuring expense 2.3 1.0 Acquisition and integration (income) expense (2.7) 6.6 Foreign exchange (gain) loss on internal debt (28.0) 29.1 Other, net 0.9 2.9 Adjusted EBITDA $ 137.9 $ 110.1

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

Inventories - Schedule of Major

Inventories - Schedule of Major Components of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 144.2	$ 119.7
Work in process	30	23
Raw materials and supplies	69.2	60.4
Total inventories	$ 243.4	$ 203.1

Property, Plant and Equipment -

Property, Plant and Equipment - Major Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Total property, plant and equipment	$ 471.1	$ 460.8
Accumulated depreciation	(235.8)	(220.4)
Property, plant and equipment, net	235.3	240.4
Land and leasehold improvements
Property, plant and equipment
Total property, plant and equipment	52.3	53.2
Buildings and improvements
Property, plant and equipment
Total property, plant and equipment	138.1	139.5
Machinery, equipment, fixtures and software
Property, plant and equipment
Total property, plant and equipment	256.2	245.8
Construction in process
Property, plant and equipment
Total property, plant and equipment	$ 24.5	$ 22.3

Property, Plant and Equipment_2

Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense		$ 9.4	$ 10.5
Gain on sale	$ 3.9
Received an initial deposits				$ 4.6
Cash received		$ 19

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill
Beginning balance	$ 2,252.7
Foreign currency translation	(27.7)
Ending balance	2,225
Electronics
Goodwill
Beginning balance	1,274
Foreign currency translation	(12.7)
Ending balance	1,261.3
Industrial & Specialty
Goodwill
Beginning balance	978.7
Foreign currency translation	(15)
Ending balance	$ 963.7

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Indefinite-lived Intangible Assets
Accumulated impairment losses			$ 46.6
Amortization of expense of intangible assets	$ 29.7	$ 29.4
Tradenames
Indefinite-lived Intangible Assets
Indefinite lived intangible assets	$ 68		$ 68

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,425.4	$ 1,477.8
Accumulated Amortization	(676)	(689.9)
Net Book Value	749.4	787.9
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	972.4	984.3
Accumulated Amortization	(448.4)	(435.4)
Net Book Value	524	548.9
Developed technology
Finite-Lived Intangible Assets
Gross Carrying Amount	362.7	400
Accumulated Amortization	(215.4)	(241.5)
Net Book Value	147.3	158.5
Tradenames
Finite-Lived Intangible Assets
Gross Carrying Amount	90.3	91.8
Accumulated Amortization	(12.2)	(11.3)
Net Book Value	78.1	80.5
Other
Finite-Lived Intangible Assets
Gross Carrying Amount	0	1.7
Accumulated Amortization	0	(1.7)
Net Book Value	$ 0	$ 0

Debt - Summary of Debt and Capi

Debt - Summary of Debt and Capital Leases Outstanding (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument
Total debt	$ 1,514,400,000	$ 1,515,500,000
Less: current installments of long-term debt	7,400,000	7,400,000
Total long-term debt	1,507,000,000	1,508,100,000
Domestic Line of Credit | USD Term Loan
Debt Instrument
Debt face amount	750,000,000
Total debt	726,000,000	727,500,000
Unamortized discount (premium) and debt issuance costs, net	$ 7,200,000	$ 7,600,000
Effective interest rate (percent)	2.30%	2.40%
Domestic Line of Credit | USD Term Loan | LIBOR
Debt Instrument
Spread on variable rate (percent)	2.00%
Senior Notes
Debt Instrument
Unamortized discount (premium) and debt issuance costs, net	$ 11,600,000	$ 12,000,000
Effective interest rate (percent)	4.10%	4.10%
Senior Notes | USD Senior Notes, Due 2028
Debt Instrument
Debt face amount	$ 800,000,000
Stated interest rate (percent)	3.875%
Total debt	$ 788,400,000	$ 788,000,000

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
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 borrowing 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 borrowing capacity	$ 330,000,000

Debt - Covenants, Events of Def

Debt - Covenants, Events of Default and Provisions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Senior Notes
Debt Instrument
Covenant, outstanding borrowings leverage threshold (percent)	30.00%
Covenant, first lien net leverage ratio	5
Line of Credit | Revolving Credit Facility
Debt Instrument
Current borrowing capacity	$ 325

Debt - USD Notes (Details)

Debt - USD Notes (Details)	Mar. 31, 2021
Senior Notes | USD Senior Notes, Due 2028
Debt Instrument
Stated interest rate (percent)	3.875%

Debt - Lines of Credit and Othe

Debt - Lines of Credit and Other Debt Facilities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument
Total debt and capital lease obligations	$ 1,514,400,000	$ 1,515,500,000
Revolving Credit Facility
Debt Instrument
Reduction in borrowings	5,500,000	5,500,000
Line of Credit
Debt Instrument
Outstanding letters of credit	5,900,000	6,200,000
Line of Credit | Lines of Credit and Revolving Lines of Credit
Debt Instrument
Total debt and capital lease obligations	0	0
Remaining borrowing capacity	$ 349,000,000	$ 349,000,000

Financial Instruments - Derivat

Financial Instruments - Derivatives and Hedging (Details)	3 Months Ended
	Mar. 31, 2021USD ($)	Mar. 31, 2021EUR (€)	Dec. 31, 2020USD ($)
Derivative Instruments, Gain (Loss)
Gain (loss) to be reclassified during next 12 months	$ 17,400,000
Commodities Investment
Derivative Instruments, Gain (Loss)
Derivative liability	1,000,000		$ 1,200,000
Domestic Line of Credit | USD Term Loan
Derivative Instruments, Gain (Loss)
Debt face amount	750,000,000
Foreign Exchange Forward
Derivative Instruments, Gain (Loss)
Derivative notional amount	$ 42,900,000		25,000,000
Derivative remaining maturity	1 year
Interest rate swaps | Medium-term Notes | Euro Notes
Derivative Instruments, Gain (Loss)
Derivative notional amount | €		€ 662,000,000
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	$ 75,500,000		78,500,000
Derivative remaining maturity	1 year
Derivative asset	$ 800,000
Derivative liability			$ 500,000

Financial Instruments - Assets

Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commodities Investment
Liability Category
Derivative liability	$ 1	$ 1.2
Recurring
Asset Category
Total	20	16.9
Liability Category
Total	60.9	96.7
Recurring | Level 2 | Other current assets | Commodities Investment | Not Designated as Hedging Instrument
Asset Category
Derivative asset	1.4	0.4
Recurring | Level 2 | Other current assets | Foreign exchange contracts not designated as hedging instruments | Not Designated as Hedging Instrument
Asset Category
Derivative asset	1.2	0.2
Recurring | Level 2 | Other current assets | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument
Asset Category
Derivative asset	17.4	16.3
Recurring | Level 2 | Accrued expenses and other current liabilities | Commodities Investment | Not Designated as Hedging Instrument
Liability Category
Derivative liability	2.4	1.6
Recurring | Level 2 | Accrued expenses and other current liabilities | Foreign exchange contracts not designated as hedging instruments | Not Designated as Hedging Instrument
Liability Category
Derivative liability	0.4	0.7
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	17.4	17.6
Recurring | Level 2 | Other liabilities | Interest rate swaps designated as cash flow hedging instruments | Designated as Hedging Instrument
Liability Category
Derivative liability	24.4	33.5
Recurring | Level 2 | Other liabilities | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument
Liability Category
Derivative liability	$ 16.3	$ 43.3

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurements, Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,510	$ 1,520
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,520	$ 1,550

Earnings Per Share - Computatio

Earnings Per Share - Computation of Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income from continuing operations attributable to common stockholders	$ 82.3	$ 8.4
Basic weighted average common shares outstanding (in shares)	247.2	250.3
Denominator adjustments for diluted EPS:
Number of shares issuable upon conversion of Series A Preferred Stock (in shares)	0	1.2
Number of stock options and RSUs (in shares)	1.4	0.5
Denominator adjustments for diluted EPS (in shares)	1.4	1.7
Diluted weighted average common shares outstanding (in shares)	248.6	252
Earnings per share from continuing operations attributable to common stockholders:
Basic (in dollars per share)	$ 0.33	$ 0.03
Diluted (in dollars per share)	$ 0.33	$ 0.03

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted-average securities not included in computation of diluted shares outstanding (in shares)	3	4.9
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)	3	4.9

Contingencies, Environmental _2

Contingencies, Environmental and Legal Matters (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Reserves for environmental matters	$ 9.9	$ 10.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 31.1	$ 4.1
Effective tax rate	27.00%	33.00%

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - Advisory Services Agreement - Mariposa Capital $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
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)	3 Months Ended
	Mar. 31, 2021segment
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
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information
Total net sales	$ 550.1	$ 452.6
Total Adjusted EBITDA	137.9	110.1
Electronics
Segment Reporting Information
Total net sales	353.5	268.9
Total Adjusted EBITDA	92.5	66.5
Electronics | Assembly Solutions
Segment Reporting Information
Total net sales	189	126
Electronics | Circuitry Solutions
Segment Reporting Information
Total net sales	108.3	92.9
Electronics | Semiconductor Solutions
Segment Reporting Information
Total net sales	56.2	50
Industrial & Specialty
Segment Reporting Information
Total net sales	196.6	183.7
Total Adjusted EBITDA	45.4	43.6
Industrial & Specialty | Industrial Solutions
Segment Reporting Information
Total net sales	146.3	125.9
Industrial & Specialty | Graphics Solutions
Segment Reporting Information
Total net sales	34.7	38.6
Industrial & Specialty | Energy Solutions
Segment Reporting Information
Total net sales	$ 15.6	$ 19.2

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Net income attributable to common stockholders	$ 82.3	$ 8.6
Add (subtract):
Income from discontinued operations, net of tax	0	(0.2)
Income tax expense	31.1	4.1
Interest expense, net	12.9	16.7
Depreciation expense	9.4	10.5
Amortization expense	29.7	29.4
EBITDA	165.4	69.1
Adjustments to reconcile to Adjusted EBITDA:
Amortization of inventory step-up	0	1.4
Restructuring expense	2.3	1
Acquisition and integration (income) expense	(2.7)	6.6
Foreign exchange (gain) loss on internal debt	(28)	29.1
Other, net	0.9	2.9
Adjusted EBITDA	$ 137.9	$ 110.1