Avantor (AVTR) 10-Q 29 Apr 22 2022 Q1 Quarterly report Financial data

Document and entity information

Document and entity information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 21, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment flag	false
Document quarterly report	true
Document Period End Date	Mar. 31, 2022
Document transition report	false
Entity file number	001-38912
Entity Registrant Name	Avantor, Inc.
Entity incorporation state or country code	DE
Entity tax identification number	82-2758923
Entity Address, Address Line One	Radnor Corporate Center, Building One, Suite 200
Entity Address, Address Line Two	100 Matsonford Road
Entity Address, City or Town	Radnor
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19087
Entity central index key	0001722482
Current fiscal year end date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document fiscal year focus	2022
Document fiscal period focus	Q1
Entity common stock, shares outstanding		610,338,985
Local Phone Number	386-1700
City Area Code	610
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	AVTR
Security Exchange Name	NYSE
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	6.250% Series A Mandatory Convertible Preferred Stock, $0.01 par value
Trading Symbol	AVTR PRA
Security Exchange Name	NYSE

Unaudited condensed consolidate

Unaudited condensed consolidated balance sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 283.6	$ 301.7
Accounts receivable, net of allowances of $26.8 and $26.4	1,345.4	1,222.1
Inventory	896	872
Other current assets	81.3	81.4
Total current assets	2,606.3	2,477.2
Property, plant and equipment, net of accumulated depreciation of $463.0 and $445.2	699.9	705.5
Other intangible assets, net (see note 7)	5,013	5,140.3
Goodwill	5,265.2	5,341.1
Other assets	252	233.1
Total assets	13,836.4	13,897.2
Liabilities and stockholders’ equity
Current portion of debt	44.7	45.2
Accounts payable	818.2	755.1
Employee-related liabilities	134.9	199.7
Accrued interest	39.8	49.8
Other current liabilities	409.5	401
Total current liabilities	1,447.1	1,450.8
Debt, net of current portion	6,815.8	6,978
Deferred income tax liabilities	854.4	913
Other liabilities	361.1	358.4
Total liabilities	9,478.4	9,700.2
Commitments and contingencies (see note 8)
MCPS including paid-in capital, 20.7 shares outstanding	1,003.7	1,003.7
Common stock including paid-in capital, 610.3 and 609.7 shares outstanding	2,749.3	2,752.6
Accumulated earnings	674.3	483.9
Accumulated other comprehensive loss	(69.3)	(43.2)
Total stockholders’ equity	4,358	4,197
Total liabilities and stockholders’ equity	$ 13,836.4	$ 13,897.2

Unaudited condensed consolida_2

Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances of $26.8 and $26.4	$ 26.8	$ 26.4
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 463	$ 445.2
Preferred Stock, Shares Outstanding	20.7	20.7
Common Stock, Shares, Outstanding	610.3	609.7

Unaudited condensed consolida_3

Unaudited condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,950.4	$ 1,785.6
Cost of sales	1,260.5	1,172.8
Gross profit	689.9	612.8
Selling, general and administrative expenses	382.9	346.5
Operating income	307	266.3
Interest expense	(64.8)	(51.5)
Loss on extinguishment of debt	(1.8)	(5.2)
Other income, net	1.4	1.8
Income before income taxes	241.8	211.4
Income tax expense	(51.4)	(47.4)
Net income	190.4	164
Accumulation of yield on preferred stock	(16.1)	(16.1)
Net income available to common stockholders	$ 174.3	$ 147.9
Earnings per share:
Basic	$ 0.29	$ 0.25
Diluted	$ 0.28	$ 0.25
Weighted average shares outstanding:
Basic	610.1	581.1
Diluted	681.3	589.1

Unaudited condensed consolida_4

Unaudited condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 190.4	$ 164
Other comprehensive loss:
Foreign currency translation — unrealized loss	(27)	(33.5)
Derivative instruments:
Unrealized loss	(0.3)	(0.9)
Reclassification of (gain) loss into earnings	(0.2)	0.7
Defined benefit plans:
Activity related to defined benefit plans	4.5	0.6
Other comprehensive loss before income taxes	(23)	(33.1)
Income tax effect	(3.1)	(4.7)
Other comprehensive loss	(26.1)	(37.8)
Comprehensive income	$ 164.3	$ 126.2

Unaudited condensed consolida_5

Unaudited condensed consolidated statements of stockholders' equity or deficit - shares - shares shares in Millions	Preferred Stock Including Additional Paid in Capital	Common Stock Including Additional Paid in Capital
Beginning balance at Dec. 31, 2020	20.7	580.1
Stock option exercises and other common stock transactions		1.7
Ending balance at Mar. 31, 2021	20.7	581.8
Beginning balance at Dec. 31, 2021	20.7	609.7
Stock option exercises and other common stock transactions		0.6
Ending balance at Mar. 31, 2022	20.7	610.3

Unaudited condensed consolida_6

Unaudited condensed consolidated statements of stockholders' equity or deficit - amounts - USD ($) $ in Millions	Total	Preferred Stock Including Additional Paid in Capital	Common Stock Including Additional Paid in Capital	Accumulated deficit	AOCI
Beginning balance at Dec. 31, 2020	$ 2,674.3	$ 1,003.7	$ 1,737.6	$ (88.7)	$ 21.7
Comprehensive income (loss)	126.2			164	(37.8)
Stock-based compensation expense	10.8		10.8
Accumulation of yield on preferred stock	(16.1)		(16.1)
Stock option exercises and other common stock transactions	10.9		10.9
Ending balance at Mar. 31, 2021	2,806.1	1,003.7	1,743.2	75.3	(16.1)
Beginning balance at Dec. 31, 2021	4,197	1,003.7	2,752.6	483.9	(43.2)
Comprehensive income (loss)	164.3			190.4	(26.1)
Stock-based compensation expense	12		12
Accumulation of yield on preferred stock	(16.1)		(16.1)
Stock option exercises and other common stock transactions	0.8		0.8
Ending balance at Mar. 31, 2022	$ 4,358	$ 1,003.7	$ 2,749.3	$ 674.3	$ (69.3)

Unaudited condensed consolida_7

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 190.4	$ 164
Reconciling adjustments:
Depreciation and amortization	114.5	89
Stock-based compensation expense	10.7	11.4
Provision for accounts receivable and inventory	15.9	7.9
Deferred income tax (benefit)	(22.3)	(5.3)
Amortization of deferred financing costs	4.4	3.9
Loss on extinguishment of debt	1.8	5.2
Foreign currency remeasurement (gain) loss	(1.8)	2.7
Changes in assets and liabilities:
Accounts receivable	(137.3)	(106.8)
Inventory	(46.4)	(54.3)
Accounts payable	73.2	30.3
Accrued interest	(10)	(17.7)
Other assets and liabilities	(46.2)	(5.9)
Other, net	5.3	2.5
Net cash provided by operating activities	152.2	126.9
Cash flows from investing activities:
Capital expenditures	(24.5)	(15.1)
Cash paid for acquisitions, net of cash acquired	(15.3)	0
Other	0.3	0.5
Net cash used in investing activities	(39.5)	(14.6)
Cash flows from financing activities:
Debt repayments, net	(111.9)	(208.6)
Payments of dividends on preferred stock	(16.1)	(16.1)
Proceeds received from exercise of stock options	5.7	19.9
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	(4.9)	(16.2)
Net cash used in financing activities	(127.2)	(221)
Effect of currency rate changes on cash	(4.2)	(5.4)
Net change in cash, cash equivalents and restricted cash	(18.7)	(114.1)
Cash, cash equivalents and restricted cash, beginning of period	327.1	289.2
Cash, cash equivalents and restricted cash, end of period	$ 308.4	$ 175.1

Nature of operations and presen

Nature of operations and presentation of financial statements	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations and presentation of financial statements	1. Nature of operations and presentation of financial statements We are a global manufacturer and distributor that provides products and services to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies. Principles of consolidation All intercompany balances and transactions have been eliminated from the financial statements. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.

Business Combinations

Business Combinations	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combinations	2. Business combinations On November 1, 2021, we completed the acquisition of Masterflex for preliminary cash consideration of $2,845.3 million. During the three months ended March 31, 2022, we made an additional $15.3 million payment to taxing authorities on behalf of the selling entity for tax liabilities related to periods prior to the acquisition. The preliminary fair value of the net assets acquired on November 1, 2021 included the following: (in millions) November 1, 2021 Inventory $ 31.9 Property, plant & equipment 10.4 Other intangible assets 1,231.5 Goodwill 1,707.4 Other assets and liabilities (16.6) Deferred income taxes, net (104.0) Total net assets $ 2,860.6 During the three months ended March 31, 2022, Masterflex and Ritter have generated revenues of $68.5 million and $46.7 million, respectively. Pro forma disclosures The following unaudited pro forma combined financial information is provided for the three months ended March 31, 2022 and 2021. The pro forma information is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company. (in millions) Three months ended March 31, 2022 2021 Revenue $ 1,950.4 $ 1,907.4 Net income 190.4 151.0 The unaudited pro forma combined financial information presented above includes the accounting effects of the Ritter and Masterflex acquisitions, including, to the extent applicable, amortization charges from acquired intangible assets, depreciation of property, plant and equipment that have been revalued, interest expense on debt acquired to finance the transactions, and the related tax effects.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings per share The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2022: (in millions, except per share data) Three months ended March 31, 2022 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 174.3 610.1 $ 0.29 Dilutive effect of stock-based awards — 8.3 Dilutive impact of MCPS 16.1 62.9 Diluted $ 190.4 681.3 $ 0.28 For the three months ended March 31, 2022, diluted earnings per share excluded accumulated yield on preferred stock of $16.1 million and included 62.9 million of common stock equivalents under the MCPS as of the beginning of the period because they were dilutive to the calculation. The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2021: (in millions, except per share data) Three months ended March 31, 2021 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 147.9 581.1 $ 0.25 Dilutive effect of stock-based awards — 8.0 Diluted $ 147.9 589.1 $ 0.25 For the three months ended March 31, 2021, diluted earnings per share included accumulated yield on preferred stock of $16.1 million and excluded 62.9 million of common stock equivalents under the MCPS because they were anti-dilutive to the calculation.

Segment financial information

Segment financial information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment financial information	4. Segment financial information We report three geographic segments based on customer location: Americas, Europe and AMEA. Each segment manufactures and distributes solutions for the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Corporate costs are managed on a standalone basis and not allocated to segments. The following table presents information by reportable segment: (in millions) Three months ended March 31, 2022 2021 Net sales: Americas $ 1,143.4 $ 1,035.2 Europe 680.4 650.4 AMEA 126.6 100.0 Total $ 1,950.4 $ 1,785.6 Adjusted EBITDA: Americas $ 294.2 $ 252.0 Europe 143.4 131.1 AMEA 29.3 22.6 Corporate (43.8) (42.6) Total $ 423.1 $ 363.1 The amounts above exclude inter-segment activity because it is not material. All of the net sales for each segment are from external customers. The following table presents the reconciliation of Adjusted EBITDA from net income or loss, the nearest measurement under GAAP: (in millions) Three months ended March 31, 2022 2021 Net income $ 190.4 $ 164.0 Interest expense 64.8 51.5 Income tax expense 51.4 47.4 Depreciation and amortization 114.5 89.0 Loss on extinguishment of debt 1.8 5.2 Net foreign currency loss from financing activities 0.1 0.8 Other stock-based compensation (benefit) expense (1.3) 0.6 Acquisition-related expenses — 3.0 Integration-related expenses 1 3.9 — Purchase accounting adjustments 2 (4.4) — Restructuring and severance charges 3 1.9 1.6 Adjusted EBITDA $ 423.1 $ 363.1 ━━━━━━━━━ 1. Represents non-recurring direct costs incurred with third parties to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition. 2. Represents the non-cash reduction of contingent consideration related to the Ritter acquisition. 3. Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs. The following table presents net sales by product line: (in millions) Three months ended March 31, 2022 2021 Proprietary materials & consumables $ 748.0 $ 565.2 Third party materials & consumables 724.7 758.4 Services & specialty procurement 235.0 219.8 Equipment & instrumentation 242.7 242.2 Total $ 1,950.4 $ 1,785.6

Supplemental disclosures of cas

Supplemental disclosures of cash flow information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental disclosures of cash flow information	5. Supplemental disclosures of cash flow information The following tables present supplemental disclosures of cash flow information: (in millions) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 283.6 $ 301.7 Restricted cash classified as other assets 24.8 25.4 Total $ 308.4 $ 327.1 At March 31, 2022 and December 31, 2021, amounts included in restricted cash primarily represent funds held in escrow to satisfy a long term retention incentive related to the acquisition of Ritter GmbH. (in millions) Three months ended March 31, 2022 2021 Cash flows from operating activities: Cash paid for income taxes, net $ 47.6 $ 12.6 Cash paid for interest, excluding financing leases 68.2 62.7 Cash paid for interest on finance leases 1.3 1.3 Cash paid under operating leases 11.5 10.7 Cash flows from financing activities: Cash paid under finance leases 1.2 1.1

Inventory

Inventory	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventory	6. Inventory The following table presents the components of inventory: (in millions) March 31, 2022 December 31, 2021 Merchandise inventory $ 544.2 $ 562.9 Finished goods 126.4 102.6 Raw materials 168.8 156.1 Work in process 56.6 50.4 Total $ 896.0 $ 872.0

Other intangible assets

Other intangible assets	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangible assets	7. Other intangible assets The following table presents the components of other intangible assets: (in millions) March 31, 2022 December 31, 2021 Gross value Accumulated amortization Carrying value Gross value Accumulated amortization Carrying value Customer relationships $ 5,431.8 $ 1,184.2 $ 4,247.6 $ 5,474.2 $ 1,121.6 $ 4,352.6 Trade names 502.2 197.8 304.4 505.1 194.1 311.0 Other 538.8 170.1 368.7 541.5 157.1 384.4 Total finite-lived $ 6,472.8 $ 1,552.1 4,920.7 $ 6,520.8 $ 1,472.8 5,048.0 Indefinite-lived 92.3 92.3 Total $ 5,013.0 $ 5,140.3

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	8. Commitments and contingencies Our business involves commitments and contingencies related to compliance with environmental laws and regulations, the manufacture and sale of products and litigation. The ultimate resolution of contingencies is subject to significant uncertainty, and it is reasonably possible that contingencies could be decided unfavorably for us. Environmental laws and regulations Our environmental liabilities are subject to changing governmental policy and regulations, discovery of unknown conditions, judicial proceedings, method and extent of remediation, existence of other potentially responsible parties and future changes in technology. We believe that known and unknown environmental matters, if not resolved favorably, could have a material effect on our financial position, liquidity and profitability. Noteworthy matters The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At March 31, 2022, our accrued obligation under this order is $3.2 million, which is calculated based on expected cash payments discounted at rates ranging from 1.6% in 2022 to 2.6% in 2045. The undiscounted amount of that obligation is $4.1 million. This matter is covered through an indemnification agreement. In 2016, we assessed the environmental condition of our chemical manufacturing site in Gliwice, Poland. Our assessment revealed specific types of soil and groundwater contamination throughout the site. We are also monitoring the condition of a closed landfill on that site. These matters are not covered by our indemnification arrangement because they relate to an operation we subsequently acquired. At March 31, 2022, our balance sheet includes a liability of $2.7 million for remediation and monitoring costs. That liability is estimated primarily on expected remediation payments discounted through 2023 and is not materially different than its undiscounted amount. Manufacture and sale of products Our business involves risk of product liability, patent infringement and other claims in the ordinary course of business arising from the products that we produce ourselves or obtain from our suppliers, as well as from the services we provide. Our exposure to such claims may increase to the extent that we expand our manufacturing operations or service offerings. We maintain insurance policies to protect us against these risks, including product liability insurance. In many cases the suppliers of products we distribute have indemnified us against such claims. Our insurance coverage or indemnification agreements with suppliers may not be adequate in all pending or any future cases brought against us. Furthermore, our ability to recover under any insurance or indemnification arrangements is subject to the financial viability of our insurers, our suppliers and our suppliers’ insurers, as well as legal enforcement under the local laws governing the arrangements. We have entered into indemnification agreements with customers of our self-manufactured products to protect them from liabilities and losses arising from our negligence, willful misconduct or sale of defective products. To date, we have not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. Litigation At March 31, 2022, there was no outstanding litigation that we believe would result in material losses if decided against us, and we do not believe that there are any unasserted matters that are reasonably possible to result in a material loss.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	9. Debt The following table presents information about our debt: (dollars in millions) March 31, 2022 December 31, 2021 Interest terms Rate Amount Receivables facility LIBOR plus 0.90% 1.35% $ — $ — Senior secured credit facilities: Euro term loans EURIBOR plus 2.50% 2.50% 93.5 133.9 Euro term loans EURIBOR plus 2.25% 2.25% 358.1 367.9 Euro term loans EURIBOR plus 2.75% 2.75% 666.6 684.9 U.S. dollar term loans LIBOR plus 2.00% 2.50% 164.6 229.3 U.S. dollar term loans LIBOR plus 2.25% 2.75% 2,058.7 2,063.9 2.625% secured notes fixed rate 2.625% 721.7 739.6 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 444.1 455.1 4.625 % unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 70.2 71.2 Other 16.4 17.4 Total debt, gross 6,943.9 7,113.2 Less: unamortized deferred financing costs (83.4) (90.0) Total debt $ 6,860.5 $ 7,023.2 Classification on balance sheets: Current portion of debt $ 44.7 $ 45.2 Debt, net of current portion 6,815.8 6,978.0 Credit facilities The following table presents availability under our credit facilities: (in millions) March 31, 2022 Receivables facility Revolving credit facility Total Capacity $ 300.0 $ 515.0 $ 815.0 Undrawn letters of credit outstanding (9.5) — (9.5) Outstanding borrowings — — — Unused availability $ 290.5 $ 515.0 $ 805.5 Capacity under the receivables facility depends upon maintaining a sufficient borrowing base of eligible accounts receivable. At March 31, 2022, $582.1 million of accounts receivable were available as collateral under the facility. The receivables facility is with a commercial bank, functions like a line of credit and matures on March 27, 2023. The revolving credit facility under the senior secured credit facilities matures on July 14, 2025. Senior secured credit facilities On March 31, 2022, we made prepayments of $63.7 million on our U.S. dollar term loans and $36.3 million on our Euro term loans. In connection with these prepayments, we expensed $1.8 million of previously unamortized deferred financing costs as a loss on extinguishment of debt. Debt covenants Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at March 31, 2022.

Accumulated other comprehensive

Accumulated other comprehensive income or loss	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Accumulated other comprehensive income or loss	10. Accumulated other comprehensive income or loss The following table presents changes in the components of AOCI: (in millions) Foreign currency translation Derivative instruments Defined benefit plans Total Balance at December 31, 2021 $ (19.2) $ 0.4 $ (24.4) $ (43.2) Unrealized (loss) gain (27.0) (0.3) 4.6 (22.7) Reclassification of gain into earnings — (0.2) (0.1) (0.3) Change due to income taxes (2.6) 0.1 (0.6) (3.1) Balance at March 31, 2022 $ (48.8) $ — $ (20.5) $ (69.3) Balance at December 31, 2020 $ 51.8 $ (1.0) $ (29.1) $ 21.7 Unrealized (loss) gain (33.5) (0.9) 0.6 (33.8) Reclassification of loss into earnings — 0.7 — 0.7 Change due to income taxes (4.7) — — (4.7) Balance at March 31, 2021 $ 13.6 $ (1.2) $ (28.5) $ (16.1) The reclassifications and income tax effects shown above were immaterial to the financial statements. The reclassifications were made to either cost of sales or SG&A expenses depending upon the nature of the underlying transaction. The income tax effects in the three months ended March 31, 2022 on foreign currency translation were due to our net investment hedge discussed in note 14.

Stock-based compensation

Stock-based compensation	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock-based compensation	11. Stock-based compensation The following table presents the components of stock-based compensation expense: (in millions) Classification Three months ended March 31, 2022 2021 Stock options Equity $ 4.0 $ 4.6 RSUs Equity 7.6 5.7 Other Both (0.9) 1.1 Total $ 10.7 $ 11.4 Balance sheet classification: Equity $ 12.0 $ 10.8 Liability (1.3) 0.6 At March 31, 2022, unvested awards under our plans have remaining stock-based compensation expense of $107.9 million to be recognized over a weighted average period of 1.9 years. At March 31, 2022, 9.1 million shares were available for future issuance under the 2019 Plan. Stock options The following table presents information about outstanding stock options: (options and intrinsic value in millions) Number of options Weighted average exercise price per option Aggregate intrinsic value Weighted average remaining term Balance at December 31, 2021 16.3 $ 19.83 Granted 1.0 33.09 Exercised (0.2) 18.25 Forfeited (0.1) 19.23 Balance at March 31, 2022 17.0 20.67 $ 224.0 6.9 years Expected to vest 6.0 22.10 70.4 8.2 years Vested 11.0 19.89 153.5 6.1 years During the three months ended March 31, 2022, we granted stock options that have a contractual life of ten years and will vest annually over four years, subject to the recipient continuously providing service to us through such date. RSUs The following table presents information about unvested RSUs: (awards in millions) Number of awards Weighted average grant date fair value per award Balance at December 31, 2021 4.4 $ 19.52 Granted 0.9 34.28 Vested (0.4) 22.55 Forfeited (0.1) 22.49 Balance at March 31, 2022 4.8 23.35 During the three months ended March 31, 2022, we granted RSUs that will vest annually over three , subject to the recipient continuously providing service to us through each such date. Certain of those awards contain performance and market conditions that impact the number of shares that will ultimately vest. The expense recorded on such awards for the three months ended March 31, 2022 and March 31, 2021 was $2.3 million and $1.3 million, respectively.

Other income or expense, net

Other income or expense, net	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Other income or expense, net	12. Other income or expense, net The following table presents the components of other income or expense, net: (in millions) Three months ended March 31, 2022 2021 Net foreign currency (loss) from financing activities $ (0.1) $ (0.8) Income related to defined benefit plans 1.4 2.4 Other 0.1 0.2 Other income, net $ 1.4 $ 1.8

Income taxes

Income taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes	13. Income taxes The following table presents the relationship between income tax expense and income before income taxes: (in millions) Three months ended March 31, 2022 2021 Income before income taxes $ 241.8 $ 211.4 Income tax expense (51.4) (47.4) Effective income tax rate 21.3 % 22.4 % Income tax expense in the quarter is based upon the estimated income for the full year. The composition of the income in different countries and adjustments, if any, in the applicable quarterly periods influences our expense.

Derivative and hedging activiti

Derivative and hedging activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and hedging activities	14. Derivative and hedging activities We engage in hedging activities to reduce our exposure to foreign currency exchange rates. Our hedging activities are designed to manage specific risks according to our strategies, as summarized below, which may change from time to time. In addition to the net investment hedge discussed below in further detail, our hedging activities consist of the following: • Economic hedges — We are exposed to changes in foreign currency exchange rates on certain of our euro-denominated term loans and notes that move inversely from our portfolio of euro-denominated intercompany loans. The currency effects for these non-derivative instruments are recorded through earnings in the period of change and substantially offset one another; • Other hedging activities — Certain of our subsidiaries hedge short-term foreign currency denominated business transactions, external debt and intercompany financing transactions using foreign currency forward contracts. These activities were not material to our consolidated financial statements. Net investment hedge We designated all of our outstanding €400.0 million 3.875% senior unsecured notes, issued on July 17, 2020, and maturing on July 15, 2028, as a hedge of our net investment in certain of our European operations. For instruments that are designated and qualify as net investment hedges, the foreign currency transactional gains or losses are reported as a component of AOCI. The gains or losses would be reclassified into earnings upon a liquidation event or deconsolidation of a hedged foreign subsidiary. Net investment hedge effectiveness is assessed based upon the change in the spot rate of the foreign currency denominated debt. The critical terms of the foreign currency notes match the portion of the net investments designated as being hedged. At March 31, 2022, the net investment hedge was equal to the designated portion of the European operations and was considered to be perfectly effective. Interest rate and cross-currency swap transactions In April of 2022, the Company executed a three year, $750 million interest rate swap and related cross-currency swap to convert LIBOR-based floating rate interest on our U.S. dollar-denominated term loans to Euro fixed rate interest. The transactions are intended to mitigate our exposure to fluctuations in interest rates and will terminate on April 30, 2025. Non-derivative financial instruments which are designated as hedging instruments: The accumulated (gain) loss related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of AOCI was $(7.5) million and $3.5 million as of March 31, 2022 and December 31, 2021, respectively. The amount of (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income for the three months ended March 31, 2022 and March 31, 2021 are presented below: (in millions) Three months ended March 31, 2022 2021 Net investment hedges $ (11.0) $ (19.6)

Financial instruments and fair

Financial instruments and fair value measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial instruments and fair value measurements	15. Financial instruments and fair value measurements Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt. Assets and liabilities for which fair value is only disclosed The carrying amount of cash and cash equivalents was the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are Level 2 measurements. The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments: (in millions) March 31, 2022 December 31, 2021 Gross amount Fair value Gross amount Fair value Receivables facility $ — $ — $ — $ — Senior secured credit facilities: Euro term loans 93.5 92.8 133.9 133.7 Euro term loans 358.1 355.0 367.9 367.7 Euro term loans 666.6 658.3 684.9 683.6 U.S. dollar term loans 164.6 165.0 229.3 224.9 U.S. dollar term loans 2,058.7 2,039.5 2,063.9 2,029.1 2.625% secured notes 721.7 732.4 739.6 758.2 3.875% unsecured notes 800.0 757.2 800.0 810.9 3.875% unsecured notes 444.1 447.5 455.1 475.3 4.625 % unsecured notes 1,550.0 1,533.1 1,550.0 1,629.8 Finance lease liabilities 70.2 70.2 71.2 71.2 Other 16.4 16.4 17.4 17.4 Total $ 6,943.9 $ 6,867.4 $ 7,113.2 $ 7,201.8 The fair values of debt instruments are based on standard pricing models that take into account the present value of future cash flows, and in some cases private trading data, which are level 2 measurements.

Nature of operations and pres_2

Nature of operations and presentation of financial statements (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies.
Principles of consolidation	Principles of consolidation All intercompany balances and transactions have been eliminated from the financial statements.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.

Business Combinations and Asset

Business Combinations and Asset Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary fair value of the net assets acquired on November 1, 2021 included the following: (in millions) November 1, 2021 Inventory $ 31.9 Property, plant & equipment 10.4 Other intangible assets 1,231.5 Goodwill 1,707.4 Other assets and liabilities (16.6) Deferred income taxes, net (104.0) Total net assets $ 2,860.6
Business Acquisition, Pro Forma Information	Pro forma disclosures The following unaudited pro forma combined financial information is provided for the three months ended March 31, 2022 and 2021. The pro forma information is not necessarily indicative of the results of operations that actually would have occurred under the ownership and management of the Company. (in millions) Three months ended March 31, 2022 2021 Revenue $ 1,950.4 $ 1,907.4 Net income 190.4 151.0

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Reconciliation of basic and diluted earnings per share	The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2022: (in millions, except per share data) Three months ended March 31, 2022 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 174.3 610.1 $ 0.29 Dilutive effect of stock-based awards — 8.3 Dilutive impact of MCPS 16.1 62.9 Diluted $ 190.4 681.3 $ 0.28 The following table presents the reconciliation of basic and diluted earnings per share for the three months ended March 31, 2021: (in millions, except per share data) Three months ended March 31, 2021 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 147.9 581.1 $ 0.25 Dilutive effect of stock-based awards — 8.0 Diluted $ 147.9 589.1 $ 0.25

Segment financial information (

Segment financial information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of segment financial information	The following table presents information by reportable segment: (in millions) Three months ended March 31, 2022 2021 Net sales: Americas $ 1,143.4 $ 1,035.2 Europe 680.4 650.4 AMEA 126.6 100.0 Total $ 1,950.4 $ 1,785.6 Adjusted EBITDA: Americas $ 294.2 $ 252.0 Europe 143.4 131.1 AMEA 29.3 22.6 Corporate (43.8) (42.6) Total $ 423.1 $ 363.1 The amounts above exclude inter-segment activity because it is not material. All of the net sales for each segment are from external customers.
Reconciliation of segment profitability to consolidated earnings	The following table presents the reconciliation of Adjusted EBITDA from net income or loss, the nearest measurement under GAAP: (in millions) Three months ended March 31, 2022 2021 Net income $ 190.4 $ 164.0 Interest expense 64.8 51.5 Income tax expense 51.4 47.4 Depreciation and amortization 114.5 89.0 Loss on extinguishment of debt 1.8 5.2 Net foreign currency loss from financing activities 0.1 0.8 Other stock-based compensation (benefit) expense (1.3) 0.6 Acquisition-related expenses — 3.0 Integration-related expenses 1 3.9 — Purchase accounting adjustments 2 (4.4) — Restructuring and severance charges 3 1.9 1.6 Adjusted EBITDA $ 423.1 $ 363.1 ━━━━━━━━━ 1. Represents non-recurring direct costs incurred with third parties to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition. 2. Represents the non-cash reduction of contingent consideration related to the Ritter acquisition. 3. Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs.
Schedule of net sales by product line	The following table presents net sales by product line: (in millions) Three months ended March 31, 2022 2021 Proprietary materials & consumables $ 748.0 $ 565.2 Third party materials & consumables 724.7 758.4 Services & specialty procurement 235.0 219.8 Equipment & instrumentation 242.7 242.2 Total $ 1,950.4 $ 1,785.6

Supplemental disclosures of c_2

Supplemental disclosures of cash flow information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosures of cash flow information	The following tables present supplemental disclosures of cash flow information: (in millions) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 283.6 $ 301.7 Restricted cash classified as other assets 24.8 25.4 Total $ 308.4 $ 327.1 At March 31, 2022 and December 31, 2021, amounts included in restricted cash primarily represent funds held in escrow to satisfy a long term retention incentive related to the acquisition of Ritter GmbH. (in millions) Three months ended March 31, 2022 2021 Cash flows from operating activities: Cash paid for income taxes, net $ 47.6 $ 12.6 Cash paid for interest, excluding financing leases 68.2 62.7 Cash paid for interest on finance leases 1.3 1.3 Cash paid under operating leases 11.5 10.7 Cash flows from financing activities: Cash paid under finance leases 1.2 1.1

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of inventory components	The following table presents the components of inventory: (in millions) March 31, 2022 December 31, 2021 Merchandise inventory $ 544.2 $ 562.9 Finished goods 126.4 102.6 Raw materials 168.8 156.1 Work in process 56.6 50.4 Total $ 896.0 $ 872.0

Other intangible assets (Tables

Other intangible assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of components of other intangible assets	The following table presents the components of other intangible assets: (in millions) March 31, 2022 December 31, 2021 Gross value Accumulated amortization Carrying value Gross value Accumulated amortization Carrying value Customer relationships $ 5,431.8 $ 1,184.2 $ 4,247.6 $ 5,474.2 $ 1,121.6 $ 4,352.6 Trade names 502.2 197.8 304.4 505.1 194.1 311.0 Other 538.8 170.1 368.7 541.5 157.1 384.4 Total finite-lived $ 6,472.8 $ 1,552.1 4,920.7 $ 6,520.8 $ 1,472.8 5,048.0 Indefinite-lived 92.3 92.3 Total $ 5,013.0 $ 5,140.3

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of information about debt	The following table presents information about our debt: (dollars in millions) March 31, 2022 December 31, 2021 Interest terms Rate Amount Receivables facility LIBOR plus 0.90% 1.35% $ — $ — Senior secured credit facilities: Euro term loans EURIBOR plus 2.50% 2.50% 93.5 133.9 Euro term loans EURIBOR plus 2.25% 2.25% 358.1 367.9 Euro term loans EURIBOR plus 2.75% 2.75% 666.6 684.9 U.S. dollar term loans LIBOR plus 2.00% 2.50% 164.6 229.3 U.S. dollar term loans LIBOR plus 2.25% 2.75% 2,058.7 2,063.9 2.625% secured notes fixed rate 2.625% 721.7 739.6 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 444.1 455.1 4.625 % unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 70.2 71.2 Other 16.4 17.4 Total debt, gross 6,943.9 7,113.2 Less: unamortized deferred financing costs (83.4) (90.0) Total debt $ 6,860.5 $ 7,023.2 Classification on balance sheets: Current portion of debt $ 44.7 $ 45.2 Debt, net of current portion 6,815.8 6,978.0
Schedule of availability under credit facilities	The following table presents availability under our credit facilities: (in millions) March 31, 2022 Receivables facility Revolving credit facility Total Capacity $ 300.0 $ 515.0 $ 815.0 Undrawn letters of credit outstanding (9.5) — (9.5) Outstanding borrowings — — — Unused availability $ 290.5 $ 515.0 $ 805.5

Accumulated other comprehensi_2

Accumulated other comprehensive income or loss (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of changes in components of AOCI	The following table presents changes in the components of AOCI: (in millions) Foreign currency translation Derivative instruments Defined benefit plans Total Balance at December 31, 2021 $ (19.2) $ 0.4 $ (24.4) $ (43.2) Unrealized (loss) gain (27.0) (0.3) 4.6 (22.7) Reclassification of gain into earnings — (0.2) (0.1) (0.3) Change due to income taxes (2.6) 0.1 (0.6) (3.1) Balance at March 31, 2022 $ (48.8) $ — $ (20.5) $ (69.3) Balance at December 31, 2020 $ 51.8 $ (1.0) $ (29.1) $ 21.7 Unrealized (loss) gain (33.5) (0.9) 0.6 (33.8) Reclassification of loss into earnings — 0.7 — 0.7 Change due to income taxes (4.7) — — (4.7) Balance at March 31, 2021 $ 13.6 $ (1.2) $ (28.5) $ (16.1) The reclassifications and income tax effects shown above were immaterial to the financial statements. The reclassifications were made to either cost of sales or SG&A expenses depending upon the nature of the underlying transaction. The income tax effects in the three months ended March 31, 2022 on foreign currency translation were due to our net investment hedge discussed in note 14.

Stock-based compensation (Table

Stock-based compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Schedule of components of stock-based compensation expense	The following table presents the components of stock-based compensation expense: (in millions) Classification Three months ended March 31, 2022 2021 Stock options Equity $ 4.0 $ 4.6 RSUs Equity 7.6 5.7 Other Both (0.9) 1.1 Total $ 10.7 $ 11.4 Balance sheet classification: Equity $ 12.0 $ 10.8 Liability (1.3) 0.6
Schedule of information about outstanding stock options	The following table presents information about outstanding stock options: (options and intrinsic value in millions) Number of options Weighted average exercise price per option Aggregate intrinsic value Weighted average remaining term Balance at December 31, 2021 16.3 $ 19.83 Granted 1.0 33.09 Exercised (0.2) 18.25 Forfeited (0.1) 19.23 Balance at March 31, 2022 17.0 20.67 $ 224.0 6.9 years Expected to vest 6.0 22.10 70.4 8.2 years Vested 11.0 19.89 153.5 6.1 years
Schedule of information about unvested RSUs	The following table presents information about unvested RSUs: (awards in millions) Number of awards Weighted average grant date fair value per award Balance at December 31, 2021 4.4 $ 19.52 Granted 0.9 34.28 Vested (0.4) 22.55 Forfeited (0.1) 22.49 Balance at March 31, 2022 4.8 23.35

Other income or expense, net (T

Other income or expense, net (Tables)	3 Months Ended
	Mar. 31, 2022
Other Income and Expenses [Abstract]
Schedule of components of other income or expense, net	The following table presents the components of other income or expense, net: (in millions) Three months ended March 31, 2022 2021 Net foreign currency (loss) from financing activities $ (0.1) $ (0.8) Income related to defined benefit plans 1.4 2.4 Other 0.1 0.2 Other income, net $ 1.4 $ 1.8

Income taxes (Tables)

Income taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of relationship between income tax expense or benefit and income or loss before income taxes	The following table presents the relationship between income tax expense and income before income taxes: (in millions) Three months ended March 31, 2022 2021 Income before income taxes $ 241.8 $ 211.4 Income tax expense (51.4) (47.4) Effective income tax rate 21.3 % 22.4 %

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location	The amount of (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income for the three months ended March 31, 2022 and March 31, 2021 are presented below: (in millions) Three months ended March 31, 2022 2021 Net investment hedges $ (11.0) $ (19.6)

Financial instruments and fai_2

Financial instruments and fair value measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of gross amounts and fair values of debt instruments	The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments: (in millions) March 31, 2022 December 31, 2021 Gross amount Fair value Gross amount Fair value Receivables facility $ — $ — $ — $ — Senior secured credit facilities: Euro term loans 93.5 92.8 133.9 133.7 Euro term loans 358.1 355.0 367.9 367.7 Euro term loans 666.6 658.3 684.9 683.6 U.S. dollar term loans 164.6 165.0 229.3 224.9 U.S. dollar term loans 2,058.7 2,039.5 2,063.9 2,029.1 2.625% secured notes 721.7 732.4 739.6 758.2 3.875% unsecured notes 800.0 757.2 800.0 810.9 3.875% unsecured notes 444.1 447.5 455.1 475.3 4.625 % unsecured notes 1,550.0 1,533.1 1,550.0 1,629.8 Finance lease liabilities 70.2 70.2 71.2 71.2 Other 16.4 16.4 17.4 17.4 Total $ 6,943.9 $ 6,867.4 $ 7,113.2 $ 7,201.8

Business Combinations - Narrati

Business Combinations - Narrative (Details) - USD ($) $ in Millions	Nov. 01, 2021	Mar. 31, 2022	Mar. 31, 2021
Business acquisition
Payments to acquire business		$ 15.3	$ 0
Masterflex
Business acquisition
Payments to acquire business	$ 2,845.3
Revenue		68.5
Ritter GmbH
Business acquisition
Revenue		$ 46.7

Business Combinations - Fair va

Business Combinations - Fair value of Net assets acquired (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Nov. 01, 2021
Business acquisition
Goodwill	$ 5,265.2	$ 5,341.1
Masterflex
Business acquisition
Inventory			$ 31.9
Property, plant & equipment			10.4
Other intangible assets			1,231.5
Goodwill			1,707.4
Other assets and liabilities			(16.6)
Deferred income taxes, net			(104)
Total net assets			$ 2,860.6

Business Combinations - Pro For

Business Combinations - Pro Forma Revenue and Net Income (Details) - Ritter GmbH and Masterflex - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business acquisition
Revenue	$ 1,950.4	$ 1,907.4
Net income	$ 190.4	$ 151

Earnings per share - reconcilia

Earnings per share - reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings (numerator)
Basic	$ 174.3	$ 147.9
Dilutive effect of stock-based awards	0	0
Dilutive effect of warrants	$ 16.1
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock	62.9
Diluted	$ 190.4	$ 147.9
Weighted average shares outstanding (denominator)
Basic	610.1	581.1
Dilutive effect of stock-based awards	8.3	8
Diluted	681.3	589.1
Earnings per share
Basic	$ 0.29	$ 0.25
Diluted	$ 0.28	$ 0.25

Earnings per share - antidiluti

Earnings per share - antidilutive securities (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Accumulation of yield on preferred stock	$ (16.1)	$ (16.1)
MCPS
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Accumulation of yield on preferred stock	$ (16.1)
Antidilutive securities excluded		62.9

Segment financial information -

Segment financial information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022segment
Segment Reporting [Abstract]
Number of segments	3

Segment financial information_2

Segment financial information - reportable segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Information by reportable segment
Net sales	$ 1,950.4	$ 1,785.6
Adjusted EBITDA	423.1	363.1
Corporate
Information by reportable segment
Adjusted EBITDA	(43.8)	(42.6)
Americas
Information by reportable segment
Net sales	1,143.4	1,035.2
Adjusted EBITDA	294.2	252
Europe
Information by reportable segment
Net sales	680.4	650.4
Adjusted EBITDA	143.4	131.1
AMEA
Information by reportable segment
Net sales	126.6	100
Adjusted EBITDA	$ 29.3	$ 22.6

Segment financial information_3

Segment financial information - reconciliation of segment profitability measure (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of Adjusted EBITDA from net income or loss
Net income	$ 190.4	$ 164
Interest expense	64.8	51.5
Income tax expense	51.4	47.4
Depreciation and amortization	114.5	89
Loss on extinguishment of debt	1.8	5.2
Net foreign currency (loss) from financing activities	0.1	0.8
Other stock-based compensation (benefit) expense	(1.3)	0.6
Acquisition related costs	0	3
Integration-related expenses	3.9	0
Purchase accounting adjustments	(4.4)	0
Restructuring and severance charges	1.9	1.6
Adjusted EBITDA	$ 423.1	$ 363.1

Segment financial information_4

Segment financial information - product lines (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation by product line
Net sales	$ 1,950.4	$ 1,785.6
Proprietary materials & consumables
Disaggregation by product line
Net sales	748	565.2
Third party materials & consumables
Disaggregation by product line
Net sales	724.7	758.4
Services & specialty procurement
Disaggregation by product line
Net sales	235	219.8
Equipment & instrumentation
Disaggregation by product line
Net sales	$ 242.7	$ 242.2

Supplemental disclosures of c_3

Supplemental disclosures of cash flow information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Components and classification of cash, restricted cash and equivalents
Cash and cash equivalents	$ 283.6		$ 301.7
Restricted cash classified as other assets	24.8		25.4
Total	308.4	$ 175.1	$ 327.1	$ 289.2
Cash flows from operating activities:
Cash paid for income taxes, net	47.6	12.6
Cash paid for interest, excluding financing leases	68.2	62.7
Cash paid for interest on finance leases	1.3	1.3
Cash paid under operating leases	11.5	10.7
Cash flows from financing activities:
Cash paid under finance leases	$ 1.2	$ 1.1

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Components of inventory
Merchandise inventory	$ 544.2	$ 562.9
Finished goods	126.4	102.6
Raw materials	168.8	156.1
Work in process	56.6	50.4
Total	$ 896	$ 872

Other intangible assets (Detail

Other intangible assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-lived
Gross value	$ 6,472.8	$ 6,520.8
Accumulated amortization	1,552.1	1,472.8
Carrying value	4,920.7	5,048
Indefinite-lived	92.3	92.3
Total	5,013	5,140.3
Customer relationships
Finite-lived
Gross value	5,431.8	5,474.2
Accumulated amortization	1,184.2	1,121.6
Carrying value	4,247.6	4,352.6
Trade Names [Member]
Finite-lived
Gross value	502.2	505.1
Accumulated amortization	197.8	194.1
Carrying value	304.4	311
Other
Finite-lived
Gross value	538.8	541.5
Accumulated amortization	170.1	157.1
Carrying value	$ 368.7	$ 384.4

Commitments and contingencies (

Commitments and contingencies (Details) - Environmental remediation $ in Millions	Mar. 31, 2022USD ($)
Phillipsburg, New Jersey
Commitments and contingencies
Accrued environmental loss	$ 3.2
Accrued environmental loss, gross	$ 4.1
Phillipsburg, New Jersey | Minimum
Commitments and contingencies
Accrued environmental loss, discount rate	1.60%
Phillipsburg, New Jersey | Maximum
Commitments and contingencies
Accrued environmental loss, discount rate	2.60%
Gliwice, Poland
Commitments and contingencies
Accrued environmental loss	$ 2.7

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt, gross	$ 6,943.9	$ 7,113.2
Less: unamortized deferred financing costs	(83.4)	(90)
Total debt	6,860.5	7,023.2
Current portion of debt	44.7	45.2
Debt, net of current portion	6,815.8	6,978
Capacity	815
Undrawn letters of credit outstanding	(9.5)
Outstanding borrowings	0
Unused availability	$ 805.5
Receivables facility
Debt Instrument [Line Items]
Interest terms	0.90%
Rate	1.35%
Total debt, gross	$ 0	0
Capacity	300
Undrawn letters of credit outstanding	(9.5)
Outstanding borrowings	0
Unused availability	290.5
Senior secured credit facilities: | Multi-currency revolving loan facility
Debt Instrument [Line Items]
Capacity	515
Undrawn letters of credit outstanding	0
Outstanding borrowings	0
Unused availability	$ 515
Senior secured credit facilities: | Term loans | Euro
Debt Instrument [Line Items]
Interest terms	2.50%
Rate	2.50%
Total debt, gross	$ 93.5	133.9
Senior secured credit facilities: | Term loans | U.S. dollars
Debt Instrument [Line Items]
Interest terms	2.00%
Rate	2.50%
Total debt, gross	$ 164.6	229.3
Senior secured credit facilities: | 2% EURO Term Loan | Euro
Debt Instrument [Line Items]
Interest terms	2.25%
Rate	2.25%
Total debt, gross	$ 358.1	367.9
Senior secured credit facilities: | 2.75% EURO Term Loan | Euro
Debt Instrument [Line Items]
Interest terms	2.75%
Rate	2.75%
Total debt, gross	$ 666.6	684.9
Senior secured credit facilities: | 2.25% USD Term Loan | U.S. dollars
Debt Instrument [Line Items]
Interest terms	2.25%
Rate	2.75%
Total debt, gross	$ 2,058.7	2,063.9
Notes | 2.625% secured notes
Debt Instrument [Line Items]
Rate	2.625%
Total debt, gross	$ 721.7	739.6
Notes | 3.875% unsecured notes
Debt Instrument [Line Items]
Rate	3.875%
Notes | 4.625 % unsecured notes
Debt Instrument [Line Items]
Rate	4.625%
Total debt, gross	$ 1,550	1,550
Finance lease liabilities
Debt Instrument [Line Items]
Total debt, gross	70.2	71.2
Other Debt
Debt Instrument [Line Items]
Total debt, gross	$ 16.4	$ 17.4

Debt - other information (Detai

Debt - other information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Information about debt
Loss on extinguishment of debt	$ 1.8	$ 5.2
Debt covenants draw trigger percentage	35.00%
Senior secured credit facilities: | Term loans
Information about debt
Loss on extinguishment of debt	$ 1.8
Senior secured credit facilities: | Term loans | U.S. dollars
Information about debt
Repayments of debt	63.7
Senior secured credit facilities: | Term loans | Euro
Information about debt
Repayments of debt	36.3
Receivables facility
Information about debt
Amount pledged as collateral	$ 582.1

Accumulated other comprehensi_3

Accumulated other comprehensive income or loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in AOCI, net of tax
Beginning balance	$ (43.2)	$ 21.7
Unrealized gain (loss)	(22.7)	(33.8)
Reclassification of (gain) loss into earnings	(0.3)	0.7
Income tax effect	(3.1)	(4.7)
Ending balance	(69.3)	(16.1)
Foreign currency translation
Changes in AOCI, net of tax
Beginning balance	(19.2)	51.8
Unrealized gain (loss)	(27)	(33.5)
Reclassification of (gain) loss into earnings	0	0
Income tax effect	(2.6)	(4.7)
Ending balance	(48.8)	13.6
Derivative instruments
Changes in AOCI, net of tax
Beginning balance	0.4	(1)
Unrealized gain (loss)	(0.3)	(0.9)
Reclassification of (gain) loss into earnings	(0.2)	0.7
Income tax effect	0.1	0
Ending balance	0	(1.2)
Defined benefit plans
Changes in AOCI, net of tax
Beginning balance	(24.4)	(29.1)
Unrealized gain (loss)	4.6	0.6
Reclassification of (gain) loss into earnings	(0.1)	0
Income tax effect	(0.6)	0
Ending balance	$ (20.5)	$ (28.5)

Stock-based compensation - expe

Stock-based compensation - expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other information about options outstanding
Expense	$ 10.7	$ 11.4
Equity
Other information about options outstanding
Expense	12	10.8
Liability
Other information about options outstanding
Expense	(1.3)	0.6
Stock options
Other information about options outstanding
Expense	4	4.6
RSUs
Other information about options outstanding
Expense	7.6	5.7
Other
Other information about options outstanding
Expense	$ (0.9)	$ 1.1

Stock-based compensation - stoc

Stock-based compensation - stock option rollforward information (Details) - Common stock $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Number of options outstanding
Beginning balance (in shares) | shares	16.3
Granted (in shares) | shares	1
Exercised (in shares) | shares	(0.2)
Forfeited (in shares) | shares	(0.1)
Ending balance (in shares) | shares	17
Weighted average exercise price per outstanding option
Beginning balance (in dollars per share) | $ / shares	$ 19.83
Granted (in dollars per share) | $ / shares	33.09
Exercised (in dollars per share) | $ / shares	18.25
Forfeited (in dollars per share) | $ / shares	19.23
Ending balance (in dollars per share) | $ / shares	$ 20.67
Other information about options outstanding
Aggregate intrinsic value | $	$ 224
Weighted average remaining term	6 years 10 months 24 days
Information about options expected to vest and exercisable
Options expected to vest, number (in shares) | shares	6
Options expected to vest, weighted average exercise price per option (in dollars per share) | $ / shares	$ 22.10
Options expected to vest, aggregate intrinsic value | $	$ 70.4
Options expected to vest, weighted average remaining term	8 years 2 months 12 days
Options exercisable, number (in shares) | shares	11
Options exercisable, weighted average exercise price per option (in dollars per share) | $ / shares	$ 19.89
Options exercisable, aggregate intrinsic value | $	$ 153.5
Options exercisable, weighted average remaining term	6 years 1 month 6 days

Stock-based compensation - non-

Stock-based compensation - non-option award rollforward (Details) - RSUs shares in Millions	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of awards
Beginning balance (in shares) | shares	4.4
Granted (in shares) | shares	0.9
Vested (in shares) | shares	(0.4)
Forfeited (in shares) | shares	(0.1)
Ending balance (in shares) | shares	4.8
Weighted average grant date fair value per award
Beginning balance (in dollars per share) | $ / shares	$ 19.52
Granted (in dollars per share) | $ / shares	34.28
Vested (in dollars per share) | $ / shares	22.55
Forfeited (in dollars per share) | $ / shares	22.49
Ending balance (in dollars per share) | $ / shares	$ 23.35

Stock-based compensation - othe

Stock-based compensation - other information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other information about options outstanding
Remaining expense to be recognized	$ 107.9
Weighted average period over which remaining expense will be recognized (in years)	1 year 10 months 24 days
Shares available for future issuance (in shares)	9.1
Restricted stock expense	$ 2.3	$ 1.3
Stock options
Other information about options outstanding
Contractual life (in years)	10 years
Award vesting period (in years)	4 years
RSUs | Minimum
Other information about options outstanding
Award vesting period (in years)	3 years
RSUs | Maximum
Other information about options outstanding
Award vesting period (in years)	4 years

Other income or expense, net (D

Other income or expense, net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Net foreign currency (loss) from financing activities	$ (0.1)	$ (0.8)
Income related to defined benefit plans	1.4	2.4
Other income	0.1	0.2
Other income, net	$ 1.4	$ 1.8

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income before income taxes	$ 241.8	$ 211.4
Income tax expense	$ (51.4)	$ (47.4)
Effective income tax rate	21.30%	22.40%

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Details) € in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022EUR (€)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)
Foreign Exchange Contract | Designated as Hedging Instrument | 3.875% unsecured notes
Derivatives, Fair Value [Line Items]
Derivative liability | €				€ 400
Rate				3.875%	3.875%
Foreign currency denominated debt | Designated as Hedging Instrument | 3.875% unsecured notes
Derivatives, Fair Value [Line Items]
Accumulated loss related to the foreign currency denominated debt designated as net investment hedges					$ (7.5)	$ 3.5
Foreign currency denominated debt | Designated as Hedging Instrument | 3.875% unsecured notes | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Gain related to the foreign currency denominated debt designated as net investment hedges		$ (11)	$ (19.6)
Interest Rate Swap | Subsequent Event
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	$ 750
Derivative, Term of Contract	3 years

Financial instruments and fai_3

Financial instruments and fair value measurements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	$ 6,943.9	$ 7,113.2
Fair value	6,867.4	7,201.8
Receivables facility
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	0	0
Fair value	0	0
Senior secured credit facilities: | Term loans | Euro
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	93.5	133.9
Fair value	92.8	133.7
Senior secured credit facilities: | Term loans | U.S. dollars
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	164.6	229.3
Fair value	165	224.9
Senior secured credit facilities: | 2% EURO Term Loan | Euro
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	358.1	367.9
Fair value	355	367.7
Senior secured credit facilities: | 2.75% EURO Term Loan | Euro
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	666.6	684.9
Fair value	658.3	683.6
Senior secured credit facilities: | 2.25% USD Term Loan | U.S. dollars
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	2,058.7	2,063.9
Fair value	2,039.5	2,029.1
Notes | 2.625% secured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	721.7	739.6
Fair value	732.4	758.2
Notes | 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	800	800
Fair value	757.2	810.9
Notes | 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	444.1	455.1
Fair value	447.5	475.3
Notes | 4.625 % unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	1,550	1,550
Fair value	1,533.1	1,629.8
Finance lease liabilities
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	70.2	71.2
Fair value	70.2	71.2
Other Debt
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	16.4	17.4
Fair value	$ 16.4	$ 17.4