Avantor (AVTR) 10-Q 27 Oct 23 2023 Q3 Quarterly report Financial data

Document and entity information

Document and entity information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Amendment flag	false
Document quarterly report	true
Document Period End Date	Sep. 30, 2023
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	2023
Document fiscal period focus	Q3
Entity common stock, shares outstanding		676,386,215
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 ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 236.9	$ 372.9
Accounts receivable, net of allowances of $33.5 and $28.2	1,150.3	1,218.4
Inventory	850.3	913.5
Other current assets	147.3	153.1
Total current assets	2,384.8	2,657.9
Property, plant and equipment, net of accumulated depreciation of $579.7 and $518.4	698.3	727
Other intangible assets, net (see note 6)	3,788.1	4,133.3
Goodwill	5,637.7	5,652.6
Other assets	289.2	293.5
Total assets	12,798.1	13,464.3
Liabilities and stockholders’ equity
Current portion of debt	335.6	364.2
Accounts payable	655.8	758.2
Employee-related liabilities	120	122.4
Accrued interest	39.6	49.9
Other current liabilities	337.1	364.1
Total current liabilities	1,488.1	1,658.8
Debt, net of current portion	5,290.5	5,923.3
Deferred income tax liabilities	648.8	731.4
Other liabilities	271.3	295.4
Total liabilities	7,698.7	8,608.9
Commitments and contingencies (see note 7)
Common stock including paid-in capital, 676.3 and 674.3 shares issued and outstanding	3,817.5	3,785.3
Accumulated earnings	1,393	1,170.4
Accumulated other comprehensive loss	(111.1)	(100.3)
Total stockholders’ equity	5,099.4	4,855.4
Total liabilities and stockholders’ equity	$ 12,798.1	$ 13,464.3

Unaudited condensed consolida_2

Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances of $33.5 and $28.2	$ 33.5	$ 28.2
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 579.7	$ 518.4
Common Stock, Shares, Outstanding	676.3	674.3

Unaudited condensed consolida_3

Unaudited condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,720.2	$ 1,856.5	$ 5,244.4	$ 5,717.4
Cost of sales	1,141.6	1,205.8	3,451	3,729.1
Gross profit	578.6	650.7	1,793.4	1,988.3
Selling, general and administrative expenses	368.4	374.9	1,119.5	1,109.9
Impairment charges	0	0	160.8	0
Operating income	210.2	275.8	513.1	878.4
Interest expense	(72.4)	(67.3)	(219.5)	(196)
Loss on extinguishment of debt	(2)	(2.9)	(5.9)	(10.8)
Other income, net	0.7	2.7	3.3	4.8
Income before income taxes	136.5	208.3	291	676.4
Income tax expense	(28.1)	(41.3)	(68.4)	(131.6)
Net income	108.4	167	222.6	544.8
Accumulation of yield on preferred stock	0	0	0	(24.2)
Net income available to common stockholders	$ 108.4	$ 167	$ 222.6	$ 520.6
Earnings per share:
Basic	$ 0.16	$ 0.25	$ 0.33	$ 0.81
Diluted	$ 0.16	$ 0.25	$ 0.33	$ 0.80
Weighted average shares outstanding:
Basic	676	674.1	675.4	643
Diluted	678.5	679.3	678.1	680.4

Unaudited condensed consolida_4

Unaudited condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 108.4	$ 167	$ 222.6	$ 544.8
Other comprehensive loss:
Foreign currency translation — unrealized loss	(30.4)	(62.1)	(4.8)	(160.1)
Derivative instruments:
Unrealized gain	8	20.7	24.7	27.7
Reclassification of (gain) loss into earnings	(8.4)	0.2	(22.5)	(1.1)
Defined benefit plans:
Activity related to defined benefit plans	(0.9)	(0.1)	(6.6)	4.4
Other comprehensive loss before income taxes	(31.7)	(41.3)	(9.2)	(129.1)
Income tax effect	(7.5)	(22.2)	(1.6)	(39.5)
Other comprehensive loss	(39.2)	(63.5)	(10.8)	(168.6)
Comprehensive income	$ 69.2	$ 103.5	$ 211.8	$ 376.2

Unaudited condensed consolida_5

Unaudited condensed consolidated statements of stockholders' equity or deficit - shares - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock Including Additional Paid in Capital	Common Stock Including Additional Paid in Capital
Beginning balance at Dec. 31, 2021		20.7	609.7
Stock option exercises and other common stock transactions			1.6
Stock Issued During Period, Value, Conversion of Convertible Securities	$ 0	$ (1,003.7)	$ 1,003.7
Ending balance at Sep. 30, 2022		0	674.2
Stock Issued During Period, Shares, Conversion of Convertible Securities		(20.7)	62.9
Beginning balance at Jun. 30, 2022			673.9
Stock option exercises and other common stock transactions			0.3
Ending balance at Sep. 30, 2022		0	674.2
Beginning balance at Dec. 31, 2022		0	674.3
Stock option exercises and other common stock transactions			2
Ending balance at Sep. 30, 2023		0	676.3
Beginning balance at Jun. 30, 2023			675.7
Stock option exercises and other common stock transactions			0.6
Ending balance at Sep. 30, 2023		0	676.3

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	609.7
Beginning balance at Dec. 31, 2021	$ 4,197	$ 1,003.7	$ 2,752.6	$ 483.9	$ (43.2)
Comprehensive income (loss)	376.2			544.8	(168.6)
Stock-based compensation expense	39.1		39.1
Accumulation of yield on preferred stock	(24.2)		(24.2)
Stock option exercises and other common stock transactions	3.3		$ 3.3
Stock Issued During Period, Shares, Conversion of Convertible Securities		(20.7)	62.9
Ending balance at Sep. 30, 2022	4,591.4	$ 0	$ 3,774.5	1,028.7	(211.8)
Stock Issued During Period, Value, Conversion of Convertible Securities	0	(1,003.7)	$ 1,003.7
Shares, Outstanding			673.9
Beginning balance at Jun. 30, 2022	4,469.5		$ 3,756.1	861.7	(148.3)
Comprehensive income (loss)	103.5			167	(63.5)
Stock-based compensation expense	13.7		13.7
Stock option exercises and other common stock transactions	4.7		4.7
Ending balance at Sep. 30, 2022	4,591.4	$ 0	$ 3,774.5	1,028.7	(211.8)
Shares, Outstanding		0	674.2
Shares, Outstanding		0	674.3
Beginning balance at Dec. 31, 2022	4,855.4	$ 0	$ 3,785.3	1,170.4	(100.3)
Comprehensive income (loss)	211.8			222.6	(10.8)
Stock-based compensation expense	31.6		31.6
Stock option exercises and other common stock transactions	0.6		0.6
Ending balance at Sep. 30, 2023	5,099.4	0	$ 3,817.5	1,393	(111.1)
Shares, Outstanding			675.7
Beginning balance at Jun. 30, 2023	5,011.3		$ 3,798.6	1,284.6	(71.9)
Comprehensive income (loss)	69.2			108.4	(39.2)
Stock-based compensation expense	9.7		9.7
Stock option exercises and other common stock transactions	9.2		9.2
Ending balance at Sep. 30, 2023	$ 5,099.4	$ 0	$ 3,817.5	$ 1,393	$ (111.1)
Shares, Outstanding		0	676.3

Unaudited condensed consolida_7

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 222.6	$ 544.8
Reconciling adjustments:
Depreciation and amortization	301.7	304.8
Impairment charges	160.8	0
Stock-based compensation expense	31.7	35.8
Provision for accounts receivable and inventory	62.5	43.9
Deferred income tax benefit	(94.1)	(61.8)
Amortization of deferred financing costs	9.9	12.1
Loss on extinguishment of debt	5.9	10.8
Foreign currency remeasurement (gain) loss	(3.1)	4.9
Changes in assets and liabilities:
Accounts receivable	55.1	(99)
Inventory	9.1	(114.1)
Accounts payable	(95.8)	65.1
Accrued interest	(10.3)	(11.2)
Other assets and liabilities	(38.5)	(98)
Other, net	0.9	(0.1)
Net cash provided by operating activities	618.4	638
Cash flows from investing activities:
Capital expenditures	(95.8)	(99.8)
Cash paid for acquisitions, net of cash acquired	0	(20.2)
Cash proceeds from settlement of cross currency swap	0	42.5
Other	2.1	1
Net cash used in investing activities	(93.7)	(76.5)
Cash flows from financing activities:
Debt borrowings	0	245
Debt repayments	(657.9)	(783)
Payments of debt refinancing fees and premiums	(2.3)	0
Payments of dividends on preferred stock	0	(32.4)
Proceeds received from exercise of stock options	14.1	16.4
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	(13.5)	(13.1)
Net cash used in financing activities	(659.6)	(567.1)
Effect of currency rate changes on cash	(1.3)	(33.7)
Net change in cash, cash equivalents and restricted cash	(136.2)	(39.3)
Cash, cash equivalents and restricted cash, beginning of period	396.9	327.1
Cash, cash equivalents and restricted cash, end of period	$ 260.7	$ 287.8

Nature of operations and presen

Nature of operations and presentation of financial statements	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of operations and presentation of financial statements	1. Nature of operations and presentation of financial statements We are a global manufacturer and distributor that provides products and services to customers in the biopharmaceutical, healthcare, education & government and advanced technologies & applied materials industries. Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies. Principles of consolidation All intercompany balances and transactions have been eliminated from the financial statements. Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates. Asset impairment - Ritter The Company’s long-lived assets include property, plant and equipment, finite-lived intangible assets and certain other assets. For impairment testing purposes, long-lived assets may be grouped with working capital and other types of assets or liabilities if they generate cash flows on a combined basis. We evaluate long-lived assets or asset groups for impairment whenever events or changes in circumstances indicate a potential inability to recover their carrying amounts. The test to determine if long-lived assets or asset groups are impaired first compares their carrying values to their estimated undiscounted future cash flows. If the carrying values exceed the estimated undiscounted cash flows, an impairment charge is calculated as the amount that the carrying values exceed their fair values. Persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity has caused Ritter’s revenue to decline compared to prior expectations. Due to these sustained declines, in the second quarter of 2023, we performed an impairment test of the Ritter asset group, which resulted in a fair value that was lower than its carrying value. As a result, we recorded impairment charges of $106.4 million on Ritter’s finite-lived intangible assets and $54.4 million on Ritter’s property, plant & equipment in the unaudited condensed consolidated statements of operations. These charges impact our Europe reportable segment. Our impairment test was performed as of June 30, 2023 and utilized our latest estimates of Ritter’s projected cash flows, including revenues, gross margin, SG&A expenses, capital expenditures to maintain the acquired assets, and investments in debt free net working capital, as well as current market assumptions for the discount rate.

Earnings per share

Earnings per share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	2. Earnings per share The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2023: (in millions, except per share data) Three months ended September 30, 2023 Nine months ended September 30, 2023 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 108.4 676.0 $ 0.16 $ 222.6 675.4 $ 0.33 Dilutive effect of stock-based awards — 2.5 — 2.7 Diluted $ 108.4 678.5 $ 0.16 $ 222.6 678.1 $ 0.33 The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2022: (in millions, except per share data) Three months ended September 30, 2022 Nine months ended September 30, 2022 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 167.0 674.1 $ 0.25 $ 520.6 643.0 $ 0.81 Dilutive effect of stock-based awards — 5.2 — 6.8 Dilutive impact of MCPS — — $ 24.2 30.6 Diluted $ 167.0 $ 679.3 $ 0.25 $ 544.8 680.4 $ 0.80

Segment financial information

Segment financial information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment financial information	3. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Net sales: Americas $ 1,019.2 $ 1,123.2 $ 3,076.8 $ 3,423.2 Europe 579.8 595.1 1,816.9 1,899.3 AMEA 121.2 138.2 350.7 394.9 Total $ 1,720.2 $ 1,856.5 $ 5,244.4 $ 5,717.4 Adjusted EBITDA: Americas $ 223.8 $ 262.3 $ 711.4 $ 846.3 Europe 102.9 130.3 335.8 393.0 AMEA 33.8 35.7 93.7 101.1 Corporate (42.7) (44.3) (133.9) (129.2) Total $ 317.8 $ 384.0 $ 1,007.0 $ 1,211.2 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Net income $ 108.4 $ 167.0 $ 222.6 $ 544.8 Interest expense 72.4 67.3 219.5 196.0 Income tax expense 28.1 41.3 68.4 131.6 Depreciation and amortization 98.0 100.6 301.7 304.8 Loss on extinguishment of debt 2.0 2.9 5.9 10.8 Net foreign currency gain from financing activities (0.5) (1.2) (2.3) (0.2) Other stock-based compensation expense (benefit) 0.1 (1.6) 0.1 (3.3) Integration-related expenses 1 0.2 6.4 8.3 13.6 Purchase accounting adjustments 2 — — — 9.4 Restructuring and severance charges 3 6.1 1.3 18.0 3.7 Reserve for certain legal matters 4 3.0 — 4.0 — Impairment charges 5 — — 160.8 — Adjusted EBITDA $ 317.8 $ 384.0 $ 1,007.0 $ 1,211.2 ━━━━━━━━━ 1. Represents non-recurring direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition. 2. Represents the non-cash reduction of contingent consideration related to the Ritter acquisition and the amortization of the purchase accounting adjustment to record inventory acquired from Masterflex at fair value. 3. Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs. 4. Represents charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results. 5. As described in note 1. The following table presents net sales by product line: (in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Proprietary materials & consumables $ 629.0 $ 727.4 $ 1,920.4 $ 2,216.7 Third party materials & consumables 632.8 665.7 1,929.0 2,078.4 Services & specialty procurement 238.6 225.1 712.4 692.3 Equipment & instrumentation 219.8 238.3 682.6 730.0 Total $ 1,720.2 $ 1,856.5 $ 5,244.4 $ 5,717.4

Supplemental disclosures of cas

Supplemental disclosures of cash flow information	9 Months Ended
	Sep. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental disclosures of cash flow information	4. Supplemental disclosures of cash flow information The following tables present supplemental disclosures of cash flow information: (in millions) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 236.9 $ 372.9 Restricted cash classified as other assets 23.8 24.0 Total $ 260.7 $ 396.9 At September 30, 2023 and December 31, 2022, amounts included in restricted cash primarily represent funds held in escrow to satisfy a long-term retention incentive related to the acquisition of Ritter. (in millions) Nine months ended September 30, 2023 2022 Cash flows from operating activities: Cash paid for income taxes, net $ 195.3 $ 182.3 Cash paid for interest, net, excluding financing leases 214.2 187.0 Cash paid for interest on finance leases 3.8 3.8 Cash paid under operating leases 32.4 32.2 Cash flows from financing activities: Cash paid under finance leases 3.8 3.5

Inventory

Inventory	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory	5. Inventory The following table presents the components of inventory: (in millions) September 30, 2023 December 31, 2022 Merchandise inventory $ 516.7 $ 556.1 Finished goods 96.8 117.1 Raw materials 173.8 181.2 Work in process 63.0 59.1 Total $ 850.3 $ 913.5

Other intangible assets

Other intangible assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Other intangible assets	6. Other intangible assets The following table presents the components of other intangible assets: (in millions) September 30, 2023 December 31, 2022 Gross value Accumulated amortization and impairment 1 Carrying value Gross value Accumulated amortization and impairment 1 Carrying value Customer relationships $ 4,793.6 $ 1,579.8 $ 3,213.8 $ 4,806.4 $ 1,333.5 $ 3,472.9 Trade names 353.6 218.5 135.1 354.4 205.1 149.3 Other 629.9 283.0 346.9 630.9 212.1 418.8 Total finite-lived $ 5,777.1 $ 2,081.3 3,695.8 $ 5,791.7 $ 1,750.7 4,041.0 Indefinite-lived 92.3 92.3 Total $ 3,788.1 $ 4,133.3 ━━━━━━━━━ 1. As of September 30, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million. As of December 31, 2022, there were no accumulated impairment losses.

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	7. 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 against 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 September 30, 2023, our accrued obligation under this order is $2.4 million, which is calculated based on expected cash payments discounted at rates ranging from 4.5% to 5.5% between 2023 and 2045. The undiscounted amount of that obligation is $3.8 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 September 30, 2023, our balance sheet includes a liability of $1.0 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 September 30, 2023, 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	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	8. Debt The following table presents information about our debt: (dollars in millions) September 30, 2023 December 31, 2022 Interest terms Rate Amount Receivables facility SOFR 1 plus 0.80% 6.22% $ 297.7 $ 327.2 Senior secured credit facilities: Euro term loans B-4 EURIBOR plus 2.50% 6.36% 625.6 636.7 Euro term loans B-5 EURIBOR plus 2.00% 5.86% 336.0 342.0 U.S. dollar term loans B-5 SOFR 1 plus 2.25% 7.67% 872.7 1,488.3 2.625% secured notes fixed rate 2.625% 687.6 694.5 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 423.1 427.3 4.625% unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 67.9 68.9 Other 12.1 14.2 Total debt, gross 5,672.7 6,349.1 Less: unamortized deferred financing costs (46.6) (61.6) Total debt $ 5,626.1 $ 6,287.5 Classification on balance sheets: Current portion of debt $ 335.6 $ 364.2 Debt, net of current portion 5,290.5 5,923.3 ━━━━━━━━━ 1. SOFR includes credit spread adjustment. Credit facilities The following table presents availability under our credit facilities: (in millions) September 30, 2023 Receivables facility Revolving credit facility Total Capacity $ 325.8 $ 975.0 $ 1,300.8 Undrawn letters of credit outstanding (15.4) — (15.4) Outstanding borrowings (297.7) — (297.7) Unused availability $ 12.7 $ 975.0 $ 987.7 Capacity under the receivables facility is calculated as the lower of eligible borrowing base or facility limit of $400.0 million. Eligible borrowing base is determined as total available accounts receivable less ineligible accounts receivable and other adjustments. At September 30, 2023, total available accounts receivable under the receivables facility were $576.2 million. In June 2023, we amended the revolving credit facility to increase its funding limit up to $975.0 million and extended the term to June 29, 2028. We capitalized $2.3 million of fees in connection with this transaction. In June 2023, the Company entered into an Amendment to the Receivables Purchase Agreement to increase the Delinquency Ratio cap from 13.0% to 16.0%. Senior secured credit facilities During the quarter ended September 30, 2023, we made prepayments of $210.0 million on our U.S. dollar term loan B-5 that matures on November 8, 2027. In connection with this prepayment, we expensed $2.0 million of previously unamortized deferred financing costs as a loss on extinguishment of debt. We also amended our U.S. dollar term loan B-5 from LIBOR based floating rate interest to SOFR based floating rate interest during the second quarter of 2023. This amendment was done in accordance with Accounting Standards Codification (ASC) 848 and had no impact on the financial statements. The Company is applying optional expedients and exceptions to certain contract modifications and hedging relationships as permitted under ASU 2020-04 and 2022-06. 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 September 30, 2023.

Accumulated other comprehensive

Accumulated other comprehensive income or loss	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Accumulated other comprehensive income or loss	9. 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 June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) Unrealized (loss) gain (30.4) 8.0 (0.9) (23.3) Reclassification of gain into earnings — (8.4) — (8.4) Change due to income taxes (7.9) 0.1 0.3 (7.5) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) Balance at June 30, 2022 $ (132.5) $ 4.7 $ (20.5) $ (148.3) Unrealized (loss) gain (62.1) 20.7 — (41.4) Reclassification of loss (gain) into earnings — 0.2 (0.1) 0.1 Change due to income taxes (17.4) (5.0) 0.2 (22.2) Balance at September 30, 2022 $ (212.0) $ 20.6 $ (20.4) $ (211.8) Balance at December 31, 2022 $ (131.3) $ 19.9 $ 11.1 $ (100.3) Unrealized (loss) gain (4.8) 24.7 (6.6) 13.3 Reclassification of gain into earnings — (22.5) — (22.5) Change due to income taxes (2.6) (0.5) 1.5 (1.6) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) Balance at December 31, 2021 $ (19.2) $ 0.4 $ (24.4) $ (43.2) Unrealized (loss) gain (160.1) 27.7 4.6 (127.8) Reclassification of gain into earnings — (1.1) (0.2) (1.3) Change due to income taxes (32.7) (6.4) (0.4) (39.5) Balance at September 30, 2022 $ (212.0) $ 20.6 $ (20.4) $ (211.8) The reclassifications and income tax effects shown above were immaterial to the financial statements and 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 nine months ended September 30, 2023 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 13.

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	10. Stock-based compensation The following table presents the components of stock-based compensation expense: (in millions) Classification Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Stock options Equity $ 3.0 $ 4.1 $ 10.2 $ 12.1 RSUs Equity 6.5 9.3 20.7 26.0 Other Both 0.3 (1.3) 0.8 (2.3) Total $ 9.8 $ 12.1 $ 31.7 $ 35.8 Award classification: Equity $ 9.7 $ 13.7 $ 31.6 $ 39.1 Liability 0.1 (1.6) 0.1 (3.3) At September 30, 2023, unvested awards under our plans have remaining stock-based compensation expense of $91.9 million to be recognized over a weighted average period of 1.9 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, 2022 16.1 $ 20.90 Granted 2.1 23.53 Exercised (0.7) 15.41 Forfeited (0.7) 24.83 Balance at September 30, 2023 16.8 21.29 $ 36.5 5.8 years Expected to vest 3.9 24.83 2.3 8.5 years Vested 12.9 20.22 34.2 4.9 years During the nine months ended September 30, 2023, 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, 2022 4.2 $ 24.29 Granted 2.1 26.21 Vested (1.7) 18.80 Forfeited (0.5) 29.12 Balance at September 30, 2023 4.1 26.69 During the nine months ended September 30, 2023, we granted RSUs that will vest annually over three

Other income or expense, net

Other income or expense, net	9 Months Ended
	Sep. 30, 2023
Other Income and Expenses [Abstract]
Other income or expense, net	11. Other income or expense, net The following table presents the components of other income or expense, net: (in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net foreign currency gain from financing activities $ 0.5 $ 1.2 $ 2.3 $ 0.2 Income related to defined benefit plans 0.3 1.4 1.0 4.4 Other (0.1) 0.1 — 0.2 Other income, net $ 0.7 $ 2.7 $ 3.3 $ 4.8

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income taxes	12. Income taxes The following table presents the relationship between income tax expense and income before income taxes: (in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Income before income taxes $ 136.5 $ 208.3 $ 291.0 $ 676.4 Income tax expense (28.1) (41.3) (68.4) (131.6) Effective income tax rate 20.6 % 19.8 % 23.5 % 19.5 % 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 nine months ended September 30, 2023 when compared to the three and nine months ended September 30, 2022, is primarily due to the establishment of new valuation allowances against deferred tax assets not expected to be realized as a result of an impairment recognized in the second quarter of 2023, as well as the impact of a partial limitation on the tax deduction of executive compensation expense.

Derivative and hedging activiti

Derivative and hedging activities	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and hedging activities	13. 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 In April of 2023, the Company executed a $100.0 million interest rate swap to convert SOFR based floating rate interest to fixed rate interest. The transaction is intended to mitigate our exposure to fluctuations in interest rates and will terminate on October 27, 2025. In addition, in April of 2023, we amended our $750.0 million interest rate swap from LIBOR based floating rate interest to SOFR based floating rate interest. This amendment was done in accordance with ASC 848 and had no impact on the financial statements. The Company is applying optional expedients and exceptions to certain contract modifications and hedging relationships as permitted under ASU 2020-04 and 2022-06. 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 twelve months, the Company estimates that an additional $20.3 million will be reclassified as a reduction to interest expense. As of September 30, 2023, 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 2 $ 850.0 Effect of cash flow hedge accounting on AOCI The table below presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2023 and September 30, 2022. (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 Three months ended September 30, Nine months ended September 30, Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 2023 2022 2023 2022 Interest rate products 4.9 19.4 15.0 22.0 Interest income (expense) 5.2 (1.1) 12.7 (3.6) Total $ 4.9 $ 19.4 $ 15.0 $ 22.0 $ 5.2 $ (1.1) $ 12.7 $ (3.6) 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 three and nine months ended September 30, 2023 and September 30, 2022. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in millions) Interest income (expense) Interest income (expense) Interest income (expense) Interest income (expense) Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded $ (72.4) $ (67.3) $ (219.5) $ (196.0) Amount of gain (loss) reclassified from AOCI into income $ 5.2 $ (1.1) $ 12.7 $ (3.6) Net investment hedges We are exposed to fluctuations in foreign exchange rates on investments we hold 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. 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 September 30, 2023, 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 € 732.1 $ 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 three and nine months ended September 30, 2023 and September 30, 2022. (in millions) Hedging relationships Amount of gain or (loss) recognized in OCI on Derivative 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) September 30, September 30, 2023 2022 2023 2022 Three months ended: Cross currency swaps $ 22.8 $ 48.6 Interest income $ 3.2 $ 3.3 Total $ 22.8 $ 48.6 $ 3.2 $ 3.3 Nine months ended: Cross currency swaps $ 9.6 $ 79.4 Interest income $ 9.5 $ 6.4 Total $ 9.6 $ 79.4 $ 9.5 $ 6.4 The Company did not reclassify any other deferred gains or losses related to cash flow hedges from accumulated other comprehensive income (loss) to earnings for the three and nine months ended September 30, 2023 and September 30, 2022. The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2023 and December 31, 2022: Derivative assets Derivative liabilities September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (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 $ 28.5 Other current assets $ 26.2 Other current liabilities $ — Other current liabilities $ — Foreign exchange products Other current assets — Other current assets — Other current liabilities (21.3) Other current liabilities (21.4) Total $ 28.5 $ 26.2 $ (21.3) $ (21.4) 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 September 30, 2023, the net investment hedge was equal to the designated portion of the European operations and was considered to be perfectly effective. The accumulated (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of AOCI was $(28.5) million and $(24.3) million as of September 30, 2023 and December 31, 2022, respectively. The amount of gain related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three and nine months ended September 30, 2023 and September 30, 2022 are presented below: (in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net investment hedges $ (13.5) $ (27.1) $ (4.2) $ (63.3)

Financial instruments and fair

Financial instruments and fair value measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Financial instruments and fair value measurements	14. Financial instruments and fair value measurements Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt. Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. As discussed in note 1, during the second quarter of 2023, property, plant and equipment, customer relationships and developed technology related to the Ritter asset group were deemed to be impaired and their carrying values were reduced to estimated fair values of $25.9 million, $31.4 million and $19.3 million, respectively. This was the result of an impairment charge of $160.8 million. The Company estimates the fair value of the Ritter asset group using Level 3 inputs, which included a discounted cash flow analysis. 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) September 30, 2023 December 31, 2022 Gross amount Fair value Gross amount Fair value Receivables facility $ 297.7 $ 297.7 $ 327.2 $ 327.2 Senior secured credit facilities: Euro term loans B-4 625.6 626.4 636.7 627.5 Euro term loans B-5 336.0 338.2 342.0 340.7 U.S. dollar term loans B-5 872.7 873.3 1,488.3 1,485.5 2.625% secured notes 687.6 658.9 694.5 658.5 3.875% unsecured notes 800.0 689.4 800.0 672.0 3.875% unsecured notes 423.1 390.1 427.3 396.5 4.625 % unsecured notes 1,550.0 1,413.1 1,550.0 1,407.6 Finance lease liabilities 67.9 67.9 68.9 68.9 Other 12.1 12.1 14.2 14.2 Total $ 5,672.7 $ 5,367.1 $ 6,349.1 $ 5,998.6 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.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 108.4	$ 167	$ 222.6	$ 544.8

Nature of operations and pres_2

Nature of operations and presentation of financial statements (Policies)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation		Basis of presentation The accompanying condensed consolidated financial statements have been prepared pursuant to SEC regulations whereby certain information normally included in GAAP financial statements has been condensed or omitted. The financial information presented herein reflects all adjustments (consisting only of normal, recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. The results for interim periods are not necessarily indicative of the results to be expected for the full year. We believe that the disclosures included herein are adequate to make the information presented not misleading in any material respect when read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report. Those audited consolidated financial statements include a summary of our significant accounting policies.
Principles of consolidation		Principles of consolidation All intercompany balances and transactions have been eliminated from the financial statements.
Use of estimates		Use of estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported throughout the financial statements. Actual results could differ from those estimates.
Asset impairment - Ritter	Asset impairment - Ritter The Company’s long-lived assets include property, plant and equipment, finite-lived intangible assets and certain other assets. For impairment testing purposes, long-lived assets may be grouped with working capital and other types of assets or liabilities if they generate cash flows on a combined basis. We evaluate long-lived assets or asset groups for impairment whenever events or changes in circumstances indicate a potential inability to recover their carrying amounts. The test to determine if long-lived assets or asset groups are impaired first compares their carrying values to their estimated undiscounted future cash flows. If the carrying values exceed the estimated undiscounted cash flows, an impairment charge is calculated as the amount that the carrying values exceed their fair values. Persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity has caused Ritter’s revenue to decline compared to prior expectations. Due to these sustained declines, in the second quarter of 2023, we performed an impairment test of the Ritter asset group, which resulted in a fair value that was lower than its carrying value. As a result, we recorded impairment charges of $106.4 million on Ritter’s finite-lived intangible assets and $54.4 million on Ritter’s property, plant & equipment in the unaudited condensed consolidated statements of operations. These charges impact our Europe reportable segment. Our impairment test was performed as of June 30, 2023 and utilized our latest estimates of Ritter’s projected cash flows, including revenues, gross margin, SG&A expenses, capital expenditures to maintain the acquired assets, and investments in debt free net working capital, as well as current market assumptions for the discount rate. We did not identify any events or changes in circumstances that would indicate a potential inability to recover the carrying value of the Ritter asset group as of September 30, 2023.

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023: (in millions, except per share data) Three months ended September 30, 2023 Nine months ended September 30, 2023 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 108.4 676.0 $ 0.16 $ 222.6 675.4 $ 0.33 Dilutive effect of stock-based awards — 2.5 — 2.7 Diluted $ 108.4 678.5 $ 0.16 $ 222.6 678.1 $ 0.33 The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2022: (in millions, except per share data) Three months ended September 30, 2022 Nine months ended September 30, 2022 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 167.0 674.1 $ 0.25 $ 520.6 643.0 $ 0.81 Dilutive effect of stock-based awards — 5.2 — 6.8 Dilutive impact of MCPS — — $ 24.2 30.6 Diluted $ 167.0 $ 679.3 $ 0.25 $ 544.8 680.4 $ 0.80

Segment financial information (

Segment financial information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of segment financial information	The following table presents information by reportable segment: (in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net sales: Americas $ 1,019.2 $ 1,123.2 $ 3,076.8 $ 3,423.2 Europe 579.8 595.1 1,816.9 1,899.3 AMEA 121.2 138.2 350.7 394.9 Total $ 1,720.2 $ 1,856.5 $ 5,244.4 $ 5,717.4 Adjusted EBITDA: Americas $ 223.8 $ 262.3 $ 711.4 $ 846.3 Europe 102.9 130.3 335.8 393.0 AMEA 33.8 35.7 93.7 101.1 Corporate (42.7) (44.3) (133.9) (129.2) Total $ 317.8 $ 384.0 $ 1,007.0 $ 1,211.2 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Net income $ 108.4 $ 167.0 $ 222.6 $ 544.8 Interest expense 72.4 67.3 219.5 196.0 Income tax expense 28.1 41.3 68.4 131.6 Depreciation and amortization 98.0 100.6 301.7 304.8 Loss on extinguishment of debt 2.0 2.9 5.9 10.8 Net foreign currency gain from financing activities (0.5) (1.2) (2.3) (0.2) Other stock-based compensation expense (benefit) 0.1 (1.6) 0.1 (3.3) Integration-related expenses 1 0.2 6.4 8.3 13.6 Purchase accounting adjustments 2 — — — 9.4 Restructuring and severance charges 3 6.1 1.3 18.0 3.7 Reserve for certain legal matters 4 3.0 — 4.0 — Impairment charges 5 — — 160.8 — Adjusted EBITDA $ 317.8 $ 384.0 $ 1,007.0 $ 1,211.2 ━━━━━━━━━ 1. Represents non-recurring direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition. 2. Represents the non-cash reduction of contingent consideration related to the Ritter acquisition and the amortization of the purchase accounting adjustment to record inventory acquired from Masterflex at fair value. 3. Reflects the incremental expenses incurred in the period related to initiatives to increase profitability and productivity. Typical costs included in this caption are employee severance, site-related exit costs, and contract termination costs. 4. Represents charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results. 5. As described in note 1.
Schedule of net sales by product line	The following table presents net sales by product line: (in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Proprietary materials & consumables $ 629.0 $ 727.4 $ 1,920.4 $ 2,216.7 Third party materials & consumables 632.8 665.7 1,929.0 2,078.4 Services & specialty procurement 238.6 225.1 712.4 692.3 Equipment & instrumentation 219.8 238.3 682.6 730.0 Total $ 1,720.2 $ 1,856.5 $ 5,244.4 $ 5,717.4

Supplemental disclosures of c_2

Supplemental disclosures of cash flow information (Tables)	9 Months Ended
	Sep. 30, 2023
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) September 30, 2023 December 31, 2022 Cash and cash equivalents $ 236.9 $ 372.9 Restricted cash classified as other assets 23.8 24.0 Total $ 260.7 $ 396.9 At September 30, 2023 and December 31, 2022, amounts included in restricted cash primarily represent funds held in escrow to satisfy a long-term retention incentive related to the acquisition of Ritter. (in millions) Nine months ended September 30, 2023 2022 Cash flows from operating activities: Cash paid for income taxes, net $ 195.3 $ 182.3 Cash paid for interest, net, excluding financing leases 214.2 187.0 Cash paid for interest on finance leases 3.8 3.8 Cash paid under operating leases 32.4 32.2 Cash flows from financing activities: Cash paid under finance leases 3.8 3.5

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of inventory components	The following table presents the components of inventory: (in millions) September 30, 2023 December 31, 2022 Merchandise inventory $ 516.7 $ 556.1 Finished goods 96.8 117.1 Raw materials 173.8 181.2 Work in process 63.0 59.1 Total $ 850.3 $ 913.5

Other intangible assets (Tables

Other intangible assets (Tables)	9 Months Ended
	Sep. 30, 2023
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) September 30, 2023 December 31, 2022 Gross value Accumulated amortization and impairment 1 Carrying value Gross value Accumulated amortization and impairment 1 Carrying value Customer relationships $ 4,793.6 $ 1,579.8 $ 3,213.8 $ 4,806.4 $ 1,333.5 $ 3,472.9 Trade names 353.6 218.5 135.1 354.4 205.1 149.3 Other 629.9 283.0 346.9 630.9 212.1 418.8 Total finite-lived $ 5,777.1 $ 2,081.3 3,695.8 $ 5,791.7 $ 1,750.7 4,041.0 Indefinite-lived 92.3 92.3 Total $ 3,788.1 $ 4,133.3 ━━━━━━━━━ 1. As of September 30, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million. As of December 31, 2022, there were no accumulated impairment losses.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of information about debt	The following table presents information about our debt: (dollars in millions) September 30, 2023 December 31, 2022 Interest terms Rate Amount Receivables facility SOFR 1 plus 0.80% 6.22% $ 297.7 $ 327.2 Senior secured credit facilities: Euro term loans B-4 EURIBOR plus 2.50% 6.36% 625.6 636.7 Euro term loans B-5 EURIBOR plus 2.00% 5.86% 336.0 342.0 U.S. dollar term loans B-5 SOFR 1 plus 2.25% 7.67% 872.7 1,488.3 2.625% secured notes fixed rate 2.625% 687.6 694.5 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 423.1 427.3 4.625% unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 67.9 68.9 Other 12.1 14.2 Total debt, gross 5,672.7 6,349.1 Less: unamortized deferred financing costs (46.6) (61.6) Total debt $ 5,626.1 $ 6,287.5 Classification on balance sheets: Current portion of debt $ 335.6 $ 364.2 Debt, net of current portion 5,290.5 5,923.3 ━━━━━━━━━ 1. SOFR includes credit spread adjustment.
Schedule of availability under credit facilities	The following table presents availability under our credit facilities: (in millions) September 30, 2023 Receivables facility Revolving credit facility Total Capacity $ 325.8 $ 975.0 $ 1,300.8 Undrawn letters of credit outstanding (15.4) — (15.4) Outstanding borrowings (297.7) — (297.7) Unused availability $ 12.7 $ 975.0 $ 987.7

Accumulated other comprehensi_2

Accumulated other comprehensive income or loss (Tables)	9 Months Ended
	Sep. 30, 2023
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 June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) Unrealized (loss) gain (30.4) 8.0 (0.9) (23.3) Reclassification of gain into earnings — (8.4) — (8.4) Change due to income taxes (7.9) 0.1 0.3 (7.5) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) Balance at June 30, 2022 $ (132.5) $ 4.7 $ (20.5) $ (148.3) Unrealized (loss) gain (62.1) 20.7 — (41.4) Reclassification of loss (gain) into earnings — 0.2 (0.1) 0.1 Change due to income taxes (17.4) (5.0) 0.2 (22.2) Balance at September 30, 2022 $ (212.0) $ 20.6 $ (20.4) $ (211.8) Balance at December 31, 2022 $ (131.3) $ 19.9 $ 11.1 $ (100.3) Unrealized (loss) gain (4.8) 24.7 (6.6) 13.3 Reclassification of gain into earnings — (22.5) — (22.5) Change due to income taxes (2.6) (0.5) 1.5 (1.6) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) Balance at December 31, 2021 $ (19.2) $ 0.4 $ (24.4) $ (43.2) Unrealized (loss) gain (160.1) 27.7 4.6 (127.8) Reclassification of gain into earnings — (1.1) (0.2) (1.3) Change due to income taxes (32.7) (6.4) (0.4) (39.5) Balance at September 30, 2022 $ (212.0) $ 20.6 $ (20.4) $ (211.8) The reclassifications and income tax effects shown above were immaterial to the financial statements and 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 nine months ended September 30, 2023 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 13.

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Stock options Equity $ 3.0 $ 4.1 $ 10.2 $ 12.1 RSUs Equity 6.5 9.3 20.7 26.0 Other Both 0.3 (1.3) 0.8 (2.3) Total $ 9.8 $ 12.1 $ 31.7 $ 35.8 Award classification: Equity $ 9.7 $ 13.7 $ 31.6 $ 39.1 Liability 0.1 (1.6) 0.1 (3.3)
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, 2022 16.1 $ 20.90 Granted 2.1 23.53 Exercised (0.7) 15.41 Forfeited (0.7) 24.83 Balance at September 30, 2023 16.8 21.29 $ 36.5 5.8 years Expected to vest 3.9 24.83 2.3 8.5 years Vested 12.9 20.22 34.2 4.9 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, 2022 4.2 $ 24.29 Granted 2.1 26.21 Vested (1.7) 18.80 Forfeited (0.5) 29.12 Balance at September 30, 2023 4.1 26.69

Other income or expense, net (T

Other income or expense, net (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Net foreign currency gain from financing activities $ 0.5 $ 1.2 $ 2.3 $ 0.2 Income related to defined benefit plans 0.3 1.4 1.0 4.4 Other (0.1) 0.1 — 0.2 Other income, net $ 0.7 $ 2.7 $ 3.3 $ 4.8

Income taxes (Tables)

Income taxes (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Income before income taxes $ 136.5 $ 208.3 $ 291.0 $ 676.4 Income tax expense (28.1) (41.3) (68.4) (131.6) Effective income tax rate 20.6 % 19.8 % 23.5 % 19.5 %

Derivative and hedging activi_2

Derivative and hedging activities (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	As of September 30, 2023, 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 2 $ 850.0 As of September 30, 2023, 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 € 732.1 $ 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 three and nine months ended September 30, 2023 and September 30, 2022. (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 Three months ended September 30, Nine months ended September 30, Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 2023 2022 2023 2022 Interest rate products 4.9 19.4 15.0 22.0 Interest income (expense) 5.2 (1.1) 12.7 (3.6) Total $ 4.9 $ 19.4 $ 15.0 $ 22.0 $ 5.2 $ (1.1) $ 12.7 $ (3.6)
Derivative Instruments, Gain (Loss)	The table below presents the effect of our derivative financial instruments on the statement of operations for the three and nine months ended September 30, 2023 and September 30, 2022. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 (in millions) Interest income (expense) Interest income (expense) Interest income (expense) Interest income (expense) Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded $ (72.4) $ (67.3) $ (219.5) $ (196.0) Amount of gain (loss) reclassified from AOCI into income $ 5.2 $ (1.1) $ 12.7 $ (3.6)
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 September 30, 2023 and December 31, 2022: Derivative assets Derivative liabilities September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (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 $ 28.5 Other current assets $ 26.2 Other current liabilities $ — Other current liabilities $ — Foreign exchange products Other current assets — Other current assets — Other current liabilities (21.3) Other current liabilities (21.4) Total $ 28.5 $ 26.2 $ (21.3) $ (21.4)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location	The amount of gain related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three and nine months ended September 30, 2023 and September 30, 2022 are presented below: (in millions) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net investment hedges $ (13.5) $ (27.1) $ (4.2) $ (63.3)
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)	The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and nine months ended September 30, 2023 and September 30, 2022. (in millions) Hedging relationships Amount of gain or (loss) recognized in OCI on Derivative 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) September 30, September 30, 2023 2022 2023 2022 Three months ended: Cross currency swaps $ 22.8 $ 48.6 Interest income $ 3.2 $ 3.3 Total $ 22.8 $ 48.6 $ 3.2 $ 3.3 Nine months ended: Cross currency swaps $ 9.6 $ 79.4 Interest income $ 9.5 $ 6.4 Total $ 9.6 $ 79.4 $ 9.5 $ 6.4

Financial instruments and fai_2

Financial instruments and fair value measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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) September 30, 2023 December 31, 2022 Gross amount Fair value Gross amount Fair value Receivables facility $ 297.7 $ 297.7 $ 327.2 $ 327.2 Senior secured credit facilities: Euro term loans B-4 625.6 626.4 636.7 627.5 Euro term loans B-5 336.0 338.2 342.0 340.7 U.S. dollar term loans B-5 872.7 873.3 1,488.3 1,485.5 2.625% secured notes 687.6 658.9 694.5 658.5 3.875% unsecured notes 800.0 689.4 800.0 672.0 3.875% unsecured notes 423.1 390.1 427.3 396.5 4.625 % unsecured notes 1,550.0 1,413.1 1,550.0 1,407.6 Finance lease liabilities 67.9 67.9 68.9 68.9 Other 12.1 12.1 14.2 14.2 Total $ 5,672.7 $ 5,367.1 $ 6,349.1 $ 5,998.6

Nature of operations and pres_3

Nature of operations and presentation of financial statements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Impairment charges	$ 0	$ 0	$ 160.8	$ 0
Ritter GmbH | Finite-Lived Intangible Assets
Business Acquisition [Line Items]
Impairment charges	106.4
Ritter GmbH | Property, Plant and Equipment
Business Acquisition [Line Items]
Impairment charges	$ 54.4

Earnings per share - reconcilia

Earnings per share - reconciliation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings (numerator)
Basic	$ 108.4	$ 167	$ 222.6	$ 520.6
Dilutive effect of stock-based awards	0	0	0	0
Dilutive effect of warrants		$ 0		$ 24.2
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Preferred Stock		0		30.6
Diluted	$ 108.4	$ 167	$ 222.6	$ 544.8
Weighted average shares outstanding (denominator)
Basic	676	674.1	675.4	643
Dilutive effect of stock-based awards	2.5	5.2	2.7	6.8
Diluted	678.5	679.3	678.1	680.4
Earnings per share:
Basic	$ 0.16	$ 0.25	$ 0.33	$ 0.81
Diluted	$ 0.16	$ 0.25	$ 0.33	$ 0.80

Segment financial information -

Segment financial information - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of segments	3

Segment financial information_2

Segment financial information - reportable segments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Information by reportable segment
Net sales	$ 1,720.2	$ 1,856.5	$ 5,244.4	$ 5,717.4
Adjusted EBITDA	317.8	384	1,007	1,211.2
Corporate
Information by reportable segment
Adjusted EBITDA	(42.7)	(44.3)	(133.9)	(129.2)
Americas
Information by reportable segment
Net sales	1,019.2	1,123.2	3,076.8	3,423.2
Americas | Operating Segments
Information by reportable segment
Adjusted EBITDA	223.8	262.3	711.4	846.3
Europe
Information by reportable segment
Net sales	579.8	595.1	1,816.9	1,899.3
Europe | Operating Segments
Information by reportable segment
Adjusted EBITDA	102.9	130.3	335.8	393
AMEA
Information by reportable segment
Net sales	121.2	138.2	350.7	394.9
AMEA | Operating Segments
Information by reportable segment
Adjusted EBITDA	$ 33.8	$ 35.7	$ 93.7	$ 101.1

Segment financial information_3

Segment financial information - reconciliation of segment profitability measure (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of Adjusted EBITDA from net income or loss
Net income	$ 108.4	$ 167	$ 222.6	$ 544.8
Interest expense	72.4	67.3	219.5	196
Income tax expense	28.1	41.3	68.4	131.6
Depreciation and amortization	98	100.6	301.7	304.8
Loss on extinguishment of debt	2	2.9	5.9	10.8
Net foreign currency gain from financing activities	(0.5)	(1.2)	(2.3)	(0.2)
Other stock-based compensation expense (benefit)	0.1	(1.6)	0.1	(3.3)
Integration related expenses	0.2	6.4	8.3	13.6
Purchase accounting adjustments	0	0	0	9.4
Restructuring and severance charges	6.1	1.3	18	3.7
Reserve for certain legal matters4	3	0	4	0
Impairment charges	0	0	160.8	0
Adjusted EBITDA	$ 317.8	$ 384	$ 1,007	$ 1,211.2

Segment financial information_4

Segment financial information - product lines (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation by product line
Net sales	$ 1,720.2	$ 1,856.5	$ 5,244.4	$ 5,717.4
Proprietary materials & consumables
Disaggregation by product line
Net sales	629	727.4	1,920.4	2,216.7
Third party materials & consumables
Disaggregation by product line
Net sales	632.8	665.7	1,929	2,078.4
Services & specialty procurement
Disaggregation by product line
Net sales	238.6	225.1	712.4	692.3
Equipment & instrumentation
Disaggregation by product line
Net sales	$ 219.8	$ 238.3	$ 682.6	$ 730

Supplemental disclosures of c_3

Supplemental disclosures of cash flow information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Components and classification of cash, restricted cash and equivalents
Cash and cash equivalents	$ 236.9		$ 372.9
Restricted cash classified as other assets	23.8		24
Total	260.7	$ 287.8	$ 396.9	$ 327.1
Cash flows from operating activities:
Cash paid for income taxes, net	195.3	182.3
Cash paid for interest, net, excluding financing leases	214.2	187
Cash paid for interest on finance leases	3.8	3.8
Cash paid under operating leases	32.4	32.2
Cash flows from financing activities:
Cash paid under finance leases	$ 3.8	$ 3.5

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Components of inventory
Merchandise inventory	$ 516.7	$ 556.1
Finished goods	96.8	117.1
Raw materials	173.8	181.2
Work in process	63	59.1
Total	$ 850.3	$ 913.5

Other intangible assets (Detail

Other intangible assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-lived
Gross value	$ 5,777.1	$ 5,791.7
Accumulated amortization and impairment	2,081.3	1,750.7
Carrying value	3,695.8	4,041
Indefinite-lived	92.3	92.3
Total	3,788.1	4,133.3
Accumulated asset impairment charge	106.4	0
Customer relationships
Finite-lived
Gross value	4,793.6	4,806.4
Accumulated amortization and impairment	1,579.8	1,333.5
Carrying value	3,213.8	3,472.9
Accumulated asset impairment charge	65.9
Trade names
Finite-lived
Gross value	353.6	354.4
Accumulated amortization and impairment	218.5	205.1
Carrying value	135.1	149.3
Other
Finite-lived
Gross value	629.9	630.9
Accumulated amortization and impairment	283	212.1
Carrying value	346.9	$ 418.8
Accumulated asset impairment charge	$ 40.5

Commitments and contingencies (

Commitments and contingencies (Details) - Environmental remediation $ in Millions	Sep. 30, 2023 USD ($)
Phillipsburg, New Jersey
Commitments and contingencies
Accrued environmental loss	$ 2.4
Accrued environmental loss, gross	$ 3.8
Phillipsburg, New Jersey | Minimum
Commitments and contingencies
Accrued environmental loss, discount rate	4.50%
Phillipsburg, New Jersey | Maximum
Commitments and contingencies
Accrued environmental loss, discount rate	5.50%
Gliwice, Poland
Commitments and contingencies
Accrued environmental loss	$ 1

Debt (Details)

Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt, gross	$ 5,672.7		$ 6,349.1
Less: unamortized deferred financing costs	(46.6)		(61.6)
Total debt	5,626.1		6,287.5
Current portion of debt	335.6		364.2
Debt, net of current portion	5,290.5		5,923.3
Capacity	1,300.8
Undrawn letters of credit outstanding	(15.4)
Outstanding borrowings	(297.7)
Unused availability	$ 987.7
Multi-currency revolving loan facility
Debt Instrument [Line Items]
Less: unamortized deferred financing costs		$ (2.3)
Receivables facility
Debt Instrument [Line Items]
Interest terms	0.80%
Rate	6.22%
Total debt, gross	$ 297.7		327.2
Capacity	325.8
Undrawn letters of credit outstanding	(15.4)
Outstanding borrowings	(297.7)
Unused availability	12.7
Senior secured credit facilities: | Multi-currency revolving loan facility
Debt Instrument [Line Items]
Capacity	975
Undrawn letters of credit outstanding	0
Outstanding borrowings	0
Unused availability	$ 975
Senior secured credit facilities: | 2% EURO Term Loan | Euro
Debt Instrument [Line Items]
Interest terms	2%
Rate	5.86%
Total debt, gross	$ 336		342
Senior secured credit facilities: | 2.75% EURO Term Loan | Euro
Debt Instrument [Line Items]
Interest terms	2.50%
Rate	6.36%
Total debt, gross	$ 625.6		636.7
Senior secured credit facilities: | 2.25% USD Term Loan | U.S. dollars
Debt Instrument [Line Items]
Interest terms	2.25%
Rate	7.67%
Total debt, gross	$ 872.7		1,488.3
Notes | 2.625% secured notes
Debt Instrument [Line Items]
Rate	2.625%
Total debt, gross	$ 687.6		694.5
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	67.9		68.9
Other Debt
Debt Instrument [Line Items]
Total debt, gross	$ 12.1		$ 14.2

Debt - other information (Detai

Debt - other information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	May 31, 2023	Dec. 31, 2022 USD ($)	Oct. 25, 2022 USD ($)
Information about debt
Line of Credit Facility, Current Borrowing Capacity Upsize								$ 400
Loss on extinguishment of debt	$ 2	$ 2.9	$ 5.9	$ 10.8
Debt covenants draw trigger percentage	35%
Debt Issuance Costs, Net	$ 46.6		46.6				$ 61.6
Long-Term Debt, Delinquency Ratio Cap					0.160	0.130
Multi-currency revolving loan facility
Information about debt
Line of Credit Facility, Maximum Borrowing Capacity					$ 975
Debt Issuance Costs, Net					$ 2.3
Senior secured credit facilities: | Term loans
Information about debt
Loss on extinguishment of debt	2
Senior secured credit facilities: | Term loans | U.S. dollars
Information about debt
Repayments of debt	210
Receivables facility | Asset Not Pledged as Collateral
Information about debt
Amount pledged as collateral	$ 576.2		$ 576.2

Accumulated other comprehensi_3

Accumulated other comprehensive income or loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in AOCI, net of tax
Beginning balance	$ (71.9)	$ (148.3)	$ (100.3)	$ (43.2)
Unrealized gain (loss)	(23.3)	(41.4)	13.3	(127.8)
Reclassification of (gain) loss into earnings	(8.4)	0.1	(22.5)	(1.3)
Income tax effect	(7.5)	(22.2)	(1.6)	(39.5)
Ending balance	(111.1)	(211.8)	(111.1)	(211.8)
Foreign currency translation
Changes in AOCI, net of tax
Beginning balance	(100.4)	(132.5)	(131.3)	(19.2)
Unrealized gain (loss)	(30.4)	(62.1)	(4.8)	(160.1)
Reclassification of (gain) loss into earnings	0	0	0	0
Income tax effect	(7.9)	(17.4)	(2.6)	(32.7)
Ending balance	(138.7)	(212)	(138.7)	(212)
Derivative instruments
Changes in AOCI, net of tax
Beginning balance	21.9	4.7	19.9	0.4
Unrealized gain (loss)	8	20.7	24.7	27.7
Reclassification of (gain) loss into earnings	(8.4)	0.2	(22.5)	(1.1)
Income tax effect	0.1	(5)	(0.5)	(6.4)
Ending balance	21.6	20.6	21.6	20.6
Defined benefit plans
Changes in AOCI, net of tax
Beginning balance	6.6	(20.5)	11.1	(24.4)
Unrealized gain (loss)	(0.9)	0	(6.6)	4.6
Reclassification of (gain) loss into earnings	0	(0.1)	0	(0.2)
Income tax effect	0.3	0.2	1.5	(0.4)
Ending balance	$ 6	$ (20.4)	$ 6	$ (20.4)

Stock-based compensation - expe

Stock-based compensation - expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other information about options outstanding
Expense	$ 9.8	$ 12.1	$ 31.7	$ 35.8
Equity
Other information about options outstanding
Expense	9.7	13.7	31.6	39.1
Liability
Other information about options outstanding
Expense	0.1	(1.6)	0.1	(3.3)
Stock options
Other information about options outstanding
Expense	3	4.1	10.2	12.1
RSUs
Other information about options outstanding
Expense	6.5	9.3	20.7	26
Other
Other information about options outstanding
Expense	$ 0.3	$ (1.3)	$ 0.8	$ (2.3)

Stock-based compensation - stoc

Stock-based compensation - stock option rollforward information (Details) - Common stock - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2023
Number of options outstanding
Beginning balance (in shares)	16.1
Granted (in shares)	2.1
Exercised (in shares)	(0.7)
Forfeited (in shares)	(0.7)
Ending balance (in shares)	16.8
Weighted average exercise price per outstanding option
Beginning balance (in dollars per share)	$ 20.90
Granted (in dollars per share)	23.53
Exercised (in dollars per share)	15.41
Forfeited (in dollars per share)	24.83
Ending balance (in dollars per share)	$ 21.29
Other information about options outstanding
Aggregate intrinsic value	$ 36.5
Weighted average remaining term	5 years 9 months 18 days
Information about options expected to vest and exercisable
Options expected to vest, number (in shares)	3.9
Options expected to vest, weighted average exercise price per option (in dollars per share)	$ 24.83
Options expected to vest, aggregate intrinsic value	$ 2.3
Options expected to vest, weighted average remaining term	8 years 6 months
Options exercisable, number (in shares)	12.9
Options exercisable, weighted average exercise price per option (in dollars per share)	$ 20.22
Options exercisable, aggregate intrinsic value	$ 34.2
Options exercisable, weighted average remaining term	4 years 10 months 24 days

Stock-based compensation - non-

Stock-based compensation - non-option award rollforward (Details) - RSUs shares in Millions	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of awards
Beginning balance (in shares) | shares	4.2
Granted (in shares) | shares	2.1
Vested (in shares) | shares	(1.7)
Forfeited (in shares) | shares	(0.5)
Ending balance (in shares) | shares	4.1
Weighted average grant date fair value per award
Beginning balance (in dollars per share) | $ / shares	$ 24.29
Granted (in dollars per share) | $ / shares	26.21
Vested (in dollars per share) | $ / shares	18.80
Forfeited (in dollars per share) | $ / shares	29.12
Ending balance (in dollars per share) | $ / shares	$ 26.69

Stock-based compensation - othe

Stock-based compensation - other information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other information about options outstanding
Remaining expense to be recognized	$ 91.9		$ 91.9
Weighted average period over which remaining expense will be recognized (in years)			1 year 10 months 24 days
Restricted stock expense	$ 1.7
Restricted stock expense		$ 2.9	$ 3.5	$ 7.9
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Net foreign currency gain from financing activities	$ 0.5	$ 1.2	$ 2.3	$ 0.2
Income related to defined benefit plans	0.3	1.4	1	4.4
Other	(0.1)
Other		0.1	0	0.2
Other income, net	$ 0.7	$ 2.7	$ 3.3	$ 4.8

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income before income taxes	$ 136.5	$ 208.3	$ 291	$ 676.4
Income tax expense	$ (28.1)	$ (41.3)	$ (68.4)	$ (131.6)
Effective income tax rate	20.60%	19.80%	23.50%	19.50%

Derivative and hedging activi_3

Derivative and hedging activities - Outstanding Interest Rate Derivatives (Details)	Sep. 30, 2023 USD ($) instrument
Cash Flow Hedging | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments | instrument	2
Notional	$ 850,000,000
Net Investment Hedging | Cross-currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments | instrument	1,000,000
Notional sold	$ 732,100,000
Notional	$ 750,000,000

Derivative and hedging activi_4

Derivative and hedging activities - Effect on AOCI (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	$ 8	$ 20.7	$ 24.7	$ 27.7
Amount of gain or (loss) reclassified from AOCI into income	8.4	(0.2)	22.5	1.1
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	4.9	19.4	15	22
Amount of gain or (loss) reclassified from AOCI into income	5.2	(1.1)	12.7	(3.6)
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	(72.4)	(67.3)	(219.5)	(196)
Cash Flow Hedging | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	4.9	19.4	15	22
Cash Flow Hedging | Interest rate swaps | Interest income (expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from AOCI into income	5.2	(1.1)	12.7	(3.6)
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	22.8	48.6	9.6	79.4
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	3.2	3.3	9.5	6.4
Net Investment Hedging | Cross-currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	22.8	48.6	9.6	79.4
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)	$ 3.2	$ 3.3	$ 9.5	$ 6.4

Derivative and hedging activi_5

Derivative and hedging activities - Effect on Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) reclassified from AOCI into income	$ 8.4	$ (0.2)	$ 22.5	$ 1.1
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded	(72.4)	(67.3)	(219.5)	(196)
Amount of gain or (loss) reclassified from AOCI into income	$ 5.2	$ (1.1)	$ 12.7	$ (3.6)

Derivative and hedging activi_6

Derivative and hedging activities - Derivative Instruments Classification on Balance Sheet (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 28.5	$ 26.2
Derivative Liability	$ (21.3)	$ (21.4)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Asset	$ 28.5	$ 26.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Derivative Liability	$ 0	$ 0
Foreign exchange products
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other current assets	Other current assets
Derivative Asset	$ 0	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Derivative Liability	$ (21.3)	$ (21.4)

Derivative and hedging activi_7

Derivative and hedging activities - Narrative (Details) € in Millions	12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Apr. 30, 2023 USD ($)	Apr. 11, 2023 USD ($)	Dec. 31, 2022 USD ($)
Forecast
Derivatives, Fair Value [Line Items]
Gain reclassified to interest expense, next 12 months	$ 20,300,000
Cross-currency swaps | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		$ 750,000,000
Foreign exchange products | Designated as Hedging Instrument | 3.875% unsecured notes
Derivatives, Fair Value [Line Items]
Derivative liability | €			€ 400
Debt Instrument, Interest Rate, Effective Percentage		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		$ (28,500,000)				$ (24,300,000)
Interest rate swaps | Coversion of SOFR Floating Rate to Fixed Rate
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount				$ 100,000,000
Interest rate swaps | Conversion from LIBOR to SOFR Floating Rate
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount					$ 750,000,000

Derivative and hedging activi_8

Derivative and hedging activities - Gain (Loss) on Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
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	$ (13.5)	$ (27.1)	$ (4.2)	$ (63.3)

Financial instruments and fai_3

Financial instruments and fair value measurements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	$ 5,672.7		$ 5,672.7		$ 6,349.1
Fair value	5,367.1		5,367.1		5,998.6
Property, plant and equipment, estimated fair value	25.9		25.9
Impairment charges	0	$ 0	160.8	$ 0
Customer relationships
Estimated Fair Value Of Financial Instruments [Line Items]
Finite-lived intangibles, estimated fair value	31.4		31.4
Developed technology
Estimated Fair Value Of Financial Instruments [Line Items]
Finite-lived intangibles, estimated fair value	19.3		19.3
Receivables facility
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	297.7		297.7		327.2
Fair value	297.7		297.7		327.2
Senior secured credit facilities: | 2% EURO Term Loan | Euro
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	336		336		342
Fair value	338.2		338.2		340.7
Senior secured credit facilities: | 2.75% EURO Term Loan | Euro
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	625.6		625.6		636.7
Fair value	626.4		626.4		627.5
Senior secured credit facilities: | 2.25% USD Term Loan | U.S. dollars
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	872.7		872.7		1,488.3
Fair value	873.3		873.3		1,485.5
Notes | 2.625% secured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	687.6		687.6		694.5
Fair value	658.9		658.9		658.5
Notes | 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	800		800		800
Fair value	689.4		689.4		672
Notes | 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	423.1		423.1		427.3
Fair value	390.1		390.1		396.5
Notes | 4.625 % unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	1,550		1,550		1,550
Fair value	1,413.1		1,413.1		1,407.6
Finance lease liabilities
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	67.9		67.9		68.9
Fair value	67.9		67.9		68.9
Other Debt
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	12.1		12.1		14.2
Fair value	$ 12.1		$ 12.1		$ 14.2