VWR 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and entity information

Document and entity information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document and Entity Information [Abstract]
Document type	10-Q
Document period end date	Mar. 31, 2017
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	2,017
Document fiscal period focus	Q1
Entity common stock, shares outstanding		131,694,581

Condensed consolidated balance

Condensed consolidated balance sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 141.5	$ 168.7
Trade accounts receivable, net of reserves of $10.2 and $10.5	658.7	607.2
Inventories	471.9	483.1
Other current assets	76.4	93.1
Total current assets	1,348.5	1,352.1
Property and equipment, net of accumulated depreciation of $261.9 and $248.9	299.5	253.8
Goodwill	1,924.7	1,844
Other intangible assets, net	1,492.3	1,407.8
Other assets	123.5	104.8
Total assets	5,188.5	4,962.5
Liabilities, Redeemable Equity and Stockholders’ Equity
Current portion of debt	386.5	250.1
Accounts payable	486.8	476.3
Employee-related liabilities	77.4	79.3
Current amount due to Varietal — ITRA	26	27.7
Other current liabilities	168.2	152.7
Total current liabilities	1,144.9	986.1
Debt, net of current portion	1,794.5	1,766.9
Amount due to Varietal — ITRA, net of current portion	31.3	57.3
Deferred income tax liabilities	473	477.2
Other liabilities	175.4	159.4
Total liabilities	3,619.1	3,446.9
Commitments and contingencies (Note 8)
Redeemable equity, at redemption value	24.7	21.2
Preferred stock, $0.01 par value; 50.0 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value; 750.0 shares authorized, 131.7 and 131.6 shares issued and outstanding	1.3	1.3
Additional paid-in capital	1,766.3	1,766
Retained earnings	193	154.5
Accumulated other comprehensive loss	(415.9)	(427.4)
Total stockholders’ equity	1,544.7	1,494.4
Total liabilities, redeemable equity and stockholders’ equity	$ 5,188.5	$ 4,962.5

Condensed consolidated balance3

Condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Reserves on trade accounts receivable	$ 10.2	$ 10.5
Accumulated depreciation on property and equipment	$ 261.9	$ 248.9
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	131.7	131.6
Common stock, shares outstanding	131.7	131.6

Condensed consolidated income s

Condensed consolidated income statements - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Net sales	$ 1,139.1	$ 1,098.3
Cost of goods sold	819.4	787.7
Gross profit	319.7	310.6
Selling, general and administrative expenses	238.2	230.9
Operating income	81.5	79.7
Interest expense	(18.7)	(19.2)
Other income (expense), net	(0.7)	(0.6)
Income before income taxes	62.1	59.9
Income tax provision	(23.6)	(21.1)
Net income	$ 38.5	$ 38.8
Earnings per share:
Basic	$ 0.29	$ 0.30
Diluted	$ 0.29	$ 0.29
Weighted average shares outstanding:
Basic	131.6	131.4
Diluted	132	131.6

Condensed consolidated statemen

Condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 38.5	$ 38.8
Foreign currency translation:
Net unrealized gain arising during the period	10.8	44.2
Derivative instruments:
Net unrealized loss arising during the period	(0.4)	(0.8)
Reclassification of net gain into earnings	(0.1)	(0.9)
Defined benefit plans:
Reclassification of net loss into earnings	1.2	0.6
Other comprehensive income	11.5	43.1
Comprehensive income	$ 50	$ 81.9

Condensed consolidated stateme6

Condensed consolidated statements of redeemable equity and stockholders' equity - 3 months ended Mar. 31, 2017 - USD ($) shares in Millions, $ in Millions	Total	Additional paid-in capital	Retained earnings	AOCI	Common stock	Common stockPar value
Beginning balance, redeemable equity at Dec. 31, 2016	$ 21.2
Increase (decrease) to redeemable equity
Reclassifications to state redeemable equity at redemption value	3.5
Ending balance, redeemable equity at Mar. 31, 2017	24.7
Beginning balance, stockholders' equity, shares at Dec. 31, 2016					131.6
Beginning balance, stockholders' equity at Dec. 31, 2016	1,494.4	$ 1,766	$ 154.5	$ (427.4)		$ 1.3
Increase (decrease) to stockholders' equity
Issuance of common stock, shares					0.1
Issuance of common stock	1	1
Stock-based compensation expense	2.8	2.8
Reclassifications to state redeemable equity at redemption value	(3.5)	(3.5)
Net income	38.5		38.5
Other comprehensive income	11.5			11.5
Ending balance, stockholders' equity, shares at Mar. 31, 2017					131.7
Ending balance, stockholders' equity at Mar. 31, 2017	$ 1,544.7	$ 1,766.3	$ 193	$ (415.9)		$ 1.3

Condensed consolidated stateme7

Condensed consolidated statements of cash flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 38.5	$ 38.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	34.1	30.8
Deferred income tax (benefit) provision	(5.9)	8.9
Other, net	5.8	5
Changes in working capital, net of business acquisitions:
Trade accounts receivable	(41.4)	(32.4)
Inventories	17.3	(12.4)
Accounts payable	3.6	6.9
Other assets and liabilities	14.5	(3.6)
Net cash provided by operating activities	66.5	42
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(163)	(28.9)
Proceeds from disposition of business, net of cash disposed	6.1	0
Capital expenditures	(13.2)	(14.3)
Net cash used in investing activities	(170.1)	(43.2)
Cash flows from financing activities:
Proceeds from debt	413.2	242.1
Repayment of debt	(296.8)	(175.4)
Payment to Varietal under ITRA	(27.7)	(78.1)
Payment of contingent consideration	19	1.8
Other financing activities	4.8	2.9
Net cash provided by (used in) financing activities	74.5	(10.3)
Effect of exchange rate changes on cash	1.9	4.9
Net decrease in cash and cash equivalents	(27.2)	(6.6)
Cash and cash equivalents at beginning of period	168.7	136.3
Cash and cash equivalents at end of period	141.5	129.7
Supplemental disclosures of cash flow information:
Cash paid for interest	11.3	15
Cash paid for income taxes, net	$ 15.9	$ 10.3

Nature of operations and basis

Nature of operations and basis of presentation	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations and basis of presentation	( 1 ) Nature of Operations and Basis of Presentation We are a leading global independent provider of product and service solutions to laboratory and production customers with significant market positions in Europe and North America. We offer a broad portfolio of branded and private label laboratory products, a full range of value-added services and custom manufacturing capabilities to meet our customers’ needs. Services represent a growing but currently small portion of our overall net sales. On May 4, 2017, VWR Corporation (the “Company”), Avantor, Inc. (“Avantor”), a Delaware corporation and a portfolio company of New Mountain Capital, L.L.C. (“New Mountain”), and Vail Acquisition Corp., a Delaware corporation (“Merger Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Merger Sub will merge with and into the Company on the terms and subject to the conditions set forth in the Merger Agreement (the “Merger”), with the Company surviving the Merger as a wholly-owned subsidiary of Avantor. At the effective time of the Merger (the “Effective Time”), on the terms and subject to the conditions set forth in the Merger Agreement, each issued and outstanding share of the Company’s common stock outstanding immediately prior to the Effective Time, other than any Appraisal Shares (as defined in the Merger Agreement) and treasury shares, will be converted automatically into the right to receive $33.25 per share in cash without interest (the “Merger Consideration”). The completion of the Merger is subject to approval of the Company’s stockholders and certain regulatory approvals and other customary closing conditions. The completion of the Merger is expected to occur during the third quarter of 2017. Basis of Presentation We report financial results on the basis of two segments organized by geographic region: the Americas and EMEA-APAC. We have prepared these condensed consolidated financial statements without audit pursuant to the rules and regulations of the SEC. Certain information normally included in financial statements prepared in accordance with GAAP 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 included in our Annual Report. 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 the redeemable equity of Varietal, each after the elimination of intercompany balances and transactions. Use of Estimates The preparation of financial statements in conformity with GAAP 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, expense, income and loss during the reporting period. Actual results could differ significantly from those estimates.

New accounting standards

New accounting standards	3 Months Ended
	Mar. 31, 2017
Accounting Changes and Error Corrections [Abstract]
New accounting standards	( 2 ) New Accounting Standards In March 2017, the FASB issued new guidance about the presentation of the components of net periodic pension cost. Under the new guidance, we will be required to classify service cost as SG&A expense, interest cost as interest expense and the other components of net periodic pension cost as other income (expense), net. We are in the process of quantifying the required reclassifications and expect no change to income before income taxes or net income. We will adopt the new guidance retrospectively beginning in the first quarter of 2018. 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 carries forward a similar method of expense recognition for lessees. The new guidance is effective for us beginning in the first quarter of 2019, with early adoption permitted, and must be adopted using a modified retrospective approach. Although we are continuing to evaluate its impact, we expect that this new guidance will result in a significant increase to the assets and liabilities we present on our consolidated balance sheet. In May 2014, the FASB issued comprehensive new revenue recognition guidance. The guidance provides a new model for revenue recognition that supersedes most current guidance and requires more disclosures about revenue including the components of revenue that are communicated to investors. The new guidance is effective for us beginning in the first quarter of 2018 and may be adopted using either a full retrospective or a modified retrospective approach. Although we are continuing to evaluate its impact, we expect that the new recognition model will primarily impact only certain portions of our business, and we expect to provide expanded disclosures and to adopt the new standard using the modified retrospective method. There were no other new accounting standards that we expect to have a material impact to our financial position or results of operations upon adoption.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings per share	( 3 ) Earnings per Share The following table presents information about basic and diluted earnings per share: Three months ended March 31, (in millions) 2017 2016 Reconciliation of weighted average shares outstanding: Basic 131.6 131.4 Dilutive effect of stock-based instruments 0.4 0.2 Diluted 132.0 131.6 Number of anti-dilutive instruments excluded from dilutive effect 4.3 2.9

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	( 4 ) Acquisitions During the three months ended March 31, 2017 , we acquired two businesses for $163.0 million , net of cash acquired. In April 2017, we acquired one additional business for approximately $32 million . Except for their effects on investing cash flow and leasing activity (see Note 12 ), none of these acquisitions, nor their related costs, were material individually or in the aggregate to our results of operations or financial condition.

Goodwill and other intangible a

Goodwill and other intangible assets, net	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets, net	( 5 ) Goodwill and Other Intangible Assets, net The following tables present information about goodwill by segment: (in millions) Americas EMEA-APAC Total Balance at December 31, 2016 $ 1,114.1 $ 729.9 $ 1,844.0 Acquisitions 69.6 — 69.6 Currency translation 1.1 10.0 11.1 Balance at March 31, 2017 $ 1,184.8 $ 739.9 $ 1,924.7 March 31, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated impairment losses Net carrying amount Gross carrying amount Accumulated impairment losses Net carrying amount Americas $ 1,391.4 $ 206.6 $ 1,184.8 $ 1,320.7 $ 206.6 $ 1,114.1 EMEA-APAC 739.9 — 739.9 729.9 — 729.9 Total $ 2,131.3 $ 206.6 $ 1,924.7 $ 2,050.6 $ 206.6 $ 1,844.0 The following table presents the components of other intangible assets: March 31, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,501.4 $ 674.6 $ 826.8 $ 1,413.0 $ 651.3 $ 761.7 Other 69.1 22.2 46.9 49.7 20.1 29.6 Amortizable intangible assets 1,570.5 696.8 873.7 1,462.7 671.4 791.3 Indefinite-lived trademarks and tradenames 618.6 — 618.6 616.5 — 616.5 Other intangible assets $ 2,189.1 $ 696.8 $ 1,492.3 $ 2,079.2 $ 671.4 $ 1,407.8 Amortization expense was $22.2 million and $21.0 million for the three months ended March 31, 2017 and 2016, respectively. The following table presents estimated future amortization expense at March 31, 2017 : (in millions) Remainder of 2017 $ 68.3 2018 89.1 2019 87.5 2020 86.2 2021 82.1 Thereafter 460.5 Total $ 873.7

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt	( 6 ) Debt The following table presents information about debt: March 31, 2017 December 31, (dollars in millions) Interest terms Rate Amount Accounts receivable securitization facility LIBOR plus 1.15% 2.13 % $ 138.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility Variable 2.49 % 187.0 31.6 Term A loan, net of discount of $4.5 and $4.8 LIBOR plus 1.75% 2.73 % 848.6 859.7 Term B loan, net of discount of $4.2 and $4.4 EURIBOR plus 3.00% 3.00 % 428.6 423.8 4.625% senior notes, net of discount of $6.7 and $7.0 Fixed rate 4.63 % 532.2 524.9 Capital lease obligations 45.7 13.1 Total debt $ 2,181.0 $ 2,017.0 Classification on condensed consolidated balance sheets: Current portion of debt $ 386.5 $ 250.1 Debt, net of current portion 1,794.5 1,766.9 Total debt $ 2,181.0 $ 2,017.0 Borrowings under the accounts receivable securitization facility and the multi-currency revolving loan facility are included in the current portion of debt because we frequently borrow from and repay them to satisfy short term cash requirements; we are not required to repay those borrowings until maturity of the instruments. In 2016, we swapped LIBOR for fixed interest rates on a portion of our term A loan. See Note 7 . Interest rates on the senior credit facility include a margin that is based on our net leverage. In the first quarter of 2017, our interest rate decreased by 0.25% due to a reduction in our net leverage. We expect that recent acquisitions will increase our net leverage and cause a return to the prior rates in the second quarter of 2017. The following table presents availability under credit facilities at March 31, 2017 : (in millions) Accounts receivable securitization facility Multi-currency revolving loan facility Total Maximum availability $ 175.0 $ 250.0 $ 425.0 Current availability $ 172.7 $ 250.0 $ 422.7 Undrawn letters of credit outstanding (10.9 ) (2.0 ) (12.9 ) Outstanding borrowings (138.9 ) (187.0 ) (325.9 ) Unused availability $ 22.9 $ 61.0 $ 83.9 Current availability under the accounts receivable securitization facility depends upon maintaining a sufficient borrowing base of eligible trade accounts receivable. At March 31, 2017 , $255.8 million of trade accounts receivable were pledged as collateral under the facility.

Financial instruments and fair

Financial instruments and fair value measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Financial instruments and fair value measurements	( 7 ) 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: March 31, 2017 December 31, 2016 (in millions) Carrying amount Fair value Carrying amount Fair value Accounts receivable securitization facility $ 138.9 $ 138.9 $ 163.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility 187.0 187.0 31.6 31.6 Term A loan 848.6 852.6 859.7 856.4 Term B loan 428.6 435.9 423.8 431.9 4.625% senior notes 532.2 561.4 524.9 553.9 Capital lease obligations 45.7 45.7 13.1 13.1 The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, which are Level 2 measurements. At March 31, 2017 and December 31, 2016 , the amount due to Varietal under the ITRA had carrying amounts of $57.3 million and $85.0 million , respectively, and fair values of $55.6 million and $82.9 million , respectively. The fair values were estimated using a combination of observable and unobservable inputs following an income-based approach, a Level 3 measurement. Recurring Fair Value Measurements with Significant Unobservable Inputs 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. The following table presents changes in contingent consideration liabilities: (in millions) Three months ended Beginning balance $ 34.7 Acquisitions 15.0 Income from changes to estimated fair value (1.7 ) Cash payments (19.0 ) Currency translation 0.1 Ending balance $ 29.1 We estimate the fair value of contingent consideration using the average of probability-weighted potential earn-out payments specified in the purchase agreements, a Level 3 measurement, ranging in the aggregate from approximately $0 million to $34 million for all open earn-outs a t March 31, 2017 . 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 manage specific risks according to our strategies, as summarized below, which may change from time to time: • Cash flow hedging — We hedge the variable base interest rate of a portion of our term A loan using interest rate swaps to reduce our exposure to changes in variable interest rates; • 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 to reduce the earnings impact of changes in foreign currency exchange rates; • 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. No additional disclosures are provided for these activities because they were not material to our financial statements. Cash Flow and Net Investment Hedging We are party to two interest rate swaps designated as cash flow hedges of the variable LIBOR rate on $500.0 million of our term A loan. Those swaps exchange the variable LIBOR rate for an approximately 1% fixed rate and mature on September 28, 2020. These hedges have been and are expected to continue to be fully effective. As a result, changes to the fair value of the interest rate swaps, which otherwise would be recognized in earnings, are deferred to AOCI. We have designated €356.0 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 foreign operations from the impact of changes in the euro to U.S. dollar exchange rate. As a result of these hedge designations, the foreign currency changes on the debt instruments, which otherwise would be recognized in earnings, are deferred to AOCI and equally offset the foreign currency changes on the hedged portion of our net investment. These hedges have no other impact to our financial position, financial performance or cash flows. The following table presents the balance sheet classification and fair values of these instruments, all of which are Level 2 measurements: (in millions) Balance sheet classification March 31, 2017 December 31, 2016 Cash flow hedging: Interest rate swaps Other assets $ 12.4 $ 11.2 Net investment hedging: Portion of term B loan Debt, net of current portion 383.6 379.2 4.625% senior notes Debt, net of current portion 561.4 553.9 The following table presents the net unrealized gain (loss) deferred to AOCI for these instruments: Three months ended March 31, (in millions) 2017 2016 Cash flow hedging: Interest rate swaps $ 0.9 $ — Net investment hedging: Portion of net investment in foreign operations 11.8 45.8 Portion of term B loan (6.9 ) (19.4 ) 4.625% senior notes (4.9 ) (26.4 ) The following table presents the net loss reclassified from AOCI into earnings for these instruments: (in millions) Income statement classification Three months ended March 31, 2017 2016 Interest rate swaps Interest expense $ (0.3 ) $ — All of these hedges were fully effective for the periods presented.

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	( 8 ) 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 officers under these provisions was $11.1 million at March 31, 2017 . 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.

Stock-based compensation

Stock-based compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation	( 9 ) Stock-Based Compensation The following table presents the components of stock-based compensation expense, a component of SG&A expenses: Three months ended March 31, (in millions) 2017 2016 2014 Plan: Stock options $ 2.5 $ 1.3 Restricted stock units 0.2 — Other immaterial plans 0.1 0.1 Total $ 2.8 $ 1.4 At March 31, 2017 , remaining stock-based compensation expense of $33.5 million and $8.0 million related to unvested stock option awards and restricted stock units, respectively, will be recognized over a weighted average period of 3.1 years and 3.7 years , respectively. 2014 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, 2017 , 3.6 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: Three months ended March 31, 2017 (options and intrinsic values in millions) Number of stock options Weighted average exercise price per option Aggregate intrinsic value Weighted average remaining term Outstanding at beginning of period 5.8 $ 22.80 Granted 1.7 28.26 Exercised — 21.93 Forfeited (0.1 ) 22.96 Outstanding at end of period 7.4 24.05 $ 30.7 5.6 years Expected to vest 5.2 24.68 18.3 5.8 years Exercisable 2.0 22.16 11.9 5.0 years Granted In 2017, we granted stock options to management that 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 2017: Weighted average grant date fair value $ 6.88 Expected stock price volatility 25 % Risk free interest rate 1.71 % Expected dividend rate nil Expected life of options 4.6 Vested and Exercised The total fair value of options vested during the three months ended March 31, 2017 was $5.5 million . Options exercised during the three months ended March 31, 2017 had intrinsic value of $0.2 million , caused us to realize a tax benefit of $0.1 million and resulted in cash contributions of $1.0 million . Restricted Stock Units The following table presents information about restricted stock units under the 2014 plan: Three months ended March 31, 2017 (units in millions) Number of units Weighted average grant date fair value per unit Nonvested at beginning of period — $ 24.52 Granted 0.3 28.26 Vested — 24.52 Forfeited — 28.26 Nonvested at end of period 0.3 28.00 Granted In 2017, we granted restricted stock units to management that vest 25% annually through the four th anniversary of the date of grant. The fair value of the restricted stock units is equal to the quoted price of our common stock on the date of grant.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Restructuring	( 10 ) Restructuring In the fourth quarter of 2016, we began a restructuring program to achieve additional efficiencies in our operating model and to reduce operating expenses. The program involves selectively realigning personnel, closures of several smaller operations accompanied by consolidation of their operating activities in other business units, and closure or divestiture of certain non-strategic business units. We expect to fully execute the program by early 2018 when operating activity relocations are scheduled to be completed. The following table presents information about charges under this program, which are included in SG&A expenses: (in millions) Three months ended March 31, 2017 March 31, 2017 Cumulative charges incurred Expected remaining charges Total expected charges Employee severance $ 2.8 $ 15.7 $ 3.9 $ 19.6 Facility closure 0.2 0.6 2.6 3.2 Other 2.7 9.7 2.5 12.2 Total $ 5.7 $ 26.0 $ 9.0 $ 35.0 Americas $ 0.9 $ 2.7 $ 0.8 $ 3.5 EMEA-APAC 4.8 23.3 8.2 31.5 Total $ 5.7 $ 26.0 $ 9.0 $ 35.0 Other charges are to write-down the carrying value of net assets of businesses planned for closure or sale under the program. The following table presents changes to accrued restructuring charges: (in millions) Employee severance Facility closure Total Balance at December 31, 2016 $ 10.7 $ 0.4 $ 11.1 Restructuring charges 2.8 0.2 3.0 Cash payments (3.3 ) — (3.3 ) Currency translation 0.1 — 0.1 Balance at March 31, 2017 $ 10.3 $ 0.6 $ 10.9

Benefit plans

Benefit plans	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Benefit plans	( 11 ) Benefit Plans The following tables present the components of net periodic pension (income) cost: U.S. Retirement Plan German, French and UK Plans Three months ended March 31, Three months ended March 31, (in millions) 2017 2016 2017 2016 Service cost $ 1.4 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.6 1.7 1.0 1.2 Expected return on plan assets (3.5 ) (3.3 ) (1.2 ) (1.2 ) Recognized net actuarial loss — — 1.0 0.8 Total $ (0.5 ) $ (1.4 ) $ 1.2 $ 1.2 During the three months ended March 31, 2017 , we made no contributions to the U.S. Retirement Plan and $0.5 million of aggregate contributions to the German, French and UK Plans. For the remainder of 2017 , we expect to make no contributions to the U.S. Retirement Plan and aggregate contributions of $3.8 million to the German, French and UK Plans.

Leases

Leases	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Leases	( 12 ) Leases The following table presents future minimum lease payments for a business we acquired in the first quarter of 2017: March 31, 2017 (in millions) Capital leases Operating leases Remainder of 2017 $ 1.9 $ 0.4 2018 2.7 0.4 2019 2.7 0.4 2020 2.8 0.4 2021 2.9 0.2 Thereafter 57.3 4.3 Total minimum payments 70.3 $ 6.1 Imputed interest 37.8 Present value of minimum lease payments $ 32.5 Assets under capital leases for that acquisition were $32.5 million with no accumulated depreciation at March 31, 2017 . The capital lease assets are recorded in property and equipment, net, and the capital lease obligations are recorded in debt.

Comprehensive income or loss

Comprehensive income or loss	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Comprehensive income or loss	( 13 ) Comprehensive Income or Loss The following table presents changes in the components of AOCI, net of tax: (in millions) Foreign currency translation Derivative instruments Defined benefit plans Total Balance at December 31, 2016 $ (386.5 ) $ 8.8 $ (49.7 ) $ (427.4 ) Net unrealized gain (loss) arising during the period 10.8 (0.4 ) — 10.4 Reclassification of net (gain) loss into earnings — (0.1 ) 1.2 1.1 Balance at March 31, 2017 $ (375.7 ) $ 8.3 $ (48.5 ) $ (415.9 ) The following table presents the reclassification of net (gain) loss from AOCI into earnings: Three months ended March 31, (in millions) 2017 2016 Derivative instruments: Cost of goods sold $ (0.5 ) $ (1.1 ) Interest expense 0.3 — Income tax provision 0.1 0.2 Net income $ (0.1 ) $ (0.9 ) Defined benefit plans: Selling, general and administrative expenses $ 1.6 $ 0.8 Income tax provision (0.4 ) (0.2 ) Net income $ 1.2 $ 0.6 The following table presents the income tax effects of the components of comprehensive income or loss: Three months ended March 31, (in millions) 2017 2016 Foreign currency translation: Net unrealized income tax benefit arising during the period $ 4.6 $ 17.8 Derivative instruments: Net unrealized income tax (provision) benefit arising during the period (0.1 ) 0.4 Reclassification of net income tax provision into earnings 0.1 0.2 Defined benefit plans: Reclassification of net income tax benefit into earnings (0.4 ) (0.2 )

Related party transactions

Related party transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related party transactions	( 14 ) Related Party Transactions Due to Varietal — ITRA We are party to an ITRA with Varietal. The ITRA provides for the payment of most of the cash savings 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 our initial public offering. Varietal will not reimburse us for any payments previously made under the ITRA if such benefits are subsequently disallowed. Madison Dearborn Partners owns a controlling interest in Varietal. We made a payment under the ITRA of $27.7 million during the three months ended March 31, 2017 . At March 31, 2017 , the remaining amount due to Varietal under the ITRA was $57.3 million , $26.0 million of which is classified as current and represents our estimate of the payment that will become due in March 2018 . 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. See Note 8 .

Segment financial information

Segment financial information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment financial information	( 15 ) Segment Financial Information The following table presents segment financial information: Three months ended March 31, (in millions) 2017 2016 Net sales: Americas $ 692.8 $ 666.7 EMEA-APAC 446.3 431.6 Total $ 1,139.1 $ 1,098.3 Operating income: Americas $ 41.9 $ 43.4 EMEA-APAC 39.6 36.3 Total $ 81.5 $ 79.7 The amounts above exclude inter-segment activity. All of the net sales for each segment are from external customers. We determined that disclosing net sales for each group of similar customers, products and services would be impracticable.

Subsequent events

Subsequent events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent events	(16) Subsequent Events As previously announced, on May 4, 2017, the Company, Avantor, and Merger Sub entered into the Merger Agreement, pursuant to which Merger Sub will merge with and into the Company on the terms and subject to the conditions set forth in the Merger Agreement, with the Company surviving the Merger as a wholly-owned subsidiary of Avantor. At the Effective Time, on the terms and subject to the conditions set forth in the Merger Agreement, each issued and outstanding share of the Company’s common stock outstanding immediately prior to the Effective Time, other than any Appraisal Shares (as defined in the Merger Agreement) and treasury shares, will be converted automatically into the right to receive the Merger Consideration. The completion of the Merger is subject to approval of the Company’s stockholders and certain regulatory approvals and other customary closing conditions. The completion of the Merger is expected to occur during the third quarter of 2017. Each party to the Merger Agreement retains certain financial rights should the Merger Agreement be terminated under certain circumstances.

Nature of operations and basi24

Nature of operations and basis of presentation (Policies)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	We report financial results on the basis of two segments organized by geographic region: the Americas and EMEA-APAC. We have prepared these condensed consolidated financial statements without audit pursuant to the rules and regulations of the SEC. Certain information normally included in financial statements prepared in accordance with GAAP 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 included in our Annual Report. 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 the redeemable equity of Varietal, each after the elimination of intercompany balances and transactions.
Use of estimates	The preparation of financial statements in conformity with GAAP 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, expense, 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, 2017
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table presents information about basic and diluted earnings per share: Three months ended March 31, (in millions) 2017 2016 Reconciliation of weighted average shares outstanding: Basic 131.6 131.4 Dilutive effect of stock-based instruments 0.4 0.2 Diluted 132.0 131.6 Number of anti-dilutive instruments excluded from dilutive effect 4.3 2.9

Goodwill and other intangible26

Goodwill and other intangible assets, net (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	The following tables present information about goodwill by segment: (in millions) Americas EMEA-APAC Total Balance at December 31, 2016 $ 1,114.1 $ 729.9 $ 1,844.0 Acquisitions 69.6 — 69.6 Currency translation 1.1 10.0 11.1 Balance at March 31, 2017 $ 1,184.8 $ 739.9 $ 1,924.7 March 31, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated impairment losses Net carrying amount Gross carrying amount Accumulated impairment losses Net carrying amount Americas $ 1,391.4 $ 206.6 $ 1,184.8 $ 1,320.7 $ 206.6 $ 1,114.1 EMEA-APAC 739.9 — 739.9 729.9 — 729.9 Total $ 2,131.3 $ 206.6 $ 1,924.7 $ 2,050.6 $ 206.6 $ 1,844.0
Schedule of components of other intangible assets, amortizable	The following table presents the components of other intangible assets: March 31, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,501.4 $ 674.6 $ 826.8 $ 1,413.0 $ 651.3 $ 761.7 Other 69.1 22.2 46.9 49.7 20.1 29.6 Amortizable intangible assets 1,570.5 696.8 873.7 1,462.7 671.4 791.3 Indefinite-lived trademarks and tradenames 618.6 — 618.6 616.5 — 616.5 Other intangible assets $ 2,189.1 $ 696.8 $ 1,492.3 $ 2,079.2 $ 671.4 $ 1,407.8
Schedule of components of other intangible assets, indefinite-lived	The following table presents the components of other intangible assets: March 31, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,501.4 $ 674.6 $ 826.8 $ 1,413.0 $ 651.3 $ 761.7 Other 69.1 22.2 46.9 49.7 20.1 29.6 Amortizable intangible assets 1,570.5 696.8 873.7 1,462.7 671.4 791.3 Indefinite-lived trademarks and tradenames 618.6 — 618.6 616.5 — 616.5 Other intangible assets $ 2,189.1 $ 696.8 $ 1,492.3 $ 2,079.2 $ 671.4 $ 1,407.8
Schedule of estimated future amortization expense	The following table presents estimated future amortization expense at March 31, 2017 : (in millions) Remainder of 2017 $ 68.3 2018 89.1 2019 87.5 2020 86.2 2021 82.1 Thereafter 460.5 Total $ 873.7

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of information about debt	The following table presents information about debt: March 31, 2017 December 31, (dollars in millions) Interest terms Rate Amount Accounts receivable securitization facility LIBOR plus 1.15% 2.13 % $ 138.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility Variable 2.49 % 187.0 31.6 Term A loan, net of discount of $4.5 and $4.8 LIBOR plus 1.75% 2.73 % 848.6 859.7 Term B loan, net of discount of $4.2 and $4.4 EURIBOR plus 3.00% 3.00 % 428.6 423.8 4.625% senior notes, net of discount of $6.7 and $7.0 Fixed rate 4.63 % 532.2 524.9 Capital lease obligations 45.7 13.1 Total debt $ 2,181.0 $ 2,017.0 Classification on condensed consolidated balance sheets: Current portion of debt $ 386.5 $ 250.1 Debt, net of current portion 1,794.5 1,766.9 Total debt $ 2,181.0 $ 2,017.0
Schedule of availability under credit facilities	The following table presents availability under credit facilities at March 31, 2017 : (in millions) Accounts receivable securitization facility Multi-currency revolving loan facility Total Maximum availability $ 175.0 $ 250.0 $ 425.0 Current availability $ 172.7 $ 250.0 $ 422.7 Undrawn letters of credit outstanding (10.9 ) (2.0 ) (12.9 ) Outstanding borrowings (138.9 ) (187.0 ) (325.9 ) Unused availability $ 22.9 $ 61.0 $ 83.9

Financial instruments and fai28

Financial instruments and fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 December 31, 2016 (in millions) Carrying amount Fair value Carrying amount Fair value Accounts receivable securitization facility $ 138.9 $ 138.9 $ 163.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility 187.0 187.0 31.6 31.6 Term A loan 848.6 852.6 859.7 856.4 Term B loan 428.6 435.9 423.8 431.9 4.625% senior notes 532.2 561.4 524.9 553.9 Capital lease obligations 45.7 45.7 13.1 13.1
Schedule of changes in recurring fair value measurements	The following table presents changes in contingent consideration liabilities: (in millions) Three months ended Beginning balance $ 34.7 Acquisitions 15.0 Income from changes to estimated fair value (1.7 ) Cash payments (19.0 ) Currency translation 0.1 Ending balance $ 29.1
Schedule of balance sheet classification and fair values of instruments in hedging relationships	The following table presents the balance sheet classification and fair values of these instruments, all of which are Level 2 measurements: (in millions) Balance sheet classification March 31, 2017 December 31, 2016 Cash flow hedging: Interest rate swaps Other assets $ 12.4 $ 11.2 Net investment hedging: Portion of term B loan Debt, net of current portion 383.6 379.2 4.625% senior notes Debt, net of current portion 561.4 553.9
Schedule of net unrealized gain (loss) deferred to AOCI	The following table presents the net unrealized gain (loss) deferred to AOCI for these instruments: Three months ended March 31, (in millions) 2017 2016 Cash flow hedging: Interest rate swaps $ 0.9 $ — Net investment hedging: Portion of net investment in foreign operations 11.8 45.8 Portion of term B loan (6.9 ) (19.4 ) 4.625% senior notes (4.9 ) (26.4 )
Schedule of net gain (loss) reclassified from AOCI into earnings	The following table presents the net loss reclassified from AOCI into earnings for these instruments: (in millions) Income statement classification Three months ended March 31, 2017 2016 Interest rate swaps Interest expense $ (0.3 ) $ —

Stock-based compensation (Table

Stock-based compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of components of stock-based compensation expense	The following table presents the components of stock-based compensation expense, a component of SG&A expenses: Three months ended March 31, (in millions) 2017 2016 2014 Plan: Stock options $ 2.5 $ 1.3 Restricted stock units 0.2 — Other immaterial plans 0.1 0.1 Total $ 2.8 $ 1.4
Schedule of information about stock options	The following table presents information about stock options under the 2014 Plan: Three months ended March 31, 2017 (options and intrinsic values in millions) Number of stock options Weighted average exercise price per option Aggregate intrinsic value Weighted average remaining term Outstanding at beginning of period 5.8 $ 22.80 Granted 1.7 28.26 Exercised — 21.93 Forfeited (0.1 ) 22.96 Outstanding at end of period 7.4 24.05 $ 30.7 5.6 years Expected to vest 5.2 24.68 18.3 5.8 years Exercisable 2.0 22.16 11.9 5.0 years
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 2017: Weighted average grant date fair value $ 6.88 Expected stock price volatility 25 % Risk free interest rate 1.71 % Expected dividend rate nil Expected life of options 4.6
Schedule of information about restricted stock units	The following table presents information about restricted stock units under the 2014 plan: Three months ended March 31, 2017 (units in millions) Number of units Weighted average grant date fair value per unit Nonvested at beginning of period — $ 24.52 Granted 0.3 28.26 Vested — 24.52 Forfeited — 28.26 Nonvested at end of period 0.3 28.00

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Schedule of information about restructuring charges	The following table presents information about charges under this program, which are included in SG&A expenses: (in millions) Three months ended March 31, 2017 March 31, 2017 Cumulative charges incurred Expected remaining charges Total expected charges Employee severance $ 2.8 $ 15.7 $ 3.9 $ 19.6 Facility closure 0.2 0.6 2.6 3.2 Other 2.7 9.7 2.5 12.2 Total $ 5.7 $ 26.0 $ 9.0 $ 35.0 Americas $ 0.9 $ 2.7 $ 0.8 $ 3.5 EMEA-APAC 4.8 23.3 8.2 31.5 Total $ 5.7 $ 26.0 $ 9.0 $ 35.0
Schedule of changes to accrued restructuring charges	The following table presents changes to accrued restructuring charges: (in millions) Employee severance Facility closure Total Balance at December 31, 2016 $ 10.7 $ 0.4 $ 11.1 Restructuring charges 2.8 0.2 3.0 Cash payments (3.3 ) — (3.3 ) Currency translation 0.1 — 0.1 Balance at March 31, 2017 $ 10.3 $ 0.6 $ 10.9

Benefit plans (Tables)

Benefit plans (Tables)	3 Months Ended
	Mar. 31, 2017
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic pension income or cost	The following tables present the components of net periodic pension (income) cost: U.S. Retirement Plan German, French and UK Plans Three months ended March 31, Three months ended March 31, (in millions) 2017 2016 2017 2016 Service cost $ 1.4 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.6 1.7 1.0 1.2 Expected return on plan assets (3.5 ) (3.3 ) (1.2 ) (1.2 ) Recognized net actuarial loss — — 1.0 0.8 Total $ (0.5 ) $ (1.4 ) $ 1.2 $ 1.2

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2017
Leases [Abstract]
Schedule of future minimum lease payments, capital leases	The following table presents future minimum lease payments for a business we acquired in the first quarter of 2017: March 31, 2017 (in millions) Capital leases Operating leases Remainder of 2017 $ 1.9 $ 0.4 2018 2.7 0.4 2019 2.7 0.4 2020 2.8 0.4 2021 2.9 0.2 Thereafter 57.3 4.3 Total minimum payments 70.3 $ 6.1 Imputed interest 37.8 Present value of minimum lease payments $ 32.5
Schedule of future minimum lease payments, operating leases	The following table presents future minimum lease payments for a business we acquired in the first quarter of 2017: March 31, 2017 (in millions) Capital leases Operating leases Remainder of 2017 $ 1.9 $ 0.4 2018 2.7 0.4 2019 2.7 0.4 2020 2.8 0.4 2021 2.9 0.2 Thereafter 57.3 4.3 Total minimum payments 70.3 $ 6.1 Imputed interest 37.8 Present value of minimum lease payments $ 32.5

Comprehensive income or loss (T

Comprehensive income or loss (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of changes in components of AOCI	The following table presents changes in the components of AOCI, net of tax: (in millions) Foreign currency translation Derivative instruments Defined benefit plans Total Balance at December 31, 2016 $ (386.5 ) $ 8.8 $ (49.7 ) $ (427.4 ) Net unrealized gain (loss) arising during the period 10.8 (0.4 ) — 10.4 Reclassification of net (gain) loss into earnings — (0.1 ) 1.2 1.1 Balance at March 31, 2017 $ (375.7 ) $ 8.3 $ (48.5 ) $ (415.9 )
Schedule of reclassifications from AOCI into earnings	The following table presents the reclassification of net (gain) loss from AOCI into earnings: Three months ended March 31, (in millions) 2017 2016 Derivative instruments: Cost of goods sold $ (0.5 ) $ (1.1 ) Interest expense 0.3 — Income tax provision 0.1 0.2 Net income $ (0.1 ) $ (0.9 ) Defined benefit plans: Selling, general and administrative expenses $ 1.6 $ 0.8 Income tax provision (0.4 ) (0.2 ) Net income $ 1.2 $ 0.6
Schedule of income tax effects of comprehensive income or loss components	The following table presents the income tax effects of the components of comprehensive income or loss: Three months ended March 31, (in millions) 2017 2016 Foreign currency translation: Net unrealized income tax benefit arising during the period $ 4.6 $ 17.8 Derivative instruments: Net unrealized income tax (provision) benefit arising during the period (0.1 ) 0.4 Reclassification of net income tax provision into earnings 0.1 0.2 Defined benefit plans: Reclassification of net income tax benefit into earnings (0.4 ) (0.2 )

Segment financial information (

Segment financial information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of segment financial information	The following table presents segment financial information: Three months ended March 31, (in millions) 2017 2016 Net sales: Americas $ 692.8 $ 666.7 EMEA-APAC 446.3 431.6 Total $ 1,139.1 $ 1,098.3 Operating income: Americas $ 41.9 $ 43.4 EMEA-APAC 39.6 36.3 Total $ 81.5 $ 79.7

Nature of operations and basi35

Nature of operations and basis of presentation (Details)	3 Months Ended
	Mar. 31, 2017Segment	May 04, 2017$ / shares
Nature of operations and basis of presentation
Number of reportable segments | Segment	2
Subsequent event | Common stock | Merger
Nature of operations and basis of presentation
Price per share | $ / shares		$ 33.25

Earnings per share (Details)

Earnings per share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of weighted average shares outstanding:
Basic	131.6	131.4
Dilutive effect of stock-based instruments	0.4	0.2
Diluted	132	131.6
Number of anti-dilutive instruments excluded from dilutive effect	4.3	2.9

Acquisitions (Details)

Acquisitions (Details) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2017USD ($)Business	Mar. 31, 2017USD ($)Business	Mar. 31, 2016USD ($)
Acquisitions
Cash paid to acquire business		$ 163	$ 28.9
Series of individually immaterial business acquisitions
Acquisitions
Number of businesses acquired | Business		2
Cash paid to acquire business		$ 163
Series of individually immaterial business acquisitions | Subsequent event
Acquisitions
Number of businesses acquired | Business	1
Cash paid to acquire business	$ 32

Goodwill and other intangible38

Goodwill and other intangible assets, net - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Changes in goodwill
Beginning balance	$ 1,844
Acquisitions	69.6
Currency translation	11.1
Ending balance	1,924.7
Components of goodwill
Gross carrying amount		$ 2,131.3	$ 2,050.6
Accumulated impairment losses		206.6	206.6
Net carrying amount	1,844	1,924.7	1,844
Americas
Changes in goodwill
Beginning balance	1,114.1
Acquisitions	69.6
Currency translation	1.1
Ending balance	1,184.8
Components of goodwill
Gross carrying amount		1,391.4	1,320.7
Accumulated impairment losses		206.6	206.6
Net carrying amount	1,114.1	1,184.8	1,114.1
EMEA-APAC
Changes in goodwill
Beginning balance	729.9
Acquisitions	0
Currency translation	10
Ending balance	739.9
Components of goodwill
Gross carrying amount		739.9	729.9
Accumulated impairment losses		0	0
Net carrying amount	$ 729.9	$ 739.9	$ 729.9

Goodwill and other intangible39

Goodwill and other intangible assets, net - Amortizable intangible assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Amortizable intangible assets
Gross carrying amount	$ 1,570.5		$ 1,462.7
Accumulated amortization	696.8		671.4
Net carrying amount	873.7		791.3
Amortization expense	22.2	$ 21
Customer relationships
Amortizable intangible assets
Gross carrying amount	1,501.4		1,413
Accumulated amortization	674.6		651.3
Net carrying amount	826.8		761.7
Other
Amortizable intangible assets
Gross carrying amount	69.1		49.7
Accumulated amortization	22.2		20.1
Net carrying amount	$ 46.9		$ 29.6

Goodwill and other intangible40

Goodwill and other intangible assets, net - Other intangible assets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Gross carrying amount
Amortizable intangible assets	$ 1,570.5	$ 1,462.7
Indefinite-lived trademarks and tradenames	618.6	616.5
Other intangible assets	2,189.1	2,079.2
Net carrying amount
Amortizable intangible assets	873.7	791.3
Indefinite-lived trademarks and tradenames	618.6	616.5
Other intangible assets	$ 1,492.3	$ 1,407.8

Goodwill and other intangible41

Goodwill and other intangible assets, net - Estimated future amortization expense (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Estimated future amortization expense
Remainder of 2017	$ 68.3
2,018	89.1
2,019	87.5
2,020	86.2
2,021	82.1
Thereafter	460.5
Net carrying amount	$ 873.7	$ 791.3

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Information about debt
Current portion of debt	$ 386.5	$ 250.1
Debt, net of current portion	1,794.5	1,766.9
Debt	$ 2,181	2,017
Interest rate reduction	0.25%
Accounts receivable securitization facility
Information about debt
Interest terms	LIBOR plus 1.15%
Variable margin	1.15%
Rate	2.13%
Debt	$ 138.9	163.9
Senior credit facility | Multi-currency revolving loan facility
Information about debt
Interest terms	Variable
Rate	2.49%
Debt	$ 187	31.6
Senior credit facility | Term A loan
Information about debt
Discount	$ 4.5	4.8
Interest terms	LIBOR plus 1.75%
Variable margin	1.75%
Rate	2.73%
Debt	$ 848.6	859.7
Senior credit facility | Term B loan
Information about debt
Discount	$ 4.2	4.4
Interest terms	EURIBOR plus 3.00%
Variable margin	3.00%
Rate	3.00%
Debt	$ 428.6	423.8
Senior notes | 4.625%
Information about debt
Discount	$ 6.7	7
Interest terms	Fixed rate
Rate	4.63%
Debt	$ 532.2	524.9
Capital lease obligations
Information about debt
Debt	$ 45.7	$ 13.1

Debt - Availability under credi

Debt - Availability under credit facilities (Details) $ in Millions	Mar. 31, 2017USD ($)
Information about debt
Maximum availability	$ 425
Current availability	422.7
Undrawn letters of credit outstanding	(12.9)
Outstanding borrowings	(325.9)
Unused availability	83.9
Accounts receivable securitization facility
Information about debt
Maximum availability	175
Current availability	172.7
Undrawn letters of credit outstanding	(10.9)
Outstanding borrowings	(138.9)
Unused availability	22.9
Amount pledged as collateral	255.8
Senior credit facility | Multi-currency revolving loan facility
Information about debt
Maximum availability	250
Current availability	250
Undrawn letters of credit outstanding	(2)
Outstanding borrowings	(187)
Unused availability	$ 61

Financial instruments and fai44

Financial instruments and fair value measurements - Assets and liabilities for which fair value is only disclosed (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Assets and liabilities for which fair value is only disclosed:
Carrying amount	$ 2,181	$ 2,017
Income tax receivable agreement
Assets and liabilities for which fair value is only disclosed:
Carrying amount	57.3	85
Income tax receivable agreement | Level 3
Assets and liabilities for which fair value is only disclosed:
Fair value	55.6	82.9
Accounts receivable securitization facility
Assets and liabilities for which fair value is only disclosed:
Carrying amount	138.9	163.9
Accounts receivable securitization facility | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	138.9	163.9
Senior credit facility | Multi-currency revolving loan facility
Assets and liabilities for which fair value is only disclosed:
Carrying amount	187	31.6
Senior credit facility | Multi-currency revolving loan facility | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	187	31.6
Senior credit facility | Term A loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	848.6	859.7
Senior credit facility | Term A loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	852.6	856.4
Senior credit facility | Term B loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	428.6	423.8
Senior credit facility | Term B loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	435.9	431.9
Senior notes | 4.625%
Assets and liabilities for which fair value is only disclosed:
Carrying amount	532.2	524.9
Senior notes | 4.625% | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	561.4	553.9
Capital lease obligations
Assets and liabilities for which fair value is only disclosed:
Carrying amount	45.7	13.1
Capital lease obligations | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	$ 45.7	$ 13.1

Financial instruments and fai45

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, 2017USD ($)
Changes in fair value measurements:
Beginning balance	$ 34.7
Acquisitions	15
Income from changes to estimated fair value	(1.7)
Cash payments	(19)
Currency translation	0.1
Ending balance	29.1
Information about contingent consideration:
Range of outcomes, low	0
Range of outcomes, high	$ 34

Financial instruments and fai46

Financial instruments and fair value measurements - Derivative instruments and hedging activities (Details) - Designated as hedge € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Cash flow hedging | Interest rate swap
Derivative instruments and hedging activities:
Number of instruments held		2
Notional amount		$ 500
Fixed interest rate		1.00%
Net unrealized gain (loss) deferred to AOCI		$ 0.9	$ 0
Cash flow hedging | Interest rate swap | Interest expense
Derivative instruments and hedging activities:
Net gain (loss) reclassified from AOCI into earnings		(0.3)	0
Cash flow hedging | Interest rate swap | Level 2 | Other assets
Derivative instruments and hedging activities:
Fair value		12.4		$ 11.2
Net investment hedging | Portion of net investment in foreign operations
Derivative instruments and hedging activities:
Net unrealized gain (loss) deferred to AOCI		11.8	45.8
Net investment hedging | Portion of term B loan
Derivative instruments and hedging activities:
Notional amount | €	€ 356
Net unrealized gain (loss) deferred to AOCI		(6.9)	(19.4)
Net investment hedging | Portion of term B loan | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value		383.6		379.2
Net investment hedging | 4.625% senior notes
Derivative instruments and hedging activities:
Notional amount | €	€ 503.8
Net unrealized gain (loss) deferred to AOCI		(4.9)	$ (26.4)
Net investment hedging | 4.625% senior notes | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value		$ 561.4		$ 553.9

Commitments and contingencies (

Commitments and contingencies (Details) $ in Millions	Mar. 31, 2017USD ($)
Employment agreements
Commitments and contingencies:
Aggregate potential payments	$ 11.1

Stock-based compensation - Over

Stock-based compensation - Overall (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock-based compensation
Expense recognized	$ 2.8	$ 1.4
2014 Plan
Stock-based compensation
Number of shares authorized	11.5
Number of shares available for future issuance	3.6
2014 Plan | Stock option
Stock-based compensation
Expense recognized	$ 2.5	1.3
Expense to be recognized	$ 33.5
Expense to be recognized, weighted average period of recognition	3 years 1 month 6 days
2014 Plan | RSU
Stock-based compensation
Expense recognized	$ 0.2	0
Expense to be recognized	$ 8
Expense to be recognized, weighted average period of recognition	3 years 8 months 12 days
Other immaterial plans
Stock-based compensation
Expense recognized	$ 0.1	$ 0.1

Stock-based compensation - Stoc

Stock-based compensation - Stock options (Details) - 2014 Plan - Stock option $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Rollforward, number of stock options
Outstanding at beginning of period | shares	5.8
Granted | shares	1.7
Exercised | shares	0
Forfeited | shares	0.1
Outstanding at end of period | shares	7.4
Rollforward, weighted average exercise price per option
Outstanding at beginning of period	$ 22.80
Granted	28.26
Exercised	21.93
Forfeited	22.96
Outstanding at end of period	$ 24.05
Outstanding, aggregate intrinsic value | $	$ 30.7
Outstanding, weighted average remaining term	5 years 7 months 6 days
Expected to vest
Number of stock options | shares	5.2
Weighted average exercise price per option	$ 24.68
Aggregate intrinsic value | $	$ 18.3
Weighted average remaining term	5 years 9 months 18 days
Exercisable
Number of stock options | shares	2
Weighted average exercise price per option	$ 22.16
Aggregate intrinsic value | $	$ 11.9
Weighted average remaining term	5 years
Information about stock options granted
Vesting period	4 years
Term	7 years
Weighted average grant date fair value	$ 6.88
Expected stock price volatility	25.00%
Risk free interest rate	1.71%
Expected dividend rate	0.00%
Expected life of options	4 years 7 months 6 days
Information about stock options vested and exercised
Vested, total fair value | $	$ 5.5
Exercised, aggregate intrinsic value | $	0.2
Exercised, realized tax benefit | $	0.1
Exercised, cash contributions | $	$ 1
Initial vesting tranche
Information about stock options granted
Vesting percentage	25.00%
Quarterly vesting thereafter
Information about stock options granted
Vesting percentage	6.25%

Stock-based compensation - Rest

Stock-based compensation - Restricted stock units (Details) - 2014 Plan - RSU shares in Millions	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Rollforward, number of units
Nonvested at beginning of period | shares	0
Granted | shares	0.3
Vested | shares	0
Forfeited | shares	0
Nonvested at end of period | shares	0.3
Rollforward, weighted average grant date fair value per unit
Nonvested at beginning of period | $ / shares	$ 24.52
Granted | $ / shares	28.26
Vested | $ / shares	24.52
Forfeited | $ / shares	28.26
Nonvested at end of period | $ / shares	$ 28
Information about units granted
Vesting period	4 years
Annually
Information about units granted
Vesting percentage	25.00%

Restructuring (Details)

Restructuring (Details) - 2016 plan $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Information about restructuring charges
Restructuring charges	$ 5.7
Cumulative charges incurred	26
Expected remaining charges	9
Total expected charges	35
Changes to accrued restructuring charges
Beginning balance	11.1
Restructuring charges	3
Cash payments	(3.3)
Currency translation	0.1
Ending balance	10.9
Americas
Information about restructuring charges
Restructuring charges	0.9
Cumulative charges incurred	2.7
Expected remaining charges	0.8
Total expected charges	3.5
EMEA-APAC
Information about restructuring charges
Restructuring charges	4.8
Cumulative charges incurred	23.3
Expected remaining charges	8.2
Total expected charges	31.5
Employee severance
Information about restructuring charges
Restructuring charges	2.8
Cumulative charges incurred	15.7
Expected remaining charges	3.9
Total expected charges	19.6
Changes to accrued restructuring charges
Beginning balance	10.7
Restructuring charges	2.8
Cash payments	(3.3)
Currency translation	0.1
Ending balance	10.3
Facility closure
Information about restructuring charges
Restructuring charges	0.2
Cumulative charges incurred	0.6
Expected remaining charges	2.6
Total expected charges	3.2
Changes to accrued restructuring charges
Beginning balance	0.4
Restructuring charges	0.2
Cash payments	0
Currency translation	0
Ending balance	0.6
Other
Information about restructuring charges
Restructuring charges	2.7
Cumulative charges incurred	9.7
Expected remaining charges	2.5
Total expected charges	$ 12.2

Benefit plans (Details)

Benefit plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
U.S. Retirement Plan
Net periodic pension cost
Service cost	$ 1.4	$ 0.2
Interest cost	1.6	1.7
Expected return on plan assets	(3.5)	(3.3)
Recognized net actuarial loss	0	0
Total	(0.5)	(1.4)
Contributions paid	0
Expected contributions for remainder of year	0
German, French and UK Plans
Net periodic pension cost
Service cost	0.4	0.4
Interest cost	1	1.2
Expected return on plan assets	(1.2)	(1.2)
Recognized net actuarial loss	1	0.8
Total	1.2	$ 1.2
Contributions paid	0.5
Expected contributions for remainder of year	$ 3.8

Leases (Details)

Leases (Details) - An individually immaterial business acquisition $ in Millions	Mar. 31, 2017USD ($)
Future minimum lease payments under capital leases
Remainder of 2017	$ 1.9
2,018	2.7
2,019	2.7
2,020	2.8
2,021	2.9
Thereafter	57.3
Total minimum payments	70.3
Imputed interest	37.8
Present value of minimum lease payments	32.5
Future minimum lease payments under operating leases
Remainder of 2017	0.4
2,018	0.4
2,019	0.4
2,020	0.4
2,021	0.2
Thereafter	4.3
Total minimum payments	6.1
Capital leased assets, gross	32.5
Capital leased assets, accumulated depreciation	$ 0

Comprehensive income or loss -

Comprehensive income or loss - Changes in accumulated balances (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Changes in AOCI, net of tax
Beginning balance	$ (427.4)
Net unrealized gain (loss) arising during the period	10.4
Reclassification of net (gain) loss into earnings	1.1
Ending balance	(415.9)
Foreign currency translation
Changes in AOCI, net of tax
Beginning balance	(386.5)
Net unrealized gain (loss) arising during the period	10.8
Reclassification of net (gain) loss into earnings	0
Ending balance	(375.7)
Derivative instruments
Changes in AOCI, net of tax
Beginning balance	8.8
Net unrealized gain (loss) arising during the period	(0.4)
Reclassification of net (gain) loss into earnings	(0.1)
Ending balance	8.3
Defined benefit plans
Changes in AOCI, net of tax
Beginning balance	(49.7)
Net unrealized gain (loss) arising during the period	0
Reclassification of net (gain) loss into earnings	1.2
Ending balance	$ (48.5)

Comprehensive income or loss 55

Comprehensive income or loss - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Component of earnings:
Net sales	$ 1,139.1	$ 1,098.3
Cost of goods sold	(819.4)	(787.7)
Selling, general and administrative expenses	(238.2)	(230.9)
Interest expense	(18.7)	(19.2)
Other income (expense), net	(0.7)	(0.6)
Income tax provision	(23.6)	(21.1)
Net income	38.5	38.8
Reclassification of net (gain) loss from AOCI into earnings | Derivative instruments
Component of earnings:
Cost of goods sold	(0.5)	(1.1)
Interest expense	0.3	0
Income tax provision	0.1	0.2
Net income	(0.1)	(0.9)
Reclassification of net (gain) loss from AOCI into earnings | Defined benefit plans
Component of earnings:
Selling, general and administrative expenses	1.6	0.8
Income tax provision	(0.4)	(0.2)
Net income	$ 1.2	$ 0.6

Comprehensive income or loss 56

Comprehensive income or loss - Income tax effects (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Foreign currency translation:
Net unrealized income tax benefit arising during the period	$ 4.6	$ 17.8
Derivative instruments:
Net unrealized income tax (provision) benefit arising during the period	(0.1)	0.4
Reclassification of net income tax provision into earnings	0.1	0.2
Defined benefit plans:
Reclassification of net income tax benefit into earnings	$ (0.4)	$ (0.2)

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related party transactions
Payment to related party	$ 27.7	$ 78.1
Due to related party, current	26		$ 27.7
Varietal | Income tax receivable agreement
Related party transactions
Payment to related party	27.7
Due to related party	57.3
Due to related party, current	$ 26

Segment financial information58

Segment financial information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment financial information
Net sales	$ 1,139.1	$ 1,098.3
Operating income	81.5	79.7
Americas
Segment financial information
Net sales	692.8	666.7
Operating income	41.9	43.4
EMEA-APAC
Segment financial information
Net sales	446.3	431.6
Operating income	$ 39.6	$ 36.3