Element Solutions (ESI) 10-Q 28 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 21, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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, Postal Zip Code	33394
Entity Address, City	Fort Lauderdale,
Entity Address, State	FL
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		247,503,402
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001590714
Document Fiscal Year Focus	2021
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, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Net sales	$ 616.2	$ 477.5	$ 1,752.9	$ 1,317.1
Cost of sales	371.7	274	1,028.9	753.8
Gross profit	244.5	203.5	724	563.3
Operating expenses:
Selling, technical, general and administrative	163.5	134.8	447.8	373.4
Research and development	12.5	10.1	36.8	37.2
Total operating expenses	176	144.9	484.6	410.6
Operating profit	68.5	58.6	239.4	152.7
Other (expense) income:
Interest expense, net	(13.8)	(17.1)	(39.6)	(50.7)
Foreign exchange (loss) gain	(0.6)	(3.5)	22.2	(42.1)
Other expense, net	(0.9)	(49.1)	(8.2)	(50.4)
Total other expense	(15.3)	(69.7)	(25.6)	(143.2)
Income (loss) before income taxes and non-controlling interests	53.2	(11.1)	213.8	9.5
Income tax (expense) benefit	(17.3)	47.3	(16.5)	37.4
Net income from continuing operations	35.9	36.2	197.3	46.9
(Loss) income from discontinued operations, net of tax	0	(0.2)	2	(1.1)
Net income	35.9	36	199.3	45.8
Net loss attributable to non-controlling interests	0.1	0	0.1	0
Net income attributable to common stockholders	$ 36	$ 36	$ 199.4	$ 45.8
Earnings per share
Basic from continuing operations (in dollars per share)	$ 0.15	$ 0.15	$ 0.80	$ 0.19
Basic from discontinued operations (in dollars per share)	0	0	0.01	0
Basic attributable to common stockholders (in dollars per share)	0.15	0.15	0.81	0.19
Diluted from continuing operations (in dollars per share)	0.15	0.15	0.79	0.19
Diluted from discontinued operations (in dollars per share)	0	0	0.01	0
Diluted attributable to common stockholders (in dollars per share)	$ 0.15	$ 0.15	$ 0.80	$ 0.19
Weighted average common shares outstanding
Basic (in shares)	247.6	248.9	247.5	249.4
Diluted (in shares)	248	249.1	248	250.1

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 35.9	$ 36	$ 199.3	$ 45.8
Foreign currency translation:
Other comprehensive (loss) income before reclassifications, net of tax expense of $5.8 and $0.0 for the three months ended September 30, 2021 and 2020 and tax expense of $9.7 and $0.0 for the nine months ended September 30, 2021 and 2020, respectively	(28.9)	50.6	(47.1)	39.9
Total foreign currency translation adjustments	(28.9)	50.6	(47.1)	39.9
Pension and post-retirement plans:
Other comprehensive loss before reclassifications, net of tax expense of $0.0 and $0.0 for the three months ended September 30, 2021 and 2020 and $0.0 and $0.5 for the nine months ended September 30, 2021 and 2020, respectively	0	0	0	(0.5)
Total pension and post-retirement plans	0	0	0	(0.5)
Derivative financial instruments:
Other comprehensive (loss) income before reclassifications, net of tax expense of $0.8 and $0.6 for the three months ended September 30, 2021 and 2020 and $3.6 and $0.6 for the nine months ended September 30, 2021 and 2020, respectively	(0.8)	(2.1)	0.3	(39.5)
Reclassifications, net of tax expense of $0.0 for the three months ended September 30, 2021 and 2020 and $0.0 for the nine months ended September 30, 2021 and 2020, respectively	4.8	4.3	13.7	9.6
Other comprehensive (loss) income	4	2.2	14	(29.9)
Other comprehensive (loss) income	(24.9)	52.8	(33.1)	9.5
Comprehensive income	11	88.8	166.2	55.3
Comprehensive loss attributable to the non-controlling interests	2.4	0	2.4	0
Comprehensive income attributable to common stockholders	$ 13.4	$ 88.8	$ 168.6	$ 55.3

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Foreign currency translation:
Tax expense (benefit)	$ (5.8)	$ 0	$ (9.7)	$ 0
Pension and post-retirement plans:
Tax expense (benefit)	0	0	0	(0.5)
Derivative financial instruments:
Tax expense (benefit)	(0.8)	(0.6)	(3.6)	(0.6)
Tax expense, reclassification	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash & cash equivalents	$ 279.3	$ 291.9
Accounts receivable, net of allowance for doubtful accounts of $11.7 and $9.7 at September 30, 2021 and December 31, 2020, respectively	507.1	403.4
Inventories	316.4	203.1
Prepaid expenses	32.1	24
Other current assets	78.2	67.5
Total current assets	1,213.1	989.9
Property, plant and equipment, net	270.7	240.4
Goodwill	2,533.4	2,252.7
Intangible assets, net	994.1	855.9
Other assets	168.3	141.2
Non-current assets of discontinued operations	3.3	3.3
Total assets	5,182.9	4,483.4
Liabilities and stockholders' equity
Accounts payable	165	95.6
Current installments of long-term debt	12.9	7.4
Accrued expenses and other current liabilities	238.7	204.2
Current liabilities of discontinued operations	4.7	7.1
Total current liabilities	421.3	314.3
Debt	1,897.4	1,508.1
Pension and post-retirement benefits	41.4	43.3
Deferred income taxes	163.9	112.9
Other liabilities	143.8	186.7
Total liabilities	2,667.8	2,165.3
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock: 400.0 shares authorized (2021: 261.9 shares issued; 2020: 261.3 shares issued)	2.6	2.6
Additional paid-in capital	4,159.8	4,122.9
Treasury stock (2021: 14.4 shares; 2020: 14.2 shares)	(141.2)	(137.7)
Accumulated deficit	(1,316)	(1,473.2)
Accumulated other comprehensive loss	(225.6)	(194.8)
Total stockholders' equity	2,479.6	2,319.8
Non-controlling interests	35.5	(1.7)
Total equity	2,515.1	2,318.1
Total liabilities and stockholders' equity	$ 5,182.9	$ 4,483.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Allowance for doubtful accounts, current	$ 11.7	$ 9.7
Stockholders' equity
Common shares authorized (in shares)	400,000,000	400,000,000
Common shares issued (in shares)	261,900,000	261,300,000
Treasury shares (in shares)	14,400,000	14,200,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 199.3	$ 45.8
Net income (loss) from discontinued operations, net of tax	2	(1.1)
Net income from continuing operations	197.3	46.9
Reconciliations of net income from continuing operations to net cash flows provided by operating activities:
Depreciation and amortization	120.7	120.5
Deferred income taxes	(37.4)	(41.2)
Foreign exchange (gain) loss	(13.1)	40.4
Incentive stock compensation	33.8	5.4
Other, net	11.1	56.4
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(59)	(3.6)
Inventories	(78.5)	(8.9)
Accounts payable	41.6	8.2
Accrued expenses	13.2	(3)
Prepaid expenses and other current assets	(15.8)	(25.3)
Other assets and liabilities	(9.2)	(1.5)
Net cash flows provided by operating activities of continuing operations	204.7	194.3
Cash flows from investing activities:
Capital expenditures	(27.7)	(21.7)
Proceeds from disposal of property, plant and equipment	0	1.7
Acquisition of business, net of cash acquired	(536.5)	(9)
Other, net	14	(2.4)
Net cash flows used in investing activities of continuing operations	(550.2)	(31.4)
Cash flows from financing activities:
Debt proceeds, net of discount	398	800
Repayments of borrowings	(6.7)	(805.9)
Repurchases of common stock	(1.7)	(35.7)
Dividends	(42.1)	0
Payment of financing fees	(5.1)	(44.7)
Other, net	(6.2)	(1.5)
Net cash flows provided by (used in) financing activities of continuing operations	336.2	(87.8)
Cash flows from discontinued operations:
Net cash flows used in operating activities of discontinued operations	(0.4)	(14.7)
Net cash flows used in discontinued operations	(0.4)	(14.7)
Effect of exchange rate changes on cash and cash equivalents	(2.9)	(2.1)
Net (decrease) increase in cash and cash equivalents	(12.6)	58.3
Cash and cash equivalents at beginning of period	291.9	190.1
Cash and cash equivalents at end of period	$ 279.3	$ 248.4

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	45.8	45.8					45.8
Other comprehensive 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
Issuance of common stock under ESPP	0.8	0.8			0.8
Issuance of common stock under ESPP (in shares)				88,131
Preferred stock conversion (in shares)			(2,000,000)	2,000,000
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		$ 2.6	4,118.7	$ (114)	(1,526.7)	(323.8)	(1.7)
Balance (in shares) at Jun. 30, 2020				261,044,440		12,189,913
Increase (Decrease) in Stockholders' Equity
Net income	36	36					36
Other comprehensive 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
Changes in non-controlling interests	0.1								0.1
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 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	199.3	199.4					199.4		(0.1)
Other comprehensive loss, net of taxes	(33.1)	(30.8)						(30.8)	(2.3)
Exercise/ vesting of share based compensation	0.2	0.2			2	$ (1.8)
Exercise/ vesting of share based compensation (in shares)				528,061		99,753
Issuance of common stock under ESPP	0.8	0.8			0.8
Issuance of common stock under ESPP (in shares)				56,265
Repurchases of common stock	(1.7)	(1.7)				$ (1.7)
Repurchases of common stock (in shares)						85,692
Dividends	(42.2)	(42.2)					(42.2)
Equity compensation expense	34.1	34.1			34.1
Changes in non-controlling interests	39.6								39.6
Balance at Sep. 30, 2021	2,515.1	2,479.6		$ 2.6	4,159.8	$ (141.2)	(1,316)	(225.6)	35.5
Balance (in shares) at Sep. 30, 2021				261,914,453		14,414,725
Balance at Jun. 30, 2021	2,468.3	2,470		$ 2.6	4,146.9	$ (139.4)	(1,337.1)	(203)	(1.7)
Balance (in shares) at Jun. 30, 2021				261,885,181		14,326,433
Increase (Decrease) in Stockholders' Equity
Net income	35.9	36					36		(0.1)
Other comprehensive loss, net of taxes	(24.9)	(22.6)						(22.6)	(2.3)
Exercise/ vesting of share based compensation	(0.1)	(0.1)				$ (0.1)
Exercise/ vesting of share based compensation (in shares)				13,651		4,300
Issuance of common stock under ESPP	0.3	0.3			0.3
Issuance of common stock under ESPP (in shares)				15,621
Repurchases of common stock	(1.7)	(1.7)				$ (1.7)
Repurchases of common stock (in shares)						83,992
Dividends	(14.9)	(14.9)					(14.9)
Equity compensation expense	12.6	12.6			12.6
Changes in non-controlling interests	39.6								39.6
Balance at Sep. 30, 2021	$ 2,515.1	$ 2,479.6		$ 2.6	$ 4,159.8	$ (141.2)	$ (1,316)	$ (225.6)	$ 35.5
Balance (in shares) at Sep. 30, 2021				261,914,453		14,414,725

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (per share)	$ 0.06	$ 0.17

Background and Basis of Present

Background and Basis of Presentation	9 Months Ended
	Sep. 30, 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 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 considers to be 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.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS Coventya Acquisition On September 1, 2021, the Company completed the Coventya Acquisition for $486 million, net of cash. Coventya is a global provider of specialty chemicals for the surface finishing industry which complements our industrial business. Coventya is included in our Industrial Solutions business line within our Industrial & Specialty segment. HKW Acquisition On May 5, 2021, the Company completed the HKW Acquisition for $50.9 million, net of cash. HKW specializes in conformal coatings, encapsulation resins, thermal interface materials, contact lubricants and cleaning chemistry and complements our broader electronics portfolio with many applications overlapping with our semiconductor technologies. HKW is included in our Semiconductor Solutions business line within our Electronics segment. The following table summarizes the allocation of the purchase price of the Coventya and HKW Acquisitions (together the "Acquisitions") to the identified assets acquired and liabilities assumed at the respective acquisition dates: (dollars in millions) Coventya HKW Identifiable assets acquired and liabilities assumed Accounts receivable $ 44.6 $ 10.1 Inventories 37.7 11.2 Other current assets 10.9 2.4 Property, plant and equipment 28.7 6.2 Identifiable intangible assets 213.4 28.7 Other assets 11.4 2.7 Current liabilities (42.9) (21.6) Deferred income taxes (55.5) (7.5) Other long-term liabilities (14.7) (3.2) Non-controlling interests (39.6) — Total identifiable net assets 194.0 29.0 Goodwill 291.6 21.9 Total purchase price $ 485.6 $ 50.9 The excess of the cost of the Acquisitions over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed was recorded as goodwill and represents the future economic benefit arising from other assets acquired that could not be individually identified and separately recognized. Substantially all of the goodwill recorded in connection with the Acquisitions is not expected to be deductible for tax purposes. The fair value of the identifiable intangible assets recorded in conjunction with the Acquisitions was as follows: Coventya HKW (dollars in millions) Fair Value Weighted Average Useful Life (years) Fair Value Weighted Average Useful Life (years) Customer relationships $ 145.0 12 $ 20.8 12 Trade name 8.4 10 1.0 5 Developed technology 60.0 10 6.9 5 Total $ 213.4 11.4 $ 28.7 10.1 The fair value of the identifiable intangible assets was determined primarily using the “income approach,” which requires a forecast of all of the expected future cash flows either through the use of the multi-period excess earnings method or the relief-from-royalty method. Some of the more significant assumptions inherent in the development of intangible asset values include: the amount and timing of projected future cash flows, the attrition rate and the discount rate selected to measure the risks inherent in the future cash flows. The deferred income taxes reflect the tax effect of the differences between the carry-over tax basis and the fair value recorded in purchase accounting that are primarily associated with the recognition of identifiable intangible assets. In connection with the Coventya Acquisition, the Company recorded $39.6 million of non-controlling interests in four entities. The most significant non-controlling interest represents 19.7% of a publicly traded entity in Turkey with a fair value of $32.4 million, which was determined based on the stock price on the acquisition date. Net income attributable to non-controlling interests is not material. As of September 30, 2021, the purchase price allocation for each of the Acquisitions is preliminary. We expect to complete the purchase price allocation within the applicable one year measurement period.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The major components of inventory, on a net basis, were as follows: (dollars in millions) September 30, 2021 December 31, 2020 Finished goods $ 185.8 $ 119.7 Work in process 35.3 23.0 Raw materials and supplies 95.3 60.4 Total inventories $ 316.4 $ 203.1

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 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) September 30, 2021 December 31, 2020 Land and leasehold improvements $ 54.6 $ 53.2 Buildings and improvements 160.9 139.5 Machinery, equipment, fixtures and software 282.4 245.8 Construction in process 29.7 22.3 Total property, plant and equipment 527.6 460.8 Accumulated depreciation (256.9) (220.4) Property, plant and equipment, net $ 270.7 $ 240.4 For the three months ended September 30, 2021 and 2020, the Company recorded depreciation expense of $9.6 million and $10.7 million, respectively. For the nine months ended September 30, 2021 and 2020, the Company recorded depreciation expense of $28.7 million and $31.7 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 cash deposits of $4.6 million in the second half of 2020 and received the remaining cash balance of $19.0 million associated with the 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	9 Months Ended
	Sep. 30, 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 Acquisitions (2) 21.9 291.6 313.5 Foreign currency translation and other (6.5) (26.3) (32.8) Balance at September 30, 2021 $ 1,289.4 $ 1,244.0 $ 2,533.4 (1) Includes accumulated impairment losses of $46.6 million. (2) The Company completed the Coventya Acquisition and the HKW Acquisition on September 1, 2021 and May 5, 2021, respectively. Indefinite-Lived Intangible Asset The carrying value of the indefinite-lived intangible asset other than goodwill, which consisted of a trade name, was $68.0 million at September 30, 2021 and December 31, 2020, respectively. Finite-Lived Intangible Assets Intangible assets subject to amortization were as follows: September 30, 2021 December 31, 2020 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 1,135.3 $ (487.0) $ 648.3 $ 984.3 $ (435.4) $ 548.9 Developed technology 429.3 (235.8) 193.5 400.0 (241.5) 158.5 Trade names 100.0 (15.7) 84.3 91.8 (11.3) 80.5 Other — — — 1.7 (1.7) — Total $ 1,664.6 $ (738.5) $ 926.1 $ 1,477.8 $ (689.9) $ 787.9

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate September 30, 2021 December 31, 2020 Term Loans (1) 2026 LIBOR plus 2.00% $ 1,115.1 $ 727.5 Senior Notes - $800 million (2) 2028 3.875% 789.1 788.0 Other 6.1 — Total debt 1,910.3 1,515.5 Less: current installments of long-term debt 12.9 7.4 Total long-term debt $ 1,897.4 $ 1,508.1 (1) Term loans, net of unamortized discounts and debt issuance costs of $13.4 million and $7.6 million at September 30, 2021 and December 31, 2020, respectively. The effective interest rate was 2.1% and 2.4% at September 30, 2021 and December 31, 2020, respectively, including the effects of interest rate swaps and net investment hedges. See Note 7, 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 $10.9 million and $12.0 million at September 30, 2021 and December 31, 2020, respectively. The effective interest rate was 4.1% at September 30, 2021 and December 31, 2020. Credit Agreement On September 1, 2021, the Company entered into an incremental amendment to the Credit Agreement and borrowed incremental term loans in an aggregate principal amount of $400 million through a corresponding increase to its existing senior secured term loans B (the "Add-on"). The new term loans have identical terms as the existing term loans, including a maturity date of January 31, 2026. Proceeds of the Add-on were used to finance a portion of the Coventya Acquisition. The Credit Agreement, as amended by the incremental amendment, provides for senior secured credit facilities in an aggregate initial principal amount of $1.48 billion, consisting of a revolving credit facility in an aggregate principal amount of $330 million maturing in 2024 and term loans B in an aggregate initial principal amount of $1.15 billion maturing in 2026. The applicable interest rate for the term loans under the Credit Agreement was not amended by the incremental amendment and remains 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 (LIBOR or its equivalent). 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 step-down to 0.375% based on the Company’s first lien net leverage ratio which condition is currently satisfied. 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 September 30, 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 September 30, 2021 or December 31, 2020. The Company had letters of credit outstanding of $5.9 million and $6.2 million at September 30, 2021 and December 31, 2020, respectively, of which $5.5 million at September 30, 2021 and December 31, 2020, respectively, reduced the borrowings available under the various facilities. At September 30, 2021 and December 31, 2020, the availability under these facilities totaled approximately $352 million and $349 million, respectively, net of outstanding letters of credit.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 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. Interest Rates and Cross-Currency Swaps The Company uses interest rate swaps and cross currency swaps to reduce its exposure to interest rate risk and foreign currency risk. The Company designates the interest rate swaps as cash flow hedges and the cross currency swaps as net investment hedges. The proceeds from these contracts are reflected as "Cash flows from operating activities" in the Consolidated Statement of Cash Flows. For interest rate swaps, changes in fair value are recorded in "Accumulated other comprehensive loss" and reclassified to "Interest expense, net" in the Condensed Consolidated Statements of Operations as the underlying hedged item affects earnings. For cross currency swaps changes in fair value are recorded in "Foreign currency translation" in "Accumulated other comprehensive loss." These cross-currency swaps effectively convert the Company's term loans under the Credit Agreement, which are U.S. dollar denominated debt obligations, into fixed-rate euro-denominated debt through the expiration of the swaps. The Company entered into forward starting interest rate swaps with an effective date of September 1, 2021 to effectively fix the floating rate of the interest payments associated with the $400 million Add-on through January 2025. These contracts were designated as a cash flow hedge. The Company also entered into forward starting cross-currency swaps to effectively convert the $400 million Add-on, which is a U.S. dollar denominated debt obligation, into fixed-rate euro-denominated debt through January 2025. The Company designated these contracts as a net investment hedge of the foreign currency exposure of a portion of its net investment in certain euro functional subsidiaries. The changes in the fair value of these swap contracts were not material before their effective date of September 1, 2021. In 2019, the Company entered into interest rate swaps to effectively fix the floating rate of the interest payments associated with the initial $750 million term loans under the Credit Agreement through January 2024. These contracts were designated as a cash flow hedge. The Company also entered into cross-currency swaps to effectively convert the $750 million term loans, which are U.S. dollar denominated debt obligations, into fixed-rate euro-denominated debt through January 2024. The Company designated these contracts as a net investment hedge of the foreign currency exposure of a portion of its net investment in certain euro functional subsidiaries. The net result of the above hedges, which expire in January 2024 and 2025, respectively, is an interest rate of approximately 2.1%, which could vary in the future due to changes in the euro and the U.S. dollar exchange rate. For the three and nine months ended September 30, 2021, the Company's interest rate swaps and cross-currency swaps were deemed highly effective. The Company expects to reclassify $18.8 million of expense from "Accumulated other comprehensive loss" to "Interest expense, net" in the Condensed Consolidated Statements of Operations within the next twelve months. 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, 2021, the Company held foreign currency forward contracts to purchase and sell various currencies to mitigate foreign currency exposure primarily 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, net." The total notional value of foreign currency exchange forward contracts held at September 30, 2021 and December 31, 2020 was approximately $26.6 million and $78.5 million, respectively, with settlement dates generally within one year. The market value of the foreign currency forward contracts was a $0.1 million net current liability at September 30, 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 $58.7 million and $25.0 million at September 30, 2021 and December 31, 2020, respectively. The market value of the metals forward contracts was a $1.1 million net current asset at September 30, 2021 and a $1.2 million net current liability at December 31, 2020. Substantially all contracts outstanding at September 30, 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, net." Realized gains and losses on derivative contracts are accounted for as "Operating activities" in the Condensed Consolidated Statements of Cash Flows. 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 September 30, 2021 December 31, 2020 Asset Category Foreign exchange contracts not designated as hedging instruments Other current assets Level 2 $ 0.1 $ 0.2 Metals contracts not designated as hedging instruments Other current assets Level 2 2.6 0.4 Cross currency swaps designated as net investment hedge Other current assets Level 2 21.8 16.3 Interest rate swaps designated as cash flow hedging instruments Other assets Level 2 3.0 — Cross currency swaps designated as net investment hedge Other assets Level 2 1.7 — Total $ 29.2 $ 16.9 Liability Category Foreign exchange contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 $ 0.2 $ 0.7 Metals contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 1.5 1.6 Interest rate swaps designated as cash flow hedging instruments Accrued expenses and other current liabilities Level 2 18.8 17.6 Interest rate swaps designated as cash flow hedging instruments Other liabilities Level 2 17.7 33.5 Cross currency swaps designated as net investment hedge Other liabilities Level 2 9.0 43.3 Total $ 47.2 $ 96.7 Derivative assets and liabilities include foreign currency, metals, forward starting swaps, 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 and nine months ended September 30, 2021. The carrying value and estimated fair value of the Company’s long-term debt totaled $1.90 billion and $1.94 billion, respectively, at September 30, 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 for similar instruments 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	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic and diluted earnings per share are based on the weighted average number of shares of the Company's 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 and nine months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share amounts) 2021 2020 2021 2020 Net income from continuing operations $ 35.9 $ 36.2 $ 197.3 $ 46.9 Net loss attributable to the non-controlling interests 0.1 — 0.1 — Net income from continuing operations attributable to common stockholders $ 36.0 $ 36.2 $ 197.4 $ 46.9 Basic weighted average common shares outstanding 247.6 248.9 247.5 249.4 Denominator adjustments for diluted EPS: Number of shares issuable upon conversion of Series A Preferred Stock — — — 0.4 Number of stock options and RSUs 0.4 0.2 0.5 0.3 Denominator adjustments for diluted EPS 0.4 0.2 0.5 0.7 Diluted weighted average common shares outstanding 248.0 249.1 248.0 250.1 Earnings per share from continuing operations attributable to common stockholders: Basic $ 0.15 $ 0.15 $ 0.80 $ 0.19 Diluted $ 0.15 $ 0.15 $ 0.79 $ 0.19 For the three and nine months ended September 30, 2021 and 2020, the following securities were not included in the computation of diluted shares outstanding because either the effect would be anti-dilutive or performance targets were not yet met for awards contingent upon such measures: Three Months Ended September 30, Nine Months Ended September 30, (shares in millions) 2021 2020 2021 2020 Shares issuable upon vesting of RSUs and exercise of stock options 3.6 4.5 3.7 4.7

Contingencies, Environmental an

Contingencies, Environmental and Legal Matters	9 Months Ended
	Sep. 30, 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 $11.5 million and $10.1 million at September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, 2021 and 2020, the Company recognized income tax expense of $17.3 million and an income tax benefit of $47.3 million, respectively. For the nine months ended September 30, 2021 and 2020, the Company recognized income tax expense of $16.5 million and an income tax benefit of $37.4 million, respectively. Income tax expense for the three and nine months ended September 30, 2021 includes a benefit of $3.8 million and $55.2 million, respectively, associated with the release of valuation allowances, the impact of higher pre-tax income and country mix of earnings. The benefit was associated with the release of valuation allowances previously recorded against certain U.S. tax attribute carryforwards, primarily consisting of net operating loss carryforwards in certain states and interest carryforwards. The valuation allowances are being released as the Company expects improved profitability in the U.S. and a shift to a three-year cumulative income position. These expectations are based on actual and forecasted results. The income tax benefit for the three and nine months ended September 30, 2020 includes a $42 million benefit from new regulations related 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, as well as under Internal Revenue Code section 163(j) and the related interest expense limitations.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (dollars in millions) 2021 2020 2021 2020 Net sales: Electronics Assembly Solutions $ 212.6 $ 155.0 $ 606.7 $ 393.2 Circuitry Solutions 118.9 101.0 338.7 286.7 Semiconductor Solutions 67.1 50.8 188.6 149.0 Total Electronics 398.6 306.8 1,134.0 828.9 Industrial & Specialty Industrial Solutions 161.5 121.0 456.0 330.5 Graphics Solutions 41.0 33.6 115.7 106.8 Energy Solutions 15.1 16.1 47.2 50.9 Total Industrial & Specialty 217.6 170.7 618.9 488.2 Total net sales $ 616.2 $ 477.5 $ 1,752.9 $ 1,317.1 Adjusted EBITDA: Electronics $ 92.1 $ 72.0 $ 275.3 $ 196.5 Industrial & Specialty 39.4 29.8 127.2 100.2 Total Adjusted EBITDA $ 131.5 $ 101.8 $ 402.5 $ 296.7 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2021 2020 2021 2020 Net income attributable to common stockholders $ 36.0 $ 36.0 $ 199.4 $ 45.8 Add (subtract): Net loss attributable to the non-controlling interests (0.1) — (0.1) — Loss (income) from discontinued operations, net of tax — 0.2 (2.0) 1.1 Income tax expense (benefit) 17.3 (47.3) 16.5 (37.4) Interest expense, net 13.8 17.1 39.6 50.7 Depreciation expense 9.6 10.7 28.7 31.7 Amortization expense 31.9 30.5 92.0 88.8 EBITDA 108.5 47.2 374.1 180.7 Adjustments to reconcile to Adjusted EBITDA: Amortization of inventory step-up 4.3 1.0 6.5 2.4 Restructuring expense 1.3 1.3 5.2 5.6 Acquisition and integration expense 7.1 0.4 10.3 8.3 Foreign exchange loss (gain) on internal debt 0.6 2.3 (22.8) 43.2 Debt refinancing costs — 45.7 — 45.7 Adjustment of stock compensation previously not probable (Note 8) 7.6 — 21.2 — Other, net 2.1 3.9 8.0 10.8 Adjusted EBITDA $ 131.5 $ 101.8 $ 402.5 $ 296.7

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Performance-Based RSUs The vesting of certain performance-based RSUs previously granted to key executives is subject to the achievement by the Company of a certain performance target in any fiscal year ending on or before December 31, 2022, and continuous service. Prior to the second quarter of 2021, the Company did not recognize compensation expense for these awards as the achievement of the performance target was not deemed probable. During the second quarter of 2021, the achievement of the performance target became probable and the Company recorded $7.6 million and $21.2 million of expense for the three and nine months ending September 30, 2021, respectively, in "Selling, technical, general and administrative" in the Condensed Consolidated Statements of Operations. Repurchases of Common Stock During the three months ended September 30, 2021, as part of its previously-announced $750 million share repurchase program, the Company repurchased approximately 0.1 million shares of its common stock for approximately $1.7 million, at an average price of approximately $20.45 per share. The repurchases were funded from cash on hand and allocated to treasury shares. The remaining authorization under the Company's share repurchase program was approximately $185 million at September 30, 2021.

Background and Basis of Prese_2

Background and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 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 considers to be reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual amounts may differ materially from these estimates.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	The following table summarizes the allocation of the purchase price of the Coventya and HKW Acquisitions (together the "Acquisitions") to the identified assets acquired and liabilities assumed at the respective acquisition dates: (dollars in millions) Coventya HKW Identifiable assets acquired and liabilities assumed Accounts receivable $ 44.6 $ 10.1 Inventories 37.7 11.2 Other current assets 10.9 2.4 Property, plant and equipment 28.7 6.2 Identifiable intangible assets 213.4 28.7 Other assets 11.4 2.7 Current liabilities (42.9) (21.6) Deferred income taxes (55.5) (7.5) Other long-term liabilities (14.7) (3.2) Non-controlling interests (39.6) — Total identifiable net assets 194.0 29.0 Goodwill 291.6 21.9 Total purchase price $ 485.6 $ 50.9
Schedule of acquired finite-lived intangible assets by major class	The fair value of the identifiable intangible assets recorded in conjunction with the Acquisitions was as follows: Coventya HKW (dollars in millions) Fair Value Weighted Average Useful Life (years) Fair Value Weighted Average Useful Life (years) Customer relationships $ 145.0 12 $ 20.8 12 Trade name 8.4 10 1.0 5 Developed technology 60.0 10 6.9 5 Total $ 213.4 11.4 $ 28.7 10.1

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2021
Inventory Disclosure [Abstract]
Major components of inventory	The major components of inventory, on a net basis, were as follows: (dollars in millions) September 30, 2021 December 31, 2020 Finished goods $ 185.8 $ 119.7 Work in process 35.3 23.0 Raw materials and supplies 95.3 60.4 Total inventories $ 316.4 $ 203.1

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2021 December 31, 2020 Land and leasehold improvements $ 54.6 $ 53.2 Buildings and improvements 160.9 139.5 Machinery, equipment, fixtures and software 282.4 245.8 Construction in process 29.7 22.3 Total property, plant and equipment 527.6 460.8 Accumulated depreciation (256.9) (220.4) Property, plant and equipment, net $ 270.7 $ 240.4

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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 Acquisitions (2) 21.9 291.6 313.5 Foreign currency translation and other (6.5) (26.3) (32.8) Balance at September 30, 2021 $ 1,289.4 $ 1,244.0 $ 2,533.4 (1) Includes accumulated impairment losses of $46.6 million.
Schedule of finite-lived intangible assets subject to amortization	Intangible assets subject to amortization were as follows: September 30, 2021 December 31, 2020 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 1,135.3 $ (487.0) $ 648.3 $ 984.3 $ (435.4) $ 548.9 Developed technology 429.3 (235.8) 193.5 400.0 (241.5) 158.5 Trade names 100.0 (15.7) 84.3 91.8 (11.3) 80.5 Other — — — 1.7 (1.7) — Total $ 1,664.6 $ (738.5) $ 926.1 $ 1,477.8 $ (689.9) $ 787.9

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 December 31, 2020 Term Loans (1) 2026 LIBOR plus 2.00% $ 1,115.1 $ 727.5 Senior Notes - $800 million (2) 2028 3.875% 789.1 788.0 Other 6.1 — Total debt 1,910.3 1,515.5 Less: current installments of long-term debt 12.9 7.4 Total long-term debt $ 1,897.4 $ 1,508.1 (1) Term loans, net of unamortized discounts and debt issuance costs of $13.4 million and $7.6 million at September 30, 2021 and December 31, 2020, respectively. The effective interest rate was 2.1% and 2.4% at September 30, 2021 and December 31, 2020, respectively, including the effects of interest rate swaps and net investment hedges. See Note 7, 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 $10.9 million and $12.0 million at September 30, 2021 and December 31, 2020, respectively. The effective interest rate was 4.1% at September 30, 2021 and December 31, 2020.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 December 31, 2020 Asset Category Foreign exchange contracts not designated as hedging instruments Other current assets Level 2 $ 0.1 $ 0.2 Metals contracts not designated as hedging instruments Other current assets Level 2 2.6 0.4 Cross currency swaps designated as net investment hedge Other current assets Level 2 21.8 16.3 Interest rate swaps designated as cash flow hedging instruments Other assets Level 2 3.0 — Cross currency swaps designated as net investment hedge Other assets Level 2 1.7 — Total $ 29.2 $ 16.9 Liability Category Foreign exchange contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 $ 0.2 $ 0.7 Metals contracts not designated as hedging instruments Accrued expenses and other current liabilities Level 2 1.5 1.6 Interest rate swaps designated as cash flow hedging instruments Accrued expenses and other current liabilities Level 2 18.8 17.6 Interest rate swaps designated as cash flow hedging instruments Other liabilities Level 2 17.7 33.5 Cross currency swaps designated as net investment hedge Other liabilities Level 2 9.0 43.3 Total $ 47.2 $ 96.7

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 and 2020 is as follows: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions, except per share amounts) 2021 2020 2021 2020 Net income from continuing operations $ 35.9 $ 36.2 $ 197.3 $ 46.9 Net loss attributable to the non-controlling interests 0.1 — 0.1 — Net income from continuing operations attributable to common stockholders $ 36.0 $ 36.2 $ 197.4 $ 46.9 Basic weighted average common shares outstanding 247.6 248.9 247.5 249.4 Denominator adjustments for diluted EPS: Number of shares issuable upon conversion of Series A Preferred Stock — — — 0.4 Number of stock options and RSUs 0.4 0.2 0.5 0.3 Denominator adjustments for diluted EPS 0.4 0.2 0.5 0.7 Diluted weighted average common shares outstanding 248.0 249.1 248.0 250.1 Earnings per share from continuing operations attributable to common stockholders: Basic $ 0.15 $ 0.15 $ 0.80 $ 0.19 Diluted $ 0.15 $ 0.15 $ 0.79 $ 0.19
Schedule of antidilutive securities excluded from computation of earnings per share	For the three and nine months ended September 30, 2021 and 2020, the following securities were not included in the computation of diluted shares outstanding because either the effect would be anti-dilutive or performance targets were not yet met for awards contingent upon such measures: Three Months Ended September 30, Nine Months Ended September 30, (shares in millions) 2021 2020 2021 2020 Shares issuable upon vesting of RSUs and exercise of stock options 3.6 4.5 3.7 4.7

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (dollars in millions) 2021 2020 2021 2020 Net sales: Electronics Assembly Solutions $ 212.6 $ 155.0 $ 606.7 $ 393.2 Circuitry Solutions 118.9 101.0 338.7 286.7 Semiconductor Solutions 67.1 50.8 188.6 149.0 Total Electronics 398.6 306.8 1,134.0 828.9 Industrial & Specialty Industrial Solutions 161.5 121.0 456.0 330.5 Graphics Solutions 41.0 33.6 115.7 106.8 Energy Solutions 15.1 16.1 47.2 50.9 Total Industrial & Specialty 217.6 170.7 618.9 488.2 Total net sales $ 616.2 $ 477.5 $ 1,752.9 $ 1,317.1 Adjusted EBITDA: Electronics $ 92.1 $ 72.0 $ 275.3 $ 196.5 Industrial & Specialty 39.4 29.8 127.2 100.2 Total Adjusted EBITDA $ 131.5 $ 101.8 $ 402.5 $ 296.7 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2021 2020 2021 2020 Net income attributable to common stockholders $ 36.0 $ 36.0 $ 199.4 $ 45.8 Add (subtract): Net loss attributable to the non-controlling interests (0.1) — (0.1) — Loss (income) from discontinued operations, net of tax — 0.2 (2.0) 1.1 Income tax expense (benefit) 17.3 (47.3) 16.5 (37.4) Interest expense, net 13.8 17.1 39.6 50.7 Depreciation expense 9.6 10.7 28.7 31.7 Amortization expense 31.9 30.5 92.0 88.8 EBITDA 108.5 47.2 374.1 180.7 Adjustments to reconcile to Adjusted EBITDA: Amortization of inventory step-up 4.3 1.0 6.5 2.4 Restructuring expense 1.3 1.3 5.2 5.6 Acquisition and integration expense 7.1 0.4 10.3 8.3 Foreign exchange loss (gain) on internal debt 0.6 2.3 (22.8) 43.2 Debt refinancing costs — 45.7 — 45.7 Adjustment of stock compensation previously not probable (Note 8) 7.6 — 21.2 — Other, net 2.1 3.9 8.0 10.8 Adjusted EBITDA $ 131.5 $ 101.8 $ 402.5 $ 296.7

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

Acquisitions - Narratives (Deta

Acquisitions - Narratives (Details) $ in Millions	Sep. 01, 2021USD ($)entity	May 05, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Business Acquisition
Acquisition of business, net of cash acquired			$ 536.5	$ 9
Publicly traded company in Turkey
Business Acquisition
Noncontrolling interest, ownership percentage by parent	19.70%
Equity method investment, fair value	$ 32.4
Coventya
Business Acquisition
Acquisition of business, net of cash acquired	486
Non-controlling interests	$ 39.6
Number of entities acquired (entity) | entity	4
HKW
Business Acquisition
Acquisition of business, net of cash acquired		$ 50.9
Non-controlling interests		$ 0

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 01, 2021	May 05, 2021	Dec. 31, 2020
Identifiable assets acquired and liabilities assumed
Goodwill	$ 2,533.4			$ 2,252.7
Coventya
Identifiable assets acquired and liabilities assumed
Accounts receivable		$ 44.6
Inventories		37.7
Other current assets		10.9
Property, plant and equipment		28.7
Identifiable intangible assets		213.4
Other assets		11.4
Current liabilities		(42.9)
Deferred income taxes		(55.5)
Other long-term liabilities		14.7
Non-controlling interests		(39.6)
Total identifiable net assets		194
Goodwill		291.6
Total purchase price		$ 485.6
HKW
Identifiable assets acquired and liabilities assumed
Accounts receivable			$ 10.1
Inventories			11.2
Other current assets			2.4
Property, plant and equipment			6.2
Identifiable intangible assets			28.7
Other assets			2.7
Current liabilities			(21.6)
Deferred income taxes			(7.5)
Other long-term liabilities			3.2
Non-controlling interests			0
Total identifiable net assets			29
Goodwill			21.9
Total purchase price			$ 50.9

Acquisitions - Schedule of Iden

Acquisitions - Schedule of Identifiable Intangible Assets Recorded in Conjunction with Acquisitions (Details) - USD ($) $ in Millions	Sep. 01, 2021	May 05, 2021
Coventya
Business Acquisition
Fair Value	$ 213.4
Weighted Average Useful Life (years)	11 years 4 months 24 days
Coventya | Customer relationships
Business Acquisition
Fair Value	$ 145
Weighted Average Useful Life (years)	12 years
Coventya | Trade name
Business Acquisition
Fair Value	$ 8.4
Weighted Average Useful Life (years)	10 years
Coventya | Developed technology
Business Acquisition
Fair Value	$ 60
Weighted Average Useful Life (years)	10 years
HKW
Business Acquisition
Fair Value		$ 28.7
Weighted Average Useful Life (years)		10 years 1 month 6 days
HKW | Customer relationships
Business Acquisition
Fair Value		$ 20.8
Weighted Average Useful Life (years)		12 years
HKW | Trade name
Business Acquisition
Fair Value		$ 1
Weighted Average Useful Life (years)		5 years
HKW | Developed technology
Business Acquisition
Fair Value		$ 6.9
Weighted Average Useful Life (years)		5 years

Inventories - Schedule of Major

Inventories - Schedule of Major Components of Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished goods	$ 185.8	$ 119.7
Work in process	35.3	23
Raw materials and supplies	95.3	60.4
Total inventories	$ 316.4	$ 203.1

Property, Plant and Equipment -

Property, Plant and Equipment - Major Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Property, plant and equipment
Total property, plant and equipment	$ 527.6	$ 460.8
Accumulated depreciation	(256.9)	(220.4)
Property, plant and equipment, net	270.7	240.4
Land and leasehold improvements
Property, plant and equipment
Total property, plant and equipment	54.6	53.2
Buildings and improvements
Property, plant and equipment
Total property, plant and equipment	160.9	139.5
Machinery, equipment, fixtures and software
Property, plant and equipment
Total property, plant and equipment	282.4	245.8
Construction in process
Property, plant and equipment
Total property, plant and equipment	$ 29.7	$ 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	9 Months Ended
	Jan. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense		$ 9.6		$ 10.7		$ 28.7	$ 31.7
Gain on sale	$ 3.9
Proceeds from the sales of property			$ 19		$ 4.6

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, 2021USD ($)
Goodwill
Beginning balance	$ 2,252.7
Acquisition	313.5
Foreign currency translation and other	(32.8)
Ending balance	2,533.4
Electronics
Goodwill
Beginning balance	1,274
Acquisition	21.9
Foreign currency translation and other	(6.5)
Ending balance	1,289.4
Industrial & Specialty
Goodwill
Beginning balance	978.7
Acquisition	291.6
Foreign currency translation and other	(26.3)
Ending balance	$ 1,244

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Indefinite-lived Intangible Assets
Accumulated impairment losses					$ 46.6
Amortization of expense of intangible assets	$ 31.9	$ 30.5	$ 92	$ 88.8
Trade names
Indefinite-lived Intangible Assets
Indefinite lived intangible assets	$ 68		$ 68		$ 68

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 1,664.6	$ 1,477.8
Accumulated Amortization	(738.5)	(689.9)
Net Book Value	926.1	787.9
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	1,135.3	984.3
Accumulated Amortization	(487)	(435.4)
Net Book Value	648.3	548.9
Developed technology
Finite-Lived Intangible Assets
Gross Carrying Amount	429.3	400
Accumulated Amortization	(235.8)	(241.5)
Net Book Value	193.5	158.5
Trade names
Finite-Lived Intangible Assets
Gross Carrying Amount	100	91.8
Accumulated Amortization	(15.7)	(11.3)
Net Book Value	84.3	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 ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument
Total debt	$ 1,910,300,000	$ 1,515,500,000
Less: current installments of long-term debt	12,900,000	7,400,000
Total long-term debt	1,897,400,000	1,508,100,000
Domestic Line of Credit | USD Term Loan
Debt Instrument
Debt face amount	1,150,000,000		$ 750,000,000
Total debt	1,115,100,000	727,500,000
Unamortized discount (premium) and debt issuance costs, net	$ 13,400,000	$ 7,600,000
Effective interest rate (percent)	2.10%	2.40%
Domestic Line of Credit | USD Term Loan | LIBOR
Debt Instrument
Spread on variable rate (percent)	2.00%
Senior Notes | USD Senior Notes, Due 2028
Debt Instrument
Debt face amount	$ 800,000,000
Stated interest rate (percent)	3.875%
Total debt	$ 789,100,000	$ 788,000,000
Unamortized discount (premium) and debt issuance costs, net	$ 10,900,000	$ 12,000,000
Effective interest rate (percent)	4.10%	4.10%
Other
Debt Instrument
Total debt	$ 6,100,000	$ 0

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 01, 2021	Dec. 31, 2019
Domestic Line of Credit | Notes maturing 2026 Add-On
Line of Credit Facility
Debt face amount		$ 400,000,000
Domestic Line of Credit | Notes maturing 2026
Line of Credit Facility
Debt face amount	$ 1,150,000,000		$ 750,000,000
Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity	$ 1,480,000,000
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	9 Months Ended
	Sep. 30, 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)	Sep. 30, 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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument
Total debt and capital lease obligations	$ 1,910,300,000	$ 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	$ 352,000,000	$ 349,000,000

Financial Instruments - Derivat

Financial Instruments - Derivatives and Hedging (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 01, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss)
Gain (loss) to be reclassified during next 12 months	$ 18,800,000		$ 18,800,000
Commodities Investment
Derivative Instruments, Gain (Loss)
Derivative liability, current			1,200,000
Derivative asset, current	1,100,000
Domestic Line of Credit | USD Term Loan
Derivative Instruments, Gain (Loss)
Debt face amount	$ 1,150,000,000			$ 750,000,000
Domestic Line of Credit | Notes maturing 2026 Add-On
Derivative Instruments, Gain (Loss)
Debt face amount		$ 400,000,000
Interest rate swaps | Domestic Line of Credit | USD Term Loan
Derivative Instruments, Gain (Loss)
Interest rate swap rate (as a percent)	2.10%
Foreign Exchange Forward
Derivative Instruments, Gain (Loss)
Derivative notional amount	$ 58,700,000		25,000,000
Derivative remaining maturity	1 year
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative Instruments, Gain (Loss)
Derivative notional amount	$ 26,600,000		78,500,000
Derivative remaining maturity	1 year
Derivative liability, current	$ 100,000		$ 500,000

Financial Instruments - Assets

Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Asset Category
Total	$ 29.2	$ 16.9
Liability Category
Total	47.2	96.7
Level 2 | Other current assets | Commodities Investment | Not Designated as Hedging Instrument
Asset Category
Derivative asset	2.6	0.4
Level 2 | Other current assets | Foreign exchange contracts not designated as hedging instruments | Not Designated as Hedging Instrument
Asset Category
Derivative asset	0.1	0.2
Level 2 | Other current assets | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument
Asset Category
Derivative asset	21.8	16.3
Level 2 | Accrued expenses and other current liabilities | Commodities Investment | Not Designated as Hedging Instrument
Liability Category
Derivative liability	1.5	1.6
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	0.2	0.7
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	18.8	17.6
Level 2 | Other liabilities | Interest rate swaps designated as cash flow hedging instruments | Designated as Hedging Instrument
Liability Category
Derivative liability	17.7	33.5
Level 2 | Other liabilities | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument
Liability Category
Derivative liability	9	43.3
Level 2 | Other assets | Designated as Hedging Instrument
Asset Category
Derivative asset	3	0
Level 2 | Other assets | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument
Asset Category
Derivative asset	$ 1.7	$ 0

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurements, Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,900	$ 1,520
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,940	$ 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income from continuing operations	$ 35.9	$ 36.2	$ 197.3	$ 46.9
Net loss attributable to the non-controlling interests	0.1	0	0.1	0
Net income from continuing operations attributable to common stockholders	$ 36	$ 36.2	$ 197.4	$ 46.9
Basic weighted average common shares outstanding (in shares)	247.6	248.9	247.5	249.4
Denominator adjustments for diluted EPS:
Number of shares issuable upon conversion of Series A Preferred Stock (in shares)	0	0	0	0.4
Number of stock options and RSUs (in shares)	0.4	0.2	0.5	0.3
Denominator adjustments for diluted EPS (in shares)	0.4	0.2	0.5	0.7
Diluted weighted average common shares outstanding (in shares)	248	249.1	248	250.1
Earnings per share from continuing operations attributable to common stockholders:
Basic (in dollars per share)	$ 0.15	$ 0.15	$ 0.80	$ 0.19
Diluted (in dollars per share)	$ 0.15	$ 0.15	$ 0.79	$ 0.19

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
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)	3.6	4.5	3.7	4.7

Contingencies, Environmental _2

Contingencies, Environmental and Legal Matters (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Reserves for environmental matters	$ 11.5	$ 10.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 17.3	$ (47.3)	$ 16.5	$ (37.4)
Decrease in valuation allowance	$ 3.8		$ 55.2
GILTI tax benefit		$ 42		$ 42

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity - Advisory Services Agreement - Mariposa Capital $ in Millions	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information
Total net sales	$ 616.2	$ 477.5	$ 1,752.9	$ 1,317.1
Total Adjusted EBITDA	131.5	101.8	402.5	296.7
Electronics
Segment Reporting Information
Total net sales	398.6	306.8	1,134	828.9
Total Adjusted EBITDA	92.1	72	275.3	196.5
Electronics | Assembly Solutions
Segment Reporting Information
Total net sales	212.6	155	606.7	393.2
Electronics | Circuitry Solutions
Segment Reporting Information
Total net sales	118.9	101	338.7	286.7
Electronics | Semiconductor Solutions
Segment Reporting Information
Total net sales	67.1	50.8	188.6	149
Industrial & Specialty
Segment Reporting Information
Total net sales	217.6	170.7	618.9	488.2
Total Adjusted EBITDA	39.4	29.8	127.2	100.2
Industrial & Specialty | Industrial Solutions
Segment Reporting Information
Total net sales	161.5	121	456	330.5
Industrial & Specialty | Graphics Solutions
Segment Reporting Information
Total net sales	41	33.6	115.7	106.8
Industrial & Specialty | Energy Solutions
Segment Reporting Information
Total net sales	$ 15.1	$ 16.1	$ 47.2	$ 50.9

Segment Information - Reconcili

Segment Information - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Net income attributable to common stockholders	$ 36	$ 36	$ 199.4	$ 45.8
Add (subtract):
Net loss attributable to the non-controlling interests	(0.1)	0	(0.1)	0
Loss (income) from discontinued operations, net of tax	0	0.2	(2)	1.1
Income tax expense (benefit)	17.3	(47.3)	16.5	(37.4)
Interest expense, net	13.8	17.1	39.6	50.7
Depreciation expense	9.6	10.7	28.7	31.7
Amortization expense	31.9	30.5	92	88.8
EBITDA	108.5	47.2	374.1	180.7
Adjustments to reconcile to Adjusted EBITDA:
Amortization of inventory step-up	4.3	1	6.5	2.4
Restructuring expense	1.3	1.3	5.2	5.6
Acquisition and integration expense	7.1	0.4	10.3	8.3
Foreign exchange loss (gain) on internal debt	0.6	2.3	(22.8)	43.2
Debt refinancing costs	0	45.7	0	45.7
Adjustment of stock compensation previously not probable (Note 8)	7.6	0	21.2	0
Other, net	2.1	3.9	8	10.8
Adjusted EBITDA	$ 131.5	$ 101.8	$ 402.5	$ 296.7

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity [Abstract]
Selling, technical, general and administrative	$ 7.6	$ 0	$ 21.2	$ 0

Stockholders' Equity - Repurcha

Stockholders' Equity - Repurchases of Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Class of Stock
Payment for shares acquired		$ 1.7	$ 35.7
Remaining shares authorized for repurchase	$ 185	185
Common Stock
Class of Stock
Stock repurchase program, authorized amount	$ 750	$ 750
Treasury shares acquired (in shares)	0.1
Payment for shares acquired	$ 1.7
Treasury stock price (usd per share)	$ 20.45