Document and entity information
Document and entity information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 21, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment flag | false | |
Document quarterly report | true | |
Document Period End Date | Jun. 30, 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 | Q2 | |
Entity common stock, shares outstanding | 674,034,773 | |
Local Phone Number | 386-1700 | |
City Area Code | 610 | |
Title of 12(b) Security | Common stock, $0.01 par value | |
Trading Symbol | AVTR | |
Security Exchange Name | NYSE |
Unaudited condensed consolidate
Unaudited condensed consolidated balance sheets - USD ($) shares in Millions, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 237.5 | $ 301.7 |
Accounts receivable, net of allowances of $26.7 and $26.4 | 1,269.6 | 1,222.1 |
Inventory | 922.5 | 872 |
Other current assets | 141.9 | 81.4 |
Total current assets | 2,571.5 | 2,477.2 |
Property, plant and equipment, net of accumulated depreciation of $473.8 and $445.2 | 698.1 | 705.5 |
Other intangible assets, net (see note 7) | 4,280.4 | 5,140.3 |
Goodwill | 5,626.1 | 5,341.1 |
Other assets | 254.8 | 233.1 |
Total assets | 13,430.9 | 13,897.2 |
Liabilities and stockholders’ equity | ||
Current portion of debt | 246.4 | 45.2 |
Accounts payable | 798.6 | 755.1 |
Employee-related liabilities | 118.1 | 199.7 |
Accrued interest | 48.9 | 49.8 |
Other current liabilities | 359.3 | 401 |
Total current liabilities | 1,571.3 | 1,450.8 |
Debt, net of current portion | 6,292.7 | 6,978 |
Deferred income tax liabilities | 745.8 | 913 |
Other liabilities | 351.6 | 358.4 |
Total liabilities | 8,961.4 | 9,700.2 |
Commitments and contingencies (see note 8) | ||
MCPS including paid-in capital, 0.0 and 20.7 shares outstanding | 0 | 1,003.7 |
Common stock including paid-in capital, 673.9 and 609.7 shares outstanding | 3,756.1 | 2,752.6 |
Accumulated earnings | 861.7 | 483.9 |
Accumulated other comprehensive loss | (148.3) | (43.2) |
Total stockholders’ equity | 4,469.5 | 4,197 |
Total liabilities and stockholders’ equity | $ 13,430.9 | $ 13,897.2 |
Preferred Stock, Shares Outstanding | 0 | 20.7 |
Unaudited condensed consolida_2
Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, net of allowances of $26.7 and $26.4 | $ 26.7 | $ 26.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 473.8 | $ 445.2 |
Preferred Stock, Shares Outstanding | 0 | 20.7 |
Common Stock, Shares, Outstanding | 673.9 | 609.7 |
Unaudited condensed consolida_3
Unaudited condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 1,910.5 | $ 1,858.6 | $ 3,860.9 | $ 3,644.2 |
Cost of sales | 1,262.8 | 1,232.1 | 2,523.3 | 2,404.9 |
Gross profit | 647.7 | 626.5 | 1,337.6 | 1,239.3 |
Selling, general and administrative expenses | 352.1 | 371.8 | 735 | 718.3 |
Operating income | 295.6 | 254.7 | 602.6 | 521 |
Interest expense | (63.9) | (51) | (128.7) | (102.5) |
Loss on extinguishment of debt | (6.1) | (3.2) | (7.9) | (8.4) |
Other income, net | 0.7 | 14.6 | 2.1 | 16.4 |
Income before income taxes | 226.3 | 215.1 | 468.1 | 426.5 |
Income tax expense | (38.9) | (57.3) | (90.3) | (104.7) |
Net income | 187.4 | 157.8 | 377.8 | 321.8 |
Accumulation of yield on preferred stock | (8.1) | (16.2) | (24.2) | (32.3) |
Net income available to common stockholders | $ 179.3 | $ 141.6 | $ 353.6 | $ 289.5 |
Earnings per share: | ||||
Basic | $ 0.28 | $ 0.24 | $ 0.56 | $ 0.50 |
Diluted | $ 0.28 | $ 0.24 | $ 0.55 | $ 0.49 |
Weighted average shares outstanding: | ||||
Basic | 644.2 | 582.6 | 627.2 | 581.9 |
Diluted | 680.2 | 591.1 | 680.8 | 590.3 |
Unaudited condensed consolida_4
Unaudited condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 187.4 | $ 157.8 | $ 377.8 | $ 321.8 |
Other comprehensive (loss) income: | ||||
Foreign currency translation — unrealized (loss) gain | (71) | 16.5 | (98) | (17) |
Derivative instruments: | ||||
Unrealized gain (loss) | 7.3 | (1.2) | 7 | (2.1) |
Reclassification of (gain) loss into earnings | (1.1) | 1.5 | (1.3) | 2.2 |
Defined benefit plans: | ||||
Activity related to defined benefit plans | 0 | (0.2) | 4.5 | 0.4 |
Other comprehensive (loss) income before income taxes | (64.8) | 16.6 | (87.8) | (16.5) |
Income tax effect | (14.2) | 0.9 | (17.3) | (3.8) |
Other comprehensive (loss) income | (79) | 17.5 | (105.1) | (20.3) |
Comprehensive income | $ 108.4 | $ 175.3 | $ 272.7 | $ 301.5 |
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 | 3.6 | |
Ending balance at Jun. 30, 2021 | 20.7 | 583.7 |
Beginning balance at Mar. 31, 2021 | 20.7 | 581.8 |
Stock option exercises and other common stock transactions | 1.9 | |
Ending balance at Jun. 30, 2021 | 20.7 | 583.7 |
Beginning balance at Dec. 31, 2021 | 20.7 | 609.7 |
Stock option exercises and other common stock transactions | 1.3 | |
Ending balance at Jun. 30, 2022 | 0 | 673.9 |
Beginning balance at Mar. 31, 2022 | 20.7 | 610.3 |
Stock option exercises and other common stock transactions | 0.7 | |
Ending balance at Jun. 30, 2022 | 0 | 673.9 |
Unaudited condensed consolida_6
Unaudited condensed consolidated statements of stockholders' equity or deficit - amounts - USD ($) shares in Millions, $ in Millions | Total | Preferred Stock Including Additional Paid in Capital | Common Stock Including Additional Paid in Capital | Accumulated deficit | AOCI |
Shares, Outstanding | 20.7 | 580.1 | |||
Beginning balance at Dec. 31, 2020 | $ 2,674.3 | $ 1,003.7 | $ 1,737.6 | $ (88.7) | $ 21.7 |
Comprehensive income | 301.5 | 321.8 | (20.3) | ||
Stock-based compensation expense | 22.3 | 22.3 | |||
Accumulation of yield on preferred stock | (32.3) | (32.3) | |||
Stock option exercises and other common stock transactions | 20.1 | 20.1 | |||
Ending balance at Jun. 30, 2021 | 2,985.9 | $ 1,003.7 | $ 1,747.7 | 233.1 | 1.4 |
Shares, Outstanding | 20.7 | 581.8 | |||
Beginning balance at Mar. 31, 2021 | 2,806.1 | $ 1,003.7 | $ 1,743.2 | 75.3 | (16.1) |
Comprehensive income | 175.3 | 157.8 | 17.5 | ||
Stock-based compensation expense | 11.5 | 11.5 | |||
Accumulation of yield on preferred stock | (16.2) | (16.2) | |||
Stock option exercises and other common stock transactions | 9.2 | 9.2 | |||
Ending balance at Jun. 30, 2021 | 2,985.9 | $ 1,003.7 | $ 1,747.7 | 233.1 | 1.4 |
Shares, Outstanding | 20.7 | 583.7 | |||
Shares, Outstanding | 20.7 | 609.7 | |||
Beginning balance at Dec. 31, 2021 | 4,197 | $ 1,003.7 | $ 2,752.6 | 483.9 | (43.2) |
Comprehensive income | 272.7 | 377.8 | (105.1) | ||
Stock-based compensation expense | 25.4 | 25.4 | |||
Accumulation of yield on preferred stock | (24.2) | (24.2) | |||
Stock option exercises and other common stock transactions | (1.4) | (1.4) | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | $ (1,003.7) | $ 1,003.7 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (20.7) | 62.9 | |||
Ending balance at Jun. 30, 2022 | 4,469.5 | $ 0 | $ 3,756.1 | 861.7 | (148.3) |
Shares, Outstanding | 20.7 | 610.3 | |||
Beginning balance at Mar. 31, 2022 | 4,358 | $ 1,003.7 | $ 2,749.3 | 674.3 | (69.3) |
Comprehensive income | 108.4 | 187.4 | (79) | ||
Stock-based compensation expense | 13.4 | 13.4 | |||
Accumulation of yield on preferred stock | (8.1) | (8.1) | |||
Stock option exercises and other common stock transactions | (2.2) | (2.2) | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | $ (1,003.7) | $ 1,003.7 | ||
Stock Issued During Period, Shares, Conversion of Convertible Securities | (20.7) | 62.9 | |||
Ending balance at Jun. 30, 2022 | $ 4,469.5 | $ 0 | $ 3,756.1 | $ 861.7 | $ (148.3) |
Shares, Outstanding | 0 | 673.9 |
Unaudited condensed consolida_7
Unaudited condensed consolidated statements of cash flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 377.8 | $ 321.8 |
Reconciling adjustments: | ||
Depreciation and amortization | 204.2 | 175.1 |
Stock-based compensation expense | 23.7 | 23.6 |
Provision for accounts receivable and inventory | 28.2 | 24.1 |
Deferred income tax (benefit) | (39.5) | (5.3) |
Amortization of deferred financing costs | 8.5 | 7.6 |
Loss on extinguishment of debt | 7.9 | 8.4 |
Foreign currency remeasurement (gain) loss | (0.6) | 2.8 |
Changes in assets and liabilities: | ||
Accounts receivable | (98.2) | (122) |
Inventory | (93.1) | (103) |
Accounts payable | 72.4 | 63.1 |
Accrued interest | (0.9) | 0.2 |
Other assets and liabilities | (115.4) | (10.2) |
Other, net | 4.7 | 4.5 |
Net cash provided by operating activities | 379.7 | 390.7 |
Cash flows from investing activities: | ||
Capital expenditures | (60.8) | (38.5) |
Cash paid for acquisitions, net of cash acquired | (20.2) | (1,166.7) |
Other | 0.4 | 1.3 |
Net cash used in investing activities | (80.6) | (1,203.9) |
Cash flows from financing activities: | ||
Debt borrowings | 210 | 1,134.6 |
Debt repayments | (523.9) | (316.1) |
Payments of debt refinancing fees and premiums | 0 | (20.1) |
Payments of dividends on preferred stock | (32.4) | (32.3) |
Proceeds received from exercise of stock options | 11.6 | 37.5 |
Shares repurchased to satisfy employee tax obligations for vested stock-based awards | (13) | (25.8) |
#REF! | (347.7) | 777.8 |
Effect of currency rate changes on cash | (17.5) | (4.5) |
Net change in cash, cash equivalents and restricted cash | (66.1) | (39.9) |
Cash, cash equivalents and restricted cash, beginning of period | 327.1 | 289.2 |
Cash, cash equivalents and restricted cash, end of period | $ 261 | $ 249.3 |
Nature of operations and presen
Nature of operations and presentation of financial statements | 6 Months Ended |
Jun. 30, 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. Conversion of MCPS into Common Stock In May of 2022, all of the outstanding shares of 6.250% Series A MCPS, par value $0.01 per share automatically converted into 62.9 million shares of the Company’s common stock, in accordance with their terms. The conversion rate for each share of MCPS was 3.0395 shares of our common stock, subject to receipt of cash in lieu of fractional shares, and was determined based on the price of our common stock on the date of conversion. No outstanding shares of the MCPS remained following the mandatory conversion. 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 | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | 2. Business combinations Acquisition of Masterflex On November 1, 2021, we completed the acquisition of Masterflex for cash consideration of $2,845.3 million. In the first quarter of fiscal year 2022, we made an addition al $15.3 million p ayment to taxing authorities on behalf of the sellers to settle a pre-acquisition liability. In the second quarter of 2022, we made an additional $4.9 million payment to the sellers to adjust for final net working capital balances, bringing the total purchase price consideration to $2,865.5 million. The preliminary fair value of the net assets acquired on November 1, 2021 included the following: (in millions) November 1, 2021 Inventory $ 45.7 Property, plant & equipment 9.8 Other intangible assets 664.2 Goodwill 2,168.8 Other assets and liabilities (3.3) Deferred income taxes, net (19.7) Total net assets $ 2,865.5 The assets acquired and liabilities assumed are recorded at their estimated fair values as part of our Americas operating segment as of November 1, 2021. The balances of the acquired assets and liabilities have been updated from our prior filings to reflect additional information relating to the fair values of acquired inventory, intangible asset, working capital, and related deferred taxes. The areas of the purchase accounting that remain preliminary and subject to change are finalizing the review of the valuation of intangible assets and inventories and assessing any related deferred tax impacts. As the initial acquisition accounting is based on preliminary assessments, actual values may differ materially when final information becomes available for these items. We believe that the information gathered to date provides a reasonable basis for estimating the preliminary fair values of assets acquired and liabilities assumed. The following table summarizes the preliminary fair value of intangible assets acquired on November 1, 2021 and their related weighted average amortization period: (in millions) Fair value Weighted average estimated life Customer relationships $ 212.0 13.0 years Developed technology - Tubing 234.4 15.0 years Developed technology - Pumps 122.0 10.0 years Trademark 95.8 15.0 years Total $ 664.2 The goodwill represents intellectual capital and the acquired assembled workforce, which are other intangible assets that do not qualify for separate recognition. A portion of the goodwill is deductible for tax purposes. Revenue from acquired companies During the three and six months ended June 30, 2022, Masterflex has generated revenues of $63.7 million and $132.2 million, respectively. During the three and six months ended June 30, 2022, Ritter has generated revenues of $33.4 million and $80.1 million, respectively . Pro forma disclosures The following unaudited pro forma combined financial information is provided for the three and six months ended June 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Revenue $ 1,910.5 $ 1,966.4 $ 3,860.9 $ 3,873.8 Net income 187.4 150.4 377.8 301.4 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 | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2022: (in millions, except per share data) Three months ended June 30, 2022 Six months ended June 30, 2022 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 179.3 644.2 $ 0.28 $ 353.6 627.2 $ 0.56 Dilutive effect of stock-based awards — 6.6 — 7.5 Dilutive impact of MCPS 8.1 29.4 24.2 46.1 Diluted $ 187.4 680.2 $ 0.28 $ 377.8 680.8 $ 0.55 The following table presents the reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2021: (in millions, except per share data) Three months ended June 30, 2021 Six months ended June 30, 2021 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 141.6 582.6 $ 0.24 $ 289.5 581.9 $ 0.50 Dilutive effect of stock-based awards — 8.5 — 8.4 Diluted $ 141.6 591.1 $ 0.24 $ 289.5 590.3 $ 0.49 For the three and six months ended June 30, 2021, diluted earnings per share included accumulated yield on preferred stock of $16.2 million and $32.3 million, respectively, 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 | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Net sales: Americas $ 1,156.6 $ 1,069.8 $ 2,300.0 $ 2,104.9 Europe 623.8 666.0 1,304.2 1,316.4 AMEA 130.1 122.8 256.7 222.9 Total $ 1,910.5 $ 1,858.6 $ 3,860.9 $ 3,644.2 Adjusted EBITDA: Americas $ 289.8 $ 251.7 $ 584.0 $ 503.7 Europe 119.3 123.8 262.7 254.9 AMEA 36.1 28.5 65.4 51.1 Corporate (41.1) (37.4) (84.9) (80.0) Total $ 404.1 $ 366.6 $ 827.2 $ 729.7 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, the nearest measurement under GAAP: (in millions) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net income $ 187.4 $ 157.8 $ 377.8 $ 321.8 Interest expense 63.9 51.0 128.7 102.5 Income tax expense 38.9 57.3 90.3 104.7 Depreciation and amortization 89.7 86.1 204.2 175.1 Loss on extinguishment of debt 6.1 3.2 7.9 8.4 Net foreign currency loss from financing activities 0.9 1.2 1.0 2.0 Other stock-based compensation (benefit) expense (0.4) 0.7 (1.7) 1.3 Acquisition-related expenses 1 — 21.6 — 24.6 Integration-related expenses 2 3.3 0.5 7.2 0.5 Purchase accounting adjustments 3 13.8 — 9.4 — Restructuring and severance charges 4 0.5 0.2 2.4 1.8 Receipt of disgorgement penalty 5 — (13.0) — (13.0) Adjusted EBITDA $ 404.1 $ 366.6 $ 827.2 $ 729.7 ━━━━━━━━━ 1. Represents legal, accounting, investment banking and consulting fees incurred related to the acquisition of acquired companies. 2. 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. 3. Represents the non-cash reduction of contingent consideration related to the Ritter acquisition and the amortization of the purchase accounting adjustment to record inventory acquired from Masterflex at fair value. 4. 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. 5. As described in note 12. The following table presents net sales by product line: (in millions) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Proprietary materials & consumables $ 741.3 $ 630.8 $ 1,489.3 $ 1,196.0 Third party materials & consumables 688.0 739.4 1,412.7 1,497.8 Services & specialty procurement 232.2 232.2 467.2 452.0 Equipment & instrumentation 249.0 256.2 491.7 498.4 Total $ 1,910.5 $ 1,858.6 $ 3,860.9 $ 3,644.2 |
Supplemental disclosures of cas
Supplemental disclosures of cash flow information | 6 Months Ended |
Jun. 30, 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) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 237.5 $ 301.7 Restricted cash classified as other assets 23.5 25.4 Total $ 261.0 $ 327.1 At June 30, 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) Six months ended June 30, 2022 2021 Cash flows from operating activities: Cash paid for income taxes, net $ 131.3 $ 69.5 Cash paid for interest, excluding financing leases 116.6 90.4 Cash paid for interest on finance leases 2.5 2.5 Cash paid under operating leases 22.2 21.8 Cash flows from financing activities: Cash paid under finance leases 2.3 2.3 |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | 6. Inventory The following table presents the components of inventory: (in millions) June 30, 2022 December 31, 2021 Merchandise inventory $ 525.6 $ 562.9 Finished goods 156.3 102.6 Raw materials 183.3 156.1 Work in process 57.3 50.4 Total $ 922.5 $ 872.0 |
Other intangible assets
Other intangible assets | 6 Months Ended |
Jun. 30, 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) June 30, 2022 December 31, 2021 Gross value Accumulated amortization Carrying value Gross value Accumulated amortization Carrying value Customer relationships $ 4,791.1 $ 1,207.4 $ 3,583.7 $ 5,474.2 $ 1,121.6 $ 4,352.6 Trade names 353.3 194.8 158.5 505.1 194.1 311.0 Other 630.0 184.1 445.9 541.5 157.1 384.4 Total finite-lived $ 5,774.4 $ 1,586.3 4,188.1 $ 6,520.8 $ 1,472.8 5,048.0 Indefinite-lived 92.3 92.3 Total $ 4,280.4 $ 5,140.3 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 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. Matters to be disclosed are as follows: The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At June 30, 2022, our accrued obligation under this order is $2.9 million, which is calculated based on expected cash payments discounted at rates ranging from 2.8% in 2022 to 3.4% in 2045. The undiscounted amount of that obligation is $4.1 million. We are indemnified against any losses incurred in this matter as stipulated through the agreement referenced in our Annual Report. 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 June 30, 2022, our balance sheet includes a liability of $2.1 million for remediation and monitoring costs. That liability is estimated primarily on discounted expected remediation payments and is not materially different from 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 June 30, 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 | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 9. Debt The following table presents information about our debt: (dollars in millions) June 30, 2022 December 31, 2021 Interest terms Rate Amount Receivables facility LIBOR plus 0.90% 2.51% $ 210.0 $ — Senior secured credit facilities: Euro term loans B-3 EURIBOR plus 2.50% 2.50% — 133.9 Euro term loans B-4 EURIBOR plus 2.75% 2.75% 627.3 684.9 Euro term loans B-5 EURIBOR plus 2.25% 2.25% 337.0 367.9 U.S. dollar term loans B-4 LIBOR plus 2.00% 3.06% — 229.3 U.S. dollar term loans B-5 LIBOR plus 2.25% 3.31% 1,903.6 2,063.9 2.625% secured notes fixed rate 2.625% 680.8 739.6 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 418.9 455.1 4.625 % unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 69.1 71.2 Other 14.8 17.4 Total debt, gross 6,611.5 7,113.2 Less: unamortized deferred financing costs (72.4) (90.0) Total debt $ 6,539.1 $ 7,023.2 Classification on balance sheets: Current portion of debt $ 246.4 $ 45.2 Debt, net of current portion 6,292.7 6,978.0 Credit facilities The following table presents availability under our credit facilities: (in millions) June 30, 2022 Receivables facility Revolving credit facility Total Capacity $ 300.0 $ 515.0 $ 815.0 Undrawn letters of credit outstanding (13.9) — (13.9) Outstanding borrowings (210.0) — (210.0) Unused availability $ 76.1 $ 515.0 $ 591.1 Capacity under the receivables facility depends upon maintaining a sufficient borrowing base of eligible accounts receivable. At June 30, 2022, $577.2 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 During the quarter ended June 30, 2022, we fully repaid our U.S. dollar term loan B-4 and our Euro term loan B-3. We also made prepayments of $150.0 million on our U.S. dollar term loan B-5. In connection with these prepayments, we expensed $6.1 million of previously unamortized deferred financing costs related to these term loans 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 June 30, 2022. |
Accumulated other comprehensive
Accumulated other comprehensive income or loss | 6 Months Ended |
Jun. 30, 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 March 31, 2022 $ (48.8) $ — $ (20.5) $ (69.3) Unrealized (loss) gain (71.0) 7.3 — (63.7) Reclassification of gain into earnings — (1.1) — (1.1) Change due to income taxes (12.7) (1.5) — (14.2) Balance at June 30, 2022 $ (132.5) $ 4.7 $ (20.5) $ (148.3) Balance at March 31, 2021 $ 13.6 $ (1.2) $ (28.5) $ (16.1) Unrealized gain (loss) 16.5 (1.2) — 15.3 Reclassification of loss (gain) into earnings — 1.5 (0.2) 1.3 Change due to income taxes 1.0 (0.1) — 0.9 Balance at June 30, 2021 $ 31.1 $ (1.0) $ (28.7) $ 1.4 Balance at December 31, 2021 $ (19.2) $ 0.4 $ (24.4) $ (43.2) Unrealized (loss) gain (98.0) 7.0 4.6 (86.4) Reclassification of gain into earnings — (1.3) (0.1) (1.4) Change due to income taxes (15.3) (1.4) (0.6) (17.3) Balance at June 30, 2022 $ (132.5) $ 4.7 $ (20.5) $ (148.3) Balance at December 31, 2020 $ 51.8 $ (1.0) $ (29.1) $ 21.7 Unrealized loss (17.0) (2.1) — (19.1) Reclassification of loss into earnings — 2.2 0.4 2.6 Change due to income taxes (3.7) (0.1) — (3.8) Balance at June 30, 2021 $ 31.1 $ (1.0) $ (28.7) $ 1.4 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 and six months ended June 30, 2022 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 14. |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Stock options Equity $ 4.0 $ 4.7 $ 8.0 $ 9.3 RSUs Equity 9.1 6.5 16.7 12.2 Other Both (0.1) 1.0 (1.0) 2.1 Total $ 13.0 $ 12.2 $ 23.7 $ 23.6 Balance sheet classification: Equity $ 13.4 $ 11.5 $ 25.4 $ 22.3 Liability (0.4) 0.7 (1.7) 1.3 At June 30, 2022, unvested awards under our plans have remaining stock-based compensation expense of $93.0 million to be recognized over a weighted average period of 1.8 years. 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 1.1 33.09 Exercised (0.5) 18.23 Forfeited (0.6) 20.28 Balance at June 30, 2022 16.3 20.75 $ 170.9 6.6 years Expected to vest 5.0 23.29 41.2 8.1 years Vested 11.3 19.63 129.7 5.9 years During the six months ended June 30, 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 1.0 33.94 Vested (1.1) 18.26 Forfeited (0.2) 26.15 Balance at June 30, 2022 4.1 24.40 During the six months ended June 30, 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 June 30, 2022 and June 30, 2021 was $2.7 million and $1.5 million, for the six months ended June 30, 2022 and June 30, 2021 was $5.0 million and $2.8 million, respectively. |
Other income or expense, net
Other income or expense, net | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Net foreign currency (loss) from financing activities $ (0.9) $ (1.2) $ (1.0) $ (2.0) Income related to defined benefit plans 1.6 2.6 3.0 5.0 Other 1 — 13.2 0.1 13.4 Other income, net $ 0.7 $ 14.6 $ 2.1 $ 16.4 ━━━━━━━━━ 1. We recognized $13.0 million of other income during the three month period ended June 30, 2021 related to the disgorgement of disallowed trading profits from Goldman Sachs, which was a related party until December 31, 2020. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Income before income taxes $ 226.3 $ 215.1 $ 468.1 $ 426.5 Income tax expense (38.9) (57.3) (90.3) (104.7) Effective income tax rate 17.2 % 26.6 % 19.3 % 24.5 % 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. The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses, and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions. The change in the effective tax rate for the three and six months ended June 30, 2022 when compared to the three and six months ended June 30, 2021, is lower driven by a one time impact due to changes of tax rates in certain of our European tax jurisdictions in 2021, as well as adjustments to our deferred tax expense related to deductions for stock-based compensation. |
Derivative and hedging activiti
Derivative and hedging activities | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and hedging activities | 14. Derivative and hedging activities Hedging instruments: We engage in hedging activities to reduce our exposure to foreign currency exchange rates and interest rates. Our hedging activities are designed to manage specific risks according to our strategies, as summarized below, which may change from time to time. Our hedging activities consist of the following: • 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. Cash flow hedges of interest rate risk Our objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $2.2 million will be reclassified as a reduction to interest expense. As of June 30, 2022, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: (dollars in millions) Interest rate derivative Number of instruments Notional Interest rate swaps 1 $ 750.0 Effect of cash flow hedge accounting on AOCI The table below presents the effect of cash flow hedge accounting on AOCI for the six months ended June 30, 2022 and June 30, 2021. As we entered into the derivatives in the second quarter of 2022, the numbers for the three months ended are the same as the six months ended June 30, 2022 in the table below. (in millions) Hedging relationships Amount of gain or (loss) recognized in OCI on Derivative Location of gain or (loss) reclassified from AOCI into Income Amount of gain or (loss) reclassified from AOCI into Income June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Interest rate products 2.6 — Interest (expense) (2.5) — Total $ 2.6 $ — $ (2.5) $ — Effect of cash flow hedge accounting on the income statement The table below presents the effect of our derivative financial instruments on the statement of operations for the six months ended June 30, 2022 and June 30, 2021. As we entered into the derivatives in the second quarter of 2022, the numbers for the three months ended are the same as the six months ended June 30, 2022 in the table below. June 30, 2022 June 30, 2021 (in millions) Interest income (expense) Interest income (expense) Total amounts of line items presented in the statements of operations were the effects of cash flow hedges are recorded $ (128.7) $ — Amount of gain reclassified from AOCI into income $ (2.5) $ — Net investment hedges We are exposed to fluctuations in foreign exchange rates on investments it holds in foreign entities, specifically our net investment in Avantor Holdings B.V., a EUR-functional-currency consolidated subsidiary, against the risk of changes in the EUR-USD exchange rate. In the second quarter of 2022, the Company entered into fixed-to-fixed cross-currency swaps to hedge its exposure to changes in foreign exchange rates of its foreign investments. Cross-currency swaps involve the receipt of functional-currency fixed-rate amounts from a counterparty in exchange for making foreign-currency fixed-rate payments over the life of the agreeme nt. For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. As of June 30, 2022, we had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations: (value in millions) Foreign currency derivative Number of instruments Notional sold Notional purchased Cross-currency swaps 1 € 691.1 $ 750.0 Effect of net investment hedges on AOCI and the income statement The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the six months ended June 30, 2022 and June 30, 2021. As we entered into the derivatives in the second quarter of 2022, the numbers for the three months ended are the same as the six months ended June 30, 2022 in the table below. (in millions) Hedging relationships Amount of gain or (loss) recognized in OCI on Derivative Location of gain or (loss) reclassified from AOCI into Income Amount of gain or (loss) reclassified from AOCI into Income Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Cross currency swaps $ 30.8 $ — Loss on sale of subsidiary $ — $ — Interest income $ 3.1 $ — Total $ 30.8 $ — $ — $ — $ 3.1 $ — The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of June 30, 2022 and December 31, 2021: Asset derivatives Liability derivatives June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (in millions) Balance sheet location Fair value Balance sheet location Fair value Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Interest rate products Other current assets $ 5.1 Other current assets $ — Other current liabilities $ — Other current liabilities $ — Foreign exchange products Other current assets 27.7 Other current assets — Other current liabilities — Other current liabilities — Total $ 32.8 $ — $ — $ — Termination of interest rate and cross-currency swaps In July 2022, we terminated our existing $750.0 million cross-currency swap maturing April 30, 2025 and monetized $42.5 million of cash proceeds. We simultaneously executed a new on-market $750.0 million cross-currency swap maturing April 30, 2025. Non-derivative financial instruments which are designated as hedging instruments: 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 June 30, 2022, the net investment hedge was equal to the designated portion of the European operations and was considered to be perfectly effective. 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 $(32.7) million and $3.5 million as of June 30, 2022 and December 31, 2021, respectively. The amount of (gain) loss 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 and six months ended June 30, 2022 and June 30, 2021 are presented below: (in millions) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net investment hedges $ (25.2) $ 4.4 $ (36.2) $ (15.2) |
Financial instruments and fair
Financial instruments and fair value measurements | 6 Months Ended |
Jun. 30, 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) June 30, 2022 December 31, 2021 Gross amount Fair value Gross amount Fair value Receivables facility $ 210.0 $ 210.0 $ — $ — Senior secured credit facilities: Euro term loans B-3 — — 133.9 133.7 Euro term loans B-4 627.3 602.2 684.9 683.6 Euro term loans B-5 337.0 327.7 367.9 367.7 U.S. dollar term loans B-4 — — 229.3 224.9 U.S. dollar term loans B-5 1,903.6 1,832.2 2,063.9 2,029.1 2.625% secured notes 680.8 635.7 739.6 758.2 3.875% unsecured notes 800.0 702.3 800.0 810.9 3.875% unsecured notes 418.9 365.2 455.1 475.3 4.625 % unsecured notes 1,550.0 1,422.3 1,550.0 1,629.8 Finance lease liabilities 69.1 69.1 71.2 71.2 Other 14.8 14.8 17.4 17.4 Total $ 6,611.5 $ 6,181.5 $ 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) | 6 Months Ended |
Jun. 30, 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. Conversion of MCPS into Common Stock In May of 2022, all of the outstanding shares of 6.250% Series A MCPS, par value $0.01 per share automatically converted into 62.9 million shares of the Company’s common stock, in accordance with their terms. The conversion rate for each share of MCPS was 3.0395 shares of our common stock, subject to receipt of cash in lieu of fractional shares, and was determined based on the price of our common stock on the date of conversion. No outstanding shares of the MCPS remained following the mandatory conversion. |
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 (Tables)
Business Combinations (Tables) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 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 $ 45.7 Property, plant & equipment 9.8 Other intangible assets 664.2 Goodwill 2,168.8 Other assets and liabilities (3.3) Deferred income taxes, net (19.7) Total net assets $ 2,865.5 | |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table summarizes the preliminary fair value of intangible assets acquired on November 1, 2021 and their related weighted average amortization period: (in millions) Fair value Weighted average estimated life Customer relationships $ 212.0 13.0 years Developed technology - Tubing 234.4 15.0 years Developed technology - Pumps 122.0 10.0 years Trademark 95.8 15.0 years Total $ 664.2 | |
Business Acquisition, Pro Forma Information | Pro forma disclosures The following unaudited pro forma combined financial information is provided for the three and six months ended June 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Revenue $ 1,910.5 $ 1,966.4 $ 3,860.9 $ 3,873.8 Net income 187.4 150.4 377.8 301.4 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2022: (in millions, except per share data) Three months ended June 30, 2022 Six months ended June 30, 2022 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 179.3 644.2 $ 0.28 $ 353.6 627.2 $ 0.56 Dilutive effect of stock-based awards — 6.6 — 7.5 Dilutive impact of MCPS 8.1 29.4 24.2 46.1 Diluted $ 187.4 680.2 $ 0.28 $ 377.8 680.8 $ 0.55 The following table presents the reconciliation of basic and diluted earnings per share for the three and six months ended June 30, 2021: (in millions, except per share data) Three months ended June 30, 2021 Six months ended June 30, 2021 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 141.6 582.6 $ 0.24 $ 289.5 581.9 $ 0.50 Dilutive effect of stock-based awards — 8.5 — 8.4 Diluted $ 141.6 591.1 $ 0.24 $ 289.5 590.3 $ 0.49 |
Segment financial information (
Segment financial information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of segment financial information | The following table presents information by reportable segment: (in millions) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net sales: Americas $ 1,156.6 $ 1,069.8 $ 2,300.0 $ 2,104.9 Europe 623.8 666.0 1,304.2 1,316.4 AMEA 130.1 122.8 256.7 222.9 Total $ 1,910.5 $ 1,858.6 $ 3,860.9 $ 3,644.2 Adjusted EBITDA: Americas $ 289.8 $ 251.7 $ 584.0 $ 503.7 Europe 119.3 123.8 262.7 254.9 AMEA 36.1 28.5 65.4 51.1 Corporate (41.1) (37.4) (84.9) (80.0) Total $ 404.1 $ 366.6 $ 827.2 $ 729.7 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, the nearest measurement under GAAP: (in millions) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net income $ 187.4 $ 157.8 $ 377.8 $ 321.8 Interest expense 63.9 51.0 128.7 102.5 Income tax expense 38.9 57.3 90.3 104.7 Depreciation and amortization 89.7 86.1 204.2 175.1 Loss on extinguishment of debt 6.1 3.2 7.9 8.4 Net foreign currency loss from financing activities 0.9 1.2 1.0 2.0 Other stock-based compensation (benefit) expense (0.4) 0.7 (1.7) 1.3 Acquisition-related expenses 1 — 21.6 — 24.6 Integration-related expenses 2 3.3 0.5 7.2 0.5 Purchase accounting adjustments 3 13.8 — 9.4 — Restructuring and severance charges 4 0.5 0.2 2.4 1.8 Receipt of disgorgement penalty 5 — (13.0) — (13.0) Adjusted EBITDA $ 404.1 $ 366.6 $ 827.2 $ 729.7 ━━━━━━━━━ 1. Represents legal, accounting, investment banking and consulting fees incurred related to the acquisition of acquired companies. 2. 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. 3. Represents the non-cash reduction of contingent consideration related to the Ritter acquisition and the amortization of the purchase accounting adjustment to record inventory acquired from Masterflex at fair value. 4. 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. 5. As described in note 12. |
Schedule of net sales by product line | The following table presents net sales by product line: (in millions) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Proprietary materials & consumables $ 741.3 $ 630.8 $ 1,489.3 $ 1,196.0 Third party materials & consumables 688.0 739.4 1,412.7 1,497.8 Services & specialty procurement 232.2 232.2 467.2 452.0 Equipment & instrumentation 249.0 256.2 491.7 498.4 Total $ 1,910.5 $ 1,858.6 $ 3,860.9 $ 3,644.2 |
Supplemental disclosures of c_2
Supplemental disclosures of cash flow information (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2022 December 31, 2021 Cash and cash equivalents $ 237.5 $ 301.7 Restricted cash classified as other assets 23.5 25.4 Total $ 261.0 $ 327.1 At June 30, 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) Six months ended June 30, 2022 2021 Cash flows from operating activities: Cash paid for income taxes, net $ 131.3 $ 69.5 Cash paid for interest, excluding financing leases 116.6 90.4 Cash paid for interest on finance leases 2.5 2.5 Cash paid under operating leases 22.2 21.8 Cash flows from financing activities: Cash paid under finance leases 2.3 2.3 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory components | The following table presents the components of inventory: (in millions) June 30, 2022 December 31, 2021 Merchandise inventory $ 525.6 $ 562.9 Finished goods 156.3 102.6 Raw materials 183.3 156.1 Work in process 57.3 50.4 Total $ 922.5 $ 872.0 |
Other intangible assets (Tables
Other intangible assets (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2022 December 31, 2021 Gross value Accumulated amortization Carrying value Gross value Accumulated amortization Carrying value Customer relationships $ 4,791.1 $ 1,207.4 $ 3,583.7 $ 5,474.2 $ 1,121.6 $ 4,352.6 Trade names 353.3 194.8 158.5 505.1 194.1 311.0 Other 630.0 184.1 445.9 541.5 157.1 384.4 Total finite-lived $ 5,774.4 $ 1,586.3 4,188.1 $ 6,520.8 $ 1,472.8 5,048.0 Indefinite-lived 92.3 92.3 Total $ 4,280.4 $ 5,140.3 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of information about debt | The following table presents information about our debt: (dollars in millions) June 30, 2022 December 31, 2021 Interest terms Rate Amount Receivables facility LIBOR plus 0.90% 2.51% $ 210.0 $ — Senior secured credit facilities: Euro term loans B-3 EURIBOR plus 2.50% 2.50% — 133.9 Euro term loans B-4 EURIBOR plus 2.75% 2.75% 627.3 684.9 Euro term loans B-5 EURIBOR plus 2.25% 2.25% 337.0 367.9 U.S. dollar term loans B-4 LIBOR plus 2.00% 3.06% — 229.3 U.S. dollar term loans B-5 LIBOR plus 2.25% 3.31% 1,903.6 2,063.9 2.625% secured notes fixed rate 2.625% 680.8 739.6 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 418.9 455.1 4.625 % unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 69.1 71.2 Other 14.8 17.4 Total debt, gross 6,611.5 7,113.2 Less: unamortized deferred financing costs (72.4) (90.0) Total debt $ 6,539.1 $ 7,023.2 Classification on balance sheets: Current portion of debt $ 246.4 $ 45.2 Debt, net of current portion 6,292.7 6,978.0 |
Schedule of availability under credit facilities | The following table presents availability under our credit facilities: (in millions) June 30, 2022 Receivables facility Revolving credit facility Total Capacity $ 300.0 $ 515.0 $ 815.0 Undrawn letters of credit outstanding (13.9) — (13.9) Outstanding borrowings (210.0) — (210.0) Unused availability $ 76.1 $ 515.0 $ 591.1 |
Accumulated other comprehensi_2
Accumulated other comprehensive income or loss (Tables) | 6 Months Ended |
Jun. 30, 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 March 31, 2022 $ (48.8) $ — $ (20.5) $ (69.3) Unrealized (loss) gain (71.0) 7.3 — (63.7) Reclassification of gain into earnings — (1.1) — (1.1) Change due to income taxes (12.7) (1.5) — (14.2) Balance at June 30, 2022 $ (132.5) $ 4.7 $ (20.5) $ (148.3) Balance at March 31, 2021 $ 13.6 $ (1.2) $ (28.5) $ (16.1) Unrealized gain (loss) 16.5 (1.2) — 15.3 Reclassification of loss (gain) into earnings — 1.5 (0.2) 1.3 Change due to income taxes 1.0 (0.1) — 0.9 Balance at June 30, 2021 $ 31.1 $ (1.0) $ (28.7) $ 1.4 Balance at December 31, 2021 $ (19.2) $ 0.4 $ (24.4) $ (43.2) Unrealized (loss) gain (98.0) 7.0 4.6 (86.4) Reclassification of gain into earnings — (1.3) (0.1) (1.4) Change due to income taxes (15.3) (1.4) (0.6) (17.3) Balance at June 30, 2022 $ (132.5) $ 4.7 $ (20.5) $ (148.3) Balance at December 31, 2020 $ 51.8 $ (1.0) $ (29.1) $ 21.7 Unrealized loss (17.0) (2.1) — (19.1) Reclassification of loss into earnings — 2.2 0.4 2.6 Change due to income taxes (3.7) (0.1) — (3.8) Balance at June 30, 2021 $ 31.1 $ (1.0) $ (28.7) $ 1.4 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 and six months ended June 30, 2022 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 14. |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Stock options Equity $ 4.0 $ 4.7 $ 8.0 $ 9.3 RSUs Equity 9.1 6.5 16.7 12.2 Other Both (0.1) 1.0 (1.0) 2.1 Total $ 13.0 $ 12.2 $ 23.7 $ 23.6 Balance sheet classification: Equity $ 13.4 $ 11.5 $ 25.4 $ 22.3 Liability (0.4) 0.7 (1.7) 1.3 |
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 1.1 33.09 Exercised (0.5) 18.23 Forfeited (0.6) 20.28 Balance at June 30, 2022 16.3 20.75 $ 170.9 6.6 years Expected to vest 5.0 23.29 41.2 8.1 years Vested 11.3 19.63 129.7 5.9 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 1.0 33.94 Vested (1.1) 18.26 Forfeited (0.2) 26.15 Balance at June 30, 2022 4.1 24.40 |
Other income or expense, net (T
Other income or expense, net (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Net foreign currency (loss) from financing activities $ (0.9) $ (1.2) $ (1.0) $ (2.0) Income related to defined benefit plans 1.6 2.6 3.0 5.0 Other 1 — 13.2 0.1 13.4 Other income, net $ 0.7 $ 14.6 $ 2.1 $ 16.4 ━━━━━━━━━ 1. We recognized $13.0 million of other income during the three month period ended June 30, 2021 related to the disgorgement of disallowed trading profits from Goldman Sachs, which was a related party until December 31, 2020. |
Income taxes (Tables)
Income taxes (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, 2022 2021 2022 2021 Income before income taxes $ 226.3 $ 215.1 $ 468.1 $ 426.5 Income tax expense (38.9) (57.3) (90.3) (104.7) Effective income tax rate 17.2 % 26.6 % 19.3 % 24.5 % |
Derivative and hedging activi_2
Derivative and hedging activities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2022, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: (dollars in millions) Interest rate derivative Number of instruments Notional Interest rate swaps 1 $ 750.0 As of June 30, 2022, we had the following outstanding foreign currency derivatives that were used to hedge its net investments in foreign operations: (value in millions) Foreign currency derivative Number of instruments Notional sold Notional purchased Cross-currency swaps 1 € 691.1 $ 750.0 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of cash flow hedge accounting on AOCI for the six months ended June 30, 2022 and June 30, 2021. As we entered into the derivatives in the second quarter of 2022, the numbers for the three months ended are the same as the six months ended June 30, 2022 in the table below. (in millions) Hedging relationships Amount of gain or (loss) recognized in OCI on Derivative Location of gain or (loss) reclassified from AOCI into Income Amount of gain or (loss) reclassified from AOCI into Income June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Interest rate products 2.6 — Interest (expense) (2.5) — Total $ 2.6 $ — $ (2.5) $ — (in millions) Hedging relationships Amount of gain or (loss) recognized in OCI on Derivative Location of gain or (loss) reclassified from AOCI into Income Amount of gain or (loss) reclassified from AOCI into Income Location of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Cross currency swaps $ 30.8 $ — Loss on sale of subsidiary $ — $ — Interest income $ 3.1 $ — Total $ 30.8 $ — $ — $ — $ 3.1 $ — |
Derivative Instruments, Gain (Loss) | The table below presents the effect of our derivative financial instruments on the statement of operations for the six months ended June 30, 2022 and June 30, 2021. As we entered into the derivatives in the second quarter of 2022, the numbers for the three months ended are the same as the six months ended June 30, 2022 in the table below. June 30, 2022 June 30, 2021 (in millions) Interest income (expense) Interest income (expense) Total amounts of line items presented in the statements of operations were the effects of cash flow hedges are recorded $ (128.7) $ — Amount of gain reclassified from AOCI into income $ (2.5) $ — |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of June 30, 2022 and December 31, 2021: Asset derivatives Liability derivatives June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (in millions) Balance sheet location Fair value Balance sheet location Fair value Balance sheet location Fair value Balance sheet location Fair value Derivatives designated as hedging instruments: Interest rate products Other current assets $ 5.1 Other current assets $ — Other current liabilities $ — Other current liabilities $ — Foreign exchange products Other current assets 27.7 Other current assets — Other current liabilities — Other current liabilities — Total $ 32.8 $ — $ — $ — |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location | The amount of (gain) loss 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 and six months ended June 30, 2022 and June 30, 2021 are presented below: (in millions) Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net investment hedges $ (25.2) $ 4.4 $ (36.2) $ (15.2) |
Financial instruments and fai_2
Financial instruments and fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 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) June 30, 2022 December 31, 2021 Gross amount Fair value Gross amount Fair value Receivables facility $ 210.0 $ 210.0 $ — $ — Senior secured credit facilities: Euro term loans B-3 — — 133.9 133.7 Euro term loans B-4 627.3 602.2 684.9 683.6 Euro term loans B-5 337.0 327.7 367.9 367.7 U.S. dollar term loans B-4 — — 229.3 224.9 U.S. dollar term loans B-5 1,903.6 1,832.2 2,063.9 2,029.1 2.625% secured notes 680.8 635.7 739.6 758.2 3.875% unsecured notes 800.0 702.3 800.0 810.9 3.875% unsecured notes 418.9 365.2 455.1 475.3 4.625 % unsecured notes 1,550.0 1,422.3 1,550.0 1,629.8 Finance lease liabilities 69.1 69.1 71.2 71.2 Other 14.8 14.8 17.4 17.4 Total $ 6,611.5 $ 6,181.5 $ 7,113.2 $ 7,201.8 |
Nature of operations and pres_3
Nature of operations and presentation of financial statements (Details) shares in Millions | 1 Months Ended |
May 31, 2022 $ / shares shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Preferred Stock, Dividend Rate, Percentage | 6.25% |
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | shares | 62.9 |
Preferred Stock, Convertible, Terms | 3.0395 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Nov. 01, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business acquisition | |||||
Payments to acquire business | $ 2,865.5 | $ 15.3 | $ 20.2 | $ 1,166.7 | |
Masterflex | |||||
Business acquisition | |||||
Payments to acquire business | $ 2,845.3 | $ (4.9) | |||
Revenue | 63.7 | 132.2 | |||
Ritter GmbH | |||||
Business acquisition | |||||
Revenue | $ 33.4 | $ 80.1 |
Business Combinations - Fair va
Business Combinations - Fair value of Net assets acquired (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Nov. 01, 2021 |
Business acquisition | |||
Goodwill | $ 5,626.1 | $ 5,341.1 | |
Masterflex | |||
Business acquisition | |||
Inventory | $ 45.7 | ||
Property, plant & equipment | 9.8 | ||
Other intangible assets | 664.2 | ||
Goodwill | 2,168.8 | ||
Other assets and liabilities | (3.3) | ||
Deferred income taxes, net | (19.7) | ||
Total net assets | $ 2,865.5 |
Business Combinations - Fair _2
Business Combinations - Fair Value of Intangible Assets Acquired (Details) $ in Millions | Nov. 01, 2021 USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 664.2 |
Customer relationships | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 212 |
Weighted average estimated life | 13 years |
Developed technology - Tubing | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 234.4 |
Weighted average estimated life | 15 years |
Developed technology - Pumps | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 122 |
Weighted average estimated life | 10 years |
Trademark | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Fair value | $ 95.8 |
Weighted average estimated life | 15 years |
Business Combinations - Pro For
Business Combinations - Pro Forma Revenue and Net Income (Details) - Ritter GmbH and Masterflex - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business acquisition | ||||
Revenue | $ 1,910.5 | $ 1,966.4 | $ 3,860.9 | $ 3,873.8 |
Net income | $ 187.4 | $ 150.4 | $ 377.8 | $ 301.4 |
Earnings per share - reconcilia
Earnings per share - reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings (numerator) | ||||
Basic | $ 179.3 | $ 141.6 | $ 353.6 | $ 289.5 |
Dilutive effect of stock-based awards | 0 | 0 | 0 | 0 |
Dilutive effect of warrants | $ 8.1 | $ 24.2 | ||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock | 29.4 | 46.1 | ||
Diluted | $ 187.4 | $ 141.6 | $ 377.8 | $ 289.5 |
Weighted average shares outstanding (denominator) | ||||
Basic | 644.2 | 582.6 | 627.2 | 581.9 |
Dilutive effect of stock-based awards | 6.6 | 8.5 | 7.5 | 8.4 |
Diluted | 680.2 | 591.1 | 680.8 | 590.3 |
Earnings per share: | ||||
Basic | $ 0.28 | $ 0.24 | $ 0.56 | $ 0.50 |
Diluted | $ 0.28 | $ 0.24 | $ 0.55 | $ 0.49 |
Earnings per share - antidiluti
Earnings per share - antidilutive securities (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Accumulation of yield on preferred stock | $ (8.1) | $ (16.2) | $ (24.2) | $ (32.3) |
MCPS | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Accumulation of yield on preferred stock | $ (16.2) | $ (32.3) | ||
Antidilutive securities excluded | 62.9 | 62.9 |
Segment financial information -
Segment financial information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of segments | 3 |
Segment financial information_2
Segment financial information - reportable segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Information by reportable segment | ||||
Net sales | $ 1,910.5 | $ 1,858.6 | $ 3,860.9 | $ 3,644.2 |
Adjusted EBITDA | 404.1 | 366.6 | 827.2 | 729.7 |
Corporate | ||||
Information by reportable segment | ||||
Adjusted EBITDA | (41.1) | (37.4) | (84.9) | (80) |
Americas | ||||
Information by reportable segment | ||||
Net sales | 1,156.6 | 1,069.8 | 2,300 | 2,104.9 |
Adjusted EBITDA | 289.8 | 251.7 | 584 | 503.7 |
Europe | ||||
Information by reportable segment | ||||
Net sales | 623.8 | 666 | 1,304.2 | 1,316.4 |
Adjusted EBITDA | 119.3 | 123.8 | 262.7 | 254.9 |
AMEA | ||||
Information by reportable segment | ||||
Net sales | 130.1 | 122.8 | 256.7 | 222.9 |
Adjusted EBITDA | $ 36.1 | $ 28.5 | $ 65.4 | $ 51.1 |
Segment financial information_3
Segment financial information - reconciliation of segment profitability measure (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of Adjusted EBITDA from net income or loss | ||||
Net income | $ 187.4 | $ 157.8 | $ 377.8 | $ 321.8 |
Interest expense | 63.9 | 51 | 128.7 | 102.5 |
Income tax expense | 38.9 | 57.3 | 90.3 | 104.7 |
Depreciation and amortization | 89.7 | 86.1 | 204.2 | 175.1 |
Loss on extinguishment of debt | 6.1 | 3.2 | 7.9 | 8.4 |
Net foreign currency (loss) from financing activities | 0.9 | 1.2 | 1 | 2 |
Other stock-based compensation (benefit) expense | (0.4) | 0.7 | (1.7) | 1.3 |
Acquisition related costs | 0 | 21.6 | 0 | 24.6 |
Integration-related expenses | 3.3 | 0.5 | 7.2 | 0.5 |
Purchase accounting adjustments | 13.8 | 0 | 9.4 | |
Restructuring and severance charges | (0.5) | (0.2) | (2.4) | (1.8) |
Disgorgement Penalty | 13 | 13 | ||
Adjusted EBITDA | $ 404.1 | $ 366.6 | $ 827.2 | $ 729.7 |
Segment financial information_4
Segment financial information - product lines (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation by product line | ||||
Net sales | $ 1,910.5 | $ 1,858.6 | $ 3,860.9 | $ 3,644.2 |
Proprietary materials & consumables | ||||
Disaggregation by product line | ||||
Net sales | 741.3 | 630.8 | 1,489.3 | 1,196 |
Third party materials & consumables | ||||
Disaggregation by product line | ||||
Net sales | 688 | 739.4 | 1,412.7 | 1,497.8 |
Services & specialty procurement | ||||
Disaggregation by product line | ||||
Net sales | 232.2 | 232.2 | 467.2 | 452 |
Equipment & instrumentation | ||||
Disaggregation by product line | ||||
Net sales | $ 249 | $ 256.2 | $ 491.7 | $ 498.4 |
Supplemental disclosures of c_3
Supplemental disclosures of cash flow information (Details) - USD ($) $ in Millions | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components and classification of cash, restricted cash and equivalents | ||||
Cash and cash equivalents | $ 237.5 | $ 301.7 | ||
Restricted cash classified as other assets | 23.5 | 25.4 | ||
Total | 261 | $ 249.3 | $ 327.1 | $ 289.2 |
Cash flows from operating activities: | ||||
Cash paid for income taxes, net | 131.3 | 69.5 | ||
Cash paid for interest, excluding financing leases | 116.6 | 90.4 | ||
Cash paid for interest on finance leases | 2.5 | 2.5 | ||
Cash paid under operating leases | 22.2 | 21.8 | ||
Cash flows from financing activities: | ||||
Cash paid under finance leases | $ 2.3 | $ 2.3 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Components of inventory | ||
Merchandise inventory | $ 525.6 | $ 562.9 |
Finished goods | 156.3 | 102.6 |
Raw materials | 183.3 | 156.1 |
Work in process | 57.3 | 50.4 |
Total | $ 922.5 | $ 872 |
Other intangible assets (Detail
Other intangible assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-lived | ||
Gross value | $ 5,774.4 | $ 6,520.8 |
Accumulated amortization | 1,586.3 | 1,472.8 |
Carrying value | 4,188.1 | 5,048 |
Indefinite-lived | 92.3 | 92.3 |
Total | 4,280.4 | 5,140.3 |
Customer relationships | ||
Finite-lived | ||
Gross value | 4,791.1 | 5,474.2 |
Accumulated amortization | 1,207.4 | 1,121.6 |
Carrying value | 3,583.7 | 4,352.6 |
Trade Names [Member] | ||
Finite-lived | ||
Gross value | 353.3 | 505.1 |
Accumulated amortization | 194.8 | 194.1 |
Carrying value | 158.5 | 311 |
Other | ||
Finite-lived | ||
Gross value | 630 | 541.5 |
Accumulated amortization | 184.1 | 157.1 |
Carrying value | $ 445.9 | $ 384.4 |
Commitments and contingencies (
Commitments and contingencies (Details) - Environmental remediation $ in Millions | Jun. 30, 2022 USD ($) |
Phillipsburg, New Jersey | |
Commitments and contingencies | |
Accrued environmental loss | $ 2.9 |
Accrued environmental loss, gross | $ 4.1 |
Phillipsburg, New Jersey | Minimum | |
Commitments and contingencies | |
Accrued environmental loss, discount rate | 2.80% |
Phillipsburg, New Jersey | Maximum | |
Commitments and contingencies | |
Accrued environmental loss, discount rate | 3.40% |
Gliwice, Poland | |
Commitments and contingencies | |
Accrued environmental loss | $ 2.1 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Total debt, gross | $ 6,611.5 | $ 7,113.2 |
Less: unamortized deferred financing costs | (72.4) | (90) |
Total debt | 6,539.1 | 7,023.2 |
Current portion of debt | 246.4 | 45.2 |
Debt, net of current portion | 6,292.7 | 6,978 |
Capacity | 815 | |
Undrawn letters of credit outstanding | (13.9) | |
Outstanding borrowings | (210) | |
Unused availability | $ 591.1 | |
Receivables facility | ||
Debt Instrument [Line Items] | ||
Interest terms | 0.90% | |
Rate | 2.51% | |
Total debt, gross | $ 210 | 0 |
Capacity | 300 | |
Undrawn letters of credit outstanding | (13.9) | |
Outstanding borrowings | (210) | |
Unused availability | 76.1 | |
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 | $ 0 | 133.9 |
Senior secured credit facilities: | Term loans | U.S. dollars | ||
Debt Instrument [Line Items] | ||
Interest terms | 2% | |
Rate | 3.06% | |
Total debt, gross | $ 0 | 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 | $ 337 | 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 | $ 627.3 | 684.9 |
Senior secured credit facilities: | 2.25% USD Term Loan | U.S. dollars | ||
Debt Instrument [Line Items] | ||
Interest terms | 2.25% | |
Rate | 3.31% | |
Total debt, gross | $ 1,903.6 | 2,063.9 |
Notes | 2.625% secured notes | ||
Debt Instrument [Line Items] | ||
Rate | 2.625% | |
Total debt, gross | $ 680.8 | 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 | 69.1 | 71.2 |
Other Debt | ||
Debt Instrument [Line Items] | ||
Total debt, gross | $ 14.8 | $ 17.4 |
Debt - other information (Detai
Debt - other information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Information about debt | ||||
Loss on extinguishment of debt | $ 6.1 | $ 3.2 | $ 7.9 | $ 8.4 |
Debt covenants draw trigger percentage | 35% | |||
Senior secured credit facilities: | Term loans | ||||
Information about debt | ||||
Loss on extinguishment of debt | $ 6.1 | |||
Senior secured credit facilities: | Term loans | U.S. dollars | ||||
Information about debt | ||||
Repayments of debt | 150 | |||
Receivables facility | Asset Not Pledged as Collateral | ||||
Information about debt | ||||
Amount pledged as collateral | $ 577.2 | $ 577.2 |
Accumulated other comprehensi_3
Accumulated other comprehensive income or loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Changes in AOCI, net of tax | ||||
Beginning balance | $ (69.3) | $ (16.1) | $ (43.2) | $ 21.7 |
Unrealized gain (loss) | (63.7) | 15.3 | (86.4) | (19.1) |
Reclassification of (gain) loss into earnings | (1.1) | 1.3 | (1.4) | 2.6 |
Income tax effect | (14.2) | 0.9 | (17.3) | (3.8) |
Ending balance | (148.3) | 1.4 | (148.3) | 1.4 |
Foreign currency translation | ||||
Changes in AOCI, net of tax | ||||
Beginning balance | (48.8) | 13.6 | (19.2) | 51.8 |
Unrealized gain (loss) | (71) | 16.5 | (98) | (17) |
Reclassification of (gain) loss into earnings | 0 | 0 | 0 | 0 |
Income tax effect | (12.7) | 1 | (15.3) | (3.7) |
Ending balance | (132.5) | 31.1 | (132.5) | 31.1 |
Derivative instruments | ||||
Changes in AOCI, net of tax | ||||
Beginning balance | 0 | (1.2) | 0.4 | (1) |
Unrealized gain (loss) | 7.3 | (1.2) | 7 | (2.1) |
Reclassification of (gain) loss into earnings | (1.1) | 1.5 | (1.3) | 2.2 |
Income tax effect | (1.5) | (0.1) | (1.4) | (0.1) |
Ending balance | 4.7 | (1) | 4.7 | (1) |
Defined benefit plans | ||||
Changes in AOCI, net of tax | ||||
Beginning balance | (20.5) | (28.5) | (24.4) | (29.1) |
Unrealized gain (loss) | 0 | 0 | 4.6 | 0 |
Reclassification of (gain) loss into earnings | 0 | (0.2) | (0.1) | 0.4 |
Income tax effect | 0 | 0 | (0.6) | 0 |
Ending balance | $ (20.5) | $ (28.7) | $ (20.5) | $ (28.7) |
Stock-based compensation - expe
Stock-based compensation - expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other information about options outstanding | ||||
Expense | $ 13 | $ 12.2 | $ 23.7 | $ 23.6 |
Equity | ||||
Other information about options outstanding | ||||
Expense | 13.4 | 11.5 | 25.4 | 22.3 |
Liability | ||||
Other information about options outstanding | ||||
Expense | (0.4) | 0.7 | (1.7) | 1.3 |
Stock options | ||||
Other information about options outstanding | ||||
Expense | 4 | 4.7 | 8 | 9.3 |
RSUs | ||||
Other information about options outstanding | ||||
Expense | 9.1 | 6.5 | 16.7 | 12.2 |
Other | ||||
Other information about options outstanding | ||||
Expense | $ (0.1) | $ 1 | $ (1) | $ 2.1 |
Stock-based compensation - stoc
Stock-based compensation - stock option rollforward information (Details) - Common stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Jun. 30, 2022 | |
Number of options outstanding | |
Beginning balance (in shares) | 16.3 |
Granted (in shares) | 1.1 |
Exercised (in shares) | (0.5) |
Forfeited (in shares) | (0.6) |
Ending balance (in shares) | 16.3 |
Weighted average exercise price per outstanding option | |
Beginning balance (in dollars per share) | $ 19.83 |
Granted (in dollars per share) | 33.09 |
Exercised (in dollars per share) | 18.23 |
Forfeited (in dollars per share) | 20.28 |
Ending balance (in dollars per share) | $ 20.75 |
Other information about options outstanding | |
Aggregate intrinsic value | $ 170.9 |
Weighted average remaining term | 6 years 7 months 6 days |
Information about options expected to vest and exercisable | |
Options expected to vest, number (in shares) | 5 |
Options expected to vest, weighted average exercise price per option (in dollars per share) | $ 23.29 |
Options expected to vest, aggregate intrinsic value | $ 41.2 |
Options expected to vest, weighted average remaining term | 8 years 1 month 6 days |
Options exercisable, number (in shares) | 11.3 |
Options exercisable, weighted average exercise price per option (in dollars per share) | $ 19.63 |
Options exercisable, aggregate intrinsic value | $ 129.7 |
Options exercisable, weighted average remaining term | 5 years 10 months 24 days |
Stock-based compensation - non-
Stock-based compensation - non-option award rollforward (Details) - RSUs shares in Millions | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Number of awards | |
Beginning balance (in shares) | shares | 4.4 |
Granted (in shares) | shares | 1 |
Vested (in shares) | shares | (1.1) |
Forfeited (in shares) | shares | (0.2) |
Ending balance (in shares) | shares | 4.1 |
Weighted average grant date fair value per award | |
Beginning balance (in dollars per share) | $ / shares | $ 19.52 |
Granted (in dollars per share) | $ / shares | 33.94 |
Vested (in dollars per share) | $ / shares | 18.26 |
Forfeited (in dollars per share) | $ / shares | 26.15 |
Ending balance (in dollars per share) | $ / shares | $ 24.40 |
Stock-based compensation - othe
Stock-based compensation - other information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other information about options outstanding | ||||
Remaining expense to be recognized | $ 93 | $ 93 | ||
Weighted average period over which remaining expense will be recognized (in years) | 1 year 9 months 18 days | |||
Restricted stock expense | $ 2.7 | $ 1.5 | $ 5 | $ 2.8 |
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 | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | ||||
Net foreign currency (loss) from financing activities | $ (0.9) | $ (1.2) | $ (1) | $ (2) |
Income related to defined benefit plans | 1.6 | 2.6 | 3 | 5 |
Other income | 0 | 13.2 | 0.1 | 13.4 |
Other income, net | $ 0.7 | $ 14.6 | $ 2.1 | $ 16.4 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 226.3 | $ 215.1 | $ 468.1 | $ 426.5 |
Income tax expense | $ (38.9) | $ (57.3) | $ (90.3) | $ (104.7) |
Effective income tax rate | 17.20% | 26.60% | 19.30% | 24.50% |
Derivative and hedging activi_3
Derivative and hedging activities - Outstanding Interest Rate Derivatives (Details) | Jun. 30, 2022 USD ($) instrument |
Cash Flow Hedging | Interest rate swaps | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of instruments | instrument | 1 |
Notional | $ 750,000,000 |
Net Investment Hedging | Cross-currency swaps | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Number of instruments | instrument | 1,000,000 |
Notional sold | $ 691,100,000 |
Notional | $ 750,000,000 |
Derivative and hedging activi_4
Derivative and hedging activities - Effect on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on Derivative | $ 7.3 | $ (1.2) | $ 7 | $ (2.1) |
Amount of gain or (loss) reclassified from AOCI into Income | 1.1 | (1.5) | $ 1.3 | $ (2.2) |
Cash Flow Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on Derivative | 2.6 | 0 | ||
Amount of gain or (loss) reclassified from AOCI into Income | (2.5) | 0 | ||
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) | (128.7) | 0 | ||
Cash Flow Hedging | Interest rate swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on Derivative | 2.6 | 0 | ||
Cash Flow Hedging | Interest rate swaps | Interest (expense) | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into Income | (2.5) | 0 | ||
Net Investment Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into Income | 0 | 0 | ||
Amount of gain or (loss) recognized in OCI on Derivative | 30.8 | 0 | ||
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) | 3.1 | 0 | ||
Net Investment Hedging | Cross-currency swaps | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) recognized in OCI on Derivative | 30.8 | 0 | ||
Net Investment Hedging | Cross-currency swaps | Loss on sale of subsidiary | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into Income | 0 | 0 | ||
Net Investment Hedging | Cross-currency swaps | Interest income | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) | $ 3.1 | $ 0 |
Derivative and hedging activi_5
Derivative and hedging activities - Effect on Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of gain or (loss) reclassified from AOCI into Income | $ 1.1 | $ (1.5) | $ 1.3 | $ (2.2) |
Cash Flow Hedging | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Total amounts of line items presented in the statements of operations were the effects of cash flow hedges are recorded | (128.7) | 0 | ||
Amount of gain or (loss) reclassified from AOCI into Income | $ (2.5) | $ 0 |
Derivative and hedging activi_6
Derivative and hedging activities - Derivative Instruments Classification on Balance Sheet (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | $ 32.8 | $ 0 |
Derivative Liability | 0 | 0 |
Interest rate swaps | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 5.1 | 0 |
Interest rate swaps | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | 0 | 0 |
Foreign exchange products | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 27.7 | 0 |
Foreign exchange products | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability | $ 0 | $ 0 |
Derivative and hedging activi_7
Derivative and hedging activities - Narrative (Details) € in Millions | 1 Months Ended | 6 Months Ended | ||
Jul. 27, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Derivatives, Fair Value [Line Items] | ||||
Gain reclassified to interest expense, next 12 months | $ 2,200,000 | |||
Cross-currency swaps | Net Investment Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional | $ 750,000,000 | |||
Cross-currency swaps | Net Investment Hedging | Subsequent Event | ||||
Derivatives, Fair Value [Line Items] | ||||
Cash proceeds | $ 42,500,000 | |||
Foreign exchange products | 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 | $ (32,700,000) | $ 3,500,000 |
Derivative and hedging activi_8
Derivative and hedging activities - Gain (Loss) on Net Investment Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
3.875% unsecured notes | Foreign currency denominated debt | Net Investment Hedging | Designated as Hedging Instrument | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Net investment hedges | $ (25.2) | $ 4.4 | $ (36.2) | $ (15.2) |
Financial instruments and fai_3
Financial instruments and fair value measurements (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | $ 6,611.5 | $ 7,113.2 |
Fair value | 6,181.5 | 7,201.8 |
Receivables facility | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 210 | 0 |
Fair value | 210 | 0 |
Senior secured credit facilities: | Term loans | Euro | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 0 | 133.9 |
Fair value | 0 | 133.7 |
Senior secured credit facilities: | Term loans | U.S. dollars | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 0 | 229.3 |
Fair value | 0 | 224.9 |
Senior secured credit facilities: | 2% EURO Term Loan | Euro | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 337 | 367.9 |
Fair value | 327.7 | 367.7 |
Senior secured credit facilities: | 2.75% EURO Term Loan | Euro | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 627.3 | 684.9 |
Fair value | 602.2 | 683.6 |
Senior secured credit facilities: | 2.25% USD Term Loan | U.S. dollars | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 1,903.6 | 2,063.9 |
Fair value | 1,832.2 | 2,029.1 |
Notes | 2.625% secured notes | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 680.8 | 739.6 |
Fair value | 635.7 | 758.2 |
Notes | 3.875% unsecured notes | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 800 | 800 |
Fair value | 702.3 | 810.9 |
Notes | 3.875% unsecured notes | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 418.9 | 455.1 |
Fair value | 365.2 | 475.3 |
Notes | 4.625 % unsecured notes | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 1,550 | 1,550 |
Fair value | 1,422.3 | 1,629.8 |
Finance lease liabilities | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 69.1 | 71.2 |
Fair value | 69.1 | 71.2 |
Other Debt | ||
Estimated Fair Value Of Financial Instruments [Line Items] | ||
Gross amount | 14.8 | 17.4 |
Fair value | $ 14.8 | $ 17.4 |