Document and entity information
| Document and entity information - shares | 6 Months Ended | |
| Jun. 30, 2024 | Jul. 22, 2024 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Amendment flag | false | |
| Document quarterly report | true | |
| Document Period End Date | Jun. 30, 2024 | |
| 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 | 2024 | |
| Document fiscal period focus | Q2 | |
| Entity common stock, shares outstanding | 679,840,443 | |
| 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 | Jun. 30, 2024 | Dec. 31, 2023 |
| Assets | ||
| Cash and cash equivalents | $ 272.6 | $ 262.9 |
| Accounts receivable, net of allowances of $34.6 and $35.0 | 1,129 | 1,150.2 |
| Inventory | 795.6 | 828.1 |
| Other current assets | 132 | 143.7 |
| Total current assets | 2,329.2 | 2,384.9 |
| Property, plant and equipment, net of accumulated depreciation and impairment charges of $656.7 and $616.9 | 753.8 | 737.5 |
| Other intangible assets, net (see note 7) | 3,582.8 | 3,775.3 |
| Goodwill, net of accumulated impairment losses of $38.8 and $38.8 | 5,659.6 | 5,716.7 |
| Other assets | 368.1 | 358.3 |
| Total assets | 12,693.5 | 12,972.7 |
| Liabilities and stockholders’ equity | ||
| Current portion of debt | 258.4 | 259.9 |
| Accounts payable | 657.4 | 625.9 |
| Employee-related liabilities | 146.1 | 133.1 |
| Accrued interest | 49.9 | 50.2 |
| Other current liabilities | 352.8 | 411.2 |
| Total current liabilities | 1,464.6 | 1,480.3 |
| Debt, net of current portion | 4,856.6 | 5,276.7 |
| Deferred income tax liabilities | 575.4 | 612.8 |
| Other liabilities | 361.9 | 350.3 |
| Total liabilities | 7,258.5 | 7,720.1 |
| Commitments and contingencies (see note 8) | ||
| Common stock including paid-in capital, 679.6 and 676.6 shares issued and outstanding | 3,897.5 | 3,830.1 |
| Accumulated earnings | 1,644.8 | 1,491.5 |
| Accumulated other comprehensive loss | (107.3) | (69) |
| Total stockholders’ equity | 5,435 | 5,252.6 |
| Total liabilities and stockholders’ equity | $ 12,693.5 | $ 12,972.7 |
Unaudited condensed consolida_2
| Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
| Statement of Financial Position [Abstract] | ||
| Accounts receivable, net of allowances of $34.6 and $35.0 | $ 34.6 | $ 35 |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 656.7 | 616.9 |
| Accumulated impairment losses | $ 38.8 | $ 38.8 |
| Common stock, shares, issued (in shares) | 679.6 | 676.6 |
| Common stock, shares, outstanding (in shares) | 679.6 | 676.6 |
Unaudited condensed consolida_3
| Unaudited condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Income Statement [Abstract] | ||||
| Net sales | $ 1,702.8 | $ 1,743.9 | $ 3,382.6 | $ 3,524.2 |
| Cost of sales | 1,121.3 | 1,153.9 | 2,230.6 | 2,309.4 |
| Gross profit | 581.5 | 590 | 1,152 | 1,214.8 |
| Selling, general and administrative expenses | 405.7 | 357.5 | 829.9 | 751.1 |
| Impairment charges | 0 | 160.8 | 0 | 160.8 |
| Operating income | 175.8 | 71.7 | 322.1 | 302.9 |
| Interest expense, net | (60.9) | (73.4) | (125.2) | (147.1) |
| Loss on extinguishment of debt | (1.9) | (1.6) | (4.4) | (3.9) |
| Other income, net | 1.6 | 2 | 2.7 | 2.6 |
| Income (loss) before income taxes | 114.6 | (1.3) | 195.2 | 154.5 |
| Income tax expense | (21.7) | (6) | (41.9) | (40.3) |
| Net income (loss) | $ 92.9 | $ (7.3) | $ 153.3 | $ 114.2 |
| Earnings (Loss) per share: | ||||
| Basic | $ 0.14 | $ (0.01) | $ 0.23 | $ 0.17 |
| Diluted | $ 0.14 | $ (0.01) | $ 0.22 | $ 0.17 |
| Weighted average shares outstanding: | ||||
| Basic | 679.4 | 675.3 | 678.7 | 675 |
| Diluted | 682.6 | 675.3 | 681.9 | 677.9 |
Unaudited condensed consolida_4
| Unaudited condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Statement of Comprehensive Income [Abstract] | ||||
| Net income (loss) | $ 92.9 | $ (7.3) | $ 153.3 | $ 114.2 |
| Other comprehensive (loss) income: | ||||
| Foreign currency translation — unrealized (loss) gain | (6.1) | 8.7 | (28.1) | 25.6 |
| Derivative instruments: | ||||
| Unrealized gain | 5.4 | 16.8 | 15.2 | 16.7 |
| Reclassification of gain into earnings | (8.4) | (7.6) | (16.9) | (14.1) |
| Defined benefit plans: | ||||
| Activity related to defined benefit plans | (0.2) | (0.8) | (0.4) | (5.7) |
| Other comprehensive (loss) income before income taxes | (9.3) | 17.1 | (30.2) | 22.5 |
| Income tax effect | (1) | 0.7 | (8.1) | 5.9 |
| Other comprehensive (loss) income | (10.3) | 17.8 | (38.3) | 28.4 |
| Comprehensive income | $ 82.6 | $ 10.5 | $ 115 | $ 142.6 |
Unaudited condensed consolida_5
| Unaudited condensed consolidated statements of stockholders' equity or deficit - shares shares in Millions | Common stock including paid-in capital shares |
| Beginning balance (in shares) at Dec. 31, 2022 | 674.3 |
| Stock option exercises and other common stock transactions (in shares) | 1.4 |
| Ending balance (in shares) at Jun. 30, 2023 | 675.7 |
| Beginning balance (in shares) at Mar. 31, 2023 | 675.1 |
| Stock option exercises and other common stock transactions (in shares) | 0.6 |
| Ending balance (in shares) at Jun. 30, 2023 | 675.7 |
| Beginning balance (in shares) at Dec. 31, 2023 | 676.6 |
| Stock option exercises and other common stock transactions (in shares) | 3 |
| Ending balance (in shares) at Jun. 30, 2024 | 679.6 |
| Beginning balance (in shares) at Mar. 31, 2024 | 679.2 |
| Stock option exercises and other common stock transactions (in shares) | 0.4 |
| Ending balance (in shares) at Jun. 30, 2024 | 679.6 |
Unaudited condensed consolida_6
| Unaudited condensed consolidated statements of stockholders' equity - amounts - USD ($) $ in Millions | Total | Common stock including paid-in capital | Accumulated earnings | AOCI |
| Beginning balance at Dec. 31, 2022 | $ 4,855.4 | $ 3,785.3 | $ 1,170.4 | $ (100.3) |
| Comprehensive (loss) income | 142.6 | 114.2 | 28.4 | |
| Stock-based compensation expense | 21.9 | 21.9 | ||
| Stock option exercises and other common stock transactions | (8.6) | (8.6) | ||
| Ending balance at Jun. 30, 2023 | 5,011.3 | 3,798.6 | 1,284.6 | (71.9) |
| Beginning balance at Mar. 31, 2023 | 4,994.6 | 3,792.4 | 1,291.9 | (89.7) |
| Comprehensive (loss) income | 10.5 | (7.3) | 17.8 | |
| Stock-based compensation expense | 9.3 | 9.3 | ||
| Stock option exercises and other common stock transactions | (3.1) | (3.1) | ||
| Ending balance at Jun. 30, 2023 | 5,011.3 | 3,798.6 | 1,284.6 | (71.9) |
| Beginning balance at Dec. 31, 2023 | 5,252.6 | 3,830.1 | 1,491.5 | (69) |
| Comprehensive (loss) income | 115 | 153.3 | (38.3) | |
| Stock-based compensation expense | 24 | 24 | ||
| Stock option exercises and other common stock transactions | 43.4 | 43.4 | ||
| Ending balance at Jun. 30, 2024 | 5,435 | 3,897.5 | 1,644.8 | (107.3) |
| Beginning balance at Mar. 31, 2024 | 5,336.3 | 3,881.4 | 1,551.9 | (97) |
| Comprehensive (loss) income | 82.6 | 92.9 | (10.3) | |
| Stock-based compensation expense | 11.6 | 11.6 | ||
| Stock option exercises and other common stock transactions | 4.5 | 4.5 | ||
| Ending balance at Jun. 30, 2024 | $ 5,435 | $ 3,897.5 | $ 1,644.8 | $ (107.3) |
Unaudited condensed consolida_7
| Unaudited condensed consolidated statements of cash flows - USD ($) $ in Millions | 6 Months Ended | |
| Jun. 30, 2024 | Jun. 30, 2023 | |
| Cash flows from operating activities: | ||
| Net income (loss) | $ 153.3 | $ 114.2 |
| Reconciling adjustments: | ||
| Depreciation and amortization | 202.2 | 203.7 |
| Impairment charges | 0 | 160.8 |
| Stock-based compensation expense | 23.8 | 21.9 |
| Provision for accounts receivable and inventory | 39.5 | 43.1 |
| Deferred income tax benefit | (52.7) | (64.7) |
| Amortization of deferred financing costs | 5.8 | 6.7 |
| Loss on extinguishment of debt | 4.4 | 3.9 |
| Foreign currency remeasurement loss (gain) | 3.1 | (0.1) |
| Changes in assets and liabilities: | ||
| Accounts receivable | 0 | 7.9 |
| Inventory | (14.2) | (1.7) |
| Accounts payable | 45.9 | (74.4) |
| Accrued interest | (0.3) | (0.6) |
| Other assets and liabilities | 6.4 | (34.3) |
| Other | 5.5 | 1.3 |
| Net cash provided by operating activities | 422.7 | 387.7 |
| Cash flows from investing activities: | ||
| Capital expenditures | (80.5) | (58.1) |
| Other | 1.4 | 1.4 |
| Net cash used in investing activities | (79.1) | (56.7) |
| Cash flows from financing activities: | ||
| Debt borrowings | 12.3 | 0 |
| Debt repayments | (383) | (460.3) |
| Payments of debt refinancing fees and premiums | 0 | (2.3) |
| Proceeds received from exercise of stock options | 50.8 | 4.7 |
| Shares repurchased to satisfy employee tax obligations for vested stock-based awards | (7.4) | (13.3) |
| Net cash used in financing activities | (327.3) | (471.2) |
| Effect of currency rate changes on cash and cash equivalents | (7.3) | 4.1 |
| Net change in cash, cash equivalents and restricted cash | 9 | (136.1) |
| Cash, cash equivalents and restricted cash, beginning of period | 287.7 | 396.9 |
| Cash, cash equivalents and restricted cash, end of period | $ 296.7 | $ 260.8 |
Nature of operations and presen
| Nature of operations and presentation of financial statements | 6 Months Ended |
| Jun. 30, 2024 | |
| 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. Segment Reporting Effective January 1, 2024, we changed our operating model and reporting segment structure from three reportable segments to two reportable segments: Laboratory Solutions and Bioscience Production. This structure aligns with how our Chief Executive Officer, who is our chief operating decision maker, measures segment operating performance and allocates resources across our operating segments. 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. In the second quarter of 2023, persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity caused Ritter’s revenue to decline compared to prior expectations. Due to these circumstances, 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 second quarter of 2023. These charges impacted our Laboratory Solutions reportable segment. Our impairment test was performed as of June 30, 2023 and utilized our then 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 have not identified any further events or changes in circumstances that would indicate a potential inability to recover the remaining carrying amounts of the Ritter asset group following the recognition of the impairment charges in the second quarter of 2023. |
New accounting standards and cl
| New accounting standards and climate change related update by SEC | 6 Months Ended |
| Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| New accounting standards and climate change related update by SEC | 2. New accounting standards and climate change related update by SEC Segment Reporting In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures , which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statement disclosures. Income Taxes In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures , which amends the existing income taxes guidance (ASC Topic 740) to require additional disclosures surrounding annual rate reconciliation, income taxes paid and other income tax related disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statement disclosures. Other There were no new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption. Adoption of rules to enhance and standardize climate-related disclosures for Investors On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025. We are currently evaluating the impact of our pending adoption of these requirements on our financial statement disclosures. |
Earnings per share
| Earnings per share | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024: (in millions, except per share data) Three months ended June 30, 2024 Six months ended June 30, 2024 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 92.9 679.4 $ 0.14 $ 153.3 678.7 $ 0.23 Dilutive effect of stock-based awards — 3.2 — 3.2 Diluted $ 92.9 682.6 $ 0.14 $ 153.3 681.9 $ 0.22 The following table presents the reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2023: (in millions, except per share data) Three months ended June 30, 2023 Six months ended June 30, 2023 Loss (numerator) Weighted average shares outstanding (denominator) Loss per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ (7.3) 675.3 $ (0.01) $ 114.2 675.0 $ 0.17 Dilutive effect of stock-based awards — — — 2.9 Diluted $ (7.3) $ 675.3 $ (0.01) $ 114.2 677.9 $ 0.17 For the three months ended June 30, 2023, basic and diluted loss per share calculations were the same because there was a net loss. As a result, 1.6 million of stock options and 0.8 million of restricted stock units were excluded from the calculation of diluted loss per share as their effect would be anti-dilutive. |
Segment financial information
| Segment financial information | 6 Months Ended |
| Jun. 30, 2024 | |
| Segment Reporting [Abstract] | |
| Segment financial information | 4. Segment financial information As described in note 1, effective January 1, 2024, we changed our operating model and reporting segment structure into two reportable business segments: Laboratory Solutions and Bioscience Production. Corporate costs are managed on a standalone basis, certain of which are allocated to our reportable segments. In connection with this change, our chief operating decision maker changed the measure used to evaluate segment profitability from Adjusted EBITDA to Adjusted Operating Income. All disclosures relating to segment profitability, including those for comparative periods, have been revised as a result of this change. The following table presents information by reportable segment: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net sales: Laboratory Solutions $ 1,155.7 $ 1,193.8 $ 2,312.8 $ 2,396.8 Bioscience Production 547.1 550.1 1,069.8 1,127.4 Total $ 1,702.8 $ 1,743.9 $ 3,382.6 $ 3,524.2 Adjusted Operating Income: Laboratory Solutions $ 150.9 $ 179.7 $ 299.1 $ 351.9 Bioscience Production 144.0 154.2 270.9 321.7 Corporate (17.7) (15.0) (34.4) (31.6) Total $ 277.2 $ 318.9 $ 535.6 $ 642.0 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 net income (loss), the nearest measurement under GAAP, to Adjusted Operating Income: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income (loss) $ 92.9 $ (7.3) $ 153.3 $ 114.2 Interest expense, net 60.9 73.4 125.2 147.1 Income tax expense 21.7 6.0 41.9 40.3 Loss on extinguishment of debt 1.9 1.6 4.4 3.9 Other income, net (1.6) (2.0) (2.7) (2.6) Operating income 175.8 71.7 322.1 302.9 Amortization 74.9 78.9 150.2 157.3 Integration-related expenses 1 — (0.6) — 8.1 Restructuring and severance charges 2 9.7 7.2 32.9 11.9 Transformation expenses 3 16.2 — 29.5 — Other 4 0.6 0.9 0.9 1.0 Impairment charges 5 — 160.8 — 160.8 Adjusted Operating Income $ 277.2 $ 318.9 $ 535.6 $ 642.0 ━━━━━━━━━ 1. Represents 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. Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative. 3. Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors. 4. Represents other stock-based compensation expense (benefit) and 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 category: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Proprietary $ 914.0 $ 923.9 $ 1,797.5 $ 1,876.1 Third-party 788.8 820.0 1,585.1 1,648.1 Total $ 1,702.8 $ 1,743.9 $ 3,382.6 $ 3,524.2 |
Supplemental disclosures of cas
| Supplemental disclosures of cash flow information | 6 Months Ended |
| Jun. 30, 2024 | |
| Supplemental Cash Flow Elements [Abstract] | |
| Supplemental disclosures of cash flow information | 5. Supplemental disclosures of cash flow information The following table presents supplemental disclosures of cash flow information: (in millions) June 30, 2024 December 31, 2023 Cash and cash equivalents $ 272.6 $ 262.9 Restricted cash classified as other assets 24.1 24.8 Total $ 296.7 $ 287.7 At June 30, 2024 and December 31, 2023, 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) Six months ended June 30, 2024 2023 Cash flows from operating activities: Cash paid for income taxes, net $ 86.5 $ 126.7 Cash paid for interest, net, excluding financing leases 116.1 138.2 Cash paid for interest on finance leases 2.5 2.5 Cash paid under operating leases 22.0 21.1 Cash flows from financing activities: Cash paid under finance leases $ 2.8 $ 2.5 |
Inventory
| Inventory | 6 Months Ended |
| Jun. 30, 2024 | |
| Inventory Disclosure [Abstract] | |
| Inventory | 6. Inventory The following table presents the components of inventory: (in millions) June 30, 2024 December 31, 2023 Merchandise inventory $ 443.5 $ 503.5 Finished goods 119.6 91.0 Raw materials 162.3 167.2 Work in process 70.2 66.4 Total $ 795.6 $ 828.1 |
Goodwill and other intangible a
| Goodwill and other intangible assets | 6 Months Ended |
| Jun. 30, 2024 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Goodwill and other intangible assets | 7. Goodwill and other intangible assets Goodwill As described in note 1, we reorganized our segment reporting structure effective January 1, 2024. The segment reporting reorganization also resulted in a change to our reporting units for the purpose of goodwill impairment testing. Our new reporting units are Buy Sell Lab, Proprietary Lab, Services, Manufactured Products, Buy Sell Production, and NuSil. As a result of the reorganization, our goodwill was reassigned to the new reporting units making up our Laboratory Solutions and Bioscience Production reporting segments. We have reassigned goodwill as of January 1, 2024 to align to our new segment structure by using a relative fair value approach. We tested goodwill for impairment immediately before and after the realignment; no impairment was identified. The following table presents goodwill by our reportable segments, on the effective date of the change: Laboratory Solutions Bioscience Production Total Goodwill, gross $ 3,842.0 $ 1,913.5 $ 5,755.5 Accumulated impairment losses (18.4) (20.4) (38.8) Goodwill, net $ 3,823.6 $ 1,893.1 $ 5,716.7 Other intangible assets The following table presents the components of other intangible assets: (in millions) June 30, 2024 December 31, 2023 Gross value Accumulated amortization and impairment 1 Carrying value Gross value Accumulated amortization and impairment 1 Carrying value Customer relationships $ 4,822.3 $ 1,772.0 $ 3,050.3 $ 4,883.2 $ 1,670.3 $ 3,212.9 Trade names 355.5 234.3 121.2 359.7 228.3 131.4 Other 631.3 312.3 319.0 635.5 296.8 338.7 Total finite-lived $ 5,809.1 $ 2,318.6 3,490.5 $ 5,878.4 $ 2,195.4 3,683.0 Indefinite-lived 92.3 92.3 Total $ 3,582.8 $ 3,775.3 ━━━━━━━━━ 1. As of June 30, 2024 and December 31, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million. |
Commitments and contingencies
| Commitments and contingencies | 6 Months Ended |
| Jun. 30, 2024 | |
| 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 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 June 30, 2024, our accrued obligation under this order is $2.4 million, which is calculated based on expected cash payments discounted at rates ranging from 4.3% to 5.1% between 2024 and 2046. The undiscounted amount of that obligation is $3.7 million. We are indemnified against any losses incurred in this matter as stipulated through the agreement and guaranty 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, 2024, our balance sheet includes a liability of $1.1 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, 2024, 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, 2024 | |
| Debt Disclosure [Abstract] | |
| Debt | 9. Debt The following table presents information about our debt: (dollars in millions) June 30, 2024 December 31, 2023 Interest terms Rate Amount Receivables facility SOFR 1 plus 0.80% 6.24% $ 233.3 $ 221.0 Senior secured credit facilities: Euro term loans B-4 EURIBOR plus 2.50% 6.15% 264.5 630.1 Euro term loans B-5 EURIBOR plus 2.00% 5.65% 337.8 350.4 U.S. dollar term loans B-5 SOFR 1 plus —% —% — 787.6 U.S. dollar term loans B-6 SOFR 1 plus 2.00% 7.44% 760.5 — 2.625% secured notes fixed rate 2.625% 696.5 718.7 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 428.6 442.3 4.625% unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 67.0 68.3 Other 10.1 11.6 Total debt, gross 5,148.3 5,580.0 Less: unamortized deferred financing costs (33.3) (43.4) Total debt $ 5,115.0 $ 5,536.6 Classification on balance sheets: Current portion of debt $ 258.4 $ 259.9 Debt, net of current portion 4,856.6 5,276.7 ━━━━━━━━━ 1. SOFR includes credit spread adjustment. Interest expense, net includes interest income of $17.9 million and $15.5 million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $35.8 million and $30.0 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The interest income primarily relates to income on our interest rate swaps and cross currency swaps. Refer to note 14 to the unaudited consolidated financial statements for more information. Credit facilities The following table presents availability under our credit facilities: (in millions) June 30, 2024 Receivables facility Revolving credit facility Total Capacity $ 333.5 $ 975.0 $ 1,308.5 Undrawn letters of credit outstanding (14.5) — (14.5) Outstanding borrowings (233.3) — (233.3) Unused availability $ 85.7 $ 975.0 $ 1,060.7 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 June 30, 2024, total available accounts receivable under the receivables facility were $547.2 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. Senior secured credit facilities On April 2, 2024, we amended the credit agreement to reprice the U.S. Dollar term loan under our senior secured credit facilities. Pursuant to the agreement, the interest rate applicable to the U.S. Dollar term loan reduced from SOFR plus a spread of 2.25% per annum to SOFR plus a spread of 2.00% per annum. The principal amount of U.S. Dollar term loan outstanding immediately prior to the amendment and the outstanding principal amount of U.S. Dollar term loan immediately following the amendment each totaled $772.4 million. The final stated maturity of the U.S. Dollar term loan remains November 6, 2027. The costs to complete the amendment were not material. During the quarter ended June 30, 2024, we made prepayments of $10.0 million on our U.S. dollar term loan B-6 that matures on November 6, 2027 and prepayments of $156.2 million on our Euro term loan B-4 that matures on June 10, 2028. In connection with these prepayments, we expensed $1.9 million of previously unamortized deferred financing costs as a loss on extinguishment of debt. Debt covenants Our debt agreements include representations and covenants that we consider usual and customary, and our receivables facility and senior secured credit facilities include a financial covenant that becomes applicable for periods in which we have drawn more than 35% of our revolving credit facility under the senior secured credit facilities. In this circumstance, we are not permitted to have combined borrowings on our senior secured credit facilities and secured notes in excess of a pro forma net leverage ratio, as defined in our credit agreements. As we had not drawn more than 35% of our revolving credit facility in this period, this covenant was not applicable at June 30, 2024. |
Accumulated other comprehensive
| Accumulated other comprehensive income or loss | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024 $ (111.7) $ 13.6 $ 1.1 $ (97.0) Unrealized (loss) gain (6.1) 5.4 (0.2) (0.9) Reclassification of gain into earnings — (8.4) — (8.4) Change due to income taxes (1.7) 0.7 — (1.0) Balance at June 30, 2024 $ (119.5) $ 11.3 $ 0.9 $ (107.3) Balance at March 31, 2023 $ (111.7) $ 14.9 $ 7.1 $ (89.7) Unrealized gain (loss) 8.7 16.8 (0.8) 24.7 Reclassification of gain into earnings — (7.6) — (7.6) Change due to income taxes 2.6 (2.2) 0.3 0.7 Balance at June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) Balance at December 31, 2023 $ (82.8) $ 12.6 $ 1.2 $ (69.0) Unrealized (loss) gain (28.1) 15.2 (0.4) (13.3) Reclassification of gain into earnings — (16.9) — (16.9) Change due to income taxes (8.6) 0.4 0.1 (8.1) Balance at June 30, 2024 $ (119.5) $ 11.3 $ 0.9 $ (107.3) Balance at December 31, 2022 $ (131.3) $ 19.9 $ 11.1 $ (100.3) Unrealized gain (loss) 25.6 16.7 (5.7) 36.6 Reclassification of gain into earnings — (14.1) — (14.1) Change due to income taxes 5.3 (0.6) 1.2 5.9 Balance at June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) The reclassifications effects shown above were immaterial to the financial statements and were made to either cost of sales, SG&A expense or interest expense depending upon the nature of the underlying transaction. The income tax effects in the three and six months ended June 30, 2024 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, 2024 | |
| 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) Award Classification Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Stock options Equity $ 2.6 $ 3.6 $ 5.7 $ 7.2 RSUs Equity 8.8 5.5 17.6 14.2 Other Both (0.3) 0.1 0.5 0.5 Total $ 11.1 $ 9.2 $ 23.8 $ 21.9 Award classification: Equity $ 11.6 $ 9.3 $ 24.0 $ 21.9 Liability (0.5) (0.1) (0.2) — At June 30, 2024, unvested awards under our plans have remaining stock-based compensation expense of $103.8 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, 2023 16.4 $ 21.37 Granted 0.7 24.14 Exercised (2.3) 21.34 Forfeited (0.7) 25.94 Balance at June 30, 2024 14.1 $ 21.25 $ 31.4 5.3 years Expected to vest 3.0 25.12 0.3 8.7 years Vested 11.1 20.24 31.1 4.4 years During the six months ended June 30, 2024, we granted stock options that have a contractual life of ten years and will vest annually over three 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, 2023 4.0 $ 26.35 Granted 2.2 25.65 Vested (0.9) 25.93 Forfeited (0.2) 29.62 Balance at June 30, 2024 5.1 $ 26.60 During the six months ended June 30, 2024, we granted RSUs that will vest annually over three years, subject to the recipient continuously providing service to us throughout the vesting period. Certain of those awards contain performance and market conditions that impact the number of shares that will ultimately vest. We recorded expense on such awards of $2.7 million and $(0.5) million for the three months ended June 30, 2024 and June 30, 2023, respectively, and $4.8 million and $1.8 million for the six months ended June 30, 2024 and June 30, 2023, respectively. |
Other income or expense, net
| Other income or expense, net | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024 2023 2024 2023 Net foreign currency gain from financing activities $ 1.0 $ 1.6 $ 1.8 $ 1.8 Income related to defined benefit plans 0.6 0.3 0.9 0.7 Other — 0.1 — 0.1 Other income, net $ 1.6 $ 2.0 $ 2.7 $ 2.6 |
Income taxes
| Income taxes | 6 Months Ended |
| Jun. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income taxes | 13. Income taxes The following table presents the relationship between income tax expense and income (loss) before income taxes: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Income (loss) before income taxes $ 114.6 $ (1.3) $ 195.2 $ 154.5 Income tax expense (21.7) (6.0) (41.9) (40.3) Effective income tax rate 18.9 % (461.5) % 21.5 % 26.1 % 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, 2024 when compared to the three and six months ended June 30, 2023, is primarily due to an impairment loss against the Company’s investment in its Ritter business that was recorded in the second quarter of 2023, as well as valuation allowances against deferred tax assets not expected to be realized as a result of the impairment. |
Derivative and hedging activiti
| Derivative and hedging activities | 6 Months Ended |
| Jun. 30, 2024 | |
| 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 twelve months, the Company estimates that an additional $14.8 million will be reclassified as a reduction to interest expense. As of June 30, 2024, 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 six months ended June 30, 2024 and June 30, 2023. (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 June 30, Six months ended June 30, Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate products $ 2.2 $ 13.6 $ 8.8 $ 10.1 Interest expense, net $ 5.3 $ 4.4 $ 10.5 $ 7.5 Total $ 2.2 $ 13.6 $ 8.8 $ 10.1 $ 5.3 $ 4.4 $ 10.5 $ 7.5 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 three and six months ended June 30, 2024 and June 30, 2023. Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in millions) Interest expense, net Interest expense, net Interest expense, net Interest expense, net Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded $ (60.9) $ (73.4) $ (125.2) $ (147.1) Amount of gain reclassified from AOCI into income $ 5.3 $ 4.4 $ 10.5 $ 7.5 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 June 30, 2024, we had the following outstanding foreign currency derivatives that were used to hedge 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 six months ended June 30, 2024 and June 30, 2023. Effect of Net Investment Hedges on AOCI and the Income Statement (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) Three months ended June 30, Three months ended June 30, 2024 2023 2024 2023 Three months ended: Cross currency swaps $ 7.4 $ (6.0) Interest expense, net $ 3.2 $ 3.2 Total $ 7.4 $ (6.0) $ 3.2 $ 3.2 Six months ended: Cross currency swaps $ 28.3 $ (13.2) Interest expense, net $ 6.3 $ 6.4 Total $ 28.3 $ (13.2) $ 6.3 $ 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 six months ended June 30, 2024 and June 30, 2023. 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, 2024 and December 31, 2023: Derivative assets Derivative liabilities June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 (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 $ 14.9 Other current assets $ 16.6 Other current liabilities $ — Other current liabilities $ — Foreign exchange products Other current assets — Other current assets — Other current liabilities (33.3) Other current liabilities (55.2) Total $ 14.9 $ 16.6 $ (33.3) $ (55.2) 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, 2024, 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 $23.0 million and $9.3 million as of June 30, 2024 and December 31, 2023, 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 or loss for the three and six months ended June 30, 2024 and June 30, 2023 are presented below: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net investment hedges $ (3.0) $ 1.8 $ (13.7) $ 9.3 |
Financial instruments and fair
| Financial instruments and fair value measurements | 6 Months Ended |
| Jun. 30, 2024 | |
| 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. 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) June 30, 2024 December 31, 2023 Gross amount Fair value Gross amount Fair value Receivables facility $ 233.3 $ 233.3 $ 221.0 $ 221.0 Senior secured credit facilities: Euro term loans B-4 264.5 265.8 630.1 630.9 Euro term loans B-5 337.8 339.5 350.4 351.1 U.S. dollar term loans B-5 — — 787.6 791.0 U.S. dollar term loans B-6 760.5 765.7 — — 2.625% secured notes 696.5 682.4 718.7 705.3 3.875% unsecured notes 800.0 724.0 800.0 727.3 3.875% unsecured notes 428.6 418.6 442.3 434.3 4.625 % unsecured notes 1,550.0 1,474.7 1,550.0 1,489.1 Finance lease liabilities 67.0 67.0 68.3 68.3 Other 10.1 10.1 11.6 11.6 Total $ 5,148.3 $ 4,981.1 $ 5,580.0 $ 5,429.9 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. |
Subsequent Events
| Subsequent Events | 6 Months Ended |
| Jun. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent events On July 24, 2024, we committed to certain significant restructuring activities in connection with the Company’s publicly-announced multi-year cost transformation initiative. These activities are designed to right-size the Company’s cost base and optimize its footprint and organizational structure with a focus on driving significant cost improvement and productivity. While the Company is continuing to define the specific actions that may be required to deliver the targeted benefits, it expects to incur incremental restructuring charges in the range of $50.0 million to $65.0 million, including severance costs and other employment related expenses in the range of $40.0 million to $50.0 million. The Company expects to recognize the majority of these severance and related costs during the third and fourth quarters of 2024. |
Pay vs Performance Disclosure
| Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Pay vs Performance Disclosure | ||||
| Net income (loss) | $ 92.9 | $ (7.3) | $ 153.3 | $ 114.2 |
Insider Trading Arrangements
| Insider Trading Arrangements | 3 Months Ended |
| Jun. 30, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Nature of operations and pres_2
| Nature of operations and presentation of financial statements (Policies) | 6 Months Ended |
| Jun. 30, 2024 | |
| 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. |
| Segment Reporting | Segment Reporting Effective January 1, 2024, we changed our operating model and reporting segment structure from three reportable segments to two reportable segments: Laboratory Solutions and Bioscience Production. This structure aligns with how our Chief Executive Officer, who is our chief operating decision maker, measures segment operating performance and allocates resources across our operating segments. |
| 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. In the second quarter of 2023, persistently high customer inventory in the end markets served by Ritter and an overall slowdown in research activity caused Ritter’s revenue to decline compared to prior expectations. Due to these circumstances, 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 second quarter of 2023. These charges impacted our Laboratory Solutions reportable segment. Our impairment test was performed as of June 30, 2023 and utilized our then 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 have not identified any further events or changes in circumstances that would indicate a potential inability to recover the remaining carrying amounts of the Ritter asset group following the recognition of the impairment charges in the second quarter of 2023. |
| New accounting standards | Segment Reporting In November 2023, the FASB issued Accounting Standards Update 2023-07, Improvements to Reportable Segment Disclosures , which amends the existing segment reporting guidance (ASC Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statement disclosures. Income Taxes In December 2023, the FASB issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures , which amends the existing income taxes guidance (ASC Topic 740) to require additional disclosures surrounding annual rate reconciliation, income taxes paid and other income tax related disclosures. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact of our pending adoption of this standard on our financial statement disclosures. Other There were no new accounting standards that we expect to have a material impact on our financial position or results of operations upon adoption. Adoption of rules to enhance and standardize climate-related disclosures for Investors On March 6, 2024, the SEC adopted final rules to require registrants to disclose certain climate-related information in registration statements and annual reports. On April 4, 2024, the SEC issued an order staying the final rules pending completion of judicial review of the petitions challenging the final rules. The order does not amend the compliance dates contemplated by the final rules, which are applicable to the Company for fiscal years beginning with the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2025. We are currently evaluating the impact of our pending adoption of these requirements on our financial statement disclosures. |
Earnings per share (Tables)
| Earnings per share (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024: (in millions, except per share data) Three months ended June 30, 2024 Six months ended June 30, 2024 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 92.9 679.4 $ 0.14 $ 153.3 678.7 $ 0.23 Dilutive effect of stock-based awards — 3.2 — 3.2 Diluted $ 92.9 682.6 $ 0.14 $ 153.3 681.9 $ 0.22 The following table presents the reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2023: (in millions, except per share data) Three months ended June 30, 2023 Six months ended June 30, 2023 Loss (numerator) Weighted average shares outstanding (denominator) Loss per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ (7.3) 675.3 $ (0.01) $ 114.2 675.0 $ 0.17 Dilutive effect of stock-based awards — — — 2.9 Diluted $ (7.3) $ 675.3 $ (0.01) $ 114.2 677.9 $ 0.17 |
Segment financial information (
| Segment financial information (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024 2023 2024 2023 Net sales: Laboratory Solutions $ 1,155.7 $ 1,193.8 $ 2,312.8 $ 2,396.8 Bioscience Production 547.1 550.1 1,069.8 1,127.4 Total $ 1,702.8 $ 1,743.9 $ 3,382.6 $ 3,524.2 Adjusted Operating Income: Laboratory Solutions $ 150.9 $ 179.7 $ 299.1 $ 351.9 Bioscience Production 144.0 154.2 270.9 321.7 Corporate (17.7) (15.0) (34.4) (31.6) Total $ 277.2 $ 318.9 $ 535.6 $ 642.0 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 net income (loss), the nearest measurement under GAAP, to Adjusted Operating Income: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income (loss) $ 92.9 $ (7.3) $ 153.3 $ 114.2 Interest expense, net 60.9 73.4 125.2 147.1 Income tax expense 21.7 6.0 41.9 40.3 Loss on extinguishment of debt 1.9 1.6 4.4 3.9 Other income, net (1.6) (2.0) (2.7) (2.6) Operating income 175.8 71.7 322.1 302.9 Amortization 74.9 78.9 150.2 157.3 Integration-related expenses 1 — (0.6) — 8.1 Restructuring and severance charges 2 9.7 7.2 32.9 11.9 Transformation expenses 3 16.2 — 29.5 — Other 4 0.6 0.9 0.9 1.0 Impairment charges 5 — 160.8 — 160.8 Adjusted Operating Income $ 277.2 $ 318.9 $ 535.6 $ 642.0 ━━━━━━━━━ 1. Represents 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. Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative. 3. Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors. 4. Represents other stock-based compensation expense (benefit) and 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 category: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Proprietary $ 914.0 $ 923.9 $ 1,797.5 $ 1,876.1 Third-party 788.8 820.0 1,585.1 1,648.1 Total $ 1,702.8 $ 1,743.9 $ 3,382.6 $ 3,524.2 |
Supplemental disclosures of c_2
| Supplemental disclosures of cash flow information (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Supplemental Cash Flow Elements [Abstract] | |
| Schedule of supplemental disclosures of cash flow information | The following table presents supplemental disclosures of cash flow information: (in millions) June 30, 2024 December 31, 2023 Cash and cash equivalents $ 272.6 $ 262.9 Restricted cash classified as other assets 24.1 24.8 Total $ 296.7 $ 287.7 At June 30, 2024 and December 31, 2023, 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) Six months ended June 30, 2024 2023 Cash flows from operating activities: Cash paid for income taxes, net $ 86.5 $ 126.7 Cash paid for interest, net, excluding financing leases 116.1 138.2 Cash paid for interest on finance leases 2.5 2.5 Cash paid under operating leases 22.0 21.1 Cash flows from financing activities: Cash paid under finance leases $ 2.8 $ 2.5 |
Inventory (Tables)
| Inventory (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Inventory Disclosure [Abstract] | |
| Schedule of inventory components | The following table presents the components of inventory: (in millions) June 30, 2024 December 31, 2023 Merchandise inventory $ 443.5 $ 503.5 Finished goods 119.6 91.0 Raw materials 162.3 167.2 Work in process 70.2 66.4 Total $ 795.6 $ 828.1 |
Goodwill and other intangible_2
| Goodwill and other intangible assets (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Goodwill by reportable segment | The following table presents goodwill by our reportable segments, on the effective date of the change: Laboratory Solutions Bioscience Production Total Goodwill, gross $ 3,842.0 $ 1,913.5 $ 5,755.5 Accumulated impairment losses (18.4) (20.4) (38.8) Goodwill, net $ 3,823.6 $ 1,893.1 $ 5,716.7 |
| Schedule of components of other intangible assets | The following table presents the components of other intangible assets: (in millions) June 30, 2024 December 31, 2023 Gross value Accumulated amortization and impairment 1 Carrying value Gross value Accumulated amortization and impairment 1 Carrying value Customer relationships $ 4,822.3 $ 1,772.0 $ 3,050.3 $ 4,883.2 $ 1,670.3 $ 3,212.9 Trade names 355.5 234.3 121.2 359.7 228.3 131.4 Other 631.3 312.3 319.0 635.5 296.8 338.7 Total finite-lived $ 5,809.1 $ 2,318.6 3,490.5 $ 5,878.4 $ 2,195.4 3,683.0 Indefinite-lived 92.3 92.3 Total $ 3,582.8 $ 3,775.3 ━━━━━━━━━ 1. As of June 30, 2024 and December 31, 2023, accumulated impairment losses on Customer relationships were $65.9 million and on Other were $40.5 million totaling $106.4 million. |
Debt (Tables)
| Debt (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Debt Disclosure [Abstract] | |
| Schedule of information about debt | The following table presents information about our debt: (dollars in millions) June 30, 2024 December 31, 2023 Interest terms Rate Amount Receivables facility SOFR 1 plus 0.80% 6.24% $ 233.3 $ 221.0 Senior secured credit facilities: Euro term loans B-4 EURIBOR plus 2.50% 6.15% 264.5 630.1 Euro term loans B-5 EURIBOR plus 2.00% 5.65% 337.8 350.4 U.S. dollar term loans B-5 SOFR 1 plus —% —% — 787.6 U.S. dollar term loans B-6 SOFR 1 plus 2.00% 7.44% 760.5 — 2.625% secured notes fixed rate 2.625% 696.5 718.7 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 428.6 442.3 4.625% unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 67.0 68.3 Other 10.1 11.6 Total debt, gross 5,148.3 5,580.0 Less: unamortized deferred financing costs (33.3) (43.4) Total debt $ 5,115.0 $ 5,536.6 Classification on balance sheets: Current portion of debt $ 258.4 $ 259.9 Debt, net of current portion 4,856.6 5,276.7 ━━━━━━━━━ 1. SOFR includes credit spread adjustment. |
| Schedule of availability under credit facilities | The following table presents availability under our credit facilities: (in millions) June 30, 2024 Receivables facility Revolving credit facility Total Capacity $ 333.5 $ 975.0 $ 1,308.5 Undrawn letters of credit outstanding (14.5) — (14.5) Outstanding borrowings (233.3) — (233.3) Unused availability $ 85.7 $ 975.0 $ 1,060.7 |
Accumulated other comprehensi_2
| Accumulated other comprehensive income or loss (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024 $ (111.7) $ 13.6 $ 1.1 $ (97.0) Unrealized (loss) gain (6.1) 5.4 (0.2) (0.9) Reclassification of gain into earnings — (8.4) — (8.4) Change due to income taxes (1.7) 0.7 — (1.0) Balance at June 30, 2024 $ (119.5) $ 11.3 $ 0.9 $ (107.3) Balance at March 31, 2023 $ (111.7) $ 14.9 $ 7.1 $ (89.7) Unrealized gain (loss) 8.7 16.8 (0.8) 24.7 Reclassification of gain into earnings — (7.6) — (7.6) Change due to income taxes 2.6 (2.2) 0.3 0.7 Balance at June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) Balance at December 31, 2023 $ (82.8) $ 12.6 $ 1.2 $ (69.0) Unrealized (loss) gain (28.1) 15.2 (0.4) (13.3) Reclassification of gain into earnings — (16.9) — (16.9) Change due to income taxes (8.6) 0.4 0.1 (8.1) Balance at June 30, 2024 $ (119.5) $ 11.3 $ 0.9 $ (107.3) Balance at December 31, 2022 $ (131.3) $ 19.9 $ 11.1 $ (100.3) Unrealized gain (loss) 25.6 16.7 (5.7) 36.6 Reclassification of gain into earnings — (14.1) — (14.1) Change due to income taxes 5.3 (0.6) 1.2 5.9 Balance at June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) The reclassifications effects shown above were immaterial to the financial statements and were made to either cost of sales, SG&A expense or interest expense depending upon the nature of the underlying transaction. The income tax effects in the three and six months ended June 30, 2024 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, 2024 | |
| 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) Award Classification Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Stock options Equity $ 2.6 $ 3.6 $ 5.7 $ 7.2 RSUs Equity 8.8 5.5 17.6 14.2 Other Both (0.3) 0.1 0.5 0.5 Total $ 11.1 $ 9.2 $ 23.8 $ 21.9 Award classification: Equity $ 11.6 $ 9.3 $ 24.0 $ 21.9 Liability (0.5) (0.1) (0.2) — |
| 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, 2023 16.4 $ 21.37 Granted 0.7 24.14 Exercised (2.3) 21.34 Forfeited (0.7) 25.94 Balance at June 30, 2024 14.1 $ 21.25 $ 31.4 5.3 years Expected to vest 3.0 25.12 0.3 8.7 years Vested 11.1 20.24 31.1 4.4 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, 2023 4.0 $ 26.35 Granted 2.2 25.65 Vested (0.9) 25.93 Forfeited (0.2) 29.62 Balance at June 30, 2024 5.1 $ 26.60 |
Other income or expense, net (T
| Other income or expense, net (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024 2023 2024 2023 Net foreign currency gain from financing activities $ 1.0 $ 1.6 $ 1.8 $ 1.8 Income related to defined benefit plans 0.6 0.3 0.9 0.7 Other — 0.1 — 0.1 Other income, net $ 1.6 $ 2.0 $ 2.7 $ 2.6 |
Income taxes (Tables)
| Income taxes (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| 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 (loss) before income taxes: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Income (loss) before income taxes $ 114.6 $ (1.3) $ 195.2 $ 154.5 Income tax expense (21.7) (6.0) (41.9) (40.3) Effective income tax rate 18.9 % (461.5) % 21.5 % 26.1 % |
Derivative and hedging activi_2
| Derivative and hedging activities (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Schedule of Notional Amounts of Outstanding Derivative Positions | As of June 30, 2024, 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 June 30, 2024, we had the following outstanding foreign currency derivatives that were used to hedge 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 six months ended June 30, 2024 and June 30, 2023. (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 June 30, Six months ended June 30, Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate products $ 2.2 $ 13.6 $ 8.8 $ 10.1 Interest expense, net $ 5.3 $ 4.4 $ 10.5 $ 7.5 Total $ 2.2 $ 13.6 $ 8.8 $ 10.1 $ 5.3 $ 4.4 $ 10.5 $ 7.5 |
| Derivative Instruments, Gain (Loss) | The table below presents the effect of our derivative financial instruments on the statement of operations for the three and six months ended June 30, 2024 and June 30, 2023. Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 (in millions) Interest expense, net Interest expense, net Interest expense, net Interest expense, net Total amounts of line items presented in the statements of operations where the effects of cash flow hedges are recorded $ (60.9) $ (73.4) $ (125.2) $ (147.1) Amount of gain reclassified from AOCI into income $ 5.3 $ 4.4 $ 10.5 $ 7.5 |
| 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 six months ended June 30, 2024 and June 30, 2023. Effect of Net Investment Hedges on AOCI and the Income Statement (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) Three months ended June 30, Three months ended June 30, 2024 2023 2024 2023 Three months ended: Cross currency swaps $ 7.4 $ (6.0) Interest expense, net $ 3.2 $ 3.2 Total $ 7.4 $ (6.0) $ 3.2 $ 3.2 Six months ended: Cross currency swaps $ 28.3 $ (13.2) Interest expense, net $ 6.3 $ 6.4 Total $ 28.3 $ (13.2) $ 6.3 $ 6.4 |
| 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, 2024 and December 31, 2023: Derivative assets Derivative liabilities June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 (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 $ 14.9 Other current assets $ 16.6 Other current liabilities $ — Other current liabilities $ — Foreign exchange products Other current assets — Other current assets — Other current liabilities (33.3) Other current liabilities (55.2) Total $ 14.9 $ 16.6 $ (33.3) $ (55.2) |
| 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 or loss for the three and six months ended June 30, 2024 and June 30, 2023 are presented below: (in millions) Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net investment hedges $ (3.0) $ 1.8 $ (13.7) $ 9.3 |
Financial instruments and fai_2
| Financial instruments and fair value measurements (Tables) | 6 Months Ended |
| Jun. 30, 2024 | |
| 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, 2024 December 31, 2023 Gross amount Fair value Gross amount Fair value Receivables facility $ 233.3 $ 233.3 $ 221.0 $ 221.0 Senior secured credit facilities: Euro term loans B-4 264.5 265.8 630.1 630.9 Euro term loans B-5 337.8 339.5 350.4 351.1 U.S. dollar term loans B-5 — — 787.6 791.0 U.S. dollar term loans B-6 760.5 765.7 — — 2.625% secured notes 696.5 682.4 718.7 705.3 3.875% unsecured notes 800.0 724.0 800.0 727.3 3.875% unsecured notes 428.6 418.6 442.3 434.3 4.625 % unsecured notes 1,550.0 1,474.7 1,550.0 1,489.1 Finance lease liabilities 67.0 67.0 68.3 68.3 Other 10.1 10.1 11.6 11.6 Total $ 5,148.3 $ 4,981.1 $ 5,580.0 $ 5,429.9 |
Nature of operations and pres_3
| Nature of operations and presentation of financial statements (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Business Acquisition [Line Items] | ||||
| Impairment charges | $ 0 | $ 160.8 | $ 0 | $ 160.8 |
| 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 | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Earnings (numerator) | ||||
| Basic | $ 92.9 | $ (7.3) | $ 153.3 | $ 114.2 |
| Dilutive effect of stock-based awards | 0 | 0 | 0 | 0 |
| Diluted | $ 92.9 | $ (7.3) | $ 153.3 | $ 114.2 |
| Weighted average shares outstanding (denominator) | ||||
| Basic | 679.4 | 675.3 | 678.7 | 675 |
| Dilutive effect of stock-based awards | 3.2 | 0 | 3.2 | 2.9 |
| Diluted | 682.6 | 675.3 | 681.9 | 677.9 |
| Earnings (Loss) per share: | ||||
| Basic | $ 0.14 | $ (0.01) | $ 0.23 | $ 0.17 |
| Diluted | $ 0.14 | $ (0.01) | $ 0.22 | $ 0.17 |
Earnings per share - antidiluti
| Earnings per share - antidilutive securities (Details) shares in Millions | 3 Months Ended |
| Jun. 30, 2023 shares | |
| Stock options | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
| Antidilutive securities excluded | 1.6 |
| RSUs | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
| Antidilutive securities excluded | 0.8 |
Segment financial information -
| Segment financial information - Narrative (Details) | 6 Months Ended |
| Jun. 30, 2024 segment | |
| Segment Reporting [Abstract] | |
| Number of segments | 2 |
Segment financial information_2
| Segment financial information - reportable segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Information by reportable segment | ||||
| Net sales | $ 1,702.8 | $ 1,743.9 | $ 3,382.6 | $ 3,524.2 |
| Adjusted Operating Income | 277.2 | 318.9 | 535.6 | 642 |
| Corporate | ||||
| Information by reportable segment | ||||
| Adjusted Operating Income | (17.7) | (15) | (34.4) | (31.6) |
| Laboratory Solutions | ||||
| Information by reportable segment | ||||
| Net sales | 1,155.7 | 1,193.8 | 2,312.8 | 2,396.8 |
| Laboratory Solutions | Operating Segments | ||||
| Information by reportable segment | ||||
| Adjusted Operating Income | 150.9 | 179.7 | 299.1 | 351.9 |
| Bioscience Production | ||||
| Information by reportable segment | ||||
| Net sales | 547.1 | 550.1 | 1,069.8 | 1,127.4 |
| Bioscience Production | Operating Segments | ||||
| Information by reportable segment | ||||
| Adjusted Operating Income | $ 144 | $ 154.2 | $ 270.9 | $ 321.7 |
Segment financial information_3
| Segment financial information - reconciliation of segment profitability measure (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Reconciliation of Adjusted EBITDA from net income or loss | ||||
| Net income (loss) | $ 92.9 | $ (7.3) | $ 153.3 | $ 114.2 |
| Interest expense, net | 60.9 | 73.4 | 125.2 | 147.1 |
| Income tax expense | 21.7 | 6 | 41.9 | 40.3 |
| Loss on extinguishment of debt | 1.9 | 1.6 | 4.4 | 3.9 |
| Other income, net | (1.6) | (2) | (2.7) | (2.6) |
| Operating income | 175.8 | 71.7 | 322.1 | 302.9 |
| Amortization | 74.9 | 78.9 | 150.2 | 157.3 |
| Integration related expenses | 0 | (0.6) | 0 | 8.1 |
| Impairment charges | 0 | 160.8 | 0 | 160.8 |
| Adjusted Operating Income | 277.2 | 318.9 | 535.6 | 642 |
| Business Exit Costs And Employee Severance | ||||
| Reconciliation of Adjusted EBITDA from net income or loss | ||||
| Restructuring and severance charges/transformation expenses | 9.7 | 7.2 | 32.9 | 11.9 |
| External Advisors | ||||
| Reconciliation of Adjusted EBITDA from net income or loss | ||||
| Restructuring and severance charges/transformation expenses | 16.2 | 0 | 29.5 | 0 |
| Other | $ 0.6 | $ 0.9 | $ 0.9 | $ 1 |
Segment financial information_4
| Segment financial information - product lines (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Disaggregation by product line | ||||
| Net sales | $ 1,702.8 | $ 1,743.9 | $ 3,382.6 | $ 3,524.2 |
| Proprietary | ||||
| Disaggregation by product line | ||||
| Net sales | 914 | 923.9 | 1,797.5 | 1,876.1 |
| Third-party | ||||
| Disaggregation by product line | ||||
| Net sales | $ 788.8 | $ 820 | $ 1,585.1 | $ 1,648.1 |
Supplemental disclosures of c_3
| Supplemental disclosures of cash flow information (Details) - USD ($) $ in Millions | 6 Months Ended | |||
| Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
| Components and classification of cash, restricted cash and equivalents | ||||
| Cash and cash equivalents | $ 272.6 | $ 262.9 | ||
| Restricted cash classified as other assets | 24.1 | 24.8 | ||
| Total | 296.7 | $ 260.8 | $ 287.7 | $ 396.9 |
| Cash flows from operating activities: | ||||
| Cash paid for income taxes, net | 86.5 | 126.7 | ||
| Cash paid for interest, net, excluding financing leases | 116.1 | 138.2 | ||
| Cash paid for interest on finance leases | 2.5 | 2.5 | ||
| Cash paid under operating leases | 22 | 21.1 | ||
| Cash flows from financing activities: | ||||
| Cash paid under finance leases | $ 2.8 | $ 2.5 | ||
Inventory (Details)
| Inventory (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
| Components of inventory | ||
| Merchandise inventory | $ 443.5 | $ 503.5 |
| Finished goods | 119.6 | 91 |
| Raw materials | 162.3 | 167.2 |
| Work in process | 70.2 | 66.4 |
| Total | $ 795.6 | $ 828.1 |
Goodwill and other intangible_3
| Goodwill and other intangible assets - Goodwill by segment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
| Goodwill [Line Items] | ||
| Goodwill, gross | $ 5,755.5 | |
| Accumulated impairment losses | $ (38.8) | (38.8) |
| Goodwill | $ 5,659.6 | 5,716.7 |
| Laboratory Solutions | ||
| Goodwill [Line Items] | ||
| Goodwill, gross | 3,842 | |
| Accumulated impairment losses | (18.4) | |
| Goodwill | 3,823.6 | |
| Bioscience Production | ||
| Goodwill [Line Items] | ||
| Goodwill, gross | 1,913.5 | |
| Accumulated impairment losses | (20.4) | |
| Goodwill | $ 1,893.1 |
Goodwill and other intangible_4
| Goodwill and other intangible assets - Other intangibles (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
| Finite-lived | ||
| Gross value | $ 5,809.1 | $ 5,878.4 |
| Accumulated amortization and impairment | 2,318.6 | 2,195.4 |
| Carrying value | 3,490.5 | 3,683 |
| Indefinite-lived | 92.3 | 92.3 |
| Total | 3,582.8 | 3,775.3 |
| Accumulated asset impairment charge | 106.4 | 106.4 |
| Customer relationships | ||
| Finite-lived | ||
| Gross value | 4,822.3 | 4,883.2 |
| Accumulated amortization and impairment | 1,772 | 1,670.3 |
| Carrying value | 3,050.3 | 3,212.9 |
| Accumulated asset impairment charge | 65.9 | 65.9 |
| Trade names | ||
| Finite-lived | ||
| Gross value | 355.5 | 359.7 |
| Accumulated amortization and impairment | 234.3 | 228.3 |
| Carrying value | 121.2 | 131.4 |
| Other | ||
| Finite-lived | ||
| Gross value | 631.3 | 635.5 |
| Accumulated amortization and impairment | 312.3 | 296.8 |
| Carrying value | 319 | 338.7 |
| Accumulated asset impairment charge | $ 40.5 | $ 40.5 |
Commitments and contingencies (
| Commitments and contingencies (Details) - Environmental remediation $ in Millions | Jun. 30, 2024 USD ($) |
| Phillipsburg, New Jersey | |
| Commitments and contingencies | |
| Accrued environmental loss | $ 2.4 |
| Accrued environmental loss, gross | $ 3.7 |
| Phillipsburg, New Jersey | Minimum | |
| Commitments and contingencies | |
| Accrued environmental loss, discount rate | 4.30% |
| Phillipsburg, New Jersey | Maximum | |
| Commitments and contingencies | |
| Accrued environmental loss, discount rate | 5.10% |
| Gliwice, Poland | |
| Commitments and contingencies | |
| Accrued environmental loss | $ 1.1 |
Debt (Details)
| Debt (Details) - USD ($) $ in Millions | 6 Months Ended | ||||
| Apr. 02, 2024 | Apr. 01, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | |
| Debt Instrument [Line Items] | |||||
| Total debt, gross | $ 5,148.3 | $ 5,580 | |||
| Less: unamortized deferred financing costs | (33.3) | (43.4) | |||
| Total debt | 5,115 | 5,536.6 | |||
| Current portion of debt | 258.4 | 259.9 | |||
| Debt, net of current portion | 4,856.6 | 5,276.7 | |||
| Capacity | 1,308.5 | ||||
| Undrawn letters of credit outstanding | (14.5) | ||||
| Outstanding borrowings | (233.3) | ||||
| Unused availability | $ 1,060.7 | ||||
| Receivables facility | |||||
| Debt Instrument [Line Items] | |||||
| Interest terms | 0.80% | ||||
| Rate | 6.24% | ||||
| Total debt, gross | $ 233.3 | 221 | |||
| Capacity | 333.5 | ||||
| Undrawn letters of credit outstanding | (14.5) | ||||
| Outstanding borrowings | (233.3) | ||||
| Unused availability | $ 85.7 | ||||
| Senior secured credit facilities: | Euro term loans B-4 | |||||
| Debt Instrument [Line Items] | |||||
| Interest terms | 2.50% | ||||
| Rate | 6.15% | ||||
| Total debt, gross | $ 264.5 | 630.1 | |||
| Senior secured credit facilities: | Euro term loans B-5 | |||||
| Debt Instrument [Line Items] | |||||
| Interest terms | 2% | ||||
| Rate | 5.65% | ||||
| Total debt, gross | $ 337.8 | 350.4 | |||
| Senior secured credit facilities: | U.S. dollar term loans B-5 | |||||
| Debt Instrument [Line Items] | |||||
| Interest terms | 0% | ||||
| Rate | 0% | ||||
| Total debt, gross | $ 0 | 787.6 | |||
| Senior secured credit facilities: | U.S. dollar term loans B-6 | |||||
| Debt Instrument [Line Items] | |||||
| Interest terms | 2% | 2.25% | 2% | ||
| Rate | 7.44% | ||||
| Total debt, gross | $ 772.4 | $ 772.4 | $ 760.5 | 0 | |
| Senior secured credit facilities: | Revolving credit facility | |||||
| Debt Instrument [Line Items] | |||||
| Less: unamortized deferred financing costs | $ (2.3) | ||||
| Capacity | 975 | $ 975 | |||
| Undrawn letters of credit outstanding | 0 | ||||
| Outstanding borrowings | 0 | ||||
| Unused availability | $ 975 | ||||
| Notes | 2.625% secured notes | |||||
| Debt Instrument [Line Items] | |||||
| Rate | 2.625% | ||||
| Total debt, gross | $ 696.5 | 718.7 | |||
| Notes | 3.875% unsecured notes | |||||
| Debt Instrument [Line Items] | |||||
| Rate | 3.875% | ||||
| Total debt, gross | $ 800 | 800 | |||
| Notes | 3.875% unsecured notes | |||||
| Debt Instrument [Line Items] | |||||
| Rate | 3.875% | ||||
| Total debt, gross | $ 428.6 | 442.3 | |||
| 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 | 68.3 | |||
| Other Debt | |||||
| Debt Instrument [Line Items] | |||||
| Total debt, gross | $ 10.1 | $ 11.6 |
Debt - other information (Detai
| Debt - other information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
| Apr. 02, 2024 | Apr. 01, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Oct. 25, 2022 | |
| Information about debt | ||||||||
| Interest income | $ 17.9 | $ 15.5 | $ 35.8 | $ 30 | ||||
| Facility limit | $ 400 | |||||||
| Debt Issuance Costs, Net | 33.3 | 33.3 | $ 43.4 | |||||
| Line of credit facility, borrowing capacity | 1,308.5 | 1,308.5 | ||||||
| Gross amount | 5,148.3 | 5,148.3 | 5,580 | |||||
| Loss on extinguishment of debt | $ 1.9 | 1.6 | 4.4 | 3.9 | ||||
| Debt covenants draw trigger percentage | 35% | |||||||
| Receivables facility | ||||||||
| Information about debt | ||||||||
| Line of credit facility, borrowing capacity | $ 333.5 | $ 333.5 | ||||||
| Interest terms | 0.80% | |||||||
| Gross amount | 233.3 | $ 233.3 | 221 | |||||
| Receivables facility | Asset Not Pledged as Collateral | ||||||||
| Information about debt | ||||||||
| Amount pledged as collateral | 547.2 | $ 547.2 | ||||||
| Senior secured credit facilities: | U.S. dollar term loans B-6 | ||||||||
| Information about debt | ||||||||
| Interest terms | 2% | 2.25% | 2% | |||||
| Gross amount | $ 772.4 | $ 772.4 | 760.5 | $ 760.5 | 0 | |||
| Senior secured credit facilities: | Euro term loans B-5 | ||||||||
| Information about debt | ||||||||
| Interest terms | 2% | |||||||
| Gross amount | 337.8 | $ 337.8 | 350.4 | |||||
| Repayments of debt | 10 | |||||||
| Senior secured credit facilities: | Euro term loans B-4 | ||||||||
| Information about debt | ||||||||
| Interest terms | 2.50% | |||||||
| Gross amount | 264.5 | $ 264.5 | $ 630.1 | |||||
| Repayments of debt | 156.2 | |||||||
| Senior secured credit facilities: | Term loans | ||||||||
| Information about debt | ||||||||
| Loss on extinguishment of debt | 1.9 | |||||||
| Senior secured credit facilities: | Revolving credit facility | ||||||||
| Information about debt | ||||||||
| Debt Issuance Costs, Net | 2.3 | 2.3 | ||||||
| Line of credit facility, borrowing capacity | $ 975 | $ 975 | $ 975 | $ 975 | ||||
Accumulated other comprehensi_3
| Accumulated other comprehensive income or loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Changes in AOCI, net of tax | ||||
| Beginning balance | $ (97) | $ (89.7) | $ (69) | $ (100.3) |
| Unrealized gain (loss) | (0.9) | 24.7 | (13.3) | 36.6 |
| Reclassification of (gain) loss into earnings | (8.4) | (7.6) | (16.9) | (14.1) |
| Income tax effect | (1) | 0.7 | (8.1) | 5.9 |
| Ending balance | (107.3) | (71.9) | (107.3) | (71.9) |
| Foreign currency translation | ||||
| Changes in AOCI, net of tax | ||||
| Beginning balance | (111.7) | (111.7) | (82.8) | (131.3) |
| Unrealized gain (loss) | (6.1) | 8.7 | (28.1) | 25.6 |
| Reclassification of (gain) loss into earnings | 0 | 0 | 0 | 0 |
| Income tax effect | (1.7) | 2.6 | (8.6) | 5.3 |
| Ending balance | (119.5) | (100.4) | (119.5) | (100.4) |
| Derivative instruments | ||||
| Changes in AOCI, net of tax | ||||
| Beginning balance | 13.6 | 14.9 | 12.6 | 19.9 |
| Unrealized gain (loss) | 5.4 | 16.8 | 15.2 | 16.7 |
| Reclassification of (gain) loss into earnings | (8.4) | (7.6) | (16.9) | (14.1) |
| Income tax effect | 0.7 | (2.2) | 0.4 | (0.6) |
| Ending balance | 11.3 | 21.9 | 11.3 | 21.9 |
| Defined benefit plans | ||||
| Changes in AOCI, net of tax | ||||
| Beginning balance | 1.1 | 7.1 | 1.2 | 11.1 |
| Unrealized gain (loss) | (0.2) | (0.8) | (0.4) | (5.7) |
| Reclassification of (gain) loss into earnings | 0 | 0 | 0 | 0 |
| Income tax effect | 0 | 0.3 | 0.1 | 1.2 |
| Ending balance | $ 0.9 | $ 6.6 | $ 0.9 | $ 6.6 |
Stock-based compensation - expe
| Stock-based compensation - expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Other information about options outstanding | ||||
| Expense | $ 11.1 | $ 9.2 | $ 23.8 | $ 21.9 |
| Equity Award | ||||
| Other information about options outstanding | ||||
| Expense | 11.6 | 9.3 | 24 | 21.9 |
| Stock options | ||||
| Other information about options outstanding | ||||
| Expense | 2.6 | 3.6 | 5.7 | 7.2 |
| RSUs | ||||
| Other information about options outstanding | ||||
| Expense | 8.8 | 5.5 | 17.6 | 14.2 |
| Other | ||||
| Other information about options outstanding | ||||
| Expense | (0.3) | 0.1 | 0.5 | 0.5 |
| Liability Award | ||||
| Other information about options outstanding | ||||
| Expense | $ (0.5) | $ (0.1) | $ (0.2) | $ 0 |
Stock-based compensation - othe
| Stock-based compensation - other information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Other information about options outstanding | ||||
| Remaining expense to be recognized | $ 103.8 | $ 103.8 | ||
| Weighted average period over which remaining expense will be recognized (in years) | 1 year 9 months 18 days | |||
| Restricted stock expense | $ 2.7 | $ 4.8 | $ 1.8 | |
| Restricted stock expense | $ 0.5 | |||
| Stock options | ||||
| Other information about options outstanding | ||||
| Contractual life (in years) | 10 years | |||
| Award vesting period (in years) | 3 years | |||
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, 2024 | |
| Number of options outstanding | |
| Beginning balance (in shares) | 16.4 |
| Granted (in shares) | 0.7 |
| Exercised (in shares) | (2.3) |
| Forfeited (in shares) | (0.7) |
| Ending balance (in shares) | 14.1 |
| Weighted average exercise price per outstanding option | |
| Beginning balance (in dollars per share) | $ 21.37 |
| Granted (in dollars per share) | 24.14 |
| Exercised (in dollars per share) | 21.34 |
| Forfeited (in dollars per share) | 25.94 |
| Ending balance (in dollars per share) | $ 21.25 |
| Other information about options outstanding | |
| Aggregate intrinsic value | $ 31.4 |
| Weighted average remaining term | 5 years 3 months 18 days |
| Information about options expected to vest and exercisable | |
| Options expected to vest, number (in shares) | 3 |
| Options expected to vest, weighted average exercise price per option (in dollars per share) | $ 25.12 |
| Options expected to vest, aggregate intrinsic value | $ 0.3 |
| Options expected to vest, weighted average remaining term | 8 years 8 months 12 days |
| Options exercisable, number (in shares) | 11.1 |
| Options exercisable, weighted average exercise price per option (in dollars per share) | $ 20.24 |
| Options exercisable, aggregate intrinsic value | $ 31.1 |
| Options exercisable, weighted average remaining term | 4 years 4 months 24 days |
Stock-based compensation - non-
| Stock-based compensation - non-option award rollforward (Details) - RSUs shares in Millions | 6 Months Ended |
| Jun. 30, 2024 $ / shares shares | |
| Number of awards | |
| Beginning balance (in shares) | shares | 4 |
| Granted (in shares) | shares | 2.2 |
| Vested (in shares) | shares | (0.9) |
| Forfeited (in shares) | shares | (0.2) |
| Ending balance (in shares) | shares | 5.1 |
| Weighted average grant date fair value per award | |
| Beginning balance (in dollars per share) | $ / shares | $ 26.35 |
| Granted (in dollars per share) | $ / shares | 25.65 |
| Vested (in dollars per share) | $ / shares | 25.93 |
| Forfeited (in dollars per share) | $ / shares | 29.62 |
| Ending balance (in dollars per share) | $ / shares | $ 26.60 |
Other income or expense, net (D
| Other income or expense, net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Other Income and Expenses [Abstract] | ||||
| Net foreign currency gain from financing activities | $ 1 | $ 1.6 | $ 1.8 | $ 1.8 |
| Income related to defined benefit plans | 0.6 | 0.3 | 0.9 | 0.7 |
| Other | 0 | 0.1 | 0 | 0.1 |
| Other income, net | $ 1.6 | $ 2 | $ 2.7 | $ 2.6 |
Income taxes (Details)
| Income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Income Tax Disclosure [Abstract] | ||||
| Income (loss) before income taxes | $ 114.6 | $ (1.3) | $ 195.2 | $ 154.5 |
| Income tax expense | $ (21.7) | $ (6) | $ (41.9) | $ (40.3) |
| Effective income tax rate | 18.90% | (461.50%) | 21.50% | 26.10% |
Derivative and hedging activi_3
| Derivative and hedging activities - Narrative (Details) € in Millions | 6 Months Ended | ||
| Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) | |
| Derivatives, Fair Value [Line Items] | |||
| Gain reclassified to interest expense, next 12 months | $ 14,800,000 | ||
| 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 | ||
| Interest 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 | $ 23,000,000 | $ 9,300,000 |
Derivative and hedging activi_4
| Derivative and hedging activities - Outstanding Interest Rate Derivatives (Details) € in Millions | Jun. 30, 2024 USD ($) instrument | Jun. 30, 2024 EUR (€) instrument |
| Cash Flow Hedging | Interest rate swaps | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Number of instruments | instrument | 2 | 2 |
| Notional purchased | $ | $ 850,000,000 | |
| Net Investment Hedging | Cross-currency swaps | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Number of instruments | instrument | 1,000,000 | 1,000,000 |
| Notional sold | € | € 732.1 | |
| Notional purchased | $ | $ 750,000,000 |
Derivative and hedging activi_5
| Derivative and hedging activities - Effect on AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Amount of gain or (loss) recognized in OCI on Derivative | $ 5.4 | $ 16.8 | $ 15.2 | $ 16.7 |
| Amount of gain or (loss) reclassified from AOCI into income | 8.4 | 7.6 | 16.9 | 14.1 |
| Cash Flow Hedging | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Amount of gain or (loss) recognized in OCI on Derivative | 2.2 | 13.6 | 8.8 | 10.1 |
| Amount of gain or (loss) reclassified from AOCI into income | 5.3 | 4.4 | 10.5 | 7.5 |
| Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) | (60.9) | (73.4) | (125.2) | (147.1) |
| Cash Flow Hedging | Interest rate swaps | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Amount of gain or (loss) recognized in OCI on Derivative | 2.2 | 13.6 | 8.8 | 10.1 |
| Cash Flow Hedging | Interest rate swaps | Interest expense, net | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Amount of gain or (loss) reclassified from AOCI into income | 5.3 | 4.4 | 10.5 | 7.5 |
| Net Investment Hedging | ||||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Amount of gain or (loss) recognized in OCI on Derivative | 7.4 | (6) | 28.3 | (13.2) |
| Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing) | 3.2 | 3.2 | 6.3 | 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 | 7.4 | (6) | 28.3 | (13.2) |
| Net Investment Hedging | Cross-currency swaps | Interest expense, net | ||||
| 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 | $ 3.2 | $ 6.3 | $ 6.4 |
Derivative and hedging activi_6
| Derivative and hedging activities - Effect on Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
| Amount of gain reclassified from AOCI into income | $ 8.4 | $ 7.6 | $ 16.9 | $ 14.1 |
| 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 | (60.9) | (73.4) | (125.2) | (147.1) |
| Amount of gain reclassified from AOCI into income | $ 5.3 | $ 4.4 | $ 10.5 | $ 7.5 |
Derivative and hedging activi_7
| Derivative and hedging activities - Derivative Instruments Classification on Balance Sheet (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
| Derivatives, Fair Value [Line Items] | ||
| Derivative Asset | $ 14.9 | $ 16.6 |
| Derivative Liability | $ (33.3) | $ (55.2) |
| Interest rate swaps | ||
| Derivatives, Fair Value [Line Items] | ||
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets | Other current assets |
| Derivative Asset | $ 14.9 | $ 16.6 |
| 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 | $ (33.3) | $ (55.2) |
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, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| 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 | $ (3) | $ 1.8 | $ (13.7) | $ 9.3 |
Financial instruments and fai_3
| Financial instruments and fair value measurements - Schedule of gross amounts and fair values of debt instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Apr. 02, 2024 | Apr. 01, 2024 | Dec. 31, 2023 |
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | $ 5,148.3 | $ 5,580 | ||
| Fair value | 4,981.1 | 5,429.9 | ||
| Receivables facility | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 233.3 | 221 | ||
| Fair value | 233.3 | 221 | ||
| Senior secured credit facilities: | Euro term loans B-4 | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 264.5 | 630.1 | ||
| Fair value | 265.8 | 630.9 | ||
| Senior secured credit facilities: | Euro term loans B-5 | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 337.8 | 350.4 | ||
| Fair value | 339.5 | 351.1 | ||
| Senior secured credit facilities: | U.S. dollar term loans B-5 | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 0 | 787.6 | ||
| Fair value | 0 | 791 | ||
| Senior secured credit facilities: | U.S. dollar term loans B-6 | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 760.5 | $ 772.4 | $ 772.4 | 0 |
| Fair value | 765.7 | 0 | ||
| Notes | 2.625% secured notes | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 696.5 | 718.7 | ||
| Fair value | 682.4 | 705.3 | ||
| Notes | 3.875% unsecured notes | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 800 | 800 | ||
| Fair value | 724 | 727.3 | ||
| Notes | 3.875% unsecured notes | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 428.6 | 442.3 | ||
| Fair value | 418.6 | 434.3 | ||
| Notes | 4.625 % unsecured notes | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 1,550 | 1,550 | ||
| Fair value | 1,474.7 | 1,489.1 | ||
| Finance lease liabilities | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 67 | 68.3 | ||
| Fair value | 67 | 68.3 | ||
| Other Debt | ||||
| Estimated Fair Value Of Financial Instruments [Line Items] | ||||
| Gross amount | 10.1 | 11.6 | ||
| Fair value | $ 10.1 | $ 11.6 |
Financial instruments and fai_4
| Financial instruments and fair value measurements - additional information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
| Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Impairment charges | $ 0 | $ 160.8 | $ 0 | $ 160.8 |
| Property, plant and equipment, estimated fair value | 25.9 | 25.9 | ||
| Customer relationships | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Finite-lived intangibles, estimated fair value | 31.4 | 31.4 | ||
| Developed technology | ||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
| Finite-lived intangibles, estimated fair value | $ 19.3 | $ 19.3 | ||
Subsequent Events (Details)
| Subsequent Events (Details) - Subsequent Event $ in Millions | Jul. 24, 2024 USD ($) |
| Minimum | |
| Subsequent Event [Line Items] | |
| Total expected charges | $ 50 |
| Minimum | Employee severance and related | |
| Subsequent Event [Line Items] | |
| Total expected charges | 40 |
| Maximum | |
| Subsequent Event [Line Items] | |
| Total expected charges | 65 |
| Maximum | Employee severance and related | |
| Subsequent Event [Line Items] | |
| Total expected charges | $ 50 |