Element Solutions (ESI) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 20, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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, 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		241,419,557
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001590714
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 574.4	$ 680.2
Cost of sales	346.6	417.2
Gross profit	227.8	263
Operating expenses:
Selling, technical, general and administrative	148.9	153.4
Research and development	12.5	14.1
Total operating expenses	161.4	167.5
Operating profit	66.4	95.5
Other (expense) income:
Interest expense, net	(11.7)	(14.1)
Foreign exchange gain (loss)	4.9	(0.7)
Other income (expense), net	0.3	(4.3)
Total other expense	(6.5)	(19.1)
Income before income taxes and non-controlling interests	59.9	76.4
Income tax expense	(16.9)	(20)
Net income	43	56.4
Net income attributable to non-controlling interests	(0.1)	(0.3)
Net income attributable to common stockholders	$ 42.9	$ 56.1
Earnings per share
Basic (in dollars per share)	$ 0.18	$ 0.23
Diluted (in dollars per share)	$ 0.18	$ 0.23
Weighted average common shares outstanding
Basic (in shares)	241.1	247.3
Diluted (in shares)	241.8	249.2

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 43	$ 56.4
Foreign currency translation:
Other comprehensive income (loss) before reclassifications, net of tax (benefit) of $(3.0) and $(2.1) for the three months ended March 31, 2023 and 2022, respectively	10.9	(13.9)
Total foreign currency translation adjustments	10.9	(13.9)
Derivative financial instruments:
Other comprehensive (loss) income before reclassifications, net of tax (benefit) expense of $(3.0) and $8.8 for the three months ended March 31, 2023 and 2022, respectively	(1.5)	22.5
Reclassifications, net of tax expense of $0.0 for the three months ended March 31, 2023 and 2022, respectively	(8.1)	4.8
Total unrealized (loss) gain on qualified hedging derivatives	(9.6)	27.3
Other comprehensive income	1.3	13.4
Comprehensive income	44.3	69.8
Comprehensive (income) loss attributable to non-controlling interests	(0.1)	1.4
Comprehensive income attributable to common stockholders	$ 44.2	$ 71.2

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign currency translation:
Before reclassification adjustment, tax	$ (3)	$ (2.1)
Derivative financial instruments:
Before reclassification adjustment, tax	(3)	8.8
Reclassification adjustment, tax	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash & cash equivalents	$ 279	$ 265.6
Accounts receivable, net of allowance for doubtful accounts of $15.1 and $14.4 at March 31, 2023 and December 31, 2022, respectively	461.3	455.8
Inventories	322	290.7
Prepaid expenses	39.6	38.5
Other current assets	132.3	138.1
Total current assets	1,234.2	1,188.7
Property, plant and equipment, net	277.6	277.2
Goodwill	2,425.3	2,412.8
Intangible assets, net	780.9	805.5
Deferred income tax assets	56.4	51.5
Other assets	152.1	168
Total assets	4,926.5	4,903.7
Liabilities and stockholders' equity
Accounts payable	151.2	132.2
Current installments of long-term debt	11.5	11.5
Accrued expenses and other current liabilities	179.9	200.7
Total current liabilities	342.6	344.4
Debt	1,882.1	1,883.8
Pension and post-retirement benefits	36.2	36.7
Deferred income tax liabilities	120	121.2
Other liabilities	174.3	168.5
Total liabilities	2,555.2	2,554.6
Commitments and contingencies (Note 8)
Stockholders' equity
Common stock: 400.0 shares authorized (2023: 266.0 shares issued; 2022: 265.1 shares issued)	2.7	2.7
Additional paid-in capital	4,190.7	4,185.9
Treasury stock (2023: 24.6 shares; 2022: 24.3 shares)	(341.5)	(334.2)
Accumulated deficit	(1,200.4)	(1,223.8)
Accumulated other comprehensive loss	(296.8)	(298.1)
Total stockholders' equity	2,354.7	2,332.5
Non-controlling interests	16.6	16.6
Total equity	2,371.3	2,349.1
Total liabilities and stockholders' equity	$ 4,926.5	$ 4,903.7

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Allowance for doubtful accounts, current	$ 15.1	$ 14.4
Stockholders' equity
Common shares authorized (in shares)	400,000,000	400,000,000
Common shares issued (in shares)	266,000,000	265,100,000
Treasury shares (in shares)	24,600,000	24,300,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 43	$ 56.4
Reconciliations of net income to net cash flows provided by (used in) operating activities:
Depreciation and amortization	39.1	41.6
Deferred income taxes	(0.4)	2.5
Foreign exchange gain	(7.3)	(0.1)
Incentive stock compensation	4.4	5.2
Other, net	2.2	4.3
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(2.6)	(49.6)
Inventories	(29.1)	(47.5)
Accounts payable	18.6	41.2
Accrued expenses	(22.3)	(49.6)
Prepaid expenses and other current assets	2.7	(10.5)
Other assets and liabilities	5.2	0.5
Net cash flows provided by (used in) operating activities	53.5	(5.6)
Cash flows from investing activities:
Capital expenditures	(9.1)	(9.5)
Proceeds from disposal of property, plant and equipment	0.5	0
Acquisition of business, net of cash acquired	0	(22.6)
Other, net	(3)	(5)
Net cash flows used in investing activities	(11.6)	(37.1)
Cash flows from financing activities:
Repayments of borrowings	(2.9)	(3.1)
Repurchases of common stock	0	(18.3)
Dividends	(19.4)	(19.9)
Other, net	(7.2)	(25.8)
Net cash flows used in financing activities	(29.5)	(67.1)
Effect of exchange rate changes on cash and cash equivalents	1	(1.5)
Net increase (decrease) in cash and cash equivalents	13.4	(111.3)
Cash and cash equivalents at beginning of period	265.6	330.1
Cash and cash equivalents at end of period	$ 279	$ 218.8

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, 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					15,195,525
Increase (Decrease) in Stockholders' Equity
Net income	56.4	56.1				56.1		0.3
Other comprehensive income (loss), net of taxes	13.4	15.1					15.1	(1.7)
Exercise/ vesting of share based compensation	(23.8)	(23.8)			$ (23.8)
Exercise/ vesting of share based compensation (in shares)			2,990,132		1,025,371
Issuance of common stock under Employee Stock Purchase Plan	0.4	0.4		0.4
Issuance of common stock under Employee Stock Purchase Plan (in shares)			16,918
Repurchases of common stock	(18.8)	(18.8)			$ (18.8)
Repurchases of common stock (in shares)					830,448
Dividends	(20.1)	(20.1)				(20.1)
Equity compensation expense	5.3	5.3		5.3
Changes in non-controlling interests	(0.1)							(0.1)
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
Balance at Dec. 31, 2022	$ 2,349.1	2,332.5	$ 2.7	4,185.9	$ (334.2)	(1,223.8)	(298.1)	16.6
Balance (in shares) at Dec. 31, 2022			265,062,533
Balance (in shares) at Dec. 31, 2022	24,300,000				24,272,748
Increase (Decrease) in Stockholders' Equity
Net income	$ 43	42.9				42.9		0.1
Other comprehensive income (loss), net of taxes	1.3	1.3					1.3
Exercise/ vesting of share based compensation	(7.3)	(7.3)			$ (7.3)
Exercise/ vesting of share based compensation (in shares)			947,755		352,586
Issuance of common stock under Employee Stock Purchase Plan	0.4	0.4		0.4
Issuance of common stock under Employee Stock Purchase Plan (in shares)			19,191
Dividends	(19.5)	(19.5)				(19.5)
Equity compensation expense	4.4	4.4		4.4
Changes in non-controlling interests	(0.1)							(0.1)
Balance at Mar. 31, 2023	$ 2,371.3	$ 2,354.7	$ 2.7	$ 4,190.7	$ (341.5)	$ (1,200.4)	$ (296.8)	$ 16.6
Balance (in shares) at Mar. 31, 2023			266,029,479
Balance (in shares) at Mar. 31, 2023	24,600,000				24,625,334

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared (per share)	$ 0.08	$ 0.08
Net income	$ 43	$ 56.4
Other Comprehensive Income (Loss), Excluding Acquisition and Conversion Activity Net of Tax,	1.3	13.4
Stock Issued During Period, Value, Share-based Compensation, Gross and Treasury Stock, Acquired	(7.3)	(23.8)
Issuance of common stock under Employee Stock Purchase Plan	0.4	0.4
Stock Repurchased During Period, Value		(18.8)
Dividends	(19.5)	(20.1)
Equity compensation expense	4.4	5.3
Changes in non-controlling interests	$ (0.1)	$ (0.1)

BACKGROUND AND BASIS OF PRESENT

BACKGROUND AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
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 businesses provide products that, in substantially all cases, are consumed by customers as part of their production process, providing the Company 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 and include the accounts of Element Solutions and all of its controlled subsidiaries. The Company consolidates the income, expenses, assets, liabilities and cash flows of its subsidiaries from the date it acquires control or becomes the primary beneficiary. All intercompany accounts and transactions have been eliminated upon consolidation. In preparing the unaudited Condensed Consolidated Financial Statements in conformity with GAAP, management uses estimates and assumptions that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Management applies judgment based on its understanding and analysis of the relevant circumstances, including historical experience and future expectations. These judgments, by their nature, are subject to an inherent degree of uncertainty and, accordingly, actual results could differ significantly from these estimates and assumptions. 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, 2023. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and related notes included in its 2022 Annual Report. In the first quarter of 2023, the Company transferred operational responsibility of its Films business from its Graphics Solutions business within its Industrial & Specialty segment to its Circuitry Solutions business in its Electronics segment. The financial results of this business are not material to the Company's Consolidated Financial Statements. In addition, the Company transferred certain product lines between its Assembly Solutions business and its Semiconductor Solutions business, both of which are part of its Electronics segment, to align more closely with its current business structure. Historical information has been reclassified to reflect these changes for all periods presented in the unaudited Condensed Consolidated Financial Statements included in this Quarterly Report. Certain prior year amounts have also been reclassified to conform to the current year’s presentation.

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES The major components of inventory, on a net basis, were as follows: (dollars in millions) March 31, 2023 December 31, 2022 Finished goods $ 188.3 $ 164.4 Work in process 29.5 25.9 Raw materials and supplies 104.2 100.4 Total inventories $ 322.0 $ 290.7

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT The major components of property, plant and equipment were as follows: (dollars in millions) March 31, 2023 December 31, 2022 Land and leasehold improvements $ 52.1 $ 52.0 Buildings and improvements 165.0 163.9 Machinery, equipment, fixtures and software 306.8 299.8 Construction in process 53.6 50.3 Total property, plant and equipment 577.5 566.0 Accumulated depreciation (299.9) (288.8) Property, plant and equipment, net $ 277.6 $ 277.2 For the three months ended March 31, 2023 and 2022, the Company recorded depreciation expense of $9.5 million and $10.6 million, respectively.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS 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, 2022 $ 1,304.0 $ 1,108.8 (1) $ 2,412.8 Transfer of Films business (2) 7.9 (7.9) — Foreign currency translation and other 1.4 11.1 12.5 Balance at March 31, 2023 $ 1,313.3 $ 1,112.0 $ 2,425.3 (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: March 31, 2023 December 31, 2022 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 973.8 $ (454.0) $ 519.8 $ 967.5 $ (434.1) $ 533.4 Developed technology 409.6 (287.3) 122.3 408.9 (277.0) 131.9 Trade names 96.5 (25.7) 70.8 96.0 (23.8) 72.2 Indefinite-lived trade name 68.0 — 68.0 68.0 — 68.0 Total $ 1,547.9 $ (767.0) $ 780.9 $ 1,540.4 $ (734.9) $ 805.5 For the three months ended March 31, 2023 and 2022, the Company recorded amortization expense on intangible assets of $29.6 million and $31.0 million, respectively.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	DEBT The Company’s debt obligations consisted of the following: (dollars in millions) Maturity Date Interest Rate March 31, 2023 December 31, 2022 Term Loans (1) 2026 SOFR plus 2.00% $ 1,102.4 $ 1,104.5 Senior Notes - $800 million (2) 2028 3.875% 791.2 790.8 Total debt 1,893.6 1,895.3 Less: current installments of long-term debt 11.5 11.5 Total long-term debt $ 1,882.1 $ 1,883.8 (1) Term loans, net of unamortized discounts and debt issuance costs of $8.8 million and $9.5 million at March 31, 2023 and December 31, 2022, respectively. The effective interest rate was 2.6% and 1.6% at March 31, 2023 and December 31, 2022, 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 $8.8 million and $9.2 million at March 31, 2023 and December 31, 2022, respectively. The effective interest rate was 4.1% at March 31, 2023 and December 31, 2022, respectively. Credit Agreement The Company is a party to the Credit Agreement, which provides for senior secured credit facilities in an initial aggregate principal amount of $1.53 billion, consisting of term loans B of $1.15 billion maturing in 2026 and an amended revolving credit facility of $375 million maturing in 2027. The Company's outstanding term loans bear interest at a per annum rate based on an adjusted one-month SOFR (as described in the Credit Agreement) plus a spread of 2.00%. The Company is required to pay a commitment fee on any undrawn portion of the revolving credit facility which is not material. The obligations of the borrowers (the Company and its subsidiary, MacDermid, Incorporated) under the Credit Agreement are guaranteed, jointly and severally, by certain of their domestic subsidiaries and secured by a first-priority security interest in substantially all of their assets and 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 March 31, 2023, the Company was in compliance with the debt covenants contained in the Credit Agreement and had full availability of its unused borrowing capacity of $369 million, net of letters of credit, under the revolving credit facility. Senior Notes 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. There were no amounts outstanding under such facilities at March 31, 2023 and December 31, 2022. The Company had letters of credit outstanding of $5.9 million and $6.0 million at March 31, 2023 and December 31, 2022, respectively, of which $5.9 million and $6.0 million at March 31, 2023 and December 31, 2022, respectively, reduced the borrowings available under the various facilities. At March 31, 2023 and December 31, 2022, the availability under these facilities totaled approximately $391 million, respectively, net of outstanding letters of credit.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2023
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 interest rates, foreign currency exchange rates and commodity prices. Derivative financial instruments, such as interest rate swaps, net investment hedges, foreign currency exchange forward contracts and commodities derivative contracts 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 its interest rate swaps as cash flow hedges and its cross-currency swaps as net investment hedges of the foreign currency exposure of a portion of its net investment in certain euro functional subsidiaries. These swaps, as amended from time to time, 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 their respective expiration dates. The total notional value of the interest rate swaps and cross-currency swaps held at March 31, 2023 and December 31, 2022 was approximately $1.11 billion, respectively. As of March 31, 2023, $359 million in notional value matures in January 2024, $393 million in January 2025 and $359 million in January 2026. The proceeds from these contracts are reflected as "Cash flows from operating activities" in the Condensed Consolidated Statement of Cash Flows. Changes in the 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 the fair value of cross-currency swaps are recorded in "Foreign currency translation" in "Accumulated other comprehensive loss." In March 2023, the Company terminated and replaced $360 million of its interest rate swaps and cross-currency swaps with swaps that extended the initial maturity by two years. The fair value of the interest rate swaps on the date of termination was $6.8 million and the amount recorded in "Accumulated other comprehensive loss" is being amortized as a reduction to "Interest expense, net" in the Condensed Consolidated Statements of Operations from March 2023 through January 2024. The fair value in "Accumulated other comprehensive loss" for the terminated cross-currency swaps will remain until the hedged net investment is sold or liquidated. The net result of these hedges with a total notional value of approximately $1.11 billion, excluding the reduction to interest expense from the terminated interest rate swaps discussed above, is an interest rate of approximately 2.6% at March 31, 2023, which could vary in the future due to changes in the euro and the U.S. dollar exchange rate. The fair value of the interest rate swaps was a net asset of $34.9 million and $47.3 million at March 31, 2023 and December 31, 2022, respectively. The fair value of the cross-currency swaps was a net asset of $57.8 million and $70.4 million at March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023, these interest rate swaps and cross-currency swaps were deemed highly effective. The Company expects to reclassify a $26.9 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 March 31, 2023, 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 March 31, 2023 and December 31, 2022 was approximately $89.1 million and $105 million, respectively, with settlement dates generally within one year. The fair value of the foreign currency forward contracts was a net current liability of $0.2 million and $0.3 million at March 31, 2023 and December 31, 2022, respectively. 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 $51.4 million and $45.7 million at March 31, 2023 and December 31, 2022, respectively. The fair value of the metals derivative contracts was a net current liability of $2.1 million and $2.5 million at March 31, 2023 and December 31, 2022, respectively. Substantially all contracts outstanding at March 31, 2023 have 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 in the Condensed Consolidated Statements of Cash Flows as "Operating activities". Fair Value Measurements The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis: (dollars in millions) Balance sheet location Classification March 31, 2023 December 31, 2022 Asset Category Foreign exchange contracts Other current assets Level 2 $ 0.2 $ 0.2 Metals contracts Other current assets Level 2 1.2 2.5 Interest rate swaps Other current assets Level 2 26.9 32.7 Cross-currency swaps Other current assets Level 2 29.3 26.1 Interest rate swaps Other assets Level 2 9.0 14.6 Cross-currency swaps Other assets Level 2 28.5 44.3 Available-for-sale debt securities Other assets Level 3 14.7 11.5 Total $ 109.8 $ 131.9 Liability Category Foreign exchange contracts Accrued expenses and other current liabilities Level 2 $ 0.4 $ 0.5 Metals contracts Accrued expenses and other current liabilities Level 2 3.3 5.0 Interest rate swaps Other liabilities Level 2 1.0 — Total $ 4.7 $ 5.5 The fair values of Level 1 and Level 2 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. Level 3 investments are valued using a probability weighted methodology based on possible outcomes of potential liquidity events. Significant assumptions include the enterprise valuation, the timing and type of liquidation events and the risk-free interest rate. There were no significant transfers of financial instruments between the fair value hierarchy levels for the three months ended March 31, 2023. The carrying value and estimated fair value of the Company’s long-term debt totaled $1.89 billion and $1.81 billion, respectively, at March 31, 2023. At December 31, 2022, the carrying value and estimated fair value totaled $1.90 billion and $1.80 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	3 Months Ended
	Mar. 31, 2023
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 for the three months ended March 31, 2023 and 2022 is as follows: Three Months Ended March 31, (dollars in millions, except per share amounts) 2023 2022 Net income $ 43.0 $ 56.4 Net income attributable to non-controlling interests (0.1) (0.3) Net income attributable to common stockholders $ 42.9 $ 56.1 Basic weighted average common shares outstanding 241.1 247.3 Denominator adjustments for diluted EPS: Number of stock options and RSUs 0.7 1.9 Denominator adjustments for diluted EPS 0.7 1.9 Diluted weighted average common shares outstanding 241.8 249.2 Earnings per share attributable to common stockholders: Basic $ 0.18 $ 0.23 Diluted $ 0.18 $ 0.23 For the three months ended March 31, 2023 and 2022, the following securities were not included in the computation of diluted shares outstanding because either the effect would be anti-dilutive or the applicable performance targets were not yet met for awards contingent upon such measures: Three Months Ended March 31, (shares in millions) 2023 2022 Shares issuable upon vesting of RSUs and exercise of stock options 3.7 3.6

CONTINGENCIES, ENVIRONMENTAL AN

CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS	3 Months Ended
	Mar. 31, 2023
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 $11.4 million and $11.6 million at March 31, 2023 and December 31, 2022, 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	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023, the Company recognized income tax expense of $16.9 million resulting in an effective tax rate of 28%, as compared to $20.0 million and an effective tax rate of 26%, in the same period for 2022. Income tax expense included a U.S. tax benefit provided with respect to foreign earnings, offset by an increase in foreign withholding tax accruals for the three months ended March 31, 2023.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
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	3 Months Ended
	Mar. 31, 2023
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 transfer of the Company's Films business and other transfers of product lines that occurred in the first quarter of 2023. 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 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 March 31, (dollars in millions) 2023 2022 Net sales: Electronics Assembly Solutions $ 173.5 $ 230.6 Circuitry Solutions 106.7 135.3 Semiconductor Solutions 59.4 75.7 Total Electronics 339.6 441.6 Industrial & Specialty Industrial Solutions 180.7 190.1 Graphics Solutions 34.9 32.6 Energy Solutions 19.2 15.9 Total Industrial & Specialty 234.8 238.6 Total net sales $ 574.4 $ 680.2 Adjusted EBITDA: Electronics $ 72.7 $ 100.9 Industrial & Specialty 39.6 43.9 Total Adjusted EBITDA $ 112.3 $ 144.8 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended March 31, (dollars in millions) 2023 2022 Net income attributable to common stockholders $ 42.9 $ 56.1 Add (subtract): Net income attributable to non-controlling interests 0.1 0.3 Income tax expense 16.9 20.0 Interest expense, net 11.7 14.1 Depreciation expense 9.5 10.6 Amortization expense 29.6 31.0 EBITDA 110.7 132.1 Adjustments to reconcile to Adjusted EBITDA: Inventory step-up — 0.5 Restructuring expense 2.3 1.9 Acquisition and integration expense 3.9 2.9 Foreign exchange (gain) loss on intercompany loans (5.6) 1.6 Adjustment of stock compensation previously not probable — 1.3 Other, net 1.0 4.5 Adjusted EBITDA $ 112.3 $ 144.8

BACKGROUND AND BASIS OF PRESE_2

BACKGROUND AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP and include the accounts of Element Solutions and all of its controlled subsidiaries. The Company consolidates the income, expenses, assets, liabilities and cash flows of its subsidiaries from the date it acquires control or becomes the primary beneficiary. All intercompany accounts and transactions have been eliminated upon consolidation.
Basis of Presentation	In preparing the unaudited Condensed Consolidated Financial Statements in conformity with GAAP, management uses estimates and assumptions that may affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting period. Management applies judgment based on its understanding and analysis of the relevant circumstances, including historical experience and future expectations. These judgments, by their nature, are subject to an inherent degree of uncertainty and, accordingly, actual results could differ significantly from these estimates and assumptions. 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, 2023. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company's Consolidated Financial Statements and related notes included in its 2022 Annual Report.

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Major Components of Inventory	The major components of inventory, on a net basis, were as follows: (dollars in millions) March 31, 2023 December 31, 2022 Finished goods $ 188.3 $ 164.4 Work in process 29.5 25.9 Raw materials and supplies 104.2 100.4 Total inventories $ 322.0 $ 290.7

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Major Components of Property, Plant, and Equipment	The major components of property, plant and equipment were as follows: (dollars in millions) March 31, 2023 December 31, 2022 Land and leasehold improvements $ 52.1 $ 52.0 Buildings and improvements 165.0 163.9 Machinery, equipment, fixtures and software 306.8 299.8 Construction in process 53.6 50.3 Total property, plant and equipment 577.5 566.0 Accumulated depreciation (299.9) (288.8) Property, plant and equipment, net $ 277.6 $ 277.2

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 $ 1,304.0 $ 1,108.8 (1) $ 2,412.8 Transfer of Films business (2) 7.9 (7.9) — Foreign currency translation and other 1.4 11.1 12.5 Balance at March 31, 2023 $ 1,313.3 $ 1,112.0 $ 2,425.3 (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: March 31, 2023 December 31, 2022 (dollars in millions) Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Customer relationships $ 973.8 $ (454.0) $ 519.8 $ 967.5 $ (434.1) $ 533.4 Developed technology 409.6 (287.3) 122.3 408.9 (277.0) 131.9 Trade names 96.5 (25.7) 70.8 96.0 (23.8) 72.2 Indefinite-lived trade name 68.0 — 68.0 68.0 — 68.0 Total $ 1,547.9 $ (767.0) $ 780.9 $ 1,540.4 $ (734.9) $ 805.5

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Term Loans (1) 2026 SOFR plus 2.00% $ 1,102.4 $ 1,104.5 Senior Notes - $800 million (2) 2028 3.875% 791.2 790.8 Total debt 1,893.6 1,895.3 Less: current installments of long-term debt 11.5 11.5 Total long-term debt $ 1,882.1 $ 1,883.8 (1) Term loans, net of unamortized discounts and debt issuance costs of $8.8 million and $9.5 million at March 31, 2023 and December 31, 2022, respectively. The effective interest rate was 2.6% and 1.6% at March 31, 2023 and December 31, 2022, 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 $8.8 million and $9.2 million at March 31, 2023 and December 31, 2022, respectively. The effective interest rate was 4.1% at March 31, 2023 and December 31, 2022, respectively.

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis: (dollars in millions) Balance sheet location Classification March 31, 2023 December 31, 2022 Asset Category Foreign exchange contracts Other current assets Level 2 $ 0.2 $ 0.2 Metals contracts Other current assets Level 2 1.2 2.5 Interest rate swaps Other current assets Level 2 26.9 32.7 Cross-currency swaps Other current assets Level 2 29.3 26.1 Interest rate swaps Other assets Level 2 9.0 14.6 Cross-currency swaps Other assets Level 2 28.5 44.3 Available-for-sale debt securities Other assets Level 3 14.7 11.5 Total $ 109.8 $ 131.9 Liability Category Foreign exchange contracts Accrued expenses and other current liabilities Level 2 $ 0.4 $ 0.5 Metals contracts Accrued expenses and other current liabilities Level 2 3.3 5.0 Interest rate swaps Other liabilities Level 2 1.0 — Total $ 4.7 $ 5.5

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
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 for the three months ended March 31, 2023 and 2022 is as follows: Three Months Ended March 31, (dollars in millions, except per share amounts) 2023 2022 Net income $ 43.0 $ 56.4 Net income attributable to non-controlling interests (0.1) (0.3) Net income attributable to common stockholders $ 42.9 $ 56.1 Basic weighted average common shares outstanding 241.1 247.3 Denominator adjustments for diluted EPS: Number of stock options and RSUs 0.7 1.9 Denominator adjustments for diluted EPS 0.7 1.9 Diluted weighted average common shares outstanding 241.8 249.2 Earnings per share attributable to common stockholders: Basic $ 0.18 $ 0.23 Diluted $ 0.18 $ 0.23
Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share	For the three months ended March 31, 2023 and 2022, the following securities were not included in the computation of diluted shares outstanding because either the effect would be anti-dilutive or the applicable performance targets were not yet met for awards contingent upon such measures: Three Months Ended March 31, (shares in millions) 2023 2022 Shares issuable upon vesting of RSUs and exercise of stock options 3.7 3.6

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, By Segment	The following table summarizes financial information regarding each reportable segment’s results of operations, including disaggregated external net sales by product category: Three Months Ended March 31, (dollars in millions) 2023 2022 Net sales: Electronics Assembly Solutions $ 173.5 $ 230.6 Circuitry Solutions 106.7 135.3 Semiconductor Solutions 59.4 75.7 Total Electronics 339.6 441.6 Industrial & Specialty Industrial Solutions 180.7 190.1 Graphics Solutions 34.9 32.6 Energy Solutions 19.2 15.9 Total Industrial & Specialty 234.8 238.6 Total net sales $ 574.4 $ 680.2 Adjusted EBITDA: Electronics $ 72.7 $ 100.9 Industrial & Specialty 39.6 43.9 Total Adjusted EBITDA $ 112.3 $ 144.8 The following table reconciles "Net income attributable to common stockholders" to Adjusted EBITDA: Three Months Ended March 31, (dollars in millions) 2023 2022 Net income attributable to common stockholders $ 42.9 $ 56.1 Add (subtract): Net income attributable to non-controlling interests 0.1 0.3 Income tax expense 16.9 20.0 Interest expense, net 11.7 14.1 Depreciation expense 9.5 10.6 Amortization expense 29.6 31.0 EBITDA 110.7 132.1 Adjustments to reconcile to Adjusted EBITDA: Inventory step-up — 0.5 Restructuring expense 2.3 1.9 Acquisition and integration expense 3.9 2.9 Foreign exchange (gain) loss on intercompany loans (5.6) 1.6 Adjustment of stock compensation previously not probable — 1.3 Other, net 1.0 4.5 Adjusted EBITDA $ 112.3 $ 144.8

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 (Details)

INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 188.3	$ 164.4
Work in process	29.5	25.9
Raw materials and supplies	104.2	100.4
Total inventories	$ 322	$ 290.7

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Major Components of Property, Plant, and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, plant and equipment
Total property, plant and equipment	$ 577.5	$ 566
Accumulated depreciation	(299.9)	(288.8)
Property, plant and equipment, net	277.6	277.2
Land and leasehold improvements
Property, plant and equipment
Total property, plant and equipment	52.1	52
Buildings and improvements
Property, plant and equipment
Total property, plant and equipment	165	163.9
Machinery, equipment, fixtures and software
Property, plant and equipment
Total property, plant and equipment	306.8	299.8
Construction in process
Property, plant and equipment
Total property, plant and equipment	$ 53.6	$ 50.3

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 9.5	$ 10.6

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Accumulated impairment losses			$ 46.6
Amortization of expense of intangible assets	$ 29.6	$ 31

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill
Beginning balance	$ 2,412.8
Transfer of Films business	0
Foreign currency translation and other	12.5
Ending balance	2,425.3
Electronics
Goodwill
Beginning balance	1,304
Transfer of Films business	7.9
Foreign currency translation and other	1.4
Ending balance	1,313.3
Industrial & Specialty
Goodwill
Beginning balance	1,108.8
Transfer of Films business	(7.9)
Foreign currency translation and other	11.1
Ending balance	$ 1,112

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Accumulated Amortization	$ (767)	$ (734.9)
Intangible Assets, Gross (Excluding Goodwill)	1,547.9	1,540.4
Intangible assets, net	780.9	805.5
Trade name
Finite-Lived Intangible Assets
Indefinite lived intangible assets	68	68
Customer relationships
Finite-Lived Intangible Assets
Gross Carrying Amount	973.8	967.5
Accumulated Amortization	(454)	(434.1)
Net Book Value	519.8	533.4
Developed technology
Finite-Lived Intangible Assets
Gross Carrying Amount	409.6	408.9
Accumulated Amortization	(287.3)	(277)
Net Book Value	122.3	131.9
Trade name
Finite-Lived Intangible Assets
Gross Carrying Amount	96.5	96
Accumulated Amortization	(25.7)	(23.8)
Net Book Value	$ 70.8	$ 72.2

DEBT - Summary of Debt and Capi

DEBT - Summary of Debt and Capital Leases Outstanding (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument
Total debt	$ 1,893,600,000	$ 1,895,300,000
Less: current installments of long-term debt	11,500,000	11,500,000
Total long-term debt	1,882,100,000	1,883,800,000
USD Term Loan | Domestic Line of Credit
Debt Instrument
Debt face amount	1,150,000,000
Total debt	1,102,400,000	1,104,500,000
Unamortized premiums, discounts and debt issuance costs	$ 8,800,000	$ 9,500,000
Effective interest rate (percent)	2.60%	1.60%
USD Term Loan | Domestic Line of Credit | SOFR
Debt Instrument
Spread on variable rate (percent)	2%
USD Senior Notes, Due 2028 | Senior Notes
Debt Instrument
Debt face amount	$ 800,000,000
Stated interest rate (percent)	3.875%
Total debt	$ 791,200,000	$ 790,800,000
Unamortized premiums, discounts and debt issuance costs	$ 8,800,000	$ 9,200,000
Effective interest rate (percent)	4.10%	4.10%

DEBT - Credit Agreement (Detail

DEBT - Credit Agreement (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Domestic Line of Credit | Notes maturing 2026
Line of Credit Facility
Debt face amount	$ 1,150,000,000
Domestic Line of Credit | Notes maturing 2026 | SOFR
Line of Credit Facility
Spread on variable rate (percent)	2%
Revolving Credit Facility
Line of Credit Facility
Maximum borrowing capacity	$ 1,530,000,000
Revolving Credit Facility | SOFR
Line of Credit Facility
Spread on variable rate (percent)	2%
Revolving Credit Facility | Line of Credit
Line of Credit Facility
Maximum borrowing capacity	$ 375,000,000

DEBT - Covenants, Events of Def

DEBT - Covenants, Events of Default and Provisions (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 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	$ 369

DEBT - USD Notes (Details)

DEBT - USD Notes (Details)	Mar. 31, 2023
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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revolving Credit Facility
Debt Instrument
Reduction in borrowings	$ 5.9	$ 6
Line of Credit
Debt Instrument
Outstanding letters of credit	5.9	6
Line of Credit | Lines of Credit and Revolving Lines of Credit
Debt Instrument
Remaining borrowing capacity	$ 391	$ 391

FINANCIAL INSTRUMENTS - Derivat

FINANCIAL INSTRUMENTS - Derivatives and Hedging (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss)
Gain (loss) to be reclassified during next 12 months	$ 26.9	$ 26.9
Commodities Investment
Derivative Instruments, Gain (Loss)
Derivative liability, current	2.1	2.1	$ 2.5
Cross Currency Swaps
Derivative Instruments, Gain (Loss)
Derivative notional amount	1,110	1,110	1,110
Derivative asset	57.8	57.8	70.4
Cross Currency Swaps | Debt Expiry in January 2024
Derivative Instruments, Gain (Loss)
Derivative notional amount	359	359
Cross Currency Swaps | Debt Expiry in January 2025
Derivative Instruments, Gain (Loss)
Derivative notional amount	393	393
Cross Currency Swaps | Debt Expiry in January 2026
Derivative Instruments, Gain (Loss)
Derivative notional amount	359	359
Interest Rate Swaps
Derivative Instruments, Gain (Loss)
Derivative asset	34.9	34.9	47.3
Cross Currency And Interest Rate Swap
Derivative Instruments, Gain (Loss)
Derivative rollover, notional amount	$ 360	360
Derivative, term extension	2 years
Fair value	$ 6.8	6.8
Foreign Exchange Forward
Derivative Instruments, Gain (Loss)
Derivative notional amount	51.4	$ 51.4	45.7
Derivative remaining maturity		1 year
Foreign Exchange Forward | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss)
Derivative notional amount	89.1	$ 89.1	105
Derivative remaining maturity		1 year
Derivative liability, current	$ 0.2	$ 0.2	$ 0.3
Domestic Line of Credit | USD Term Loan
Derivative Instruments, Gain (Loss)
Effective interest rate (percent)	2.60%	2.60%	1.60%

FINANCIAL INSTRUMENTS - Schedul

FINANCIAL INSTRUMENTS - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Recurring
Asset Category
Total	$ 109.8	$ 131.9
Liability Category
Total	4.7	5.5
Level 2 | Recurring | Metals contracts
Asset Category
Derivative asset	1.2	2.5
Liability Category
Derivative liability	3.3	5
Level 3 | Recurring
Asset Category
Available-for-sale debt securities	14.7	11.5
Foreign exchange contracts | Level 2 | Recurring
Asset Category
Derivative asset	0.2	0.2
Liability Category
Derivative liability	0.4	0.5
Interest rate swaps
Asset Category
Derivative asset	34.9	47.3
Interest rate swaps | Level 2 | Recurring
Liability Category
Derivative liability	1	0
Interest rate swaps | Level 2 | Recurring | Other current assets
Asset Category
Derivative asset	26.9	32.7
Interest rate swaps | Level 2 | Recurring | Other assets
Asset Category
Derivative asset	9	14.6
Cross Currency Swaps
Asset Category
Derivative asset	57.8	70.4
Cross Currency Swaps | Level 2 | Recurring | Other current assets
Asset Category
Derivative asset	29.3	26.1
Cross Currency Swaps | Level 2 | Recurring | Other assets
Asset Category
Derivative asset	$ 28.5	$ 44.3

FINANCIAL INSTRUMENTS - Fair Va

FINANCIAL INSTRUMENTS - Fair Value Measurements, Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,890	$ 1,900
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions
Long-term debt, fair value	$ 1,810	$ 1,800

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 43	$ 56.4
Net income attributable to non-controlling interests	(0.1)	(0.3)
Net income attributable to common stockholders	$ 42.9	$ 56.1
Basic weighted average common shares outstanding (in shares)	241.1	247.3
Denominator adjustments for diluted EPS:
Number of stock options and RSUs (in shares)	0.7	1.9
Denominator adjustments for diluted EPS (in shares)	0.7	1.9
Diluted weighted average common shares outstanding (in shares)	241.8	249.2
Earnings per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.18	$ 0.23
Diluted (in dollars per share)	$ 0.18	$ 0.23

EARNINGS PER SHARE - Anti-dilut

EARNINGS PER SHARE - Anti-dilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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)	3.7	3.6

CONTINGENCIES, ENVIRONMENTAL _2

CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Reserves for environmental matters	$ 11.4	$ 11.6

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 16.9	$ 20
Effective tax rate (percent)	28%	26%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - Affiliated Entity - Mariposa Capital - Advisory Services Agreement $ in Millions	3 Months Ended
	Mar. 31, 2023 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)	3 Months Ended
	Mar. 31, 2023 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
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Total net sales	$ 574.4	$ 680.2
Total Adjusted EBITDA	112.3	144.8
Electronics
Segment Reporting Information
Total net sales	339.6	441.6
Total Adjusted EBITDA	72.7	100.9
Electronics | Assembly Solutions
Segment Reporting Information
Total net sales	173.5	230.6
Electronics | Circuitry Solutions
Segment Reporting Information
Total net sales	106.7	135.3
Electronics | Semiconductor Solutions
Segment Reporting Information
Total net sales	59.4	75.7
Industrial & Specialty
Segment Reporting Information
Total net sales	234.8	238.6
Total Adjusted EBITDA	39.6	43.9
Industrial & Specialty | Industrial Solutions
Segment Reporting Information
Total net sales	180.7	190.1
Industrial & Specialty | Graphics Solutions
Segment Reporting Information
Total net sales	34.9	32.6
Industrial & Specialty | Energy Solutions
Segment Reporting Information
Total net sales	$ 19.2	$ 15.9

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Net income attributable to common stockholders	$ 42.9	$ 56.1
Add (subtract):
Net income attributable to non-controlling interests	0.1	0.3
Income tax expense	16.9	20
Interest expense, net	11.7	14.1
Depreciation expense	9.5	10.6
Amortization expense	29.6	31
EBITDA	110.7	132.1
Adjustments to reconcile to Adjusted EBITDA:
Inventory step-up	0	0.5
Restructuring expense	2.3	1.9
Acquisition and integration expense	3.9	2.9
Foreign exchange (gain) loss on intercompany loans	(5.6)	1.6
Adjustment of stock compensation previously not probable		1.3
Other, net	1	4.5
Adjusted EBITDA	$ 112.3	$ 144.8