ELEMENT SOLUTIONS INC, 10-Q filed on 7/29/2021
Quarterly Report
v3.21.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2021
Jul. 22, 2021
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2021  
Document Transition Report false  
Entity File Number 001-36272  
Entity Registrant Name Element Solutions Inc  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 37-1744899  
Entity Address, Street Name 500 East Broward Boulevard,  
Entity Address, Suite Number Suite 1860  
Entity Address, Postal Zip Code 33394  
Entity Address, City Fort Lauderdale,  
Entity Address, State FL  
City Area Code 561  
Local Phone Number 207-9600  
Title of each class Common Stock, par value $0.01 per share  
Trading symbol(s) ESI  
Name of each exchange on which registered NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   247,567,929
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Entity Central Index Key 0001590714  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Net sales $ 586.6 $ 387.0 $ 1,136.7 $ 839.6
Cost of sales 348.1 224.5 657.2 479.8
Gross profit 238.5 162.5 479.5 359.8
Operating expenses:        
Selling, technical, general and administrative 154.7 113.4 284.3 238.6
Research and development 12.8 9.6 24.3 27.1
Total operating expenses 167.5 123.0 308.6 265.7
Operating profit 71.0 39.5 170.9 94.1
Other (expense) income:        
Interest expense, net (12.9) (16.9) (25.8) (33.6)
Foreign exchange (loss) gain (5.2) (12.8) 22.8 (38.6)
Other expense, net (5.7) (1.7) (7.3) (1.3)
Total other expense (23.8) (31.4) (10.3) (73.5)
Income before income taxes and non-controlling interests 47.2 8.1 160.6 20.6
Income tax benefit (expense) 31.9 (5.8) 0.8 (9.9)
Net income from continuing operations 79.1 2.3 161.4 10.7
Income (loss) from discontinued operations, net of tax 2.0 (1.1) 2.0 (0.9)
Net income attributable to common stockholders $ 81.1 $ 1.2 $ 163.4 $ 9.8
Earnings per share        
Basic from continuing operations (in dollars per share) $ 0.32 $ 0.01 $ 0.65 $ 0.04
Basic from discontinued operations (in dollars per share) 0.01 0 0.01 0
Basic attributable to common stockholders (in dollars per share) 0.33 0.01 0.66 0.04
Diluted from continuing operations (in dollars per share) 0.32 0.01 0.65 0.04
Diluted from discontinued operations (in dollars per share) 0.01 0 0.01 0
Diluted attributable to common stockholders (in dollars per share) $ 0.33 $ 0.01 $ 0.66 $ 0.04
Weighted average common shares outstanding        
Basic (in shares) 247.5 248.8 247.4 249.6
Diluted (in shares) 247.9 249.0 248.0 250.6
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net income $ 81.1 $ 1.2 $ 163.4 $ 9.8
Foreign currency translation:        
Other comprehensive income (loss) before reclassifications, net of tax benefit of $2.0 and $0.0 for the three months ended June 30, 2021 and 2020 and tax expense of $3.9 and $0.0 for the six months ended June 30, 2021 and 2020, respectively 34.5 12.9 (18.2) (10.7)
Total foreign currency translation adjustments 34.5 12.9 (18.2) (10.7)
Pension and post-retirement plans:        
Other comprehensive income (loss) before reclassifications, net of tax expense of $0.0 for the three months ended June 30, 2021 and 2020 and $0.0 and $0.5 for the six months ended June 30, 2021 and 2020, respectively 0.0 0.0 0.0 (0.5)
Total pension and post-retirement plans 0.0 0.0 0.0 (0.5)
Derivative financial instruments:        
Other comprehensive income (loss) before reclassifications, net of tax expense of $1.0 and $0.0 for the three months ended June 30, 2021 and 2020 and $2.8 and $0.0 for the six months ended June 30, 2021 and 2020, respectively (1.9) (5.4) 1.1 (37.4)
Reclassifications, net of tax expense of $0.0 for the three months ended June 30, 2021 and 2020 and $0.0 for the six months ended June 30, 2021 and 2020, respectively 4.5 3.7 8.9 5.3
Total unrealized gain (loss) arising on qualified hedging derivatives 2.6 (1.7) 10.0 (32.1)
Other comprehensive income (loss) 37.1 11.2 (8.2) (43.3)
Comprehensive income (loss) attributable to common stockholders $ 118.2 $ 12.4 $ 155.2 $ (33.5)
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Foreign currency translation:        
Tax expense $ 2.0 $ 0.0 $ 3.9 $ 0.0
Pension and post-retirement plans:        
Tax expense 0.0 0.0 0.0 0.5
Derivative financial instruments:        
Tax expense 1.0 0.0 2.8 0.0
Tax expense, reclassification $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Assets    
Cash & cash equivalents $ 318.4 $ 291.9
Accounts receivable, net of allowance for doubtful accounts of $10.1 and $9.7 at June 30, 2021 and December 31, 2020, respectively 450.0 403.4
Inventories 280.4 203.1
Prepaid expenses 28.5 24.0
Other current assets 67.7 67.5
Total current assets 1,145.0 989.9
Property, plant and equipment, net 242.4 240.4
Goodwill 2,267.1 2,252.7
Intangible assets, net 823.8 855.9
Other assets 162.2 141.2
Non-current assets of discontinued operations 3.3 3.3
Total assets 4,643.8 4,483.4
Liabilities and stockholders' equity    
Accounts payable 140.0 95.6
Current installments of long-term debt 7.4 7.4
Accrued expenses and other current liabilities 203.0 204.2
Current liabilities of discontinued operations 5.1 7.1
Total current liabilities 355.5 314.3
Debt 1,505.8 1,508.1
Pension and post-retirement benefits 40.9 43.3
Deferred income taxes 112.6 112.9
Other liabilities 160.7 186.7
Total liabilities 2,175.5 2,165.3
Commitments and contingencies (Note 10)
Stockholders' equity    
Common stock: 400.0 shares authorized (2021: 261.9 shares issued; 2020: 261.3 shares issued) 2.6 2.6
Additional paid-in capital 4,146.9 4,122.9
Treasury stock (2021: 14.3 shares; 2020: 14.2 shares) (139.4) (137.7)
Accumulated deficit (1,337.1) (1,473.2)
Accumulated other comprehensive loss (203.0) (194.8)
Total stockholders' equity 2,470.0 2,319.8
Non-controlling interests (1.7) (1.7)
Total equity 2,468.3 2,318.1
Total liabilities and stockholders' equity $ 4,643.8 $ 4,483.4
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Assets    
Allowance for doubtful accounts, current $ 10.1 $ 9.7
Stockholders' equity    
Common shares authorized (in shares) 400,000,000.0 400,000,000.0
Common shares issued (in shares) 261,900,000 261,300,000
Treasury shares (in shares) 14,300,000 14,200,000
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 163.4 $ 9.8
Net income (loss) from discontinued operations, net of tax 2.0 (0.9)
Net income from continuing operations 161.4 10.7
Reconciliations of net income from continuing operations to net cash flows provided by operating activities:    
Depreciation and amortization 79.2 79.3
Deferred income taxes (35.7) (0.7)
Foreign exchange (gain) loss (20.4) 37.9
Incentive stock compensation 21.3 3.4
Other, net 0.8 10.0
Changes in assets and liabilities, net of acquisitions:    
Accounts receivable (38.0) 43.5
Inventories (67.9) (15.9)
Accounts payable 37.8 (13.6)
Accrued expenses (8.8) (22.2)
Prepaid expenses and other current assets (14.8) (7.2)
Other assets and liabilities (1.9) (0.5)
Net cash flows provided by operating activities of continuing operations 113.0 124.7
Cash flows from investing activities:    
Capital expenditures (17.3) (15.0)
Proceeds from disposal of property, plant and equipment 0.0 1.5
Acquisition of business, net of cash acquired (50.9) 0.0
Other, net 19.1 (5.7)
Net cash flows used in investing activities of continuing operations (49.1) (19.2)
Cash flows from financing activities:    
Repayments of borrowings (3.7) (3.9)
Repurchases of common stock 0.0 (33.1)
Dividends (27.2) 0.0
Other, net (6.4) (1.3)
Net cash flows used in financing activities of continuing operations (37.3) (38.3)
Cash flows from discontinued operations:    
Net cash flows used in operating activities of discontinued operations 0.0 (14.7)
Net cash flows used in discontinued operations 0.0 (14.7)
Effect of exchange rate changes on cash and cash equivalents (0.1) (5.3)
Net increase in cash and cash equivalents 26.5 47.2
Cash and cash equivalents at beginning of period 291.9 190.1
Cash and cash equivalents at end of period $ 318.4 $ 237.3
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Total Stockholders' Equity
Preferred Stock
Common Stock
Additional Paid-in Capital
Treasury Stock
Accumulated Deficit
Accumulated Other Comprehensive (Loss) Income
Non- controlling Interests
Balance at Dec. 31, 2019 $ 2,219.3 $ 2,220.9 $ 0.0 $ 2.6 $ 4,114.2 $ (78.9) $ (1,536.5) $ (280.5) $ (1.6)
Balance (in shares) at Dec. 31, 2019     2,000,000 258,428,333   8,277,198      
Increase (Decrease) in Stockholders' Equity                  
Net income 9.8 9.8         9.8    
Other comprehensive income, net of taxes (43.3) (43.3)           (43.3)  
Exercise/ vesting of share based compensation (1.8) (1.8)     0.2 $ (2.0)      
Exercise/ vesting of share based compensation (in shares)       557,541   170,227      
Issuance of common stock under ESPP 0.5 0.5     0.5        
Issuance of common stock under ESPP (in shares)       58,566          
Preferred stock conversion (in shares)     (2,000,000) 2,000,000          
Repurchases of common stock (33.1) (33.1)       $ (33.1)      
Repurchases of common stock (in shares)           3,742,488      
Equity compensation expense 3.8 3.8     3.8        
Changes in non-controlling interests (0.1)               (0.1)
Balance at Jun. 30, 2020 2,155.1 2,156.8 $ 0.0 $ 2.6 4,118.7 $ (114.0) (1,526.7) (323.8) (1.7)
Balance (in shares) at Jun. 30, 2020     0 261,044,440   12,189,913      
Balance at Mar. 31, 2020 2,141.4 2,143.0   $ 2.6 4,117.1 $ (113.9) (1,527.9) (334.9) (1.6)
Balance (in shares) at Mar. 31, 2020       260,933,009   12,182,019      
Increase (Decrease) in Stockholders' Equity                  
Net income 1.2 1.2         1.2    
Other comprehensive income, net of taxes 11.1 11.1           11.1  
Exercise/ vesting of share based compensation (0.1) (0.1)       $ (0.1)      
Exercise/ vesting of share based compensation (in shares)       81,554   7,894      
Issuance of common stock under ESPP 0.2 0.2     0.2        
Issuance of common stock under ESPP (in shares)       29,877          
Equity compensation expense 1.4 1.4     1.4        
Changes in non-controlling interests (0.1)               (0.1)
Balance at Jun. 30, 2020 2,155.1 2,156.8 $ 0.0 $ 2.6 4,118.7 $ (114.0) (1,526.7) (323.8) (1.7)
Balance (in shares) at Jun. 30, 2020     0 261,044,440   12,189,913      
Balance at Dec. 31, 2020 2,318.1 2,319.8   $ 2.6 4,122.9 $ (137.7) (1,473.2) (194.8) (1.7)
Balance (in shares) at Dec. 31, 2020       261,330,127   14,229,280      
Increase (Decrease) in Stockholders' Equity                  
Net income 163.4 163.4         163.4    
Other comprehensive income, net of taxes (8.2) (8.2)           (8.2)  
Exercise/ vesting of share based compensation 0.3 0.3     2.0 $ (1.7)      
Exercise/ vesting of share based compensation (in shares)       514,410   95,453      
Issuance of common stock under ESPP 0.5 0.5     0.5        
Issuance of common stock under ESPP (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 2,470.0   $ 2.6 4,146.9 $ (139.4) (1,337.1) (203.0) (1.7)
Balance (in shares) at Jun. 30, 2021       261,885,181   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   14,315,406      
Increase (Decrease) in Stockholders' Equity                  
Net income 81.1 81.1         81.1    
Other comprehensive income, 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 ESPP 0.2 0.2     0.2        
Issuance of common stock under ESPP (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 $ 2,470.0   $ 2.6 $ 4,146.9 $ (139.4) $ (1,337.1) $ (203.0) $ (1.7)
Balance (in shares) at Jun. 30, 2021       261,885,181   14,326,433      
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]    
Dividends declared (per share) $ 0.06 $ 0.11
v3.21.2
Background and Basis of Presentation
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BACKGROUND AND BASIS OF PRESENTATION BACKGROUND AND BASIS OF PRESENTATION
Background
Element Solutions was incorporated in Delaware in January 2014 and its shares of common stock, par value $0.01 per share, trade on the New York Stock Exchange under the ticker symbol “ESI.”
Element Solutions is a leading global specialty chemicals company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers' manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage infrastructure, automotive systems, industrial surface finishing, consumer packaging and offshore energy. Element Solutions delivers its products to customers through its sales and service workforce, regional distributors and manufacturing representatives.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. In the opinion of management, these unaudited Condensed Consolidated Financial Statements reflect all adjustments that are normal, recurring and necessary for a fair statement of the Company's financial position, results of operations and cash flows for interim periods, but are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the related notes included in the Company’s 2020 Annual Report.
The process of preparing the Company’s unaudited Condensed Consolidated Financial Statements requires the use of estimates that affect the reported amount of assets, liabilities, net sales and expenses. These estimates include assumptions and judgements based on historical experience, current conditions, future expectations and other factors the Company consider reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual amounts may differ materially from these estimates.
Certain prior year amounts have been reclassified to conform to the current year’s presentation.
v3.21.2
Acquisition
 6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
ACQUISITION ACQUISITION
HKW Acquisition
On May 5, 2021, the Company completed the HKW Acquisition for $50.9 million, net of cash, subject to post-closing adjustments. The H.K. Wentworth business specializes in conformal coatings, encapsulation resins, thermal interface materials, contact lubricants and cleaning chemistry and complements our broader electronics portfolio with many applications overlapping with semiconductor technologies. The operations of the H.K. Wentworth business are included in our Electronics business segment.
ELEMENT SOLUTIONS INC AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


The following table summarizes the allocation of the purchase price to the identified assets acquired and liabilities assumed at the acquisition date:
  (dollars in millions)
Identifiable assets acquired and liabilities assumed
Accounts receivable$10.3 
Inventories13.9 
Other current assets3.0 
Property, plant and equipment6.4 
Identifiable intangible assets28.7 
Other assets2.5 
Current liabilities(21.3)
Long-term liabilities(10.6)
Total identifiable net assets32.9 
Goodwill18.0 
Total purchase price$50.9 
The excess of the cost of the HKW Acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed was recorded as goodwill and represents the future economic benefit arising from other assets acquired that could not be individually identified and separately recognized. The majority of the goodwill recorded in connection with the HKW Acquisition is not expected to be deductible for tax purposes.
The fair value of the identifiable intangible assets recorded in conjunction with the HKW Acquisition was as follows:
  (dollars in millions)Fair Value
Weighted Average Useful Life (years)
Customer relationships$20.8 12
Trade name1.0 5
Developed technology6.9 5
Total$28.7 10.1
The fair value of the identifiable intangible assets was determined primarily using the “income approach,” which requires a forecast of all of the expected future cash flows either through the use of the multi-period excess earnings method or the relief-from-royalty method. Some of the more significant assumptions inherent in the development of intangible asset values include: the amount and timing of projected future cash flows, the attrition rate and the discount rate selected to measure the risks inherent in the future cash flows.
As of June 30, 2021, the purchase price allocation for the HKW Acquisition is preliminary, and we expect to complete the purchase price allocation within the one year measurement period.
The HKW Acquisition was not significant to our Condensed Consolidated Financial Statements, therefore, pro forma and post acquisition results of operations have not been presented.
Proposed Coventya Acquisition
On June 11, 2021, the Company announced its planned acquisition of Coventya Holdings SAS, a global provider of specialty chemicals for the surface finishing industry, for a purchase price expected to be approximately €420 million, subject to adjustments. The Company expects to fund this acquisition with $400 million of add-on debt to its existing term loans and cash on hand. This acquisition is expected to close in September 2021, subject to customary closing conditions.
v3.21.2
Inventories
 6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIESThe major components of inventory, on a net basis, were as follows:
 (dollars in millions)June 30, 2021December 31, 2020
Finished goods$163.3 $119.7 
Work in process35.0 23.0 
Raw materials and supplies82.1 60.4 
Total inventories$280.4 $203.1 
v3.21.2
Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
The major components of property, plant and equipment were as follows:
 (dollars in millions)June 30, 2021December 31, 2020
Land and leasehold improvements$53.1 $53.2 
Buildings and improvements144.4 139.5 
Machinery, equipment, fixtures and software267.7 245.8 
Construction in process24.8 22.3 
Total property, plant and equipment490.0 460.8 
Accumulated depreciation(247.6)(220.4)
Property, plant and equipment, net$242.4 $240.4 
For the three months ended June 30, 2021 and 2020, the Company recorded depreciation expense of $9.7 million and $10.5 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded depreciation expense of $19.1 million and $21.0 million, respectively.
During the third quarter of 2020, the Company met the requirements to classify a dormant facility in New Jersey, included in its Electronics business segment, as held for sale. The sale of the facility was completed in January 2021 and the Company recognized a gain of $3.9 million in "Selling, technical, general and administrative" in the Condensed Consolidated Statements of Operations. The Company had received initial deposits of $4.6 million in the second half of 2020 and received the remaining cash of $19.0 million associated with the sale during the first quarter of 2021. Cash flows associated with the sale of this facility are included in "Other, net" in the Condensed Consolidated Statements of Cash Flows as a cash inflow from investing activities.
v3.21.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Goodwill
The changes in the carrying amount of goodwill were as follows:
 (dollars in millions)ElectronicsIndustrial & SpecialtyTotal
Balance at December 31, 2020$1,274.0 $978.7 (1)$2,252.7 
Acquisition (2)
18.0 — 18.0 
Foreign currency translation0.8 (4.4)(3.6)
Balance at June 30, 2021$1,292.8 $974.3 $2,267.1 
(1) Includes accumulated impairment losses of $46.6 million.
(2) In May 2021, the Company completed the HKW Acquisition. The impact of this acquisition on the Company's results of operations was not material.    
ELEMENT SOLUTIONS INC AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


Indefinite-Lived Intangible Asset
The carrying value of the indefinite-lived intangible asset other than goodwill, which consisted of a trade name, was $68.0 million at June 30, 2021 and December 31, 2020, respectively.
Finite-Lived Intangible Assets
Intangible assets subject to amortization were as follows:
 June 30, 2021December 31, 2020
 (dollars in millions)Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value		Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
Customer relationships$1,003.6 $(472.1)$531.5 $984.3 $(435.4)$548.9 
Developed technology373.7 (227.5)146.2 400.0 (241.5)158.5 
Trade names92.2 (14.1)78.1 91.8 (11.3)80.5 
Other— — — 1.7 (1.7)— 
Total$1,469.5 $(713.7)$755.8 $1,477.8 $(689.9)$787.9 
For the three months ended June 30, 2021 and 2020, the Company recorded amortization expense on intangible assets of $30.4 million and $28.9 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded amortization expense on intangible assets of $60.1 million and $58.3 million, respectively.
v3.21.2
Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
DEBT DEBT
The Company’s debt obligations consisted of the following:
 (dollars in millions)Maturity DateInterest RateJune 30, 2021December 31, 2020
Term Loans (1)
2026
LIBOR plus 2.00%
$724.5 $727.5 
Senior Notes - $800 million (2)
20283.875%788.7 788.0 
Total debt1,513.2 1,515.5 
Less: current installments of long-term debt7.4 7.4 
Total long-term debt$1,505.8 $1,508.1 

(1) Term loans, net of unamortized discounts and debt issuance costs of $6.8 million and $7.6 million at June 30, 2021 and December 31, 2020, respectively. The effective interest rate was 2.4% at June 30, 2021 and December 31, 2020, respectively, including the effects of interest rate swaps and net investment hedges. See Note 7, Financial Instruments, for further information regarding the Company's interest rate swaps and net investment hedges.
(2) Senior notes, net of unamortized debt issuance costs of $11.3 million and $12.0 million at June 30, 2021 and December 31, 2020, respectively. The effective interest rate was 4.1% at June 30, 2021 and December 31, 2020, respectively.
Credit Agreement
The Company is a party to the Credit Agreement, which provides for senior secured credit facilities in an aggregate initial principal amount of $1.08 billion, consisting of a revolving credit facility in an aggregate initial principal amount of $330 million maturing in 2024 and a term loan in an aggregate initial principal amount of $750 million maturing in 2026.
Borrowings under the Credit Agreement bear interest at a per annum rate equal to a Base Rate, as defined in the Credit Agreement, plus, in each case, an applicable interest rate equal to a spread of 1.00% with respect to Base Rate Loans and a spread of 2.00% with respect to Eurocurrency Rate Loans. The Company is required to pay a commitment fee in respect of any undrawn portion of the revolving credit facility of 0.50% per annum, subject to a step-down to 0.375% based on the Company’s first lien net leverage ratio.
ELEMENT SOLUTIONS INC AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


The Company's obligations under the Credit Agreement are guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries and secured by a first-priority security interest in substantially all of the assets of the Company and MacDermid, as borrowers, as well as the assets of the guarantors, including mortgages on material real property, subject to certain exceptions.
Covenants, Events of Default and Provisions
The Credit Agreement contains customary representations and warranties, and affirmative and negative covenants, including limitations on additional indebtedness, dividends, and other distributions, entry into new lines of business, use of loan proceeds, capital expenditures, restricted payments, restrictions on liens on the assets of the borrowers or any guarantor, transactions with affiliates, amendments to organizational documents, accounting changes, sale and leaseback transactions and dispositions. To the extent the borrowers have total outstanding borrowings under the revolving credit facility (subject to certain exceptions) greater than 30% of the commitment amount under the revolving credit facility, the Company's first lien net leverage ratio should not exceed 5.0 to 1.0, subject to a right to cure.
The Credit Agreement requires the borrowers to make mandatory prepayments of borrowings, subject to certain exceptions, as described in the Credit Agreement. In addition, the Credit Agreement contains customary events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payment on, or defaults with respect to, certain other material indebtedness, bankruptcy and insolvency events, material judgments and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the Credit Agreement may be accelerated and the lenders could foreclose on their security interests in the assets of the borrowers and the guarantors.
At June 30, 2021, the Company was in compliance with the debt covenants contained in the Credit Agreement and had full availability of its unused borrowing capacity of $325 million, net of letters of credit, under the revolving credit facility.
3.875% USD Notes due 2028
The 3.875% USD Notes due 2028 are governed by an indenture which provides, among other things, for customary affirmative and negative covenants, events of default and other customary provisions. Pursuant to the indenture, the Company has the option to redeem the 3.875% USD Notes due 2028 prior to their maturity, subject to, in certain cases, the payment of an applicable make-whole premium. The 3.875% USD Notes due 2028 are fully and unconditionally guaranteed on a senior unsecured basis by generally all of the Company’s domestic subsidiaries that guarantee the obligations of the borrowers under the Credit Agreement.
Lines of Credit and Other Debt Facilities
The Company has access to various revolving lines of credit, short-term debt facilities and overdraft facilities worldwide which are used to fund short-term cash needs. There were no amounts outstanding under such facilities at June 30, 2021 or December 31, 2020. The Company had letters of credit outstanding of $5.9 million and $6.2 million at June 30, 2021 and December 31, 2020, respectively, of which $5.5 million at June 30, 2021 and December 31, 2020, respectively, reduced the borrowings available under the various facilities. At June 30, 2021 and December 31, 2020, the availability under these facilities totaled approximately $349 million, respectively, net of outstanding letters of credit.
v3.21.2
Financial Instruments
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Derivatives and Hedging
In the normal course of business, the Company is exposed to risks relating to changes in foreign currency exchange rates, commodity prices and interest rates. Derivative financial instruments, such as foreign currency exchange forward contracts, commodities futures contracts, interest rate swaps and net investment hedges are used to manage the risks associated with changes in the conditions of those markets. All derivatives are recognized in the Condensed Consolidated Balance Sheets at fair value. The counterparties to the Company’s derivative agreements are primarily major international financial institutions. The Company continually monitors its derivative positions and the credit ratings of its counterparties and does not anticipate nonperformance on their part.
Foreign Currency
The Company conducts a significant portion of its business in currencies other than the U.S. dollar and a portion of its business in currencies other than the functional currencies of its subsidiaries. As a result, the Company’s operating results are impacted by foreign currency exchange rate volatility.
At June 30, 2021, the Company held foreign currency forward contracts to purchase and sell various currencies to mitigate foreign currency exposure with the U.S. dollar. The Company has not designated any foreign currency exchange forward contracts as eligible for hedge accounting and, as a result, changes in the fair value of foreign currency forward contracts are recorded in the Condensed Consolidated Statements of Operations as "Other expense, net." The total notional value of foreign currency exchange forward contracts held at June 30, 2021 and December 31, 2020 was approximately $73.8 million and $78.5 million, respectively, with settlement dates generally within one year. The market value of the foreign currency forward contracts was a $0.7 million net current liability at June 30, 2021 and a $0.5 million net current liability at December 31, 2020.
Commodities
As part of its risk management policy, the Company enters into commodity futures contracts for the purpose of mitigating its exposure to fluctuations in prices of certain metals used in the production of its finished goods. The Company held futures contracts to purchase and sell various metals, primarily tin and silver, for a notional amount of $45.2 million and $25.0 million at June 30, 2021 and December 31, 2020, respectively. The market value of the metals forward contracts was a $0.4 million net current asset at June 30, 2021 and a $1.2 million net current liability at December 31, 2020. Substantially all contracts outstanding at June 30, 2021 had delivery dates within one year. The Company has not designated these derivatives as hedging instruments and, accordingly, records changes in their fair values in the Condensed Consolidated Statements of Operations as "Other expense, net."
Realized gains and losses on derivative contracts are accounted for as "Operating activities" in the Condensed Consolidated Statements of Cash Flows.
Interest Rates and Cross-Currency Swaps
The Company entered into interest rate swaps to mitigate its exposure to fluctuations in interest rates on its term loans through January 2024. The interest rate swaps effectively fix the floating rate of interest payments associated with the term loans under the Credit Agreement. The Company designated these contracts as cash flow hedges and changes in the fair value are recorded in "Accumulated other comprehensive loss" and reclassified into earnings as the underlying hedged item affects earnings. Amounts reclassified into earnings related to interest rate swaps are included in the Condensed Consolidated Statements of Operations as "Interest expense, net."
The Company entered into cross-currency swaps to effectively convert the initial $750 million term loans under the Credit Agreement, a U.S. dollar denominated debt obligation, into fixed-rate euro-denominated debt through January 2024. The Company is obligated to make periodic euro-denominated coupon payments to the hedge counterparties on an aggregate initial notional amount of €662 million, in exchange for periodic U.S. dollar-denominated coupon payments from these hedge
ELEMENT SOLUTIONS INC AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


counterparties on an aggregate initial notional amount of $750 million. The Company has designated these contracts as a net investment hedge of the foreign currency exposure of a portion of its net investment in its European operations. Changes in the fair value are recorded in "Foreign currency translation" in "Accumulated other comprehensive loss."

All interest payments to be paid during the last two years preceding the maturity date of the term loan will revert back to a floating rate of interest for both the interest rate swaps and cross-currency swaps. The proceeds from these contracts are reflected as "Cash flows from operating activities" in the Consolidated Statement of Cash Flows.
The net result of the above hedges, which expire in January 2024, is an interest rate of approximately 2.4%, which could vary due to changes in the euro and the U.S. dollar exchange rate.
For the three and six months ended June 30, 2021, the Company's interest rate swaps and cross-currency swaps were deemed highly effective. The Company expects to reclassify $17.5 million of expense from "Accumulated other comprehensive loss" to "Interest expense, net" in the Condensed Consolidated Statements of Operations within the next twelve months.
In June 2021, the Company entered into forward starting swaps to effectively convert the $400 million of anticipated add-on debt into fixed-rate euro-denominated debt through their maturity in January 2025. The add-on transaction, which was priced and allocated on June 23, 2021, is expected to close concurrently with the acquisition of Coventya Holding SAS in September 2021, at which time the forward starting swaps are expected to become effective. The Company has not yet designated the forward starting swap contracts as eligible for hedge accounting and, as a result, changes in the fair value of the forward starting swap contracts are recorded in the Condensed Consolidated Statements of Operations as "Other expense, net."
ELEMENT SOLUTIONS INC AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


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 locationClassificationJune 30, 2021December 31, 2020
Asset Category    
Foreign exchange contracts not designated as hedging instrumentsOther current assetsLevel 2$— $0.2 
Metals contracts not designated as hedging instrumentsOther current assetsLevel 21.5 0.4 
Cross currency swaps designated as net investment hedgeOther current assetsLevel 217.0 16.3 
Forward starting swaps not designated as hedging instrumentsOther current assetsLevel 22.6 — 
Forward starting swaps not designated as hedging instrumentsOther assetsLevel 21.1 — 
Total$22.2 $16.9 
Liability Category
Foreign exchange contracts not designated as hedging instrumentsAccrued expenses and other current liabilitiesLevel 2$0.7 $0.7 
Metals contracts not designated as hedging instrumentsAccrued expenses and other current liabilitiesLevel 21.1 1.6 
Interest rate swaps designated as cash flow hedging instrumentsAccrued expenses and other current liabilitiesLevel 217.5 17.6 
Forward starting swaps not designated as hedging instrumentsAccrued expenses and other current liabilitiesLevel 21.2 — 
Interest rate swaps designated as cash flow hedging instrumentsOther liabilitiesLevel 220.9 33.5 
Cross currency swaps designated as net investment hedgeOther liabilitiesLevel 225.5 43.3 
Forward starting swaps not designated as hedging instrumentsOther liabilitiesLevel 24.3 — 
Total$71.2 $96.7 
Derivative assets and liabilities include foreign currency, metals, forward starting swaps, interest rate swaps and cross currency swaps. The fair values are determined using pricing models based upon observable market inputs, such as market spot and futures prices on over-the-counter derivative instruments, market interest rates and consideration of counterparty credit risk.
There were no significant transfers of financial instruments between the fair value hierarchy levels for the three and six months ended June 30, 2021.
The carrying value and estimated fair value of the Company’s long-term debt totaled $1.51 billion and $1.55 billion, respectively, at June 30, 2021. At December 31, 2020, the carrying value and estimated fair value totaled $1.52 billion and $1.55 billion, respectively. The carrying values noted above include unamortized discounts and debt issuance costs. The estimated fair value of long-term debt is measured using quoted market prices 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.
v3.21.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic and diluted earnings per share are based on the weighted average number of shares of common stock and potential common stock outstanding during the period. Potential common stock, for purposes of determining diluted earnings per share, assumes the issuance of all potentially dilutive share equivalents using the if-converted or treasury stock method.
A computation of earnings per share from continuing operations and weighted average shares of the Company's common stock outstanding for the three and six months ended June 30, 2021 and 2020 is as follows:
Three Months Ended June 30,Six Months Ended June 30,
 (dollars in millions, except per share amounts)2021202020212020
Net income from continuing operations attributable to common stockholders $79.1 $2.3 $161.4 $10.7 
Basic weighted average common shares outstanding247.5 248.8 247.4 249.6 
Denominator adjustments for diluted EPS:
Number of shares issuable upon conversion of Series A Preferred Stock— — — 0.6 
Number of stock options and RSUs0.4 0.2 0.6 0.4 
Denominator adjustments for diluted EPS0.4 0.2 0.6 1.0 
Diluted weighted average common shares outstanding247.9 249.0 248.0 250.6 
Earnings per share from continuing operations attributable to common stockholders:    
Basic$0.32 $0.01 $0.65 $0.04 
Diluted$0.32 $0.01 $0.65 $0.04 
For the three and six months ended June 30, 2021 and 2020, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets were not yet met for awards contingent upon such measures:
Three Months Ended June 30,Six Months Ended June 30,
 (shares in millions)2021202020212020
Shares issuable upon vesting of RSUs and exercise of stock options3.7 4.1 4.0 4.2 
v3.21.2
Contingencies, Environmental and Legal Matters
 6 Months Ended
Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS CONTINGENCIES, ENVIRONMENTAL AND LEGAL MATTERS
Environmental Matters
The Company is involved in various claims relating to environmental matters at current and former plants and waste management sites. At certain of these sites, the Company engages or participates in remedial and other environmental compliance activities. At other sites, the Company has been named as a potential responsible party pursuant to the federal Superfund Act and/or state Superfund laws comparable to the federal law for site remediation. After analyzing each individual site, considering the number of parties involved, the level of its potential liability or contribution relating to the other parties, the nature and magnitude of the hazardous waste involved, the method and extent of remediation, the potential insurance coverage, the estimated legal and consulting expense with respect to each site and the time period over which any costs would likely be incurred, the Company estimates the clean-up costs and related claims for each site. The estimates are based in part on discussions with other potential responsible parties, governmental agencies and engineering firms.
The Company accrues for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current laws and existing technologies. The accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. The Company's environmental liabilities, which are included in the Condensed Consolidated Balance Sheets as "Accrued expenses and other current liabilities" and "Other liabilities," totaled $11.6 million and $10.1 million at June 30, 2021 and December 31, 2020, respectively, primarily driven by environmental remediation, clean-up costs and monitoring of sites that were either closed or disposed of in prior years. While uncertainty exists with respect to the amount and timing of its ultimate environmental liabilities, the Company does not currently anticipate any material losses in excess of the amount recorded. However, new information about the sites, such as results of investigations, could make it necessary for the Company to reassess its potential exposure related to these environmental matters.
As of the date hereof, the Company believes it is not practicable to provide an estimated range of reasonably possible environmental losses in excess of its recorded liabilities, and, as a result, the Company is unable to ascertain the ultimate aggregate amount of monetary liability or financial impact that may be associated with these matters.
Legal Matters
From time to time, the Company is involved in various legal proceedings, investigations and/or claims in the normal course of its business. Although it cannot predict with certainty the ultimate resolution of these matters, which involve judgments that are inherently subjective, the Company believes that their resolutions, to the extent not covered by insurance, will not, individually or in the aggregate, have a material adverse effect on its consolidated financial position, results of operations or cash flows.
Arysta Sale
In connection with the Arysta Sale, which closed on January 31, 2019, the Company agreed to retain certain liabilities associated with legal and tax proceedings, primarily related to an Arysta subsidiary in Brazil. The Company does not expect to incur a material loss as a result of these proceedings. However, the resolutions of these matters may take several years and, to the extent not covered by insurance, may adversely impact the Company's financial position or results of operations.
v3.21.2
Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company's quarterly income tax provision is measured using an estimate of its consolidated annual effective tax rate, adjusted for discrete items, within the periods presented. The comparison of the Company's income tax provision between periods can be significantly impacted by the level and mix of earnings and losses by tax jurisdiction and discrete items.
For the three months ended June 30, 2021 and 2020, the Company recognized an income tax benefit of $31.9 million and income tax expense of $5.8 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recognized an income tax benefit of $0.8 million and income tax expense of $9.9 million, respectively.
ELEMENT SOLUTIONS INC AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


The income tax benefit for the three and six months ended June 30, 2021 includes a $51.4 million benefit associated with the release of valuation allowances, the impact of higher pre-tax income and country mix of earnings. The benefit was associated with the release of valuation allowances previously recorded against certain U.S. tax attribute carryforwards, primarily consisting of net operating loss carryforwards in certain states and interest carryforwards. The valuation allowances are being released as the Company expects improved profitability in its domestic business and a shift to a three-year cumulative income position. These expectations are based on actual and forecasted results.

The income tax expense for the three and six months ended June 30, 2020 includes the negative impact of U.S. global intangible low-taxed income provisions and an accrual of a valuation allowance on tax attribute carryforwards, partially offset by the recognition of a benefit associated with the expiration of a statute of limitations.
v3.21.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONSThe Company is a party to an Advisory Services Agreement with Mariposa Capital, LLC, an affiliate of one of its founder directors, whereby Mariposa Capital, LLC is entitled to receive an annual fee of $3 million and reimbursement for expenses. This agreement is automatically renewed for successive one year terms unless either party notifies the other in writing of its intention not to renew no later than 90 days prior to the expiration of the applicable term. The fee is recorded in the Condensed Consolidated Statements of Operations as "Selling, technical, general and administrative" expense.
v3.21.2
Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's operations are organized into two reportable segments: Electronics and Industrial & Specialty. These segments represent businesses for which separate financial information is utilized by the chief operating decision maker (or CODM) for purposes of allocating resources and evaluating performance.
The Company allocates resources and evaluates the performance of its operating segments based primarily on net sales and Adjusted EBITDA. Adjusted EBITDA for each segment is defined as EBITDA, as further adjusted for additional items included in earnings which the Company believes are not representative or indicative of each of its segments' ongoing business or are considered to be associated with its capital structure. Adjusted EBITDA for each segment also includes an allocation of corporate costs, such as compensation expense and professional fees.
ELEMENT SOLUTIONS INC AND SUBSIDIARIES
Notes to the Condensed Consolidated Financial Statements
(Unaudited)


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)2021202020212020
Net sales:    
Electronics  
Assembly Solutions$205.1 $112.2 $394.1 $238.2 
Circuitry Solutions111.5 92.8 219.8 185.7 
Semiconductor Solutions65.3 48.2 121.5 98.2 
     Total Electronics381.9 253.2 735.4 522.1 
Industrial & Specialty
Industrial Solutions148.2 83.6 294.5 209.5 
Graphics Solutions40.0 34.6 74.7 73.2 
Energy Solutions16.5 15.6 32.1 34.8 
     Total Industrial & Specialty204.7 133.8 401.3 317.5 
Total net sales$586.6 $387.0 $1,136.7 $839.6 
Adjusted EBITDA:    
Electronics$90.7 $58.0 $183.2 $124.5 
Industrial & Specialty42.4 26.8 87.8 70.4 
Total Adjusted EBITDA$133.1 $84.8 $271.0 $194.9 
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)2021202020212020
Net income attributable to common stockholders$81.1 $1.2 $163.4 $9.8 
Add (subtract):
(Income) loss from discontinued operations, net of tax(2.0)1.1 (2.0)0.9 
Income tax (benefit) expense(31.9)5.8 (0.8)9.9 
Interest expense, net12.9 16.9 25.8 33.6 
Depreciation expense9.7 10.5 19.1 21.0 
Amortization expense30.4 28.9 60.1 58.3 
EBITDA100.2 64.4 265.6 133.5 
Adjustments to reconcile to Adjusted EBITDA:
Amortization of inventory step-up2.2 — 2.2 1.4 
Restructuring expense1.6 3.3 3.9 4.3 
Acquisition and integration expense5.9 1.3 3.2 7.9 
Foreign exchange loss (gain) on internal debt4.6 11.8 (23.4)40.9 
Adjustment of stock compensation previously not probable (Note 8)13.6 — 13.6 — 
Other, net5.0 4.0 5.9 6.9 
Adjusted EBITDA$133.1 $84.8 $271.0 $194.9 
v3.21.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITYPerformance-based RSUsThe vesting of certain performance-based RSUs previously granted to key executives is subject to the achievement by the Company of a certain performance target in any fiscal year ending on or before December 31, 2022, and continuous service. Prior to the second quarter of 2021, the Company did not recognize compensation expense for these awards as the achievement of the performance target was not deemed probable. During the second quarter of 2021, the achievement of the performance target became probable and the Company recorded $13.6 million of expense for these awards in "Selling, technical, general and administrative" in the Condensed Consolidated Statements of Operations.
v3.21.2
Background and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with GAAP. In the opinion of management, these unaudited Condensed Consolidated Financial Statements reflect all adjustments that are normal, recurring and necessary for a fair statement of the Company's financial position, results of operations and cash flows for interim periods, but are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and the related notes included in the Company’s 2020 Annual Report.
Basis of Presentation The process of preparing the Company’s unaudited Condensed Consolidated Financial Statements requires the use of estimates that affect the reported amount of assets, liabilities, net sales and expenses. These estimates include assumptions and judgements based on historical experience, current conditions, future expectations and other factors the Company consider reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual amounts may differ materially from these estimates.
v3.21.2
Acquisition (Tables)
 6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of recognized identified assets acquired and liabilities assumed The following table summarizes the allocation of the purchase price to the identified assets acquired and liabilities assumed at the acquisition date:
  (dollars in millions)
Identifiable assets acquired and liabilities assumed
Accounts receivable$10.3 
Inventories13.9 
Other current assets3.0 
Property, plant and equipment6.4 
Identifiable intangible assets28.7 
Other assets2.5 
Current liabilities(21.3)
Long-term liabilities(10.6)
Total identifiable net assets32.9 
Goodwill18.0 
Total purchase price$50.9 
Schedule of acquired finite-lived intangible assets by major class The fair value of the identifiable intangible assets recorded in conjunction with the HKW Acquisition was as follows:
  (dollars in millions)Fair Value
Weighted Average Useful Life (years)
Customer relationships$20.8 12
Trade name1.0 5
Developed technology6.9 5
Total$28.7 10.1
v3.21.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
Major components of inventory The major components of inventory, on a net basis, were as follows:
 (dollars in millions)June 30, 2021December 31, 2020
Finished goods$163.3 $119.7 
Work in process35.0 23.0 
Raw materials and supplies82.1 60.4 
Total inventories$280.4 $203.1 
v3.21.2
Property, Plant and Equipment (Tables)
 6 Months Ended
Jun. 30, 2021
Property, Plant and Equipment [Abstract]  
Major components of property, plant, and equipment The major components of property, plant and equipment were as follows:
 (dollars in millions)June 30, 2021December 31, 2020
Land and leasehold improvements$53.1 $53.2 
Buildings and improvements144.4 139.5 
Machinery, equipment, fixtures and software267.7 245.8 
Construction in process24.8 22.3 
Total property, plant and equipment490.0 460.8 
Accumulated depreciation(247.6)(220.4)
Property, plant and equipment, net$242.4 $240.4 
v3.21.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in the carrying amount of goodwill by segment
The changes in the carrying amount of goodwill were as follows:
 (dollars in millions)ElectronicsIndustrial & SpecialtyTotal
Balance at December 31, 2020$1,274.0 $978.7 (1)$2,252.7 
Acquisition (2)
18.0 — 18.0 
Foreign currency translation0.8 (4.4)(3.6)
Balance at June 30, 2021$1,292.8 $974.3 $2,267.1 
(1) Includes accumulated impairment losses of $46.6 million.
(2) In May 2021, the Company completed the HKW Acquisition. The impact of this acquisition on the Company's results of operations was not material.
Schedule of finite-lived intangible assets subject to amortization Intangible assets subject to amortization were as follows:
 June 30, 2021December 31, 2020
 (dollars in millions)Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value		Gross Carrying
Amount		Accumulated
Amortization		Net Book
Value
Customer relationships$1,003.6 $(472.1)$531.5 $984.3 $(435.4)$548.9 
Developed technology373.7 (227.5)146.2 400.0 (241.5)158.5 
Trade names92.2 (14.1)78.1 91.8 (11.3)80.5 
Other— — — 1.7 (1.7)— 
Total$1,469.5 $(713.7)$755.8 $1,477.8 $(689.9)$787.9 
v3.21.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt and capital lease obligations
The Company’s debt obligations consisted of the following:
 (dollars in millions)Maturity DateInterest RateJune 30, 2021December 31, 2020
Term Loans (1)
2026
LIBOR plus 2.00%
$724.5 $727.5 
Senior Notes - $800 million (2)
20283.875%788.7 788.0 
Total debt1,513.2 1,515.5 
Less: current installments of long-term debt7.4 7.4 
Total long-term debt$1,505.8 $1,508.1 

(1) Term loans, net of unamortized discounts and debt issuance costs of $6.8 million and $7.6 million at June 30, 2021 and December 31, 2020, respectively. The effective interest rate was 2.4% at June 30, 2021 and December 31, 2020, respectively, including the effects of interest rate swaps and net investment hedges. See Note 7, Financial Instruments, for further information regarding the Company's interest rate swaps and net investment hedges.
(2) Senior notes, net of unamortized debt issuance costs of $11.3 million and $12.0 million at June 30, 2021 and December 31, 2020, respectively. The effective interest rate was 4.1% at June 30, 2021 and December 31, 2020, respectively.
v3.21.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of financial assets and liabilities measured at fair value on a recurring basis
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis:
 (dollars in millions)Balance sheet locationClassificationJune 30, 2021December 31, 2020
Asset Category    
Foreign exchange contracts not designated as hedging instrumentsOther current assetsLevel 2$— $0.2 
Metals contracts not designated as hedging instrumentsOther current assetsLevel 21.5 0.4 
Cross currency swaps designated as net investment hedgeOther current assetsLevel 217.0 16.3 
Forward starting swaps not designated as hedging instrumentsOther current assetsLevel 22.6 — 
Forward starting swaps not designated as hedging instrumentsOther assetsLevel 21.1 — 
Total$22.2 $16.9 
Liability Category
Foreign exchange contracts not designated as hedging instrumentsAccrued expenses and other current liabilitiesLevel 2$0.7 $0.7 
Metals contracts not designated as hedging instrumentsAccrued expenses and other current liabilitiesLevel 21.1 1.6 
Interest rate swaps designated as cash flow hedging instrumentsAccrued expenses and other current liabilitiesLevel 217.5 17.6 
Forward starting swaps not designated as hedging instrumentsAccrued expenses and other current liabilitiesLevel 21.2 — 
Interest rate swaps designated as cash flow hedging instrumentsOther liabilitiesLevel 220.9 33.5 
Cross currency swaps designated as net investment hedgeOther liabilitiesLevel 225.5 43.3 
Forward starting swaps not designated as hedging instrumentsOther liabilitiesLevel 24.3 — 
Total$71.2 $96.7 
v3.21.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]  
Schedule of earnings per share, basic and diluted
A computation of earnings per share from continuing operations and weighted average shares of the Company's common stock outstanding for the three and six months ended June 30, 2021 and 2020 is as follows:
Three Months Ended June 30,Six Months Ended June 30,
 (dollars in millions, except per share amounts)2021202020212020
Net income from continuing operations attributable to common stockholders $79.1 $2.3 $161.4 $10.7 
Basic weighted average common shares outstanding247.5 248.8 247.4 249.6 
Denominator adjustments for diluted EPS:
Number of shares issuable upon conversion of Series A Preferred Stock— — — 0.6 
Number of stock options and RSUs0.4 0.2 0.6 0.4 
Denominator adjustments for diluted EPS0.4 0.2 0.6 1.0 
Diluted weighted average common shares outstanding247.9 249.0 248.0 250.6 
Earnings per share from continuing operations attributable to common stockholders:    
Basic$0.32 $0.01 $0.65 $0.04 
Diluted$0.32 $0.01 $0.65 $0.04 
Schedule of antidilutive securities excluded from computation of earnings per share
For the three and six months ended June 30, 2021 and 2020, the following securities were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive or because performance targets were not yet met for awards contingent upon such measures:
Three Months Ended June 30,Six Months Ended June 30,
 (shares in millions)2021202020212020
Shares issuable upon vesting of RSUs and exercise of stock options3.7 4.1 4.0 4.2 
v3.21.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Schedule of segment reporting information, by segment
The following table summarizes financial information regarding each reportable segment’s results of operations, including disaggregated external net sales by product category:
 Three Months Ended June 30,Six Months Ended June 30,
 (dollars in millions)2021202020212020
Net sales:    
Electronics  
Assembly Solutions$205.1 $112.2 $394.1 $238.2 
Circuitry Solutions111.5 92.8 219.8 185.7 
Semiconductor Solutions65.3 48.2 121.5 98.2 
     Total Electronics381.9 253.2 735.4 522.1 
Industrial & Specialty
Industrial Solutions148.2 83.6 294.5 209.5 
Graphics Solutions40.0 34.6 74.7 73.2 
Energy Solutions16.5 15.6 32.1 34.8 
     Total Industrial & Specialty204.7 133.8 401.3 317.5 
Total net sales$586.6 $387.0 $1,136.7 $839.6 
Adjusted EBITDA:    
Electronics$90.7 $58.0 $183.2 $124.5 
Industrial & Specialty42.4 26.8 87.8 70.4 
Total Adjusted EBITDA$133.1 $84.8 $271.0 $194.9 
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)2021202020212020
Net income attributable to common stockholders$81.1 $1.2 $163.4 $9.8 
Add (subtract):
(Income) loss from discontinued operations, net of tax(2.0)1.1 (2.0)0.9 
Income tax (benefit) expense(31.9)5.8 (0.8)9.9 
Interest expense, net12.9 16.9 25.8 33.6 
Depreciation expense9.7 10.5 19.1 21.0 
Amortization expense30.4 28.9 60.1 58.3 
EBITDA100.2 64.4 265.6 133.5 
Adjustments to reconcile to Adjusted EBITDA:
Amortization of inventory step-up2.2 — 2.2 1.4 
Restructuring expense1.6 3.3 3.9 4.3 
Acquisition and integration expense5.9 1.3 3.2 7.9 
Foreign exchange loss (gain) on internal debt4.6 11.8 (23.4)40.9 
Adjustment of stock compensation previously not probable (Note 8)13.6 — 13.6 — 
Other, net5.0 4.0 5.9 6.9 
Adjusted EBITDA$133.1 $84.8 $271.0 $194.9 
v3.21.2
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
v3.21.2
Acquisition - Narratives (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 11, 2021
May 05, 2021
Jun. 30, 2021
Jun. 30, 2020
Business Acquisition        
Acquisition of business, net of cash acquired   $ 50.9 $ 50.9 $ 0.0
First Lien Credit Facility, US Dollar Term Loan, Due Two Thousand And Twenty Six Add On | Scenario, Plan | Domestic Line of Credit        
Business Acquisition        
Debt face amount $ 400.0      
Coventya Holdings SAS | Scenario, Plan        
Business Acquisition        
Acquisition of business, net of cash acquired $ 420.0      
v3.21.2
Acquisition - Purchase Price Allocation (Details) - USD ($)
$ in Millions
Jun. 30, 2021
May 05, 2021
Dec. 31, 2020
Identifiable assets acquired and liabilities assumed      
Goodwill $ 2,267.1   $ 2,252.7
HKW      
Identifiable assets acquired and liabilities assumed      
Accounts receivable   $ 10.3  
Inventories   13.9  
Other current assets   3.0  
Property, plant and equipment   6.4  
Identifiable intangible assets   28.7  
Other assets   2.5  
Current liabilities   (21.3)  
Long-term liabilities   (10.6)  
Total identifiable net assets   32.9  
Goodwill   18.0  
Total purchase price   $ 50.9  
v3.21.2
Acquisition - Schedule of Identifiable Intangible Assets Recorded in Conjunction with Acquisitions (Details) - HKW
$ in Millions
May 05, 2021
USD ($)
Business Acquisition  
Fair Value $ 28.7
Weighted Average Useful Life (years) 10 years 1 month 6 days
Customer relationships  
Business Acquisition  
Fair Value $ 20.8
Weighted Average Useful Life (years) 12 years
Trade name  
Business Acquisition  
Fair Value $ 1.0
Weighted Average Useful Life (years) 5 years
Developed technology  
Business Acquisition  
Fair Value $ 6.9
Weighted Average Useful Life (years) 5 years
v3.21.2
Inventories - Schedule of Major Components of Inventory (Details) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Finished goods $ 163.3 $ 119.7
Work in process 35.0 23.0
Raw materials and supplies 82.1 60.4
Total inventories $ 280.4 $ 203.1
v3.21.2
Property, Plant and Equipment - Major Components of Property, Plant, and Equipment (Details) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Property, plant and equipment    
Total property, plant and equipment $ 490.0 $ 460.8
Accumulated depreciation (247.6) (220.4)
Property, plant and equipment, net 242.4 240.4
Land and leasehold improvements    
Property, plant and equipment    
Total property, plant and equipment 53.1 53.2
Buildings and improvements    
Property, plant and equipment    
Total property, plant and equipment 144.4 139.5
Machinery, equipment, fixtures and software    
Property, plant and equipment    
Total property, plant and equipment 267.7 245.8
Construction in process    
Property, plant and equipment    
Total property, plant and equipment $ 24.8 $ 22.3
v3.21.2
Property, Plant and Equipment - Additional Information (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2020
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Property, Plant and Equipment [Abstract]              
Depreciation expense   $ 9.7   $ 10.5 $ 19.1   $ 21.0
Gain on sale $ 3.9            
Proceeds from the sales of property     $ 19.0     $ 4.6  
v3.21.2
Goodwill and Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2021
USD ($)
Goodwill  
Beginning balance $ 2,252.7
Acquisition 18.0
Foreign currency translation (3.6)
Ending balance 2,267.1
Electronics  
Goodwill  
Beginning balance 1,274.0
Acquisition 18.0
Foreign currency translation 0.8
Ending balance 1,292.8
Industrial & Specialty  
Goodwill  
Beginning balance 978.7
Acquisition 0.0
Foreign currency translation (4.4)
Ending balance $ 974.3
v3.21.2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Indefinite-lived Intangible Assets          
Accumulated impairment losses         $ 46.6
Amortization of expense of intangible assets $ 30.4 $ 28.9 $ 60.1 $ 58.3  
Trade names          
Indefinite-lived Intangible Assets          
Indefinite lived intangible assets $ 68.0   $ 68.0   $ 68.0
v3.21.2
Goodwill and Intangible Assets - Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets    
Gross Carrying Amount $ 1,469.5 $ 1,477.8
Accumulated Amortization (713.7) (689.9)
Net Book Value 755.8 787.9
Customer relationships    
Finite-Lived Intangible Assets    
Gross Carrying Amount 1,003.6 984.3
Accumulated Amortization (472.1) (435.4)
Net Book Value 531.5 548.9
Developed technology    
Finite-Lived Intangible Assets    
Gross Carrying Amount 373.7 400.0
Accumulated Amortization (227.5) (241.5)
Net Book Value 146.2 158.5
Trade names    
Finite-Lived Intangible Assets    
Gross Carrying Amount 92.2 91.8
Accumulated Amortization (14.1) (11.3)
Net Book Value 78.1 80.5
Other    
Finite-Lived Intangible Assets    
Gross Carrying Amount 0.0 1.7
Accumulated Amortization 0.0 (1.7)
Net Book Value $ 0.0 $ 0.0
v3.21.2
Debt - Summary of Debt and Capital Leases Outstanding (Details) - USD ($)
 6 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Debt Instrument    
Total debt $ 1,513,200,000 $ 1,515,500,000
Less: current installments of long-term debt 7,400,000 7,400,000
Total long-term debt 1,505,800,000 1,508,100,000
Domestic Line of Credit | USD Term Loan    
Debt Instrument    
Debt face amount 750,000,000  
Total debt 724,500,000 727,500,000
Unamortized discount (premium) and debt issuance costs, net $ 6,800,000 $ 7,600,000
Effective interest rate (percent) 2.40% 2.40%
Domestic Line of Credit | USD Term Loan | LIBOR    
Debt Instrument    
Spread on variable rate (percent) 2.00%  
Senior Notes    
Debt Instrument    
Unamortized discount (premium) and debt issuance costs, net $ 11,300,000 $ 12,000,000.0
Effective interest rate (percent) 4.10% 4.10%
Senior Notes | USD Senior Notes, Due 2028    
Debt Instrument    
Debt face amount $ 800,000,000  
Stated interest rate (percent) 3.875%  
Total debt $ 788,700,000 $ 788,000,000.0
v3.21.2
Debt - Credit Agreement (Details)
 6 Months Ended
Jun. 30, 2021
USD ($)
Domestic Line of Credit | Notes maturing 2026  
Line of Credit Facility  
Debt face amount $ 750,000,000
Revolving Credit Facility  
Line of Credit Facility  
Maximum borrowing capacity $ 1,080,000,000.00
Commitment fee (percent) 0.50%
Commitment fee step down percentage (percent) 0.375%
Revolving Credit Facility | Base Rate  
Line of Credit Facility  
Spread on variable rate (percent) 1.00%
Revolving Credit Facility | Eurocurrency Rate  
Line of Credit Facility  
Spread on variable rate (percent) 2.00%
Revolving Credit Facility | Line of Credit  
Line of Credit Facility  
Maximum borrowing capacity $ 330,000,000
v3.21.2
Debt - Covenants, Events of Default and Provisions (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2021
USD ($)
Senior Notes  
Debt Instrument  
Covenant, outstanding borrowings leverage threshold (percent) 30.00%
Covenant, first lien net leverage ratio 5.0
Line of Credit | Revolving Credit Facility  
Debt Instrument  
Current borrowing capacity $ 325
v3.21.2
Debt - USD Notes (Details)
Jun. 30, 2021
Senior Notes | USD Senior Notes, Due 2028  
Debt Instrument  
Stated interest rate (percent) 3.875%
v3.21.2
Debt - Lines of Credit and Other Debt Facilities (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Debt Instrument    
Total debt and capital lease obligations $ 1,513,200,000 $ 1,515,500,000
Revolving Credit Facility    
Debt Instrument    
Reduction in borrowings 5,500,000 5,500,000
Line of Credit    
Debt Instrument    
Outstanding letters of credit 5,900,000 6,200,000
Line of Credit | Lines of Credit and Revolving Lines of Credit    
Debt Instrument    
Total debt and capital lease obligations 0 0
Remaining borrowing capacity $ 349,000,000 $ 349,000,000
v3.21.2
Financial Instruments - Derivatives and Hedging (Details)
 6 Months Ended
Jun. 30, 2021
USD ($)
Jun. 30, 2021
EUR (€)
Dec. 31, 2020
USD ($)
Derivative Instruments, Gain (Loss)      
Gain (loss) to be reclassified during next 12 months $ 17,500,000    
Commodities Investment      
Derivative Instruments, Gain (Loss)      
Derivative asset, current 400,000    
Derivative liability, current     $ 1,200,000
Domestic Line of Credit | USD Term Loan      
Derivative Instruments, Gain (Loss)      
Debt face amount 750,000,000    
Medium-term Notes | Euro Notes      
Derivative Instruments, Gain (Loss)      
Debt face amount 400,000,000    
Foreign Exchange Forward      
Derivative Instruments, Gain (Loss)      
Derivative notional amount $ 45,200,000   25,000,000.0
Derivative remaining maturity 1 year    
Interest rate swaps | Medium-term Notes | Euro Notes      
Derivative Instruments, Gain (Loss)      
Derivative notional amount | €   € 662,000,000  
Interest rate swap rate (as a percent) 2.40% 2.40%  
Not Designated as Hedging Instrument | Foreign Exchange Forward      
Derivative Instruments, Gain (Loss)      
Derivative notional amount $ 73,800,000   78,500,000
Derivative remaining maturity 1 year    
Derivative liability, current $ 700,000   $ 500,000
v3.21.2
Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Asset Category    
Total $ 22.2 $ 16.9
Liability Category    
Total 71.2 96.7
Level 2 | Other current assets | Commodities Investment | Not Designated as Hedging Instrument    
Asset Category    
Derivative asset 1.5 0.4
Level 2 | Other current assets | Foreign exchange contracts not designated as hedging instruments | Not Designated as Hedging Instrument    
Asset Category    
Derivative asset 0.0 0.2
Level 2 | Other current assets | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument    
Asset Category    
Derivative asset 17.0 16.3
Level 2 | Other current assets | Forward starting swaps not designated as hedging instruments | Not Designated as Hedging Instrument    
Asset Category    
Derivative asset 2.6 0.0
Level 2 | Other assets | Not Designated as Hedging Instrument    
Asset Category    
Derivative asset 1.1 0.0
Level 2 | Accrued expenses and other current liabilities | Commodities Investment | Not Designated as Hedging Instrument    
Liability Category    
Derivative liability 1.1 1.6
Level 2 | Accrued expenses and other current liabilities | Foreign exchange contracts not designated as hedging instruments | Not Designated as Hedging Instrument    
Liability Category    
Derivative liability 0.7 0.7
Level 2 | Accrued expenses and other current liabilities | Interest rate swaps designated as cash flow hedging instruments | Designated as Hedging Instrument    
Liability Category    
Derivative liability 17.5 17.6
Level 2 | Accrued expenses and other current liabilities | Forward starting swaps not designated as hedging instruments | Not Designated as Hedging Instrument    
Liability Category    
Derivative liability 1.2 0.0
Level 2 | Other liabilities | Interest rate swaps designated as cash flow hedging instruments | Designated as Hedging Instrument    
Liability Category    
Derivative liability 20.9 33.5
Level 2 | Other liabilities | Cross currency swaps designated as net investment hedge | Designated as Hedging Instrument    
Liability Category    
Derivative liability 25.5 43.3
Level 2 | Other liabilities | Forward starting swaps not designated as hedging instruments | Not Designated as Hedging Instrument    
Liability Category    
Derivative liability $ 4.3 $ 0.0
v3.21.2
Financial Instruments - Fair Value Measurements, Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Long-term debt, fair value $ 1,510 $ 1,520
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions    
Long-term debt, fair value $ 1,550 $ 1,550
v3.21.2
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, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Earnings Per Share [Abstract]        
Net income from continuing operations attributable to common stockholders $ 79.1 $ 2.3 $ 161.4 $ 10.7
Basic weighted average common shares outstanding (in shares) 247.5 248.8 247.4 249.6
Denominator adjustments for diluted EPS:        
Number of shares issuable upon conversion of Series A Preferred Stock (in shares) 0.0 0.0 0.0 0.6
Number of stock options and RSUs (in shares) 0.4 0.2 0.6 0.4
Denominator adjustments for diluted EPS (in shares) 0.4 0.2 0.6 1.0
Diluted weighted average common shares outstanding (in shares) 247.9 249.0 248.0 250.6
Earnings per share from continuing operations attributable to common stockholders:        
Basic (in dollars per share) $ 0.32 $ 0.01 $ 0.65 $ 0.04
Diluted (in dollars per share) $ 0.32 $ 0.01 $ 0.65 $ 0.04
v3.21.2
Earnings Per Share - Anti-dilutive Securities (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Shares issuable upon vesting of RSUs and exercise of stock options        
Antidilutive Securities Excluded from Computation of Earnings Per Share        
Weighted-average securities not included in computation of diluted shares outstanding (in shares) 3.7 4.1 4.0 4.2
v3.21.2
Contingencies, Environmental and Legal Matters (Details) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Reserves for environmental matters $ 11.6 $ 10.1
v3.21.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Tax Disclosure [Abstract]        
Income tax (benefit) expense $ (31.9) $ 5.8 $ (0.8) $ 9.9
Decrease in valuation allowance $ 51.4   $ 51.4  
v3.21.2
Related Party Transactions (Details) - Affiliated Entity - Advisory Services Agreement - Mariposa Capital
$ in Millions
 6 Months Ended
Jun. 30, 2021
USD ($)
Related Party Transaction  
Related party transaction expense $ 3
Automatic renewal period 1 year
Agreement renewal period 90 days
v3.21.2
Segment Information - Additional Information (Details)
 6 Months Ended
Jun. 30, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 2
v3.21.2
Segment Information - Financial Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Segment Reporting Information        
Total net sales $ 586.6 $ 387.0 $ 1,136.7 $ 839.6
Total Adjusted EBITDA 133.1 84.8 271.0 194.9
Electronics        
Segment Reporting Information        
Total net sales 381.9 253.2 735.4 522.1
Total Adjusted EBITDA 90.7 58.0 183.2 124.5
Electronics | Assembly Solutions        
Segment Reporting Information        
Total net sales 205.1 112.2 394.1 238.2
Electronics | Circuitry Solutions        
Segment Reporting Information        
Total net sales 111.5 92.8 219.8 185.7
Electronics | Semiconductor Solutions        
Segment Reporting Information        
Total net sales 65.3 48.2 121.5 98.2
Industrial & Specialty        
Segment Reporting Information        
Total net sales 204.7 133.8 401.3 317.5
Total Adjusted EBITDA 42.4 26.8 87.8 70.4
Industrial & Specialty | Industrial Solutions        
Segment Reporting Information        
Total net sales 148.2 83.6 294.5 209.5
Industrial & Specialty | Graphics Solutions        
Segment Reporting Information        
Total net sales 40.0 34.6 74.7 73.2
Industrial & Specialty | Energy Solutions        
Segment Reporting Information        
Total net sales $ 16.5 $ 15.6 $ 32.1 $ 34.8
v3.21.2
Segment Information - Reconciliation of Adjusted EBITDA to Net Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Segment Reporting [Abstract]        
Net income attributable to common stockholders $ 81.1 $ 1.2 $ 163.4 $ 9.8
Add (subtract):        
(Income) loss from discontinued operations, net of tax (2.0) 1.1 (2.0) 0.9
Income tax (benefit) expense (31.9) 5.8 (0.8) 9.9
Interest expense, net 12.9 16.9 25.8 33.6
Depreciation expense 9.7 10.5 19.1 21.0
Amortization expense 30.4 28.9 60.1 58.3
EBITDA 100.2 64.4 265.6 133.5
Adjustments to reconcile to Adjusted EBITDA:        
Amortization of inventory step-up 2.2 0.0 2.2 1.4
Restructuring expense 1.6 3.3 3.9 4.3
Acquisition and integration expense 5.9 1.3 3.2 7.9
Foreign exchange loss (gain) on internal debt 4.6 11.8 (23.4) 40.9
Adjustment of stock compensation previously not probable (Note 8) 13.6 0.0 13.6 0.0
Other, net 5.0 4.0 5.9 6.9
Adjusted EBITDA $ 133.1 $ 84.8 $ 271.0 $ 194.9
v3.21.2
Stockholders' Equity (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Equity [Abstract]        
Selling, technical, general and administrative $ 13.6 $ 0.0 $ 13.6 $ 0.0