Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 25, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | UNVR | |
Entity Registrant Name | Univar Inc. | |
Entity Central Index Key | 1,494,319 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 140,617,059 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 2,247 | $ 2,262.5 | $ 4,245.8 | $ 4,261.5 |
Cost of goods sold | 1,780.6 | 1,817.1 | 3,340 | 3,385.8 |
Gross profit | 466.4 | 445.4 | 905.8 | 875.7 |
Operating expenses: | ||||
Outbound freight and handling | 71.9 | 73.3 | 142.9 | 144.6 |
Warehousing, selling and administrative | 233.6 | 223.9 | 459.7 | 448.8 |
Other operating expenses, net | 24.2 | 11.5 | 44 | 17 |
Depreciation | 34.1 | 38 | 70 | 71.5 |
Amortization | 16.5 | 23.3 | 33.2 | 45.3 |
Total operating expenses | 380.3 | 370 | 749.8 | 727.2 |
Operating income | 86.1 | 75.4 | 156 | 148.5 |
Other (expense) income: | ||||
Interest income | 0.8 | 1 | 1.7 | 1.9 |
Interest expense | (36.6) | (41.4) | (73.3) | (82.9) |
Loss on extinguishment of debt | 0 | 0 | (0.8) | 0 |
Other (expense) income, net | (11.7) | 5.7 | (20.8) | (7.7) |
Total other expense | (47.5) | (34.7) | (93.2) | (88.7) |
Income before income taxes | 38.6 | 40.7 | 62.8 | 59.8 |
Income tax expense | 7.3 | 0.9 | 8.9 | 6 |
Net income | $ 31.3 | $ 39.8 | $ 53.9 | $ 53.8 |
Income per common share: | ||||
Basic (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.38 | $ 0.39 |
Diluted (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.38 | $ 0.39 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 140.1 | 137.6 | 139.8 | 137.6 |
Diluted (in shares) | 141.3 | 138.1 | 141.2 | 138 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 31.3 | $ 39.8 | $ 53.9 | $ 53.8 |
Foreign currency translation | 45 | (2.4) | 63.2 | 66.7 |
Pension and other postretirement benefit adjustment | (0.1) | (1.2) | (0.1) | (3) |
Total other comprehensive income (loss), net of tax | 44.9 | (3.6) | 63.1 | 63.7 |
Comprehensive income | $ 76.2 | $ 36.2 | $ 117 | $ 117.5 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 321.8 | $ 336.4 |
Trade accounts receivable, net | 1,313.5 | 950.3 |
Inventories | 817.3 | 756.6 |
Prepaid expenses and other current assets | 151.6 | 134.8 |
Total current assets | 2,604.2 | 2,178.1 |
Property, plant and equipment, net | 1,008.8 | 1,019.5 |
Goodwill | 1,800.5 | 1,784.4 |
Intangible assets, net | 312.7 | 339.2 |
Deferred tax assets | 24 | 18.2 |
Other assets | 56.7 | 50.5 |
Total assets | 5,806.9 | 5,389.9 |
Current liabilities: | ||
Short-term financing | 19.4 | 25.3 |
Trade accounts payable | 1,130 | 852.3 |
Current portion of long-term debt | 99.3 | 109 |
Accrued compensation | 72.6 | 65.6 |
Other accrued expenses | 239.7 | 287.3 |
Total current liabilities | 1,561 | 1,339.5 |
Long-term debt | 2,895.5 | 2,845 |
Pension and other postretirement benefit liabilities | 266.1 | 268.6 |
Deferred tax liabilities | 17.7 | 17.2 |
Other long-term liabilities | 106.9 | 109.7 |
Total liabilities | 4,847.2 | 4,580 |
Stockholders’ equity: | ||
Preferred stock, 200.0 million shares authorized at $0.01 par value with no shares issued or outstanding as of June 30, 2017 and December 31, 2016 | 0 | 0 |
Common stock, 2.0 billion shares authorized at $0.01 par value with 140.6 million and 138.8 million shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 1.4 | 1.4 |
Additional paid-in capital | 2,285.1 | 2,251.8 |
Accumulated deficit | (1,000) | (1,053.4) |
Accumulated other comprehensive loss | (326.8) | (389.9) |
Total stockholders’ equity | 959.7 | 809.9 |
Total liabilities and stockholders’ equity | $ 5,806.9 | $ 5,389.9 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, share issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 140,600,000 | 138,800,000 |
Common stock, shares outstanding (in shares) | 140,600,000 | 138,800,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities: | ||
Net income | $ 53.9 | $ 53.8 |
Adjustments to reconcile net income to net cash (used) provided by operating activities: | ||
Depreciation and amortization | 103.2 | 116.8 |
Amortization of deferred financing fees and debt discount | 3.9 | 4 |
Amortization of pension credit from accumulated other comprehensive loss | (0.1) | (4.5) |
Loss on extinguishment of debt | 0.8 | 0 |
Deferred income taxes | (5.3) | (3.6) |
Stock-based compensation expense | 11.5 | 3.5 |
Other | 0.7 | (0.4) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable, net | (321.6) | (274.1) |
Inventories | (37.9) | 18.3 |
Prepaid expenses and other current assets | (13.2) | 27.7 |
Trade accounts payable | 252.4 | 242.8 |
Pensions and other postretirement benefit liabilities | (19.2) | (20.2) |
Other, net | (44.8) | (49) |
Net cash (used) provided by operating activities | (15.7) | 115.1 |
Investing activities: | ||
Purchases of property, plant and equipment | (38.6) | (45.2) |
Purchases of businesses, net of cash acquired | (0.5) | (54.8) |
Proceeds from sale of property, plant and equipment | 0 | 2.9 |
Other | 1 | (1.7) |
Net cash used by investing activities | (38.1) | (98.8) |
Financing activities: | ||
Proceeds from issuance of long-term debt | 2,254 | 20.5 |
Payments on long-term debt and capital lease obligations | (2,238) | (17.3) |
Short-term financing, net | (11.9) | (5.4) |
Financing fees paid | (4.4) | 0 |
Taxes paid related to net share settlements of stock-based compensation awards | (7.5) | 0 |
Stock option exercises | 28.1 | 0.7 |
Other | 0.5 | 0.3 |
Net cash provided (used) by financing activities | 20.8 | (1.2) |
Effect of exchange rate changes on cash and cash equivalents | 18.4 | 20.6 |
Net (decrease) increase in cash and cash equivalents | (14.6) | 35.7 |
Cash and cash equivalents at beginning of period | 336.4 | 188.1 |
Cash and cash equivalents at end of period | 321.8 | 223.8 |
Non-cash activities: | ||
Additions of property, plant and equipment included in trade accounts payable and other accrued expenses | 7.5 | 6.6 |
Additions of property, plant and equipment under a capital lease obligation | $ 13.6 | $ 7.3 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] | |
Beginning balance at Dec. 31, 2015 | $ 816.7 | $ 1.4 | $ 2,224.7 | $ (985) | $ (424.4) | |
Beginning balance (in shares) at Dec. 31, 2015 | 138 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | 53.8 | |||||
Foreign currency translation adjustment, net of tax | 66.7 | |||||
Pension and other postretirement benefits adjustment, net of tax | (3) | |||||
Ending balance at Jun. 30, 2016 | (360.7) | |||||
Beginning balance at Dec. 31, 2015 | 816.7 | $ 1.4 | 2,224.7 | (985) | (424.4) | |
Beginning balance (in shares) at Dec. 31, 2015 | 138 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net (loss) income | (68.4) | (68.4) | ||||
Foreign currency translation adjustment, net of tax | 36.3 | 36.3 | ||||
Pension and other postretirement benefits adjustment, net of tax | (1.8) | (1.8) | ||||
Stock option exercises | 16.9 | 16.9 | ||||
Stock option exercises (in shares) | 0.8 | |||||
Stock-based compensation | 10.4 | 10.4 | ||||
Stock-based compensation (in shares) | 0 | |||||
Other | (0.2) | (0.2) | ||||
Ending balance at Dec. 31, 2016 | $ 809.9 | $ 1.4 | 2,251.8 | (1,053.4) | (389.9) | |
Ending balance (in shares) at Dec. 31, 2016 | 138.8 | 138.8 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Impact due to adoption of ASU, net of tax $0.2 | [1] | $ 0.2 | 0.7 | (0.5) | ||
Net (loss) income | 53.9 | 53.9 | ||||
Foreign currency translation adjustment, net of tax | 63.2 | 63.2 | ||||
Pension and other postretirement benefits adjustment, net of tax | (0.1) | (0.1) | ||||
Restricted stock units vested | 0 | $ 0 | ||||
Restricted stock units vested (in shares) | 0.6 | |||||
Tax withholdings related to net share settlements of stock-based compensation awards | (7.5) | (7.5) | ||||
Tax withholdings related to net share settlements of stock-based compensation awards (in shares) | (0.2) | |||||
Stock option exercises | 28.1 | 28.1 | ||||
Stock option exercises (in shares) | 1.4 | |||||
Employee stock purchase plan | [2] | 0.5 | 0.5 | |||
Employee stock purchase plan (in shares) | [2] | 0 | ||||
Stock-based compensation | 11.5 | 11.5 | ||||
Stock-based compensation (in shares) | 0 | |||||
Ending balance at Jun. 30, 2017 | $ 959.7 | $ 1.4 | $ 2,285.1 | $ (1,000) | $ (326.8) | |
Ending balance (in shares) at Jun. 30, 2017 | 140.6 | 140.6 | ||||
[1] | Adjusted due to the adoption of ASU 2016-09 “Improvement to Employee Share-Based Payment Accounting” on January 1, 2017. Refer to “Note 2: Significant accounting policies” for more information. | |||||
[2] | During November 2016, our Board of Directors approved the Univar Employee Stock Purchase Plan, or ESPP, authorizing the issuances of up to 2.0 million shares of the Company's common stock effective January 1, 2017. The total number of shares issued under the plan for the first offering period from January through June 2017 was approximately 18,000 shares. |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustments, tax | $ 23.9 | ||
Pension and post-employment benefits, tax | $ 0 | 1.5 | |
Deferred tax assets | $ 24 | 18.2 | |
Employee Stock [Member] | |||
Number of employee stock purchase plan shares authorized (in shares) | 2,000,000 | ||
Employee stock purchase plan (in shares) | 18,000 | ||
ASU 2016-09 [Member] | |||
Deferred tax assets | $ 0.2 |
Nature of operations
Nature of operations | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of operations | Nature of operations Headquartered in Downers Grove, Illinois, Univar Inc. (“the Company” or “Univar”) is a leading global chemicals and ingredients distributor and provider of specialty chemicals. The Company’s operations are structured into four operating segments that represent the geographic areas under which the Company manages its business: • Univar USA (“USA”) • Univar Canada (“Canada”) • Univar Europe, the Middle East and Africa (“EMEA”) • Rest of World (“Rest of World”) Rest of World includes certain developing businesses in Latin America (including Brazil and Mexico) and the Asia-Pacific region. |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant accounting policies | Significant accounting policies Basis of presentation The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. Unless otherwise indicated, all financial data presented in these condensed consolidated financial statements are expressed in US dollars. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”) or if otherwise required by US GAAP. The Company did not have any material interests in VIEs during the periods presented in these condensed consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. Recently issued and adopted accounting pronouncements In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation” (Topic 718) – “Improvement to Employee Share-Based Payment Accounting.” The core principal of the guidance is to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within such fiscal years. The guidance is to be applied using a modified retrospective method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. The Company adopted the ASU as of January 1, 2017 which resulted in an increase of $0.5 million , net of tax $0.2 million in accumulated deficit and the offset of $0.7 million is recorded in additional paid-in capital within condensed consolidated balance sheet and statements of changes in stockholders' equity. In October 2016, the FASB issued ASU 2016-17 “Consolidation” (Topic 810) - “Interests Held through Related Parties That Are under Common Control.” The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance modifies how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted the ASU as of January 1, 2017 and the ASU is applied retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in ASU 2015-02 “Consolidation” (Topic 810) - “Amendments to the Consolidation Analysis” were applied. The adoption of this ASU had no material impact on the Company’s condensed consolidated financial statements. Accounting pronouncements issued and not yet adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The standard will be effective for public entities for interim and annual reporting periods beginning after December 15, 2017. The core principle of the guidance is that “an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In achieving this objective, an entity must perform five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations of the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. In addition, the standard requires additional new disclosures of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company has established a project team who has completed a review of revenue streams and customer contracts to identify and evaluate the potential impacts of the provisions of ASC 606. The Company has accumulated information that will be necessary for implementation disclosures and is assessing the impact the adoption of ASU 2014-09 will have on its consolidated financial statements, related disclosures, and reporting processes. The Company is also in the process of identifying and drafting changes to processes and controls to meet the ASU's updated reporting and disclosure requirements and plans to update its assessment of the impact of the ASU through the date of adoption. Based on the analysis to date, the Company is revising its estimation processes related to arrangements that involve, among other items, potential returns of unused products, as well as revenue deferral where performance to date may have reached right to receive consideration. These changes could impact the timing of revenue recognition between quarters. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018 for contracts that still require performance by the entity, and disclose all line items in the year of adoption as if they were prepared under the old revenue guidance. In March 2017, the FASB issued ASU 2017-07 “Compensation - Retirement Benefits” (Topic 715) - “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The ASU requires entities to disaggregate the service cost component from the other components of net periodic benefit costs and present it with other current compensation costs for related employees in the income statement, and present the other component elsewhere in the income statement and outside of income from operations if that subtotal is presented. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The guidance is to be applied retrospectively for all periods presented. The Company is evaluating the impact of the ASU on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 “Compensation - Stock Compensation” (Topic 718) - “Scope of Modification Accounting.” The ASU provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period. The guidance is to be applied prospectively. The Company is evaluating the impact of the ASU on its consolidated financial statements. |
Employee benefit plans
Employee benefit plans | 6 Months Ended |
Jun. 30, 2017 | |
Postemployment Benefits [Abstract] | |
Employee benefit plans | Employee benefit plans The following table summarizes the components of net periodic benefit recognized in the condensed consolidated statements of operations: Domestic - Defined Benefit Pension Plans Three months ended Six months ended (in millions) 2017 2016 2017 2016 Service cost $ — $ — $ — $ — Interest cost 7.7 8.0 15.4 16.0 Expected return on plan assets (7.8 ) (8.1 ) (15.5 ) (16.2 ) Net periodic benefit $ (0.1 ) $ (0.1 ) $ (0.1 ) $ (0.2 ) Foreign - Defined Benefit Pension Plans Three months ended Six months ended (in millions) 2017 2016 2017 2016 Service cost $ 0.6 $ 0.7 $ 1.2 $ 1.3 Interest cost 4.0 4.7 7.9 9.4 Expected return on plan assets (6.4 ) (7.5 ) (12.7 ) (14.9 ) Net periodic benefit $ (1.8 ) $ (2.1 ) $ (3.6 ) $ (4.2 ) Other Postretirement Benefits Three months ended Six months ended (in millions) 2017 2016 2017 2016 Service cost $ — $ — $ — $ — Interest cost 0.1 0.1 0.1 0.2 Prior service credits — (1.5 ) — (4.5 ) Net periodic cost (benefit) $ 0.1 $ (1.4 ) $ 0.1 $ (4.3 ) |
Other operating expenses, net
Other operating expenses, net | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other operating expenses, net | Other operating expenses, net Other operating expenses, net consisted of the following activity: Three months ended Six months ended (in millions) 2017 2016 2017 2016 Acquisition and integration related expenses $ 0.5 $ 2.4 $ 0.7 $ 4.3 Stock-based compensation expense 5.1 1.3 11.5 3.5 Restructuring charges 1.8 5.5 3.5 6.5 Business transformation costs 11.5 — 20.6 — Other 5.3 2.3 7.7 2.7 Total other operating expenses, net $ 24.2 $ 11.5 $ 44.0 $ 17.0 |
Restructuring charges
Restructuring charges | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring charges | Restructuring charges Restructuring charges relate to the implementation of several regional strategic initiatives aimed at streamlining the Company’s cost structure and improving its operations. These actions primarily resulted in workforce reductions, lease termination costs and other facility rationalization costs. The following table presents cost information related to restructuring plans that have not been completed as of June 30, 2017 and does not contain any estimates for plans that may be developed and implemented in future periods. (in millions) USA Canada EMEA ROW Other Total Anticipated total costs Employee termination costs $ 16.8 $ 5.5 $ 21.6 $ 5.1 $ 5.9 $ 54.9 Facility exit costs 23.5 — 3.7 0.2 — 27.4 Other exit costs 1.7 — 6.8 — 0.8 9.3 Total $ 42.0 $ 5.5 $ 32.1 $ 5.3 $ 6.7 $ 91.6 Incurred to date costs Inception of plans through June 30, 2017 Employee termination costs $ 16.8 $ 5.5 $ 21.6 $ 5.1 $ 5.9 $ 54.9 Facility exit costs 21.8 — 3.7 0.2 — 25.7 Other exit costs 1.7 — 6.8 — 0.8 9.3 Total $ 40.3 $ 5.5 $ 32.1 $ 5.3 $ 6.7 $ 89.9 Inception of plans through December 31, 2016 Employee termination costs $ 16.8 $ 5.2 $ 21.6 $ 4.4 $ 5.8 $ 53.8 Facility exit costs 19.6 — 3.5 0.2 — 23.3 Other exit costs 1.7 — 6.8 — 0.8 9.3 Total $ 38.1 $ 5.2 $ 31.9 $ 4.6 $ 6.6 $ 86.4 The following table summarizes activity related to accrued liabilities associated with restructuring: (in millions) January 1, 2017 Charge to earnings Cash paid Non-cash and other June 30, 2017 Employee termination costs $ 6.9 $ 1.0 $ (4.0 ) $ 0.3 $ 4.2 Facility exit costs 13.2 2.5 (3.5 ) — 12.2 Other exit costs — — — — — Total $ 20.1 $ 3.5 $ (7.5 ) $ 0.3 $ 16.4 (in millions) January 1, 2016 Charge to earnings Cash paid Non-cash and other December 31, 2016 Employee termination costs $ 31.0 $ 0.4 $ (24.5 ) $ — $ 6.9 Facility exit costs 15.5 6.0 (8.3 ) — 13.2 Other exit costs 0.1 0.1 (0.2 ) — — Total $ 46.6 $ 6.5 $ (33.0 ) $ — $ 20.1 Restructuring liabilities of $7.4 million and $10.1 million were classified as current in other accrued expenses in the condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 , respectively. The long-term portion of restructuring liabilities of $9.0 million and $10.0 million were recorded in other long-term liabilities in the condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 , respectively, and primarily consists of facility exit costs that are expected to be paid within the next four years . While the Company believes the recorded restructuring liabilities are adequate, revisions to current estimates may be recorded in future periods based on new information as it becomes available. |
Other (expense) income, net
Other (expense) income, net | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Other (expense) income, net | Other (expense) income, net Other (expense) income, net consisted of the following gains (losses): Three months ended Six months ended (in millions) 2017 2016 2017 2016 Foreign currency transactions $ (1.8 ) $ 0.3 $ (3.9 ) $ (2.4 ) Foreign currency denominated loans revaluation (5.4 ) 5.4 (8.4 ) (9.3 ) Undesignated foreign currency derivative instruments (1) 1.2 (0.9 ) 2.2 1.0 Undesignated interest rate swap contracts (1) (4.8 ) 1.5 (4.8 ) 2.2 Debt amendment costs (2) — — (4.2 ) — Other (0.9 ) (0.6 ) (1.7 ) 0.8 Total other (expense) income, net $ (11.7 ) $ 5.7 $ (20.8 ) $ (7.7 ) (1) Refer to “ Note 13: Derivatives ” for more information. (2) Refer to “ Note 10: Debt ” for more information. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The Company’s tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, an estimate of the annual effective tax rate is updated should management revise its forecast of earnings based upon the Company’s operating results. If there is a change in the estimated effective annual tax rate, a cumulative adjustment is made. The quarterly tax provision and forecast estimate of the annual effective tax rate may be subject to volatility due to several factors, including the complexity in forecasting jurisdictional earnings before tax, the rate of realization of forecasting earnings or losses by quarter, acquisitions, divestitures, foreign currency gains and losses, pension gains and losses, etc. The income tax expense for the three and six months ended June 30, 2017 was $7.3 million and $8.9 million , resulting in an effective tax rate of 18.9% and 14.2% , respectively. The Company’s effective tax rate for the three month and six month periods ended June 30, 2017 was lower than the US federal statutory rate of 35.0% primarily due to the mix of earnings in multiple jurisdictions, non-taxable interest income and the release of a valuation allowance on certain foreign tax attributes. Included in the $7.3 million and $8.9 million expense for the three and six months ended June 30, 2017 was a $1.3 million and $3.5 million benefit, respectively, related to excess tax benefits from share-based compensation. The income tax expense for the three and six months ended June 30, 2016 was $0.9 million and $6.0 million , resulting in an effective tax rate of 2.2% and 10.0% , respectively. The Company’s effective tax rate for three months ended June 30, 2016 was lower than the US federal statutory rate of 35.0% primarily due to the mix of earnings in multiple jurisdictions, non-taxable interest income and the release of a valuation allowance on certain foreign tax attributes. The Company's effective tax rate for the six months ended June 30, 2016 was lower than the US federal statutory rate primarily due to the mix of earnings in multiple jurisdictions, non-taxable interest income and the release of a valuation allowance on certain foreign tax attributes. Canadian General Anti-Avoidance Rule matters In 2007, the outstanding shares of Univar N.V., the ultimate public company parent of the Univar group at that time, were acquired by investment funds advised by CVC. To facilitate the acquisition and leveraged financing of Univar N.V. by CVC, a restructuring of some of the companies in the Univar group, including its Canadian operating company, was completed (the “Restructuring”). In February 2013, the Canada Revenue Agency (“CRA”) issued a Notice of Assessment, asserting the General Anti-Avoidance Rule (“GAAR”) against the Company’s subsidiary Univar Holdco Canada ULC (“Univar Holdco”) for withholding tax of $29.4 million (Canadian), relating to this Restructuring. Univar Holdco appealed the assessment, and the matter was litigated in the Tax Court of Canada in June 2015. On June 22, 2016, the Tax Court of Canada issued its judgment in favor of the CRA. The Company subsequently appealed the judgment and a trial in the Federal Court of Canada occurred on May 10, 2017. The Company has not yet received the Federal Court of Canada's decision on the matter. A $52.1 million (Canadian) Letter of Credit, covering the initial assessment of $29.4 million (Canadian) and interest of $22.7 million (Canadian), has been issued with respect to this assessment. In September 2014, also relating to the Restructuring, the CRA issued the 2008 and 2009 Notice of Reassessments for federal corporate income tax liabilities of $11.9 million (Canadian) and $11.0 million (Canadian), respectively, and a departure tax liability of $9.0 million (Canadian). Likewise, in April 2015, the Company’s subsidiary received the 2008 and 2009 Alberta Notice of Reassessments of $6.0 million (Canadian) and $5.8 million (Canadian), respectively. These Reassessments reflect the additional tax liability and interest relating to those tax years should the CRA be successful in its assertion of the GAAR relating to the Restructuring described above. In accordance with the CRA's collection procedures, a $21.0 million (Canadian) Letter of Credit has been issued with respect to the federal assessment. At June 30, 2017 , the total Canadian federal and provincial tax liability assessed related to these matters, inclusive of interest of $41.5 million (Canadian), is $114.6 million (Canadian). The Company has not recorded any liabilities for these matters in its financial statements, as it believes it is more likely than not that the ruling will be reversed on appeal and the Company’s position will be sustained, along with the release of all Letters of Credit currently provided to the CRA. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share The following table presents the basic and diluted earnings per share computations: Three months ended June 30, Six months ended June 30, (in millions, except per share data) 2017 2016 2017 2016 Basic: Net income $ 31.3 $ 39.8 $ 53.9 $ 53.8 Less: Earnings Allocated to Participating Securities 0.1 — 0.1 — Earnings Allocated to Common Shares Outstanding $ 31.2 $ 39.8 $ 53.8 $ 53.8 Weighted average common shares outstanding 140.1 137.6 139.8 137.6 Basic income per common share $ 0.22 $ 0.29 $ 0.38 $ 0.39 Diluted: Net income $ 31.3 $ 39.8 $ 53.9 $ 53.8 Less: Earnings Allocated to Participating Securities — — — — Earnings Allocated to Common Shares Outstanding $ 31.3 $ 39.8 $ 53.9 $ 53.8 Weighted average common shares outstanding 140.1 137.6 139.8 137.6 Effect of dilutive securities: Stock compensation plans (1) 1.2 0.5 1.4 0.4 Weighted average common shares outstanding – diluted 141.3 138.1 141.2 138.0 Diluted income per common share $ 0.22 $ 0.29 $ 0.38 $ 0.39 (1) Stock options to purchase 0.9 million and 3.9 million shares of common stock were outstanding during the three months ended June 30, 2017 and 2016 , respectively, but were not included in the calculation of diluted income per share as the impact of these stock options would have been anti-dilutive. Stock options to purchase 0.8 million and 4.2 million shares of common stock were outstanding during the six months ended June 30, 2017 and 2016 , respectively, but were not included in the calculation of diluted income per share as the impact of these stock options would have been anti-dilutive. |
Accumulated other comprehensive
Accumulated other comprehensive loss | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | Accumulated other comprehensive loss The following tables present the changes in accumulated other comprehensive loss by component, net of tax: (in millions) Defined benefit pension items Currency translation items Total Balance as of December 31, 2016 $ 1.2 $ (391.1 ) $ (389.9 ) Other comprehensive income before reclassifications — 63.2 63.2 Amounts reclassified from accumulated other comprehensive loss (0.1 ) — (0.1 ) Net current period other comprehensive (loss) income $ (0.1 ) $ 63.2 $ 63.1 Balance as of June 30, 2017 $ 1.1 $ (327.9 ) $ (326.8 ) Balance as of December 31, 2015 $ 3.0 $ (427.4 ) $ (424.4 ) Other comprehensive income before reclassifications — 66.7 66.7 Amounts reclassified from accumulated other comprehensive loss (3.0 ) — (3.0 ) Net current period other comprehensive (loss) income $ (3.0 ) $ 66.7 $ 63.7 Balance as of June 30, 2016 $ — $ (360.7 ) $ (360.7 ) The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income: Three months ended June 30, (in millions) 2017 (1) 2016 (1) Location of impact on statement of operations Amortization of defined benefit pension items: Prior service credits $ (0.1 ) $ (1.5 ) Warehousing, selling and administrative Tax expense — 0.3 Income tax expense Net of tax $ (0.1 ) $ (1.2 ) Total reclassifications for the period $ (0.1 ) $ (1.2 ) Six months ended June 30, (in millions) 2017 (1) 2016 (1) Location of impact on statement of operations Amortization of defined benefit pension items: Prior service credits $ (0.1 ) $ (4.5 ) Warehousing, selling and administrative Tax expense — 1.5 Income tax expense Net of tax $ (0.1 ) $ (3.0 ) Total reclassifications for the period $ (0.1 ) $ (3.0 ) (1) Amounts in parentheses indicate credits to net income in the condensed consolidated statement of operations. Refer to “ Note 3: Employee benefit plans ” for additional information regarding the amortization of defined benefit pension items. Foreign currency gains and losses relating to intercompany borrowings that are considered a part of the Company’s investment in a foreign subsidiary are reflected in accumulated other comprehensive loss. There were no foreign currency gains and losses related to such intercompany borrowings for the three month period ended June 30, 2017 and there were $15.5 million in total foreign currency losses for the three month period ended June 30, 2016 . Total foreign currency gains and losses related to such intercompany borrowings were $0.5 million in gains and $ 20.0 million in losses for the six month periods ended June 30, 2017 and 2016 , respectively. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Short-term financing Short-term financing consisted of the following: (in millions) June 30, 2017 December 31, 2016 Amounts drawn under credit facilities $ 10.4 $ 12.1 Bank overdrafts 9.0 13.2 Total short-term financing $ 19.4 $ 25.3 As of June 30, 2017 and December 31, 2016 , the Company had $179.4 million and $175.3 million in outstanding letters of credit and guarantees, respectively. Long-term debt Long-term debt consisted of the following: (in millions) June 30, 2017 December 31, 2016 Senior Term Loan Facilities: Term B Loan Due 2022, variable interest rate of 3.98% and 4.25% at June 30, 2017 and December 31, 2016, respectively $ 2,189.0 $ 2,024.4 Euro Tranche Term Loan Due 2022, variable interest rate of 4.25% at June 30, 2017 and December 31, 2016 93.1 259.9 Asset Backed Loan (ABL) Facilities: North American ABL Facility Due 2020, variable interest rate of 2.97% and 4.25% at June 30, 2017 and December 31, 2016, respectively 222.5 152.0 North American ABL Term Loan Due 2018, variable interest rate of 4.05% and 3.75% at June 30, 2017 and December 31, 2016, respectively 50.0 83.3 Senior Unsecured Notes: Senior Unsecured Notes due 2023, fixed interest rate of 6.75% at June 30, 2017 and December 31, 2016 399.5 399.5 Capital lease obligations 66.1 63.4 Total long-term debt before discount $ 3,020.2 $ 2,982.5 Less: unamortized debt issuance costs and discount on debt (25.4 ) (28.5 ) Total long-term debt $ 2,994.8 $ 2,954.0 Less: current maturities (99.3 ) (109.0 ) Total long-term debt, excluding current maturities $ 2,895.5 $ 2,845.0 The weighted average interest rate on long-term debt was 4.60% and 4.84% as of June 30, 2017 and December 31, 2016 , respectively. On January 19, 2017, Univar USA Inc. entered into an amended Term B loan agreement which replaced the existing US dollar denominated loans with new US dollar denominated loans in aggregate of $2.2 billion . The amendment also reduced the interest rate credit spread on the US dollar denominated loans by 50 basis points from 3.25% to 2.75% and removed the 1.00% LIBOR floor. The additional proceeds of $175.6 million received from the US dollar denominated loans were used to prepay a portion of the existing Euro denominated Term B Loans. As a result of this debt amendment, the Company recognized debt refinancing costs of $4.2 million in other (expense) income, net in the condensed consolidated statements of operations during the six months ended June 30, 2017. Refer to “ Note 6: Other (expense) income, net ” for further information. In addition, the Company recognized a loss on extinguishment of debt of $0.8 million in the six months ended June 30, 2017. |
Supplemental balance sheet info
Supplemental balance sheet information | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental balance sheet information | Supplemental balance sheet information Property, plant and equipment, net (in millions) June 30, 2017 December 31, 2016 Property, plant and equipment, at cost $ 1,887.6 $ 1,831.0 Less: accumulated depreciation (878.8 ) (811.5 ) Property, plant and equipment, net $ 1,008.8 $ 1,019.5 Capital lease assets, net Included within property, plant and equipment, net are assets related to capital leases where the Company is the lessee. The below table summarizes the cost and accumulated depreciation related to these assets: (in millions) June 30, 2017 December 31, 2016 Capital lease assets, at cost $ 84.9 $ 76.5 Less: accumulated depreciation (20.7 ) (14.5 ) Capital lease assets, net $ 64.2 $ 62.0 Intangible assets, net The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows: June 30, 2017 December 31, 2016 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets: Customer relationships $ 843.4 $ (550.1 ) $ 293.3 $ 826.2 $ (514.3 ) $ 311.9 Other 176.4 (157.0 ) 19.4 178.2 (150.9 ) 27.3 Total intangible assets $ 1,019.8 $ (707.1 ) $ 312.7 $ 1,004.4 $ (665.2 ) $ 339.2 Other intangible assets consist of intellectual property trademarks, trade names, supplier relationships, non-compete agreements and exclusive distribution rights. Other accrued expenses As of June 30, 2017, there were no other accrued expenses that were greater than five percent of total current liabilities. As of December 31, 2016 , other accrued expenses that were greater than five percent of total current liabilities consisted of customer prepayments and deposits, which were $84.6 million . |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements Items measured at fair value on a recurring basis The following table presents the Company’s gross assets and liabilities measured on a recurring basis: Level 2 Level 3 (in millions) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Financial current assets: Forward currency contracts $ 0.4 $ 0.5 $ — $ — Financial noncurrent assets: Interest rate swap contracts 3.5 9.8 — — Financial current liabilities: Forward currency contracts 0.5 0.3 — — Interest rate swap contracts 5.5 5.6 — — Contingent consideration — — 0.4 1.6 Financial noncurrent liabilities: Contingent consideration — — 0.5 5.9 The net amounts related to forward currency contracts included in prepaid and other current assets were $0.2 million and $0.5 million as of June 30, 2017 and December 31, 2016 , respectively. The net amounts related to foreign currency contracts included in other accrued expenses were $0.3 million as of June 30, 2017 and December 31, 2016 . The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of interest rate swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. Based on these valuation methodologies, these derivative contracts are classified as level 2 in the fair value hierarchy. The fair value of the contingent consideration is based on a real options approach, which took into account management’s best estimate of the acquiree’s performance, as well as achievement risk. Based on the valuation methodology, contingent consideration is classified as level 3 in the fair value hierarchy. The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which consists of contingent consideration related to prior acquisitions. (in millions) Contingent consideration Fair value as of December 31, 2016 $ 7.5 Fair value adjustments (2.5 ) Payments (3.2 ) Gain on settlement (0.9 ) Fair value as of June 30, 2017 $ 0.9 The change in the fair value and payments related to the contingent consideration are recorded in the other, net line item of the operating activities within the condensed consolidated statement of cash flows. Financial instruments not carried at fair value The estimated fair value of financial instruments not carried at fair value in the condensed consolidated balance sheets were as follows: June 30, 2017 December 31, 2016 (in millions) Carrying Amount Fair Value Carrying Amount Fair Financial liabilities: Long-term debt including current portion (Level 2) $ 2,994.8 $ 3,045.0 $ 2,954.0 $ 3,019.1 The fair values of the long-term debt, including the current portions, were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins and amortization, as necessary. Fair value of other financial instruments The carrying value of cash and cash equivalents, trade accounts receivable, net, trade accounts payable and short-term financing included in the condensed consolidated balance sheets approximate fair value due to their short-term nature. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Interest rate swaps The objective of the interest rate swap contracts is to offset the variability of cash flows in LIBOR indexed debt interest payments attributable to changes in the aforementioned benchmark interest rate related to the Term B Loan due 2022. At June 30, 2017 , the Company had interest rate swap contracts with a total notional amount of $2.0 billion whereby a fixed rate of interest (weighted-average of 1.70% ) is paid and a variable rate of interest (three-month LIBOR) is received on the notional amount. The Company does not currently apply hedge accounting for the interest rate swap contracts, which will expire on June 30, 2020. The interest rate swap contracts initially included a LIBOR floor of 1.00% , which was removed on February 1, 2017, as part of the amendment to the interest rate swap contracts. The contracts were amended as a result of the amendment of Senior Term B loan agreement with US dollar denominated tranche on January 19, 2017. Refer to “ Note 10: Debt ” for additional information. As a result of the interest rate swap contracts amendment, the Company realized a gain of $1.4 million in other (expense) income, net in the condensed consolidated statement of operations. Changes in fair value of the interest rate swap contracts are also recognized directly in other (expense) income, net in the condensed consolidated statement of operations. Refer to “ Note 6: Other (expense) income, net ” for additional information. The fair value of interest rate swaps is recorded either in prepaids and other current assets, other assets, other accrued expenses or other long-term liabilities in the condensed consolidated balance sheets. As of June 30, 2017 and December 31, 2016 , a current liability of $5.5 million and $5.6 million was included in other accrued expenses, respectively. As of June 30, 2017 and December 31, 2016 , a noncurrent asset of $3.5 million and $9.8 million was included in other assets, respectively. The Company had interest rate swap contracts with a total notional amount of $1.0 billion which expired during June 2017. Interest rate caps The Company had interest rate caps with a notional amount of $800.0 million which expired during June 2017. As of June 30, 2017 , the interest rate cap premiums have been fully amortized through interest expense within the condensed consolidated statements of operations. Foreign currency derivatives The Company uses forward currency contracts to hedge earnings from the effects of foreign exchange relating to certain of the Company’s intercompany and third-party receivables and payables denominated in a foreign currency. These derivative instruments are not formally designated as hedges by the Company and the terms of these instruments range from one to three months. Forward currency contracts are recorded at fair value in either prepaid expenses and other current assets or other accrued expenses in the condensed consolidated balance sheet, reflecting their short-term nature. The fair value adjustments and gains and losses are included in other (expense) income, net within the condensed consolidated statements of operations. Refer to “ Note 6: Other (expense) income, net ” for more information. The total notional amount of undesignated forward currency contracts were $98.2 million and $111.0 million as of June 30, 2017 and December 31, 2016 , respectively. Cash flows associated with derivative financial instruments are recognized in the operating section of the condensed consolidated statement of cash flows. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation In the ordinary course of business the Company is subject to pending or threatened claims, lawsuits, regulatory matters and administrative proceedings from time to time. Where appropriate the Company has recorded provisions in the condensed consolidated financial statements for these matters. The liabilities for injuries to persons or property are in some instances covered by liability insurance, subject to various deductibles and self-insured retentions. The Company is not aware of any claims, lawsuits, regulatory matters or administrative proceedings, pending or threatened, that are likely to have a material effect on its overall financial position, results of operations or cash flows. However, the Company cannot predict the outcome of any claims or litigation or the potential for future claims or litigation. The Company is subject to liabilities from claims alleging personal injury from exposure to asbestos. The claims result primarily from an indemnification obligation related to Univar USA Inc.’s 1986 purchase of McKesson Chemical Company from McKesson Corporation (“McKesson”). Univar USA is also a defendant in a small number of asbestos claims. As of June 30, 2017 , there were fewer than 278 asbestos-related claims for which the Company has liability for defense and indemnity pursuant to the indemnification obligation. The volume of such cases has decreased in recent quarters. Historically, the vast majority of the claims against both McKesson and Univar USA have been dismissed without payment. The Company does incur costs in defending these claims. While the Company is unable to predict the outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any of these matters will have a material effect on its overall financial position, results of operations or cash flows. However, the Company cannot predict the outcome of any present or future claims or litigation and adverse developments could negatively impact earnings or cash flows in a particular future period. Environmental The Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively “environmental remediation work”) at approximately 129 locations, some that are now or were previously Company-owned/occupied and some that were never Company-owned/occupied (“non-owned sites”). The Company’s environmental remediation work at some sites is being conducted pursuant to governmental proceedings or investigations. At other sites, the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work voluntarily. The Company is currently undergoing remediation efforts or is in the process of active review of the need for potential remediation efforts at approximately 106 current or formerly Company-owned/occupied sites. In addition, the Company may be liable for a share of the clean-up of approximately 23 non-owned sites. These non-owned sites are typically (a) locations of independent waste disposal or recycling operations with alleged or confirmed contaminated soil and/or groundwater to which the Company may have shipped waste products or drums for re-conditioning, or (b) contaminated non-owned sites near historical sites owned or operated by the Company or its predecessors from which contamination is alleged to have arisen. In determining the appropriate level of environmental reserves, the Company considers several factors such as information obtained from investigatory studies; changes in the scope of remediation; the interpretation, application and enforcement of laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. The level of annual expenditures for remedial, monitoring and investigatory activities will change in the future as major components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. Project lives, and therefore cash flows, range from 2 to 30 years , depending on the specific site and type of remediation project. Although the Company believes that its reserves are adequate for environmental contingencies, it is possible due to the uncertainties noted above; that additional reserves could be required in the future that could have a material effect on the overall financial position, results of operations, or cash flows in a particular period. This additional loss or range of losses cannot be recorded at this time, as it is not reasonably estimable. Changes in total environmental liabilities are as follows: Six months ended June 30, (in millions) 2017 2016 Environmental liabilities at beginning of period $ 95.8 $ 113.2 Revised obligation estimates 6.9 5.1 Environmental payments (10.0 ) (9.7 ) Foreign exchange 0.3 (0.1 ) Environmental liabilities at end of period $ 93.0 $ 108.5 Environmental liabilities of $29.0 million and $30.2 million were classified as current in other accrued expenses in the condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 , respectively. The long-term portion of environmental liabilities is recorded in other long-term liabilities in the condensed consolidated balance sheets. Customs and International Trade Laws In April 2012, the US Department of Justice (“DOJ”) issued a civil investigative demand to the Company in connection with an investigation into the Company’s compliance with applicable customs and international trade laws and regulations relating to the importation of saccharin from 2002 through 2012. The Company also became aware in 2010 of an investigation being conducted by US Customs and Border Patrol (“CBP”) into the Company’s importation of saccharin. Finally, the Company learned that a civil plaintiff had sued the Company and two other defendants in a Qui Tam proceeding, such filing having been made under seal in 2012, and this plaintiff had requested that the DOJ intervene in its lawsuit. The US government, through the DOJ, declined to intervene in the Qui Tam proceeding in November 2013 and, as a result, the DOJ’s inquiry related to the Qui Tam lawsuit and its initial investigation demand are now finished. On February 26, 2014, the Qui Tam plaintiff also voluntarily dismissed its lawsuit against the Company. CBP, however, continued its investigation on the importation of saccharin by the Company’s subsidiary, Univar USA Inc. On July 21, 2014, CBP sent the Company a “Pre-Penalty Notice” indicating the imposition of a penalty against Univar USA Inc. in the amount of approximately $84.0 million . Univar USA Inc. responded to CBP that the proposed penalty was not justified. On October 1, 2014, the CBP issued a penalty notice to Univar USA Inc. for $84.0 million and has reaffirmed this penalty notice. On August 6, 2015, the DOJ filed a complaint on CBP’s behalf against Univar USA Inc. in the Court of International Trade seeking approximately $84.0 million in allegedly unpaid duties, penalties, interest, costs and attorneys’ fees. Discovery is underway in this matter. The Company continues to defend this matter vigorously. Univar USA Inc. has not recorded a liability related to this investigation as the Company believes a loss is not probable. Although the Company believes its position is strong it cannot guarantee the outcome of this or other litigation. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segments | Segments Management monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Management evaluates performance on the basis of Adjusted EBITDA. Adjusted EBITDA is defined as consolidated net income, plus the sum of: interest expense, net of interest income; income tax expense; depreciation; amortization; impairment charges; other operating expenses, net; and other (expense) income, net. Transfer prices between operating segments are set on an arms-length basis in a similar manner to transactions with third parties. Corporate operating expenses that directly benefit segments have been allocated to the operating segments. Allocable operating expenses are identified through a review process by management. These costs are allocated to the operating segments on a basis that reasonably approximates the use of services. This is typically measured on a weighted distribution of margin, asset, headcount or time spent. Other/Eliminations represents the elimination of inter-segment transactions as well as unallocated corporate costs consisting of costs specifically related to parent company operations that do not directly benefit segments, either individually or collectively. Financial information for the Company’s segments is as follows: (in millions) USA Canada EMEA Rest of Other/ (1) Consolidated Three Months Ended June 30, 2017 Net sales: External customers $ 1,191.1 $ 492.4 $ 463.7 $ 99.8 $ — $ 2,247.0 Inter-segment 35.0 2.3 1.2 0.2 (38.7 ) — Total net sales $ 1,226.1 $ 494.7 $ 464.9 $ 100.0 $ (38.7 ) $ 2,247.0 Cost of goods sold 950.4 427.2 360.2 81.5 (38.7 ) 1,780.6 Gross profit $ 275.7 $ 67.5 $ 104.7 $ 18.5 $ — $ 466.4 Outbound freight and handling 47.3 9.2 13.8 1.6 — 71.9 Warehousing, selling and administrative 136.4 21.5 54.6 12.0 9.1 233.6 Adjusted EBITDA $ 92.0 $ 36.8 $ 36.3 $ 4.9 $ (9.1 ) $ 160.9 Other operating expenses, net 24.2 Depreciation 34.1 Amortization 16.5 Interest expense, net 35.8 Other expense, net 11.7 Income tax expense 7.3 Net income $ 31.3 Total assets $ 3,643.1 $ 2,129.5 $ 972.2 $ 223.7 $ (1,161.6 ) $ 5,806.9 (in millions) USA Canada EMEA Rest of Other/ (1) Consolidated Three Months Ended June 30, 2016 Net sales: External customers $ 1,212.8 $ 485.4 $ 459.9 $ 104.4 $ — $ 2,262.5 Inter-segment 25.0 1.7 1.0 — (27.7 ) — Total net sales $ 1,237.8 $ 487.1 $ 460.9 $ 104.4 $ (27.7 ) $ 2,262.5 Cost of goods sold 974.7 426.5 357.8 85.8 (27.7 ) 1,817.1 Gross profit $ 263.1 $ 60.6 $ 103.1 $ 18.6 $ — $ 445.4 Outbound freight and handling 48.2 8.4 14.8 1.9 — 73.3 Warehousing, selling and administrative 131.7 20.7 55.3 12.5 3.7 223.9 Adjusted EBITDA $ 83.2 $ 31.5 $ 33.0 $ 4.2 $ (3.7 ) $ 148.2 Other operating expenses, net 11.5 Depreciation 38.0 Amortization 23.3 Interest expense, net 40.4 Other income, net (5.7 ) Income tax expense 0.9 Net income $ 39.8 Total assets $ 4,012.8 $ 1,997.8 $ 990.3 $ 242.7 $ (1,289.2 ) $ 5,954.4 (in millions) USA Canada EMEA Rest of World Other/ Eliminations (1) Consolidated Six Months Ended June 30, 2017 Net sales: External customers $ 2,342.0 $ 799.7 $ 903.4 $ 200.7 $ — $ 4,245.8 Inter-segment 66.2 4.1 2.5 0.3 (73.1 ) — Total net sales $ 2,408.2 $ 803.8 $ 905.9 $ 201.0 $ (73.1 ) $ 4,245.8 Cost of goods sold 1,869.6 680.5 699.4 163.6 (73.1 ) 3,340.0 Gross profit $ 538.6 $ 123.3 $ 206.5 $ 37.4 $ — $ 905.8 Outbound freight and handling 94.1 18.4 27.2 3.2 — 142.9 Warehousing, selling and administrative 270.8 43.3 107.1 22.6 15.9 459.7 Adjusted EBITDA $ 173.7 $ 61.6 $ 72.2 $ 11.6 $ (15.9 ) $ 303.2 Other operating expenses, net 44.0 Depreciation 70.0 Amortization 33.2 Interest expense, net 71.6 Loss on extinguishment of debt 0.8 Other expense, net 20.8 Income tax expense 8.9 Net income $ 53.9 Total assets $ 3,643.1 $ 2,129.5 $ 972.2 $ 223.7 $ (1,161.6 ) $ 5,806.9 (in millions) USA Canada EMEA Rest of World Other/ Eliminations (1) Consolidated Six Months Ended June 30, 2016 Net sales: External customers $ 2,400.3 $ 758.1 $ 897.3 $ 205.8 $ — $ 4,261.5 Inter-segment 51.9 4.0 2.4 — (58.3 ) — Total net sales $ 2,452.2 $ 762.1 $ 899.7 $ 205.8 $ (58.3 ) $ 4,261.5 Cost of goods sold 1,926.2 650.9 700.4 166.6 (58.3 ) 3,385.8 Gross profit $ 526.0 $ 111.2 $ 199.3 $ 39.2 $ — $ 875.7 Outbound freight and handling 95.9 16.2 28.8 3.7 — 144.6 Warehousing, selling and administrative 266.1 41.8 109.2 23.4 8.3 448.8 Adjusted EBITDA $ 164.0 $ 53.2 $ 61.3 $ 12.1 $ (8.3 ) $ 282.3 Other operating expenses, net 17.0 Depreciation 71.5 Amortization 45.3 Interest expense, net 81.0 Other expense, net 7.7 Income tax expense 6.0 Net income $ 53.8 Total assets $ 4,012.8 $ 1,997.8 $ 990.3 $ 242.7 $ (1,289.2 ) $ 5,954.4 (1) Other/Eliminations represents the elimination of intersegment transactions as well as unallocated corporate costs consisting of costs specifically related to parent company operations that do not directly benefit segments, either individually or collectively. |
Significant accounting polici24
Significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. Unless otherwise indicated, all financial data presented in these condensed consolidated financial statements are expressed in US dollars. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 . The condensed consolidated financial statements include the financial statements of the Company and its subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company’s determination that it is the primary beneficiary of a variable interest entity (“VIE”) or if otherwise required by US GAAP. The Company did not have any material interests in VIEs during the periods presented in these condensed consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. |
Recently issued and adopted accounting pronouncements and Accounting pronouncements issued but not yet adopted | Recently issued and adopted accounting pronouncements In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation” (Topic 718) – “Improvement to Employee Share-Based Payment Accounting.” The core principal of the guidance is to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within such fiscal years. The guidance is to be applied using a modified retrospective method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance is adopted. The Company adopted the ASU as of January 1, 2017 which resulted in an increase of $0.5 million , net of tax $0.2 million in accumulated deficit and the offset of $0.7 million is recorded in additional paid-in capital within condensed consolidated balance sheet and statements of changes in stockholders' equity. In October 2016, the FASB issued ASU 2016-17 “Consolidation” (Topic 810) - “Interests Held through Related Parties That Are under Common Control.” The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance modifies how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted the ASU as of January 1, 2017 and the ASU is applied retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in ASU 2015-02 “Consolidation” (Topic 810) - “Amendments to the Consolidation Analysis” were applied. The adoption of this ASU had no material impact on the Company’s condensed consolidated financial statements. Accounting pronouncements issued and not yet adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The standard will be effective for public entities for interim and annual reporting periods beginning after December 15, 2017. The core principle of the guidance is that “an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” In achieving this objective, an entity must perform five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations of the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. In addition, the standard requires additional new disclosures of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company has established a project team who has completed a review of revenue streams and customer contracts to identify and evaluate the potential impacts of the provisions of ASC 606. The Company has accumulated information that will be necessary for implementation disclosures and is assessing the impact the adoption of ASU 2014-09 will have on its consolidated financial statements, related disclosures, and reporting processes. The Company is also in the process of identifying and drafting changes to processes and controls to meet the ASU's updated reporting and disclosure requirements and plans to update its assessment of the impact of the ASU through the date of adoption. Based on the analysis to date, the Company is revising its estimation processes related to arrangements that involve, among other items, potential returns of unused products, as well as revenue deferral where performance to date may have reached right to receive consideration. These changes could impact the timing of revenue recognition between quarters. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018 for contracts that still require performance by the entity, and disclose all line items in the year of adoption as if they were prepared under the old revenue guidance. In March 2017, the FASB issued ASU 2017-07 “Compensation - Retirement Benefits” (Topic 715) - “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The ASU requires entities to disaggregate the service cost component from the other components of net periodic benefit costs and present it with other current compensation costs for related employees in the income statement, and present the other component elsewhere in the income statement and outside of income from operations if that subtotal is presented. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The guidance is to be applied retrospectively for all periods presented. The Company is evaluating the impact of the ASU on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 “Compensation - Stock Compensation” (Topic 718) - “Scope of Modification Accounting.” The ASU provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period. The guidance is to be applied prospectively. The Company is evaluating the impact of the ASU on its consolidated financial statements. |
Employee benefit plans (Tables)
Employee benefit plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Postemployment Benefits [Abstract] | |
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic benefit recognized in the condensed consolidated statements of operations: Domestic - Defined Benefit Pension Plans Three months ended Six months ended (in millions) 2017 2016 2017 2016 Service cost $ — $ — $ — $ — Interest cost 7.7 8.0 15.4 16.0 Expected return on plan assets (7.8 ) (8.1 ) (15.5 ) (16.2 ) Net periodic benefit $ (0.1 ) $ (0.1 ) $ (0.1 ) $ (0.2 ) Foreign - Defined Benefit Pension Plans Three months ended Six months ended (in millions) 2017 2016 2017 2016 Service cost $ 0.6 $ 0.7 $ 1.2 $ 1.3 Interest cost 4.0 4.7 7.9 9.4 Expected return on plan assets (6.4 ) (7.5 ) (12.7 ) (14.9 ) Net periodic benefit $ (1.8 ) $ (2.1 ) $ (3.6 ) $ (4.2 ) Other Postretirement Benefits Three months ended Six months ended (in millions) 2017 2016 2017 2016 Service cost $ — $ — $ — $ — Interest cost 0.1 0.1 0.1 0.2 Prior service credits — (1.5 ) — (4.5 ) Net periodic cost (benefit) $ 0.1 $ (1.4 ) $ 0.1 $ (4.3 ) |
Other operating expenses, net (
Other operating expenses, net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Expenses | Other operating expenses, net consisted of the following activity: Three months ended Six months ended (in millions) 2017 2016 2017 2016 Acquisition and integration related expenses $ 0.5 $ 2.4 $ 0.7 $ 4.3 Stock-based compensation expense 5.1 1.3 11.5 3.5 Restructuring charges 1.8 5.5 3.5 6.5 Business transformation costs 11.5 — 20.6 — Other 5.3 2.3 7.7 2.7 Total other operating expenses, net $ 24.2 $ 11.5 $ 44.0 $ 17.0 |
Restructuring charges (Tables)
Restructuring charges (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring | The following table presents cost information related to restructuring plans that have not been completed as of June 30, 2017 and does not contain any estimates for plans that may be developed and implemented in future periods. (in millions) USA Canada EMEA ROW Other Total Anticipated total costs Employee termination costs $ 16.8 $ 5.5 $ 21.6 $ 5.1 $ 5.9 $ 54.9 Facility exit costs 23.5 — 3.7 0.2 — 27.4 Other exit costs 1.7 — 6.8 — 0.8 9.3 Total $ 42.0 $ 5.5 $ 32.1 $ 5.3 $ 6.7 $ 91.6 Incurred to date costs Inception of plans through June 30, 2017 Employee termination costs $ 16.8 $ 5.5 $ 21.6 $ 5.1 $ 5.9 $ 54.9 Facility exit costs 21.8 — 3.7 0.2 — 25.7 Other exit costs 1.7 — 6.8 — 0.8 9.3 Total $ 40.3 $ 5.5 $ 32.1 $ 5.3 $ 6.7 $ 89.9 Inception of plans through December 31, 2016 Employee termination costs $ 16.8 $ 5.2 $ 21.6 $ 4.4 $ 5.8 $ 53.8 Facility exit costs 19.6 — 3.5 0.2 — 23.3 Other exit costs 1.7 — 6.8 — 0.8 9.3 Total $ 38.1 $ 5.2 $ 31.9 $ 4.6 $ 6.6 $ 86.4 |
Schedule of Accrued Liabilities | The following table summarizes activity related to accrued liabilities associated with restructuring: (in millions) January 1, 2017 Charge to earnings Cash paid Non-cash and other June 30, 2017 Employee termination costs $ 6.9 $ 1.0 $ (4.0 ) $ 0.3 $ 4.2 Facility exit costs 13.2 2.5 (3.5 ) — 12.2 Other exit costs — — — — — Total $ 20.1 $ 3.5 $ (7.5 ) $ 0.3 $ 16.4 (in millions) January 1, 2016 Charge to earnings Cash paid Non-cash and other December 31, 2016 Employee termination costs $ 31.0 $ 0.4 $ (24.5 ) $ — $ 6.9 Facility exit costs 15.5 6.0 (8.3 ) — 13.2 Other exit costs 0.1 0.1 (0.2 ) — — Total $ 46.6 $ 6.5 $ (33.0 ) $ — $ 20.1 |
Other (expense) income, net (Ta
Other (expense) income, net (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Expense) Income, Net | Other (expense) income, net consisted of the following gains (losses): Three months ended Six months ended (in millions) 2017 2016 2017 2016 Foreign currency transactions $ (1.8 ) $ 0.3 $ (3.9 ) $ (2.4 ) Foreign currency denominated loans revaluation (5.4 ) 5.4 (8.4 ) (9.3 ) Undesignated foreign currency derivative instruments (1) 1.2 (0.9 ) 2.2 1.0 Undesignated interest rate swap contracts (1) (4.8 ) 1.5 (4.8 ) 2.2 Debt amendment costs (2) — — (4.2 ) — Other (0.9 ) (0.6 ) (1.7 ) 0.8 Total other (expense) income, net $ (11.7 ) $ 5.7 $ (20.8 ) $ (7.7 ) (1) Refer to “ Note 13: Derivatives ” for more information. (2) Refer to “ Note 10: Debt ” for more information. |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Computations of Basic and Diluted Earnings Per Share | The following table presents the basic and diluted earnings per share computations: Three months ended June 30, Six months ended June 30, (in millions, except per share data) 2017 2016 2017 2016 Basic: Net income $ 31.3 $ 39.8 $ 53.9 $ 53.8 Less: Earnings Allocated to Participating Securities 0.1 — 0.1 — Earnings Allocated to Common Shares Outstanding $ 31.2 $ 39.8 $ 53.8 $ 53.8 Weighted average common shares outstanding 140.1 137.6 139.8 137.6 Basic income per common share $ 0.22 $ 0.29 $ 0.38 $ 0.39 Diluted: Net income $ 31.3 $ 39.8 $ 53.9 $ 53.8 Less: Earnings Allocated to Participating Securities — — — — Earnings Allocated to Common Shares Outstanding $ 31.3 $ 39.8 $ 53.9 $ 53.8 Weighted average common shares outstanding 140.1 137.6 139.8 137.6 Effect of dilutive securities: Stock compensation plans (1) 1.2 0.5 1.4 0.4 Weighted average common shares outstanding – diluted 141.3 138.1 141.2 138.0 Diluted income per common share $ 0.22 $ 0.29 $ 0.38 $ 0.39 (1) Stock options to purchase 0.9 million and 3.9 million shares of common stock were outstanding during the three months ended June 30, 2017 and 2016 , respectively, but were not included in the calculation of diluted income per share as the impact of these stock options would have been anti-dilutive. Stock options to purchase 0.8 million and 4.2 million shares of common stock were outstanding during the six months ended June 30, 2017 and 2016 , respectively, but were not included in the calculation of diluted income per share as the impact of these stock options would have been anti-dilutive. |
Accumulated other comprehensi30
Accumulated other comprehensive loss (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax | The following tables present the changes in accumulated other comprehensive loss by component, net of tax: (in millions) Defined benefit pension items Currency translation items Total Balance as of December 31, 2016 $ 1.2 $ (391.1 ) $ (389.9 ) Other comprehensive income before reclassifications — 63.2 63.2 Amounts reclassified from accumulated other comprehensive loss (0.1 ) — (0.1 ) Net current period other comprehensive (loss) income $ (0.1 ) $ 63.2 $ 63.1 Balance as of June 30, 2017 $ 1.1 $ (327.9 ) $ (326.8 ) Balance as of December 31, 2015 $ 3.0 $ (427.4 ) $ (424.4 ) Other comprehensive income before reclassifications — 66.7 66.7 Amounts reclassified from accumulated other comprehensive loss (3.0 ) — (3.0 ) Net current period other comprehensive (loss) income $ (3.0 ) $ 66.7 $ 63.7 Balance as of June 30, 2016 $ — $ (360.7 ) $ (360.7 ) |
Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Loss) | The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income: Three months ended June 30, (in millions) 2017 (1) 2016 (1) Location of impact on statement of operations Amortization of defined benefit pension items: Prior service credits $ (0.1 ) $ (1.5 ) Warehousing, selling and administrative Tax expense — 0.3 Income tax expense Net of tax $ (0.1 ) $ (1.2 ) Total reclassifications for the period $ (0.1 ) $ (1.2 ) Six months ended June 30, (in millions) 2017 (1) 2016 (1) Location of impact on statement of operations Amortization of defined benefit pension items: Prior service credits $ (0.1 ) $ (4.5 ) Warehousing, selling and administrative Tax expense — 1.5 Income tax expense Net of tax $ (0.1 ) $ (3.0 ) Total reclassifications for the period $ (0.1 ) $ (3.0 ) (1) Amounts in parentheses indicate credits to net income in the condensed consolidated statement of operations. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Short Term Financing | Short-term financing consisted of the following: (in millions) June 30, 2017 December 31, 2016 Amounts drawn under credit facilities $ 10.4 $ 12.1 Bank overdrafts 9.0 13.2 Total short-term financing $ 19.4 $ 25.3 |
Schedule of Long Term Debt | Long-term debt consisted of the following: (in millions) June 30, 2017 December 31, 2016 Senior Term Loan Facilities: Term B Loan Due 2022, variable interest rate of 3.98% and 4.25% at June 30, 2017 and December 31, 2016, respectively $ 2,189.0 $ 2,024.4 Euro Tranche Term Loan Due 2022, variable interest rate of 4.25% at June 30, 2017 and December 31, 2016 93.1 259.9 Asset Backed Loan (ABL) Facilities: North American ABL Facility Due 2020, variable interest rate of 2.97% and 4.25% at June 30, 2017 and December 31, 2016, respectively 222.5 152.0 North American ABL Term Loan Due 2018, variable interest rate of 4.05% and 3.75% at June 30, 2017 and December 31, 2016, respectively 50.0 83.3 Senior Unsecured Notes: Senior Unsecured Notes due 2023, fixed interest rate of 6.75% at June 30, 2017 and December 31, 2016 399.5 399.5 Capital lease obligations 66.1 63.4 Total long-term debt before discount $ 3,020.2 $ 2,982.5 Less: unamortized debt issuance costs and discount on debt (25.4 ) (28.5 ) Total long-term debt $ 2,994.8 $ 2,954.0 Less: current maturities (99.3 ) (109.0 ) Total long-term debt, excluding current maturities $ 2,895.5 $ 2,845.0 |
Supplemental balance sheet in32
Supplemental balance sheet information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net (in millions) June 30, 2017 December 31, 2016 Property, plant and equipment, at cost $ 1,887.6 $ 1,831.0 Less: accumulated depreciation (878.8 ) (811.5 ) Property, plant and equipment, net $ 1,008.8 $ 1,019.5 |
Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets | The below table summarizes the cost and accumulated depreciation related to these assets: (in millions) June 30, 2017 December 31, 2016 Capital lease assets, at cost $ 84.9 $ 76.5 Less: accumulated depreciation (20.7 ) (14.5 ) Capital lease assets, net $ 64.2 $ 62.0 |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets | The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows: June 30, 2017 December 31, 2016 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets: Customer relationships $ 843.4 $ (550.1 ) $ 293.3 $ 826.2 $ (514.3 ) $ 311.9 Other 176.4 (157.0 ) 19.4 178.2 (150.9 ) 27.3 Total intangible assets $ 1,019.8 $ (707.1 ) $ 312.7 $ 1,004.4 $ (665.2 ) $ 339.2 |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s gross assets and liabilities measured on a recurring basis: Level 2 Level 3 (in millions) June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Financial current assets: Forward currency contracts $ 0.4 $ 0.5 $ — $ — Financial noncurrent assets: Interest rate swap contracts 3.5 9.8 — — Financial current liabilities: Forward currency contracts 0.5 0.3 — — Interest rate swap contracts 5.5 5.6 — — Contingent consideration — — 0.4 1.6 Financial noncurrent liabilities: Contingent consideration — — 0.5 5.9 |
Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) | The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which consists of contingent consideration related to prior acquisitions. (in millions) Contingent consideration Fair value as of December 31, 2016 $ 7.5 Fair value adjustments (2.5 ) Payments (3.2 ) Gain on settlement (0.9 ) Fair value as of June 30, 2017 $ 0.9 |
Estimated Fair Value of Financial Instruments Not Carried at Fair Value | The estimated fair value of financial instruments not carried at fair value in the condensed consolidated balance sheets were as follows: June 30, 2017 December 31, 2016 (in millions) Carrying Amount Fair Value Carrying Amount Fair Financial liabilities: Long-term debt including current portion (Level 2) $ 2,994.8 $ 3,045.0 $ 2,954.0 $ 3,019.1 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Changes in Total Environmental Liabilities | Changes in total environmental liabilities are as follows: Six months ended June 30, (in millions) 2017 2016 Environmental liabilities at beginning of period $ 95.8 $ 113.2 Revised obligation estimates 6.9 5.1 Environmental payments (10.0 ) (9.7 ) Foreign exchange 0.3 (0.1 ) Environmental liabilities at end of period $ 93.0 $ 108.5 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Financial Information for the Company's Segments | Financial information for the Company’s segments is as follows: (in millions) USA Canada EMEA Rest of Other/ (1) Consolidated Three Months Ended June 30, 2017 Net sales: External customers $ 1,191.1 $ 492.4 $ 463.7 $ 99.8 $ — $ 2,247.0 Inter-segment 35.0 2.3 1.2 0.2 (38.7 ) — Total net sales $ 1,226.1 $ 494.7 $ 464.9 $ 100.0 $ (38.7 ) $ 2,247.0 Cost of goods sold 950.4 427.2 360.2 81.5 (38.7 ) 1,780.6 Gross profit $ 275.7 $ 67.5 $ 104.7 $ 18.5 $ — $ 466.4 Outbound freight and handling 47.3 9.2 13.8 1.6 — 71.9 Warehousing, selling and administrative 136.4 21.5 54.6 12.0 9.1 233.6 Adjusted EBITDA $ 92.0 $ 36.8 $ 36.3 $ 4.9 $ (9.1 ) $ 160.9 Other operating expenses, net 24.2 Depreciation 34.1 Amortization 16.5 Interest expense, net 35.8 Other expense, net 11.7 Income tax expense 7.3 Net income $ 31.3 Total assets $ 3,643.1 $ 2,129.5 $ 972.2 $ 223.7 $ (1,161.6 ) $ 5,806.9 (in millions) USA Canada EMEA Rest of Other/ (1) Consolidated Three Months Ended June 30, 2016 Net sales: External customers $ 1,212.8 $ 485.4 $ 459.9 $ 104.4 $ — $ 2,262.5 Inter-segment 25.0 1.7 1.0 — (27.7 ) — Total net sales $ 1,237.8 $ 487.1 $ 460.9 $ 104.4 $ (27.7 ) $ 2,262.5 Cost of goods sold 974.7 426.5 357.8 85.8 (27.7 ) 1,817.1 Gross profit $ 263.1 $ 60.6 $ 103.1 $ 18.6 $ — $ 445.4 Outbound freight and handling 48.2 8.4 14.8 1.9 — 73.3 Warehousing, selling and administrative 131.7 20.7 55.3 12.5 3.7 223.9 Adjusted EBITDA $ 83.2 $ 31.5 $ 33.0 $ 4.2 $ (3.7 ) $ 148.2 Other operating expenses, net 11.5 Depreciation 38.0 Amortization 23.3 Interest expense, net 40.4 Other income, net (5.7 ) Income tax expense 0.9 Net income $ 39.8 Total assets $ 4,012.8 $ 1,997.8 $ 990.3 $ 242.7 $ (1,289.2 ) $ 5,954.4 (in millions) USA Canada EMEA Rest of World Other/ Eliminations (1) Consolidated Six Months Ended June 30, 2017 Net sales: External customers $ 2,342.0 $ 799.7 $ 903.4 $ 200.7 $ — $ 4,245.8 Inter-segment 66.2 4.1 2.5 0.3 (73.1 ) — Total net sales $ 2,408.2 $ 803.8 $ 905.9 $ 201.0 $ (73.1 ) $ 4,245.8 Cost of goods sold 1,869.6 680.5 699.4 163.6 (73.1 ) 3,340.0 Gross profit $ 538.6 $ 123.3 $ 206.5 $ 37.4 $ — $ 905.8 Outbound freight and handling 94.1 18.4 27.2 3.2 — 142.9 Warehousing, selling and administrative 270.8 43.3 107.1 22.6 15.9 459.7 Adjusted EBITDA $ 173.7 $ 61.6 $ 72.2 $ 11.6 $ (15.9 ) $ 303.2 Other operating expenses, net 44.0 Depreciation 70.0 Amortization 33.2 Interest expense, net 71.6 Loss on extinguishment of debt 0.8 Other expense, net 20.8 Income tax expense 8.9 Net income $ 53.9 Total assets $ 3,643.1 $ 2,129.5 $ 972.2 $ 223.7 $ (1,161.6 ) $ 5,806.9 (in millions) USA Canada EMEA Rest of World Other/ Eliminations (1) Consolidated Six Months Ended June 30, 2016 Net sales: External customers $ 2,400.3 $ 758.1 $ 897.3 $ 205.8 $ — $ 4,261.5 Inter-segment 51.9 4.0 2.4 — (58.3 ) — Total net sales $ 2,452.2 $ 762.1 $ 899.7 $ 205.8 $ (58.3 ) $ 4,261.5 Cost of goods sold 1,926.2 650.9 700.4 166.6 (58.3 ) 3,385.8 Gross profit $ 526.0 $ 111.2 $ 199.3 $ 39.2 $ — $ 875.7 Outbound freight and handling 95.9 16.2 28.8 3.7 — 144.6 Warehousing, selling and administrative 266.1 41.8 109.2 23.4 8.3 448.8 Adjusted EBITDA $ 164.0 $ 53.2 $ 61.3 $ 12.1 $ (8.3 ) $ 282.3 Other operating expenses, net 17.0 Depreciation 71.5 Amortization 45.3 Interest expense, net 81.0 Other expense, net 7.7 Income tax expense 6.0 Net income $ 53.8 Total assets $ 4,012.8 $ 1,997.8 $ 990.3 $ 242.7 $ (1,289.2 ) $ 5,954.4 (1) Other/Eliminations represents the elimination of intersegment transactions as well as unallocated corporate costs consisting of costs specifically related to parent company operations that do not directly benefit segments, either individually or collectively. |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 4 |
Significant accounting polici37
Significant accounting policies - Narrative (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Impact due to adoption of ASU | [1] | $ 0.2 | |
Deferred tax assets | $ 24 | 18.2 | |
ASU 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Deferred tax assets | 0.2 | ||
Accumulated Deficit [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Impact due to adoption of ASU | [1] | (0.5) | |
Additional Paid-in Capital [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Impact due to adoption of ASU | [1] | $ 0.7 | |
[1] | Adjusted due to the adoption of ASU 2016-09 “Improvement to Employee Share-Based Payment Accounting” on January 1, 2017. Refer to “Note 2: Significant accounting policies” for more information. |
Employee benefit plans (Detail)
Employee benefit plans (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 0.1 | 0.1 | 0.1 | 0.2 |
Prior service credits | 0 | (1.5) | 0 | (4.5) |
Net periodic cost (benefit) | 0.1 | (1.4) | 0.1 | (4.3) |
US [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 7.7 | 8 | 15.4 | 16 |
Expected return on plan assets | (7.8) | (8.1) | (15.5) | (16.2) |
Net periodic cost (benefit) | (0.1) | (0.1) | (0.1) | (0.2) |
Foreign Plan [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.6 | 0.7 | 1.2 | 1.3 |
Interest cost | 4 | 4.7 | 7.9 | 9.4 |
Expected return on plan assets | (6.4) | (7.5) | (12.7) | (14.9) |
Net periodic cost (benefit) | $ (1.8) | $ (2.1) | $ (3.6) | $ (4.2) |
Other operating expenses, net39
Other operating expenses, net (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | ||||
Acquisition and integration related expenses | $ 0.5 | $ 2.4 | $ 0.7 | $ 4.3 |
Stock-based compensation expense | 5.1 | 1.3 | 11.5 | 3.5 |
Restructuring charges | 1.8 | 5.5 | 3.5 | 6.5 |
Business transformation costs | 11.5 | 0 | 20.6 | 0 |
Other | 5.3 | 2.3 | 7.7 | 2.7 |
Total other operating expenses, net | $ 24.2 | $ 11.5 | $ 44 | $ 17 |
Restructuring charges - Schedul
Restructuring charges - Schedule of Cost Information Related to Restructuring Plans That Have Not Been Completed (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | $ 91.6 | |
Incurred to date costs | 89.9 | $ 86.4 |
Employee Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 54.9 | |
Incurred to date costs | 54.9 | 53.8 |
Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 27.4 | |
Incurred to date costs | 25.7 | 23.3 |
Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 9.3 | |
Incurred to date costs | 9.3 | 9.3 |
Operating Segments [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 42 | |
Incurred to date costs | 40.3 | 38.1 |
Operating Segments [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.5 | |
Incurred to date costs | 5.5 | 5.2 |
Operating Segments [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 32.1 | |
Incurred to date costs | 32.1 | 31.9 |
Operating Segments [Member] | ROW [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.3 | |
Incurred to date costs | 5.3 | 4.6 |
Operating Segments [Member] | Employee Termination Costs [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 16.8 | |
Incurred to date costs | 16.8 | 16.8 |
Operating Segments [Member] | Employee Termination Costs [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.5 | |
Incurred to date costs | 5.5 | 5.2 |
Operating Segments [Member] | Employee Termination Costs [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 21.6 | |
Incurred to date costs | 21.6 | 21.6 |
Operating Segments [Member] | Employee Termination Costs [Member] | ROW [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.1 | |
Incurred to date costs | 5.1 | 4.4 |
Operating Segments [Member] | Facility Exit Costs [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 23.5 | |
Incurred to date costs | 21.8 | 19.6 |
Operating Segments [Member] | Facility Exit Costs [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0 | |
Incurred to date costs | 0 | 0 |
Operating Segments [Member] | Facility Exit Costs [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 3.7 | |
Incurred to date costs | 3.7 | 3.5 |
Operating Segments [Member] | Facility Exit Costs [Member] | ROW [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.2 | |
Incurred to date costs | 0.2 | 0.2 |
Operating Segments [Member] | Other Exit Costs [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 1.7 | |
Incurred to date costs | 1.7 | 1.7 |
Operating Segments [Member] | Other Exit Costs [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0 | |
Incurred to date costs | 0 | 0 |
Operating Segments [Member] | Other Exit Costs [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.8 | |
Incurred to date costs | 6.8 | 6.8 |
Operating Segments [Member] | Other Exit Costs [Member] | ROW [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0 | |
Incurred to date costs | 0 | 0 |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.7 | |
Incurred to date costs | 6.7 | 6.6 |
Other [Member] | Employee Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.9 | |
Incurred to date costs | 5.9 | 5.8 |
Other [Member] | Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0 | |
Incurred to date costs | 0 | 0 |
Other [Member] | Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.8 | |
Incurred to date costs | $ 0.8 | $ 0.8 |
Restructuring charges - Summary
Restructuring charges - Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 20.1 | $ 46.6 |
Charge to earnings | 3.5 | 6.5 |
Cash paid | (7.5) | (33) |
Non-cash and other | 0.3 | 0 |
Ending balance | 16.4 | 20.1 |
Employee Termination Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 6.9 | 31 |
Charge to earnings | 1 | 0.4 |
Cash paid | (4) | (24.5) |
Non-cash and other | 0.3 | 0 |
Ending balance | 4.2 | 6.9 |
Facility Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 13.2 | 15.5 |
Charge to earnings | 2.5 | 6 |
Cash paid | (3.5) | (8.3) |
Non-cash and other | 0 | 0 |
Ending balance | 12.2 | 13.2 |
Other Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 0.1 |
Charge to earnings | 0 | 0.1 |
Cash paid | 0 | (0.2) |
Non-cash and other | 0 | 0 |
Ending balance | $ 0 | $ 0 |
Restructuring charges - Additio
Restructuring charges - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring liabilities, current | $ 7.4 | $ 10.1 |
Restructuring liabilities, non-current | $ 9 | $ 10 |
Facility exit costs payment period | 4 years |
Other (expense) income, net (De
Other (expense) income, net (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency transactions | $ (1.8) | $ 0.3 | $ (3.9) | $ (2.4) |
Foreign currency denominated loans revaluation | (5.4) | 5.4 | (8.4) | (9.3) |
Undesignated foreign currency derivative instruments | 1.2 | (0.9) | 2.2 | 1 |
Undesignated interest rate swap contracts | (4.8) | 1.5 | (4.8) | 2.2 |
Debt amendment costs | 0 | 0 | (4.2) | 0 |
Other | (0.9) | (0.6) | (1.7) | 0.8 |
Total other (expense) income, net | $ (11.7) | $ 5.7 | $ (20.8) | $ (7.7) |
Income taxes (Detail)
Income taxes (Detail) CAD in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Apr. 30, 2015CAD | Sep. 30, 2014CAD | Feb. 28, 2013CAD | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017CAD | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Income Taxes [Line Items] | ||||||||||
Income tax expense | $ | $ 7.3 | $ 0.9 | $ 8.9 | $ 6 | ||||||
Effective tax rate | 18.90% | 2.20% | 14.20% | 14.20% | 10.00% | |||||
US federal statutory rate | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | |||||
Benefit related to excess tax benefits from share-based compensation | $ | $ 1.3 | $ 3.5 | ||||||||
Letter of credit amount | $ | $ 179.4 | $ 175.3 | ||||||||
GAAR Notice of Assessment Letter of Credit [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Letter of credit amount | CAD 52.1 | |||||||||
2008 and 2009 Notice of Reassessments Letter of Credit [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Letter of credit amount | 21 | |||||||||
Foreign Tax Authority [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Interest on tax liability assessed and related provincial tax liability | 41.5 | |||||||||
Tax liability assessed and related provincial tax liability | 114.6 | |||||||||
Canada Revenue Agency [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Federal corporate income tax liabilities | CAD 29.4 | |||||||||
Interest accrued | CAD 22.7 | |||||||||
Departure tax liability | CAD 9 | |||||||||
Canada Revenue Agency [Member] | 2008 [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Federal corporate income tax liabilities | 11.9 | |||||||||
Canada Revenue Agency [Member] | 2008 [Member] | Alberta Notice of Reassessments [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Federal corporate income tax liabilities | CAD 6 | |||||||||
Canada Revenue Agency [Member] | 2009 [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Federal corporate income tax liabilities | CAD 11 | |||||||||
Canada Revenue Agency [Member] | 2009 [Member] | Alberta Notice of Reassessments [Member] | ||||||||||
Income Taxes [Line Items] | ||||||||||
Federal corporate income tax liabilities | CAD 5.8 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Basic: | |||||
Net income | $ 31.3 | $ 39.8 | $ 53.9 | $ 53.8 | $ (68.4) |
Less: Earnings Allocated to Participating Securities | 0.1 | 0 | 0.1 | 0 | |
Earnings Allocated to Common Shares Outstanding | $ 31.2 | $ 39.8 | $ 53.8 | $ 53.8 | |
Weighted average common shares outstanding (in shares) | 140.1 | 137.6 | 139.8 | 137.6 | |
Basic income per common share (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.38 | $ 0.39 | |
Diluted: | |||||
Net income | $ 31.3 | $ 39.8 | $ 53.9 | $ 53.8 | $ (68.4) |
Less: Earnings Allocated to Participating Securities | 0 | 0 | 0 | 0 | |
Earnings Allocated to Common Shares Outstanding | $ 31.3 | $ 39.8 | $ 53.9 | $ 53.8 | |
Weighted average common shares outstanding (in shares) | 140.1 | 137.6 | 139.8 | 137.6 | |
Effect of dilutive securities: Stock compensation plans (in shares) | 1.2 | 0.5 | 1.4 | 0.4 | |
Weighted average common shares outstanding - diluted (in shares) | 141.3 | 138.1 | 141.2 | 138 | |
Diluted income per common share (in dollars per share) | $ 0.22 | $ 0.29 | $ 0.38 | $ 0.39 |
Earnings Per Share - Summary 46
Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share Footnote (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Stock Option [Member] | Common Stock [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Share-based compensation awards purchased not included in calculation of diluted earnings per share (in shares) | 0.9 | 3.9 | 0.8 | 4.2 |
Accumulated other comprehensi47
Accumulated other comprehensive loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 809.9 | $ 816.7 | ||
Other comprehensive income before reclassifications | 63.2 | 66.7 | ||
Amounts reclassified from accumulated other comprehensive loss | (0.1) | (3) | ||
Total other comprehensive income (loss), net of tax | $ 44.9 | $ (3.6) | 63.1 | 63.7 |
Ending balance | 959.7 | 959.7 | ||
Defined Benefit Pension Items [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 1.2 | 3 | ||
Other comprehensive income before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | (0.1) | (3) | ||
Total other comprehensive income (loss), net of tax | (0.1) | (3) | ||
Ending balance | 1.1 | 0 | 1.1 | 0 |
Currency Translation Items [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (391.1) | (427.4) | ||
Other comprehensive income before reclassifications | 63.2 | 66.7 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Total other comprehensive income (loss), net of tax | 63.2 | 66.7 | ||
Ending balance | (327.9) | (360.7) | (327.9) | (360.7) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (389.9) | (424.4) | ||
Ending balance | $ (326.8) | $ (360.7) | $ (326.8) | $ (360.7) |
Accumulated other comprehensi48
Accumulated other comprehensive loss - Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Warehousing, selling and administrative | $ (233.6) | $ (223.9) | $ (459.7) | $ (448.8) | |
Income tax expense | 7.3 | 0.9 | 8.9 | 6 | |
Net income | 31.3 | 39.8 | 53.9 | 53.8 | $ (68.4) |
Total reclassifications for the period | 0.1 | 1.2 | 0.1 | 3 | |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Amortization of Defined Benefit Pension, Prior Service Credits [Member] | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Warehousing, selling and administrative | (0.1) | (1.5) | (0.1) | (4.5) | |
Income tax expense | 0 | 0.3 | 0 | 1.5 | |
Net income | $ (0.1) | $ (1.2) | $ (0.1) | $ (3) |
Accumulated other comprehensi49
Accumulated other comprehensive loss - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
Foreign currency gains (losses) related to intercompany borrowings | $ 0 | $ (15,500,000) | $ 500,000 | $ (20,000,000) |
Debt - Summary of Short Term Fi
Debt - Summary of Short Term Financing (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Amounts drawn under credit facilities | $ 10.4 | $ 12.1 |
Bank overdrafts | 9 | 13.2 |
Total short-term financing | $ 19.4 | $ 25.3 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Jan. 19, 2017 | Jan. 18, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||||||
Outstanding letters of credit and guarantee | $ 179,400,000 | $ 179,400,000 | $ 175,300,000 | ||||
Weighted average interest rate on long-term debt | 4.60% | 4.60% | 4.84% | ||||
Proceeds from issuance of long-term debt | $ 2,254,000,000 | $ 20,500,000 | |||||
Debt refinancing costs | $ 0 | $ 0 | 4,200,000 | 0 | |||
Loss on extinguishment of debt | $ 0 | $ 0 | 800,000 | $ 0 | |||
Senior Term B Loan US Dollar Denominated Tranche [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | $ 2,200,000,000 | ||||||
Proceeds from issuance of long-term debt | $ 175,600,000 | ||||||
Debt refinancing costs | 4,200,000 | ||||||
Loss on extinguishment of debt | $ 800,000 | ||||||
Senior Term B Loan US Dollar Denominated Tranche [Member] | LIBOR Floor Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Decrease in interest rate | 0.50% | ||||||
Variable interest rate | 2.75% | 3.25% | |||||
Minimum [Member] | Senior Term B Loan US Dollar Denominated Tranche [Member] | LIBOR Floor Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
LIBOR floor rate | 1.00% |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 66.1 | $ 63.4 |
Total long-term debt before discount | 3,020.2 | 2,982.5 |
Less: unamortized debt issuance costs and discount on debt | (25.4) | (28.5) |
Total long-term debt | 2,994.8 | 2,954 |
Less: current maturities | (99.3) | (109) |
Total long-term debt, excluding current maturities | 2,895.5 | 2,845 |
Term B Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 2,189 | $ 2,024.4 |
Variable interest rate | 3.98% | 4.25% |
Euro Tranche Term Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 93.1 | $ 259.9 |
Variable interest rate | 4.25% | 4.25% |
North American ABL Facility Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 222.5 | $ 152 |
Variable interest rate | 2.97% | 4.25% |
North American ABL Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 50 | $ 83.3 |
Variable interest rate | 4.05% | 3.75% |
Senior Unsecured Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 399.5 | $ 399.5 |
Fixed interest rate | 6.75% | 6.75% |
Supplemental balance sheet in53
Supplemental balance sheet information - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Property, plant and equipment, at cost | $ 1,887.6 | $ 1,831 |
Less: accumulated depreciation | (878.8) | (811.5) |
Property, plant and equipment, net | $ 1,008.8 | $ 1,019.5 |
Supplemental balance sheet in54
Supplemental balance sheet information - Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capital lease assets, at cost | $ 84.9 | $ 76.5 |
Less: accumulated depreciation | (20.7) | (14.5) |
Capital lease assets, net | $ 64.2 | $ 62 |
Supplemental balance sheet in55
Supplemental balance sheet information - Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,019.8 | $ 1,004.4 |
Accumulated Amortization | (707.1) | (665.2) |
Net | 312.7 | 339.2 |
Customer Advances and Deposits, Current | 84.6 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 843.4 | 826.2 |
Accumulated Amortization | (550.1) | (514.3) |
Net | 293.3 | 311.9 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 176.4 | 178.2 |
Accumulated Amortization | (157) | (150.9) |
Net | $ 19.4 | $ 27.3 |
Fair value measurements - Sched
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Level 2 [Member] | Forward Currency Contracts [Member] | Financial current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0.4 | $ 0.5 |
Level 2 [Member] | Forward Currency Contracts [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0.5 | 0.3 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | Financial noncurrent assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 3.5 | 9.8 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 5.5 | 5.6 |
Level 2 [Member] | Contingent Consideration [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 2 [Member] | Contingent Consideration [Member] | Financial noncurrent liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 [Member] | Forward Currency Contracts [Member] | Financial current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 [Member] | Forward Currency Contracts [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 [Member] | Interest Rate Swap Contracts [Member] | Financial noncurrent assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Level 3 [Member] | Interest Rate Swap Contracts [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 [Member] | Contingent Consideration [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0.4 | 1.6 |
Level 3 [Member] | Contingent Consideration [Member] | Financial noncurrent liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 0.5 | $ 5.9 |
Fair value measurements - Addit
Fair value measurements - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Prepaids and Other Current Assets [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Forward currency contract asset fair value | $ 0.2 | $ 0.5 |
Other Accrued Expenses [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Forward currency contract liability fair value | $ 0.3 | $ 0.3 |
Fair value measurements - Recon
Fair value measurements - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) (Detail) - Contingent Consideration [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value beginning balance | $ 7.5 |
Fair value adjustments | (2.5) |
Payments | (3.2) |
Gain on settlement | (0.9) |
Fair value ending balance | $ 0.9 |
Fair value measurements - Estim
Fair value measurements - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Detail) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, carrying amount | $ 2,994.8 | $ 2,954 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, carrying amount | 2,994.8 | 2,954 |
Long-term debt including current portion, fair value | $ 3,045 | $ 3,019.1 |
Derivatives (Detail)
Derivatives (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Current liability | $ 1,561,000,000 | $ 1,561,000,000 | $ 1,339,500,000 | |
Interest Rate Swap Contracts [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Financial noncurrent assets [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Noncurrent asset | 3,500,000 | 3,500,000 | 9,800,000 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount expiring during the period | 1,000,000,000 | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts [Member] | Cash Flow Hedging [Member] | Interest Rate Swap Contracts [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Accrued Expenses [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Current liability | 5,500,000 | 5,500,000 | 5,600,000 | |
Undesignated Forward Currency Contracts [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | 98,200,000 | $ 98,200,000 | $ 111,000,000 | |
Undesignated Forward Currency Contracts [Member] | Minimum [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative instruments term | 1 month | |||
Undesignated Forward Currency Contracts [Member] | Maximum [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative instruments term | 3 months | |||
Undesignated Forward Currency Contracts [Member] | Interest Rate Cap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount expiring during the period | 800,000,000 | |||
Term B Loan Due 2022 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount | $ 2,000,000,000 | $ 2,000,000,000 | ||
Fixed interest rate (weighted average) | 1.70% | 1.70% | ||
Gain on interest rate swap contracts amendment | $ 1,400,000 | |||
Term B Loan Due 2022 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap Contracts [Member] | Cash Flow Hedging [Member] | Minimum [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
LIBOR floor rate | 1.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Aug. 06, 2015USD ($) | Oct. 01, 2014USD ($) | Jul. 21, 2014USD ($) | Jun. 30, 2017USD ($)sitelocationclaim | Dec. 31, 2012defendant | Dec. 31, 2016USD ($) |
Other Commitments [Line Items] | ||||||
Number of locations impacted by environmental laws and regulations | location | 129 | |||||
Number of company owned/occupied sites requiring environmental remediation work | site | 106 | |||||
Number of non owned sites liable for a share of clean-up | site | 23 | |||||
Estimated life of project, minimum | 2 years | |||||
Estimated life of project, maximum | 30 years | |||||
Accrued environmental loss contingencies, current | $ 29 | $ 30.2 | ||||
Number of defendants | defendant | 2 | |||||
CBP [Member] | ||||||
Other Commitments [Line Items] | ||||||
Penalty sought | $ 84 | $ 84 | ||||
DOJ [Member] | ||||||
Other Commitments [Line Items] | ||||||
Penalty sought | $ 84 | |||||
Maximum [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of asbestos-related claims | claim | 278 |
Commitments and Contingencies62
Commitments and Contingencies - Changes in Total Environmental Liabilities (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Environmental liabilities at beginning of period | $ 95.8 | $ 113.2 |
Revised obligation estimates | 6.9 | 5.1 |
Environmental payments | (10) | (9.7) |
Foreign exchange | 0.3 | (0.1) |
Environmental liabilities at end of period | $ 93 | $ 108.5 |
Segments (Detail)
Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Total net sales | $ 2,247 | $ 2,262.5 | $ 4,245.8 | $ 4,261.5 | |
Cost of goods sold | 1,780.6 | 1,817.1 | 3,340 | 3,385.8 | |
Gross profit | 466.4 | 445.4 | 905.8 | 875.7 | |
Outbound freight and handling | 71.9 | 73.3 | 142.9 | 144.6 | |
Warehousing, selling and administrative | 233.6 | 223.9 | 459.7 | 448.8 | |
Adjusted EBITDA | 160.9 | 148.2 | 303.2 | 282.3 | |
Other operating expenses, net | 24.2 | 11.5 | 44 | 17 | |
Depreciation | 34.1 | 38 | 70 | 71.5 | |
Amortization | 16.5 | 23.3 | 33.2 | 45.3 | |
Interest expense, net | 35.8 | 40.4 | 71.6 | 81 | |
Loss on extinguishment of debt | 0 | 0 | 0.8 | 0 | |
Other expense (income), net | 11.7 | (5.7) | 20.8 | 7.7 | |
Income tax expense | 7.3 | 0.9 | 8.9 | 6 | |
Net income | 31.3 | 39.8 | 53.9 | 53.8 | $ (68.4) |
Total assets | 5,806.9 | 5,954.4 | 5,806.9 | 5,954.4 | $ 5,389.9 |
USA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 1,191.1 | 1,212.8 | 2,342 | 2,400.3 | |
Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 492.4 | 485.4 | 799.7 | 758.1 | |
EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 463.7 | 459.9 | 903.4 | 897.3 | |
ROW [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 99.8 | 104.4 | 200.7 | 205.8 | |
Inter-segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | (38.7) | (27.7) | (73.1) | (58.3) | |
Inter-segment [Member] | USA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 35 | 25 | 66.2 | 51.9 | |
Inter-segment [Member] | Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 2.3 | 1.7 | 4.1 | 4 | |
Inter-segment [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 1.2 | 1 | 2.5 | 2.4 | |
Inter-segment [Member] | ROW [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 0.2 | 0 | 0.3 | 0 | |
Operating Segments [Member] | USA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 1,226.1 | 1,237.8 | 2,408.2 | 2,452.2 | |
Cost of goods sold | 950.4 | 974.7 | 1,869.6 | 1,926.2 | |
Gross profit | 275.7 | 263.1 | 538.6 | 526 | |
Outbound freight and handling | 47.3 | 48.2 | 94.1 | 95.9 | |
Warehousing, selling and administrative | 136.4 | 131.7 | 270.8 | 266.1 | |
Adjusted EBITDA | 92 | 83.2 | 173.7 | 164 | |
Total assets | 3,643.1 | 4,012.8 | 3,643.1 | 4,012.8 | |
Operating Segments [Member] | Canada [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 494.7 | 487.1 | 803.8 | 762.1 | |
Cost of goods sold | 427.2 | 426.5 | 680.5 | 650.9 | |
Gross profit | 67.5 | 60.6 | 123.3 | 111.2 | |
Outbound freight and handling | 9.2 | 8.4 | 18.4 | 16.2 | |
Warehousing, selling and administrative | 21.5 | 20.7 | 43.3 | 41.8 | |
Adjusted EBITDA | 36.8 | 31.5 | 61.6 | 53.2 | |
Total assets | 2,129.5 | 1,997.8 | 2,129.5 | 1,997.8 | |
Operating Segments [Member] | EMEA [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 464.9 | 460.9 | 905.9 | 899.7 | |
Cost of goods sold | 360.2 | 357.8 | 699.4 | 700.4 | |
Gross profit | 104.7 | 103.1 | 206.5 | 199.3 | |
Outbound freight and handling | 13.8 | 14.8 | 27.2 | 28.8 | |
Warehousing, selling and administrative | 54.6 | 55.3 | 107.1 | 109.2 | |
Adjusted EBITDA | 36.3 | 33 | 72.2 | 61.3 | |
Total assets | 972.2 | 990.3 | 972.2 | 990.3 | |
Operating Segments [Member] | ROW [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | 100 | 104.4 | 201 | 205.8 | |
Cost of goods sold | 81.5 | 85.8 | 163.6 | 166.6 | |
Gross profit | 18.5 | 18.6 | 37.4 | 39.2 | |
Outbound freight and handling | 1.6 | 1.9 | 3.2 | 3.7 | |
Warehousing, selling and administrative | 12 | 12.5 | 22.6 | 23.4 | |
Adjusted EBITDA | 4.9 | 4.2 | 11.6 | 12.1 | |
Total assets | 223.7 | 242.7 | 223.7 | 242.7 | |
Other/Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total net sales | (38.7) | (27.7) | (73.1) | (58.3) | |
Cost of goods sold | (38.7) | (27.7) | (73.1) | (58.3) | |
Gross profit | 0 | 0 | 0 | 0 | |
Outbound freight and handling | 0 | 0 | 0 | 0 | |
Warehousing, selling and administrative | 9.1 | 3.7 | 15.9 | 8.3 | |
Adjusted EBITDA | (9.1) | (3.7) | (15.9) | (8.3) | |
Total assets | $ (1,161.6) | $ (1,289.2) | $ (1,161.6) | $ (1,289.2) |