Element Solutions (ESI) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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		245,331,440
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001590714
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Net sales	$ 676.9	$ 586.6	$ 1,357.1	$ 1,136.7
Cost of sales	427.1	348.1	844.3	657.2
Gross profit	249.8	238.5	512.8	479.5
Operating expenses:
Selling, technical, general and administrative	146.5	154.7	299.9	284.3
Research and development	12.8	12.8	26.9	24.3
Total operating expenses	159.3	167.5	326.8	308.6
Operating profit	90.5	71	186	170.9
Other (expense) income:
Interest expense, net	(13.2)	(12.9)	(27.3)	(25.8)
Foreign exchange gain (loss)	2.7	(5.2)	2	22.8
Other income (expense), net	7.5	(5.7)	3.2	(7.3)
Total other (expense) income	(3)	(23.8)	(22.1)	(10.3)
Income before income taxes and non-controlling interests	87.5	47.2	163.9	160.6
Income tax (expense) benefit	(23.9)	31.9	(43.9)	0.8
Net income from continuing operations	63.6	79.1	120	161.4
Income from discontinued operations, net of tax	1.8	2	1.8	2
Net income	65.4	81.1	121.8	163.4
Net income attributable to non-controlling interests	(0.2)	0	(0.5)	0
Net income attributable to common stockholders	$ 65.2	$ 81.1	$ 121.3	$ 163.4
Earnings per share
Basic from continuing operations (in dollars per share)	$ 0.25	$ 0.32	$ 0.48	$ 0.65
Basic from discontinued operations (in dollars per share)	0.01	0.01	0.01	0.01
Basic attributable to common stockholders (in dollars per share)	0.26	0.33	0.49	0.66
Diluted from continuing operations (in dollars per share)	0.25	0.32	0.48	0.65
Diluted from discontinued operations (in dollars per share)	0.01	0.01	0.01	0.01
Diluted attributable to common stockholders (in dollars per share)	$ 0.26	$ 0.33	$ 0.49	$ 0.66
Weighted average common shares outstanding
Basic (in shares)	247.1	247.5	247.2	247.4
Diluted (in shares)	247.5	247.9	248.3	248

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 65.4	$ 81.1	$ 121.8	$ 163.4
Foreign currency translation:
Other comprehensive (loss) income before reclassifications, net of tax expense (benefit) of $4.5 and $(2.0) for the three months ended June 30, 2022 and 2021 and $2.4 and $3.9 for the six months ended June 30, 2022 and 2021, respectively	(112.5)	34.5	(126.4)	(18.2)
Total foreign currency translation adjustments	(112.5)	34.5	(126.4)	(18.2)
Derivative financial instruments:
Other comprehensive income (loss) before reclassifications, net of tax expense of $2.9 and $1.0 for the three months ended June 30, 2022 and 2021 and $11.7 and $2.8 for the six months ended June 30, 2022 and 2021, respectively	6.1	(1.9)	28.6	1.1
Reclassifications, net of tax expense of $0.0 for the three and six months ended June 30, 2022 and 2021, respectively	3	4.5	7.8	8.9
Total unrealized gain arising on qualified hedging derivatives	9.1	2.6	36.4	10
Other comprehensive (loss) income	(103.4)	37.1	(90)	(8.2)
Comprehensive (loss) income	(38)	118.2	31.8	155.2
Comprehensive loss attributable to non-controlling interests	0.1	0	1.5	0
Comprehensive (loss) income attributable to common stockholders	$ (37.9)	$ 118.2	$ 33.3	$ 155.2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Foreign currency translation:
Tax expense (benefit)	$ 4.5	$ (2)	$ 2.4	$ 3.9
Derivative financial instruments:
Tax expense	2.9	1	11.7	2.8
Tax expense, reclassification	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash & cash equivalents	$ 215.6	$ 330.1
Accounts receivable, net of allowance for doubtful accounts of $14.5 and $12.2 at June 30, 2022 and December 31, 2021, respectively	527.1	492.2
Inventories	337.7	274.4
Prepaid expenses	33.7	29.4
Other current assets	123.7	88.4
Total current assets	1,237.8	1,214.5
Property, plant and equipment, net	265.7	278.1
Goodwill	2,425.4	2,526.3
Intangible assets, net	866.9	956.7
Deferred income tax assets	58.4	81.5
Other assets	155.5	81.3
Total assets	5,009.7	5,138.4
Liabilities and stockholders' equity
Accounts payable	175.6	138.4
Current installments of long-term debt	13.5	12.7
Accrued expenses and other current liabilities	205.9	264.1
Total current liabilities	395	415.2
Debt	1,889.9	1,894.2
Pension and post-retirement benefits	31.9	36.1
Deferred income tax liabilities	131.7	140
Other liabilities	146	152.1
Total liabilities	2,594.5	2,637.6
Commitments and contingencies (Note 9)
Stockholders' equity
Common stock: 400.0 shares authorized (2022: 265.0 shares issued; 2021: 261.9 shares issued)	2.7	2.6
Additional paid-in capital	4,176.4	4,166.6
Treasury stock (2022: 19.2 shares; 2021: 15.2 shares)	(244.9)	(159.2)
Accumulated deficit	(1,250.6)	(1,331.9)
Accumulated other comprehensive loss	(285.4)	(197.4)
Total stockholders' equity	2,398.2	2,480.7
Non-controlling interests	17	20.1
Total equity	2,415.2	2,500.8
Total liabilities and stockholders' equity	$ 5,009.7	$ 5,138.4

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Allowance for doubtful accounts, current	$ 14.5	$ 12.2
Stockholders' equity
Common shares authorized (in shares)	400,000,000	400,000,000
Common shares issued (in shares)	265,000,000	261,900,000
Treasury shares (in shares)	19,200,000	15,200,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 121.8	$ 163.4
Net income from discontinued operations, net of tax	1.8	2
Net income from continuing operations	120	161.4
Reconciliations of net income from continuing operations to net cash flows provided by operating activities:
Depreciation and amortization	82.2	79.2
Deferred income taxes	7.9	(35.7)
Foreign exchange loss (gain)	0.1	(20.4)
Incentive stock compensation	8.8	21.3
Other, net	7.7	0.8
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(59.8)	(38)
Inventories	(75.9)	(67.9)
Accounts payable	43.2	37.8
Accrued expenses	(43.2)	(8.8)
Prepaid expenses and other current assets	(15.3)	(14.8)
Other assets and liabilities	(7)	(1.9)
Net cash flows provided by operating activities	68.7	113
Cash flows from investing activities:
Capital expenditures	(21.7)	(17.3)
Proceeds from disposal of property, plant and equipment	3.4	0
Acquisition of business, net of cash acquired	(22.6)	(50.9)
Other, net	(5.1)	19.1
Net cash flows used in investing activities	(46)	(49.1)
Cash flows from financing activities:
Repayments of borrowings	(6.3)	(3.7)
Repurchases of common stock	(59.7)	0
Dividends	(39.6)	(27.2)
Other, net	(23.8)	(6.4)
Net cash flows used in financing activities	(129.4)	(37.3)
Net cash flows provided by operating activities of discontinued operations	1.8	0
Effect of exchange rate changes on cash and cash equivalents	(9.6)	(0.1)
Net (decrease) increase in cash and cash equivalents	(114.5)	26.5
Cash and cash equivalents at beginning of period	330.1	291.9
Cash and cash equivalents at end of period	$ 215.6	$ 318.4

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Total Stockholders' Equity	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive (Loss) Income	Non- controlling Interests
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
Balance (in shares) at Dec. 31, 2020					14,229,280
Increase (Decrease) in Stockholders' Equity
Net income	163.4	163.4				163.4
Other comprehensive income (loss), net of taxes	(8.2)	(8.2)					(8.2)
Exercise/ vesting of share based compensation	0.3	0.3		2	$ (1.7)
Exercise/ vesting of share based compensation (in shares)			514,410		95,453
Issuance of common stock under Employee Stock Purchase Plan	0.5	0.5		0.5
Issuance of common stock under Employee Stock Purchase Plan (in shares)			40,644
Repurchases of common stock (in shares)					1,700
Dividends	(27.3)	(27.3)				(27.3)
Equity compensation expense	21.5	21.5		21.5
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
Balance (in shares) at Jun. 30, 2021					14,326,433
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
Balance (in shares) at Mar. 31, 2021					14,315,406
Increase (Decrease) in Stockholders' Equity
Net income	81.1	81.1				81.1
Other comprehensive income (loss), net of taxes	37.1	37.1					37.1
Exercise/ vesting of share based compensation	(0.1)	(0.1)		0.1	$ (0.2)
Exercise/ vesting of share based compensation (in shares)			97,997		11,027
Issuance of common stock under Employee Stock Purchase Plan	0.2	0.2		0.2
Issuance of common stock under Employee Stock Purchase Plan (in shares)			18,366
Dividends	(14.9)	(14.9)				(14.9)
Equity compensation expense	17.1	17.1		17.1
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
Balance (in shares) at Jun. 30, 2021					14,326,433
Balance at Dec. 31, 2021	$ 2,500.8	2,480.7	$ 2.6	4,166.6	$ (159.2)	(1,331.9)	(197.4)	20.1
Balance (in shares) at Dec. 31, 2021			261,937,509
Balance (in shares) at Dec. 31, 2021	15,200,000				15,195,525
Increase (Decrease) in Stockholders' Equity
Net income	$ 121.8	121.3				121.3		0.5
Other comprehensive income (loss), net of taxes	(90)	(88)					(88)	(2)
Exercise/ vesting of share based compensation	(23.9)	(23.9)	$ 0.1		$ (24)
Exercise/ vesting of share based compensation (in shares)			3,039,990		1,032,769
Issuance of common stock under Employee Stock Purchase Plan	0.7	0.7		0.7
Issuance of common stock under Employee Stock Purchase Plan (in shares)			35,566
Repurchases of common stock	$ (61.7)	(61.7)			$ (61.7)
Repurchases of common stock (in shares)	3,000,000				2,993,094
Dividends	$ (40)	(40)				(40)
Equity compensation expense	9	9		9
Changes in non-controlling interests	(1.5)	0.1		0.1				(1.6)
Balance at Jun. 30, 2022	$ 2,415.2	2,398.2	$ 2.7	4,176.4	$ (244.9)	(1,250.6)	(285.4)	17
Balance (in shares) at Jun. 30, 2022			265,013,065
Balance (in shares) at Jun. 30, 2022	19,200,000				19,221,388
Balance at Mar. 31, 2022	$ 2,513.5	2,494.9	$ 2.6	4,172.3	$ (201.8)	(1,295.9)	(182.3)	18.6
Balance (in shares) at Mar. 31, 2022			264,944,559
Balance (in shares) at Mar. 31, 2022					17,051,344
Increase (Decrease) in Stockholders' Equity
Net income	65.4	65.2				65.2		0.2
Other comprehensive income (loss), net of taxes	(103.4)	(103.1)					(103.1)	(0.3)
Exercise/ vesting of share based compensation	(0.1)	(0.1)	$ 0.1		$ (0.2)
Exercise/ vesting of share based compensation (in shares)			49,858		7,398
Issuance of common stock under Employee Stock Purchase Plan	0.3	0.3		0.3
Issuance of common stock under Employee Stock Purchase Plan (in shares)			18,648
Repurchases of common stock	(42.9)	(42.9)			$ (42.9)
Repurchases of common stock (in shares)					2,162,646
Dividends	(19.9)	(19.9)				(19.9)
Equity compensation expense	3.7	3.7		3.7
Changes in non-controlling interests	(1.4)	0.1		0.1				(1.5)
Balance at Jun. 30, 2022	$ 2,415.2	$ 2,398.2	$ 2.7	$ 4,176.4	$ (244.9)	$ (1,250.6)	$ (285.4)	$ 17
Balance (in shares) at Jun. 30, 2022			265,013,065
Balance (in shares) at Jun. 30, 2022	19,200,000				19,221,388

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared (per share)	$ 0.08	$ 0.06	$ 0.16	$ 0.11
Stock Issued During Period, Value, Share-based Compensation, Gross and Treasury Stock, Acquired	$ (0.1)	$ (0.1)	$ (23.9)	$ 0.3

BACKGROUND AND BASIS OF PRESENT

BACKGROUND AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2022
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. Our businesses provide products that, in substantially all cases, are consumed by customers as part of their production process, providing us with reliable and recurring revenue streams as the products are replenished in order to continue production. 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, 2022. 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 2021 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. In the second quarter of 2022, the Company transferred operational responsibility of its Films business from its Industrial business in the Industrial & Specialty segment to its Circuitry business in the Electronics segment. This change was made in response to the increasing commercial activity and opportunities we anticipate in printed and in-mold electronics. Historical information has been reclassified to include the Films business in the Electronics segment for all periods presented. Certain other prior year amounts have been reclassified to conform to the current year’s presentation.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The major components of inventory, on a net basis, were as follows: (dollars in millions) June 30, 2022 December 31, 2021 Finished goods $ 194.7 $ 153.3 Work in process 35.8 33.4 Raw materials and supplies 107.2 87.7 Total inventories $ 337.7 $ 274.4

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
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) June 30, 2022 December 31, 2021 Land and leasehold improvements $ 51.0 $ 54.8 Buildings and improvements 154.7 162.0 Machinery, equipment, fixtures and software 294.4 290.6 Construction in process 41.5 37.7 Total property, plant and equipment 541.6 545.1 Accumulated depreciation (275.9) (267.0) Property, plant and equipment, net $ 265.7 $ 278.1

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS HSO Acquisition On January 26, 2022, the Company completed the HSO Acquisition for approximately $23 million, net of cash. HSO is a multi-national developer of technology and chemistry for decorative and functional surface finishing with a focus on environmentally sustainable products, especially in the field of plating on plastics. HSO is included in our Industrial Solutions business line within our Industrial & Specialty segment and was not material to our unaudited Condensed Consolidated Financial Statements. In connection with this acquisition, the Company recorded approximately $11.7 million of finite-lived intangible assets, primarily customer relationships. Goodwill The changes in the carrying amount of goodwill by segment were as follows: (dollars in millions) Electronics Industrial & Specialty Total Balance at December 31, 2021 $ 1,292.2 $ 1,234.1 (1) $ 2,526.3 HSO Acquisition — 7.1 7.1 Transfer of Films business (2) 80.4 (80.4) — Foreign currency translation and other (56.0) (52.0) (108.0) Balance at June 30, 2022 $ 1,316.6 $ 1,108.8 $ 2,425.4 (1) Includes accumulated impairment losses of $46.6 million. (2) Goodwill was reallocated using a relative fair value approach and assessed for impairment both before and after the allocation. See Note 1, Background and Basis of Presentation, to the unaudited Condensed Consolidated Financial Statements for further information. Intangible Assets The major components of intangible assets were as follows: June 30, 2022 December 31, 2021 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 970.9 $ (401.4) $ 569.5 $ 1,131.3 $ (506.7) $ 624.6 Developed technology 410.7 (257.6) 153.1 429.0 (247.4) 181.6 Trade names 96.7 (20.4) 76.3 102.2 (19.7) 82.5 Indefinite-lived trade name 68.0 — 68.0 68.0 — 68.0 Total $ 1,546.3 $ (679.4) $ 866.9 $ 1,730.5 $ (773.8) $ 956.7 For the three months ended June 30, 2022 and 2021, the Company recorded amortization expense on intangible assets of $30.3 million and $30.4 million, respectively. For the six months ended June 30, 2022 and 2021, the Company recorded amortization expense on intangible assets of $61.3 million and $60.1 million, respectively.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate June 30, 2022 December 31, 2021 Term Loans (1) 2026 LIBOR plus 2.00% $ 1,108.8 $ 1,113.0 Senior Notes - $800 million (2) 2028 3.875% 790.1 789.4 Other 4.5 4.5 Total debt 1,903.4 1,906.9 Less: current installments of long-term debt 13.5 12.7 Total long-term debt $ 1,889.9 $ 1,894.2 (1) Term loans, net of unamortized discounts and debt issuance costs of $11.1 million and $12.6 million at June 30, 2022 and December 31, 2021, respectively. The effective interest rate was 1.6% and 2.1% at June 30, 2022 and December 31, 2021, respectively, including the effects of interest rate swaps and net investment hedges. See Note 6, Financial Instruments, to the unaudited Condensed Consolidated Financial Statements for further information regarding the Company's interest rate swaps and net investment hedges. (2) Senior notes, net of unamortized debt issuance costs of $9.9 million and $10.6 million at June 30, 2022 and December 31, 2021, respectively. The effective interest rate was 4.1% at June 30, 2022 and December 31, 2021, 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 $1.48 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 principal amount of $1.15 billion maturing in 2026. The Company's outstanding term loans bear interest at a per annum rate based on an adjusted one-month LIBOR (as described in the Credit Agreement) plus a spread of 2.00%. 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. 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 co-borrowers, namely the Company and MacDermid, 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. Subject to certain exceptions, to the extent the borrowers have total outstanding borrowings under the revolving credit facility 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 June 30, 2022, the Company was in compliance with the debt covenants contained in the Credit Agreement and had full availability of its unused borrowing capacity of $324 million, net of letters of credit, under the revolving credit facility. 3.875% USD Notes due 2028 The indenture governing the 3.875% USD Notes due 2028 provides for, among other things, customary affirmative and negative covenants, events of default and other customary provisions. The notes accrue interest at a rate of 3.875% per annum, payable semi-annually in arrears, on March 1 and September 1 of each year, and will mature on September 1, 2028, unless earlier repurchased or redeemed. Pursuant to the indenture, the Company has the option to redeem the 3.875% USD Notes due 2028 prior to their maturity (subject to, in certain cases, the payment of an applicable make-whole premium), or to repurchase them by any means other than a redemption, including by tender offer, open market purchases or negotiated transactions. 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. At June 30, 2022 and December 31, 2021, respectively, there were no amounts outstanding under such facilities. The Company had letters of credit outstanding of $6.1 million and $5.9 million at June 30, 2022 and December 31, 2021, respectively, of which $6.1 million and $5.5 million at June 30, 2022 and December 31, 2021, respectively, reduced the borrowings available under the various facilities. At June 30, 2022 and December 31, 2021, the availability under these facilities totaled approximately $346 million and $354 million, respectively, net of outstanding letters of credit.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
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 Rate 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 has designated 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 Condensed Consolidated Statement of Cash Flows. Changes in fair value of interest rate swaps 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. Changes in fair value of cross-currency swaps 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. In 2021, the Company entered into interest rate swaps to effectively fix the floating rate of the interest payments associated with the $400 million Add-on Term Loans through January 2025. These contracts were designated as a cash flow hedge. The Company also entered into cross-currency swaps, as amended on April 1, 2022, to effectively convert the $400 million Add-on Term Loans, which are U.S. dollar denominated debt obligations, 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. 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 1.6% at June 30, 2022, which could vary in the future due to changes in the euro and the U.S. dollar exchange rate. For the three and six months ended June 30, 2022, the Company's interest rate swaps and cross-currency swaps were deemed highly effective. The Company expects to reclassify a $13.7 million benefit 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 certain subsidiaries conduct business in currencies other than their functional currency, which is typically their local currency. As a result, the Company’s operating results are impacted by foreign currency exchange rate volatility. At June 30, 2022, 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 income (expense), net." The total notional value of foreign currency exchange forward contracts held at June 30, 2022 and December 31, 2021 was approximately $90.1 million and $64.6 million, respectively, with settlement dates generally within one year. The market value of the foreign currency forward contracts was a $0.5 million net current asset at June 30, 2022 and a $0.1 million net current liability at December 31, 2021. Commodities As part of its risk management policy, the Company enters into commodity derivative 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 derivative contracts to purchase and sell various metals, primarily tin and silver, for a notional amount of $68.0 million and $56.1 million at June 30, 2022 and December 31, 2021, respectively. The market value of the metals derivative contracts was a $3.3 million net current asset at June 30, 2022 and a $1.1 million net current liability at December 31, 2021. Substantially all contracts outstanding at June 30, 2022 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 income (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 June 30, 2022 December 31, 2021 Asset Category Foreign exchange contracts Other current assets Level 2 $ 1.2 $ 0.1 Metals contracts Other current assets Level 2 11.0 1.2 Interest rate swaps Other current assets Level 2 13.7 — Cross-currency swaps Other current assets Level 2 27.1 22.2 Interest rate swaps Other assets Level 2 16.3 6.6 Cross-currency swaps Other assets Level 2 59.0 5.8 Available-for-sale debt securities Other assets Level 3 5.1 — Total $ 133.4 $ 35.9 Liability Category Foreign exchange contracts Accrued expenses and other current liabilities Level 2 $ 0.7 $ 0.2 Metals contracts Accrued expenses and other current liabilities Level 2 7.7 2.3 Interest rate swaps Accrued expenses and other current liabilities Level 2 — 15.1 Interest rate swaps Other liabilities Level 2 — 9.6 Cross-currency swaps Other liabilities Level 2 — 2.8 Total $ 8.4 $ 30.0 The fair values of derivative assets and liabilities 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 six months ended June 30, 2022. The carrying value and estimated fair value of the Company’s long-term debt totaled $1.90 billion and $1.78 billion, respectively, at June 30, 2022. At December 31, 2021, the carrying value and estimated fair value totaled $1.90 billion and $1.93 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

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Repurchases of Common Stock As part of its stock repurchase program, the Company repurchased approximately 2.2 million shares of its common stock for $42.9 million during the three months ended June 30, 2022, resulting in an aggregate of approximately 3.0 million shares repurchased for $61.7 million during the six months ended June 30, 2022. The repurchases were funded from cash on hand and allocated to treasury shares. The remaining authorization under the Company's stock repurchase program was approximately $670 million at June 30, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
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 treasury stock method. A computation of earnings per share and weighted average shares of the Company's common stock outstanding from continuing operations for the three and six months ended June 30, 2022 and 2021 is as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions, except per share amounts) 2022 2021 2022 2021 Net income $ 63.6 $ 79.1 $ 120.0 $ 161.4 Net income attributable to non-controlling interests (0.2) — (0.5) — Net income attributable to common stockholders $ 63.4 $ 79.1 $ 119.5 $ 161.4 Basic weighted average common shares outstanding 247.1 247.5 247.2 247.4 Denominator adjustments for diluted EPS: Number of stock options and RSUs 0.4 0.4 1.1 0.6 Denominator adjustments for diluted EPS 0.4 0.4 1.1 0.6 Diluted weighted average common shares outstanding 247.5 247.9 248.3 248.0 Earnings per share from continuing operations attributable to common stockholders: Basic $ 0.25 $ 0.32 $ 0.48 $ 0.65 Diluted $ 0.25 $ 0.32 $ 0.48 $ 0.65 For the three and six months ended June 30, 2022 and 2021, 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 June 30, Six Months Ended June 30, (shares in millions) 2022 2021 2022 2021 Shares issuable upon vesting of RSUs and exercise of stock options 3.6 3.7 3.6 4.0

CONTINGENCIES, ENVIRONMENTAL AN

CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS	6 Months Ended
	Jun. 30, 2022
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 $14.2 million and $13.1 million at June 30, 2022 and December 31, 2021, 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.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
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, which includes the impact of foreign withholding tax accruals and uncertain tax positions, 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 June 30, 2022, the Company recognized income tax expense of $23.9 million, as compared to an income tax benefit of $31.9 million in the same period for 2021. For the six months ended June 30, 2022, the Company recognized income tax expense of $43.9 million, as compared to an income tax benefit of $0.8 million in the same period for 2021. The three and six months ended June 30, 2021 included a non-recurring $51.4 million benefit associated with the release of valuation allowances. This benefit did not repeat in the three and six months ended June 30, 2022 and 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 deduction carryforwards.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSThe Company is 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 $3.0 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. Amounts paid under this agreement are recorded in the Condensed Consolidated Statements of Operations as "Selling, technical, general and administrative" expense.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company's operations are organized into two reportable segments: Electronics and Industrial & Specialty. These segments represent businesses for which separate financial information is utilized by the chief operating decision maker (or CODM) for purposes of allocating resources and evaluating performance. See Note 1, Background and Basis of Presentation , to the unaudited Condensed Consolidated Financial Statements for information about the segment change that occurred in the second quarter of 2022. The Company allocates resources and evaluates the performance of its operating segments based primarily on net sales and Adjusted EBITDA. Adjusted EBITDA for each segment is defined as EBITDA, as further adjusted for additional items included in earnings which the Company believes are not representative or indicative of each of its segments' ongoing business, including unrealized gains/losses on metals derivative contracts, or are considered to be associated with the Company's capital structure. Adjusted EBITDA for each segment also includes an allocation of corporate costs, such as compensation expense and professional fees. Results of Operations The following table summarizes financial information regarding each reportable segment’s results of operations, including disaggregated external net sales by product category: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2022 2021 2022 2021 Net sales: Electronics Assembly Solutions $ 227.8 $ 205.1 $ 462.3 $ 394.1 Circuitry Solutions 136.2 124.5 269.7 245.7 Semiconductor Solutions 74.9 65.3 146.8 121.5 Total Electronics 438.9 394.9 878.8 761.3 Industrial & Specialty Industrial Solutions 182.3 135.2 372.4 268.6 Graphics Solutions 39.5 40.0 73.8 74.7 Energy Solutions 16.2 16.5 32.1 32.1 Total Industrial & Specialty 238.0 191.7 478.3 375.4 Total net sales $ 676.9 $ 586.6 $ 1,357.1 $ 1,136.7 Adjusted EBITDA: Electronics $ 101.5 $ 93.7 $ 202.6 $ 191.2 Industrial & Specialty 38.9 38.1 82.6 78.4 Total Adjusted EBITDA $ 140.4 $ 131.8 $ 285.2 $ 269.6 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2022 2021 2022 2021 Net income attributable to common stockholders $ 65.2 $ 81.1 $ 121.3 $ 163.4 Add (subtract): Net income attributable to non-controlling interests 0.2 — 0.5 — Income from discontinued operations, net of tax (1.8) (2.0) (1.8) (2.0) Income tax expense (benefit) 23.9 (31.9) 43.9 (0.8) Interest expense, net 13.2 12.9 27.3 25.8 Depreciation expense 10.3 9.7 20.9 19.1 Amortization expense 30.3 30.4 61.3 60.1 EBITDA 141.3 100.2 273.4 265.6 Adjustments to reconcile to Adjusted EBITDA: Inventory step-up — 2.2 0.5 2.2 Restructuring expense 1.3 1.6 3.2 3.9 Acquisition and integration expense 1.1 5.9 4.0 3.2 Foreign exchange (gain) loss on internal debt (0.9) 4.6 0.7 (23.4) Adjustment of stock compensation previously not probable — 13.6 1.3 13.6 Unrealized gain on metals derivative contracts (6.1) (1.3) (4.3) (1.4) Other, net 3.7 5.0 6.4 5.9 Adjusted EBITDA $ 140.4 $ 131.8 $ 285.2 $ 269.6

BACKGROUND AND BASIS OF PRESE_2

BACKGROUND AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 2022
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, 2022. 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 2021 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.

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of Major Components of Inventory	The major components of inventory, on a net basis, were as follows: (dollars in millions) June 30, 2022 December 31, 2021 Finished goods $ 194.7 $ 153.3 Work in process 35.8 33.4 Raw materials and supplies 107.2 87.7 Total inventories $ 337.7 $ 274.4

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
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) June 30, 2022 December 31, 2021 Land and leasehold improvements $ 51.0 $ 54.8 Buildings and improvements 154.7 162.0 Machinery, equipment, fixtures and software 294.4 290.6 Construction in process 41.5 37.7 Total property, plant and equipment 541.6 545.1 Accumulated depreciation (275.9) (267.0) Property, plant and equipment, net $ 265.7 $ 278.1

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in the Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by segment were as follows: (dollars in millions) Electronics Industrial & Specialty Total Balance at December 31, 2021 $ 1,292.2 $ 1,234.1 (1) $ 2,526.3 HSO Acquisition — 7.1 7.1 Transfer of Films business (2) 80.4 (80.4) — Foreign currency translation and other (56.0) (52.0) (108.0) Balance at June 30, 2022 $ 1,316.6 $ 1,108.8 $ 2,425.4 (1) Includes accumulated impairment losses of $46.6 million. (2) Goodwill was reallocated using a relative fair value approach and assessed for impairment both before and after the allocation. See Note 1, Background and Basis of Presentation, to the unaudited Condensed Consolidated Financial Statements for further information.
Schedule of Major Components of Intangible Assets	The major components of intangible assets were as follows: June 30, 2022 December 31, 2021 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 970.9 $ (401.4) $ 569.5 $ 1,131.3 $ (506.7) $ 624.6 Developed technology 410.7 (257.6) 153.1 429.0 (247.4) 181.6 Trade names 96.7 (20.4) 76.3 102.2 (19.7) 82.5 Indefinite-lived trade name 68.0 — 68.0 68.0 — 68.0 Total $ 1,546.3 $ (679.4) $ 866.9 $ 1,730.5 $ (773.8) $ 956.7

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule Debt and Capital Lease Obligations	The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate June 30, 2022 December 31, 2021 Term Loans (1) 2026 LIBOR plus 2.00% $ 1,108.8 $ 1,113.0 Senior Notes - $800 million (2) 2028 3.875% 790.1 789.4 Other 4.5 4.5 Total debt 1,903.4 1,906.9 Less: current installments of long-term debt 13.5 12.7 Total long-term debt $ 1,889.9 $ 1,894.2 (1) Term loans, net of unamortized discounts and debt issuance costs of $11.1 million and $12.6 million at June 30, 2022 and December 31, 2021, respectively. The effective interest rate was 1.6% and 2.1% at June 30, 2022 and December 31, 2021, respectively, including the effects of interest rate swaps and net investment hedges. See Note 6, Financial Instruments, to the unaudited Condensed Consolidated Financial Statements for further information regarding the Company's interest rate swaps and net investment hedges. (2) Senior notes, net of unamortized debt issuance costs of $9.9 million and $10.6 million at June 30, 2022 and December 31, 2021, respectively. The effective interest rate was 4.1% at June 30, 2022 and December 31, 2021, respectively.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 December 31, 2021 Asset Category Foreign exchange contracts Other current assets Level 2 $ 1.2 $ 0.1 Metals contracts Other current assets Level 2 11.0 1.2 Interest rate swaps Other current assets Level 2 13.7 — Cross-currency swaps Other current assets Level 2 27.1 22.2 Interest rate swaps Other assets Level 2 16.3 6.6 Cross-currency swaps Other assets Level 2 59.0 5.8 Available-for-sale debt securities Other assets Level 3 5.1 — Total $ 133.4 $ 35.9 Liability Category Foreign exchange contracts Accrued expenses and other current liabilities Level 2 $ 0.7 $ 0.2 Metals contracts Accrued expenses and other current liabilities Level 2 7.7 2.3 Interest rate swaps Accrued expenses and other current liabilities Level 2 — 15.1 Interest rate swaps Other liabilities Level 2 — 9.6 Cross-currency swaps Other liabilities Level 2 — 2.8 Total $ 8.4 $ 30.0

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	A computation of earnings per share and weighted average shares of the Company's common stock outstanding from continuing operations for the three and six months ended June 30, 2022 and 2021 is as follows: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions, except per share amounts) 2022 2021 2022 2021 Net income $ 63.6 $ 79.1 $ 120.0 $ 161.4 Net income attributable to non-controlling interests (0.2) — (0.5) — Net income attributable to common stockholders $ 63.4 $ 79.1 $ 119.5 $ 161.4 Basic weighted average common shares outstanding 247.1 247.5 247.2 247.4 Denominator adjustments for diluted EPS: Number of stock options and RSUs 0.4 0.4 1.1 0.6 Denominator adjustments for diluted EPS 0.4 0.4 1.1 0.6 Diluted weighted average common shares outstanding 247.5 247.9 248.3 248.0 Earnings per share from continuing operations attributable to common stockholders: Basic $ 0.25 $ 0.32 $ 0.48 $ 0.65 Diluted $ 0.25 $ 0.32 $ 0.48 $ 0.65
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	For the three and six months ended June 30, 2022 and 2021, 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 June 30, Six Months Ended June 30, (shares in millions) 2022 2021 2022 2021 Shares issuable upon vesting of RSUs and exercise of stock options 3.6 3.7 3.6 4.0

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, (dollars in millions) 2022 2021 2022 2021 Net sales: Electronics Assembly Solutions $ 227.8 $ 205.1 $ 462.3 $ 394.1 Circuitry Solutions 136.2 124.5 269.7 245.7 Semiconductor Solutions 74.9 65.3 146.8 121.5 Total Electronics 438.9 394.9 878.8 761.3 Industrial & Specialty Industrial Solutions 182.3 135.2 372.4 268.6 Graphics Solutions 39.5 40.0 73.8 74.7 Energy Solutions 16.2 16.5 32.1 32.1 Total Industrial & Specialty 238.0 191.7 478.3 375.4 Total net sales $ 676.9 $ 586.6 $ 1,357.1 $ 1,136.7 Adjusted EBITDA: Electronics $ 101.5 $ 93.7 $ 202.6 $ 191.2 Industrial & Specialty 38.9 38.1 82.6 78.4 Total Adjusted EBITDA $ 140.4 $ 131.8 $ 285.2 $ 269.6 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended June 30, Six Months Ended June 30, (dollars in millions) 2022 2021 2022 2021 Net income attributable to common stockholders $ 65.2 $ 81.1 $ 121.3 $ 163.4 Add (subtract): Net income attributable to non-controlling interests 0.2 — 0.5 — Income from discontinued operations, net of tax (1.8) (2.0) (1.8) (2.0) Income tax expense (benefit) 23.9 (31.9) 43.9 (0.8) Interest expense, net 13.2 12.9 27.3 25.8 Depreciation expense 10.3 9.7 20.9 19.1 Amortization expense 30.3 30.4 61.3 60.1 EBITDA 141.3 100.2 273.4 265.6 Adjustments to reconcile to Adjusted EBITDA: Inventory step-up — 2.2 0.5 2.2 Restructuring expense 1.3 1.6 3.2 3.9 Acquisition and integration expense 1.1 5.9 4.0 3.2 Foreign exchange (gain) loss on internal debt (0.9) 4.6 0.7 (23.4) Adjustment of stock compensation previously not probable — 13.6 1.3 13.6 Unrealized gain on metals derivative contracts (6.1) (1.3) (4.3) (1.4) Other, net 3.7 5.0 6.4 5.9 Adjusted EBITDA $ 140.4 $ 131.8 $ 285.2 $ 269.6

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	Jun. 30, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished goods	$ 194.7	$ 153.3
Work in process	35.8	33.4
Raw materials and supplies	107.2	87.7
Total inventories	$ 337.7	$ 274.4

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Major Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Property, plant and equipment
Total property, plant and equipment	$ 541.6	$ 545.1
Accumulated depreciation	(275.9)	(267)
Property, plant and equipment, net	265.7	278.1
Land and leasehold improvements
Property, plant and equipment
Total property, plant and equipment	51	54.8
Buildings and improvements
Property, plant and equipment
Total property, plant and equipment	154.7	162
Machinery, equipment, fixtures and software
Property, plant and equipment
Total property, plant and equipment	294.4	290.6
Construction in process
Property, plant and equipment
Total property, plant and equipment	$ 41.5	$ 37.7

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 10.3	$ 9.7	$ 20.9	$ 19.1

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 26, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Goodwill
Acquisition of business, net of cash acquired				$ 22.6	$ 50.9
Accumulated impairment losses						$ 46.6
Amortization of expense of intangible assets		$ 30.3	$ 30.4	$ 61.3	$ 60.1
HSO
Goodwill
Acquisition of business, net of cash acquired	$ 23
Finite-lived intangible assets	$ 11.7

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Goodwill
Beginning balance	$ 2,526.3
HSO Acquisition	7.1
Transfer of Films business	0
Foreign currency translation and other	(108)
Ending balance	2,425.4
Electronics
Goodwill
Beginning balance	1,292.2
HSO Acquisition	0
Transfer of Films business	80.4
Foreign currency translation and other	(56)
Ending balance	1,316.6
Industrial & Specialty
Goodwill
Beginning balance	1,234.1
HSO Acquisition	7.1
Transfer of Films business	(80.4)
Foreign currency translation and other	(52)
Ending balance	$ 1,108.8

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets
Accumulated Amortization	$ (679.4)	$ (773.8)
Intangible Assets, Gross (Excluding Goodwill)	1,546.3	1,730.5
Intangible assets, net	866.9	956.7
Trade name
Finite-Lived Intangible Assets
Indefinite lived intangible assets	68	68
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	970.9	1,131.3
Accumulated Amortization	(401.4)	(506.7)
Net Book Value	569.5	624.6
Developed technology
Finite-Lived Intangible Assets
Gross Carrying Amount	410.7	429
Accumulated Amortization	(257.6)	(247.4)
Net Book Value	153.1	181.6
Trade name
Finite-Lived Intangible Assets
Gross Carrying Amount	96.7	102.2
Accumulated Amortization	(20.4)	(19.7)
Net Book Value	$ 76.3	$ 82.5

DEBT - Summary of Debt and Capi

DEBT - Summary of Debt and Capital Leases Outstanding (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2019
Debt Instrument
Total debt	$ 1,903,400,000	$ 1,906,900,000
Less: current installments of long-term debt	13,500,000	12,700,000
Total long-term debt	1,889,900,000	1,894,200,000
Domestic Line of Credit | USD Term Loan
Debt Instrument
Debt face amount	1,150,000,000		$ 750,000,000
Total debt	1,108,800,000	1,113,000,000
Unamortized premiums, discounts and debt issuance costs	$ 11,100,000	$ 12,600,000
Effective interest rate percent	1.60%	2.10%
Domestic Line of Credit | USD Term Loan | LIBOR
Debt Instrument
Spread on variable rate (percent)	2%
Senior Notes | USD Senior Notes, Due 2028
Debt Instrument
Debt face amount	$ 800,000,000
Stated interest rate (percent)	3.875%
Total debt	$ 790,100,000	$ 789,400,000
Unamortized premiums, discounts and debt issuance costs	$ 9,900,000	$ 10,600,000
Effective interest rate percent	4.10%	4.10%
Other
Debt Instrument
Total debt	$ 4,500,000	$ 4,500,000

DEBT - Credit Agreement (Detail

DEBT - Credit Agreement (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2019
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 | Eurocurrency Rate
Line of Credit Facility
Spread on variable rate (percent)	2%
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	6 Months Ended
	Jun. 30, 2022 USD ($)
Senior Notes
Debt Instrument
Covenant, outstanding borrowings leverage threshold (percent)	30%
Covenant, first lien net leverage ratio	5
Line of Credit | Revolving Credit Facility
Debt Instrument
Current borrowing capacity	$ 324

DEBT - USD Notes (Details)

DEBT - USD Notes (Details)	Jun. 30, 2022
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 ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Revolving Credit Facility
Debt Instrument
Reduction in borrowings	$ 6.1	$ 5.5
Line of Credit
Debt Instrument
Outstanding letters of credit	6.1	5.9
Line of Credit | Lines of Credit and Revolving Lines of Credit
Debt Instrument
Remaining borrowing capacity	$ 346	$ 354

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2019
Derivative Instruments, Gain (Loss)
Gain (loss) to be reclassified during next 12 months	$ 13,700,000
Commodities Investment
Derivative Instruments, Gain (Loss)
Derivative asset, current	3,300,000
Derivative liability, current		$ 1,100,000
Foreign Exchange Forward
Derivative Instruments, Gain (Loss)
Derivative notional amount	$ 68,000,000	56,100,000
Derivative remaining maturity	1 year
Foreign Exchange Forward | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss)
Derivative notional amount	$ 90,100,000	64,600,000
Derivative remaining maturity	1 year
Derivative asset, current	$ 500,000
Derivative liability, current		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 | First Lien Credit Facility, US Dollar Term Loan, Due Two Thousand And Twenty Six Add On
Derivative Instruments, Gain (Loss)
Debt face amount		$ 400,000,000
Domestic Line of Credit | Interest rate swaps | USD Term Loan
Derivative Instruments, Gain (Loss)
Interest rate swap rate (as a percent)	1.60%

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Fair Value Measurements (Details) - Recurring - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Asset Category
Total	$ 133.4	$ 35.9
Liability Category
Total	8.4	30
Other current assets | Level 2 | Metals contracts
Asset Category
Derivative asset	11	1.2
Other current assets | Foreign exchange contracts | Level 2
Asset Category
Derivative asset	1.2	0.1
Other current assets | Interest rate swaps | Level 2
Asset Category
Derivative asset	13.7	0
Other current assets | Cross-currency swaps | Level 2
Asset Category
Derivative asset	27.1	22.2
Other assets | Level 2 | Cross-currency swaps
Asset Category
Derivative asset	59	5.8
Other assets | Level 3
Asset Category
Available-for-sale debt securities	5.1	0
Other assets | Interest rate swaps | Level 2
Asset Category
Derivative asset	16.3	6.6
Accrued expenses and other current liabilities | Level 2 | Metals contracts
Liability Category
Derivative liability	7.7	2.3
Accrued expenses and other current liabilities | Foreign exchange contracts | Level 2
Liability Category
Derivative liability	0.7	0.2
Accrued expenses and other current liabilities | Interest rate swaps | Level 2
Liability Category
Derivative liability	0	15.1
Other liabilities | Interest rate swaps | Level 2
Liability Category
Derivative liability	0	9.6
Other liabilities | Cross-currency swaps | Level 2
Liability Category
Derivative liability	$ 0	$ 2.8

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value Measurements, Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,900	$ 1,900
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,780	$ 1,930

STOCKHOLDERS_ EQUITY - Repurcha

STOCKHOLDERS’ EQUITY - Repurchases of Common Stock (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock
Repurchases of common stock	$ 42.9		$ 61.7
Stock repurchased during period (in shares)			3,000,000
Exercise/ vesting of share based compensation	$ 0.1	$ 0.1	$ 23.9	$ (0.3)
Common Stock
Class of Stock
Treasury shares acquired (in shares)	2,200,000
Remaining shares authorized for repurchase	$ 670		$ 670
Exercise/ vesting of share based compensation (in shares)	49,858	97,997	3,039,990	514,410
Exercise/ vesting of share based compensation	$ (0.1)		$ (0.1)
Treasury Stock
Class of Stock
Repurchases of common stock	$ 42.9		$ 61.7
Stock repurchased during period (in shares)	2,162,646		2,993,094	1,700
Exercise/ vesting of share based compensation (in shares)	7,398	11,027	1,032,769	95,453
Exercise/ vesting of share based compensation	$ 0.2	$ 0.2	$ 24	$ 1.7

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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 63.6	$ 79.1	$ 120	$ 161.4
Net income attributable to non-controlling interests	(0.2)	0	(0.5)	0
Net income attributable to common stockholders	$ 63.4	$ 79.1	$ 119.5	$ 161.4
Basic weighted average common shares outstanding (in shares)	247.1	247.5	247.2	247.4
Denominator adjustments for diluted EPS:
Number of stock options and RSUs (in shares)	0.4	0.4	1.1	0.6
Denominator adjustments for diluted EPS (in shares)	0.4	0.4	1.1	0.6
Diluted weighted average common shares outstanding (in shares)	247.5	247.9	248.3	248
Earnings per share from continuing operations attributable to common stockholders:
Basic (in dollars per share)	$ 0.25	$ 0.32	$ 0.48	$ 0.65
Diluted (in dollars per share)	$ 0.25	$ 0.32	$ 0.48	$ 0.65

EARNINGS PER SHARE - Anti-dilut

EARNINGS PER SHARE - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
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	3.7	3.6	4

CONTINGENCIES, ENVIRONMENTAL _2

CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Reserves for environmental matters	$ 14.2	$ 13.1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 23.9	$ (31.9)	$ 43.9	$ (0.8)
Decrease in valuation allowance		$ 51.4		$ 51.4

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Affiliated Entity - Mariposa Capital - Advisory Services Agreement $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
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)	6 Months Ended
	Jun. 30, 2022 segment
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting Information
Total net sales	$ 676.9	$ 586.6	$ 1,357.1	$ 1,136.7
Total Adjusted EBITDA	140.4	131.8	285.2	269.6
Electronics
Segment Reporting Information
Total net sales	438.9	394.9	878.8	761.3
Total Adjusted EBITDA	101.5	93.7	202.6	191.2
Electronics | Assembly Solutions
Segment Reporting Information
Total net sales	227.8	205.1	462.3	394.1
Electronics | Circuitry Solutions
Segment Reporting Information
Total net sales	136.2	124.5	269.7	245.7
Electronics | Semiconductor Solutions
Segment Reporting Information
Total net sales	74.9	65.3	146.8	121.5
Industrial & Specialty
Segment Reporting Information
Total net sales	238	191.7	478.3	375.4
Total Adjusted EBITDA	38.9	38.1	82.6	78.4
Industrial & Specialty | Industrial Solutions
Segment Reporting Information
Total net sales	182.3	135.2	372.4	268.6
Industrial & Specialty | Graphics Solutions
Segment Reporting Information
Total net sales	39.5	40	73.8	74.7
Industrial & Specialty | Energy Solutions
Segment Reporting Information
Total net sales	$ 16.2	$ 16.5	$ 32.1	$ 32.1

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Net income attributable to common stockholders	$ 65.2	$ 81.1	$ 121.3	$ 163.4
Add (subtract):
Net income attributable to non-controlling interests	0.2	0	0.5	0
Income from discontinued operations, net of tax	(1.8)	(2)	(1.8)	(2)
Income tax expense (benefit)	23.9	(31.9)	43.9	(0.8)
Interest expense, net	13.2	12.9	27.3	25.8
Depreciation expense	10.3	9.7	20.9	19.1
Amortization expense	30.3	30.4	61.3	60.1
EBITDA	141.3	100.2	273.4	265.6
Adjustments to reconcile to Adjusted EBITDA:
Inventory step-up	0	2.2	0.5	2.2
Restructuring expense	1.3	1.6	3.2	3.9
Acquisition and integration expense	1.1	5.9	4	3.2
Foreign exchange (gain) loss on internal debt	(0.9)	4.6	0.7	(23.4)
Adjustment of stock compensation previously not probable	0	13.6	1.3	13.6
Unrealized gain on metals derivative contracts	(6.1)	(1.3)	(4.3)	(1.4)
Other, net	3.7	5	6.4	5.9
Adjusted EBITDA	$ 140.4	$ 131.8	$ 285.2	$ 269.6