VWR 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and entity information

Document and entity information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document and Entity Information [Abstract]
Document type	10-Q
Document period end date	Sep. 30, 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	Q3
Entity common stock, shares outstanding		131,869,634

Condensed consolidated balance

Condensed consolidated balance sheets - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 120.3	$ 168.7
Trade accounts receivable, net of reserves of $11.8 and $10.5	691.1	607.2
Inventories	522.2	483.1
Other current assets	90.1	93.1
Total current assets	1,423.7	1,352.1
Property and equipment, net of accumulated depreciation of $295.1 and $248.9	333	253.8
Goodwill	2,044.8	1,844
Other intangible assets, net	1,488	1,407.8
Other assets	119.6	104.8
Total assets	5,409.1	4,962.5
Liabilities, Redeemable Equity and Stockholders’ Equity
Current portion of debt	320.2	250.1
Accounts payable	513	476.3
Employee-related liabilities	112.7	79.3
Current amount due to Varietal — ITRA	26	27.7
Other current liabilities	163.6	152.7
Total current liabilities	1,135.5	986.1
Debt, net of current portion	1,859.8	1,766.9
Amount due to Varietal — ITRA, net of current portion	31.3	57.3
Deferred income tax liabilities	429	477.2
Other liabilities	205.3	159.4
Total liabilities	3,660.9	3,446.9
Commitments and contingencies (Note 8)
Redeemable equity, at redemption value	36.2	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, 131.9 and 131.6 shares issued and outstanding	1.3	1.3
Additional paid-in capital	1,765.7	1,766
Retained earnings	279.1	154.5
Accumulated other comprehensive loss	(334.1)	(427.4)
Total stockholders’ equity	1,712	1,494.4
Total liabilities, redeemable equity and stockholders’ equity	$ 5,409.1	$ 4,962.5

Condensed consolidated balance3

Condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Reserves on trade accounts receivable	$ 11.8	$ 10.5
Accumulated depreciation on property and equipment	$ 295.1	$ 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	131.9	131.6
Common stock, shares outstanding	131.9	131.6

Condensed consolidated income s

Condensed consolidated income statements - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net sales	$ 1,195.2	$ 1,136.1	$ 3,509.6	$ 3,383.9
Cost of goods sold	860.6	822.6	2,524.8	2,436.4
Gross profit	334.6	313.5	984.8	947.5
Selling, general and administrative expenses	251.5	230.3	739.5	700
Operating income	83.1	83.2	245.3	247.5
Interest expense	(21.8)	(20.6)	(61.1)	(60.5)
Other income (expense), net	8.3	(0.4)	4.8	(0.9)
Income before income taxes	69.6	62.2	189	186.1
Income tax provision	(20.5)	(21.6)	(64.4)	(64.9)
Net income	$ 49.1	$ 40.6	$ 124.6	$ 121.2
Earnings per share:
Basic	$ 0.37	$ 0.31	$ 0.95	$ 0.92
Diluted	$ 0.37	$ 0.31	$ 0.94	$ 0.92
Weighted average shares outstanding:
Basic	131.8	131.5	131.7	131.4
Diluted	133.1	131.9	132.6	131.7

Condensed consolidated statemen

Condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 49.1	$ 40.6	$ 124.6	$ 121.2
Foreign currency translation:
Net unrealized gain arising during the period	36.3	4.7	99.8	27.3
Derivative instruments:
Net unrealized (loss) gain arising during the period	(0.8)	2.9	(3.3)	(0.2)
Reclassification of net gain into earnings	(5.6)	(0.5)	(5.9)	(1.3)
Defined benefit plans:
Reclassification of net loss into earnings	0.7	0.3	2.7	1.5
Other comprehensive income	30.6	7.4	93.3	27.3
Comprehensive income	$ 79.7	$ 48	$ 217.9	$ 148.5

Condensed consolidated stateme6

Condensed consolidated statements of redeemable equity and stockholders' equity - 9 months ended Sep. 30, 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	15
Ending balance, redeemable equity at Sep. 30, 2017	36.2
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					0.3
Issuance of common stock	5	5
Stock-based compensation expense	9.7	9.7
Reclassifications to state redeemable equity at redemption value	(15)	(15)
Net income	124.6		124.6
Other comprehensive income	93.3			93.3
Ending balance, stockholders' equity, shares at Sep. 30, 2017					131.9
Ending balance, stockholders' equity at Sep. 30, 2017	$ 1,712	$ 1,765.7	$ 279.1	$ (334.1)		$ 1.3

Condensed consolidated stateme7

Condensed consolidated statements of cash flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 124.6	$ 121.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	108.8	96.5
Deferred income tax (benefit) provision	(27.5)	15.9
Stock-based compensation expense	9.7	6.1
Other, net	0.9	8.5
Changes in working capital, net of business acquisitions:
Trade accounts receivable	(38.4)	(29.8)
Inventories	(12.3)	(30)
Accounts payable	5.9	(34.4)
Other assets and liabilities	30.6	32.1
Net cash provided by operating activities	202.3	186.1
Cash flows from investing activities:
Acquisitions of businesses, net of cash acquired	(197.3)	(60.8)
Capital expenditures	(43)	(45.5)
Other investing activities	6.1	0
Net cash used in investing activities	(234.2)	(106.3)
Cash flows from financing activities:
Proceeds from debt	714.2	483.7
Repayment of debt	(708.6)	(497.1)
Payment to Varietal under ITRA	(27.7)	(78.1)
Payment of contingent consideration	(21.4)	(4.2)
Net change in bank overdrafts	0.9	16.2
Proceeds from settlement of interest rate swaps	9.7	0
Other financing activities	5	1.3
Net cash used in financing activities	(27.9)	(78.2)
Effect of exchange rate changes on cash	11.4	3.8
Net (decrease) increase in cash and cash equivalents	(48.4)	5.4
Cash and cash equivalents at beginning of period	168.7	136.3
Cash and cash equivalents at end of period	120.3	141.7
Supplemental disclosures of cash flow information:
Cash paid for interest	50.9	54.7
Cash paid for income taxes, net	$ 64.3	$ 51.5

Nature of operations and basis

Nature of operations and basis of presentation	9 Months Ended
	Sep. 30, 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. Pending Merger with Avantor In May 2017, we entered into an agreement and plan of merger with Avantor pursuant to which each issued and outstanding share of our common stock will be exchanged for $33.25 . In July 2017, our stockholders voted to approve and adopt the merger agreement. The completion of the merger is subject to certain regulatory approvals and other customary closing conditions and is expected to occur in mid to late fourth quarter of 2017. The merger agreement resulted in a number of changes to our commitments and contingencies, and we expect to incur significant costs related to the pending merger, each as discussed further in Note 8 . Basis of Presentation We report financial results for two segments organized by geographic region: the Americas and EMEA-APAC. The condensed consolidated financial statements have been prepared on the basis that we will continue to operate as a separate company from Avantor for the foreseeable future. Specifically: • Assets and liabilities have been presented as current or noncurrent, and forward-looking disclosures have been prepared, on the same basis as prior periods; and • Significant commitments and contingencies related to the merger, as discussed further in Note 8 , have been disclosed but not recognized. 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	9 Months Ended
	Sep. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [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. The new guidance would require us 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 would expect no change to income before income taxes or net income and would 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 would 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 would be effective for us beginning in the first quarter of 2019, with early adoption permitted, and would be adopted using a modified retrospective approach. We would expect this new guidance to result in a significant increase to our assets and liabilities. 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 would be effective for us beginning in the first quarter of 2018 and could be adopted using either a full retrospective or a modified retrospective approach. We would expect the new recognition model to primarily impact only certain portions of our business and to result in expanded disclosures. We would not expect a material change to our results upon adoption; however, our evaluation is not yet complete. As part of the adoption we would evaluate the need for any changes to our internal control over financial reporting. We would adopt the new standard using the modified retrospective method. There were no other new accounting standards that we would expect to have a material impact to our financial position or results of operations upon adoption.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Reconciliation of weighted average shares outstanding: Basic 131.8 131.5 131.7 131.4 Dilutive effect of stock-based instruments 1.3 0.4 0.9 0.3 Diluted 133.1 131.9 132.6 131.7 Number of anti-dilutive instruments excluded from dilutive effect 1.4 2.1 3.1 3.9

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	( 4 ) Acquisitions During the nine months ended September 30, 2017 , we acquired three businesses for $197.3 million , net of cash acquired. Except for their effects on investing cash flow and leasing (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	9 Months Ended
	Sep. 30, 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 88.5 18.9 107.4 Currency translation 7.0 86.4 93.4 Balance at September 30, 2017 $ 1,209.6 $ 835.2 $ 2,044.8 September 30, 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 $ 1,416.2 $ 206.6 $ 1,209.6 $ 1,320.7 $ 206.6 $ 1,114.1 EMEA-APAC 835.2 — 835.2 729.9 — 729.9 Total $ 2,251.4 $ 206.6 $ 2,044.8 $ 2,050.6 $ 206.6 $ 1,844.0 The following table presents the components of other intangible assets: September 30, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,541.2 $ 741.7 $ 799.5 $ 1,413.0 $ 651.3 $ 761.7 Other 73.3 27.7 45.6 49.7 20.1 29.6 Amortizable intangible assets 1,614.5 769.4 845.1 1,462.7 671.4 791.3 Indefinite-lived trademarks and tradenames 642.9 — 642.9 616.5 — 616.5 Other intangible assets $ 2,257.4 $ 769.4 $ 1,488.0 $ 2,079.2 $ 671.4 $ 1,407.8 Amortization expense was $23.9 million and $21.4 million for the three months ended September 30, 2017 and 2016 , respectively, and $69.5 million and $63.7 million for the nine months ended September 30, 2017 and 2016 , respectively. The following table presents estimated future amortization expense at September 30, 2017 : (in millions) Remainder of 2017 $ 23.9 2018 93.8 2019 92.1 2020 90.7 2021 86.5 Thereafter 458.1 Total $ 845.1

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	( 6 ) Debt The following table presents information about debt: September 30, 2017 December 31, (dollars in millions) Interest terms Rate Amount Accounts receivable securitization facility LIBOR plus 1.15% 2.38 % $ 163.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility Variable 3.36 % 83.7 31.6 Term A loan, net of discount of $3.9 and $4.8 LIBOR plus 2.00% 3.24 % 826.6 859.7 Term B loan, net of discount of $3.8 and $4.4 EURIBOR plus 3.00% 3.00 % 471.6 423.8 4.625% senior notes, net of discount of $6.3 and $7.0 Fixed rate 4.63 % 588.6 524.9 Capital lease obligations 45.6 13.1 Total debt $ 2,180.0 $ 2,017.0 Classification on condensed consolidated balance sheets: Current portion of debt $ 320.2 $ 250.1 Debt, net of current portion 1,859.8 1,766.9 Total debt $ 2,180.0 $ 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. Under the pending merger agreement (see Note 1), we would be required to redeem or repay most of our debt. We may redeem the 4.625% senior notes at 102.3125% plus the present value of interest through April 15, 2018, and we must offer to redeem them at 101% following certain specific types of change of control. In 2016, we entered into a contract to swap LIBOR for fixed interest rates on a portion of our term A loan, and in September 2017, we settled that contract. See Note 7 . The following table presents availability under credit facilities at September 30, 2017 : (in millions) Accounts receivable securitization facility Multi-currency revolving loan facility Total Maximum availability $ 175.0 $ 250.0 $ 425.0 Current availability $ 175.0 $ 250.0 $ 425.0 Undrawn letters of credit outstanding (10.9 ) (1.8 ) (12.7 ) Outstanding borrowings (163.9 ) (83.7 ) (247.6 ) Unused availability $ 0.2 $ 164.5 $ 164.7 Current availability under the accounts receivable securitization facility depends upon maintaining a sufficient borrowing base of eligible trade accounts receivable. At September 30, 2017 , $268.2 million of trade accounts receivable were pledged as collateral under the facility.

Financial instruments and fair

Financial instruments and fair value measurements	9 Months Ended
	Sep. 30, 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, contingent consideration liabilities and an amount due to Varietal under the ITRA. Except for the amount due to Varietal and the contingent consideration liabilities, 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: September 30, 2017 December 31, 2016 (in millions) Carrying amount Fair value Carrying amount Fair value Accounts receivable securitization facility $ 163.9 $ 163.9 $ 163.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility 83.7 83.7 31.6 31.6 Term A loan 826.6 830.5 859.7 856.4 Term B loan 471.6 475.4 423.8 431.9 4.625% senior notes 588.6 622.1 524.9 553.9 Capital lease obligations 45.6 45.6 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 September 30, 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 $56.2 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. See Note 8 for certain developments related to the pending merger with Avantor. The following table presents changes in contingent consideration liabilities: (in millions) Nine months ended Beginning balance $ 34.7 Acquisitions 22.1 Income from changes to estimated fair value (0.8 ) Cash payments (26.2 ) Currency translation 0.9 Ending balance $ 30.7 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 $37 million for all open earn-outs a t September 30, 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 — Until September 2017, we hedged 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 Until September 2017, we were 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 exchanged the variable LIBOR rate for an approximately 1% fixed rate and would have matured on September 28, 2020. Those hedges were fully effective. As a result, changes to the fair value of the interest rate swaps, which otherwise would have been recognized in earnings, were deferred to AOCI. In September 2017, we discontinued hedge accounting, settled the interest rate swaps and received $9.7 million which we classified as a financing cash inflow. We determined that the hedged future interest payments were no longer probable of occurring because the term A loan will be repaid in connection with the merger, so we reclassified all of the related AOCI into non-operating income (see Note 13 ). 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 September 30, December 31, 2016 Cash flow hedging: Interest rate swaps Other assets $ — $ 11.2 Net investment hedging: Portion of term B loan Debt, net of current portion 418.4 379.2 4.625% senior notes Debt, net of current portion 622.1 553.9 The following table presents the net unrealized gain (loss) deferred to AOCI for these instruments: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Cash flow hedging: Interest rate swaps $ (0.6 ) $ 2.5 $ (1.6 ) $ (2.9 ) Net investment hedging: Portion of net investment in foreign operations 34.3 12.6 107.2 33.7 Portion of term B loan (14.3 ) (5.6 ) (44.5 ) (14.5 ) 4.625% senior notes (20.0 ) (7.0 ) (62.7 ) (19.2 ) The following table presents the net gain (loss) reclassified from AOCI into earnings for these instruments: (in millions) Income statement classification Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Interest rate swaps Interest expense $ 0.2 $ (0.5 ) $ (0.1 ) $ (0.9 ) Other income (expense), net 9.7 — 9.7 — All of these hedges were fully effective for the periods presented.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	( 8 ) Commitments and Contingencies Pending Merger The merger agreement, as discussed in Note 1 , resulted in a number of changes to our commitments and contingencies, summarized as follows: • Stock-based compensation — Upon completion of the merger, all of our stock-based awards would be exchanged for cash. See Note 9 . • Merger costs — Upon completion of the merger, we would be required to pay a financial advisor approximately $28 million related to its assessment of the fairness of the merger consideration to our stockholders. We estimate that we will incur other professional costs ranging from $5 to $12 million . • Associate retention plans — In contemplation of the pending merger, we adopted two retention plans that authorize us to pay up to $40.0 million to management in exchange for continuing service through May 4, 2018. Under those plans, up to $25.0 million is payable on the earlier of (i) May 4, 2018 or (ii) the date an associate is terminated by us other than for cause, due to death or disability or leaves for good reason, each as defined in the plan and subject to certain changes if the merger is not completed. In the event that U.S. federal excise taxes become due from certain executives, up to an additional $15.0 million is payable to them to keep them in the same position as if no excise tax had applied. • Amount due to Varietal under ITRA — Upon completion of the merger, the amount due to Varietal under the ITRA would be $56.2 million , which is less than its carrying amount and would result in a $1.1 million gain. See Note 15 . • Contingent consideration for business acquisitions — Upon completion of the merger, $15.0 million of previously recognized contingent consideration for a business acquisition would become immediately payable. Other contingent consideration remains payable according to the original terms. See Note 7 . • Termination clause — The merger agreement provides Avantor and us certain termination rights. We would be required to pay Avantor a termination fee of $85.0 million for the acceptance of a takeover proposal and $170.0 million for acceptance of a superior proposal or the occurrence of an adverse recommendation. We would be entitled to receive a fee of $300.0 million from Avantor for certain actions taken by regulators or certain failures of Avantor to satisfy conditions of the merger agreement. We expect to incur significant costs for these items and other professional costs related to the pending merger, $8.1 million and $18.4 million of which was recognized for the three and nine months ended September 30, 2017 , respectively. We determined that none of the above items that are contingent upon completion of the pending merger met the threshold for recognition under GAAP at September 30, 2017 . The associate retention plans, which are not contingent on the completion of the merger, are being recognized as expense on a straight-line basis over the requisite service period and are included in the merger-related costs. The other professional costs have been accrued at our current best estimate of $5.0 million and are included in the merger-related costs. Other Matters 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. 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 $11.2 million at September 30, 2017 .

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based compensation	( 9 ) Stock-Based Compensation The following table presents detail about stock-based compensation expense, a component of SG&A expenses: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 2014 Plan: Stock options $ 2.9 $ 2.2 $ 8.2 $ 5.7 Restricted stock units 0.6 0.1 1.4 0.2 Other immaterial plans — — 0.1 0.2 Total $ 3.5 $ 2.3 $ 9.7 $ 6.1 At September 30, 2017 , remaining stock-based compensation expense of $27.9 million related to stock options would be recognized over a weighted average period of 2.6 years and $6.9 million related to restricted stock units would be recognized over a weighted average period of 3.2 years . Under the pending merger agreement (see Note 1), outstanding stock options would be exchanged for the excess of the $33.25 merger price per share over each option’s exercise price, and restricted stock units would be exchanged for the merger price of $33.25 per share. 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 September 30, 2017 , 3.7 million shares were available for future issuance. Under the pending merger agreement, no award may be issued prior to its completion or termination, and under the 2014 Plan no award may be granted on or after September 9, 2024. Stock options The following table presents information about stock options under the 2014 Plan: Nine months ended September 30, 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 (0.2 ) 22.08 Forfeited (0.1 ) 23.34 Outstanding at end of period 7.2 24.09 $ 64.7 5.1 years Expected to vest 4.6 24.98 37.1 5.4 years Exercisable 2.5 22.35 26.8 4.5 years 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 years The total fair value of options vested during the nine months ended September 30, 2017 was $9.7 million . Options exercised during the nine months ended September 30, 2017 had intrinsic value of $1.6 million , caused us to realize a tax benefit of $0.5 million and resulted in cash contributions of $3.7 million . Restricted Stock Units The following table presents information about restricted stock units under the 2014 plan: Nine months ended September 30, 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 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 on the date of grant was equal to the quoted price of our common stock on that date.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Restructuring	( 10 ) Restructuring In the fourth quarter of 2016, we initiated 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 the charges under this program, substantially all of which are included in SG&A expenses: (in millions) Three months ended September 30, 2017 Nine months ended September 30, 2017 September 30, 2017 Cumulative charges incurred Expected remaining charges Total expected charges Employee severance $ 0.7 $ 4.8 $ 17.7 $ — $ 17.7 Facility closure 0.6 1.0 1.4 2.2 3.6 Other 0.1 4.0 11.0 2.7 13.7 Total $ 1.4 $ 9.8 $ 30.1 $ 4.9 $ 35.0 Americas $ 1.0 $ 2.8 $ 4.6 $ 0.4 $ 5.0 EMEA-APAC 0.4 7.0 25.5 4.5 30.0 Total $ 1.4 $ 9.8 $ 30.1 $ 4.9 $ 35.0 Other charges are to write-down the carrying value of net assets of businesses planned for closure or sale under the program and other charges not payable in cash. 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 4.8 1.0 5.8 Cash payments (10.3 ) (0.5 ) (10.8 ) Currency translation 0.7 — 0.7 Balance at September 30, 2017 $ 5.9 $ 0.9 $ 6.8

Benefit plans

Benefit plans	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [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 September 30, Three months ended September 30, (in millions) 2017 2016 2017 2016 Service cost $ 1.4 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.6 1.7 1.0 1.1 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 $ 1.1 U.S. Retirement Plan German, French and UK Plans Nine months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Service cost $ 4.2 $ 0.5 $ 1.2 $ 1.1 Interest cost 4.8 5.1 3.0 3.4 Expected return on plan assets (10.5 ) (9.8 ) (3.7 ) (3.6 ) Recognized net actuarial loss — — 3.0 2.5 Total $ (1.5 ) $ (4.2 ) $ 3.5 $ 3.4 During the nine months ended September 30, 2017 , we made no contributions to the U.S. Retirement Plan and $1.7 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 $3.1 million to the German, French and UK Plans.

Leases

Leases	9 Months Ended
	Sep. 30, 2017
Leases [Abstract]
Leases	( 12 ) Leases The following table presents future minimum lease payments for a business acquired in the first quarter of 2017: September 30, 2017 (in millions) Capital leases Operating leases Remainder of 2017 $ 0.7 $ 0.1 2018 2.7 0.4 2019 2.6 0.4 2020 2.8 0.4 2021 2.9 0.2 Thereafter 57.3 4.4 Total minimum payments 69.0 $ 5.9 Imputed interest 36.6 Present value of minimum lease payments $ 32.4 Assets under capital leases for that business were $32.5 million with $0.8 million of accumulated depreciation at September 30, 2017 . The capital lease assets are recorded in property and equipment, net, and the capital lease obligations are recorded in debt.

Other income or expense, net

Other income or expense, net	9 Months Ended
	Sep. 30, 2017
Other Income and Expenses [Abstract]
Other income or expense, net	( 13 ) Other Income or Expense, net The following table presents the components of other income (expense), net: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Net foreign currency remeasurement loss from financing activities $ (1.4 ) $ (0.4 ) $ (5.0 ) $ (0.9 ) Gain on settlement of interest rate swaps (Note 7) 9.7 — 9.7 — Other, net — — 0.1 — Total $ 8.3 $ (0.4 ) $ 4.8 $ (0.9 )

Comprehensive income or loss

Comprehensive income or loss	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Comprehensive income or loss	( 14 ) 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 99.8 (3.3 ) — 96.5 Reclassification of net (gain) loss into earnings — (5.9 ) 2.7 (3.2 ) Balance at September 30, 2017 $ (286.7 ) $ (0.4 ) $ (47.0 ) $ (334.1 ) The following table presents the reclassification of net (gain) loss from AOCI into earnings: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Derivative instruments: Cost of goods sold $ 0.8 $ (1.1 ) $ 0.1 $ (2.3 ) Selling, general and administrative expenses (0.1 ) — (0.2 ) — Interest expense (0.2 ) 0.5 0.1 0.9 Other income or expense, net (9.7 ) — (9.7 ) — Income tax provision 3.6 0.1 3.8 0.1 Net income $ (5.6 ) $ (0.5 ) $ (5.9 ) $ (1.3 ) Defined benefit plans: Selling, general and administrative expenses $ 1.0 $ 0.6 $ 3.8 $ 2.3 Income tax provision (0.3 ) (0.3 ) (1.1 ) (0.8 ) Net income $ 0.7 $ 0.3 $ 2.7 $ 1.5 The following table presents the income tax effects of the components of comprehensive income or loss: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Foreign currency translation: Net unrealized income tax benefit arising during the period $ 13.4 $ 5.0 $ 41.8 $ 13.2 Derivative instruments: Net unrealized income tax benefit (provision) arising during the period 0.4 (1.6 ) 1.4 0.6 Net reclassification of income tax provision into earnings 3.6 0.1 3.8 0.1 Defined benefit plans: Net reclassification of income tax benefit into earnings (0.3 ) (0.3 ) (1.1 ) (0.8 )

Related party transactions

Related party transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related party transactions	( 15 ) 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. We made a payment under the ITRA of $27.7 million during the first quarter of 2017. At September 30, 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 . In connection with the pending merger, the ITRA would become immediately payable. See Note 8 .

Segment financial information

Segment financial information	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment financial information	( 16 ) Segment Financial Information The following table presents segment financial information: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Net sales: Americas $ 717.6 $ 707.7 $ 2,136.8 $ 2,069.3 EMEA-APAC 477.6 428.4 1,372.8 1,314.6 Total $ 1,195.2 $ 1,136.1 $ 3,509.6 $ 3,383.9 Operating income: Americas $ 42.2 $ 47.2 $ 126.3 $ 134.2 EMEA-APAC 40.9 36.0 119.0 113.3 Total $ 83.1 $ 83.2 $ 245.3 $ 247.5 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.

Nature of operations and basi24

Nature of operations and basis of presentation (Policies)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	We report financial results for two segments organized by geographic region: the Americas and EMEA-APAC. The condensed consolidated financial statements have been prepared on the basis that we will continue to operate as a separate company from Avantor for the foreseeable future. Specifically: • Assets and liabilities have been presented as current or noncurrent, and forward-looking disclosures have been prepared, on the same basis as prior periods; and • Significant commitments and contingencies related to the merger, as discussed further in Note 8 , have been disclosed but not recognized. 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Reconciliation of weighted average shares outstanding: Basic 131.8 131.5 131.7 131.4 Dilutive effect of stock-based instruments 1.3 0.4 0.9 0.3 Diluted 133.1 131.9 132.6 131.7 Number of anti-dilutive instruments excluded from dilutive effect 1.4 2.1 3.1 3.9

Goodwill and other intangible26

Goodwill and other intangible assets, net (Tables)	9 Months Ended
	Sep. 30, 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 88.5 18.9 107.4 Currency translation 7.0 86.4 93.4 Balance at September 30, 2017 $ 1,209.6 $ 835.2 $ 2,044.8 September 30, 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 $ 1,416.2 $ 206.6 $ 1,209.6 $ 1,320.7 $ 206.6 $ 1,114.1 EMEA-APAC 835.2 — 835.2 729.9 — 729.9 Total $ 2,251.4 $ 206.6 $ 2,044.8 $ 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: September 30, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,541.2 $ 741.7 $ 799.5 $ 1,413.0 $ 651.3 $ 761.7 Other 73.3 27.7 45.6 49.7 20.1 29.6 Amortizable intangible assets 1,614.5 769.4 845.1 1,462.7 671.4 791.3 Indefinite-lived trademarks and tradenames 642.9 — 642.9 616.5 — 616.5 Other intangible assets $ 2,257.4 $ 769.4 $ 1,488.0 $ 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: September 30, 2017 December 31, 2016 (in millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,541.2 $ 741.7 $ 799.5 $ 1,413.0 $ 651.3 $ 761.7 Other 73.3 27.7 45.6 49.7 20.1 29.6 Amortizable intangible assets 1,614.5 769.4 845.1 1,462.7 671.4 791.3 Indefinite-lived trademarks and tradenames 642.9 — 642.9 616.5 — 616.5 Other intangible assets $ 2,257.4 $ 769.4 $ 1,488.0 $ 2,079.2 $ 671.4 $ 1,407.8
Schedule of estimated future amortization expense	The following table presents estimated future amortization expense at September 30, 2017 : (in millions) Remainder of 2017 $ 23.9 2018 93.8 2019 92.1 2020 90.7 2021 86.5 Thereafter 458.1 Total $ 845.1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule of information about debt	The following table presents information about debt: September 30, 2017 December 31, (dollars in millions) Interest terms Rate Amount Accounts receivable securitization facility LIBOR plus 1.15% 2.38 % $ 163.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility Variable 3.36 % 83.7 31.6 Term A loan, net of discount of $3.9 and $4.8 LIBOR plus 2.00% 3.24 % 826.6 859.7 Term B loan, net of discount of $3.8 and $4.4 EURIBOR plus 3.00% 3.00 % 471.6 423.8 4.625% senior notes, net of discount of $6.3 and $7.0 Fixed rate 4.63 % 588.6 524.9 Capital lease obligations 45.6 13.1 Total debt $ 2,180.0 $ 2,017.0 Classification on condensed consolidated balance sheets: Current portion of debt $ 320.2 $ 250.1 Debt, net of current portion 1,859.8 1,766.9 Total debt $ 2,180.0 $ 2,017.0
Schedule of availability under credit facilities	The following table presents availability under credit facilities at September 30, 2017 : (in millions) Accounts receivable securitization facility Multi-currency revolving loan facility Total Maximum availability $ 175.0 $ 250.0 $ 425.0 Current availability $ 175.0 $ 250.0 $ 425.0 Undrawn letters of credit outstanding (10.9 ) (1.8 ) (12.7 ) Outstanding borrowings (163.9 ) (83.7 ) (247.6 ) Unused availability $ 0.2 $ 164.5 $ 164.7

Financial instruments and fai28

Financial instruments and fair value measurements (Tables)	9 Months Ended
	Sep. 30, 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: September 30, 2017 December 31, 2016 (in millions) Carrying amount Fair value Carrying amount Fair value Accounts receivable securitization facility $ 163.9 $ 163.9 $ 163.9 $ 163.9 Senior credit facility: Multi-currency revolving loan facility 83.7 83.7 31.6 31.6 Term A loan 826.6 830.5 859.7 856.4 Term B loan 471.6 475.4 423.8 431.9 4.625% senior notes 588.6 622.1 524.9 553.9 Capital lease obligations 45.6 45.6 13.1 13.1
Schedule of changes in recurring fair value measurements	The following table presents changes in contingent consideration liabilities: (in millions) Nine months ended Beginning balance $ 34.7 Acquisitions 22.1 Income from changes to estimated fair value (0.8 ) Cash payments (26.2 ) Currency translation 0.9 Ending balance $ 30.7
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 September 30, December 31, 2016 Cash flow hedging: Interest rate swaps Other assets $ — $ 11.2 Net investment hedging: Portion of term B loan Debt, net of current portion 418.4 379.2 4.625% senior notes Debt, net of current portion 622.1 553.9
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 September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Cash flow hedging: Interest rate swaps $ (0.6 ) $ 2.5 $ (1.6 ) $ (2.9 ) Net investment hedging: Portion of net investment in foreign operations 34.3 12.6 107.2 33.7 Portion of term B loan (14.3 ) (5.6 ) (44.5 ) (14.5 ) 4.625% senior notes (20.0 ) (7.0 ) (62.7 ) (19.2 )
Schedule of net gain (loss) reclassified from AOCI into earnings	The following table presents the net gain (loss) reclassified from AOCI into earnings for these instruments: (in millions) Income statement classification Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Interest rate swaps Interest expense $ 0.2 $ (0.5 ) $ (0.1 ) $ (0.9 ) Other income (expense), net 9.7 — 9.7 —

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of components of stock-based compensation expense	The following table presents detail about stock-based compensation expense, a component of SG&A expenses: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 2014 Plan: Stock options $ 2.9 $ 2.2 $ 8.2 $ 5.7 Restricted stock units 0.6 0.1 1.4 0.2 Other immaterial plans — — 0.1 0.2 Total $ 3.5 $ 2.3 $ 9.7 $ 6.1
Schedule of information about stock options	The following table presents information about stock options under the 2014 Plan: Nine months ended September 30, 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 (0.2 ) 22.08 Forfeited (0.1 ) 23.34 Outstanding at end of period 7.2 24.09 $ 64.7 5.1 years Expected to vest 4.6 24.98 37.1 5.4 years Exercisable 2.5 22.35 26.8 4.5 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 years
Schedule of information about restricted stock units	The following table presents information about restricted stock units under the 2014 plan: Nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Schedule of restructuring charges	The following table presents the charges under this program, substantially all of which are included in SG&A expenses: (in millions) Three months ended September 30, 2017 Nine months ended September 30, 2017 September 30, 2017 Cumulative charges incurred Expected remaining charges Total expected charges Employee severance $ 0.7 $ 4.8 $ 17.7 $ — $ 17.7 Facility closure 0.6 1.0 1.4 2.2 3.6 Other 0.1 4.0 11.0 2.7 13.7 Total $ 1.4 $ 9.8 $ 30.1 $ 4.9 $ 35.0 Americas $ 1.0 $ 2.8 $ 4.6 $ 0.4 $ 5.0 EMEA-APAC 0.4 7.0 25.5 4.5 30.0 Total $ 1.4 $ 9.8 $ 30.1 $ 4.9 $ 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 4.8 1.0 5.8 Cash payments (10.3 ) (0.5 ) (10.8 ) Currency translation 0.7 — 0.7 Balance at September 30, 2017 $ 5.9 $ 0.9 $ 6.8

Benefit plans (Tables)

Benefit plans (Tables)	9 Months Ended
	Sep. 30, 2017
Retirement Benefits [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 September 30, Three months ended September 30, (in millions) 2017 2016 2017 2016 Service cost $ 1.4 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.6 1.7 1.0 1.1 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 $ 1.1 U.S. Retirement Plan German, French and UK Plans Nine months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Service cost $ 4.2 $ 0.5 $ 1.2 $ 1.1 Interest cost 4.8 5.1 3.0 3.4 Expected return on plan assets (10.5 ) (9.8 ) (3.7 ) (3.6 ) Recognized net actuarial loss — — 3.0 2.5 Total $ (1.5 ) $ (4.2 ) $ 3.5 $ 3.4

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2017
Leases [Abstract]
Schedule of future minimum lease payments, capital leases	The following table presents future minimum lease payments for a business acquired in the first quarter of 2017: September 30, 2017 (in millions) Capital leases Operating leases Remainder of 2017 $ 0.7 $ 0.1 2018 2.7 0.4 2019 2.6 0.4 2020 2.8 0.4 2021 2.9 0.2 Thereafter 57.3 4.4 Total minimum payments 69.0 $ 5.9 Imputed interest 36.6 Present value of minimum lease payments $ 32.4
Schedule of future minimum lease payments, operating leases	The following table presents future minimum lease payments for a business acquired in the first quarter of 2017: September 30, 2017 (in millions) Capital leases Operating leases Remainder of 2017 $ 0.7 $ 0.1 2018 2.7 0.4 2019 2.6 0.4 2020 2.8 0.4 2021 2.9 0.2 Thereafter 57.3 4.4 Total minimum payments 69.0 $ 5.9 Imputed interest 36.6 Present value of minimum lease payments $ 32.4

Other income or expense, net (T

Other income or expense, net (Tables)	9 Months Ended
	Sep. 30, 2017
Other Income and Expenses [Abstract]
Schedule of components of other income or expense, net	The following table presents the components of other income (expense), net: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Net foreign currency remeasurement loss from financing activities $ (1.4 ) $ (0.4 ) $ (5.0 ) $ (0.9 ) Gain on settlement of interest rate swaps (Note 7) 9.7 — 9.7 — Other, net — — 0.1 — Total $ 8.3 $ (0.4 ) $ 4.8 $ (0.9 )

Comprehensive income or loss (T

Comprehensive income or loss (Tables)	9 Months Ended
	Sep. 30, 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 99.8 (3.3 ) — 96.5 Reclassification of net (gain) loss into earnings — (5.9 ) 2.7 (3.2 ) Balance at September 30, 2017 $ (286.7 ) $ (0.4 ) $ (47.0 ) $ (334.1 )
Schedule of reclassifications from AOCI into earnings	The following table presents the reclassification of net (gain) loss from AOCI into earnings: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Derivative instruments: Cost of goods sold $ 0.8 $ (1.1 ) $ 0.1 $ (2.3 ) Selling, general and administrative expenses (0.1 ) — (0.2 ) — Interest expense (0.2 ) 0.5 0.1 0.9 Other income or expense, net (9.7 ) — (9.7 ) — Income tax provision 3.6 0.1 3.8 0.1 Net income $ (5.6 ) $ (0.5 ) $ (5.9 ) $ (1.3 ) Defined benefit plans: Selling, general and administrative expenses $ 1.0 $ 0.6 $ 3.8 $ 2.3 Income tax provision (0.3 ) (0.3 ) (1.1 ) (0.8 ) Net income $ 0.7 $ 0.3 $ 2.7 $ 1.5
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 September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Foreign currency translation: Net unrealized income tax benefit arising during the period $ 13.4 $ 5.0 $ 41.8 $ 13.2 Derivative instruments: Net unrealized income tax benefit (provision) arising during the period 0.4 (1.6 ) 1.4 0.6 Net reclassification of income tax provision into earnings 3.6 0.1 3.8 0.1 Defined benefit plans: Net reclassification of income tax benefit into earnings (0.3 ) (0.3 ) (1.1 ) (0.8 )

Segment financial information (

Segment financial information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule of segment financial information	The following table presents segment financial information: Three months ended September 30, Nine months ended September 30, (in millions) 2017 2016 2017 2016 Net sales: Americas $ 717.6 $ 707.7 $ 2,136.8 $ 2,069.3 EMEA-APAC 477.6 428.4 1,372.8 1,314.6 Total $ 1,195.2 $ 1,136.1 $ 3,509.6 $ 3,383.9 Operating income: Americas $ 42.2 $ 47.2 $ 126.3 $ 134.2 EMEA-APAC 40.9 36.0 119.0 113.3 Total $ 83.1 $ 83.2 $ 245.3 $ 247.5

Nature of operations and basi36

Nature of operations and basis of presentation (Details)	9 Months Ended
	Sep. 30, 2017Segment$ / shares
Nature of operations and basis of presentation
Number of reportable segments | Segment	2
Common stock | Pending merger with Avantor
Nature of operations and basis of presentation
Merger price per share | $ / shares	$ 33.25

Earnings per share (Details)

Earnings per share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Reconciliation of weighted average shares outstanding:
Basic	131.8	131.5	131.7	131.4
Dilutive effect of stock-based instruments	1.3	0.4	0.9	0.3
Diluted	133.1	131.9	132.6	131.7
Number of anti-dilutive instruments excluded from dilutive effect	1.4	2.1	3.1	3.9

Acquisitions (Details)

Acquisitions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)Business	Sep. 30, 2016USD ($)
Acquisitions
Cash paid to acquire business	$ 197.3	$ 60.8
Series of individually immaterial business acquisitions
Acquisitions
Number of businesses acquired | Business	3
Cash paid to acquire business	$ 197.3

Goodwill and other intangible39

Goodwill and other intangible assets, net - Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Changes in goodwill
Beginning balance	$ 1,844
Acquisitions	107.4
Currency translation	93.4
Ending balance	2,044.8
Components of goodwill
Gross carrying amount		$ 2,251.4	$ 2,050.6
Accumulated impairment losses		206.6	206.6
Net carrying amount	1,844	2,044.8	1,844
Americas
Changes in goodwill
Beginning balance	1,114.1
Acquisitions	88.5
Currency translation	7
Ending balance	1,209.6
Components of goodwill
Gross carrying amount		1,416.2	1,320.7
Accumulated impairment losses		206.6	206.6
Net carrying amount	1,114.1	1,209.6	1,114.1
EMEA-APAC
Changes in goodwill
Beginning balance	729.9
Acquisitions	18.9
Currency translation	86.4
Ending balance	835.2
Components of goodwill
Gross carrying amount		835.2	729.9
Accumulated impairment losses		0	0
Net carrying amount	$ 729.9	$ 835.2	$ 729.9

Goodwill and other intangible40

Goodwill and other intangible assets, net - Amortizable intangible assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Amortizable intangible assets
Gross carrying amount	$ 1,614.5		$ 1,614.5		$ 1,462.7
Accumulated amortization	769.4		769.4		671.4
Net carrying amount	845.1		845.1		791.3
Amortization expense	23.9	$ 21.4	69.5	$ 63.7
Customer relationships
Amortizable intangible assets
Gross carrying amount	1,541.2		1,541.2		1,413
Accumulated amortization	741.7		741.7		651.3
Net carrying amount	799.5		799.5		761.7
Other
Amortizable intangible assets
Gross carrying amount	73.3		73.3		49.7
Accumulated amortization	27.7		27.7		20.1
Net carrying amount	$ 45.6		$ 45.6		$ 29.6

Goodwill and other intangible41

Goodwill and other intangible assets, net - Other intangible assets (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Gross carrying amount
Amortizable intangible assets	$ 1,614.5	$ 1,462.7
Indefinite-lived trademarks and tradenames	642.9	616.5
Other intangible assets	2,257.4	2,079.2
Net carrying amount
Amortizable intangible assets	845.1	791.3
Indefinite-lived trademarks and tradenames	642.9	616.5
Other intangible assets	$ 1,488	$ 1,407.8

Goodwill and other intangible42

Goodwill and other intangible assets, net - Estimated future amortization expense (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Estimated future amortization expense
Remainder of 2017	$ 23.9
2,018	93.8
2,019	92.1
2,020	90.7
2,021	86.5
Thereafter	458.1
Net carrying amount	$ 845.1	$ 791.3

Debt - Components (Details)

Debt - Components (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Information about debt
Current portion of debt	$ 320.2	$ 250.1
Debt, net of current portion	1,859.8	1,766.9
Debt	$ 2,180	2,017
Accounts receivable securitization facility
Information about debt
Interest terms	LIBOR plus 1.15%
Variable margin	1.15%
Rate	2.38%
Debt	$ 163.9	163.9
Senior credit facility | Multi-currency revolving loan facility
Information about debt
Interest terms	Variable
Rate	3.36%
Debt	$ 83.7	31.6
Senior credit facility | Term A loan
Information about debt
Discount	$ 3.9	4.8
Interest terms	LIBOR plus 2.00%
Variable margin	2.00%
Rate	3.24%
Debt	$ 826.6	859.7
Senior credit facility | Term B loan
Information about debt
Discount	$ 3.8	4.4
Interest terms	EURIBOR plus 3.00%
Variable margin	3.00%
Rate	3.00%
Debt	$ 471.6	423.8
Senior notes | 4.625%
Information about debt
Discount	$ 6.3	7
Interest terms	Fixed rate
Rate	4.63%
Debt	$ 588.6	524.9
Capital lease obligations
Information about debt
Debt	$ 45.6	$ 13.1

Debt - Availability under credi

Debt - Availability under credit facilities (Details) $ in Millions	Sep. 30, 2017USD ($)
Information about debt
Maximum availability	$ 425
Current availability	425
Undrawn letters of credit outstanding	(12.7)
Outstanding borrowings	(247.6)
Unused availability	164.7
Accounts receivable securitization facility
Information about debt
Maximum availability	175
Current availability	175
Undrawn letters of credit outstanding	(10.9)
Outstanding borrowings	(163.9)
Unused availability	0.2
Amount pledged as collateral	268.2
Senior credit facility | Multi-currency revolving loan facility
Information about debt
Maximum availability	250
Current availability	250
Undrawn letters of credit outstanding	(1.8)
Outstanding borrowings	(83.7)
Unused availability	$ 164.5

Financial instruments and fai45

Financial instruments and fair value measurements - Assets and liabilities for which fair value is only disclosed (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Assets and liabilities for which fair value is only disclosed:
Carrying amount	$ 2,180	$ 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	56.2	82.9
Accounts receivable securitization facility
Assets and liabilities for which fair value is only disclosed:
Carrying amount	163.9	163.9
Accounts receivable securitization facility | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	163.9	163.9
Senior credit facility | Multi-currency revolving loan facility
Assets and liabilities for which fair value is only disclosed:
Carrying amount	83.7	31.6
Senior credit facility | Multi-currency revolving loan facility | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	83.7	31.6
Senior credit facility | Term A loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	826.6	859.7
Senior credit facility | Term A loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	830.5	856.4
Senior credit facility | Term B loan
Assets and liabilities for which fair value is only disclosed:
Carrying amount	471.6	423.8
Senior credit facility | Term B loan | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	475.4	431.9
Senior notes | 4.625%
Assets and liabilities for which fair value is only disclosed:
Carrying amount	588.6	524.9
Senior notes | 4.625% | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	622.1	553.9
Capital lease obligations
Assets and liabilities for which fair value is only disclosed:
Carrying amount	45.6	13.1
Capital lease obligations | Level 2
Assets and liabilities for which fair value is only disclosed:
Fair value	$ 45.6	$ 13.1

Financial instruments and fai46

Financial instruments and fair value measurements - Recurring fair value measurements with significant unobservable inputs (Details) - Recurring - Level 3 $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Changes in fair value measurements:
Beginning balance	$ 34.7
Acquisitions	22.1
Income from changes to estimated fair value	(0.8)
Cash payments	(26.2)
Currency translation	0.9
Ending balance	30.7
Information about contingent consideration:
Range of outcomes, low	0
Range of outcomes, high	$ 37

Financial instruments and fai47

Financial instruments and fair value measurements - Derivative instruments and hedging activities (Details) € in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017EUR (€)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Derivative instruments and hedging activities:
Cash proceeds from settlement of interest rate swaps				$ 9.7	$ 0
Designated as hedge | Cash flow hedging | Interest rate swap
Derivative instruments and hedging activities:
Number of instruments held	2			2
Notional amount	$ 500			$ 500
Fixed interest rate	1.00%			1.00%
Net unrealized gain (loss) deferred to AOCI	$ (0.6)	$ 2.5		$ (1.6)	(2.9)
Designated as hedge | Cash flow hedging | Interest rate swap | Interest expense
Derivative instruments and hedging activities:
Net gain (loss) reclassified from AOCI into earnings	0.2	(0.5)		(0.1)	(0.9)
Designated as hedge | Cash flow hedging | Interest rate swap | Level 2 | Other assets
Derivative instruments and hedging activities:
Fair value	0			0		$ 11.2
Designated as hedge | Net investment hedging | Portion of net investment in foreign operations
Derivative instruments and hedging activities:
Net unrealized gain (loss) deferred to AOCI	34.3	12.6		107.2	33.7
Designated as hedge | Net investment hedging | Portion of term B loan
Derivative instruments and hedging activities:
Notional amount | €			€ 356
Net unrealized gain (loss) deferred to AOCI	(14.3)	(5.6)		(44.5)	(14.5)
Designated as hedge | Net investment hedging | Portion of term B loan | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value	418.4			418.4		379.2
Designated as hedge | Net investment hedging | 4.625% senior notes
Derivative instruments and hedging activities:
Notional amount | €			€ 503.8
Net unrealized gain (loss) deferred to AOCI	(20)	(7)		(62.7)	(19.2)
Designated as hedge | Net investment hedging | 4.625% senior notes | Level 2 | Debt, net of current portion
Derivative instruments and hedging activities:
Fair value	622.1			622.1		$ 553.9
Not designated as hedge | Interest rate swap | Other income (expense), net
Derivative instruments and hedging activities:
Net gain (loss) reclassified from AOCI into earnings	9.7	$ 0		$ 9.7	$ 0
Not designated as hedge | Cash flow hedging | Interest rate swap | Other income (expense), net
Derivative instruments and hedging activities:
Cash proceeds from settlement of interest rate swaps	$ 9.7

Commitments and contingencies (

Commitments and contingencies (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)
Commitments and contingencies:
Merger-related costs	$ 8.1	$ 18.4
Other professional costs
Commitments and contingencies:
Amount accrued	5	5
Other professional costs | Minimum
Commitments and contingencies:
Loss contingency	5	5
Other professional costs | Maximum
Commitments and contingencies:
Loss contingency	12	12
Associate retention plans, total | Maximum
Commitments and contingencies:
Commitment	40	40
Associate retention plans, payable for continuing service | Maximum
Commitments and contingencies:
Commitment	25	25
Associate retention plans, payable for excise tax | Maximum
Commitments and contingencies:
Commitment	15	15
Income tax receivable agreement
Commitments and contingencies:
Commitment	56.2	56.2
Gain contingency	1.1	1.1
Termination clause, exercised by Avantor
Commitments and contingencies:
Gain contingency	300	300
Fairness opinion
Commitments and contingencies:
Loss contingency	28	28
Contingent consideration
Commitments and contingencies:
Loss contingency	15	15
Termination clause, exercised by VWR for acceptance of takeover proposal
Commitments and contingencies:
Loss contingency	85	85
Termination clause, exercised by VWR for acceptance of superior proposal
Commitments and contingencies:
Loss contingency	170	170
Employment agreements | Maximum
Commitments and contingencies:
Loss contingency	$ 11.2	$ 11.2

Stock-based compensation - Over

Stock-based compensation - Overall (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock-based compensation
Expense recognized	$ 3.5	$ 2.3	$ 9.7	$ 6.1
2014 Plan
Stock-based compensation
Number of shares authorized	11.5		11.5
Number of shares available for future issuance	3.7		3.7
2014 Plan | Stock option
Stock-based compensation
Expense recognized	$ 2.9	2.2	$ 8.2	5.7
Expense to be recognized	27.9		$ 27.9
Expense to be recognized, weighted average period of recognition			2 years 7 months 6 days
2014 Plan | RSU
Stock-based compensation
Expense recognized	0.6	0.1	$ 1.4	0.2
Expense to be recognized	6.9		$ 6.9
Expense to be recognized, weighted average period of recognition			3 years 2 months 12 days
Other immaterial plans
Stock-based compensation
Expense recognized	$ 0	$ 0	$ 0.1	$ 0.2
Common stock | Pending merger with Avantor
Stock-based compensation
Merger price per share	$ 33.25		$ 33.25

Stock-based compensation - Stoc

Stock-based compensation - Stock options (Details) - 2014 Plan - Stock option $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Rollforward, number of stock options
Outstanding at beginning of period | shares	5.8
Granted | shares	1.7
Exercised | shares	(0.2)
Forfeited | shares	(0.1)
Outstanding at end of period | shares	7.2
Rollforward, weighted average exercise price per option
Outstanding at beginning of period	$ 22.80
Granted	28.26
Exercised	22.08
Forfeited	23.34
Outstanding at end of period	$ 24.09
Outstanding, aggregate intrinsic value | $	$ 64.7
Outstanding, weighted average remaining term	5 years 1 month 6 days
Expected to vest
Number of stock options | shares	4.6
Weighted average exercise price per option	$ 24.98
Aggregate intrinsic value | $	$ 37.1
Weighted average remaining term	5 years 4 months 24 days
Exercisable
Number of stock options | shares	2.5
Weighted average exercise price per option	$ 22.35
Aggregate intrinsic value | $	$ 26.8
Weighted average remaining term	4 years 6 months
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 | $	$ 9.7
Exercised, aggregate intrinsic value | $	1.6
Exercised, realized tax benefit | $	0.5
Exercised, cash contributions | $	$ 3.7
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	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)
Information about restructuring charges
Restructuring charges	$ 1.4	$ 9.8
Cumulative charges incurred	30.1	30.1
Expected remaining charges	4.9	4.9
Total expected charges	35	35
Changes to accrued restructuring charges
Beginning balance		11.1
Restructuring charges		5.8
Cash payments		(10.8)
Currency translation		0.7
Ending balance	6.8	6.8
Americas
Information about restructuring charges
Restructuring charges	1	2.8
Cumulative charges incurred	4.6	4.6
Expected remaining charges	0.4	0.4
Total expected charges	5	5
EMEA-APAC
Information about restructuring charges
Restructuring charges	0.4	7
Cumulative charges incurred	25.5	25.5
Expected remaining charges	4.5	4.5
Total expected charges	30	30
Employee severance
Information about restructuring charges
Restructuring charges	0.7	4.8
Cumulative charges incurred	17.7	17.7
Expected remaining charges	0	0
Total expected charges	17.7	17.7
Changes to accrued restructuring charges
Beginning balance		10.7
Restructuring charges		4.8
Cash payments		(10.3)
Currency translation		0.7
Ending balance	5.9	5.9
Facility closure
Information about restructuring charges
Restructuring charges	0.6	1
Cumulative charges incurred	1.4	1.4
Expected remaining charges	2.2	2.2
Total expected charges	3.6	3.6
Changes to accrued restructuring charges
Beginning balance		0.4
Restructuring charges		1
Cash payments		(0.5)
Currency translation		0
Ending balance	0.9	0.9
Other
Information about restructuring charges
Restructuring charges	0.1	4
Cumulative charges incurred	11	11
Expected remaining charges	2.7	2.7
Total expected charges	$ 13.7	$ 13.7

Benefit plans (Details)

Benefit plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
U.S. Retirement Plan
Total
Service cost	$ 1.4	$ 0.2	$ 4.2	$ 0.5
Interest cost	1.6	1.7	4.8	5.1
Expected return on plan assets	(3.5)	(3.3)	(10.5)	(9.8)
Recognized net actuarial loss	0	0	0	0
Total	(0.5)	(1.4)	(1.5)	(4.2)
Contributions paid			0
Expected contributions for remainder of year	0		0
German, French, and UK Plans
Total
Service cost	0.4	0.4	1.2	1.1
Interest cost	1	1.1	3	3.4
Expected return on plan assets	(1.2)	(1.2)	(3.7)	(3.6)
Recognized net actuarial loss	1	0.8	3	2.5
Total	1.2	$ 1.1	3.5	$ 3.4
Contributions paid			1.7
Expected contributions for remainder of year	$ 3.1		$ 3.1

Leases (Details)

Leases (Details) - An individually immaterial business acquisition $ in Millions	Sep. 30, 2017USD ($)
Future minimum lease payments under capital leases
Remainder of 2017	$ 0.7
2,018	2.7
2,019	2.6
2,020	2.8
2,021	2.9
Thereafter	57.3
Total minimum payments	69
Imputed interest	36.6
Present value of minimum lease payments	32.4
Future minimum lease payments under operating leases
Remainder of 2017	0.1
2,018	0.4
2,019	0.4
2,020	0.4
2,021	0.2
Thereafter	4.4
Total minimum payments	5.9
Capital leased assets, gross	32.5
Capital leased assets, accumulated depreciation	$ 0.8

Other income or expense, net (D

Other income or expense, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Other Income and Expenses [Abstract]
Net foreign currency remeasurement loss from financing activities	$ (1.4)	$ (0.4)	$ (5)	$ (0.9)
Gain on settlement of interest rate swaps (Note 7)	9.7	0	9.7	0
Other, net	0	0	0.1	0
Total	$ 8.3	$ (0.4)	$ 4.8	$ (0.9)

Comprehensive income or loss -

Comprehensive income or loss - Changes in accumulated balances (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Changes in AOCI, net of tax
Beginning balance	$ (427.4)
Net unrealized gain (loss) arising during the period	96.5
Reclassification of net (gain) loss into earnings	(3.2)
Ending balance	(334.1)
Foreign currency translation
Changes in AOCI, net of tax
Beginning balance	(386.5)
Net unrealized gain (loss) arising during the period	99.8
Reclassification of net (gain) loss into earnings	0
Ending balance	(286.7)
Derivative instruments
Changes in AOCI, net of tax
Beginning balance	8.8
Net unrealized gain (loss) arising during the period	(3.3)
Reclassification of net (gain) loss into earnings	(5.9)
Ending balance	(0.4)
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	2.7
Ending balance	$ (47)

Comprehensive income or loss 57

Comprehensive income or loss - Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Component of earnings:
Net sales	$ 1,195.2	$ 1,136.1	$ 3,509.6	$ 3,383.9
Cost of goods sold	(860.6)	(822.6)	(2,524.8)	(2,436.4)
Selling, general and administrative expenses	(251.5)	(230.3)	(739.5)	(700)
Interest expense	(21.8)	(20.6)	(61.1)	(60.5)
Other income or expense, net	8.3	(0.4)	4.8	(0.9)
Income tax provision	(20.5)	(21.6)	(64.4)	(64.9)
Net income	49.1	40.6	124.6	121.2
Reclassification of net (gain) loss from AOCI into earnings | Derivative instruments
Component of earnings:
Cost of goods sold	0.8	(1.1)	0.1	(2.3)
Selling, general and administrative expenses	(0.1)	0	(0.2)	0
Interest expense	(0.2)	0.5	0.1	0.9
Other income or expense, net	(9.7)	0	(9.7)	0
Income tax provision	3.6	0.1	3.8	0.1
Net income	(5.6)	(0.5)	(5.9)	(1.3)
Reclassification of net (gain) loss from AOCI into earnings | Defined benefit plans
Component of earnings:
Selling, general and administrative expenses	1	0.6	3.8	2.3
Income tax provision	(0.3)	(0.3)	(1.1)	(0.8)
Net income	$ 0.7	$ 0.3	$ 2.7	$ 1.5

Comprehensive income or loss 58

Comprehensive income or loss - Income tax effects (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Foreign currency translation:
Net unrealized income tax benefit arising during the period	$ 13.4	$ 5	$ 41.8	$ 13.2
Derivative instruments:
Net unrealized income tax benefit (provision) arising during the period	0.4	(1.6)	1.4	0.6
Net reclassification of income tax provision into earnings	3.6	0.1	3.8	0.1
Defined benefit plans:
Net reclassification of income tax benefit into earnings	$ (0.3)	$ (0.3)	$ (1.1)	$ (0.8)

Related party transactions (Det

Related party transactions (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 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 information60

Segment financial information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment financial information
Net sales	$ 1,195.2	$ 1,136.1	$ 3,509.6	$ 3,383.9
Operating income	83.1	83.2	245.3	247.5
Americas
Segment financial information
Net sales	717.6	707.7	2,136.8	2,069.3
Operating income	42.2	47.2	126.3	134.2
EMEA-APAC
Segment financial information
Net sales	477.6	428.4	1,372.8	1,314.6
Operating income	$ 40.9	$ 36	$ 119	$ 113.3