Avantor (AVTR) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Document and entity information

Document and entity information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 21, 2024
Cover [Abstract]
Document Type	10-Q
Amendment flag	false
Document quarterly report	true
Document Period End Date	Sep. 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	Q3
Entity common stock, shares outstanding		680,613,800
Local Phone Number	386-1700
City Area Code	610
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	AVTR
Security Exchange Name	NYSE

Unaudited condensed consolidate

Unaudited condensed consolidated balance sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 285.3	$ 262.9
Accounts receivable, net of allowances of $32.5 and $35.0	1,087.7	1,150.2
Inventory	779.6	828.1
Other current assets	135.6	143.7
Assets held for sale (see note 17)	216.5	0
Total current assets	2,504.7	2,384.9
Property, plant and equipment, net of accumulated depreciation and impairment charges of $620.9 and $616.9	722.8	737.5
Other intangible assets, net (see note 7)	3,522.7	3,775.3
Goodwill, net of accumulated impairment losses of $38.8 and $38.8	5,670.6	5,716.7
Other assets	419.8	358.3
Total assets	12,840.6	12,972.7
Liabilities and stockholders’ equity
Current portion of debt	229.7	259.9
Accounts payable	673.5	625.9
Employee-related liabilities	183.3	133.1
Accrued interest	39.9	50.2
Other current liabilities	401.7	411.2
Liabilities held for sale (see note 17)	101.7	0
Total current liabilities	1,629.8	1,480.3
Debt, net of current portion	4,691.4	5,276.7
Deferred income tax liabilities	547.3	612.8
Other liabilities	418.9	350.3
Total liabilities	7,287.4	7,720.1
Commitments and contingencies (see note 9)
Common stock including paid-in capital, 680.6 and 676.6 shares issued and outstanding	3,924.5	3,830.1
Accumulated earnings	1,702.6	1,491.5
Accumulated other comprehensive loss	(73.9)	(69)
Total stockholders’ equity	5,553.2	5,252.6
Total liabilities and stockholders’ equity	$ 12,840.6	$ 12,972.7

Unaudited condensed consolida_2

Unaudited condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, net of allowances of $32.5 and $35.0	$ 32.5	$ 35
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	620.9	616.9
Accumulated impairment losses	$ 38.8	$ 38.8
Common stock, shares, issued (in shares)	680.6	676.6
Common stock, shares, outstanding (in shares)	680.6	676.6

Unaudited condensed consolida_3

Unaudited condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,714.4	$ 1,720.2	$ 5,097	$ 5,244.4
Cost of sales	1,150	1,141.6	3,380.6	3,451
Gross profit	564.4	578.6	1,716.4	1,793.4
Selling, general and administrative expenses	439.8	368.4	1,269.7	1,119.5
Impairment charges	0	0	0	160.8
Operating income	124.6	210.2	446.7	513.1
Interest expense, net	(48.7)	(72.4)	(173.9)	(219.5)
Loss on extinguishment of debt	(2.1)	(2)	(6.5)	(5.9)
Other income, net	0.7	0.7	3.4	3.3
Income before income taxes	74.5	136.5	269.7	291
Income tax expense	(16.7)	(28.1)	(58.6)	(68.4)
Net income	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Earnings per share:
Basic	$ 0.08	$ 0.16	$ 0.31	$ 0.33
Diluted	$ 0.08	$ 0.16	$ 0.31	$ 0.33
Weighted average shares outstanding:
Basic	680.3	676	679.3	675.4
Diluted	683	678.5	682.1	678.1

Unaudited condensed consolida_4

Unaudited condensed consolidated statements of comprehensive income or loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Other comprehensive income (loss):
Foreign currency translation — unrealized gain (loss)	33.8	(30.4)	5.7	(4.8)
Derivative instruments:
Unrealized (loss) gain	(0.9)	8	14.3	24.7
Reclassification of gain into earnings	(14.1)	(8.4)	(31)	(22.5)
Defined benefit plans:
Activity related to defined benefit plans	(0.2)	(0.9)	(0.6)	(6.6)
Other comprehensive income (loss) before income taxes	18.6	(31.7)	(11.6)	(9.2)
Income tax effect	14.8	(7.5)	6.7	(1.6)
Other comprehensive income (loss)	33.4	(39.2)	(4.9)	(10.8)
Comprehensive income	$ 91.2	$ 69.2	$ 206.2	$ 211.8

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)	2
Ending balance (in shares) at Sep. 30, 2023	676.3
Beginning balance (in shares) at Jun. 30, 2023	675.7
Stock option exercises and other common stock transactions (in shares)	0.6
Ending balance (in shares) at Sep. 30, 2023	676.3
Beginning balance (in shares) at Dec. 31, 2023	676.6
Stock option exercises and other common stock transactions (in shares)	4
Ending balance (in shares) at Sep. 30, 2024	680.6
Beginning balance (in shares) at Jun. 30, 2024	679.6
Stock option exercises and other common stock transactions (in shares)	1
Ending balance (in shares) at Sep. 30, 2024	680.6

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 income (loss)	211.8		222.6	(10.8)
Stock-based compensation expense	31.6	31.6
Stock option exercises and other common stock transactions	0.6	0.6
Ending balance at Sep. 30, 2023	5,099.4	3,817.5	1,393	(111.1)
Beginning balance at Jun. 30, 2023	5,011.3	3,798.6	1,284.6	(71.9)
Comprehensive income (loss)	69.2		108.4	(39.2)
Stock-based compensation expense	9.7	9.7
Stock option exercises and other common stock transactions	9.2	9.2
Ending balance at Sep. 30, 2023	5,099.4	3,817.5	1,393	(111.1)
Beginning balance at Dec. 31, 2023	5,252.6	3,830.1	1,491.5	(69)
Comprehensive income (loss)	206.2		211.1	(4.9)
Stock-based compensation expense	35.3	35.3
Stock option exercises and other common stock transactions	59.1	59.1
Ending balance at Sep. 30, 2024	5,553.2	3,924.5	1,702.6	(73.9)
Beginning balance at Jun. 30, 2024	5,435	3,897.5	1,644.8	(107.3)
Comprehensive income (loss)	91.2		57.8	33.4
Stock-based compensation expense	11.3	11.3
Stock option exercises and other common stock transactions	15.7	15.7
Ending balance at Sep. 30, 2024	$ 5,553.2	$ 3,924.5	$ 1,702.6	$ (73.9)

Unaudited condensed consolida_7

Unaudited condensed consolidated statements of cash flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 211.1	$ 222.6
Reconciling adjustments:
Depreciation and amortization	304.6	301.7
Impairment charges	0	160.8
Stock-based compensation expense	35.7	31.7
Non-cash restructuring charges (see note 8)	16.4	0
Provision for accounts receivable and inventory	55.8	62.5
Deferred income tax benefit	(75.3)	(94.1)
Amortization of deferred financing costs	8.6	9.9
Loss on extinguishment of debt	6.5	5.9
Foreign currency remeasurement loss (gain)	3	(3.1)
Changes in assets and liabilities:
Accounts receivable	34.2	55.1
Inventory	(21.5)	9.1
Accounts payable	41.9	(95.8)
Accrued interest	(16.5)	(10.3)
Other assets and liabilities	63	(38.5)
Other	0	0.9
Net cash provided by operating activities	667.5	618.4
Cash flows from investing activities:
Capital expenditures	(121.3)	(95.8)
Other	1.7	2.1
Net cash used in investing activities	(119.6)	(93.7)
Cash flows from financing activities:
Debt repayments	(585)	(657.9)
Payments of debt refinancing fees and premiums	0	(2.3)
Proceeds received from exercise of stock options	67.3	14.1
Shares repurchased to satisfy employee tax obligations for vested stock-based awards	(8.2)	(13.5)
Net cash used in financing activities	(525.9)	(659.6)
Effect of currency rate changes on cash and cash equivalents	0.6	(1.3)
Net change in cash, cash equivalents and restricted cash	22.6	(136.2)
Cash, cash equivalents and restricted cash, beginning of period	287.7	396.9
Cash, cash equivalents and restricted cash, end of period	$ 310.3	$ 260.7

Nature of operations and presen

Nature of operations and presentation of financial statements	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. The Company will first apply this standard to its annual disclosures for the year ending December 31, 2024, which we expect will result in additional disclosures in the Company’s segment financial information footnote, primarily through enhanced disclosure about significant segment expenses. 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 other 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 ending 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2024: (in millions, except per share data) Three months ended September 30, 2024 Nine months ended September 30, 2024 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 57.8 680.3 $ 0.08 $ 211.1 679.3 $ 0.31 Dilutive effect of stock-based awards — 2.7 — 2.8 Diluted $ 57.8 683.0 $ 0.08 $ 211.1 682.1 $ 0.31 The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2023: (in millions, except per share data) Three months ended September 30, 2023 Nine months ended September 30, 2023 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 108.4 676.0 $ 0.16 $ 222.6 675.4 $ 0.33 Dilutive effect of stock-based awards — 2.5 — 2.7 Diluted $ 108.4 $ 678.5 $ 0.16 $ 222.6 678.1 $ 0.33

Segment financial information

Segment financial information	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Net sales: Laboratory Solutions $ 1,171.5 $ 1,159.1 $ 3,484.3 $ 3,555.9 Bioscience Production 542.9 561.1 1,612.7 1,688.5 Total $ 1,714.4 $ 1,720.2 $ 5,097.0 $ 5,244.4 Adjusted Operating Income: Laboratory Solutions $ 151.5 $ 159.1 $ 450.7 $ 511.0 Bioscience Production 138.1 148.2 409.0 469.9 Corporate (14.8) (12.3) (49.2) (43.9) Total $ 274.8 $ 295.0 $ 810.5 $ 937.0 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, the nearest measurement under GAAP, to Adjusted Operating Income: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net income $ 57.8 $ 108.4 $ 211.1 $ 222.6 Interest expense, net 48.7 72.4 173.9 219.5 Income tax expense 16.7 28.1 58.6 68.4 Loss on extinguishment of debt 2.1 2.0 6.5 5.9 Other income, net (0.7) (0.7) (3.4) (3.3) Operating income 124.6 210.2 446.7 513.1 Amortization 75.4 75.4 225.6 232.7 Integration-related expenses 1 — 0.2 — 8.3 Restructuring and severance charges 2 49.4 6.1 82.3 18.0 Transformation expenses 3 17.1 — 46.6 — Reserve for certain legal matters 4 7.9 3.0 7.9 4.0 Other 5 0.4 0.1 1.4 0.1 Impairment charges 6 — — — 160.8 Adjusted Operating Income $ 274.8 $ 295.0 $ 810.5 $ 937.0 ━━━━━━━━━ 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 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. Represents other stock-based compensation expense (benefit). 6. As described in note 1 to our unaudited condensed consolidated financial statements. The following table presents net sales by product category: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Proprietary $ 920.5 $ 921.8 $ 2,718.0 $ 2,797.9 Third-party 793.9 798.4 2,379.0 2,446.5 Total $ 1,714.4 $ 1,720.2 $ 5,097.0 $ 5,244.4

Supplemental disclosures of cas

Supplemental disclosures of cash flow information	9 Months Ended
	Sep. 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 balances: (in millions) September 30, 2024 December 31, 2023 Cash and cash equivalents $ 285.3 $ 262.9 Restricted cash classified as other assets 25.0 24.8 Total $ 310.3 $ 287.7 At September 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) Nine months ended September 30, 2024 2023 Cash flows from operating activities: Cash paid for income taxes, net $ 128.1 $ 195.3 Cash paid for interest, net, excluding financing leases 179.1 214.2 Cash paid for interest on finance leases 3.9 3.8 Cash paid under operating leases 33.5 32.4 Cash flows from financing activities: Cash paid under finance leases $ 4.5 $ 3.8

Inventory

Inventory	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory	6. Inventory The following table presents the components of inventory: (in millions) September 30, 2024 December 31, 2023 Merchandise inventory $ 432.3 $ 503.5 Finished goods 114.1 91.0 Raw materials 163.2 167.2 Work in process 70.0 66.4 Total $ 779.6 $ 828.1

Goodwill and other intangible a

Goodwill and other intangible assets	9 Months Ended
	Sep. 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) September 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 $ 4,833.9 $ 1,831.2 $ 3,002.7 $ 4,883.2 $ 1,670.3 $ 3,212.9 Trade names 361.1 243.8 117.3 359.7 228.3 131.4 Other 636.1 325.7 310.4 635.5 296.8 338.7 Total finite-lived $ 5,831.1 $ 2,400.7 3,430.4 $ 5,878.4 $ 2,195.4 3,683.0 Indefinite-lived 92.3 92.3 Total $ 3,522.7 $ 3,775.3 ━━━━━━━━━ 1. As of September 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.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring The following table presents restructuring and severance expenses by plan: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 2024 restructuring program $ 49.4 $ — $ 82.3 $ — Other — 6.1 — 18.0 Total $ 49.4 $ 6.1 $ 82.3 $ 18.0 Restructuring and severance charges are classified as SG&A expenses or cost of sales depending on the nature of the expense. 2024 restructuring program The 2024 restructuring program is a part of the Company’s multi-year cost transformation initiative 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. The following table presents information about expenses under the 2024 restructuring program for the periods covered under this report in which the plan was active: (in millions) Three months ended September 30, Nine months ended September 30, Charges incurred Expected remaining charges Total expected charges 2024 2024 Employee severance and related $ 39.7 $ 64.9 $ 64.9 $ 10.3 $ 75.2 Facility closure 0.4 1.0 1.0 0.3 1.3 Other 9.3 16.4 16.4 5.0 21.4 Total $ 49.4 $ 82.3 $ 82.3 $ 15.6 $ 97.9 Laboratory Solutions $ 26.0 $ 41.9 $ 41.9 $ 10.6 $ 52.5 Bioscience Production 23.4 39.5 39.5 5.0 44.5 Corporate — 0.9 0.9 — 0.9 Total $ 49.4 $ 82.3 $ 82.3 $ 15.6 $ 97.9 Other charges in the table above primarily relate to the write-downs of the carrying value of assets that we plan to dispose of under the program. The following table presents changes to accrued employee severance and related expenses under the 2024 restructuring program, which are primarily classified as employee-related current liabilities: (in millions) Nine months ended September 30, 2024 Beginning balance $ — Expenses 64.9 Cash payments (32.6) Currency translation 0.8 Ending balance $ 33.1

Commitments and contingencies

Commitments and contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	9. Commitments and contingencies Our business involves commitments and contingencies related to compliance with environmental laws and regulations, the manufacture and sale of products and litigation. The ultimate resolution of contingencies is subject to significant uncertainty, and it is reasonably possible that contingencies could be decided unfavorably against us. Environmental laws and regulations Our environmental liabilities are subject to changing governmental policy and regulations, discovery of unknown conditions, judicial proceedings, method and extent of remediation, existence of other potentially responsible parties and future changes in technology. We believe that known and unknown environmental matters, if not resolved favorably, could have a material effect on our financial position, liquidity and profitability. Matters to be disclosed are as follows: The New Jersey Department of Environmental Protection has ordered us to remediate groundwater conditions near our plant in Phillipsburg, New Jersey. At September 30, 2024, our accrued obligation under this order is $2.5 million, which is calculated based on expected cash payments discounted at rates ranging from 3.5% to 4.2% between 2024 and 2045. 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 September 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 September 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	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	10. Debt The following table presents information about our debt: (dollars in millions) September 30, 2024 December 31, 2023 Interest terms Rate Amount Receivables facility SOFR 1 plus 0.80% 5.86% $ 205.1 $ 221.0 Senior secured credit facilities: Euro term loans B-4 EURIBOR plus 2.50% 5.88% 89.5 630.1 Euro term loans B-5 EURIBOR plus 2.00% 5.38% 350.3 350.4 U.S. dollar term loans B-5 SOFR 1 plus —% —% — 787.6 U.S. dollar term loans B-6 SOFR 1 plus 2.00% 6.95% 758.6 — 2.625% secured notes fixed rate 2.625% 724.2 718.7 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 445.6 442.3 4.625% unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 16.9 68.3 Other 10.0 11.6 Total debt, gross 4,950.2 5,580.0 Less: unamortized deferred financing costs (29.1) (43.4) Total debt $ 4,921.1 $ 5,536.6 Classification on balance sheets: Current portion of debt $ 229.7 $ 259.9 Debt, net of current portion 4,691.4 5,276.7 ━━━━━━━━━ 1. SOFR includes credit spread adjustment. Interest expense, net includes interest income of $26.8 million and $17.4 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $62.6 million and $47.4 million for the nine months ended September 30, 2024 and September 30, 2023, respectively. The interest income primarily relates to income on our interest rate swaps and cross currency swaps discussed in note 15. Credit facilities The following table presents availability under our credit facilities: (in millions) September 30, 2024 Receivables facility Revolving credit facility Total Capacity $ 314.4 $ 975.0 $ 1,289.4 Undrawn letters of credit outstanding (14.8) (3.2) (18.0) Outstanding borrowings (205.1) — (205.1) Unused availability $ 94.5 $ 971.8 $ 1,066.3 Capacity under the receivables facility is calculated as the lower of eligible borrowing base or facility limit of $400.0 million. Eligible borrowing base is determined as total available accounts receivable less ineligible accounts receivable and other adjustments. At September 30, 2024, total available accounts receivable under the receivables facility were $522.4 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 September 30, 2024, we made prepayment of $179.6 million on our Euro term loan B-4 that matures on June 10, 2028. In connection with this prepayment, we expensed $2.1 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 September 30, 2024.

Accumulated other comprehensive

Accumulated other comprehensive income or loss	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated other comprehensive income or loss	11. Accumulated other comprehensive income or loss The following table presents changes in the components of AOCI: (in millions) Foreign currency translation Derivative instruments Defined benefit plans Total Balance at June 30, 2024 $ (119.5) $ 11.3 $ 0.9 $ (107.3) Unrealized gain (loss) 33.8 (0.9) (0.2) 32.7 Reclassification of gain into earnings — (14.1) — (14.1) Change due to income taxes 11.2 3.6 — 14.8 Balance at September 30, 2024 $ (74.5) $ (0.1) $ 0.7 $ (73.9) Balance at June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) Unrealized (loss) gain (30.4) 8.0 (0.9) (23.3) Reclassification of gain into earnings — (8.4) — (8.4) Change due to income taxes (7.9) 0.1 0.3 (7.5) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) Balance at December 31, 2023 $ (82.8) $ 12.6 $ 1.2 $ (69.0) Unrealized gain (loss) 5.7 14.3 (0.6) 19.4 Reclassification of gain into earnings — (31.0) — (31.0) Change due to income taxes 2.6 4.0 0.1 6.7 Balance at September 30, 2024 $ (74.5) $ (0.1) $ 0.7 $ (73.9) Balance at December 31, 2022 $ (131.3) $ 19.9 $ 11.1 $ (100.3) Unrealized (loss) gain (4.8) 24.7 (6.6) 13.3 Reclassification of gain into earnings — (22.5) — (22.5) Change due to income taxes (2.6) (0.5) 1.5 (1.6) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) 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 nine months ended September 30, 2024 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 15.

Stock-based compensation

Stock-based compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-based compensation	12. Stock-based compensation The following table presents the components of stock-based compensation expense: (in millions) Award Classification Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock options Equity $ 2.5 $ 3.0 $ 8.2 $ 10.2 RSUs Equity 8.3 6.5 25.9 20.7 Other Both 1.1 0.3 1.6 0.8 Total $ 11.9 $ 9.8 $ 35.7 $ 31.7 Award classification: Equity $ 11.3 $ 9.7 $ 35.3 $ 31.6 Liability 0.6 0.1 0.4 0.1 At September 30, 2024, unvested awards under our plans have remaining stock-based compensation expense of $85.5 million to be recognized over a weighted average period of 1.7 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 (3.0) 20.71 Forfeited (1.6) 19.31 Balance at September 30, 2024 12.5 $ 21.93 $ 55.4 5.1 years Expected to vest 2.5 25.46 3.9 8.4 years Vested 10.0 21.07 51.5 4.3 years During the nine months ended September 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 25.66 Vested (1.1) 25.49 Forfeited (0.5) 28.29 Balance at September 30, 2024 4.6 $ 26.68 During the nine months ended September 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 $1.8 million and $1.7 million for the three months ended September 30, 2024 and September 30, 2023, respectively, and $6.6 million and $3.5 million for the nine months ended September 30, 2024 and September 30, 2023, respectively.

Other income or expense, net

Other income or expense, net	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Other income or expense, net	13. Other income or expense, net The following table presents the components of other income or expense, net: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net foreign currency gain from financing activities $ — $ 0.5 $ 1.8 $ 2.3 Income related to defined benefit plans 0.7 0.3 1.6 1.0 Other — (0.1) — — Other income, net $ 0.7 $ 0.7 $ 3.4 $ 3.3

Income taxes

Income taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income taxes	14. Income taxes The following table presents the relationship between income tax expense and income before income taxes: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Income before income taxes $ 74.5 $ 136.5 $ 269.7 $ 291.0 Income tax expense (16.7) (28.1) (58.6) (68.4) Effective income tax rate 22.4 % 20.6 % 21.7 % 23.5 % Income tax expense in the quarter is based upon the estimated income for the full year. The composition of the income in different countries and adjustments, if any, in the applicable quarterly periods influences our expense. The relationship between pre-tax income and income tax expense is affected by the impact of losses for which we cannot claim a tax benefit, non-deductible expenses, and other items that increase tax expense without a relationship to income, such as withholding taxes and changes with respect to uncertain tax positions. The change in the effective tax rate for the three and nine months ended September 30, 2024 when compared to the three and nine months ended September 30, 2023, is primarily due to an increase in foreign benefit in the third quarter of 2023, as well as a reduced impact of a limitation on the tax deduction of executive compensation expenses in 2024, respectively.

Derivative and hedging activiti

Derivative and hedging activities	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative and hedging activities	15. 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 immaterial amount will be reclassified as an increase to interest expense. As of September 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 1 $ 100.0 Effect of cash flow hedge accounting on AOCI The table below presents the effect of cash flow hedge accounting on AOCI for the three and nine months ended September 30, 2024 and September 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 September 30, Nine months ended September 30, Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate products $ (4.0) $ 4.9 $ 4.8 $ 15.0 Interest expense, net $ 11.0 $ 5.2 $ 21.5 $ 12.7 Total $ (4.0) $ 4.9 $ 4.8 $ 15.0 $ 11.0 $ 5.2 $ 21.5 $ 12.7 Effect of cash flow hedge accounting on the income statement The table below presents the effect of our derivative financial instruments on the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023. Three months ended September 30, Nine months ended September 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 $ (48.7) $ (72.4) $ (173.9) $ (219.5) Amount of gain reclassified from AOCI into income $ 11.0 $ 5.2 $ 21.5 $ 12.7 During the quarter ended September 30, 2024, the hedging relationship between our $750.0 million notional value interest rate swap and underlying hedged item became ineffective as the hedged forecast transaction was deemed no longer probable of occurring. Due to the ineffectiveness, hedge accounting was discontinued, which resulted in a $6.2 million gain on the hedged transaction to be reclassified from AOCI into earnings. After the hedging relationship was discontinued, we terminated the interest rate swap and monetized $6.2 million of cash proceeds, which were received in October 2024. Net investment hedges We are exposed to fluctuations in foreign exchange rates on investments we hold in foreign entities, specifically our net investment in Avantor Holdings B.V., a EUR-functional-currency consolidated subsidiary, against the risk of changes in the EUR-USD exchange rate. For derivatives designated as net investment hedges, the gain or loss on the derivative is reported in AOCI as part of the cumulative translation adjustment. Amounts are reclassified out of AOCI into earnings when the hedged net investment is either sold or substantially liquidated. As of September 30, 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 nine months ended September 30, 2024 and September 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 September 30, Three months ended September 30, 2024 2023 2024 2023 Three months ended: Cross currency swaps $ (26.3) $ 22.8 Interest expense, net $ 3.1 $ 3.2 Total $ (26.3) $ 22.8 $ 3.1 $ 3.2 Nine months ended: Cross currency swaps $ 2.0 $ 9.6 Interest expense, net $ 9.5 $ 9.5 Total $ 2.0 $ 9.6 $ 9.5 $ 9.5 The Company did not reclassify any other deferred gains or losses related to cash flow hedges from accumulated other comprehensive income (loss) to earnings for the three and nine months ended September 30, 2024 and September 30, 2023 other than those mentioned above. The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2024 and December 31, 2023: Derivative assets Derivative liabilities September 30, 2024 December 31, 2023 September 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 $ — Other current assets $ 16.6 Other current liabilities $ (0.1) Other current liabilities $ — Foreign exchange products Other current assets — Other current assets — Other current liabilities (62.7) Other current liabilities (55.2) Total $ — $ 16.6 $ (62.8) $ (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 September 30, 2024, the net investment hedge was equal to the designated portion of the European operations and was considered to be perfectly effective. In October 2024, the Company de-designated these outstanding €400.0 million 3.875% senior unsecured notes as a hedge of our net investment in certain of our European operations. The de-designation will have no impact on earnings as the accumulated gain on the net investment hedge is only reclassified into earnings upon a liquidation event or deconsolidation of a hedged foreign subsidiary. 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 $6.0 million and $9.3 million as of September 30, 2024 and December 31, 2023, respectively. The amount of loss (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three and nine months ended September 30, 2024 and September 30, 2023 are presented below: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net investment hedges $ 17.0 $ (13.5) $ 3.3 $ (4.2)

Financial instruments and fair

Financial instruments and fair value measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Financial instruments and fair value measurements	16. Financial instruments and fair value measurements Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and debt. Certain financial and nonfinancial assets and liabilities are measured at fair value on a nonrecurring basis and are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. As discussed in note 1, during the second quarter of 2023, property, plant and equipment, customer relationships and developed technology related to the Ritter asset group were deemed to be impaired and their carrying values were reduced to estimated fair values of $25.9 million, $31.4 million and $19.3 million, respectively. This was the result of an impairment charge of $160.8 million. The Company estimates the fair value of the Ritter asset group using Level 3 inputs, which included a discounted cash flow analysis. Assets and liabilities for which fair value is only disclosed The carrying amount of cash and cash equivalents was the same as its fair value and is a Level 1 measurement. The carrying amounts for trade accounts receivable and accounts payable approximated fair value due to their short-term nature and are Level 2 measurements. The following table presents the gross amounts, which exclude unamortized deferred financing costs, and the fair values of debt instruments: (in millions) September 30, 2024 December 31, 2023 Gross amount Fair value Gross amount Fair value Receivables facility $ 205.1 $ 205.1 $ 221.0 $ 221.0 Senior secured credit facilities: Euro term loans B-4 89.5 90.1 630.1 630.9 Euro term loans B-5 350.3 351.8 350.4 351.1 U.S. dollar term loans B-5 — — 787.6 791.0 U.S. dollar term loans B-6 758.6 763.8 — — 2.625% secured notes 724.2 718.0 718.7 705.3 3.875% unsecured notes 800.0 758.0 800.0 727.3 3.875% unsecured notes 445.6 444.7 442.3 434.3 4.625 % unsecured notes 1,550.0 1,516.2 1,550.0 1,489.1 Finance lease liabilities 16.9 16.9 68.3 68.3 Other 10.0 10.0 11.6 11.6 Total $ 4,950.2 $ 4,874.6 $ 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.

Assets held for sale

Assets held for sale	9 Months Ended
	Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale	Assets held for sale The Company completed the sale of its Clinical Services business, a component of the Company’s Laboratory Solutions reportable segment, on October 17, 2024, pursuant to a definitive agreement that was signed on August 16, 2024. The Company received gross proceeds of approximately $595.0 million, which are subject to customary post-closing adjustments. We expect the sale to generate approximately $500.0 million of cash proceeds after taxes and transaction costs. The Clinical Services business has not been classified as a discontinued operation as it did not represent a strategic shift that will have a major effect on the Company’s operations and financial results. Assets and liabilities held for sale on the balance sheet, subject to this agreement, were approximately $216.5 million and $101.7 million, respectively, as of September 30, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 57.8	$ 108.4	$ 211.1	$ 222.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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. The Company will first apply this standard to its annual disclosures for the year ending December 31, 2024, which we expect will result in additional disclosures in the Company’s segment financial information footnote, primarily through enhanced disclosure about significant segment expenses. 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 other 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 ending 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2024: (in millions, except per share data) Three months ended September 30, 2024 Nine months ended September 30, 2024 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 57.8 680.3 $ 0.08 $ 211.1 679.3 $ 0.31 Dilutive effect of stock-based awards — 2.7 — 2.8 Diluted $ 57.8 683.0 $ 0.08 $ 211.1 682.1 $ 0.31 The following table presents the reconciliation of basic and diluted earnings per share for the three and nine months ended September 30, 2023: (in millions, except per share data) Three months ended September 30, 2023 Nine months ended September 30, 2023 Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Earnings (numerator) Weighted average shares outstanding (denominator) Earnings per share Basic $ 108.4 676.0 $ 0.16 $ 222.6 675.4 $ 0.33 Dilutive effect of stock-based awards — 2.5 — 2.7 Diluted $ 108.4 $ 678.5 $ 0.16 $ 222.6 678.1 $ 0.33

Segment financial information (

Segment financial information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of segment financial information	The following table presents information by reportable segment: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net sales: Laboratory Solutions $ 1,171.5 $ 1,159.1 $ 3,484.3 $ 3,555.9 Bioscience Production 542.9 561.1 1,612.7 1,688.5 Total $ 1,714.4 $ 1,720.2 $ 5,097.0 $ 5,244.4 Adjusted Operating Income: Laboratory Solutions $ 151.5 $ 159.1 $ 450.7 $ 511.0 Bioscience Production 138.1 148.2 409.0 469.9 Corporate (14.8) (12.3) (49.2) (43.9) Total $ 274.8 $ 295.0 $ 810.5 $ 937.0 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, the nearest measurement under GAAP, to Adjusted Operating Income: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net income $ 57.8 $ 108.4 $ 211.1 $ 222.6 Interest expense, net 48.7 72.4 173.9 219.5 Income tax expense 16.7 28.1 58.6 68.4 Loss on extinguishment of debt 2.1 2.0 6.5 5.9 Other income, net (0.7) (0.7) (3.4) (3.3) Operating income 124.6 210.2 446.7 513.1 Amortization 75.4 75.4 225.6 232.7 Integration-related expenses 1 — 0.2 — 8.3 Restructuring and severance charges 2 49.4 6.1 82.3 18.0 Transformation expenses 3 17.1 — 46.6 — Reserve for certain legal matters 4 7.9 3.0 7.9 4.0 Other 5 0.4 0.1 1.4 0.1 Impairment charges 6 — — — 160.8 Adjusted Operating Income $ 274.8 $ 295.0 $ 810.5 $ 937.0 ━━━━━━━━━ 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 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. Represents other stock-based compensation expense (benefit). 6. As described in note 1 to our unaudited condensed consolidated financial statements.
Schedule of net sales by product line	The following table presents net sales by product category: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Proprietary $ 920.5 $ 921.8 $ 2,718.0 $ 2,797.9 Third-party 793.9 798.4 2,379.0 2,446.5 Total $ 1,714.4 $ 1,720.2 $ 5,097.0 $ 5,244.4

Supplemental disclosures of c_2

Supplemental disclosures of cash flow information (Tables)	9 Months Ended
	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of supplemental disclosures of cash flow information	The following table presents supplemental disclosures of cash balances: (in millions) September 30, 2024 December 31, 2023 Cash and cash equivalents $ 285.3 $ 262.9 Restricted cash classified as other assets 25.0 24.8 Total $ 310.3 $ 287.7 At September 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) Nine months ended September 30, 2024 2023 Cash flows from operating activities: Cash paid for income taxes, net $ 128.1 $ 195.3 Cash paid for interest, net, excluding financing leases 179.1 214.2 Cash paid for interest on finance leases 3.9 3.8 Cash paid under operating leases 33.5 32.4 Cash flows from financing activities: Cash paid under finance leases $ 4.5 $ 3.8

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of inventory components	The following table presents the components of inventory: (in millions) September 30, 2024 December 31, 2023 Merchandise inventory $ 432.3 $ 503.5 Finished goods 114.1 91.0 Raw materials 163.2 167.2 Work in process 70.0 66.4 Total $ 779.6 $ 828.1

Goodwill and other intangible_2

Goodwill and other intangible assets (Tables)	9 Months Ended
	Sep. 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) September 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 $ 4,833.9 $ 1,831.2 $ 3,002.7 $ 4,883.2 $ 1,670.3 $ 3,212.9 Trade names 361.1 243.8 117.3 359.7 228.3 131.4 Other 636.1 325.7 310.4 635.5 296.8 338.7 Total finite-lived $ 5,831.1 $ 2,400.7 3,430.4 $ 5,878.4 $ 2,195.4 3,683.0 Indefinite-lived 92.3 92.3 Total $ 3,522.7 $ 3,775.3 ━━━━━━━━━ 1. As of September 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.

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of restructuring and severance charges	The following table presents restructuring and severance expenses by plan: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 2024 restructuring program $ 49.4 $ — $ 82.3 $ — Other — 6.1 — 18.0 Total $ 49.4 $ 6.1 $ 82.3 $ 18.0 Restructuring and severance charges are classified as SG&A expenses or cost of sales depending on the nature of the expense. 2024 restructuring program The following table presents changes to accrued employee severance and related expenses under the 2024 restructuring program, which are primarily classified as employee-related current liabilities: (in millions) Nine months ended September 30, 2024 Beginning balance $ — Expenses 64.9 Cash payments (32.6) Currency translation 0.8 Ending balance $ 33.1
Schedule of restructuring reserve by type of cost	The following table presents information about expenses under the 2024 restructuring program for the periods covered under this report in which the plan was active: (in millions) Three months ended September 30, Nine months ended September 30, Charges incurred Expected remaining charges Total expected charges 2024 2024 Employee severance and related $ 39.7 $ 64.9 $ 64.9 $ 10.3 $ 75.2 Facility closure 0.4 1.0 1.0 0.3 1.3 Other 9.3 16.4 16.4 5.0 21.4 Total $ 49.4 $ 82.3 $ 82.3 $ 15.6 $ 97.9 Laboratory Solutions $ 26.0 $ 41.9 $ 41.9 $ 10.6 $ 52.5 Bioscience Production 23.4 39.5 39.5 5.0 44.5 Corporate — 0.9 0.9 — 0.9 Total $ 49.4 $ 82.3 $ 82.3 $ 15.6 $ 97.9

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of information about debt	The following table presents information about our debt: (dollars in millions) September 30, 2024 December 31, 2023 Interest terms Rate Amount Receivables facility SOFR 1 plus 0.80% 5.86% $ 205.1 $ 221.0 Senior secured credit facilities: Euro term loans B-4 EURIBOR plus 2.50% 5.88% 89.5 630.1 Euro term loans B-5 EURIBOR plus 2.00% 5.38% 350.3 350.4 U.S. dollar term loans B-5 SOFR 1 plus —% —% — 787.6 U.S. dollar term loans B-6 SOFR 1 plus 2.00% 6.95% 758.6 — 2.625% secured notes fixed rate 2.625% 724.2 718.7 3.875% unsecured notes fixed rate 3.875% 800.0 800.0 3.875% unsecured notes fixed rate 3.875% 445.6 442.3 4.625% unsecured notes fixed rate 4.625% 1,550.0 1,550.0 Finance lease liabilities 16.9 68.3 Other 10.0 11.6 Total debt, gross 4,950.2 5,580.0 Less: unamortized deferred financing costs (29.1) (43.4) Total debt $ 4,921.1 $ 5,536.6 Classification on balance sheets: Current portion of debt $ 229.7 $ 259.9 Debt, net of current portion 4,691.4 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) September 30, 2024 Receivables facility Revolving credit facility Total Capacity $ 314.4 $ 975.0 $ 1,289.4 Undrawn letters of credit outstanding (14.8) (3.2) (18.0) Outstanding borrowings (205.1) — (205.1) Unused availability $ 94.5 $ 971.8 $ 1,066.3

Accumulated other comprehensi_2

Accumulated other comprehensive income or loss (Tables)	9 Months Ended
	Sep. 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 June 30, 2024 $ (119.5) $ 11.3 $ 0.9 $ (107.3) Unrealized gain (loss) 33.8 (0.9) (0.2) 32.7 Reclassification of gain into earnings — (14.1) — (14.1) Change due to income taxes 11.2 3.6 — 14.8 Balance at September 30, 2024 $ (74.5) $ (0.1) $ 0.7 $ (73.9) Balance at June 30, 2023 $ (100.4) $ 21.9 $ 6.6 $ (71.9) Unrealized (loss) gain (30.4) 8.0 (0.9) (23.3) Reclassification of gain into earnings — (8.4) — (8.4) Change due to income taxes (7.9) 0.1 0.3 (7.5) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) Balance at December 31, 2023 $ (82.8) $ 12.6 $ 1.2 $ (69.0) Unrealized gain (loss) 5.7 14.3 (0.6) 19.4 Reclassification of gain into earnings — (31.0) — (31.0) Change due to income taxes 2.6 4.0 0.1 6.7 Balance at September 30, 2024 $ (74.5) $ (0.1) $ 0.7 $ (73.9) Balance at December 31, 2022 $ (131.3) $ 19.9 $ 11.1 $ (100.3) Unrealized (loss) gain (4.8) 24.7 (6.6) 13.3 Reclassification of gain into earnings — (22.5) — (22.5) Change due to income taxes (2.6) (0.5) 1.5 (1.6) Balance at September 30, 2023 $ (138.7) $ 21.6 $ 6.0 $ (111.1) 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 nine months ended September 30, 2024 on foreign currency translation were due to our net investment hedge and cross-currency swap discussed in note 15.

Stock-based compensation (Table

Stock-based compensation (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock options Equity $ 2.5 $ 3.0 $ 8.2 $ 10.2 RSUs Equity 8.3 6.5 25.9 20.7 Other Both 1.1 0.3 1.6 0.8 Total $ 11.9 $ 9.8 $ 35.7 $ 31.7 Award classification: Equity $ 11.3 $ 9.7 $ 35.3 $ 31.6 Liability 0.6 0.1 0.4 0.1
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 (3.0) 20.71 Forfeited (1.6) 19.31 Balance at September 30, 2024 12.5 $ 21.93 $ 55.4 5.1 years Expected to vest 2.5 25.46 3.9 8.4 years Vested 10.0 21.07 51.5 4.3 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 25.66 Vested (1.1) 25.49 Forfeited (0.5) 28.29 Balance at September 30, 2024 4.6 $ 26.68

Other income or expense, net (T

Other income or expense, net (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Net foreign currency gain from financing activities $ — $ 0.5 $ 1.8 $ 2.3 Income related to defined benefit plans 0.7 0.3 1.6 1.0 Other — (0.1) — — Other income, net $ 0.7 $ 0.7 $ 3.4 $ 3.3

Income taxes (Tables)

Income taxes (Tables)	9 Months Ended
	Sep. 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 before income taxes: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Income before income taxes $ 74.5 $ 136.5 $ 269.7 $ 291.0 Income tax expense (16.7) (28.1) (58.6) (68.4) Effective income tax rate 22.4 % 20.6 % 21.7 % 23.5 %

Derivative and hedging activi_2

Derivative and hedging activities (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	As of September 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 1 $ 100.0 As of September 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 nine months ended September 30, 2024 and September 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 September 30, Nine months ended September 30, Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 2024 2023 2024 2023 Interest rate products $ (4.0) $ 4.9 $ 4.8 $ 15.0 Interest expense, net $ 11.0 $ 5.2 $ 21.5 $ 12.7 Total $ (4.0) $ 4.9 $ 4.8 $ 15.0 $ 11.0 $ 5.2 $ 21.5 $ 12.7
Derivative Instruments, Gain (Loss)	The table below presents the effect of our derivative financial instruments on the statement of operations for the three and nine months ended September 30, 2024 and September 30, 2023. Three months ended September 30, Nine months ended September 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 $ (48.7) $ (72.4) $ (173.9) $ (219.5) Amount of gain reclassified from AOCI into income $ 11.0 $ 5.2 $ 21.5 $ 12.7
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss)	The table below presents the effect of our net investment hedges on AOCI and the statement of operations for the three and nine months ended September 30, 2024 and September 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 September 30, Three months ended September 30, 2024 2023 2024 2023 Three months ended: Cross currency swaps $ (26.3) $ 22.8 Interest expense, net $ 3.1 $ 3.2 Total $ (26.3) $ 22.8 $ 3.1 $ 3.2 Nine months ended: Cross currency swaps $ 2.0 $ 9.6 Interest expense, net $ 9.5 $ 9.5 Total $ 2.0 $ 9.6 $ 9.5 $ 9.5
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location	The table below presents the fair value of our derivative financial instruments as well as their classification on the Balance Sheet as of September 30, 2024 and December 31, 2023: Derivative assets Derivative liabilities September 30, 2024 December 31, 2023 September 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 $ — Other current assets $ 16.6 Other current liabilities $ (0.1) Other current liabilities $ — Foreign exchange products Other current assets — Other current assets — Other current liabilities (62.7) Other current liabilities (55.2) Total $ — $ 16.6 $ (62.8) $ (55.2)
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location	The amount of loss (gain) related to the foreign currency denominated debt designated as net investment hedges classified in the foreign currency translation adjustment component of other comprehensive income or loss for the three and nine months ended September 30, 2024 and September 30, 2023 are presented below: (in millions) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net investment hedges $ 17.0 $ (13.5) $ 3.3 $ (4.2)

Financial instruments and fai_2

Financial instruments and fair value measurements (Tables)	9 Months Ended
	Sep. 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) September 30, 2024 December 31, 2023 Gross amount Fair value Gross amount Fair value Receivables facility $ 205.1 $ 205.1 $ 221.0 $ 221.0 Senior secured credit facilities: Euro term loans B-4 89.5 90.1 630.1 630.9 Euro term loans B-5 350.3 351.8 350.4 351.1 U.S. dollar term loans B-5 — — 787.6 791.0 U.S. dollar term loans B-6 758.6 763.8 — — 2.625% secured notes 724.2 718.0 718.7 705.3 3.875% unsecured notes 800.0 758.0 800.0 727.3 3.875% unsecured notes 445.6 444.7 442.3 434.3 4.625 % unsecured notes 1,550.0 1,516.2 1,550.0 1,489.1 Finance lease liabilities 16.9 16.9 68.3 68.3 Other 10.0 10.0 11.6 11.6 Total $ 4,950.2 $ 4,874.6 $ 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			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Impairment charges	$ 0	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings (numerator)
Basic	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Dilutive effect of stock-based awards	0	0	0	0
Diluted	$ 57.8	$ 108.4	$ 211.1	$ 222.6
Weighted average shares outstanding (denominator)
Basic	680.3	676	679.3	675.4
Dilutive effect of stock-based awards	2.7	2.5	2.8	2.7
Diluted	683	678.5	682.1	678.1
Earnings per share:
Basic	$ 0.08	$ 0.16	$ 0.31	$ 0.33
Diluted	$ 0.08	$ 0.16	$ 0.31	$ 0.33

Segment financial information -

Segment financial information - Narrative (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Information by reportable segment
Net sales	$ 1,714.4	$ 1,720.2	$ 5,097	$ 5,244.4
Adjusted Operating Income	274.8	295	810.5	937
Corporate
Information by reportable segment
Adjusted Operating Income	(14.8)	(12.3)	(49.2)	(43.9)
Laboratory Solutions
Information by reportable segment
Net sales	1,171.5	1,159.1	3,484.3	3,555.9
Laboratory Solutions | Operating Segments
Information by reportable segment
Adjusted Operating Income	151.5	159.1	450.7	511
Bioscience Production
Information by reportable segment
Net sales	542.9	561.1	1,612.7	1,688.5
Bioscience Production | Operating Segments
Information by reportable segment
Adjusted Operating Income	$ 138.1	$ 148.2	$ 409	$ 469.9

Segment financial information_3

Segment financial information - reconciliation of segment profitability measure (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Reconciliation of Adjusted EBITDA from net income or loss
Net income	$ 57.8	$ 108.4		$ 211.1	$ 222.6
Interest expense, net	48.7	72.4		173.9	219.5
Income tax expense	16.7	28.1		58.6	68.4
Loss on extinguishment of debt	2.1	2		6.5	5.9
Other income, net	(0.7)	(0.7)		(3.4)	(3.3)
Operating income	124.6	210.2		446.7	513.1
Amortization	75.4	75.4		225.6	232.7
Integration related expenses	0	0.2		0	8.3
Restructuring and severance charges/transformation expenses	49.4	6.1		82.3	18
Reserve for certain legal matters	7.9	3		7.9	4
Impairment charges	0	0	$ 160.8	0	160.8
Adjusted Operating Income	274.8	295		810.5	937
Business Exit Costs And Employee Severance
Reconciliation of Adjusted EBITDA from net income or loss
Restructuring and severance charges/transformation expenses	49.4	6.1		82.3	18
External Advisors
Reconciliation of Adjusted EBITDA from net income or loss
Restructuring and severance charges/transformation expenses	17.1	0		46.6	0
Other	$ 0.4	$ 0.1		$ 1.4	$ 0.1

Segment financial information_4

Segment financial information - product lines (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation by product line
Net sales	$ 1,714.4	$ 1,720.2	$ 5,097	$ 5,244.4
Proprietary
Disaggregation by product line
Net sales	920.5	921.8	2,718	2,797.9
Third-party
Disaggregation by product line
Net sales	$ 793.9	$ 798.4	$ 2,379	$ 2,446.5

Supplemental disclosures of c_3

Supplemental disclosures of cash flow information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Components and classification of cash, restricted cash and equivalents
Cash and cash equivalents	$ 285.3		$ 262.9
Restricted cash classified as other assets	25		24.8
Total	310.3	$ 260.7	$ 287.7	$ 396.9
Cash flows from operating activities:
Cash paid for income taxes, net	128.1	195.3
Cash paid for interest, net, excluding financing leases	179.1	214.2
Cash paid for interest on finance leases	3.9	3.8
Cash paid under operating leases	33.5	32.4
Cash flows from financing activities:
Cash paid under finance leases	$ 4.5	$ 3.8

Inventory (Details)

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Components of inventory
Merchandise inventory	$ 432.3	$ 503.5
Finished goods	114.1	91
Raw materials	163.2	167.2
Work in process	70	66.4
Total	$ 779.6	$ 828.1

Goodwill and other intangible_3

Goodwill and other intangible assets - Goodwill by segment (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, gross		$ 5,755.5
Accumulated impairment losses	$ (38.8)	(38.8)
Goodwill	$ 5,670.6	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	Sep. 30, 2024	Dec. 31, 2023
Finite-lived
Gross value	$ 5,831.1	$ 5,878.4
Accumulated amortization and impairment	2,400.7	2,195.4
Carrying value	3,430.4	3,683
Indefinite-lived	92.3	92.3
Total	3,522.7	3,775.3
Accumulated asset impairment charge	106.4	106.4
Customer relationships
Finite-lived
Gross value	4,833.9	4,883.2
Accumulated amortization and impairment	1,831.2	1,670.3
Carrying value	3,002.7	3,212.9
Accumulated asset impairment charge	65.9	65.9
Trade names
Finite-lived
Gross value	361.1	359.7
Accumulated amortization and impairment	243.8	228.3
Carrying value	117.3	131.4
Other
Finite-lived
Gross value	636.1	635.5
Accumulated amortization and impairment	325.7	296.8
Carrying value	310.4	338.7
Accumulated asset impairment charge	$ 40.5	$ 40.5

Restructuring - Schedule of cha

Restructuring - Schedule of charges by restructuring plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and severance charges/transformation expenses	$ 49.4	$ 6.1	$ 82.3	$ 18
2024 restructuring program
Restructuring Cost and Reserve [Line Items]
Restructuring and severance charges/transformation expenses	49.4	0	82.3	0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and severance charges/transformation expenses	$ 0	$ 6.1	$ 0	$ 18

Restructuring - Schedule of res

Restructuring - Schedule of restructuring cost (Details) - 2024 restructuring program $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges incurred	$ 49.4	$ 82.3
Charges incurred	82.3	82.3
Expected remaining charges	15.6	15.6
Total expected charges	97.9	97.9
Operating Segments | Laboratory Solutions
Restructuring Cost and Reserve [Line Items]
Charges incurred	26	41.9
Charges incurred	41.9	41.9
Expected remaining charges	10.6	10.6
Total expected charges	52.5	52.5
Operating Segments | Bioscience Production
Restructuring Cost and Reserve [Line Items]
Charges incurred	23.4	39.5
Charges incurred	39.5	39.5
Expected remaining charges	5	5
Total expected charges	44.5	44.5
Corporate
Restructuring Cost and Reserve [Line Items]
Charges incurred	0	0.9
Charges incurred	0.9	0.9
Expected remaining charges	0	0
Total expected charges	0.9	0.9
Employee severance and related
Restructuring Cost and Reserve [Line Items]
Charges incurred	39.7	64.9
Charges incurred	64.9	64.9
Expected remaining charges	10.3	10.3
Total expected charges	75.2	75.2
Facility closure
Restructuring Cost and Reserve [Line Items]
Charges incurred	0.4	1
Charges incurred	1	1
Expected remaining charges	0.3	0.3
Total expected charges	1.3	1.3
Other
Restructuring Cost and Reserve [Line Items]
Charges incurred	9.3	16.4
Charges incurred	16.4	16.4
Expected remaining charges	5	5
Total expected charges	$ 21.4	$ 21.4

Restructuring - Schedule of Rol

Restructuring - Schedule of Rollforward of Accrued Liability (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Expenses	$ 49.4	$ 6.1	$ 82.3	$ 18
2024 restructuring program
Restructuring Reserve [Roll Forward]
Expenses	49.4	$ 0	82.3	$ 0
2024 restructuring program | Employee severance and related
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance			0
Expenses			64.9
Cash payments			(32.6)
Currency translation			0.8
Restructuring reserve, ending balance	$ 33.1		$ 33.1

Commitments and contingencies (

Commitments and contingencies (Details) - Environmental remediation $ in Millions	Sep. 30, 2024 USD ($)
Phillipsburg, New Jersey
Commitments and contingencies
Accrued environmental loss	$ 2.5
Accrued environmental loss, gross	$ 3.7
Phillipsburg, New Jersey | Minimum
Commitments and contingencies
Accrued environmental loss, discount rate	3.50%
Phillipsburg, New Jersey | Maximum
Commitments and contingencies
Accrued environmental loss, discount rate	4.20%
Gliwice, Poland
Commitments and contingencies
Accrued environmental loss	$ 1.1

Debt (Details)

Debt (Details) - USD ($) $ in Millions			9 Months Ended
	Apr. 02, 2024	Apr. 01, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Total debt, gross			$ 4,950.2	$ 5,580
Less: unamortized deferred financing costs			(29.1)	(43.4)
Total debt			4,921.1	5,536.6
Current portion of debt			229.7	259.9
Debt, net of current portion			4,691.4	5,276.7
Capacity			1,289.4
Undrawn letters of credit outstanding			(18)
Outstanding borrowings			(205.1)
Unused availability			$ 1,066.3
Receivables facility
Debt Instrument [Line Items]
Interest terms			0.80%
Rate			5.86%
Total debt, gross			$ 205.1	221
Capacity			314.4
Undrawn letters of credit outstanding			(14.8)
Outstanding borrowings			(205.1)
Unused availability			$ 94.5
Senior secured credit facilities: | Euro term loans B-4
Debt Instrument [Line Items]
Interest terms			2.50%
Rate			5.88%
Total debt, gross			$ 89.5	630.1
Senior secured credit facilities: | Euro term loans B-5
Debt Instrument [Line Items]
Interest terms			2%
Rate			5.38%
Total debt, gross			$ 350.3	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			6.95%
Total debt, gross	$ 772.4	$ 772.4	$ 758.6	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			(3.2)
Outstanding borrowings			0
Unused availability			$ 971.8
Notes | 2.625% secured notes
Debt Instrument [Line Items]
Rate			2.625%
Total debt, gross			$ 724.2	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			$ 445.6	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			16.9	68.3
Other Debt
Debt Instrument [Line Items]
Total debt, gross			$ 10	$ 11.6

Debt - other information (Detai

Debt - other information (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
	Apr. 02, 2024	Apr. 01, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 30, 2023	Oct. 25, 2022
Information about debt
Interest income			$ 26.8	$ 17.4	$ 62.6	$ 47.4
Facility limit									$ 400
Debt Issuance Costs, Net			29.1		29.1		$ 43.4
Line of credit facility, borrowing capacity			1,289.4		1,289.4
Gross amount			4,950.2		4,950.2		5,580
Loss on extinguishment of debt			$ 2.1	2	6.5	5.9
Debt covenants draw trigger percentage			35%
Receivables facility
Information about debt
Line of credit facility, borrowing capacity			$ 314.4		$ 314.4
Interest terms					0.80%
Gross amount			205.1		$ 205.1		221
Receivables facility | Asset Not Pledged as Collateral
Information about debt
Amount pledged as collateral			522.4		$ 522.4
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	758.6		$ 758.6		0
Senior secured credit facilities: | Euro term loans B-5
Information about debt
Interest terms					2%
Gross amount			350.3		$ 350.3		350.4
Senior secured credit facilities: | Euro term loans B-4
Information about debt
Interest terms					2.50%
Gross amount			89.5		$ 89.5		$ 630.1
Repayments of debt			179.6
Senior secured credit facilities: | Term loans
Information about debt
Loss on extinguishment of debt			2.1
Senior secured credit facilities: | Revolving credit facility
Information about debt
Debt Issuance Costs, Net								$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in AOCI, net of tax
Beginning balance	$ (107.3)	$ (71.9)	$ (69)	$ (100.3)
Unrealized gain (loss)	32.7	(23.3)	19.4	13.3
Reclassification of (gain) loss into earnings	(14.1)	(8.4)	(31)	(22.5)
Income tax effect	14.8	(7.5)	6.7	(1.6)
Ending balance	(73.9)	(111.1)	(73.9)	(111.1)
Foreign currency translation
Changes in AOCI, net of tax
Beginning balance	(119.5)	(100.4)	(82.8)	(131.3)
Unrealized gain (loss)	33.8	(30.4)	5.7	(4.8)
Reclassification of (gain) loss into earnings	0	0	0	0
Income tax effect	11.2	(7.9)	2.6	(2.6)
Ending balance	(74.5)	(138.7)	(74.5)	(138.7)
Derivative instruments
Changes in AOCI, net of tax
Beginning balance	11.3	21.9	12.6	19.9
Unrealized gain (loss)	(0.9)	8	14.3	24.7
Reclassification of (gain) loss into earnings	(14.1)	(8.4)	(31)	(22.5)
Income tax effect	3.6	0.1	4	(0.5)
Ending balance	(0.1)	21.6	(0.1)	21.6
Defined benefit plans
Changes in AOCI, net of tax
Beginning balance	0.9	6.6	1.2	11.1
Unrealized gain (loss)	(0.2)	(0.9)	(0.6)	(6.6)
Reclassification of (gain) loss into earnings	0	0	0	0
Income tax effect	0	0.3	0.1	1.5
Ending balance	$ 0.7	$ 6	$ 0.7	$ 6

Stock-based compensation - expe

Stock-based compensation - expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other information about options outstanding
Expense	$ 11.9	$ 9.8	$ 35.7	$ 31.7
Equity Award
Other information about options outstanding
Expense	11.3	9.7	35.3	31.6
Stock options
Other information about options outstanding
Expense	2.5	3	8.2	10.2
RSUs
Other information about options outstanding
Expense	8.3	6.5	25.9	20.7
Other
Other information about options outstanding
Expense	1.1	0.3	1.6	0.8
Liability Award
Other information about options outstanding
Expense	$ 0.6	$ 0.1	$ 0.4	$ 0.1

Stock-based compensation - othe

Stock-based compensation - other information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other information about options outstanding
Remaining expense to be recognized	$ 85.5		$ 85.5
Weighted average period over which remaining expense will be recognized (in years)			1 year 8 months 12 days
Restricted stock expense	$ 1.8	$ 1.7	$ 6.6	$ 3.5
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	9 Months Ended
	Sep. 30, 2024
Number of options outstanding
Beginning balance (in shares)	16.4
Granted (in shares)	0.7
Exercised (in shares)	(3)
Forfeited (in shares)	(1.6)
Ending balance (in shares)	12.5
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)	20.71
Forfeited (in dollars per share)	19.31
Ending balance (in dollars per share)	$ 21.93
Other information about options outstanding
Aggregate intrinsic value	$ 55.4
Weighted average remaining term	5 years 1 month 6 days
Information about options expected to vest and exercisable
Options expected to vest, number (in shares)	2.5
Options expected to vest, weighted average exercise price per option (in dollars per share)	$ 25.46
Options expected to vest, aggregate intrinsic value	$ 3.9
Options expected to vest, weighted average remaining term	8 years 4 months 24 days
Options exercisable, number (in shares)	10
Options exercisable, weighted average exercise price per option (in dollars per share)	$ 21.07
Options exercisable, aggregate intrinsic value	$ 51.5
Options exercisable, weighted average remaining term	4 years 3 months 18 days

Stock-based compensation - non-

Stock-based compensation - non-option award rollforward (Details) - RSUs shares in Millions	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of awards
Beginning balance (in shares) | shares	4
Granted (in shares) | shares	2.2
Vested (in shares) | shares	(1.1)
Forfeited (in shares) | shares	(0.5)
Ending balance (in shares) | shares	4.6
Weighted average grant date fair value per award
Beginning balance (in dollars per share) | $ / shares	$ 26.35
Granted (in dollars per share) | $ / shares	25.66
Vested (in dollars per share) | $ / shares	25.49
Forfeited (in dollars per share) | $ / shares	28.29
Ending balance (in dollars per share) | $ / shares	$ 26.68

Other income or expense, net (D

Other income or expense, net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Net foreign currency gain from financing activities	$ 0	$ 0.5	$ 1.8	$ 2.3
Income related to defined benefit plans	0.7	0.3	1.6	1
Other	0	(0.1)	0	0
Other income, net	$ 0.7	$ 0.7	$ 3.4	$ 3.3

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 74.5	$ 136.5	$ 269.7	$ 291
Income tax expense	$ (16.7)	$ (28.1)	$ (58.6)	$ (68.4)
Effective income tax rate	22.40%	20.60%	21.70%	23.50%

Derivative and hedging activi_3

Derivative and hedging activities - Narrative (Details) € in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)	Oct. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Derivatives, Fair Value [Line Items]
Gain on the hedged transaction to be reclassified from AOCI into earnings	$ 6,200,000
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 | Subsequent Event
Derivatives, Fair Value [Line Items]
Derivative liability | €		€ 400
Interest rate		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	6,000,000		$ 9,300,000
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 750,000,000

Derivative and hedging activi_4

Derivative and hedging activities - Outstanding Interest Rate Derivatives (Details) € in Millions	Sep. 30, 2024 USD ($) instrument	Sep. 30, 2024 EUR (€) instrument
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional purchased	$ 750,000,000
Cash Flow Hedging | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of instruments | instrument	1	1
Notional purchased	$ 100,000,000
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	$ (0.9)	$ 8	$ 14.3	$ 24.7
Amount of gain or (loss) reclassified from AOCI into income	14.1	8.4	31	22.5
Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(4)	4.9	4.8	15
Amount of gain or (loss) reclassified from AOCI into income	11	5.2	21.5	12.7
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	(48.7)	(72.4)	(173.9)	(219.5)
Cash Flow Hedging | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(4)	4.9	4.8	15
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	11	5.2	21.5	12.7
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(26.3)	22.8	2	9.6
Amount of gain or (loss) recognized in income on Derivative (amount excluded from effectiveness testing)	3.1	3.2	9.5	9.5
Net Investment Hedging | Cross-currency swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain or (loss) recognized in OCI on Derivative	(26.3)	22.8	2	9.6
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)	$ 3.1	$ 3.2	$ 9.5	$ 9.5

Derivative and hedging activi_6

Derivative and hedging activities - Effect on Income Statement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain reclassified from AOCI into income	$ 14.1	$ 8.4	$ 31	$ 22.5
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	(48.7)	(72.4)	(173.9)	(219.5)
Amount of gain reclassified from AOCI into income	$ 11	$ 5.2	$ 21.5	$ 12.7

Derivative and hedging activi_7

Derivative and hedging activities - Derivative Instruments Classification on Balance Sheet (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 0	$ 16.6
Derivative Liability	$ (62.8)	$ (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	$ 0	$ 16.6
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other current liabilities	Other current liabilities
Derivative Liability	$ (0.1)	$ 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	$ (62.7)	$ (55.2)

Derivative and hedging activi_8

Derivative and hedging activities - Gain (Loss) on Net Investment Hedges (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ 17	$ (13.5)	$ 3.3	$ (4.2)

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	Sep. 30, 2024	Apr. 02, 2024	Apr. 01, 2024	Dec. 31, 2023
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	$ 4,950.2			$ 5,580
Fair value	4,874.6			5,429.9
Receivables facility
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	205.1			221
Fair value	205.1			221
Senior secured credit facilities: | Euro term loans B-4
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	89.5			630.1
Fair value	90.1			630.9
Senior secured credit facilities: | Euro term loans B-5
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	350.3			350.4
Fair value	351.8			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	758.6	$ 772.4	$ 772.4	0
Fair value	763.8			0
Notes | 2.625% secured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	724.2			718.7
Fair value	718			705.3
Notes | 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	800			800
Fair value	758			727.3
Notes | 3.875% unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	445.6			442.3
Fair value	444.7			434.3
Notes | 4.625 % unsecured notes
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	1,550			1,550
Fair value	1,516.2			1,489.1
Finance lease liabilities
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	16.9			68.3
Fair value	16.9			68.3
Other Debt
Estimated Fair Value Of Financial Instruments [Line Items]
Gross amount	10			11.6
Fair value	$ 10			$ 11.6

Financial instruments and fai_4

Financial instruments and fair value measurements - additional information (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges	$ 0	$ 0	$ 160.8	$ 0	$ 160.8
Property, plant and equipment, estimated fair value			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
Developed technology
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finite-lived intangibles, estimated fair value			$ 19.3

Assets held for sale (Details)

Assets held for sale (Details) - USD ($) $ in Millions	Sep. 30, 2024	Aug. 16, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale (see note 17)	$ 216.5		$ 0
Liabilities held for sale (see note 17)	101.7		$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations | Clinical Services
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from assets held for sale		$ 595
Consideration from assets held for sale, net of tax		$ 500
Assets held for sale (see note 17)	216.5
Liabilities held for sale (see note 17)	$ 101.7