VWR 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and entity information

Document and entity information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 28, 2016
Document and Entity Information [Abstract]
Document type	10-Q
Document period end date	Mar. 31, 2016
Amendment flag	false
Entity registrant name	VWR Corporation
Entity central index key	1,412,232
Current fiscal year end date	--12-31
Entity filer category	Large Accelerated Filer
Document fiscal year focus	2,016
Document fiscal period focus	Q1
Entity common stock, shares outstanding		131,419,375

Condensed consolidated balance

Condensed consolidated balance sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 129.7	$ 136.3
Trade accounts receivable, net of reserves of $10.8 and $12.0	640.5	583.2
Other receivables	43.3	56.6
Inventories	450.4	424
Other current assets	42.8	32.9
Total current assets	1,306.7	1,233
Property and equipment, net	236.8	228.2
Goodwill	1,846.5	1,791.4
Other intangible assets, net	1,477.3	1,455.6
Other assets	89.7	85.6
Total assets	4,957	4,793.8
Liabilities, Redeemable Equity and Stockholders’ Equity
Current portion of debt	173.6	92.8
Accounts payable	494.3	474.5
Employee-related liabilities	70.4	61.4
Current amount due to Varietal — ITRA	33.2	78.1
Other current liabilities	132.6	112.3
Total current liabilities	904.1	819.1
Debt, net of current portion	1,934.5	1,896.2
Amount due to Varietal — ITRA, net of current portion	51.8	85
Deferred income tax liabilities	456.5	459.5
Other liabilities	151.6	158.8
Total liabilities	$ 3,498.5	$ 3,418.6
Commitments and contingencies (Note 7)
Redeemable equity, at redemption value	$ 39.5	$ 38.8
Preferred stock, $0.01 par value; 50.0 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.01 par value; 750.0 shares authorized, 131.4 shares issued and outstanding	1.3	1.3
Additional paid-in capital	1,735.8	1,735.1
Retained earnings	45.1	6.3
Accumulated other comprehensive loss	(363.2)	(406.3)
Total stockholders’ equity	1,419	1,336.4
Total liabilities, redeemable equity and stockholders’ equity	$ 4,957	$ 4,793.8

Condensed consolidated balance3

Condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Reserves on trade accounts receivable	$ 10.8	$ 12
Preferred stock, par value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	50	50
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	750	750
Common stock, shares issued	131.4	131.4
Common stock, shares outstanding	131.4	131.4

Condensed consolidated statemen

Condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net sales	$ 1,098.3	$ 1,029.6
Cost of goods sold	787.7	738.4
Gross profit	310.6	291.2
Selling, general and administrative expenses	230.9	217.4
Operating income	79.7	73.8
Interest expense	(19.2)	(27.2)
Other income (expense), net	(0.6)	70.3
Loss on extinguishment of debt	0	(1.8)
Income before income taxes	59.9	115.1
Income tax provision	(21.1)	(43.6)
Net income	$ 38.8	$ 71.5
Earnings per share:
Basic	$ 0.30	$ 0.54
Diluted	$ 0.29	$ 0.54
Weighted average shares outstanding:
Basic	131.4	131.4
Diluted	131.6	131.9

Condensed consolidated stateme5

Condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 38.8	$ 71.5
Foreign currency translation:
Net unrealized gain (loss) arising during the period	44.2	(166)
Derivative instruments:
Net unrealized (loss) gain arising during the period	(0.8)	0.1
Reclassification of net gain into earnings	(0.9)	0
Defined benefit plans:
Reclassification of net loss into earnings	0.6	0.7
Other comprehensive income (loss)	43.1	(165.2)
Comprehensive income (loss)	$ 81.9	$ (93.7)

Condensed consolidated stateme6

Condensed consolidated statements of redeemable equity and stockholders' equity - 3 months ended Mar. 31, 2016 - USD ($) shares in Millions, $ in Millions	Total	Redeemable equity, at redemption value	Common stock	Common stockPar value	Common stockAdditional paid-in capital	Common stockRetained earnings	Common stockAccumulated other comprehensive loss
Beginning balance, redeemable equity at Dec. 31, 2015	$ 38.8	$ 38.8
Increase (decrease) to redeemable equity
Reclassifications to state redeemable equity at redemption value		0.7
Ending balance, redeemable equity at Mar. 31, 2016	39.5	$ 39.5
Beginning balance, stockholders' equity, shares at Dec. 31, 2015			131.4
Beginning balance, stockholders' equity at Dec. 31, 2015	1,336.4			$ 1.3	$ 1,735.1	$ 6.3	$ (406.3)
Increase (decrease) to stockholders' equity
Share-based compensation expense	1.4				1.4
Reclassifications to state redeemable equity at redemption value	(0.7)				(0.7)
Net income	38.8					38.8
Other comprehensive income	43.1						43.1
Ending balance, stockholders' equity, shares at Mar. 31, 2016			131.4
Ending balance, stockholders' equity at Mar. 31, 2016	$ 1,419			$ 1.3	$ 1,735.8	$ 45.1	$ (363.2)

Condensed consolidated stateme7

Condensed consolidated statements of cash flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 38.8	$ 71.5
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	30.8	30.5
Net foreign currency remeasurement loss (gain)	2.4	(69.3)
Deferred income tax provision	8.9	31.5
Loss on extinguishment of debt	0	1.8
Share-based compensation expense	1.4	1.1
Amortization of debt issuance costs	0.8	1.4
Other, net	0.4	2.1
Changes in working capital, net of business acquisitions:
Trade accounts receivable	(32.4)	(38.1)
Inventories	(12.4)	(1.4)
Accounts payable	6.9	(14.7)
Other assets and liabilities	(3.6)	(26.3)
Net cash provided by (used in) operating activities	42	(9.9)
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(28.9)	(15.6)
Capital expenditures	(14.3)	(9.5)
Other investing activities	0	0.2
Net cash used in investing activities	(43.2)	(24.9)
Cash flows from financing activities:
Proceeds from debt	242.1	968.4
Repayment of debt	(175.4)	(932.2)
Payment to Varietal under ITRA	(78.1)	(9.8)
Payment of debt issuance costs	0	(4.5)
Other financing activities	1.1	1.9
Net cash (used in) provided by financing activities	(10.3)	23.8
Effect of exchange rate changes on cash	4.9	(8.5)
Net decrease in cash and cash equivalents	(6.6)	(19.5)
Cash and cash equivalents at beginning of period	136.3	118
Cash and cash equivalents at end of period	129.7	98.5
Supplemental disclosures of cash flow information:
Cash paid for interest	15	38.2
Cash paid for income taxes, net	$ 10.3	$ 7.3

Nature of operations and basis

Nature of operations and basis of presentation (Notes)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations and basis of presentation	( 1 ) Nature of Operations and Basis of Presentation VWR Corporation, together with its consolidated subsidiaries (the “Company,” “we,” “us,” and “our”), is a leading, independent provider of laboratory products, services and solutions to the global life science, general research and applied markets. We have significant market positions in Europe and North America. We also have operations in Asia-Pacific and other key emerging markets to support our multinational customers across the globe. We serve a critical role in connecting customer sites with laboratory product suppliers across multiple industries and geographies. We offer a broad portfolio of branded and private label laboratory products. We also offer a full range of value-added services, including custom manufacturing, to meet our customers’ needs. These services represent a growing but currently small portion of our overall net sales. We offer a wide selection of unique products and have developed an extensive global infrastructure including thousands of sales and service-focused professionals. We deliver value to our customers by improving the costs, efficiency and effectiveness of their research laboratories and production operations. We deliver value to our suppliers by providing them with cost-effective channel access to a global and diverse customer base. Basis of Presentation We report financial results on the basis of two reportable segments organized by geographic region: (i) North, Central and South America (collectively, the “Americas”); and (ii) Europe, Middle East, Africa and Asia Pacific (collectively, “EMEA-APAC”). We have prepared these condensed consolidated financial statements without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles has been condensed or omitted pursuant to such rules and regulations. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015 included in our most recent Annual Report on Form 10-K. Those audited consolidated financial statements include a summary of our significant accounting policies, to which there have been no material changes. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of VWR Corporation and its subsidiaries, as well as redeemable equity and share-based compensation expense related to Varietal Distribution Holdings, LLC, each after the elimination of intercompany balances and transactions. The following describes our corporate organization at March 31, 2016 and the principles followed in consolidating our financial statements: • Varietal Distribution Holdings, LLC (“Varietal”) — Following a 2007 merger, Varietal was our only stockholder until our initial public offering in October 2014 (“IPO”) and since then had been our majority stockholder through March 2016. Private equity funds managed by Madison Dearborn Partners hold a controlling interest in Varietal. Our condensed consolidated balance sheets reflect significant amounts of goodwill and other intangible assets as a result of the 2007 merger. In April 2016, Varietal completed a sale of our common stock that caused it to no longer hold a majority ownership interest in us. As a result, we experienced a change in control under U.S. federal tax regulations which may impact (i) the amount and timing of the utilization of our net operating loss carryforwards; (ii) the timing of payments under an income tax receivable agreement with Varietal (“ITRA,” see Note 11 ); and (iii) the amount of cash taxes we expect to pay in future periods. Additionally, Varietal can no longer compel us to fund future redemptions of equity units through control of our board of directors. • VWR Funding, Inc. and its wholly-owned subsidiaries (“VWR Funding”) — VWR Funding is our wholly-owned subsidiary and the sole issuer of our debt. Certain of those debt agreements restrict VWR Funding’s ability to make distributions to us. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue, expenses, income and loss during the reporting period. Actual results could differ significantly from those estimates.

New accounting standards (Notes

New accounting standards (Notes)	3 Months Ended
	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
New accounting standards	( 2 ) New Accounting Standards In March 2016, the Financial Accounting Standards Board (“FASB”) issued new guidance that simplifies several aspects of accounting for share-based compensation as well as classification in the statement of cash flows. The new guidance is effective for us beginning in the first quarter of 2017, with early adoption permitted. We expect to adopt the guidance prospectively and do not expect that the standard will result in a material change to our financial statements. In February 2016, the FASB issued comprehensive new guidance about leases. Under the new guidance, most leases will be recognized on our consolidated balance sheet as liabilities with corresponding right-of-use assets. The new guidance is effective for us beginning in the first quarter of 2019, with early adoption permitted. The standard must be adopted using a modified retrospective approach. We have not yet evaluated the impact of this new pronouncement. In May 2014, the FASB issued comprehensive revenue recognition guidance. The new guidance provides a single model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The new standard also requires expanded disclosures regarding the qualitative and quantitative information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The new guidance is effective for us beginning in the first quarter of 2018. The standard may be adopted using either a full retrospective or a modified retrospective approach. We are continuing to evaluate the impact of this pronouncement and the method by which we will adopt it.

Earnings per share (Notes)

Earnings per share (Notes)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings per share	( 3 ) Earnings per Share The following table presents the reconciliation of weighted average shares outstanding used to calculate basic and diluted earnings per share (in millions): Three months ended March 31, 2016 2015 Weighted average shares outstanding, basic 131.4 131.4 Dilutive effect of share-based instruments 0.2 0.5 Weighted average shares outstanding, diluted 131.6 131.9 For the three months ended March 31, 2016 , 2.9 million anti-dilutive share-based instruments were excluded from the calculation of diluted earnings per share.

Goodwill and other intangible a

Goodwill and other intangible assets, net (Notes)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets, net	( 4 ) Goodwill and Other Intangible Assets, net The following table presents changes in goodwill by segment (in millions): Americas EMEA-APAC Total Balance at December 31, 2015 $ 1,046.3 $ 745.1 $ 1,791.4 Acquisitions 16.7 0.1 16.8 Currency translation 5.3 33.0 38.3 Balance at March 31, 2016 $ 1,068.3 $ 778.2 $ 1,846.5 The following table presents the gross amount of goodwill and accumulated impairment losses by segment (in millions): March 31, 2016 December 31, 2015 Gross carrying amount Accumulated impairment losses Net carrying amount Gross carrying amount Accumulated impairment losses Net carrying amount Americas $ 1,274.9 $ 206.6 $ 1,068.3 $ 1,252.9 $ 206.6 $ 1,046.3 EMEA-APAC 778.2 — 778.2 745.1 — 745.1 Total $ 2,053.1 $ 206.6 $ 1,846.5 $ 1,998.0 $ 206.6 $ 1,791.4 The following table presents the components of other intangible assets (in millions): March 31, 2016 December 31, 2015 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangible assets: Customer relationships $ 1,439.3 $ 611.8 $ 827.5 $ 1,402.2 $ 581.4 $ 820.8 Other 34.6 17.8 16.8 30.3 15.2 15.1 Total 1,473.9 629.6 844.3 1,432.5 596.6 835.9 Indefinite-lived intangible assets: Trademarks and tradenames 633.0 — 633.0 619.7 — 619.7 Other intangible assets $ 2,106.9 $ 629.6 $ 1,477.3 $ 2,052.2 $ 596.6 $ 1,455.6

Debt (Notes)

Debt (Notes)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	( 5 ) Debt The following table presents information about debt (dollars in millions): March 31, 2016 December 31, 2015 Interest terms Rate Amount Accounts receivable securitization facility LIBOR plus 1.15% 1.58 % $ 118.2 $ 38.0 Senior credit facility: Term A loan, net of discount of $5.8 and $6.1 LIBOR plus 2.00% 2.70 % 892.8 903.9 Term B loan, net of discount of $4.6 and $4.7 EURIBOR plus 3.25% 4.00 % 517.9 494.8 4.625% senior notes, net of discount of $8.3 and $8.4 Fixed rate 4.63 % 565.3 538.6 Other debt 13.9 13.7 Total debt $ 2,108.1 $ 1,989.0 Classification on consolidated balance sheets: Current portion of debt $ 173.6 $ 92.8 Debt, net of current portion 1,934.5 1,896.2 Total debt $ 2,108.1 $ 1,989.0 In the table above, discounts include unamortized original issue discounts and debt issuance costs, EURIBOR is subject to a floor of 0.75% and other debt includes capital lease obligations and subsidiary loans from local banks. Borrowings under the accounts receivable securitization facility and the multi-currency revolving credit facility, if any, are included in the current portion of debt because we frequently borrow from and repay them to satisfy short term cash requirements. In April 2016, we entered into two interest rate swaps that exchange the variable LIBOR rate on portions of our term A loan for fixed rates. See Note 6 . The following table presents availability under credit facilities at March 31, 2016 (in millions): Accounts receivable securitization facility Multi-currency revolving loan facility Total Maximum availability $ 175.0 $ 250.0 $ 425.0 Current availability $ 167.6 $ 250.0 $ 417.6 Undrawn letters of credit outstanding (11.4 ) (12.1 ) (23.5 ) Outstanding borrowings (118.2 ) — (118.2 ) Unused availability $ 38.0 $ 237.9 $ 275.9

Financial instruments and fair

Financial instruments and fair value measurements (Notes)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Financial instruments and fair value measurements	( 6 ) Financial Instruments and Fair Value Measurements Our financial instruments include cash and cash equivalents, trade accounts receivable, accounts payable, debt and an amount due to Varietal under the ITRA. Except for the amount due to Varietal, these financial instruments are held or issued by a number of institutions, which reduces the risk of material non-performance. Assets and Liabilities for which Fair Value is Only Disclosed The carrying amount of cash and cash equivalents is the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximate fair value due to their short-term nature and are Level 2 measurements. The following table presents the carrying amounts and fair values of debt instruments (in millions): March 31, 2016 December 31, 2015 Carrying amount Fair value Carrying amount Fair value Accounts receivable securitization facility $ 118.2 $ 118.2 $ 38.0 $ 38.0 Senior credit facility: Term A loan 892.8 895.3 903.9 901.5 Term B loan 517.9 521.5 494.8 500.5 4.625% senior notes 565.3 572.0 538.6 536.5 Other debt 13.9 13.9 13.7 13.7 The fair values of debt instruments are based on quoted market prices and standard pricing models that take into account the present value of future cash flows, which are Level 2 measurements. At March 31, 2016 and December 31, 2015 , the amount due to Varietal under the ITRA (see Note 11 ) had carrying amounts of $85.0 million and $163.1 million , respectively, and fair values of $70.5 million and $147.6 million , respectively. The fair values were estimated using a combination of observable and unobservable inputs using an income-based approach, a Level 3 measurement. Recurring Fair Value Measurements with Significant Unobservable Inputs The following table presents changes in contingent consideration liabilities, which are measured at fair value on a recurring basis using Level 3 measurements (in millions): Three months Beginning balance $ 21.0 Acquisitions 7.5 Loss from changes to estimated fair value 0.2 Settlements in cash (1.8 ) Currency translation (0.2 ) Ending balance $ 26.7 Certain of the business acquisitions we completed entitle the sellers to contingent consideration if earnings targets are met during a period of time following the acquisition. We estimate their fair value using the average of probability-weighted potential earn-out payments specified in the purchase agreements, ranging in the aggregate from approximately $1 million to $34 million for all open earn-outs a t March 31, 2016 . The significant assumptions used in these calculations include forecasted results and the estimated likelihood for each performance scenario. Derivative Instruments and Hedging Activities We engage in hedging activities to reduce our exposure to changes in variable interest rates and foreign currency exchange rates. Our hedging activities are designed to manage specific risks according to our strategies, as summarized below, which may change from time to time. Our hedging activities consist of the following: • Variable interest rate hedging — Beginning in April 2016, we hedge the variable base interest rate of a portion of our term A loan using interest rate swaps; • Net investment hedging — We hedge a portion of our net investment in euro-denominated foreign operations using our 4.625% senior notes and a portion of our term B loan; • Economic hedge — We experience opposite foreign currency exchange rate effects related to a euro-denominated intercompany loan and the unhedged portion of our term B loan. The currency effects for these non-derivative instruments are recorded through earnings in the period of change and substantially offset one another; and • Other hedging activities — Some of our subsidiaries hedge short-term foreign-denominated business transactions and intercompany financing transactions using foreign currency forward contracts. These activities were not material to our consolidated financial statements. Variable Interest Rate Hedging In April 2016, we entered into two interest rate swaps that we designated as cash flow hedges of the variable LIBOR rate on our term A loan. Beginning April 2016, we swapped LIBOR for a 1.00% fixed rate on $375.0 million of our term A loan. Beginning September 2016, we will swap LIBOR for a 1.05% fixed rate on an additional $125.0 million of our term A loan. Both interest rate swaps mature on September 28, 2020. We expect that these hedges will be highly effective, therefore changes to the fair value of the interest rate swaps, which otherwise would be recognized in earnings, will be deferred as accumulated other comprehensive income or loss. Net Investment Hedging We have designated €370.0 million of our term B loan and all €503.8 million of our 4.625% senior notes as hedges to protect a portion of our net investment in euro-denominated foreign operations from the impact of changes in the euro to U.S. dollar exchange rate. As a result of the hedge designations, the net foreign currency remeasurement gain or loss on the hedging instruments, which otherwise would be recognized in earnings, is deferred as accumulated other comprehensive income or loss. That deferred net gain or loss equally offsets the net unrealized gain or loss that is recognized in other comprehensive income or loss from the translation of the hedged portion of our net investment in euro-denominated foreign operations. The hedge has no other impact to our financial position, financial performance or cash flows. Tabular Disclosures The following table presents the balance sheet classification and fair value of liability instruments in hedging relationships, all of which are Level 2 measurements (in millions): Type of hedging relationship Balance sheet classification March 31, 2016 December 31, 2015 €370.0 of term B loan Net investment Debt, net of current portion 419.5 402.6 €503.8 of 4.625% senior notes Net investment Debt, net of current portion 572.0 536.5 The following table presents information about the net unrealized gain (loss) recognized in other comprehensive income or loss resulting from liability instruments in hedging relationships and hedged items (in millions): Type of hedging relationship Description Three months ended March 31, 2016 2015 €873.8 of net investment in foreign operations Net investment Hedged item $ 45.8 $ 2.7 €370.0 of term B loan Net investment Hedging instrument (19.4 ) — €503.8 of 4.625% senior notes Net investment Hedging instrument (26.4 ) (2.7 ) We determined that all of our hedges were fully effective for the three months ended March 31, 2016 and 2015 . No amounts were recognized in or reclassified to earnings as a result of net investment hedging.

Commitments and contingencies (

Commitments and contingencies (Notes)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	( 7 ) Commitments and Contingencies Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we source from various manufacturers or produce ourselves, as well as from the services we provide. Our exposure to such claims may increase as we seek to increase the geographic scope of our sourcing activities and sales of private label products and to the extent that we expand our manufacturing operations or service offerings. We maintain insurance policies, including product liability insurance, and in many cases the manufacturers of the products we distribute have indemnified us against such claims. We cannot assure you that our insurance coverage or indemnification agreements with manufacturers will be available in all pending or any future cases brought against us. Furthermore, our ability to recover under any insurance or indemnification arrangements is subject to the financial viability of our insurers, our manufacturers and our manufacturers’ insurers, as well as legal enforcement under the local laws governing the arrangements. In particular, as we seek to expand our sourcing from manufacturers in the Asia-Pacific region and other developing locations, we expect that we will increase our exposure to potential defaults under the related indemnification arrangements. Insurance coverage in general or coverage for certain types of liabilities, such as product liability or patent infringement in these developing markets may not be readily available for purchase or cost-effective for us to purchase. Furthermore, insurance for liability relating to asbestos, lead and silica exposure is not available, and we do not maintain insurance for product recalls. Accordingly, we could be subject to uninsured and unindemnified future liabilities, and an unfavorable result in a case for which adequate insurance or indemnification is not available could result in a material adverse effect on our business, financial condition and results of operations. We are also involved in various disputes, litigation and regulatory matters incidental to our business, including employment matters, commercial disputes, government contract compliance matters, disputes regarding environmental clean-up costs, and other matters arising out of the normal conduct of our business. We intend to vigorously defend ourselves in such matters. From time to time, we are named as a defendant in cases as a result of our distribution of laboratory supplies, including litigation resulting from the alleged prior distribution of products containing asbestos by certain of our predecessors or acquired companies. While the impact of these disputes or litigation has historically been immaterial, and we believe the range of reasonably possible loss from current matters continues to be immaterial, there can be no assurance that the impact of the pending and any future claims will not be material to our business, financial condition or results of operations in the future. Employment Agreements The employment agreements with our executive officers include provisions for the payment of severance and continuing health benefits following termination without cause or resignation for good reason, as those terms are defined in the employment agreements. The aggregate of potential payments for all executive offers under these provisions was $10.3 million at March 31, 2016 . Registration Rights Agreement We are party to a registration rights agreement with Varietal that could require us to pay securities registration costs in future periods. Under the registration rights agreement, Varietal is entitled to request that we register (i) any shares of our common stock that it held at October 7, 2014 and (ii) any shares held by Madison Dearborn Partners. Should we register such common stock, we would be required to pay costs related to the registration as well as Varietal’s expenses in connection with its exercise of these rights. During the three months ended March 31, 2016, we incurred expenses of $0.4 million pursuant to the registration rights agreement. See Note 11 .

Share-based compensation (Notes

Share-based compensation (Notes)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based compensation	( 8 ) Share-Based Compensation The following table presents the components of share-based compensation expense, a component of selling, general and administrative expenses (in millions): Three months ended March 31, Award type 2016 2015 2014 Plan Stock options $ 1.3 $ 1.1 VWR ESPP Discounted shares of common stock 0.1 — Total $ 1.4 $ 1.1 At March 31, 2016 , remaining share-based compensation expense of $31.8 million related to unvested awards will be recognized over a weighted average period of 3.7 years . VWR Corporation 2014 Equity Incentive Plan The VWR Corporation 2014 Equity Incentive Plan (the “2014 Plan”) authorized up to 11.5 million shares of common stock to be issued in the form of stock options, stock appreciation rights, restricted stock or other stock-based awards. At March 31, 2016 , 5.6 million shares were available for future issuance. No award shall be granted pursuant to the 2014 Plan on or after September 9, 2024. Stock Options The following table presents information about stock options under the 2014 Plan (in millions, except per share amounts and years): Three months ended March 31, 2016 Number of stock options Weighted average exercise price per share Aggregate intrinsic value Weighted average remaining term in years Outstanding at beginning of period 3.2 $ 21.03 Granted 2.8 24.63 Forfeited (0.1 ) 21.00 Outstanding at end of period 5.9 22.73 $ 25.6 6.2 Expected to vest at end of period 5.5 $ 22.71 $ 24.1 6.2 Exercisable at end of period 0.1 21.00 0.5 5.5 On March 2, 2016, we granted stock options to management under the 2014 Plan. The stock options vest 25% on the first anniversary of the date of grant and 6.25% quarterly thereafter through the four th anniversary of the date of grant and have a seven -year term. The following table presents information about the fair value of stock options granted in 2016: Weighted average grant date fair value $ 6.69 Expected stock price volatility 30 % Risk free interest rate 1.16 % Expected dividend rate 0.0 % Expected life of options in years 4.6

Benefit plans (Notes)

Benefit plans (Notes)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Benefit plans	( 9 ) Benefit Plans The following table presents the components of net periodic pension income or cost (in millions): U.S. Retirement Plan German, French and UK Plans Three months ended March 31, Three months ended March 31, 2016 2015 2016 2015 Service cost $ 0.2 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.7 1.9 1.2 1.3 Expected return on plan assets (3.3 ) (3.6 ) (1.2 ) (1.2 ) Recognized net actuarial loss — — 0.8 0.9 Net periodic pension (income) cost $ (1.4 ) $ (1.5 ) $ 1.2 $ 1.4 During the three months ended March 31, 2016 , we made no contributions to the U.S. Retirement Plan and $0.1 million of aggregate contributions to the German, French and UK Plans. For the remainder of 2016, we expect to make no contributions to the U.S. Retirement Plan and aggregate contributions of $5.7 million to the German, French and UK Plans.

Comprehensive income or loss (N

Comprehensive income or loss (Notes)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Comprehensive income or loss	( 10 ) Comprehensive Income or Loss The following table presents changes in the components of accumulated other comprehensive income (loss), net of tax (in millions): Foreign currency translation Derivative instruments Defined benefit plans Total Balance at December 31, 2015 $ (365.3 ) $ 2.0 $ (43.0 ) $ (406.3 ) Net unrealized gain (loss) arising during the period 44.2 (0.8 ) — 43.4 Reclassification of net (gain) loss into earnings — (0.9 ) 0.6 (0.3 ) Balance at March 31, 2016 $ (321.1 ) $ 0.3 $ (42.4 ) $ (363.2 ) The following table presents information about the reclassification of net (gain) loss from accumulated other comprehensive income or loss into earnings (in millions): Three months ended March 31, 2016 2015 Derivative instruments: Cost of goods sold $ (1.1 ) $ (0.4 ) Interest expense — 0.1 Loss on extinguishment of debt — 0.2 Income tax provision 0.2 0.1 Net income $ (0.9 ) $ — Defined benefit plans: Selling, general and administrative expenses $ 0.8 $ 1.0 Income tax provision (0.2 ) (0.3 ) Net income $ 0.6 $ 0.7 The following table presents the income tax effects of the components of comprehensive income or loss (in millions): Three months ended March 31, 2016 2015 Foreign currency translation: Net unrealized income tax benefit arising during the period $ 17.8 $ — Derivative instruments: Net unrealized income tax benefit (provision) arising during the period 0.4 (0.1 ) Reclassification of net income tax provision into earnings 0.2 0.1 Defined benefit plans: Reclassification of net income tax benefit into earnings (0.2 ) (0.3 )

Related party transactions (Not

Related party transactions (Notes)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related party transactions	( 11 ) Related Party Transactions Due to Varietal — ITRA We are party to an ITRA with Varietal. The ITRA provides for the payment of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax realized as a result of utilizing net operating losses that were generated in periods prior to the IPO. As noted previously, Madison Dearborn Partners own a controlling interest in Varietal. The timing of payments under the ITRA corresponds to the year subsequent to the year in which the net operating loss carryforwards are claimed on our tax return. We made a payment under the ITRA of $78.1 million during the three months ended March 31, 2016 . At March 31, 2016 , the amount due to Varietal under the ITRA was $85.0 million , $33.2 million of which is classified as current and represents our estimate of the payment that will become due in March 2017. Registration Rights Agreement In April 2016, Varietal completed a registered sale of 9.2 million shares of our common stock. We received no proceeds from this sale and issued no additional shares of our common stock. Pursuant to our registration rights agreement with Varietal (see Note 7 ), we incurred expenses of $0.4 million related to the registered sale during the three months ended March 31, 2016 .

Segment financial information (

Segment financial information (Notes)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment financial information	( 12 ) Segment Financial Information The following table presents segment financial information (in millions): Three months ended March 31, 2016 2015 Net sales: Americas $ 666.7 $ 605.3 EMEA-APAC 431.6 424.3 Total $ 1,098.3 $ 1,029.6 Operating income: Americas $ 43.4 $ 35.7 EMEA-APAC 36.3 38.1 Total $ 79.7 $ 73.8 Inter-segment activity has been eliminated; therefore, net sales for each reportable segment are all from external customers. We determined that disclosing net sales for each group of similar customers, products and services would be impracticable.

Nature of operations and basi20

Nature of operations and basis of presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of Presentation We report financial results on the basis of two reportable segments organized by geographic region: (i) North, Central and South America (collectively, the “Americas”); and (ii) Europe, Middle East, Africa and Asia Pacific (collectively, “EMEA-APAC”). We have prepared these condensed consolidated financial statements without audit pursuant to the rules and regulations of the United States Securities and Exchange Commission. Certain information normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles has been condensed or omitted pursuant to such rules and regulations. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2015 included in our most recent Annual Report on Form 10-K. Those audited consolidated financial statements include a summary of our significant accounting policies, to which there have been no material changes.
Principles of consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of VWR Corporation and its subsidiaries, as well as redeemable equity and share-based compensation expense related to Varietal Distribution Holdings, LLC, each after the elimination of intercompany balances and transactions. The following describes our corporate organization at March 31, 2016 and the principles followed in consolidating our financial statements: • Varietal Distribution Holdings, LLC (“Varietal”) — Following a 2007 merger, Varietal was our only stockholder until our initial public offering in October 2014 (“IPO”) and since then had been our majority stockholder through March 2016. Private equity funds managed by Madison Dearborn Partners hold a controlling interest in Varietal. Our condensed consolidated balance sheets reflect significant amounts of goodwill and other intangible assets as a result of the 2007 merger. In April 2016, Varietal completed a sale of our common stock that caused it to no longer hold a majority ownership interest in us. As a result, we experienced a change in control under U.S. federal tax regulations which may impact (i) the amount and timing of the utilization of our net operating loss carryforwards; (ii) the timing of payments under an income tax receivable agreement with Varietal (“ITRA,” see Note 11 ); and (iii) the amount of cash taxes we expect to pay in future periods. Additionally, Varietal can no longer compel us to fund future redemptions of equity units through control of our board of directors. • VWR Funding, Inc. and its wholly-owned subsidiaries (“VWR Funding”) — VWR Funding is our wholly-owned subsidiary and the sole issuer of our debt. Certain of those debt agreements restrict VWR Funding’s ability to make distributions to us.
Use of estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue, expenses, income and loss during the reporting period. Actual results could differ significantly from those estimates.

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table presents the reconciliation of weighted average shares outstanding used to calculate basic and diluted earnings per share (in millions): Three months ended March 31, 2016 2015 Weighted average shares outstanding, basic 131.4 131.4 Dilutive effect of share-based instruments 0.2 0.5 Weighted average shares outstanding, diluted 131.6 131.9

Goodwill and other intangible22

Goodwill and other intangible assets, net (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following table presents changes in goodwill by segment (in millions): Americas EMEA-APAC Total Balance at December 31, 2015 $ 1,046.3 $ 745.1 $ 1,791.4 Acquisitions 16.7 0.1 16.8 Currency translation 5.3 33.0 38.3 Balance at March 31, 2016 $ 1,068.3 $ 778.2 $ 1,846.5 The following table presents the gross amount of goodwill and accumulated impairment losses by segment (in millions): March 31, 2016 December 31, 2015 Gross carrying amount Accumulated impairment losses Net carrying amount Gross carrying amount Accumulated impairment losses Net carrying amount Americas $ 1,274.9 $ 206.6 $ 1,068.3 $ 1,252.9 $ 206.6 $ 1,046.3 EMEA-APAC 778.2 — 778.2 745.1 — 745.1 Total $ 2,053.1 $ 206.6 $ 1,846.5 $ 1,998.0 $ 206.6 $ 1,791.4
Schedule of components of other intangible assets, amortizable	The following table presents the components of other intangible assets (in millions): March 31, 2016 December 31, 2015 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangible assets: Customer relationships $ 1,439.3 $ 611.8 $ 827.5 $ 1,402.2 $ 581.4 $ 820.8 Other 34.6 17.8 16.8 30.3 15.2 15.1 Total 1,473.9 629.6 844.3 1,432.5 596.6 835.9 Indefinite-lived intangible assets: Trademarks and tradenames 633.0 — 633.0 619.7 — 619.7 Other intangible assets $ 2,106.9 $ 629.6 $ 1,477.3 $ 2,052.2 $ 596.6 $ 1,455.6
Schedule of components of other intangible assets, indefinite-lived	The following table presents the components of other intangible assets (in millions): March 31, 2016 December 31, 2015 Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Amortizable intangible assets: Customer relationships $ 1,439.3 $ 611.8 $ 827.5 $ 1,402.2 $ 581.4 $ 820.8 Other 34.6 17.8 16.8 30.3 15.2 15.1 Total 1,473.9 629.6 844.3 1,432.5 596.6 835.9 Indefinite-lived intangible assets: Trademarks and tradenames 633.0 — 633.0 619.7 — 619.7 Other intangible assets $ 2,106.9 $ 629.6 $ 1,477.3 $ 2,052.2 $ 596.6 $ 1,455.6

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of information about debt	The following table presents information about debt (dollars in millions): March 31, 2016 December 31, 2015 Interest terms Rate Amount Accounts receivable securitization facility LIBOR plus 1.15% 1.58 % $ 118.2 $ 38.0 Senior credit facility: Term A loan, net of discount of $5.8 and $6.1 LIBOR plus 2.00% 2.70 % 892.8 903.9 Term B loan, net of discount of $4.6 and $4.7 EURIBOR plus 3.25% 4.00 % 517.9 494.8 4.625% senior notes, net of discount of $8.3 and $8.4 Fixed rate 4.63 % 565.3 538.6 Other debt 13.9 13.7 Total debt $ 2,108.1 $ 1,989.0 Classification on consolidated balance sheets: Current portion of debt $ 173.6 $ 92.8 Debt, net of current portion 1,934.5 1,896.2 Total debt $ 2,108.1 $ 1,989.0
Schedule of availability under credit facilities	The following table presents availability under credit facilities at March 31, 2016 (in millions): Accounts receivable securitization facility Multi-currency revolving loan facility Total Maximum availability $ 175.0 $ 250.0 $ 425.0 Current availability $ 167.6 $ 250.0 $ 417.6 Undrawn letters of credit outstanding (11.4 ) (12.1 ) (23.5 ) Outstanding borrowings (118.2 ) — (118.2 ) Unused availability $ 38.0 $ 237.9 $ 275.9

Financial instruments and fai24

Financial instruments and fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of carrying amounts and fair values of debt instruments	The following table presents the carrying amounts and fair values of debt instruments (in millions): March 31, 2016 December 31, 2015 Carrying amount Fair value Carrying amount Fair value Accounts receivable securitization facility $ 118.2 $ 118.2 $ 38.0 $ 38.0 Senior credit facility: Term A loan 892.8 895.3 903.9 901.5 Term B loan 517.9 521.5 494.8 500.5 4.625% senior notes 565.3 572.0 538.6 536.5 Other debt 13.9 13.9 13.7 13.7
Schedule of changes in recurring fair value measurements	The following table presents changes in contingent consideration liabilities, which are measured at fair value on a recurring basis using Level 3 measurements (in millions): Three months Beginning balance $ 21.0 Acquisitions 7.5 Loss from changes to estimated fair value 0.2 Settlements in cash (1.8 ) Currency translation (0.2 ) Ending balance $ 26.7
Schedule of net investment hedging	The following table presents the balance sheet classification and fair value of liability instruments in hedging relationships, all of which are Level 2 measurements (in millions): Type of hedging relationship Balance sheet classification March 31, 2016 December 31, 2015 €370.0 of term B loan Net investment Debt, net of current portion 419.5 402.6 €503.8 of 4.625% senior notes Net investment Debt, net of current portion 572.0 536.5 The following table presents information about the net unrealized gain (loss) recognized in other comprehensive income or loss resulting from liability instruments in hedging relationships and hedged items (in millions): Type of hedging relationship Description Three months ended March 31, 2016 2015 €873.8 of net investment in foreign operations Net investment Hedged item $ 45.8 $ 2.7 €370.0 of term B loan Net investment Hedging instrument (19.4 ) — €503.8 of 4.625% senior notes Net investment Hedging instrument (26.4 ) (2.7 )

Share-based compensation (Table

Share-based compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of components of share-based compensation expense	The following table presents the components of share-based compensation expense, a component of selling, general and administrative expenses (in millions): Three months ended March 31, Award type 2016 2015 2014 Plan Stock options $ 1.3 $ 1.1 VWR ESPP Discounted shares of common stock 0.1 — Total $ 1.4 $ 1.1
Schedule of information about stock options	The following table presents information about stock options under the 2014 Plan (in millions, except per share amounts and years): Three months ended March 31, 2016 Number of stock options Weighted average exercise price per share Aggregate intrinsic value Weighted average remaining term in years Outstanding at beginning of period 3.2 $ 21.03 Granted 2.8 24.63 Forfeited (0.1 ) 21.00 Outstanding at end of period 5.9 22.73 $ 25.6 6.2 Expected to vest at end of period 5.5 $ 22.71 $ 24.1 6.2 Exercisable at end of period 0.1 21.00 0.5 5.5
Schedule of information about the fair value of stock options granted	The following table presents information about the fair value of stock options granted in 2016: Weighted average grant date fair value $ 6.69 Expected stock price volatility 30 % Risk free interest rate 1.16 % Expected dividend rate 0.0 % Expected life of options in years 4.6

Benefit plans (Tables)

Benefit plans (Tables)	3 Months Ended
	Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic pension income or cost	The following table presents the components of net periodic pension income or cost (in millions): U.S. Retirement Plan German, French and UK Plans Three months ended March 31, Three months ended March 31, 2016 2015 2016 2015 Service cost $ 0.2 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.7 1.9 1.2 1.3 Expected return on plan assets (3.3 ) (3.6 ) (1.2 ) (1.2 ) Recognized net actuarial loss — — 0.8 0.9 Net periodic pension (income) cost $ (1.4 ) $ (1.5 ) $ 1.2 $ 1.4

Comprehensive income or loss (T

Comprehensive income or loss (Tables)	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
Schedule of changes in components of accumulated other comprehensive income or loss	The following table presents changes in the components of accumulated other comprehensive income (loss), net of tax (in millions): Foreign currency translation Derivative instruments Defined benefit plans Total Balance at December 31, 2015 $ (365.3 ) $ 2.0 $ (43.0 ) $ (406.3 ) Net unrealized gain (loss) arising during the period 44.2 (0.8 ) — 43.4 Reclassification of net (gain) loss into earnings — (0.9 ) 0.6 (0.3 ) Balance at March 31, 2016 $ (321.1 ) $ 0.3 $ (42.4 ) $ (363.2 )
Schedule of reclassifications of net gain or loss from accumulated other comprehensive income or loss into earnings	The following table presents information about the reclassification of net (gain) loss from accumulated other comprehensive income or loss into earnings (in millions): Three months ended March 31, 2016 2015 Derivative instruments: Cost of goods sold $ (1.1 ) $ (0.4 ) Interest expense — 0.1 Loss on extinguishment of debt — 0.2 Income tax provision 0.2 0.1 Net income $ (0.9 ) $ — Defined benefit plans: Selling, general and administrative expenses $ 0.8 $ 1.0 Income tax provision (0.2 ) (0.3 ) Net income $ 0.6 $ 0.7
Schedule of income tax effects of the components of comprehensive income or loss	The following table presents the income tax effects of the components of comprehensive income or loss (in millions): Three months ended March 31, 2016 2015 Foreign currency translation: Net unrealized income tax benefit arising during the period $ 17.8 $ — Derivative instruments: Net unrealized income tax benefit (provision) arising during the period 0.4 (0.1 ) Reclassification of net income tax provision into earnings 0.2 0.1 Defined benefit plans: Reclassification of net income tax benefit into earnings (0.2 ) (0.3 )

Segment financial information28

Segment financial information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of segment financial information	The following table presents segment financial information (in millions): Three months ended March 31, 2016 2015 Net sales: Americas $ 666.7 $ 605.3 EMEA-APAC 431.6 424.3 Total $ 1,098.3 $ 1,029.6 Operating income: Americas $ 43.4 $ 35.7 EMEA-APAC 36.3 38.1 Total $ 79.7 $ 73.8

Nature of operations and basi29

Nature of operations and basis of presentation (Details) - Segment	3 Months Ended
	Mar. 31, 2016	Apr. 04, 2016
Nature of operations and basis of presentation
Number of reportable segments	2
Ownership percentage, Varietal	54.00%
Ownership percentage, public investors	46.00%
Subsequent event
Nature of operations and basis of presentation
Ownership percentage, Varietal		47.00%
Ownership percentage, public investors		53.00%

Earnings per share (Details)

Earnings per share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted average shares outstanding, basic	131.4	131.4
Dilutive effect of share-based instruments	0.2	0.5
Weighted average shares outstanding, diluted	131.6	131.9
Anti-dilutive instruments excluded from calculation	2.9

Goodwill and other intangible31

Goodwill and other intangible assets, net - Changes in goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Changes in goodwill
Beginning balance	$ 1,791.4
Acquisitions	16.8
Currency translation	38.3
Ending balance	1,846.5
Americas
Changes in goodwill
Beginning balance	1,046.3
Acquisitions	16.7
Currency translation	5.3
Ending balance	1,068.3
EMEA-APAC
Changes in goodwill
Beginning balance	745.1
Acquisitions	0.1
Currency translation	33
Ending balance	$ 778.2

Goodwill and other intangible32

Goodwill and other intangible assets, net - Gross amounts of goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Goodwill
Gross carrying amount	$ 2,053.1	$ 1,998
Accumulated impairment losses	206.6	206.6
Net carrying amount	1,846.5	1,791.4
Americas
Goodwill
Gross carrying amount	1,274.9	1,252.9
Accumulated impairment losses	206.6	206.6
Net carrying amount	1,068.3	1,046.3
EMEA-APAC
Goodwill
Gross carrying amount	778.2	745.1
Accumulated impairment losses	0	0
Net carrying amount	$ 778.2	$ 745.1

Goodwill and other intangible33

Goodwill and other intangible assets, net - Amortizable intangible assets (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Amortizable intangible assets
Gross carrying amount	$ 1,473.9	$ 1,432.5
Accumulated amortization	629.6	596.6
Net carrying amount	844.3	835.9
Customer relationships
Amortizable intangible assets
Gross carrying amount	1,439.3	1,402.2
Accumulated amortization	611.8	581.4
Net carrying amount	827.5	820.8
Other
Amortizable intangible assets
Gross carrying amount	34.6	30.3
Accumulated amortization	17.8	15.2
Net carrying amount	$ 16.8	$ 15.1

Goodwill and other intangible34

Goodwill and other intangible assets, net - Other intangible assets (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Gross carrying amount
Amortizable intangible assets	$ 1,473.9	$ 1,432.5
Indefinite-lived intangible assets	633	619.7
Other intangible assets	2,106.9	2,052.2
Net carrying amount
Amortizable intangible assets	844.3	835.9
Indefinite-lived intangible assets	633	619.7
Other intangible assets	$ 1,477.3	$ 1,455.6

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Information about debt
Current portion of debt	$ 173.6	$ 92.8
Debt, net of current portion	1,934.5	1,896.2
Debt	$ 2,108.1	1,989
Accounts receivable securitization facility
Information about debt
Interest terms	LIBOR plus 1.15%
Interest rate, variable margin	1.15%
Interest rate	1.58%
Debt	$ 118.2	38
Senior credit facility | Term A loan
Information about debt
Discount	$ 5.8	6.1
Interest terms	LIBOR plus 2.00%
Interest rate, variable margin	2.00%
Interest rate	2.70%
Debt	$ 892.8	903.9
Senior credit facility | Term B loan
Information about debt
Discount	$ 4.6	4.7
Interest terms	EURIBOR plus 3.25%
Interest rate, variable margin	3.25%
Interest rate, variable basis, minimum	0.75%
Interest rate	4.00%
Debt	$ 517.9	494.8
Senior notes | 4.625%
Information about debt
Discount	$ 8.3	8.4
Interest terms	Fixed rate
Interest rate	4.63%
Debt	$ 565.3	538.6
Other debt
Information about debt
Debt	$ 13.9	$ 13.7

Debt - Availability under credi

Debt - Availability under credit facilities (Details) $ in Millions	Mar. 31, 2016USD ($)
Information about debt
Maximum availability	$ 425
Current availability	417.6
Undrawn letters of credit outstanding	(23.5)
Outstanding borrowings	(118.2)
Unused availability	275.9
Accounts receivable securitization facility
Information about debt
Maximum availability	175
Current availability	167.6
Undrawn letters of credit outstanding	(11.4)
Outstanding borrowings	(118.2)
Unused availability	38
Senior credit facility | Multi-currency revolving loan facility
Information about debt
Maximum availability	250
Current availability	250
Undrawn letters of credit outstanding	(12.1)
Outstanding borrowings	0
Unused availability	$ 237.9

Financial instruments and fai37

Financial instruments and fair value measurements - Assets and liabilities for which fair value is only disclosed (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets and liabilities for which fair value is only disclosed:
Carrying amount	$ 2,108.1	$ 1,989
Income tax receivable agreement
Assets and liabilities for which fair value is only disclosed:
Carrying amount	85	163.1
Income tax receivable agreement | Level 3
Assets and liabilities for which fair value is only disclosed:
Fair value	70.5	147.6
Accounts receivable securitization facility
Assets and liabilities for which fair value is only disclosed:
Carrying amount	118.2	38
Accounts receivable securitization facility | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	118.2	38
Senior credit facility | Term A loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	892.8	903.9
Senior credit facility | Term A loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	895.3	901.5
Senior credit facility | Term B loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	517.9	494.8
Senior credit facility | Term B loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	521.5	500.5
Senior notes | 4.625%
Assets and liabilities for which fair value is only disclosed:
Carrying amount	565.3	538.6
Senior notes | 4.625% | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	572	536.5
Other debt
Assets and liabilities for which fair value is only disclosed:
Carrying amount	13.9	13.7
Other debt | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	$ 13.9	$ 13.7

Financial instruments and fai38

Financial instruments and fair value measurements - Recurring fair value measurements with significant unobservable inputs (Details) - Recurring - Level 3 - Contingent consideration $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Changes in fair value measurements:
Beginning balance	$ 21
Acquisitions	7.5
Loss from changes to estimated fair value	0.2
Settlements in cash	(1.8)
Currency translation	(0.2)
Ending balance	26.7
Information about contingent consideration:
Range of outcomes, low	1
Range of outcomes, high	$ 34

Financial instruments and fai39

Financial instruments and fair value measurements - Derivative instruments and hedging activities (Details) - Designated as hedge € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016EUR (€)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Apr. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Cash flow hedging | Interest rate swap | Subsequent event
Derivative instruments and hedging activities:
Number of instruments held				2
Cash flow hedging | Interest rate swap | $375.0 million | Subsequent event
Derivative instruments and hedging activities:
Notional amount, derivatives				$ 375
Fixed rate of derivative				1.00%
Cash flow hedging | Interest rate swap | $125.0 million | Subsequent event
Derivative instruments and hedging activities:
Notional amount, derivatives				$ 125
Fixed rate of derivative				1.05%
Net investment hedging | €370.0 of term B loan
Derivative instruments and hedging activities:
Notional amount, non-derivatives | €	€ 370
Net unrealized gain (loss) recognized in other comprehensive income:
Hedging instrument		$ (19.4)	$ 0
Net investment hedging | €370.0 of term B loan | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value					$ 419.5	$ 402.6
Net investment hedging | €503.8 of 4.625% senior notes
Derivative instruments and hedging activities:
Notional amount, non-derivatives | €	503.8
Net unrealized gain (loss) recognized in other comprehensive income:
Hedging instrument		(26.4)	(2.7)
Net investment hedging | €503.8 of 4.625% senior notes | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value					$ 572	$ 536.5
Net investment hedging | €873.8 of net investment in foreign operations
Derivative instruments and hedging activities:
Amount of hedged item | €	€ 873.8
Net unrealized gain (loss) recognized in other comprehensive income:
Hedged item		$ 45.8	$ 2.7

Commitments and contingencies40

Commitments and contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Employment agreements
Commitments and contingencies:
Loss contingency, range of possible loss, maximum	$ 10.3
Registration rights agreement | Varietal
Commitments and contingencies:
Expenses incurred	$ (0.4)

Share-based compensation (Detai

Share-based compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Share-based compensation
Expense recognized		$ 1.4	$ 1.1
Expense to be recognized	$ 31.8	$ 31.8
Expense to be recognized, weighted average period of recognition		3 years 8 months 12 days
2014 Plan
Share-based compensation
Number of shares authorized	11.5	11.5
Number of shares available for future issuance	5.6	5.6
2014 Plan | Stock options
Share-based compensation
Expense recognized		$ 1.3	1.1
Outstanding, aggregate intrinsic value	$ 25.6	$ 25.6
Outstanding, weighted average remaining term	6 years 2 months 12 days
Vesting period		4 years
Term		7 years
Rollforward of stock options, number
Outstanding at beginning of period		3.2
Granted		2.8
Forfeited		(0.1)
Outstanding at end of period	5.9	5.9
Rollforward of stock options, weighted average exercise price
Outstanding at beginning of period		$ 21.03
Granted		24.63
Forfeited		21
Outstanding at end of period	$ 22.73	$ 22.73
Expected to vest at end of period
Number of stock options	5.5	5.5
Weighted average exercise price per share	$ 22.71	$ 22.71
Aggregate intrinsic value	$ 24.1	$ 24.1
Weighted average remaining term in years	6 years 2 months 12 days
Exercisable at end of period
Number of stock options	0.1	0.1
Weighted average exercise price per share	$ 21	$ 21
Aggregate intrinsic value	$ 0.5	$ 0.5
Weighted average remaining term in years	5 years 6 months
Information about the fair value of stock options granted
Weighted average grant date fair value		$ 6.69
Expected stock price volatility		30.00%
Risk free interest rate		1.16%
Expected dividend rate		0.00%
Expected life of options in years		4 years 7 months 6 days
2014 Plan | Stock options | First anniversary
Share-based compensation
Vesting percentage		25.00%
2014 Plan | Stock options | Through fourth anniversary
Share-based compensation
Vesting percentage		6.25%
VWR ESPP | Discounted shares of common stock
Share-based compensation
Expense recognized		$ 0.1	$ 0

Benefit plans (Details)

Benefit plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
U.S. Retirement Plan
Net periodic pension cost (income):
Service cost	$ 0.2	$ 0.2
Interest cost	1.7	1.9
Expected return on plan assets	(3.3)	(3.6)
Recognized net actuarial loss	0	0
Net periodic pension (income) cost	(1.4)	(1.5)
Contributions paid	0
Expected contributions for remainder of year	0
German, French and UK Plans
Net periodic pension cost (income):
Service cost	0.4	0.4
Interest cost	1.2	1.3
Expected return on plan assets	(1.2)	(1.2)
Recognized net actuarial loss	0.8	0.9
Net periodic pension (income) cost	1.2	$ 1.4
Contributions paid	0.1
Expected contributions for remainder of year	$ 5.7

Comprehensive income or loss -

Comprehensive income or loss - Changes in accumulated balances (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)
Changes in accumulated other comprehensive income (loss), net of tax:
Beginning balance	$ (406.3)
Net unrealized gain (loss) arising during the period	43.4
Reclassification of net (gain) loss into earnings	(0.3)
Ending balance	(363.2)
Foreign currency translation
Changes in accumulated other comprehensive income (loss), net of tax:
Beginning balance	(365.3)
Net unrealized gain (loss) arising during the period	44.2
Reclassification of net (gain) loss into earnings	0
Ending balance	(321.1)
Derivative instruments
Changes in accumulated other comprehensive income (loss), net of tax:
Beginning balance	2
Net unrealized gain (loss) arising during the period	(0.8)
Reclassification of net (gain) loss into earnings	(0.9)
Ending balance	0.3
Defined benefit plans
Changes in accumulated other comprehensive income (loss), net of tax:
Beginning balance	(43)
Net unrealized gain (loss) arising during the period	0
Reclassification of net (gain) loss into earnings	0.6
Ending balance	$ (42.4)

Comprehensive income or loss 44

Comprehensive income or loss - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Component of earnings:
Cost of goods sold	$ (787.7)	$ (738.4)
Selling, general and administrative expenses	(230.9)	(217.4)
Interest expense	(19.2)	(27.2)
Income tax provision	(21.1)	(43.6)
Net income	38.8	71.5
Reclassification of (gain) loss from accumulated other comprehensive income or loss into earnings | Derivative instruments
Component of earnings:
Cost of goods sold	(1.1)	(0.4)
Interest expense	0	0.1
Loss on extinguishment of debt	0	0.2
Income tax provision	0.2	0.1
Net income	(0.9)	0
Reclassification of (gain) loss from accumulated other comprehensive income or loss into earnings | Defined benefit plans
Component of earnings:
Selling, general and administrative expenses	0.8	1
Income tax provision	(0.2)	(0.3)
Net income	$ 0.6	$ 0.7

Comprehensive income or loss 45

Comprehensive income or loss - Income tax effects (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Foreign currency translation:
Net unrealized income tax benefit arising during the period	$ 17.8	$ 0
Derivative instruments:
Net unrealized income tax benefit (provision) arising during the period	0.4	(0.1)
Reclassification of net income tax provision into earnings	0.2	0.1
Defined benefit plans:
Reclassification of net income tax benefit into earnings	$ (0.2)	$ (0.3)

Related party transactions (Det

Related party transactions (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related party transactions
Payment to related party		$ 78.1	$ 9.8
Due to related party, current		$ 33.2		$ 78.1
Varietal | Income tax receivable agreement
Related party transactions
Percentage of net operating losses payable		85.00%
Payment to related party		$ 78.1
Due to related party		85
Due to related party, current		33.2
Varietal | Registration rights agreement
Related party transactions
Expenses incurred		$ (0.4)
Varietal | Registration rights agreement | Subsequent event
Related party transactions
Number of shares sold	9.2
Proceeds from issuance of shares	$ 0
Shares issued	0

Segment financial information47

Segment financial information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment financial information
Net sales	$ 1,098.3	$ 1,029.6
Operating income	79.7	73.8
Americas
Segment financial information
Net sales	666.7	605.3
Operating income	43.4	35.7
EMEA-APAC
Segment financial information
Net sales	431.6	424.3
Operating income	$ 36.3	$ 38.1