| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company | |||||||||||||||||||||||
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| Employees* | People Managers* | 1,753 | ||||||||||||||||||
| USA | 5,498 | Male | 66 | % | ||||||||||||||||
| EMEA | 2,193 | Female | 34 | % | ||||||||||||||||
| Canada | 757 | Elected to not self-identify gender | <1% | |||||||||||||||||
| LATAM | 1,298 | Ethnically Diverse (US only) | 21 | % | ||||||||||||||||
| Total | 9,746 | |||||||||||||||||||
| Male | 63 | % | Executive Officers* | |||||||||||||||||
| Female | 36 | % | Male | 75 | % | |||||||||||||||
| Elected to not self-identify gender | <1% | Female | 25 | % | ||||||||||||||||
| Labor force covered by a collective bargaining agreement | ||||||||||||||||||||
| USA | 12 | % | ||||||||||||||||||
| EMEA | 46 | % | ||||||||||||||||||
| Canada | 24 | % | ||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program (1) | Maximum Approximate Dollar Value of Shares that may yet be Purchased Under the Plan or Program (millions) (1) | ||||||||||||||||||||||
October 1-31, 2022 | — | $ | — | — | $ | 1,245.1 | ||||||||||||||||||||
November 1-30, 2022 (2) | 5,918,353 | 26.06 | 5,918,353 | 1,040.9 | ||||||||||||||||||||||
December 1-31, 2022 | — | — | — | 1,040.9 | ||||||||||||||||||||||
| Total | 5,918,353 | $ | 26.06 | 5,918,353 | ||||||||||||||||||||||

| December 31, | ||||||||||||||||||||||||||||||||||||||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||||||||
| Univar Solutions Inc. | $ | 100 | $ | 57 | $ | 78 | $ | 61 | $ | 92 | $ | 103 | ||||||||||||||||||||||||||
| S&P 500 | 100 | 96 | 126 | 149 | 192 | 157 | ||||||||||||||||||||||||||||||||
| S&P 500 Chemical Index | 100 | 88 | 108 | 127 | 160 | 142 | ||||||||||||||||||||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||||||||
| (in millions) | Dollars | % of Net sales | Dollars | % of Net sales | |||||||||||||||||||||||||||||||
| Net sales | $ | 11,475.3 | 100.0 | % | $ | 9,535.5 | 100.0 | % | $ | 1,939.8 | 20.3 | % | |||||||||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 8,704.1 | 75.9 | % | 7,142.3 | 74.9 | % | (1,561.8) | 21.9 | % | ||||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Outbound freight and handling | 476.8 | 4.2 | % | 403.7 | 4.2 | % | (73.1) | 18.1 | % | ||||||||||||||||||||||||||
| Warehousing, selling and administrative | 1,248.5 | 10.9 | % | 1,191.8 | 12.5 | % | (56.7) | 4.8 | % | ||||||||||||||||||||||||||
| Other operating expenses, net | 32.8 | 0.3 | % | 107.5 | 1.1 | % | 74.7 | (69.5) | % | ||||||||||||||||||||||||||
| Depreciation | 131.7 | 1.1 | % | 150.9 | 1.6 | % | 19.2 | (12.7) | % | ||||||||||||||||||||||||||
| Amortization | 48.2 | 0.4 | % | 52.5 | 0.6 | % | 4.3 | (8.2) | % | ||||||||||||||||||||||||||
| Impairment charges | 0.6 | — | % | 3.0 | — | % | 2.4 | (80.0) | % | ||||||||||||||||||||||||||
| Total operating expenses | 1,938.6 | 16.9 | % | 1,909.4 | 20.0 | % | (29.2) | 1.5 | % | ||||||||||||||||||||||||||
| Operating income | 832.6 | 7.3 | % | 483.8 | 5.1 | % | 348.8 | 72.1 | % | ||||||||||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||||||||||||||
| Interest income | 4.3 | — | % | 4.3 | — | % | — | — | % | ||||||||||||||||||||||||||
| Interest expense | (107.2) | (0.9) | % | (101.5) | (1.1) | % | (5.7) | 5.6 | % | ||||||||||||||||||||||||||
| Gain on sale of business | — | — | % | 88.2 | 0.9 | % | (88.2) | (100.0) | % | ||||||||||||||||||||||||||
| Other income, net | 26.5 | 0.2 | % | 110.4 | 1.2 | % | (83.9) | (76.0) | % | ||||||||||||||||||||||||||
| Total other (expense) income | (76.4) | (0.7) | % | 101.4 | 1.1 | % | (177.8) | (175.3) | % | ||||||||||||||||||||||||||
| Income before income taxes | 756.2 | 6.6 | % | 585.2 | 6.1 | % | 171.0 | 29.2 | % | ||||||||||||||||||||||||||
| Income tax expense | 210.9 | 1.8 | % | 124.6 | 1.3 | % | (86.3) | 69.3 | % | ||||||||||||||||||||||||||
| Net income | $ | 545.3 | 4.8 | % | $ | 460.6 | 4.8 | % | $ | 84.7 | 18.4 | % | |||||||||||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||||||||
| (in millions) | Dollars | % of Net sales | Dollars | % of Net sales | |||||||||||||||||||||||||||||||
| Gross profit (exclusive of depreciation): | |||||||||||||||||||||||||||||||||||
| Net sales | $ | 11,475.3 | 100.0 | % | $ | 9,535.5 | 100.0 | % | $ | 1,939.8 | 20.3 | % | |||||||||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 8,704.1 | 75.9 | % | 7,142.3 | 74.9 | % | (1,561.8) | 21.9 | % | ||||||||||||||||||||||||||
| Gross profit (exclusive of depreciation) | $ | 2,771.2 | 24.1 | % | $ | 2,393.2 | 25.1 | % | $ | 378.0 | 15.8 | % | |||||||||||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| External customers | $ | 7,533.5 | $ | 6,024.0 | $ | 1,509.5 | 25.1 | % | |||||||||||||||
| Inter-segment | 129.5 | 92.1 | 37.4 | 40.6 | % | ||||||||||||||||||
| Total net sales | 7,663.0 | 6,116.1 | 1,546.9 | 25.3 | % | ||||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 5,799.9 | 4,578.6 | (1,221.3) | 26.7 | % | ||||||||||||||||||
| Outbound freight and handling | 359.4 | 291.0 | (68.4) | 23.5 | % | ||||||||||||||||||
| Warehousing, selling and administrative | 794.4 | 748.3 | (46.1) | 6.2 | % | ||||||||||||||||||
| Adjusted EBITDA | $ | 709.3 | $ | 498.2 | $ | 211.1 | 42.4 | % | |||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Gross profit (exclusive of depreciation): | |||||||||||||||||||||||
| Net sales | $ | 7,663.0 | $ | 6,116.1 | $ | 1,546.9 | 25.3 | % | |||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 5,799.9 | 4,578.6 | (1,221.3) | 26.7 | % | ||||||||||||||||||
| Gross profit (exclusive of depreciation) | $ | 1,863.1 | $ | 1,537.5 | $ | 325.6 | 21.2 | % | |||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| External customers | $ | 2,064.7 | $ | 1,971.1 | $ | 93.6 | 4.7 | % | |||||||||||||||
| Inter-segment | 10.6 | 4.3 | 6.3 | 146.5 | % | ||||||||||||||||||
| Total net sales | 2,075.3 | 1,975.4 | 99.9 | 5.1 | % | ||||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 1,594.8 | 1,488.6 | (106.2) | 7.1 | % | ||||||||||||||||||
| Outbound freight and handling | 65.9 | 64.0 | (1.9) | 3.0 | % | ||||||||||||||||||
| Warehousing, selling and administrative | 238.0 | 252.2 | 14.2 | (5.6) | % | ||||||||||||||||||
| Adjusted EBITDA | $ | 176.6 | $ | 170.6 | $ | 6.0 | 3.5 | % | |||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Gross profit (exclusive of depreciation): | |||||||||||||||||||||||
| Net sales | $ | 2,075.3 | $ | 1,975.4 | $ | 99.9 | 5.1 | % | |||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 1,594.8 | 1,488.6 | (106.2) | 7.1 | % | ||||||||||||||||||
| Gross profit (exclusive of depreciation) | $ | 480.5 | $ | 486.8 | $ | (6.3) | (1.3) | % | |||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| External customers | $ | 1,120.5 | $ | 930.0 | $ | 190.5 | 20.5 | % | |||||||||||||||
| Inter-segment | 10.5 | 4.4 | 6.1 | 138.6 | % | ||||||||||||||||||
| Total net sales | 1,131.0 | 934.4 | 196.6 | 21.0 | % | ||||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 864.7 | 701.3 | (163.4) | 23.3 | % | ||||||||||||||||||
| Outbound freight and handling | 38.4 | 36.2 | (2.2) | 6.1 | % | ||||||||||||||||||
| Warehousing, selling and administrative | 108.2 | 92.7 | (15.5) | 16.7 | % | ||||||||||||||||||
| Adjusted EBITDA | $ | 119.7 | $ | 104.2 | $ | 15.5 | 14.9 | % | |||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Gross profit (exclusive of depreciation): | |||||||||||||||||||||||
| Net sales | $ | 1,131.0 | $ | 934.4 | $ | 196.6 | 21.0 | % | |||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 864.7 | 701.3 | (163.4) | 23.3 | % | ||||||||||||||||||
| Gross profit (exclusive of depreciation) | $ | 266.3 | $ | 233.1 | $ | 33.2 | 14.2 | % | |||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| External customers | $ | 756.6 | $ | 610.4 | $ | 146.2 | 24.0 | % | |||||||||||||||
| Inter-segment | 0.5 | 0.7 | (0.2) | (28.6) | % | ||||||||||||||||||
| Total net sales | 757.1 | 611.1 | 146.0 | 23.9 | % | ||||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 595.8 | 475.3 | (120.5) | 25.4 | % | ||||||||||||||||||
| Outbound freight and handling | 13.0 | 12.5 | (0.5) | 4.0 | % | ||||||||||||||||||
| Warehousing, selling and administrative | 85.3 | 66.4 | (18.9) | 28.5 | % | ||||||||||||||||||
| Adjusted EBITDA | $ | 63.0 | $ | 56.9 | $ | 6.1 | 10.7 | % | |||||||||||||||
| Year ended December 31, | Favorable (unfavorable) | % Change | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | |||||||||||||||||||||
| Gross profit (exclusive of depreciation): | |||||||||||||||||||||||
| Net sales | $ | 757.1 | $ | 611.1 | $ | 146.0 | 23.9 | % | |||||||||||||||
| Cost of goods sold (exclusive of depreciation) | 595.8 | 475.3 | (120.5) | 25.4 | % | ||||||||||||||||||
| Gross profit (exclusive of depreciation) | $ | 161.3 | $ | 135.8 | $ | 25.5 | 18.8 | % | |||||||||||||||
| Year ended December 31, | |||||||||||
| (in millions) | 2022 | 2021 | |||||||||
| Net cash provided by operating activities | $ | 546.4 | $ | 290.3 | |||||||
| Net cash (used) provided by investing activities | (161.7) | 23.6 | |||||||||
| Net cash used by financing activities | (232.7) | (424.6) | |||||||||
| Payments Due by Period | |||||||||||||||||||||||||||||
| (in millions) | Total | 2023 | 2024 - 2025 | 2026 - 2027 | Thereafter | ||||||||||||||||||||||||
Finance leases (1) | $ | 114.9 | $ | 28.7 | $ | 48.4 | $ | 31.5 | $ | 6.3 | |||||||||||||||||||
Long-term debt, including current maturities (2) | 2,380.0 | 14.0 | 28.0 | 1,403.0 | 935.0 | ||||||||||||||||||||||||
Interest (3) | 545.8 | 124.0 | 219.3 | 183.3 | 19.2 | ||||||||||||||||||||||||
Operating leases (1) | 265.9 | 53.2 | 70.1 | 49.5 | 93.1 | ||||||||||||||||||||||||
Estimated environmental liability payments (4) | 90.9 | 36.5 | 19.3 | 9.8 | 25.3 | ||||||||||||||||||||||||
Other (5) | 63.1 | 3.7 | 16.4 | 12.5 | 30.5 | ||||||||||||||||||||||||
Total (6) | $ | 3,460.6 | $ | 260.1 | $ | 401.5 | $ | 1,689.6 | $ | 1,109.4 | |||||||||||||||||||
| Increase (decrease) in | |||||||||||||||||
| (in millions) | Change | 2023 Net benefit cost | 2022 Projected benefit obligation | ||||||||||||||
| Discount rate | 100 bps decrease | $ | (2.5) | $ | 99.8 | ||||||||||||
| Discount rate | 100 bps increase | 1.7 | (87.9) | ||||||||||||||
| Expected rate of return on plan assets | 100 bps decrease | 5.0 | N/A | ||||||||||||||
| Expected rate of return on plan assets | 100 bps increase | (4.4) | N/A | ||||||||||||||
| Year ended December 31, | |||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | ||||||||||||||
| Net income | $ | 545.3 | $ | 460.6 | $ | 52.9 | |||||||||||
| Depreciation | 131.7 | 150.9 | 162.9 | ||||||||||||||
| Amortization | 48.2 | 52.5 | 60.0 | ||||||||||||||
| Interest expense, net | 102.9 | 97.2 | 112.4 | ||||||||||||||
| Income tax expense | 210.9 | 124.6 | 6.1 | ||||||||||||||
| EBITDA | 1,039.0 | 885.8 | 394.3 | ||||||||||||||
| Other operating expenses, net | 32.8 | 107.5 | 89.4 | ||||||||||||||
| Other (income) expense, net | (26.5) | (110.4) | 61.0 | ||||||||||||||
| Impairment charges | 0.6 | 3.0 | 40.2 | ||||||||||||||
| (Gain) loss on sale of business | — | (88.2) | 50.6 | ||||||||||||||
| Brazil VAT charge | — | — | 0.3 | ||||||||||||||
| Adjusted EBITDA | $ | 1,045.9 | $ | 797.7 | $ | 635.8 | |||||||||||
| Year ended December 31, | |||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | ||||||||||||||
| Net sales | $ | 11,475.3 | $ | 9,535.5 | $ | 8,265.0 | |||||||||||
| Cost of goods sold (exclusive of depreciation) | 8,704.1 | 7,142.3 | 6,262.8 | ||||||||||||||
| Gross profit (exclusive of depreciation) | $ | 2,771.2 | $ | 2,393.2 | $ | 2,002.2 | |||||||||||
| Page | |||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID: | |||||
| Environmental Liabilities | |||||
| Description of the Matter | At December 31, 2022, the Company’s environmental liability balance was $90.9 million. As discussed in Note 18 of the consolidated financial statements, the Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively “environmental remediation work”) at approximately 128 locations. In determining the appropriate level of environmental liabilities, the Company considers several factors such as information obtained from investigatory studies, scope of the remediation and related changes, the interpretation, application and enforcement of laws and regulations, changes in the costs of remediation programs, the development of alternative cleanup technologies and methods, and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. | ||||
Auditing management’s accrual for environmental liabilities was especially challenging because it involves judgmental underlying assumptions, including remediation methods, remediation time horizon and remediation cost estimates. These assumptions have a significant effect on the accrual for environmental liabilities. | |||||
| How We Addressed the Matter in our Audit | We tested management’s controls that address the risks of material misstatement relating to the measurement and valuation of the environmental liabilities. For example, we tested controls over management’s review of the environmental liability calculations and the significant assumptions and data inputs used by management. | ||||
To test the accrual for environmental liabilities, we involved our specialist to assist us in evaluating the reasonableness of the Company’s calculation and underlying assumptions. We performed audit procedures that included, among others, assessing key methodologies and testing the significant assumptions and the underlying data used by management. For example, we tested the site’s current remediation status and remediation strategy, which included an analysis of the site’s remediation timeline, regulatory requirements, remediation actions and related technologies. | |||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions, except per share data) | 2022 | 2021 | 2020 | |||||||||||||||||
| Net sales | $ | $ | $ | |||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | ||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Outbound freight and handling | ||||||||||||||||||||
| Warehousing, selling and administrative | ||||||||||||||||||||
| Other operating expenses, net | ||||||||||||||||||||
| Depreciation | ||||||||||||||||||||
| Amortization | ||||||||||||||||||||
| Impairment charges | ||||||||||||||||||||
| Total operating expenses | ||||||||||||||||||||
| Operating income | ||||||||||||||||||||
| Other (expense) income: | ||||||||||||||||||||
| Interest income | ||||||||||||||||||||
| Interest expense | ( | ( | ( | |||||||||||||||||
| Gain (loss) on sale of business | ( | |||||||||||||||||||
| Other income (expense), net | ( | |||||||||||||||||||
| Total other (expense) income | ( | ( | ||||||||||||||||||
| Income before income taxes | ||||||||||||||||||||
| Income tax expense | ||||||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Income per common share: | ||||||||||||||||||||
| Basic | $ | $ | $ | |||||||||||||||||
| Diluted | $ | $ | $ | |||||||||||||||||
| Weighted average common shares outstanding: | ||||||||||||||||||||
| Basic | ||||||||||||||||||||
| Diluted | ||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Foreign currency translation, net of tax of $ | ( | ( | ||||||||||||||||||
Pension and other postretirement benefits adjustment, net of tax of $ | ( | ( | ||||||||||||||||||
Derivative financial instruments, net of tax of $( | ( | |||||||||||||||||||
| Total other comprehensive income (loss), net of tax | ( | |||||||||||||||||||
| Comprehensive income | $ | $ | $ | |||||||||||||||||
| December 31, | ||||||||||||||
| (in millions, except share and per share data) | 2022 | 2021 | ||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | $ | ||||||||||||
Trade accounts receivable, net of allowance for doubtful accounts of $ | ||||||||||||||
| Inventories | ||||||||||||||
| Prepaid expenses and other current assets | ||||||||||||||
| Total current assets | ||||||||||||||
| Property, plant and equipment, net | ||||||||||||||
| Goodwill | ||||||||||||||
| Intangible assets, net | ||||||||||||||
| Deferred tax assets | ||||||||||||||
| Other assets | ||||||||||||||
| Total assets | $ | $ | ||||||||||||
| Liabilities and stockholders’ equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Trade accounts payable | $ | $ | ||||||||||||
| Current portion of long-term debt | ||||||||||||||
| Accrued compensation | ||||||||||||||
| Other accrued expenses | ||||||||||||||
| Total current liabilities | ||||||||||||||
| Long-term debt | ||||||||||||||
| Pension and other postretirement benefit liabilities | ||||||||||||||
| Deferred tax liabilities | ||||||||||||||
| Other long-term liabilities | ||||||||||||||
| Total liabilities | ||||||||||||||
| Commitments and contingencies | ||||||||||||||
| Stockholders’ equity: | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
| Additional paid-in capital | ||||||||||||||
Treasury stock at cost, | ( | ( | ||||||||||||
| Retained earnings (accumulated deficit) | ( | |||||||||||||
| Accumulated other comprehensive loss | ( | ( | ||||||||||||
| Total stockholders’ equity | ||||||||||||||
| Total liabilities and stockholders’ equity | $ | $ | ||||||||||||
| (in millions) | Common stock outstanding (shares) | Common stock | Additional paid-in capital | Treasury stock | Retained earnings (accumulated deficit) | Accumulated other comprehensive loss | Total | ||||||||||||||||||||||||||||||||||
| Balance as of January 1, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
| Restricted stock units vested, net of tax withholdings | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||
| Stock option exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Employee stock purchase plan | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Exercise of warrants | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Restricted stock units vested, net of tax withholdings | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||
| Stock option exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Employee stock purchase plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Purchase of treasury stock | ( | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
| Other | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
| Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Restricted stock units vested, net of tax withholdings | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||
| Stock option exercises | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Employee stock purchase plan | — | — | — | — | |||||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| Purchase of treasury stock | ( | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
| Other | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Operating activities: | ||||||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | ||||||||||||||||||||
| Impairment charges | ||||||||||||||||||||
| Amortization of deferred financing fees and debt discount | ||||||||||||||||||||
| (Gain) loss on sale of business | ( | |||||||||||||||||||
| Gain on sale of property, plant and equipment | ( | ( | ( | |||||||||||||||||
| Pension mark to market (gain) loss | ( | ( | ||||||||||||||||||
| Deferred income taxes | ( | |||||||||||||||||||
| Stock-based compensation expense | ||||||||||||||||||||
| Fair value adjustment for warrants | ( | |||||||||||||||||||
| Other | ||||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Trade accounts receivable, net | ( | ( | ||||||||||||||||||
| Inventories | ( | ( | ||||||||||||||||||
| Prepaid expenses and other current assets | ( | ( | ||||||||||||||||||
| Trade accounts payable | ( | ( | ||||||||||||||||||
| Other, net | ( | ( | ||||||||||||||||||
| Net cash provided by operating activities | ||||||||||||||||||||
| Investing activities: | ||||||||||||||||||||
| Purchases of property, plant and equipment | ( | ( | ( | |||||||||||||||||
| Purchases of businesses, net of cash acquired | ( | ( | ( | |||||||||||||||||
| Proceeds from sale of property, plant and equipment | ||||||||||||||||||||
| Proceeds from sale of business | ||||||||||||||||||||
| Other | ( | ( | ||||||||||||||||||
| Net cash (used) provided by investing activities | ( | ( | ||||||||||||||||||
| Financing activities: | ||||||||||||||||||||
| Proceeds from the issuance of long-term debt, net | ||||||||||||||||||||
| Payments on long-term debt and finance lease obligations | ( | ( | ( | |||||||||||||||||
| Proceeds under revolving credit facilities | ||||||||||||||||||||
| Payments under revolving credit facilities | ( | ( | ( | |||||||||||||||||
| Debt issuance costs | ( | ( | ||||||||||||||||||
| Taxes paid related to net share settlements of stock-based compensation awards | ( | ( | ( | |||||||||||||||||
| Purchases of treasury stock | ( | ( | ||||||||||||||||||
| Stock option exercises | ||||||||||||||||||||
| Proceeds from the exercise of warrants | ||||||||||||||||||||
| Other | ( | |||||||||||||||||||
| Net cash used by financing activities | ( | ( | ( | |||||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ( | ||||||||||||||||||
| Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||||||||
| Cash and cash equivalents at beginning of period | ||||||||||||||||||||
| Cash and cash equivalents at end of period | $ | $ | $ | |||||||||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||||||||||
| Cash paid during the period for: | ||||||||||||||||||||
| Income taxes | $ | $ | $ | |||||||||||||||||
| Interest, net of capitalized interest | ||||||||||||||||||||
| Non-cash activities: | ||||||||||||||||||||
| Other liabilities related to the purchase of businesses | $ | $ | $ | |||||||||||||||||
| Additions of property, plant and equipment included in trade accounts payable and other accrued expenses | ||||||||||||||||||||
| Additions of property, plant and equipment under a finance lease obligation | ||||||||||||||||||||
| Additions of assets under an operating lease obligation | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Balance as of January 1 | $ | $ | $ | |||||||||||||||||
| Provision for credit losses | ||||||||||||||||||||
| Write-offs | ( | ( | ( | |||||||||||||||||
| Recoveries | ||||||||||||||||||||
| Dispositions | ( | |||||||||||||||||||
| Foreign exchange | ( | ( | ( | |||||||||||||||||
| Balance as of December 31 | $ | $ | $ | |||||||||||||||||
| Buildings | |||||
| Main components of tank farms | |||||
| Containers | |||||
| Machinery and equipment | |||||
| Furniture, fixtures and others | |||||
| Information technology | |||||
| Level 1 | Quoted prices for identical instruments in active markets. | |||||||
| Level 2 | Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuation in which all significant inputs and significant value drivers are observable in active markets. | |||||||
| Level 3 | Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. | |||||||
| NAV | As a practical expedient, certain investments are measured based on the NAV per share (or equivalent) due to the absence of a readily available market price, and are excluded from the fair value hierarchy. | |||||||
| (in millions) | Initial Purchase Price Allocation | Measurement Period Adjustments | Final Purchase Price Allocation | |||||||||||||||||
| Cash and cash equivalents | $ | $ | — | $ | ||||||||||||||||
| Trade accounts receivable, net | — | |||||||||||||||||||
| Inventories | — | |||||||||||||||||||
| Prepaid expenses and other current assets | — | |||||||||||||||||||
| Goodwill | ( | |||||||||||||||||||
| Intangible assets, net | ||||||||||||||||||||
| Trade accounts payable | ( | — | ( | |||||||||||||||||
| Deferred tax liabilities | ( | ( | ( | |||||||||||||||||
| Other assets and liabilities, net | ( | — | ( | |||||||||||||||||
| Purchase consideration | ||||||||||||||||||||
| Less: Cash and cash equivalents | — | |||||||||||||||||||
| Purchase consideration, net of cash | $ | $ | $ | |||||||||||||||||
| (in millions) | USA | EMEA | Canada | LATAM | Total | |||||||||||||||||||||||||||
| Balance as of January 1, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Acquisitions (1) | ||||||||||||||||||||||||||||||||
Purchase price adjustments (2) | ( | ( | ||||||||||||||||||||||||||||||
| Dispositions and other adjustments | ( | ( | ||||||||||||||||||||||||||||||
| Foreign currency translation | ( | ( | ||||||||||||||||||||||||||||||
| Balance as of December 31, 2021 | ||||||||||||||||||||||||||||||||
Acquisitions (1) | ||||||||||||||||||||||||||||||||
Purchase price adjustments (2) | ( | ( | ||||||||||||||||||||||||||||||
| Foreign currency translation | ( | ( | ( | |||||||||||||||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| (in millions) | USA | EMEA | Canada | LATAM | Total | |||||||||||||||||||||||||||
| Balance as of January 1, 2021 | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| Balance as of December 31, 2021 | ||||||||||||||||||||||||||||||||
| Balance as of December 31, 2022 | ||||||||||||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
| (in millions) | Gross | Accumulated amortization | Net | Gross | Accumulated amortization | Net | ||||||||||||||||||||||||||||||||
| Customer relationships | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
| Other | ( | ( | ||||||||||||||||||||||||||||||||||||
| Total intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
| (in millions) | ||||||||
| 2023 | $ | |||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| USA | ||||||||||||||||||||
| Chemical distribution | $ | $ | $ | |||||||||||||||||
| Services | ||||||||||||||||||||
| Total external customer net sales | $ | $ | $ | |||||||||||||||||
| EMEA | ||||||||||||||||||||
| Chemical distribution | $ | $ | $ | |||||||||||||||||
| Services | ||||||||||||||||||||
| Total external customer net sales | $ | $ | $ | |||||||||||||||||
| Canada | ||||||||||||||||||||
| Chemical distribution | $ | $ | $ | |||||||||||||||||
| Crop sciences | ||||||||||||||||||||
| Services | ||||||||||||||||||||
| Total external customer net sales | $ | $ | $ | |||||||||||||||||
| LATAM | ||||||||||||||||||||
| Chemical distribution | $ | $ | $ | |||||||||||||||||
| Services | ||||||||||||||||||||
| Total external customer net sales | $ | $ | $ | |||||||||||||||||
| Consolidated | ||||||||||||||||||||
| Chemical distribution | $ | $ | $ | |||||||||||||||||
| Crop sciences | ||||||||||||||||||||
| Services | ||||||||||||||||||||
| Total external customer net sales | $ | $ | $ | |||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Acquisition and integration related expenses | $ | $ | $ | |||||||||||||||||
| Stock-based compensation expense | ||||||||||||||||||||
| Restructuring charges | ||||||||||||||||||||
| Other employee severance costs | ||||||||||||||||||||
| Other facility closure costs | ||||||||||||||||||||
| Multi-employer pension plan exit liability | ||||||||||||||||||||
| Gain on sale of property, plant and equipment | ( | ( | ( | |||||||||||||||||
| Other | ( | ( | ||||||||||||||||||
| Total other operating expenses, net | $ | $ | $ | |||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Pension mark to market gain (loss) | $ | $ | $ | ( | ||||||||||||||||
| Pension settlement gain | ||||||||||||||||||||
| Non-operating retirement benefits | ||||||||||||||||||||
| Foreign currency loss, net | ( | ( | ( | |||||||||||||||||
| Undesignated derivative instruments | ( | |||||||||||||||||||
| Debt refinancing costs | ( | ( | ||||||||||||||||||
| Fair value adjustment for warrants | ( | |||||||||||||||||||
| Other | ( | ( | ( | |||||||||||||||||
| Total other income (expense), net | $ | $ | $ | ( | ||||||||||||||||
| December 31, | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Land and buildings | $ | $ | ||||||||||||
| Tank farms | ||||||||||||||
| Machinery, equipment and other | ||||||||||||||
| Less accumulated depreciation | ( | ( | ||||||||||||
| Subtotal | ||||||||||||||
| Work in progress | ||||||||||||||
| Property, plant and equipment, net | $ | $ | ||||||||||||
| (in millions) | Employee Termination Costs | Facility Exit Costs | Other Exit Costs | Total | ||||||||||||||||||||||
| Restructuring liabilities as of January 1, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
| Restructuring charges | ||||||||||||||||||||||||||
| Cash paid | ( | ( | ( | |||||||||||||||||||||||
| Non-cash and other | ||||||||||||||||||||||||||
Restructuring liabilities as of December 31, 2020 | ||||||||||||||||||||||||||
| Restructuring charges | ||||||||||||||||||||||||||
| Cash paid | ( | ( | ( | |||||||||||||||||||||||
| Non-cash and other | ( | ( | ( | |||||||||||||||||||||||
Restructuring liabilities as of December 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions, except per share data) | 2022 | 2021 | 2020 | |||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Weighted average common shares outstanding | ||||||||||||||||||||
| Basic | ||||||||||||||||||||
| Effect of dilutive securities: stock compensation plans | ||||||||||||||||||||
| Diluted | ||||||||||||||||||||
| Income per common share | ||||||||||||||||||||
| Basic | $ | $ | $ | |||||||||||||||||
| Diluted | $ | $ | $ | |||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Stock options | ||||||||||||||||||||
| Restricted stock | ||||||||||||||||||||
| Warrants | ||||||||||||||||||||
| December 31, | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Senior Term Loan Facilities: | ||||||||||||||
Term B-5 Loan due 2026, variable interest rate of | $ | $ | ||||||||||||
Term B-6 Loan due 2028, variable interest rate of | ||||||||||||||
| Asset Backed Loan ("ABL") Facilities: | ||||||||||||||
Senior ABL Credit Facility due 2027, variable interest rate of | ||||||||||||||
Senior ABL Term Loan due 2027, variable interest rate of | ||||||||||||||
North American ABL Facility due 2024, variable interest rate of | ||||||||||||||
| Senior Unsecured Notes: | ||||||||||||||
Senior Unsecured Notes due 2027, fixed interest rate of | ||||||||||||||
| Finance lease obligations | ||||||||||||||
| Total long-term debt before unamortized debt issuance costs and discount | ||||||||||||||
| Less: unamortized debt issuance costs and discount on debt | ( | ( | ||||||||||||
| Total long-term debt | ||||||||||||||
| Less: current maturities | ( | ( | ||||||||||||
| Total long-term debt, excluding current maturities | $ | $ | ||||||||||||
| (in millions) | ||||||||
| 2023 | $ | |||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| Thereafter | ||||||||
| Total | $ | |||||||
| December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
$ | % | N/A | ||||||||||||
$ | N/A | % | ||||||||||||
€ | N/A | % | ||||||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
| (in millions) | Carrying amount | Fair value | Carrying amount | Fair value | ||||||||||||||||||||||
| Total long-term debt | $ | $ | $ | $ | ||||||||||||||||||||||
| Domestic | Foreign | Total | ||||||||||||||||||||||||||||||||||||
| Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
| Change in projected benefit obligations: | ||||||||||||||||||||||||||||||||||||||
| Projected benefit obligations at beginning of year | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Service cost | ||||||||||||||||||||||||||||||||||||||
| Interest cost | ||||||||||||||||||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Plan amendments | ( | ( | ||||||||||||||||||||||||||||||||||||
| Settlements | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Actuarial gain (1) | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Foreign exchange and other | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Projected benefit obligations at end of year | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Change in the fair value of plan assets: | ||||||||||||||||||||||||||||||||||||||
| Plan assets at beginning of year | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Actual return on plan assets | ( | ( | ( | |||||||||||||||||||||||||||||||||||
| Contributions by employer | ||||||||||||||||||||||||||||||||||||||
| Benefits paid | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Settlements | ( | ( | ( | |||||||||||||||||||||||||||||||||||
| Foreign exchange and other | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
| Plan assets at end of year | ||||||||||||||||||||||||||||||||||||||
| Funded status at end of year | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
| Accumulated benefit obligation | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Domestic | Foreign | Total | ||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
| Overfunded net benefit obligation in other assets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Current portion of net benefit obligation in other accrued expenses | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Net (liability) asset recognized at end of year | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
| Domestic | Foreign | Total | ||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
| Accumulated benefit obligation | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Fair value of plan assets | ||||||||||||||||||||||||||||||||||||||
| Domestic | Foreign | Total | ||||||||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
| Projected benefit obligation | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Fair value of plan assets | ||||||||||||||||||||||||||||||||||||||
| Domestic | Foreign | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Service cost (1) | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Interest cost (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets (2) | ( | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit (2) | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements (3) | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss (4) | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net periodic benefit (income) cost | $ | ( | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||
| December 31, | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Net prior service credit | $ | $ | ||||||||||||
| Domestic | Foreign | |||||||||||||||||||||||||
| December 31, | December 31, | |||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
| Actuarial assumptions used to determine benefit obligations at end of period: | ||||||||||||||||||||||||||
| Discount rate | % | % | % | % | ||||||||||||||||||||||
| Expected annual rate of compensation increase | N/A | N/A | % | % | ||||||||||||||||||||||
| Domestic | Foreign | |||||||||||||||||||||||||||||||||||||
| Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
| Actuarial assumptions used to determine net periodic benefit cost (income) for the period: | ||||||||||||||||||||||||||||||||||||||
| Discount rate | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||
| Expected rate of return on plan assets | % | % | % | % | % | % | ||||||||||||||||||||||||||||||||
| Expected annual rate of compensation increase | N/A | N/A | N/A | % | % | % | ||||||||||||||||||||||||||||||||
| Domestic | Foreign | |||||||||||||
| Asset category: | ||||||||||||||
| Equity securities | % | % | ||||||||||||
| Debt securities | % | % | ||||||||||||
| Other | % | % | ||||||||||||
| Total | % | % | ||||||||||||
| Plan asset | Description of methodology | ||||
| Cash | This represents cash at banks at fair value, reflected within Level 1 of the fair value hierarchy. | ||||
| Investment funds | Fair values are based on the NAV of the units held at year end. The NAVs are based on the fair value of the underlying assets of the funds, less their liabilities, divided by the number of units outstanding at the valuation date. The funds are traded on private markets that are not active, with unit prices based on observable (Level 2) or unobservable (Level 3) market data based on the fund’s underlying assets. | ||||
| Buy-in contract | This represents the UK Plan buy-in contract assets. Fair values are based on initial pricing adjusted for changes in government and corporate bond yields, inflation, demographic assumptions and changes in participant data, and as such are considered Level 3 based on the significant unobservable inputs used in deriving the assets' fair values. | ||||
| Insurance contracts | Fair values are based on the present value of the accrued benefit, and as such are considered Level 3 based on the significant unobservable inputs used in deriving the asset's fair values. | ||||
| Investments measured at NAV | Investment in a real estate fund, which invests in real estate assets. The investment in properties by the real estate fund is carried at fair value, which is estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. The investment can be withdrawn quarterly, after a days notice period. | ||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
| Cash | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Investment funds (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Subtotal | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
| Investments measured at NAV | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||
| Cash | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| Investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Investment funds (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Buy-in contract | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance contracts | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total investments | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| Domestic | ||||||||||||||
| Investment funds | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Balance as of January 1 | $ | $ | ||||||||||||
| Actual return on plan assets still held at year end | ||||||||||||||
| Purchases, sales and settlements, net | ||||||||||||||
| Transfer from Level 2 classification | ||||||||||||||
| Balance as of December 31 | $ | $ | ||||||||||||
| Foreign | ||||||||||||||
| Buy-in and Insurance contracts | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Balance as of January 1 | $ | $ | ||||||||||||
| Actual return on plan assets still held at year end | ( | ( | ||||||||||||
| Purchases, sales and settlements, net | ( | |||||||||||||
| Foreign exchange | ( | ( | ||||||||||||
| Balance as of December 31 | $ | $ | ||||||||||||
| Defined benefit pension plans | ||||||||||||||||||||
| (in millions) | Domestic | Foreign | Total | |||||||||||||||||
| 2023 | $ | $ | $ | |||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2025 | ||||||||||||||||||||
| 2026 | ||||||||||||||||||||
| 2027 | ||||||||||||||||||||
| 2028 through 2032 | ||||||||||||||||||||
| (in millions) | EIN/Pension plan number | PPA zone status | FIP/RP status pending/implemented | Contributions (a) | Surcharge imposed | Number of and expiration dates of collective bargaining agreement(s) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Western Conference of Teamsters Pension Plan | 91-6145047/001 | Green as of January 1, 2022 | Green as of January 1, 2021 | No | $ | $ | $ | No | (b) | |||||||||||||||||||||||||||||||||||||||||||||||
| Central States, Southeast and Southwest Areas Pension Plan | 36-6044243/001 | Red as of January 1, 2021 | Red as of January 1, 2020 | Implemented | No | (c) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total contributions | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Income before income taxes | ||||||||||||||||||||
| US | $ | $ | $ | ( | ||||||||||||||||
| Foreign | ||||||||||||||||||||
| Total income before income taxes | $ | $ | $ | |||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Current: | ||||||||||||||||||||
| Federal | $ | $ | $ | ( | ||||||||||||||||
| State | ( | |||||||||||||||||||
| Foreign | ||||||||||||||||||||
| Total current | ||||||||||||||||||||
| Deferred: | ||||||||||||||||||||
| Federal | ( | |||||||||||||||||||
| State | ( | ( | ||||||||||||||||||
| Foreign | ( | |||||||||||||||||||
| Total deferred | ( | |||||||||||||||||||
| Total income tax expense | $ | $ | $ | |||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| US federal statutory income tax expense applied to income before income taxes | $ | $ | $ | |||||||||||||||||
| State income taxes, net of federal benefit | ( | |||||||||||||||||||
| Foreign tax rate differential | ||||||||||||||||||||
| Distributions from foreign subsidiaries | ( | |||||||||||||||||||
| Global intangible low-taxed income | ||||||||||||||||||||
| Disposition of business | ( | ( | ||||||||||||||||||
| Change in valuation allowance, net | ( | ( | ||||||||||||||||||
| Foreign tax credit | ( | ( | ||||||||||||||||||
| Non-deductible expenses | ||||||||||||||||||||
| Warrants | ( | |||||||||||||||||||
| Change in statutory income tax rates | ( | |||||||||||||||||||
| Other | ||||||||||||||||||||
| Total income tax expense | $ | $ | $ | |||||||||||||||||
| Effective income tax rate | % | % | % | |||||||||||||||||
| December 31, | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Deferred tax assets: | ||||||||||||||
Net operating loss carryforwards (“NOLs”) | $ | $ | ||||||||||||
| Environmental liabilities | ||||||||||||||
| Interest | ||||||||||||||
| Tax credit and capital loss carryforwards | ||||||||||||||
| Pension | ||||||||||||||
| Compensation | ||||||||||||||
| Inventory | ||||||||||||||
| Lease liabilities | ||||||||||||||
| Other temporary differences | ||||||||||||||
| Gross deferred tax assets | ||||||||||||||
| Valuation allowance | ( | ( | ||||||||||||
| Deferred tax assets, net of valuation allowance | ||||||||||||||
| Deferred tax liabilities: | ||||||||||||||
| Property, plant and equipment, net | ( | ( | ||||||||||||
| Intangible assets | ( | ( | ||||||||||||
| Right-of-use lease assets | ( | ( | ||||||||||||
| Interest | ( | |||||||||||||
| Other temporary differences | ( | ( | ||||||||||||
| Deferred tax liabilities | ( | ( | ||||||||||||
| Net deferred tax liability | $ | ( | $ | ( | ||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Balance as of January 1 | $ | $ | $ | |||||||||||||||||
| Increase for tax positions of current year | ||||||||||||||||||||
| Increase for tax positions of prior years | ||||||||||||||||||||
| Decrease for tax positions of prior years | ( | |||||||||||||||||||
| Reductions due to the statute of limitations expiration | ( | ( | ( | |||||||||||||||||
| Reductions due to settlement with taxing authorities | ( | |||||||||||||||||||
| Foreign exchange | ( | |||||||||||||||||||
| Balance as of December 31 | $ | $ | $ | |||||||||||||||||
| Number of stock options | Weighted-average exercise price | Weighted-average remaining contractual term (in years) | Aggregate intrinsic value (in millions) | |||||||||||||||||||||||
Outstanding at January 1, 2022 | $ | |||||||||||||||||||||||||
| Granted | ||||||||||||||||||||||||||
| Exercised | ( | |||||||||||||||||||||||||
| Forfeited and expired | ( | |||||||||||||||||||||||||
Outstanding at December 31, 2022 | $ | $ | ||||||||||||||||||||||||
Exercisable at December 31, 2022 | $ | $ | ||||||||||||||||||||||||
Expected to vest after December 31, 2022 | $ | $ | ||||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Total intrinsic value of stock options exercised | $ | $ | $ | |||||||||||||||||
| Number of restricted stock | Weighted-average grant date fair value | |||||||||||||
Non-vested at January 1, 2022 | $ | |||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ||||||||||||||
Non-vested at December 31, 2022 | $ | |||||||||||||
| Number of Restricted Stock Units | Weighted-average grant date fair value | |||||||||||||
Non-vested at January 1, 2022 | $ | |||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
Non-vested at December 31, 2022 | $ | |||||||||||||
| Number of Performance-Based Restricted Stock Units | Weighted-average grant date fair value | |||||||||||||
Non-vested at January 1, 2022 | $ | |||||||||||||
| Granted | ||||||||||||||
| Vested | ( | |||||||||||||
| Forfeited | ( | |||||||||||||
Non-vested at December 31, 2022 | $ | |||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Fair value of restricted stock, RSUs and PRSUs vested | $ | $ | $ | |||||||||||||||||
| Year ended December 31, | ||||||||||||||
| 2022 | 2021 | |||||||||||||
Risk-free interest rate (1) | % | % | ||||||||||||
| Expected dividend yield | ||||||||||||||
Expected volatility (2) | % | % | ||||||||||||
| Year ended December 31, 2020 | ||||||||
Risk-free interest rate (1) | % | |||||||
| Expected dividend yield | ||||||||
Expected volatility (2) | % | |||||||
Expected term (years) (3) | ||||||||
| Warrant Liability | Contingent Consideration | ||||||||||||||||||||||
| (in millions) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Fair value as of January 1 | $ | $ | $ | $ | |||||||||||||||||||
| Additions | |||||||||||||||||||||||
| Fair value adjustments | ( | ||||||||||||||||||||||
| Foreign exchange | |||||||||||||||||||||||
| Transfers out of Level 3 | ( | ||||||||||||||||||||||
| Fair value as of December 31 | $ | $ | $ | $ | |||||||||||||||||||
| December 31, | |||||||||||
| (in millions) | 2022 | 2021 | |||||||||
| Designated Derivatives: | |||||||||||
| Interest rate swap contracts | $ | $ | |||||||||
| Cross currency swap contracts | |||||||||||
| Undesignated Derivatives: | |||||||||||
| Foreign currency derivatives | $ | $ | |||||||||
| Interest rate swap contracts | |||||||||||
| Cross currency swap contracts | |||||||||||
| Amount of gain (loss) recognized in accumulated other comprehensive loss | Amount of gain (loss) to be reclassified to consolidated statement of operations within the next 12 months | ||||||||||||||||||||||
| Year ended December 31, | |||||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | ||||||||||||||||||||
| Effect of derivative instruments designated and qualifying as cash flow hedges: | |||||||||||||||||||||||
| Interest rate swap contracts | $ | $ | $ | ( | $ | ||||||||||||||||||
| Cross currency swap contracts | ( | ||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
| (in millions) | Interest expense | Other income (expense), net | Interest expense | Other income (expense), net | Interest expense | Other income (expense), net | ||||||||||||||||||||||||||||||||
| Total amounts per Consolidated Statements of Operations | $ | ( | $ | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||
| Effect of derivative instruments designated and qualifying as cash flow hedges: | ||||||||||||||||||||||||||||||||||||||
| Interest rate swap contracts | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
| Cross currency swap contracts | ( | |||||||||||||||||||||||||||||||||||||
| Effect of undesignated derivatives: | ||||||||||||||||||||||||||||||||||||||
| Foreign currency derivatives | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
| Interest rate swap contracts | ( | |||||||||||||||||||||||||||||||||||||
| Cross currency swap contracts | ( | |||||||||||||||||||||||||||||||||||||
| Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||||||||||||||
| (in millions) | Balance Sheet Classification | 2022 | 2021 | Balance Sheet Classification | 2022 | 2021 | |||||||||||||||||||||||||||||
| Designated Derivatives: | |||||||||||||||||||||||||||||||||||
| Cross currency swap contracts | Prepaid expenses and other current assets | $ | $ | Other accrued expenses | $ | $ | |||||||||||||||||||||||||||||
| Cross currency swap contracts | Other assets | Other long-term liabilities | |||||||||||||||||||||||||||||||||
| Interest rate swap contracts | Prepaid expenses and other current assets | Other accrued expenses | |||||||||||||||||||||||||||||||||
| Interest rate swap contracts | Other assets | Other long-term liabilities | |||||||||||||||||||||||||||||||||
| Total designated derivatives | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
| Undesignated Derivatives: | |||||||||||||||||||||||||||||||||||
| Foreign currency contracts | Prepaid expenses and other current assets | $ | $ | Other accrued expenses | $ | $ | |||||||||||||||||||||||||||||
| Cross currency swap contracts | Prepaid expenses and other current assets | Other accrued expenses | |||||||||||||||||||||||||||||||||
| Cross currency swap contracts | Other assets | Other long-term liabilities | |||||||||||||||||||||||||||||||||
| Interest rate swap contracts | Prepaid expenses and other current assets | Other accrued expenses | |||||||||||||||||||||||||||||||||
| Interest rate swap contracts | Other assets | Other long-term liabilities | |||||||||||||||||||||||||||||||||
| Total undesignated derivatives | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
| Total derivatives | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
| (in millions) | Cash flow hedges | Defined benefit pension | Currency translation | Total AOCI | ||||||||||||||||||||||
| Balance as of January 1, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive (loss) income before reclassifications (1) | ( | ( | ( | |||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ( | |||||||||||||||||||||||||
| Net current period other comprehensive (loss) income | ( | ( | ( | |||||||||||||||||||||||
| Balance as of December 31, 2020 | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ( | ( | ( | |||||||||||||||||||||||
Amounts reclassified related to dispositions (2) | ||||||||||||||||||||||||||
| Net current period other comprehensive income (loss) | ( | |||||||||||||||||||||||||
| Balance as of December 31, 2021 | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | |||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive loss | ( | ( | ( | |||||||||||||||||||||||
| Net current period other comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||
| Statement of Operations Classification | Year ended December 31, | |||||||||||||||||||||||||
| (in millions) | 2022 (1) | 2021 (1) | 2020 (1) | |||||||||||||||||||||||
| Amortization of defined benefit pension items: | ||||||||||||||||||||||||||
| Prior service credit | Other income (expense), net | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
| Tax expense | Income tax expense | |||||||||||||||||||||||||
| Net of tax | ( | ( | ( | |||||||||||||||||||||||
| Cash flow hedges: | ||||||||||||||||||||||||||
| Interest rate swap contracts | Interest expense | |||||||||||||||||||||||||
| Cross-currency swap contracts | Interest expense and other income (expense), net | ( | ( | |||||||||||||||||||||||
| Tax expense (benefit) | Income tax expense | ( | ||||||||||||||||||||||||
| Net of tax | ( | ( | ||||||||||||||||||||||||
| Total reclassifications for the period, net of tax | $ | ( | $ | ( | $ | |||||||||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Environmental liabilities as of January 1 | $ | $ | ||||||||||||
| Revised obligation estimates | ||||||||||||||
| Payments | ( | ( | ||||||||||||
| Foreign exchange | ( | ( | ||||||||||||
| Environmental liabilities as of December 31 | $ | $ | ||||||||||||
| December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||||||||
| Current environmental liabilities | $ | $ | ||||||||||||||||||
| Long-term environmental liabilities | ||||||||||||||||||||
| (in millions) | ||||||||
| 2023 | $ | |||||||
| 2024 | ||||||||
| 2025 | ||||||||
| 2026 | ||||||||
| 2027 | ||||||||
| Thereafter | ||||||||
| Total | $ | |||||||
| December 31, | ||||||||||||||||||||
| (in millions) | Balance Sheet Classification | 2022 | 2021 | |||||||||||||||||
| Assets | ||||||||||||||||||||
| Operating lease assets | $ | $ | ||||||||||||||||||
| Finance lease assets | ||||||||||||||||||||
| Total lease assets | $ | $ | ||||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Current liabilities: | ||||||||||||||||||||
| Current portion of operating lease liabilities | $ | $ | ||||||||||||||||||
| Current portion of finance lease liabilities | ||||||||||||||||||||
| Noncurrent liabilities: | ||||||||||||||||||||
| Operating lease liabilities | ||||||||||||||||||||
| Finance lease liabilities | ||||||||||||||||||||
| Total lease liabilities | $ | $ | ||||||||||||||||||
| (in millions) | Year ended December 31, 2022 | Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statement of Operations Classification | Operating Leases | Finance Leases | Total | Operating Leases | Finance Leases | Total | Operating Leases | Finance Leases | Total | |||||||||||||||||||||||||||||||||||||||||||||||
| Cost of goods sold (exclusive of depreciation) | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
| Outbound freight and handling | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Warehousing, selling and administrative | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total gross lease component costs | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Variable lease costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Short-term lease costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total gross lease costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Less: sublease income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total net lease costs | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | Operating Leases | Finance Leases | Total | |||||||||||||||||
| 2023 | $ | $ | $ | |||||||||||||||||
| 2024 | ||||||||||||||||||||
| 2025 | ||||||||||||||||||||
| 2026 | ||||||||||||||||||||
| 2027 | ||||||||||||||||||||
| 2028 and after | ||||||||||||||||||||
| Total lease payments | ||||||||||||||||||||
| Less: interest | ||||||||||||||||||||
| Present value of lease liabilities | $ | $ | $ | |||||||||||||||||
| December 31, | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
| Weighted-average remaining lease term (years) | ||||||||||||||
| Operating leases | ||||||||||||||
| Finance leases | ||||||||||||||
| Weighted-average discount rate | ||||||||||||||
| Operating leases | % | % | ||||||||||||
| Finance leases | % | % | ||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||
| Operating cash flows from operating leases | $ | $ | $ | |||||||||||||||||
| Operating cash flows from finance leases | ||||||||||||||||||||
| Financing cash flows from finance leases | ||||||||||||||||||||
| (in millions) | USA | EMEA | Canada | LATAM | Other/ Eliminations(1) | Consolidated | ||||||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||||||||||||
| Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||
| Inter-segment | ( | — | ||||||||||||||||||||||||||||||||||||
| Net sales | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
| Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||
| Inter-segment | ( | — | ||||||||||||||||||||||||||||||||||||
| Net sales | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
| Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
| External customers | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||
| Inter-segment | ( | — | ||||||||||||||||||||||||||||||||||||
| Net sales | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Adjusted EBITDA | ||||||||||||||||||||
| USA | $ | $ | $ | |||||||||||||||||
| EMEA | ||||||||||||||||||||
| Canada | ||||||||||||||||||||
| LATAM | ||||||||||||||||||||
Other/Eliminations (1) | ( | ( | ( | |||||||||||||||||
| Consolidated | $ | $ | $ | |||||||||||||||||
| December 31, | ||||||||||||||
| (in millions) | 2022 | 2021 | ||||||||||||
Long-lived assets (1) | ||||||||||||||
| USA | $ | $ | ||||||||||||
| EMEA | ||||||||||||||
| Canada | ||||||||||||||
| LATAM | ||||||||||||||
| Other | ||||||||||||||
| Consolidated | $ | $ | ||||||||||||
| Year ended December 31, | ||||||||||||||||||||
| (in millions) | 2022 | 2021 | 2020 | |||||||||||||||||
| Net income | $ | $ | $ | |||||||||||||||||
| Depreciation | ||||||||||||||||||||
| Amortization | ||||||||||||||||||||
| Interest expense, net | ||||||||||||||||||||
| Income tax expense | ||||||||||||||||||||
| EBITDA | ||||||||||||||||||||
| Other operating expenses, net | ||||||||||||||||||||
| Other (income) expense, net | ( | ( | ||||||||||||||||||
| Impairment charges | ||||||||||||||||||||
| (Gain) loss on sale of business | ( | |||||||||||||||||||
| Brazil VAT charge | ||||||||||||||||||||
| Adjusted EBITDA | $ | $ | $ | |||||||||||||||||
| Additions | ||||||||||||||||||||||||||||||||
| (in millions) | Balance at beginning of period | Charged to costs and expenses | Charged to other accounts | Deductions | Balance at end of period | |||||||||||||||||||||||||||
| Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
| Income tax valuation allowance | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
| Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
| Income tax valuation allowance | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||
| Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
| Income tax valuation allowance | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
| Exhibit Number | Exhibit Description | ||||||||||
| Agreement and Plan of Merger, dated September 17, 2018, by and among Nexeo, Univar, Pilates Merger Sub I Corp and Pilates Merger Sub II LLC, incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of the Company, filed on September 18, 2018. | |||||||||||
| Purchase and Sale Agreement, by and among Nexeo Solutions, Inc., Neon Holdings, Inc. and Univar Inc., dated as of February 8, 2019, incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of the Company filed on March 1, 2019. | |||||||||||
Restated Third Amended and Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Form 10-K of the Company filed on February 25, 2022. | |||||||||||
Fourth Amended and Restated Bylaws of the Company effective May 6, 2021, incorporated by reference to Exhibit 3.5 to the Form 10-Q of the Company filed on August 3, 2021. | |||||||||||
| Form of Common Stock Certificate, incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-1 of the Company, filed on June 8, 2015. | |||||||||||
Description of Univar Solutions Inc. Securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, incorporated by reference to Exhibit 4.2 to the Form 10-K of the Company, filed on February 25, 2022. | |||||||||||
| Indenture, dated as of November 22, 2019, between Univar Solutions USA Inc., Univar Solutions Inc., the guarantors listed on the signature pages thereto and U.S. Bank National Association, incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of the Company, filed on November 22, 2019. | |||||||||||
| First Supplemental Indenture, dated as of November 22, 2019, between Univar Solutions USA Inc., Univar Solutions Inc., the guarantors listed on the signature pages thereto and U.S. Bank National Association, incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of the Company filed on November 22, 2019. | |||||||||||
| Form of 5.125% Senior Notes due 2027 (included in Exhibit 4.3 hereto), incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K of the Company, filed on November 22, 2019. | |||||||||||
| Credit Agreement, dated as of July 1, 2015 between Univar USA Inc., Univar Inc., the several banks and financial institutions from time to time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on July 7, 2015. | |||||||||||
| First Amendment to Credit Agreement, dated as of January 19, 2017 between Univar USA Inc., Univar Inc., the several banks and financial institutions from time to time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on January 20, 2017. | |||||||||||
| Second Amendment to Credit Agreement, dated as of November 28, 2017 between Univar USA Inc., Univar Inc., the several banks and financial institutions from time to time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed November 29, 2017. | |||||||||||
| Third Amendment to Credit Agreement, dated as of February 23, 2019, between Univar USA Inc., Univar Inc., the several banks and financial institutions from time to time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.5 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
| Fourth Amendment to Credit Agreement, dated as of February 28, 2019 between Univar USA Inc., Univar Inc., the several banks and financial institutions from time to time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company, filed on March 1, 2019. | |||||||||||
| Fifth Amendment to Credit Agreement, dated November 22, 2019, between Univar Solutions USA Inc., Univar Solutions Inc., Univar Netherlands Holding B.V, the several banks and financial institutions from time to time party thereto, Goldman Sachs Bank USA and Bank of America, N.A., to the Credit Agreement dated July 1, 2015, between Univar Solutions USA Inc., Univar Solutions Inc., Univar Netherlands Holding B.V., the several banks and financial institutions from time to time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on November 22, 2019. | |||||||||||
Sixth Amendment to Credit Agreement, dated June 3, 2021, between Univar Solutions USA Inc., Univar Solutions Inc., Univar Netherlands Holding B.V., the several banks and financial institutions from time to time party thereto, JPMorgan Chase Bank, N.A. and Bank of America, N.A., to the Credit Agreement dated July 1, 2015, between Univar Solutions USA Inc., Univar Solutions Inc., Univar Netherlands Holding B.V., the several banks and financial institutions from time to time party thereto and Bank of America, N.A., incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on June 9, 2021. | |||||||||||
| Term Loan Guarantee and Collateral Agreement, dated as of July 1, 2015, made by Univar Inc., Univar USA Inc. and the guarantors listed on the signature pages thereto in favor of Bank of America, N.A, as collateral agent for the banks and other financial institutions that are parties to the Credit Agreement, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company, filed on July 7, 2015. | |||||||||||
| Amendment No. 1 to Term Loan Guarantee and Collateral Agreement, dated as of November 22, 2019, made by Univar Solutions Inc., Univar Solutions USA Inc. and the guarantors listed on the signature pages thereto in favor of Bank of America, N.A, as collateral agent, incorporated by reference to Exhibit 10.9 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
| Second Amended and Restated ABL Credit Agreement, dated as of October 27, 2022, by and among Univar Solutions Inc. and certain of its subsidiaries, the several banks and financial institutions from time to time party thereto and Bank of America, N.A., as administrative agent, incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of the Company, filed on October 31, 2022. | |||||||||||
| Second Amended and Restated ABL Guarantee and Collateral Agreement, dated as of October 27, 2022, made by the Company and certain of its Domestic Subsidiaries in favor of Bank of America, N.A, as collateral agent. | |||||||||||
| Form of Director Indemnification Agreement, incorporated by reference to Exhibit 10.56 to the Registration Statement on Form S-1 of the Company, filed on June 8, 2015. | |||||||||||
| Form of Employee Stock Option Agreement, incorporated by reference to Exhibit 10.34 to the Registration Statement on Form S-1 of the Company, filed on August 14, 2014. | |||||||||||
| 2014 Form of Employee Stock Option Agreement, incorporated by reference to Exhibit 10.62 to the Registration Statement on Form S-1 of the Company, filed on May 26, 2015. | |||||||||||
| Form of Employee Stock Option Agreement for awards granted between June 23, 2015 and February 1, 2017, 2015 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-8 of the Company, filed on June 23, 2015. | |||||||||||
| Form of Employee Stock Option Agreement for awards granted after February 1, 2017, 2015 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.67 to the Form 10-K of the Company filed on February 28, 2017. | |||||||||||
| Form of Employee Stock Option Agreement for awards granted after April 13, 2017, 2015 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.1 to the Form 10-Q of the Company filed on May 5, 2017. | |||||||||||
| Form of Employee Stock Option Agreement, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.3 to the Form 10-Q of the Company filed on May 5, 2017. | |||||||||||
| Form of Employee Stock Option Agreement for awards granted on or after February 7, 2018, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.2 to the Form 10-Q of the Company, filed on May 10, 2018. | |||||||||||
| Stock Option Agreement, dated as of February 7, 2018, by and between Univar Inc. and Stephen D. Newlin. 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.3 to the Form 10-Q of the Company, filed on May 10, 2018. | |||||||||||
| Form of Employee Stock Option Agreement for awards granted on or after February 6, 2019, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.4 to the Form 10-Q of the Company, filed on May 9, 2019. | |||||||||||
| Form of Employee Stock Option Agreement for awards granted on or after February 21, 2020, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.23 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
Form of Employee Stock Option Agreement for awards granted on or after June 26, 2020, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.1 to the Form 10-Q of the Company, filed on August 7, 2020. | |||||||||||
Form of Employee Restricted Stock Unit Agreement for awards granted on or after February 21, 2020, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.31 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
| Form of Employee Restricted Stock Unit Agreement for awards granted on or after June 26, 2020, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.2 to the Form 10-Q of the Company, filed on August 7, 2020. | |||||||||||
| Univar Solutions Supplemental Savings Plan (previously named Univar USA Inc. Supplemental Valued Investment Plan), effective June 1, 2017, incorporated by reference to Exhibit 10.32 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
| First Amendment to the Univar Solutions Supplemental Savings Plan, dated October 9, 2018, incorporated by reference to Exhibit 10.33 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
| Second Amendment to the Univar Solutions Supplemental Savings Plan, dated December 30, 2019, incorporated by reference to Exhibit 10.34 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
| Univar USA Inc. Supplemental Benefits Retirement Plan, dated as of July 1, 2004, incorporated by reference to Exhibit 10.45 to the Registration Statement on Form S-1 of the Company, filed on August 14, 2014. | |||||||||||
| First Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of May 17, 2005, incorporated by reference to Exhibit 10.30 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
| Second Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of August 24, 2006, incorporated by reference to Exhibit 10.31 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
| Third Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of June 11, 2007, incorporated by reference to Exhibit 10.32 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
Fourth Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of December 6, 2007, incorporated by reference to Exhibit 10.46 to the Registration Statement on Form S-1 of the Company, filed on August 14, 2014. | |||||||||||
Fifth Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of December 6, 2007, incorporated by reference to Exhibit 10.34 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
| Sixth Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of December 19, 2007, incorporated by reference to Exhibit 10.35 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
| Seventh Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of June 19, 2008, incorporated by reference to Exhibit 10.36 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
| Eighth Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of December 23, 2008, incorporated by reference to Exhibit 10.37 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
Ninth Amendment to the Univar USA Inc. Supplemental Retirement Plan, dated as of December 21, 2009, incorporated by reference to Exhibit 10.38 to the Form 10-K of the Company, filed on March 3, 2016. | |||||||||||
Univar Inc. 2011 Stock Incentive Plan, effective as of March 28, 2011, incorporated by reference to Exhibit 10.32 to the Registration Statement on Form S-1 of the Company, filed on August 14, 2014. | |||||||||||
| Amendment No. 1 to the Univar Inc. 2011 Stock Incentive Plan, dated as of November 30, 2012, incorporated by reference to Exhibit 10.33 to the Registration Statement on Form S-1 of the Company, filed on August 14, 2014. | |||||||||||
| Univar Inc. 2015 Omnibus Equity Incentive Plan is incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-8 of the Company, filed June 23, 2015. | |||||||||||
Univar Inc. 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.6 to the Form 10-Q of the Company filed on May 5, 2017. | |||||||||||
| First Amendment to Univar Inc. 2017 Omnibus Equity Incentive Plan dated as of December 6, 2019, incorporated by reference to Exhibit 10.50 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
Univar Solutions Inc. 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.5 to the Registration Statement on Form S-8 of the Company, filed on May 7, 2020. | |||||||||||
| Letter Agreement, by and between Nick Powell and Univar Inc., dated as of February 27, 2019, incorporated by reference to Exhibit 5.1 to the Current Report on Form 8-K of the Company, filed on March 1, 2019. | |||||||||||
Letter Agreement between the Company and Nick Powell, incorporated by reference to Exhibit 10.1 to the Form 10-Q of the Company, filed on September 17, 2021. | |||||||||||
Letter Agreement, by and between Nick Powell and Univar Solutions Inc., dated as of September 12, 2022, incorporated by reference to Exhibit 10.1 to the Current Report on Form 10-Q, filed on November 2, 2022. | |||||||||||
| Form of Repayment Agreement, by and between Univar Solutions Inc. and Certain Executives. | |||||||||||
Letter Agreement between the Company and Jennifer McIntyre, incorporated by reference to Exhibit 10.2 to the Form 10-Q of the Company, filed on November 2, 2021. | |||||||||||
| Form of Severance and Change in Control Agreement by and Between Univar Inc. and Certain Executives, incorporated by reference to Exhibit 10.3 to the Form 10-Q of the Company, filed on November 6, 2018. | |||||||||||
| Severance and Change of Control Agreement, dated as of January 6, 2020, between the Company and Nicholas W. Alexos, incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of the Company, filed on December 16, 2019. | |||||||||||
Form of Severance and Change in Control Agreement by and Between Univar Solutions Inc. and Certain Executives, incorporated by reference to Exhibit 10.1 to the Form 10-Q of the Company, filed on November 5, 2020. | |||||||||||
Amended and Restated Univar Solutions Inc. Employee Stock Purchase Plan, incorporated by reference to Exhibit 10.51 to the Form 10-K of the Company, filed on February 25, 2021. | |||||||||||
| First Amendment to Univar Solutions Inc. Employee Stock Purchase Plan dated as of December 6, 2019, incorporated by reference to Exhibit 10.56 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
Second Amendment to Univar Solutions Inc. Employee Stock Purchase Plan executed as of October 28, 2020, incorporated by reference to Exhibit 10.53 to the Form 10-K of the Company, filed on February 25, 2021. | |||||||||||
Form of Employee Performance Based Restricted Stock Unit Agreement for awards granted on or after February 21, 2020, incorporated by reference to Exhibit 10.7 to the Form 10-Q of the Company, filed on August 7, 2020. | |||||||||||
Form of Employee Performance Based Restricted Stock Unit Agreement for awards granted on or after March 10, 2021, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.1 to the Form 10-Q of the Company, filed on May 10, 2021. | |||||||||||
Form of Director Deferred Share Unit Agreement for awards granted on or after February 7, 2018, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.8 to the Form 10-Q of the Company, filed on May 10, 2018. | |||||||||||
Form of Director Deferred Share Unit Agreement for awards granted on or after February 7, 2019, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.7 to the Form 10-Q of the Company, filed on May 9, 2019. | |||||||||||
| Form of Director Deferred Share Unit Agreement for cash retainer granted on or after February 21, 2020, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.64 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
| Form of Director Deferred Share Unit Agreement for equity awards granted on or after February 21, 2020, 2017 Omnibus Equity Incentive Plan, incorporated by reference to Exhibit 10.65 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
Form of Director Deferred Share Unit Agreement for cash retainer granted on or after June 26, 2020, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.3 to the Form 10-Q of the Company, filed on August 7, 2020. | |||||||||||
Form of Director Deferred Share Unit Agreement for equity awards granted on or after June 26, 2020, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.4 to the Form 10-Q of the Company, filed on August 7, 2020. | |||||||||||
| Form of Director Restricted Stock Agreement for awards granted on or after June 26, 2020, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.5 to the Form 10-Q of the Company, filed on August 7, 2020. | |||||||||||
Form of Director Restricted Stock Unit Agreement for awards granted on or after June 26, 2020, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.6 to the Form 10-Q of the Company, filed on August 7, 2020. | |||||||||||
| Univar Inc. Omnibus Waiver regarding Whistleblower Protections, dated as of May 3, 2017, incorporated by reference to Exhibit 10.8 to the Form 10-Q of the Company filed on May 5, 2017. | |||||||||||
| Form of Indemnification Agreement by and Between Univar Solutions Inc. and Certain Executives, incorporated by reference to Exhibit 10.2 to the Form 10-Q of the Company, filed on November 5, 2020. | |||||||||||
Form of Employee Restricted Stock Unit Agreement for awards granted on or after February 7, 2022, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.75 to the Form 10-K of the Company, filed on February 25, 2020. | |||||||||||
Form of Employee Performance-Based Restricted Stock Unit Agreement for awards granted on or after February 7, 2022, 2020 Omnibus Incentive Plan, incorporated by reference to Exhibit 10.76 to the Form 10-K of the Company, filed on February 25, 2022. | |||||||||||
| List of Subsidiaries | |||||||||||
| Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm | |||||||||||
| Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||||||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||||||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||||||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||||||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||||||||
| † | Identifies each management compensation plan or arrangement. | ||||
| * | Filed herewith. | ||||
| ** | Furnished herewith. | ||||
| By: /s/ NICHOLAS W. ALEXOS | ||
Nicholas W. Alexos, Executive Vice President and Chief Financial Officer | ||
| By: /s/ DAVID C. JUKES | By: /s/ NICHOLAS W. ALEXOS | |||||||
David C. Jukes, President and Chief Executive Officer (Principal Executive Officer) | Nicholas W. Alexos, Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | |||||||
| By: /s/ CHRISTOPHER D. PAPPAS | ||||||||
Christopher D. Pappas, Chairman of the Board | ||||||||
| By: /s/ JOAN BRACA | By: /s/ MARK J. BYRNE | |||||||
Joan Braca, Director | Mark J. Byrne, Director | |||||||
| By: /s/ DANIEL P. DOHENY | By: /s/ RICHARD P. FOX | |||||||
Daniel P. Doheny, Director | Richard P. Fox, Director | |||||||
| By: /s/ RHONDA GERMANY | By: /s/ VARUN LAROYIA | |||||||
Rhonda Germany, Director | Varun Laroyia, Director | |||||||
| By: /s/ STEPHEN D. NEWLIN | By: /s/ KERRY PREETE | |||||||
Stephen D. Newlin, Director | Kerry Preete, Director | |||||||
| By: /s/ ROBERT L. WOOD | ||||||||
Robert L. Wood, Director | ||||||||
SECTION 1 Defined Terms | ||||||||
| 1.1 | Definitions | |||||||
| 1.2 | Other Definitional Provisions | |||||||
| 1.3 | Amendment and Restatement | |||||||
SECTION 2 Guarantee | ||||||||
| 2.1 | Guarantee | |||||||
| 2.2 | Right of Contribution | |||||||
| 2.3 | No Subrogation | |||||||
| 2.4 | Amendments, etc. with Respect to the Obligations | |||||||
| 2.5 | Guarantee Absolute and Unconditional | |||||||
| 2.6 | Reinstatement | |||||||
| 2.7 | Payments | |||||||
| 2.8 | Joint and Several | |||||||
SECTION 3 Grant of Security Interest | ||||||||
| 3.1 | Grant | |||||||
| 3.2 | Pledged Collateral | |||||||
| 3.3 | Certain Limited Exceptions | |||||||
| 3.4 | Intercreditor Relations | |||||||
SECTION 4 Representations and Warranties | ||||||||
| 4.1 | Representations and Warranties of Each Guarantor | |||||||
| 4.2 | Representations and Warranties of Each Grantor | |||||||
| 4.3 | Representations and Warranties of Each Pledgor | |||||||
SECTION 5 Covenants | ||||||||
| 5.1 | Covenants of Each Guarantor | |||||||
| 5.2 | Covenants of Each Grantor | |||||||
| 5.3 | Covenants of Each Pledgor | |||||||
SECTION 6 Remedial Provisions | ||||||||
| 6.1 | Certain Matters Relating to Accounts | |||||||
| 6.2 | Communications with Obligors; Grantors Remain Liable | |||||||
| 6.3 | Pledged Stock | |||||||
| 6.4 | Proceeds to Be Turned Over to the Collateral Agent | |||||||
| 6.5 | Application of Proceeds | |||||||
| 6.6 | Code and Other Remedies | |||||||
| 6.7 | Registration Rights | |||||||
| 6.8 | Waiver; Deficiency | |||||||
SECTION 7 The Collateral Agent | ||||||||
| 7.1 | Collateral Agent’s Appointment as Attorney-in-Fact, etc. | |||||||
| 7.2 | Duty of Collateral Agent | |||||||
| 7.3 | Financing Statements | |||||||
| 7.4 | Authority of Collateral Agent | |||||||
| 7.5 | Right of Inspection | |||||||
SECTION 8 Designation of Non-Lender Secured Parties | ||||||||
| 8.1 | Designation of Non-Lender Secured Parties | |||||||
SECTION 9 Miscellaneous | ||||||||
| 9.1 | Amendments in Writing | |||||||
| 9.2 | Notices | |||||||
| 9.3 | No Waiver by Course of Conduct; Cumulative Remedies | |||||||
| 9.4 | Enforcement Expenses; Indemnification | |||||||
| 9.5 | Successors and Assigns | |||||||
| 9.6 | Set-Off | |||||||
| 9.7 | Counterparts | |||||||
| 9.8 | Severability | |||||||
| 9.9 | Section Headings | |||||||
| 9.10 | Integration | |||||||
| 9.11 | GOVERNING LAW | |||||||
| 9.12 | Submission to Jurisdiction; Waivers | |||||||
| 9.13 | Acknowledgments | |||||||
| 9.14 | WAIVER OF JURY TRIAL | |||||||
| 9.15 | Additional Granting Parties | |||||||
| 9.16 | Releases | |||||||
| 9.17 | Judgment | |||||||
| 9.18 | Transfer Tax Acknowledgment | |||||||
| 2020 Grant | 2021 Grant | 2022 Grant | Total RSUs | ||||||||
| Entity Name | State or Other Jurisdiction of Incorporation | |||||||
| Chemical Specialists and Development LLC | Delaware | |||||||
| Chempoint.com EMEA BV | Netherlands | |||||||
| Chempoint.com, Inc. | Nevada | |||||||
| Continential Chemicals, LLC | North Carolina | |||||||
| Cravenhurst Properties Ltd | United Kingdom | |||||||
| Juffali-Univar Saudi Arabia Chemicals Company, LLC | Saudia Arabia | |||||||
| Nexeo Solutions Holdings, LLC | Delaware | |||||||
| Nexeo Solutions LLC | Delaware | |||||||
| Nexeo Solutions Mexico Holdings, LLC | Delaware | |||||||
| Nexeo Solutions Sub Holding Corp | Delaware | |||||||
| Olympic Chemical Corp | Washington | |||||||
| Pilates Merger Sub II LLC | Delaware | |||||||
| Tagma Brasil Industria e Comercio de Produtos Químicos Ltda | Brazil | |||||||
| TPG Accolade Delaware, LLC | Delaware | |||||||
| Ulixes Limited | United Kingdom | |||||||
| Univar Corporativo SA de CV (Mexico) | Mexico | |||||||
| Univar Delaware, Inc. | Delaware | |||||||
| Univar Egypt LLC | Egypt | |||||||
| Univar Europe Ltd. | United Kingdom | |||||||
| Univar France SNC | France | |||||||
| Univar Holdco, LLC | Delaware | |||||||
| Univar Holdco III, LLC | Delaware | |||||||
| Univar Netherlands Holdings B.V. | Netherlands | |||||||
| Univar Services (Pty) Ltd. (South Africa) | South Africa | |||||||
| Univar Solutions AB | Sweden | |||||||
| Univar Solutions AG | Switzerland | |||||||
| Univar Solutions AS | Norway | |||||||
| Univar Solutions Belgium NV | Belgium | |||||||
| Univar Solutions Brasil Ltda | Brazil | |||||||
| Univar Solutions BV | Netherlands | |||||||
| Univar Solutions Canada Ltd. | Canada | |||||||
| Univar Solutions Caribe (Dominican Republic) | Dominican Republic | |||||||
| Univar Solutions China BV | Netherlands | |||||||
| Univar Solutions China Ltd. (China) | China | |||||||
| Univar Solutions Colombia SAS (Colombia) | Colombia | |||||||
| Univar Solutions Denmark A/S | Denmark | |||||||
| Univar Solutions GmbH | Germany | |||||||
| Univar Solutions Guatemala, S.A. | Guatemala | |||||||
| Univar Solutions Hellas EPE | Greece | |||||||
| Univar Solutions Hong Kong Ltd. | Hong Kong | |||||||
| Univar Solutions Hungary Sales LLC | Hungary | |||||||
| Univar Solutions, Inc. | Delaware | |||||||
| Entity Name | State or Other Jurisdiction of Incorporation | |||||||
| Univar Solutions Ireland Ltd | Ireland | |||||||
| Univar Solutions Kimya Sanayi ve Dis Ticaret Limited | Turkey | |||||||
| Univar Solutions Mexico SRL | Mexico | |||||||
| Univar Solutions Middle East Africa FZE | Dubai | |||||||
| Univar Solutions Netherlands B.V. | Netherlands | |||||||
| Univar Solutions Oy | Finland | |||||||
| Univar Solutions Portugal SA | Portugal | |||||||
| Univar Solutions Puerto Rico, LLC | Puerto Rico | |||||||
| Univar Solutions SAS | France | |||||||
| Univar Solutions S.p.A | Italy | |||||||
| Univar Solutions s.r.l. | Romania | |||||||
| Univar Solutions s.r.o. | Czech Republic | |||||||
| Univar Solutions Singapore Pte Ltd (Singapore) | Singapore | |||||||
| Univar Solutions Sp Z.o.o | Poland | |||||||
| Univar Solutions Spain SA | Spain | |||||||
| Univar Solutions Trustee Ltd | United Kingdom | |||||||
| Univar Solutions UK Ltd | United Kingdom | |||||||
| Univar Solutions USA Inc. | Washington | |||||||
| Univar Specialty Consumables Limited | United Kingdom | |||||||
| Univar Solutions SARL | Tunisia | |||||||
| Univar UK Ltd | United Kingdom | |||||||
| Univar USA Delaware Inc. | Delaware | |||||||
| Univar MEA Sarl | Morocco | |||||||
| UVX Scandinavia AB | Sweden | |||||||
| Vicom Distribucion | Spain | |||||||
| Univar Solutions Argentina SRL | Argentina | |||||||
| Quimicos Consolidados S.A. | Panama | |||||||
| Chemsol International, Inc. | Panama | |||||||
| Distribuidora Chemsol de Costa Rica | Costa Rica | |||||||
| Chemsol Guatemala S.A. | Guatemala | |||||||
| Chemsol del Salvador S.A. de C.V. | El Salvador | |||||||
| Chemsol de Honduras S.A. de C.V. | Honduras | |||||||
| Inmobiliaria Los Laurles S.A. | Guatemala | |||||||
| Inmobiliaria Flor de Izote | El Salvador | |||||||
| February 22, 2023 | By: /s/ DAVID C. JUKES | |||||||
| David C. Jukes | ||||||||
| President and Chief Executive Officer | ||||||||
| February 22, 2023 | By: /s/ NICHOLAS W. ALEXOS | |||||||
| Nicholas W. Alexos | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
| /s/ DAVID C. JUKES | ||
| David C. Jukes | ||
| President and Chief Executive Officer | ||
| February 22, 2023 | ||
| /s/ NICHOLAS W. ALEXOS | ||
| Nicholas W. Alexos | ||
| Executive Vice President and Chief Financial Officer | ||
| February 22, 2023 | ||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Audit Information [Abstract] | |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Chicago, Illinois |
| Auditor Firm ID | 42 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 545.3 | $ 460.6 | $ 52.9 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation, net of tax of $0.1, $— and $(4.7) for the years ended December 31, 2022, 2021 and 2020, respectively | (64.4) | 5.0 | (10.7) |
| Pension and other postretirement benefits adjustment, net of tax of $0.1, $0.6 and $(4.7) for the years ended December 31, 2022, 2021 and 2020, respectively | (0.6) | (2.5) | 20.2 |
| Derivative financial instruments, net of tax of $(28.5), $(7.8) and $7.9 for the years ended December 31, 2022, 2021 and 2020, respectively | 83.0 | 21.9 | (17.3) |
| Total other comprehensive income (loss), net of tax | 18.0 | 24.4 | (7.8) |
| Comprehensive income | $ 563.3 | $ 485.0 | $ 45.1 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Foreign currency translation adjustment, tax | $ 0.1 | $ 0.0 | $ (4.7) |
| Pension and other postretirement benefits adjustment, net of tax | 0.1 | 0.6 | (4.7) |
| Derivative financial instruments, tax | $ (28.5) | $ (7.8) | $ 7.9 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for doubtful accounts | $ 13.1 | $ 15.8 |
| Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
| Common stock, shares issued (in shares) | 173,237,533 | 171,199,938 |
| Common stock, shares outstanding (in shares) | 173,237,533 | 171,199,938 |
| Treasury stock ( in shares) | 15,254,566 | 1,832,385 |
Nature of operations |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Nature of operations | 1. Nature of operations Headquartered in Downers Grove, Illinois, Univar Solutions Inc. (the "Company") is a leading global distributor of commodity and specialty chemicals and ingredients, as well as a provider of value-added services, to customers across a wide range of industries. The Company’s four reportable segments, defined as USA, EMEA, Canada and LATAM, represent the geographic areas under which the Company operates and manages its business. LATAM includes certain developing businesses in Latin America and the Asia-Pacific region.
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Significant accounting policies |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant accounting policies | 2. Significant accounting policies Basis of consolidation and presentation The consolidated financial statements include the financial statements of the Company and its majority-owned subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company's determination that it is the primary beneficiary of a variable interest entity. All intercompany balances and transactions are eliminated in consolidation. Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars. Proceeds and payments under the revolving credit facilities for the years ended December 31, 2021 and 2020, which were previously reported net in the consolidated statements of cash flows, are now presented separately to conform to the current year presentation. Additionally, certain other immaterial amounts in the prior years’ consolidated financial statements and notes have been reclassified to conform to the current year presentation. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions affecting the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. Cash and cash equivalents Cash and cash equivalents include highly-liquid investments with an original maturity of three months or less that are readily convertible into known amounts of cash. Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements (the "Notional Cash Pool"). Under the Notional Cash Pool, cash deposited by participating subsidiaries is pledged as security against the overdraft balances of other participating subsidiaries, providing legal rights of offset. As a result, the balances are presented on a net basis within cash and cash equivalents in the consolidated balance sheets. As of December 31, 2022, the net cash position of the Notional Cash Pool was $52.9 million, which consisted of a gross cash balance of $69.8 million less a bank overdraft balance of $16.9 million. As of December 31, 2021, the net cash position of the Notional Cash Pool was $43.2 million, which consisted of a gross cash balance of $146.0 million less a bank overdraft balance of $102.8 million. Trade accounts receivable, net and allowance for doubtful accounts Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the Company's current estimate of credit losses expected to be incurred over the life of the trade accounts receivable. Collectability of the trade accounts receivable balance is assessed on an ongoing basis and determined based on the delinquency of customer accounts, the financial condition of individual customers, past collections experience and future economic expectations. Changes in the allowance for doubtful accounts were as follows:
Inventories Inventories consist primarily of products purchased for resale and are stated at the lower of cost or net realizable value. Inventory cost is determined based on the weighted average cost method and includes purchase price from producers net of rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product, but excludes depreciation expense. Property, plant and equipment, net Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life of each asset as follows:
The Company evaluates the useful life and carrying value of property, plant and equipment for impairment if an event occurs or circumstances change that would indicate the carrying value may not be recoverable. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the asset group's carrying amount exceeds its estimated fair value. Goodwill and intangible assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. Goodwill is tested for impairment annually as of October 1, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s reporting units are USA, EMEA, Canada, Latin America and Asia-Pacific. For each of the reporting units, the Company has the option to perform either the qualitative or quantitative test. In the event a reporting unit fails the qualitative test, it is required to perform the quantitative test. The quantitative impairment test considers both the income approach and the market approach to estimate a reporting unit’s fair value. Significant assumptions include forecasted earnings before interest, taxes, depreciation and amortization ("EBITDA"), market segment growth rates and discount rates based on a reporting unit's weighted average cost of capital. If the fair value of a reporting unit is less than its carrying value, the Company will recognize an impairment for the lesser of the amount by which the reporting unit's carrying amount exceeds its fair value or the reporting unit’s goodwill carrying value. As of October 1, 2022, the Company performed its annual impairment assessment using the qualitative test and concluded that fair value exceeded carrying value for all reporting units. The Company's intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years using the estimated pattern of economic benefit. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable. Short-term financing Short-term financing includes bank overdrafts and short-term lines of credit. Income taxes Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect on deferred taxes of changes in tax rates is recognized in the period in which the revised tax rate is enacted. Income tax effects are released from accumulated other comprehensive loss in the period the underlying item expires. The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that such assets will not be realized. In making such determinations, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, forecasted and appropriate character of future taxable income, its experience with operating loss and tax credit carryforwards not expiring unused, tax planning strategies and the ability to carry back losses to prior years. The Company is subject to global intangible low-taxed income ("GILTI"), which is a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company treats taxes due on future US inclusions in taxable income related to GILTI as a current-period expense when incurred. The Company accounts for unrecognized tax benefits through an assessment of whether a position is more likely than not to be sustained upon examination by taxing authorities based on its technical merits. The Company records liabilities for uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative expenses, respectively, in the consolidated statements of operations. Accrued interest and penalties are included in other accrued expenses and other long-term liabilities in the consolidated balance sheets. On August 16, 2022, the Inflation Reduction Act ("IRA") was enacted into US law. Effective for tax years beginning after December 31, 2022, the IRA imposes a 15% corporate minimum tax, a 1% excise tax on share repurchases, and creates and extends certain tax-related energy incentives. Management does not expect the tax-related provisions of the IRA to have a material impact on the Company's consolidated financial statements. Defined benefit pension plans The Company sponsors several defined benefit pension plans and recognizes actuarial gains or losses, known as "mark to market" adjustments, as of the December 31 measurement date. The mark to market adjustments primarily include gains and losses resulting from changes in discount rates and the difference between the expected and actual rate of return on plan assets. Settlement gains and losses are recognized in the period in which the settlement occurs. The fair value of plan assets is used to calculate the expected return on plan assets component of net periodic benefit cost. Leases At the commencement date of a lease, the Company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The Company includes options to extend or terminate a lease within the lease term when it is reasonably certain the option will be exercised. The lease liability is measured at the present value of fixed lease payments over the lease term. The lease liability includes payments allocated to lease components, while payments allocated to non-lease components are expensed as incurred for all asset classes. When a contract excludes an implicit rate, the Company utilizes an incremental borrowing rate based on information available at the lease commencement date, including lease term and geographic region. The initial measurement of the right-of-use asset includes the initial measurement of the lease liability, fixed lease payments made in advance of the lease commencement date and initial direct costs incurred by the Company and excludes lease incentives. Variable lease payments, such as payments based on an index rate or usage, are expensed as incurred and excluded from lease liabilities and right-of-use assets. Leases with an initial term of 12 months or less are classified as short-term leases and are not recorded on the consolidated balance sheets. The lease expense for short-term leases is recognized on a straight-line basis over the lease term. Legal costs Legal costs are expensed as incurred. Environmental liabilities Environmental liabilities are recognized for probable and reasonably estimable losses associated with environmental remediation. Incremental direct costs of the investigation, remediation effort and post-remediation monitoring are included in the estimated environmental liabilities. The Company discounts environmental liabilities if the liability and the respective payment streams are fixed or reliably determinable. Expected cash outflows related to environmental remediation for the next 12 months and amounts for which the timing is uncertain are reported as current within other accrued expenses in the consolidated balance sheets. The long-term portion of environmental liabilities is reported within other long-term liabilities in the consolidated balance sheets. Environmental liabilities are not reduced for potential insurance recoveries. Insurance recoveries are recorded when it is probable that a recovery will be realized and are included within prepaid expenses and other current assets or other assets in the consolidated balance sheets. Environmental remediation expenses and insurance recoveries are included within warehousing, selling and administrative expenses in the consolidated statements of operations, unless associated with disposed operations, in which case such expenses are included in other operating expenses, net. Revenue recognition Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring a good or providing a service. Since the term between invoicing and payment is less than a year, revenue is not adjusted for the effects of a significant financing component. Revenue for bill-and-hold arrangements is recognized if the Company has a substantive customer request, the materials are properly segregated and designated as belonging to the customer, materials are ready to be transferred to the customer and the Company is unable to direct the materials to another customer. Chemical distribution Revenue is recognized when performance obligations under the terms of the contract are satisfied, which generally occurs at a point in time upon completion of the shipping process as indicated by the terms of the contract. Net sales include product sales and billings for freight and handling charges, net of discounts, expected returns, customer price and volume incentives and sales or other revenue-based taxes. The Company estimates customer price and volume incentives and expected customer returns based on historical experience. Services The Company recognizes revenue from services as they are performed and economic value is transferred to customers. Services provided to customers are primarily related to waste management and warehousing. Crop sciences The Company recognized revenue when control of products transferred to customers. The amount of consideration recorded varied due to price movements and rights granted to customers to return product. Customer payment terms often extended through a growing season, which was up to six months. Beginning in 2021, crop sciences is no longer a revenue stream due to actions taken by the Company within the Canada segment in 2020. Foreign currency Assets and liabilities of foreign subsidiaries are translated into US dollars at period-end exchange rates. Income and expense accounts of foreign subsidiaries are translated into US dollars at the average exchange rates for the period. The net exchange gains and losses arising from translation are reflected as a component of foreign currency translation within accumulated other comprehensive income (loss) ("AOCI"). Transaction gains and losses are recognized in other income (expense), net in the consolidated statements of operations. Transaction gains and losses relating to intercompany borrowings that are an investment in a foreign subsidiary are reflected as a component of foreign currency translation within AOCI. Stock-based compensation The Company measures the total amount of employee stock-based compensation expense based on the grant date fair value of each award. Expense is recognized for each separately vesting tranche on a straight-line basis over the requisite service period, which is the shorter of the service period of the award or the period until the employees' retirement eligibility date. The Company recognizes forfeitures when incurred. Fair value Certain assets and liabilities are required to be recorded at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. A financial instrument's categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value and a net asset value ("NAV") practical expedient:
Derivatives The Company uses derivative financial instruments to manage risks associated with foreign currency and interest rate fluctuations. The Company does not use derivative instruments for speculative trading purposes. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of interest rate and cross currency swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. Based on these valuation methodologies, these derivative contracts are classified as Level 2 in the fair value hierarchy. Changes in the fair value of derivative financial instruments are recognized in the consolidated statements of operations within interest expense or other income (expense), net. Cash flows associated with derivative financial instruments are recognized in the operating activities section of the consolidated statements of cash flows. For derivatives designated as cash flow hedges, changes in the fair value of the derivative are recorded to AOCI and are reclassified to earnings when the underlying forecasted transaction affects earnings. For contracts designated as cash flow hedges, the Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. For derivatives not designated as hedging instruments, all changes in fair value are recorded to earnings in the current period. Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares and dilutive common share equivalents outstanding during each period. The Company reflects common share equivalents relating to stock options, non-vested restricted stock and non-vested restricted stock units in its computation of diluted weighted average shares outstanding, unless the effect of inclusion is anti-dilutive. The effect of dilutive securities is calculated using the treasury stock method. Recently adopted accounting pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10 "Government Assistance" (Topic 832) - "Disclosures by Business Entities about Government Assistance" to increase the transparency of disclosures for government assistance and grants. The ASU requires annual disclosures pertaining to the types of received government assistance, accounting for the transactions and the related impacts on the reported financial results. The Company adopted this guidance on a prospective basis in the fourth quarter of 2022, which did not impact the consolidated financial statements and disclosures as the Company has not received significant government assistance. In December 2022, the FASB issued ASU 2022-06 "Reference Rate Reform" (Topic 848) "Deferral of the Sunset Date of Topic 848", which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional practical expedients and elections when accounting for contracts, hedging relationships and other transactions affected by the discontinuation of reference rates such as LIBOR, if certain criteria are met. The standard was effective upon issuance and the Company may apply the optional practical expedients and elections in Topic 848 prospectively through December 31, 2024. The Company adopted the standard in the fourth quarter of 2022, which did not impact the consolidated financial statements. Accounting pronouncements issued and not yet adopted In October 2021, the FASB issued ASU 2021-08 "Business Combinations" (Topic 805) – "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 (Revenue from Contracts with Customers). The standard is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt this guidance on a prospective basis effective January 1, 2023, which is not expected to have a material impact on the consolidated financial statements. In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs" (Subtopic 405-50) - "Disclosure of Supplier Finance Program Obligations" to enhance the transparency of disclosure regarding supplier finance programs. The ASU requires a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period and potential magnitude. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Retrospective application of the guidance is required for all disclosures except rollforward information, which requires prospective application. The Company has not yet determined the impact of the standard on its disclosures.
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business combinations | 3. Business combinations The Company makes acquisitions of certain businesses from time to time that are aligned with its strategic intent with respect to, among other factors, growth markets and adjacent product lines or technologies. Goodwill resulting from business combinations is largely attributable to the existing workforce of the acquired businesses and synergies expected to arise after the Company's acquisition of these businesses. Vicom Distribución Productos Quimicos, S.L. On July 29, 2022, the Company acquired all of the outstanding equity interests in Vicom, a leading regional specialty chemical distributor in Spain and Portugal, for cash consideration of $14.5 million. The transaction was accounted for under the acquisition method of accounting and the results of operations are included in the EMEA segment. The preliminary purchase price allocation included $3.4 million in identified intangible assets related to customer relationships and $5.6 million in goodwill, which is included in the EMEA segment and is not deductible for income tax purposes. Sweetmix Distribuidora de Materias Primas Industriais Ltda On December 1, 2021, the Company acquired all of the outstanding equity interests in Sweetmix, a food ingredients and CASE specialty chemical distribution company in Brazil. The purchase price, including measurement period adjustments, was $53.0 million, $28.7 million of which was paid in cash (net of cash acquired of $1.2 million) upon closing, with the remaining $23.1 million to be paid over the next five years. The transaction was accounted for under the acquisition method of accounting and the results of operations are included in the LATAM segment. During the year ended December 31, 2022, the Company updated the purchase price allocation to reflect intangible asset fair value adjustments, purchase price adjustments and the deferred tax impacts of the recognized adjustments. The final purchase price allocation and measurement period adjustments are presented in the table below:
The goodwill is included in the LATAM segment and is not deductible for income tax purposes. The identified intangible assets relate to customer relationships that will be amortized over a period of eight years. Zhuhai Techi Chem Silicone Industry Corporation On December 18, 2020, the Company completed the acquisition of the specialty silicone solutions business of Techi Chem, a leading distributor of specialty silicone solutions used primarily for the CASE market within the China marketplace. The purchase price of $6.8 million was comprised of $4.6 million paid in cash and $2.2 million of contingent consideration. The transaction was accounted for under the acquisition method of accounting and the results of operations are included in the LATAM segment.
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Dispositions |
12 Months Ended |
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Dec. 31, 2022 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Dispositions | 4. Dispositions The dispositions below did not meet the criteria to be classified as a discontinued operation in the Company’s consolidated financial statements since the dispositions did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results. Distrupol Business On April 1, 2021, the Company completed the sale of its Distrupol business within the EMEA segment for total cash proceeds of $136.7 million. In 2021, the Company recorded an $87.6 million pre-tax gain on sale of business in the , net of a release of cumulative foreign currency translation losses of $18.1 million. The sale of the Distrupol business was exempt from tax under local country subsidiary participation exemptions. The impact of the sale on US income taxes was minimal. The Company recorded income before income taxes attributable to the Distrupol business of $3.9 million and $10.3 million for the years ended December 31, 2021 and 2020, respectively. Canadian Agriculture Services Business On November 30, 2020, the Company completed the sale of its Canadian Agriculture services business within the Canada segment for total net cash proceeds of $39.3 million after closing transaction-related expenses. In 2020, the Company recorded a $31.5 million pre-tax loss on sale of business in the . In 2021, the Company recognized a favorable adjustment of $0.7 million, decreasing the loss on sale recorded in 2020. The Company recorded income before income taxes attributable to the Canadian Agriculture services business of $2.8 million for the year ended December 31, 2020. Industrial Spill and Emergency Response Businesses On September 1, 2020, the Company completed the sale of its industrial spill and emergency response businesses to EnviroServe Inc. for total net cash proceeds of $6.2 million after closing transaction-related expenses. In 2020, the Company recorded a $10.5 million pre-tax loss on sale of business in the consolidated statements of operations. The Company recorded a loss before income taxes attributable to these businesses of $26.9 million for the year ended December 31, 2020. Environmental Sciences Business On December 31, 2019, the Company completed the sale of the Environmental Sciences business to AEA Investors LP for total net cash proceeds of $174.0 million plus a $5.0 million ($2.4 million present value) subordinated note receivable. In 2020, the Company recorded a net working capital adjustment of $8.2 million, reducing the proceeds and the gain on sale initially recorded in 2019.
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Impairment charges |
12 Months Ended |
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Dec. 31, 2022 | |
| Asset Impairment Charges [Abstract] | |
| Impairment charges | 5. Impairment charges The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate an asset’s carrying amount may not be recoverable. Significant estimates include forecasted EBITDA, working capital, capital expenditures and discount rates. As the inputs for testing recoverability and determining fair value of the asset groups are largely based on management’s judgments and are not generally observable in active markets, the Company considers such inputs to be Level 3 measurements in the fair value hierarchy. Year ended December 31, 2021 Throughout 2021, the Company announced the closure of certain operating facilities in the USA and Canada segments, which resulted in impairment charges related to property, plant and equipment, net of $3.0 million within the consolidated statements of operations. Year ended December 31, 2020 During 2020, the Company determined there was a more likely than not expectation that the industrial spill and emergency response businesses within the USA segment would be sold. The Company determined this to be an impairment triggering event, requiring the assessment of the recoverability of these long-lived asset groups. The Company tested the recoverability and determined the assets to be impaired. As a result, the Company recorded a non-cash, pre-tax impairment charge of $15.5 million, consisting of $12.8 million of intangible assets, net and $2.7 million of property, plant and equipment, net, within the consolidated statements of operations. During 2020, the Company decided to cease further investment in, and seek to exit a contract related to certain technology assets, consisting of capitalized software and hardware components. This event represented an impairment triggering event requiring an impairment analysis within the Other segment. As a result, the Company recorded a pre-tax impairment charge of $21.7 million, inclusive of non-cash and cash components of $19.7 million and $2.0 million, respectively, relating to property, plant and equipment, net, within the consolidated statements of operations. Additionally, the Company recorded impairment charges of $3.0 million related to property, plant and equipment, net within the consolidated statements of operations during the year ended December 31, 2020. The impairment charges were in connection with the announced closure of certain operating facilities in the USA segment and the wind down of the Canadian Agriculture wholesale distribution business.
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and intangible assets, net | 6. Goodwill and intangible assets, net Goodwill The following table is a summary of goodwill activity by segment:
(1)Acquisitions in 2021 and 2022 related to Sweetmix and Vicom, respectively. (2)Purchase price adjustments in 2021 and 2022 related to the Techi Chem and Sweetmix acquisitions, respectively. Accumulated goodwill impairment losses by segment were as follows:
The year-over-year changes primarily relate to dispositions and foreign currency translation adjustments. Intangible assets, net The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows:
Other intangible assets consist of intellectual property trademarks, trade names, producer relationships and contracts, non-compete agreements and exclusive distribution rights. The estimated annual amortization expense in each of the next five years is as follows:
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| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | 7. Revenue The Company disaggregates revenues from contracts with customers by both geographic reportable segments and revenue contract types. Geographic reportable segmentation is pertinent to understanding the Company's revenues, as it aligns with how the Company reviews the financial performance of its operations. Revenue contract types are differentiated by the type of good or service the Company offers customers, since the contractual terms necessary for revenue recognition are unique to each of the identified revenue contract types. The following table disaggregates external customer net sales by major category:
Deferred revenue Deferred revenues are recognized as contract liabilities when customers provide the Company with consideration prior to the Company satisfying its performance obligations and are recognized in revenue when the performance obligations are met. Deferred revenues relate to revenues that are expected to be recognized within one year and are recorded within other accrued expenses in the consolidated balance sheets. Deferred revenues as of December 31, 2022 and 2021 were $15.3 million and $17.6 million, respectively. Revenue recognized for the years ended December 31, 2022 and 2021 from amounts included in contract liabilities at the beginning of the respective periods was $16.8 million and $5.3 million, respectively.
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental financial information | 8. Supplemental financial information Other operating expenses, net Other operating expenses, net consisted of the following:
Other income (expense), net Other income (expense), net consisted of the following:
Property, plant and equipment, net Property, plant and equipment, net consisted of the following:
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Restructuring charges |
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| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring charges | 9. Restructuring charges Restructuring charges relate to the implementation of several regional strategic initiatives aimed at streamlining the Company’s cost structure and improving its operations. These actions primarily resulted in workforce reductions and other facility rationalization costs, with underlying plans substantially completed by December 31, 2020. The following table summarizes activity related to restructuring liabilities:
No restructuring charges were recorded during the year ended December 31, 2022. Restructuring liabilities of $0.1 million and $0.5 million were classified in other accrued expenses in the consolidated balance sheets as of December 31, 2022 and 2021, respectively.
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Earnings per share |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings per share | 10. Earnings per share The following table presents the basic and diluted earnings per share computations:
The common shares that were not included in the computation of diluted earnings per share because their inclusion would be anti-dilutive were as follows:
On November 1, 2022, the Company entered into an accelerated share repurchase agreement (“ASR”) with Goldman Sachs & Co. LLC (“Goldman”), which was accounted for as an open market repurchase of its common stock on the trade date and a forward contract indexed to its common stock. Refer to “Note 14: Share repurchase program and stock-based compensation” for additional information. The Company reflected the initial share delivery as an immediate reduction in common shares outstanding. The effect of the forward contract was excluded from the computation of diluted earnings per share for the year ended December 31, 2022 as its inclusion would have been anti-dilutive.
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Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 11. Debt Short-term financing The Company had no outstanding balance in short-term financing facilities as of December 31, 2022 and 2021. The Company had $127.7 million and $141.9 million of outstanding letters of credit as of December 31, 2022 and 2021, respectively. Long-term debt Long-term debt consisted of the following:
The weighted average interest rate on long-term debt, including the effect of designated and undesignated derivative instruments (refer to “Note 16: Derivatives” for more information), was 4.36% and 3.25% as of December 31, 2022 and 2021, respectively. As of December 31, 2022, future contractual maturities of long-term debt, excluding finance lease obligations, were as follows:
Refer to “Note 19: Leasing” for additional information regarding finance lease obligations. Senior Term Loan Facilities In 2019, the Company entered into the Fifth Amendment to its Credit Agreement dated July 1, 2015 ("Credit Agreement"), which provided a Term B-5 Loan facility in an aggregate initial principal amount of $400 million that matures on July 1, 2026 (“Term B-5 Loan”). The Term B-5 Loan is payable in quarterly installments of 0.25% of the aggregate initial principal amount. The interest rate applicable to the Term B-5 Loan is based on, at the Company's option, (i) a fluctuating rate of interest determined by reference to a base rate plus an applicable margin of 1.00% or (ii) a Eurocurrency rate plus an applicable margin of 2.00%. The Company can prepay the Term B-5 Loan in whole or part without penalty. In 2020, using the proceeds from the sale of the Environmental Sciences business, the Company repaid $174.0 million of previously incurred term loan debt. In 2021, to secure favorable interest rates and extend principal maturities, the Company entered into the Sixth Amendment to its Credit Agreement, which provided a Term B-6 Loan facility in an aggregate initial principal amount of $1.0 billion that matures on June 3, 2028 ("Term B-6 Loan"). The proceeds from the Term B-6 Loan and an incremental borrowing of $274.2 million under the North American ABL Facility were used to repay in full previously incurred term loan debt and satisfy related lending and refinancing fees. As a result of the issuance of the Term B-6 Loan and the repayment of the Term B-3 Loan, the Company recognized a loss on extinguishment of debt of $2.0 million and debt refinancing costs of $6.9 million during the second quarter of 2021, both of which are included in other income (expense), net in the consolidated statements of operations. The Term B-6 Loan is payable in quarterly installments of 0.25% of the aggregate initial principal amount beginning in September 2021. The interest rate applicable to the Term B-6 Loan is based on, at the Company's option, (i) a fluctuating rate of interest determined by reference to a base rate plus an applicable margin of 1.00% or (ii) a Eurocurrency rate plus an applicable margin of 2.00% (in each case with a 0.25% step down based on the achievement of a specific leverage level). The Company can prepay the Term B-6 Loan in whole or part without penalty. ABL Facilities On October 27, 2022, the Company and certain of its US, Canadian and European subsidiaries entered into the Second Amended and Restated ABL Credit Agreement (the "Senior ABL Facility"). The Senior ABL Facility amends and restates in full the amended and restated ABL facility entered into by the Company on February 28, 2019 ("North American ABL Facility"). In connection with the entry into the Senior ABL Facility, the Company terminated its existing European ABL Credit Agreement and the Euro ABL Facility thereunder. The Senior ABL Facility, which matures on October 27, 2027, provides a five-year senior secured ABL credit facility in an aggregate principal amount of $1.6 billion ("Senior ABL Credit Facility") and a five-year senior secured term loan facility in an aggregate principal amount of $200 million ("Senior ABL Term Loan"). Borrowing availability is determined by a borrowing base consisting of eligible inventory, eligible accounts receivable and cash of the Company and certain of its subsidiaries. The Senior ABL Term Loan is payable in quarterly installments of 12.5% of the aggregate initial principal amount beginning in March 2026. The interest rates applicable to the Senior ABL Facility will be based on, at the Company's option, (i) with respect to the Senior ABL Term Loan, a fluctuating rate of interest determined by reference to either a base rate plus an applicable margin of 0.75% or a term SOFR rate plus an applicable margin of 1.75%, in each case with one 0.25% step down based on achievement of a specific leverage level and (ii) with respect to the Senior ABL Credit Facility, a fluctuating rate of interest determined by reference to a base rate plus an applicable margin of 0.125%, 0.25% or 0.375% or a term SOFR rate plus an applicable margin of 1.125%, 1.25% or 1.375%, with the margin in each case based on average combined testing availability. The applicable margin will be adjusted after the completion of each full fiscal quarter based upon the pricing grid in the Senior ABL Facility. The Senior ABL Facility contains a number of customary affirmative and negative covenants and events of default. During 2021, the Company made a series of prepayments on the Canadian ABL term loan using the proceeds from the sale of the Canadian Agriculture services business and cash on hand, which resulted in the full extinguishment of the loan. Senior Unsecured Notes In 2019, the Company issued $500.0 million in Senior Unsecured Notes due December 1, 2027 (“2027 Senior Notes”), with a fixed interest rate of 5.125%. The Company can prepay the 2027 Senior Notes in whole or part at a premium on or after December 1, 2022 and without a premium on or after December 1, 2024. The Company repurchased $46.0 million of the 2027 Senior Notes in the open market during the second quarter of 2022, resulting in a gain on extinguishment of debt of $1.5 million within other income (expense), net in the consolidated statements of operations. Debt costs As a result of actions within its debt portfolio, the Company recognized a gain on extinguishment of debt of $1.5 million and losses of $2.3 million and $1.8 million during the years ended December 31, 2022, 2021 and 2020, respectively. The Company recognized no debt refinancing costs during the year ended December 31, 2022 and recognized debt refinancing costs of $7.0 million and $0.1 million during the years ended December 31, 2021 and 2020, respectively. Borrowing availability and assets pledged as collateral Borrowing availability is determined based upon available qualifying collateral, as defined in the Senior ABL Facility. As of December 31, 2022, the Company's borrowing availability under the Senior ABL Facility was $675.2 million. Unused line fees were as follows:
The Senior ABL Facility is secured by a first priority lien on the loan parties' accounts receivable, inventory and cash as well as a second priority lien on substantially all other assets of the US subsidiary loan parties and other assets of certain European subsidiary loan parties in each case subject to various limitations and exceptions. In addition, 65% of the shares of certain foreign subsidiaries have been pledged as security. The Senior Term Loan Facilities are secured by substantially all of the assets of the US operating and management subsidiaries and a second priority lien on such accounts receivable and inventory. The Company had assets pledged of approximately $3.1 billion as of December 31, 2022 and 2021. Debt covenants The Company is in compliance with all debt covenants. The Senior ABL Facility includes a springing fixed charge coverage ratio of 1.0x, applicable only if availability is less than or equal to 10% of the borrowing capacity. As of December 31, 2022, the Company had availability in excess of the minimum borrowing capacity and therefore this financial covenant is not applicable. Other information The fair values of debt were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins and amortization, as necessary, and are classified as Level 2 in the fair value hierarchy.
The Company is exposed to credit loss and loss of liquidity availability if the financial institutions or counterparties issuing the debt securities fail to perform. The Company minimizes exposure to these credit risks by dealing with a diversified group of investment grade financial institutions. The Company manages credit risk by monitoring the credit ratings and market indicators of credit risk of its lending counterparties, and does not anticipate counterparty non-performance.
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Employee benefit plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Employee benefit plans | 12. Employee benefit plans Defined benefit pension plans The Company sponsors defined benefit plans that provide pension benefits for employees upon retirement in certain jurisdictions including the US, Canada, United Kingdom and several other European countries. The US, Canada and United Kingdom defined benefit pension plans are closed to new entrants. United Kingdom buy-in contract Continuing the Company’s efforts to reduce retirement plan risk while delivering promised benefits to plan participants, the Trustees of the Univar Pension Scheme (1978) (“the UK Plan”) executed a buy-in contract in December 2021. The buy-in arrangement is an insurance contract providing substantially all future benefit plan payments to all UK Plan participants. As such, this transaction significantly mitigates volatility by removing investment, longevity, interest rate and inflation risk. However, the primary benefit obligation remains with the Company. The buy-in contract remains an asset of the UK Plan and is part of the plan's investment strategy. The UK Plan transferred substantially all of the Company’s UK pension plan assets to the insurer in exchange for an insurance contract at the effective date of the buy-in. The buy-in contract had a fair value of $241.5 million as of December 31, 2022 and is classified as a Level 3 investment. The projected benefit obligation of the UK Plan as of December 31, 2022 was $198.3 million, which was net of $19.4 million of prior service credits recorded in accumulated other comprehensive loss. US pension settlement In November 2022, the Company entered into an agreement with an insurance company to purchase an irrevocable group annuity contract. The Company transferred US qualified pension plan liabilities of $72.6 million and plan assets of $67.7 million, resulting in a non-cash pre-tax settlement gain of $4.9 million. The Company expects to continue to consider future opportunities to prudently manage costs and risks of its global retirement plans. Future transactions could result in non-cash settlement or mark to market charges which may impact earnings and could be material to a given reporting period. The following table summarizes the Company’s defined benefit pension plans’ benefit obligations, plan assets and funded status:
(1)The actuarial gains for the years ended December 31, 2022 and 2021 were primarily due to changes in the discount rate assumptions utilized in measuring plan obligations. Net amounts related to the Company’s defined benefit pension plans recognized in the consolidated balance sheets consist of:
The following table summarizes defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
The following table summarizes defined benefit pension plans with projected benefit obligations in excess of plan assets:
The following table summarizes the components of net periodic benefit cost (income) recognized in the consolidated statements of operations related to defined benefit pension plans:
(1)Service cost is included in warehousing, selling and administrative expenses. (2)These amounts are included in other income (expense), net, and represent non-operating retirement benefits. (3)Settlements are included in other income (expense), net. (4)Actuarial (gain) loss, or mark to market, includes measurement gains and losses resulting from changes since the prior measurement date in assumptions and plan experience, as well as the difference between the expected and actual return on plan assets. These amounts are recorded in other income (expense), net. As of December 31, 2022 and 2021, amounts recorded in AOCI related to foreign defined benefit pension plans. The following table summarizes pre-tax amounts included in AOCI related to pension plan amendments:
Actuarial assumptions The significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost (income) for the Company’s defined benefit plans were as follows:
Discount rates are used to measure benefit obligations and the interest cost component of net periodic benefit cost (income). The Company selects its discount rates based on the consideration of equivalent yields on high-quality fixed income investments at each measurement date. Discount rates are based on a benefit cash flow-matching approach and represent the rates at which the Company’s benefit obligations could effectively be settled as of the measurement date. For domestic defined benefit plans, the discount rates are based on a hypothetical bond portfolio approach. The hypothetical bond portfolio is constructed to comprise AA-rated corporate bonds whose cash flow from coupons and maturities match the expected future plan benefit payments. The discount rates for the foreign defined benefit plans are based on a yield curve approach. For plans in countries with a sufficient corporate bond market, the expected future benefit payments are matched with a yield curve derived from AA-rated corporate bonds, subject to minimum amounts outstanding and meeting other selection criteria. For plans in countries without a sufficient corporate bond market, the yield curve is constructed based on prevailing government yields and an estimated credit spread to reflect a corporate risk premium. The discount rate to value UK Plan liabilities continues to be set with reference to the yields on high quality corporate bonds. The expected long-term rate of return on plan assets reflects management’s expectations on long-term average rates of return on funds invested to provide for benefits included in the benefit obligations. The long-term rate of return assumptions are based on the outlook for equity and fixed income returns, with consideration of historical returns, asset allocations, investment strategies and premiums for active management when appropriate. Assumptions reflect the expected rates of return at the beginning of the year. Plan asset management Plan assets for defined benefit plans are invested in global equity, debt securities or insurance contracts through professional investment managers with the objective to achieve targeted risk adjusted returns and to maintain liquidity sufficient to fund current benefit payments. Each funded defined benefit plan has an investment policy that is administered by plan trustees with the objective of meeting targeted asset allocations based on the circumstances of that particular plan. The investment strategy followed by the Company varies by country depending on the circumstances of the underlying plan. Less mature plan benefit obligations are funded by using more equity securities as they are expected to achieve long-term growth while exceeding inflation. More mature plan benefit obligations are funded using a higher allocation of fixed income securities as they are expected to produce current income with limited volatility. The Company has adopted a dynamic investment strategy whereby as the plan funded status improves, the investment strategy is migrated to more liability matching assets, and return seeking assets are reduced. Risk management practices include the use of multiple asset classes for diversification purposes. Specific guidelines for each asset class and investment manager are implemented and monitored. As noted above, substantially all of the UK Plan assets were within a buy-in contract as of December 31, 2022 and 2021, subsequent to the transaction executed in December 2021. The weighted average target asset allocation for defined benefit pension plans as of December 31, 2022 was as follows:
Plan asset valuation methodologies
Fair value of plan assets The following table presents domestic plan assets categorized within the three-level fair value hierarchy:
(1)This category includes investments of 24.7% and 21.8% in US equities, 17.9% and 17.9% in non-US equities, 25.9% and 41.9% in US corporate bonds, 0.1% and 2.2% in non-US corporate bonds, 19.9% and 0.0% in US government bonds, 2.9% and 0.0% in non-US government bonds and 8.6% and 16.2% in other investments as of December 31, 2022 and 2021, respectively. The following table presents foreign plan assets categorized within the three-level fair value hierarchy:
(1)This category includes investments of 15.0% and 0.6% in US equities, 23.6% and 45.4% in non-US equities, 38.7% and 39.7% in non-US corporate bonds, 13.7% and 5.4% in non-US government bonds and 9.0% and 8.9% in other investments as of December 31, 2022 and 2021, respectively. Changes in the plan assets valued using significant unobservable inputs (Level 3) were as follows:
Contributions The Company expects to contribute approximately $13.5 million and $2.5 million to its domestic and foreign defined benefit pension plan funds in 2023, respectively, including direct payments to plan participants in unfunded plans. Benefit payments Estimated future benefit payments are as follows:
Defined contribution plans The Company provides defined contribution plans and had contribution expense of $52.9 million, $51.4 million and $43.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. Multi-employer pension plans The Company contributes to certain multi-employer pension plans based on obligations arising from collective bargaining agreements. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects: •Assets contributed to the multi-employer plan by the Company may be used to provide benefits to employees of other participating employers. •If the Company stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Similarly, the Company could be liable for underfunded obligations of other, departed employers. •If the Company chooses to stop participating in some of its multi-employer plans, it may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. A withdrawal liability will be recorded when it is probable that a liability exists and the liability can be reasonably estimated. The Company’s participation in these plans for the annual period ended December 31, 2022 is outlined in the table below. The Pension Protection Act (“PPA”) zone status is the most recently available and is certified by the plan's actuary. Among other factors, plans in the “red zone” are less than 65 percent funded, plans in the “yellow zone” are less than 80 percent funded and plans in the “green zone” are at least 80 percent funded. The “FIP/RP status pending/implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. In addition to regular plan contributions, the Company may be subject to a surcharge if the plan is in the red zone. The “Surcharge imposed” column indicates whether a surcharge has been imposed on contributions to the plan. The last column lists the expiration date(s) of the collective bargaining agreement(s) (“CBA”) to which the plans are subject. Contributions may be required in future periods by the CBAs, statutory obligations or other contractual obligations. If the Company were to cease making contributions to these plans at one or more or all locations, it could trigger a withdrawal liability that could be material to the Company’s results of operations and cash flows. Calculating any such withdrawal liability depends on a number of factors that are out of the Company’s control and subject to change. A withdrawal liability represents an employer’s proportional share of the multi-employer plan’s unfunded vested benefits (“UVBs”). UVBs equal the value of non-forfeitable benefits owed by the plan, less the value of the plan’s assets. The value of assets and liabilities are determined using actuarial assumptions that reflect the actuary’s best estimate of anticipated UVBs for that employer. A significant portion of the Company's exposure historically resided with the eight facilities that participated in the Central States, Southeast and Southwest Areas Pension Plan (“Central States Pension Fund”). During the year ended December 31, 2021, the Company recognized its best estimate of a withdrawal liability of $31.2 million related to triggering events at all eight sites, culminating in the Company ceasing to participate in the Central States Pension Fund. Upon an agreed final funding assessment with the Central States Pension Fund, the Company will recognize any differences between the estimated and actual withdrawal liability. As of December 31, 2022, this balance is unchanged. The Company estimates its cash obligation to be approximately $1.9 million annually for each of the next 20 years. The net present value of the withdrawal liability was determined using a risk-free interest rate. Amounts associated with the withdrawal liability are included in other operating expenses, net in the consolidated statements of operations and other accrued expenses and other long-term liabilities in the consolidated balance sheets.
(a)Plan contributions by the Company did not represent more than five percent of total contributions to the plans as indicated in the plans’ most recently available annual report. (b)As of December 31, 2022, the Company had six agreements expiring through July 31, 2025. (c)The Company either terminated the CBA or the Union voted to amend the CBA covered by this fund. As a result, the Company has withdrawn from the fund and recognized expense for its estimated withdrawal liability.
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes | 13. Income taxes For financial reporting purposes, income before income taxes includes the following components:
The expense for income taxes is summarized as follows:
Differences between actual provisions for income taxes and provisions for income taxes at the US federal statutory rate of 21.0% were as follows:
The consolidated deferred tax assets and liabilities are detailed as follows:
As of December 31, 2022, the Company has $17.6 million (tax effected) of NOLs, of which $0.7 million will expire in the period 2023 through 2027, $3.8 million will expire in the period between 2028 and 2041 and the remaining $13.1 million has no expiration. Additionally, the Company has approximately $4.9 million of foreign tax credits and capital loss carryforwards. The Company does not expect future earnings of the appropriate character of taxable income to allow it to utilize certain of these tax attributes in future years. Therefore, the Company maintains a valuation allowance of $12.7 million on these tax attributes and other deferred tax assets. Foreign Tax Effects The Company earns a significant amount of its operating income outside of the US. As of December 31, 2022, the Company is indefinitely reinvested with respect to its US directly-owned subsidiary earnings. Therefore, the Company has not recognized a deferred tax liability on its investment in foreign subsidiaries. The Company is subject to US income tax on substantially all foreign earnings under the GILTI provisions of the 2017 Tax Cuts and Jobs Act, while a significant portion of remaining foreign earnings are eligible for the dividends received deduction. As a result, a portion of any future repatriation of $628.8 million of undistributed earnings may be subject to US income tax, as well as state and local income taxes, withholding taxes and currency translation gains or losses. It is impracticable to calculate the exact amount. Additionally, gains and losses on any future taxable dispositions of US-owned foreign affiliates continue to be subject to US income tax. Unrecognized Tax Benefits The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, were as follows:
As of December 31, 2022 and 2021, there were $40.1 million of unrecognized tax benefits that if recognized would affect the annual effective tax rate. The Company files income tax returns in the US and various state and foreign jurisdictions. Generally, tax years are open for review by taxing authorities for a period of three years. As of December 31, 2022, the Company has limited audit activity for tax years back to 2008 through 2010, as well as for the periods 2012 through 2020. The Company continues to believe its positions are supportable; however, due to uncertainties in any tax audit outcome, the Company’s estimates of the ultimate settlement of uncertain tax positions may change and the actual tax benefits may differ from the estimates. The Company recognized $2.4 million, $0.1 million and $0.6 million of interest and/or penalties related to income tax matters in interest expense related to unrecognized tax benefits in the consolidated statements of operations for the years ended December 31, 2022, 2021 and 2020, respectively. The Company had $4.3 million and $2.0 million of interest and penalties reflected within other long-term liabilities on the consolidated balance sheets as of December 31, 2022 and 2021, respectively.
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Share repurchase program and stock-based compensation |
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| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share repurchase program and stock-based compensation | 14. Share repurchase program and stock-based compensation Share repurchase program On November 1, 2021, the Company announced that its Board of Directors had authorized a share repurchase program of up to $500.0 million of its outstanding common stock, which expires on October 27, 2026. On November 1, 2022, the Company announced that its Board of Directors had approved an increase in the amount of authorized repurchases under the program of $1.0 billion, resulting in a total authorized repurchase amount of $1.5 billion. The program does not require the repurchase of any minimum number of shares and can be suspended, modified or discontinued at any time at the Company’s discretion. Under the share repurchase program, the Company may purchase shares from time to time at the discretion of management through open market purchases, privately negotiated transactions, block trades, accelerated or other structured share repurchase programs, or other means. On November 1, 2022, the Company entered into an ASR with Goldman to repurchase $200.0 million of its common stock. On November 3, 2022, the Company paid $200.0 million to Goldman and received an initial delivery of approximately 5.8 million shares of its common stock, which represented 75% of the notional value of the ASR divided by the closing price of the Company’s common stock on November 1, 2022. The final number of shares repurchased under the ASR was based on the daily volume-weighted average prices for Rule 10b-18 eligible transactions in the Company’s common stock during the term of the ASR, less a discount and subject to adjustment pursuant to the terms of the ASR. In February 2023, the final settlement was determined to be an additional delivery of approximately 0.5 million shares of the Company's common stock from Goldman. As of December 31, 2022, the aggregate purchase price of the ASR was recorded as a reduction to stockholders’ equity, consisting of a $150.0 million increase in treasury stock to reflect the value of the initial share delivery and a $50.0 million decrease in additional paid-in capital pending final settlement of the ASR. The amount recorded in additional paid-in capital will be reclassified to treasury stock in the first quarter of 2023 in connection with the final settlement of the ASR. In addition to the ASR, the Company repurchased on the open market approximately 7.7 million shares for $209.1 million during the year ended December 31, 2022 and approximately 1.8 million shares for $50.0 million during the year ended December 31, 2021. The Company’s remaining stock repurchase authorization under the program was approximately $1,040.9 million as of December 31, 2022. Stock-based compensation In May 2020, the Company replaced the Univar Inc. 2017 Omnibus Equity Incentive Plan (the “2017 Plan”) with the Univar Solutions Inc. 2020 Omnibus Incentive Plan (the “2020 Plan”). The 2017 Plan had no further awards granted and any available reserves under the 2017 Plan were terminated and not transferred to the 2020 Plan. There were no changes to the outstanding awards related to the 2017 Plan, the Univar Inc. 2015 Stock Incentive Plan and Univar Inc. 2011 Stock Incentive Plan (together with the 2017 Plan and the 2020 Plan, the “Plans”). The 2020 Plan allows the Company to issue awards to employees, consultants and directors of the Company and its subsidiaries. Awards may be made in the form of stock options, stock purchase rights, restricted stock, restricted stock units, performance shares, performance units, stock appreciation rights, dividend equivalents, deferred share units or other stock-based awards. As of December 31, 2022, there were 8.6 million shares authorized under the Plans. The Company generally issues authorized but previously unissued shares to satisfy stock option exercises and stock award vestings. For the years ended December 31, 2022, 2021 and 2020, the Company recognized total stock-based compensation expense within other operating expenses, net of $34.3 million, $25.4 million and $14.5 million, and a net tax benefit relating to stock-based compensation expense of $4.2 million, $2.2 million and $2.0 million, respectively. Stock options Stock options expire ten years after the grant date and generally become exercisable over a three-year period or less, based on continued employment, with annual vesting. The exercise price of a stock option is determined based upon the fair value of the common stock at the time of each grant. Participants have no stockholder rights until the time of exercise. The following table reflects stock option activity under the Plans:
As of December 31, 2022, the Company had unrecognized stock-based compensation expense related to non-vested stock options of approximately $0.1 million, which will be recognized over a weighted-average period of 0.1 years.
Restricted stock Non-vested restricted stock relates to awards for members of the Company’s Board of Directors which vest over 12 months. The grant date fair value of restricted stock is based on the market price of the common stock on that date. Non-vested shares of restricted stock may not be sold or transferred and are subject to forfeiture until vesting. Both vested and non-vested shares of restricted stock are included in the Company’s shares outstanding. The following table reflects restricted stock activity under the Plans:
As of December 31, 2022, the Company had unrecognized stock-based compensation expense related to non-vested restricted stock awards of approximately $0.2 million, which will be recognized over a weighted-average period of 0.3 years. The weighted-average grant date fair value of granted restricted stock was $24.29 and $13.91 in 2021 and 2020, respectively. Restricted stock units ("RSUs") RSUs awarded to employees generally vest in equal annual installments, subject to continued employment. Each RSU converts into one share of Univar Solutions common stock on the applicable vesting date. RSUs may not be sold, pledged or otherwise transferred until they vest and are subject to forfeiture. The grant date fair value is based on the market price of Univar Solutions stock on that date. The following table reflects RSU activity under the Plans:
As of December 31, 2022, the Company had unrecognized stock-based compensation expense related to non-vested RSU awards of approximately $12.8 million, which will be recognized over a weighted-average period of 1.0 years. The weighted-average grant date fair value of granted RSU awards was $21.66 and $21.29 in 2021 and 2020, respectively. Performance-based restricted stock units ("PRSUs") The Company awards performance-based shares to certain employees. These awards vest upon the passage of time and the achievement of performance conditions, which is generally over a three year period. The Company reviews progress toward the attainment of the performance conditions each quarter during the vesting period. When it is probable the minimum performance conditions for the award will be achieved, the Company begins recognizing the expense equal to the proportionate share of the total fair value. The total expense recognized over the duration of performance awards will equal the grant date fair value multiplied by the number of shares ultimately awarded based on the level of attainment of the performance conditions. For grants with market conditions, the fair value is determined on the grant date by using a Monte Carlo simulation model, with a duration of three years. The PRSUs awarded may be subject to a downward or upward adjustment depending on the total stockholder return achieved by the Company during the particular performance period relative to the total stockholder return ranking among peer companies as specified in the respective PRSU award agreement. The total expense recognized over the duration of the award is not adjusted based on the level of attainment of the market conditions. The following table reflects PRSU activity under the Plans:
As of December 31, 2022, the Company had unrecognized stock-based compensation expense related to non-vested PRSU awards of approximately $7.7 million, which will be recognized over a weighted-average period of 1.5 years. Fair value
Employee stock purchase plan The Univar Solutions Inc. Employee Stock Purchase Plan, or ESPP, authorizing the issuance of up to 2.0 million shares of the Company’s common stock allows qualified participants to purchase the Company’s common stock at 95% of its market price during the last day of two offering periods in each calendar year. The first offering period is January through June, and the second from July through December. As of December 31, 2022, the total number of shares issued under the plan for the two offering periods in 2022 was 60,942 shares. Stock-based compensation fair value assumptions The fair value of the Company’s stock that is factored into the fair value of stock options and utilized for restricted stock, RSUs and PRSUs with internally developed performance conditions is based on the grant date closing price on the New York Stock Exchange. The Company uses a Monte Carlo simulation to calculate the fair value of PRSUs with market conditions. The weighted average grant date fair value of PRSUs with market conditions was $27.94 and $20.36 for the years ended December 31, 2022 and 2021, respectively. The weighted-average assumptions under the Monte Carlo simulation model were as follows:
(1)The risk-free interest rate was based on the US Treasury yield for a period in years equal to the remaining performance period from date of grant. (2)The expected volatility for each grant was determined based on the historical weekly stock price returns of the Company's common stock over a period equal to the remaining term of the performance period from the date of grant. The Company uses the Black-Scholes-Merton option valuation model to calculate the fair value of stock options granted. No stock options were granted in 2021 or 2022. The weighted-average grant date fair value of stock options was $6.17 for the year ended December 31, 2020. The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows:
(1)The risk-free interest rate was based on the US Treasury yield for a term consistent with the expected term of the stock options at the time of grant. (2)As the Company did not have sufficient historical volatility data, the expected volatility was based on the average historical data of a peer group of public companies over a period equal to the expected term of the stock options. (3)As the Company did not have sufficient historical exercise data under the Plans, the expected term was based on the average of the vesting period of each tranche and the original contract term of 10 years.
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Fair value measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair value measurements | 15. Fair value measurements The Company classifies its financial instruments according to the fair value hierarchy described in “Note 2: Significant accounting policies.” Items measured at fair value on a recurring basis The following table is a reconciliation of recurring fair value measurements that use significant unobservable inputs (Level 3), which consisted of the warrant liability related to the Nexeo acquisition and Techi Chem acquisition contingent consideration liabilities:
In conjunction with the Nexeo acquisition in 2019, the Company assumed warrants that were converted into the right to receive, upon exercise, approximately 7.6 million shares of the Company's common stock. During 2021, a portion of the outstanding warrants were exercised at a price of $27.80, resulting in the issuance of 973,717 shares of common stock and the receipt of $27.1 million in cash proceeds. All remaining warrants expired on June 9, 2021, resulting in the write-off of the warrants' fair value within other income (expense), net in the consolidated statements of operations. As the performance period for the Techi Chem contingent consideration ended in 2021, and inputs to the liability were no longer unobservable, the Company no longer considered the balance a Level 3 classification.
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Derivatives |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivatives | 16. Derivatives Foreign currency derivatives The Company uses forward currency contracts to hedge earnings from the effects of foreign exchange rates relating to certain of the Company’s intercompany and third-party receivables and payables denominated in foreign currencies. These derivative instruments are not formally designated as cash flow hedges by the Company and the terms of these instruments range from to three months. Interest rate swap contracts The objective of the Company's designated interest rate swap contracts is to offset the variability of cash flows in LIBOR and SOFR indexed debt interest payments attributable to changes in the benchmark interest rates related to the Term B-6 Loan (previously the Term B-3 Loan) and a portion of debt outstanding under the Senior ABL Facility (previously the North American ABL Facility). In June 2021, the Company executed two interest rate swap contracts, both effective June 30, 2023, to replace existing interest rate swap contracts with maturities occurring between June 2023 and June 2024. These interest rate swap contracts contain an initial aggregate notional value of $250.0 million from June 2023 to June 2024 that increases to an aggregate notional value of $500.0 million from June 2024 to May 2028. The Company also uses undesignated interest rate swap contracts to manage interest rate variability. Cross currency swap contracts Cross currency swap contracts are used to effectively convert the Term B-5 Loan’s principal amount of floating rate US dollar denominated debt, including interest payments, to fixed-rate Euro denominated debt. The cross currency swap contracts mature in November 2024 and approximately 95% of the contracts are designated as a cash flow hedge. The Company also uses undesignated cross currency swap contracts to manage interest rate variability and mitigate foreign exchange exposure. Notional amounts and fair value of derivative instruments The following table presents the notional amounts of the Company’s outstanding derivative instruments by type:
The following table presents the pre-tax gains (losses) recognized in accumulated other comprehensive loss related to designated derivative instruments:
The following table presents the pre-tax effects of derivative instruments on the consolidated statements of operations:
The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as Level 2 within the fair value hierarchy:
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Accumulated other comprehensive loss |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive loss | 17. Accumulated other comprehensive loss The following table presents the changes in accumulated other comprehensive loss by component, net of tax:
(1)Defined benefit pension includes a $25.0 million pre-tax adjustment related to a plan amendment for the UK Plan. (2)In conjunction with the sale of the Distrupol business, the Company released the associated cumulative foreign currency translation losses and included the release as part of the net gain on sale of business. The following table is a summary of the amounts reclassified from accumulated other comprehensive loss to net income:
(1)Amounts in parentheses represent income in the consolidated statements of operations.
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and contingencies | 18. Commitments and contingencies Litigation In the ordinary course of business, the Company is subject to pending or threatened claims, lawsuits, regulatory matters and administrative proceedings from time to time. Where appropriate the Company has recorded provisions in the consolidated financial statements for these matters. The liabilities for injuries to persons or property are in some instances covered by liability insurance, subject to various deductibles and self-insured retentions. Other than as disclosed, the Company is not aware of any claims, lawsuits, regulatory matters or administrative proceedings, pending or threatened, that are likely to have a material effect on its overall financial position, results of operations, or cash flows. However, the Company cannot predict the outcome of any present or future claims or litigation or the potential for future claims or litigation and adverse developments could negatively impact earnings or cash flows in a particular future period. Asbestos Claims The Company is subject to liabilities from claims alleging personal injury from exposure to asbestos. The claims result primarily from an indemnification obligation related to Univar Solutions USA Inc.’s (“Univar”) 1986 purchase of McKesson Chemical Company from McKesson Corporation (“McKesson”). Univar is pursuing insurance coverage for certain matters under McKesson's historical insurance coverage to partially offset the impact of any fees, settlements, or judgments that Univar is obligated to pay because of its obligation to McKesson. As of December 31, 2022, there were approximately 232 asbestos-related cases for which Univar has the obligation to defend and indemnify; however, this number tends to fluctuate up and down over time. Historically, the vast majority of these asbestos cases have been dismissed without payment or with a nominal payment. While the Company is unable to predict the outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any of these matters will have a material effect on its overall financial position, results of operations or cash flows. Unclaimed Property Audit The Company and its subsidiaries were the subject of an unclaimed property audit request issued by the State of Delaware in 2015. On June 29, 2022, the State of Delaware notified the Company that it was closing its examination with a $0 finding. On September 13, 2022, the parties executed a confidential settlement agreement and release. Canada Revenue Agency In October 2022, the Company received notice from the Canada Revenue Agency ("CRA") proposing that certain historical financing transactions between one of the Company's Canadian subsidiaries (Univar Canada Ltd.) and one of the Company's US subsidiaries (Univar Holdco Canada LLC) should be recharacterized as equity and not debt for the 2015 and 2016 tax years. The CRA has proposed that certain deductions claimed by the Canadian entity should be denied, resulting in additional tax due, as well as penalties and interest on the unpaid tax. The proposed assessment against the Company, inclusive of interest and penalties of Canadian Dollar ("C$") 22.0 million, totals C$51.0 million. It is possible that the CRA might take a similar position in relation to two additional tax years (2017 and 2018), but the Company has not received a proposal in relation to those years. The transactions that are being challenged by the CRA for 2015 and 2016 do not apply in periods after 2018. The Company believes that the tax position previously taken was proper and it will defend itself as appropriate. The Company has not recorded any liabilities in its consolidated financial statements for this matter, as it believes it is more likely than not that the Company's position will be sustained. Environmental The Company is subject to various federal, state and local environmental laws and regulations that require environmental assessment or remediation efforts (collectively “environmental remediation work”) and from time to time the Company becomes aware of compliance matters regarding possible or alleged violations of these laws or regulations. For example, over the years, the Company has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act and/or similar state laws that impose liability for costs relating to environmental remediation work at various sites. As a PRP, the Company may be required to pay a share of the costs of investigation and cleanup of certain sites. The Company is currently engaged in environmental remediation work at approximately 128 locations, some that are now or were previously Company-owned/occupied and some that were never Company-owned/occupied (“non-owned sites”). The Company’s environmental remediation work at some sites is being conducted pursuant to governmental proceedings or investigations. At other sites, the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work voluntarily. The Company is currently undergoing remediation efforts or is in the process of active review of the need for potential remediation efforts at approximately 107 current or formerly Company-owned/occupied sites. In addition, the Company may be liable as a PRP for a share of the clean-up of approximately 21 non-owned sites. These non-owned sites are typically (a) locations of independent waste disposal or recycling operations with alleged or confirmed contaminated soil and/or groundwater to which the Company may have shipped waste products or drums for re-conditioning, or (b) contaminated non-owned sites near historical sites owned or operated by the Company or its predecessors from which contamination is alleged to have arisen. In determining the appropriate level of environmental liabilities, the Company considers several factors such as information obtained from investigatory studies; the scope of remediation (including any changes over time); the interpretation, application and enforcement of laws and regulations; changes in the costs of remediation programs; the development of alternative cleanup technologies and methods; and the relative level of the Company’s involvement at various sites for which the Company is allegedly associated. The level of annual expenditures for remedial, monitoring and investigatory activities will change in the future as major components of planned remediation activities are completed and the scope, timing and costs of existing activities are changed. Project lives, and therefore cash flows, may range from 2 to 30 years, depending on the specific site and type of remediation project. Although the Company believes that its accruals are adequate for environmental contingencies, it is possible, due to the uncertainties noted above, that additional accruals could be required in the future that could have a material effect on the overall financial position, results of operations or cash flows in a particular period. Changes in total environmental liabilities, which were measured on an undiscounted basis, were as follows:
As of December 31, 2022, receivables for insurance recoveries of $6.7 million and $9.3 million were recorded within prepaid expenses and other current assets and other assets, respectively, in the consolidated balance sheets. No receivables for insurance recoveries were recorded as of December 31, 2021. Insurance recoveries of $16.7 million were recorded within warehousing, selling and administrative expenses in the consolidated statements of operations for the year ended December 31, 2022. The Company manages estimated cash flows by project. These estimates are subject to change if there are modifications to the scope of the remediation plan or if other factors, either external or internal, change the timing of the remediation activities. The Company periodically reviews the status of all existing or potential environmental liabilities and adjusts its accruals based on all available, relevant information. Based on current estimates, the expected payments for environmental remediation for the next five years and thereafter at December 31, 2022 were as follows:
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Leasing |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leasing | 19. Leasing The Company leases certain warehouses and distribution centers, office space, transportation equipment and other machinery and equipment. The majority of the leases have remaining terms of 1 to 8 years. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company subleases certain facilities to third parties.
(1)Finance lease right-of-use assets are recorded net of accumulated depreciation of $61.6 million and $75.8 million as of December 31, 2022 and 2021, respectively. Lease cost
Maturity of lease liabilities
Lease term and discount rate
Other information
Sale-leaseback transaction During 2020, the Company recognized a net gain of $14.4 million associated with a sale-leaseback agreement related to a real estate property. The Company intends to lease the property for a period of 15 years and has classified the agreement as an operating lease.
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| Leasing | 19. Leasing The Company leases certain warehouses and distribution centers, office space, transportation equipment and other machinery and equipment. The majority of the leases have remaining terms of 1 to 8 years. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company subleases certain facilities to third parties.
(1)Finance lease right-of-use assets are recorded net of accumulated depreciation of $61.6 million and $75.8 million as of December 31, 2022 and 2021, respectively. Lease cost
Maturity of lease liabilities
Lease term and discount rate
Other information
Sale-leaseback transaction During 2020, the Company recognized a net gain of $14.4 million associated with a sale-leaseback agreement related to a real estate property. The Company intends to lease the property for a period of 15 years and has classified the agreement as an operating lease.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | 20. Segments The Company’s operations are structured into four reportable segments that represent the geographic areas under which it operates and manages the business. Management, including the Chief Operating Decision Maker, monitors the operating results of its reportable segments separately for the purpose of making decisions about resource allocation and performance assessment. Management evaluates the performance of its reportable segments on the basis of Adjusted EBITDA. Adjusted EBITDA is defined as the sum of consolidated net income; depreciation; amortization; net interest expense; income tax expense; impairment charges; (gain) loss on sale of business; other operating expenses, net and other income (expense), net (for both, see “Note 8: Supplemental financial information”). For 2020, Adjusted EBITDA also included an adjustment to remove a Brazil VAT charge. Transfer prices between reportable segments are set on an arms-length basis in a similar manner to transactions with third parties. Corporate operating expenses that directly benefit segments have been allocated to the reportable segments. Allocable operating expenses are identified through a review process by management. The allocable operating expenses are assigned to the reportable segments on a basis that reasonably approximates the use of services, which is generally measured based on a weighted distribution of margin, asset, headcount or time spent. Financial information for the Company’s reportable segments was as follows:
(1) Other/Eliminations represents the elimination of intersegment transactions.
(1)Other/Eliminations represents unallocated corporate costs consisting of items specifically related to parent company operations that do not directly benefit segments, either individually or collectively.
(1)Long-lived assets consist of property, plant and equipment, net and operating lease assets. The following table is a reconciliation of net income to Adjusted EBITDA for the years ended December 31, 2022, 2021 and 2020:
Business line information The Company’s net sales from external customers primarily relate to its chemical distribution business. Other sales to external customers primarily relate to services for collecting and arranging for the transportation of hazardous and non-hazardous waste. Risks and Concentrations No single customer accounted for 10% or more of net sales in any of the years presented. The Company has portions of its labor force that are a part of collective bargaining agreements. A work stoppage or other limitation on operations could occur as a result of disputes under existing collective bargaining agreements with labor unions or government-based work counsels or in connection with negotiations of new collective bargaining agreements. As of December 31, 2022, approximately 24% of the Company’s labor force is covered by a collective bargaining agreement. As of December 31, 2022, approximately 1% of the Company’s labor force is covered by a collective bargaining agreement that will expire within one year. Other segment information Information on total assets by segment is not disclosed, as the Company's Chief Operating Decision Maker does not evaluate reportable segments using total asset information.
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Subsequent events |
12 Months Ended |
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Dec. 31, 2022 | |
| Subsequent Events [Abstract] | |
| Subsequent events | 21. Subsequent events Kale Kimya Agreement In January 2023, the Company entered into an agreement to acquire Kale Kimya, a leading regional specialty chemical distributor in Turkey, for cash consideration of €125 million, subject to closing adjustments, and contingent consideration of up to €7 million. The transaction is expected to close in the second quarter of 2023. ChemSol Group Acquisition In February 2023, the Company acquired ChemSol Group, a leading ingredients and specialty chemical distributor in Central America, for cash consideration of approximately $19 million, subject to closing adjustments, and contingent consideration of up to $5 million.
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Schedule II - Valuation and qualifying accounts |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule II - Valuation and qualifying accounts | Schedule II - Valuation and qualifying accounts
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Significant accounting policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of consolidation and presentation | Basis of consolidation and presentation The consolidated financial statements include the financial statements of the Company and its majority-owned subsidiaries. Subsidiaries are consolidated if the Company has a controlling financial interest, which may exist based on ownership of a majority of the voting interest, or based on the Company's determination that it is the primary beneficiary of a variable interest entity. All intercompany balances and transactions are eliminated in consolidation. Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars.
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| Reclassification | Additionally, certain other immaterial amounts in the prior years’ consolidated financial statements and notes have been reclassified to conform to the current year presentation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions affecting the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates.
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| Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include highly-liquid investments with an original maturity of three months or less that are readily convertible into known amounts of cash. Certain of the Company’s subsidiaries participate in a multi-currency, notional cash pooling arrangement with a third-party bank provider to manage global liquidity requirements (the "Notional Cash Pool"). Under the Notional Cash Pool, cash deposited by participating subsidiaries is pledged as security against the overdraft balances of other participating subsidiaries, providing legal rights of offset. As a result, the balances are presented on a net basis within cash and cash equivalents in the consolidated balance sheets.
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| Trade accounts receivable, net and allowance for doubtful accounts | Trade accounts receivable, net and allowance for doubtful accounts Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts. The allowance for doubtful accounts reflects the Company's current estimate of credit losses expected to be incurred over the life of the trade accounts receivable. Collectability of the trade accounts receivable balance is assessed on an ongoing basis and determined based on the delinquency of customer accounts, the financial condition of individual customers, past collections experience and future economic expectations. Changes in the allowance for doubtful accounts were as follows:
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| Inventories | InventoriesInventories consist primarily of products purchased for resale and are stated at the lower of cost or net realizable value. Inventory cost is determined based on the weighted average cost method and includes purchase price from producers net of rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product, but excludes depreciation expense. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Depreciation is recorded on a straight-line basis over the estimated useful life of each asset as follows:
The Company evaluates the useful life and carrying value of property, plant and equipment for impairment if an event occurs or circumstances change that would indicate the carrying value may not be recoverable. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment loss is recognized to the extent the asset group's carrying amount exceeds its estimated fair value.
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| Goodwill and intangible assets | Goodwill and intangible assets Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in business combinations. Goodwill is tested for impairment annually as of October 1, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company’s reporting units are USA, EMEA, Canada, Latin America and Asia-Pacific. For each of the reporting units, the Company has the option to perform either the qualitative or quantitative test. In the event a reporting unit fails the qualitative test, it is required to perform the quantitative test. The quantitative impairment test considers both the income approach and the market approach to estimate a reporting unit’s fair value. Significant assumptions include forecasted earnings before interest, taxes, depreciation and amortization ("EBITDA"), market segment growth rates and discount rates based on a reporting unit's weighted average cost of capital. If the fair value of a reporting unit is less than its carrying value, the Company will recognize an impairment for the lesser of the amount by which the reporting unit's carrying amount exceeds its fair value or the reporting unit’s goodwill carrying value. As of October 1, 2022, the Company performed its annual impairment assessment using the qualitative test and concluded that fair value exceeded carrying value for all reporting units. The Company's intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years using the estimated pattern of economic benefit. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable.
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| Short-term financing | Short-term financingShort-term financing includes bank overdrafts and short-term lines of credit. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income taxes | Income taxes Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences reverse. Deferred tax assets are also recognized for the estimated future effects of tax loss carryforwards. The effect on deferred taxes of changes in tax rates is recognized in the period in which the revised tax rate is enacted. Income tax effects are released from accumulated other comprehensive loss in the period the underlying item expires. The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that such assets will not be realized. In making such determinations, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, forecasted and appropriate character of future taxable income, its experience with operating loss and tax credit carryforwards not expiring unused, tax planning strategies and the ability to carry back losses to prior years. The Company is subject to global intangible low-taxed income ("GILTI"), which is a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company treats taxes due on future US inclusions in taxable income related to GILTI as a current-period expense when incurred. The Company accounts for unrecognized tax benefits through an assessment of whether a position is more likely than not to be sustained upon examination by taxing authorities based on its technical merits. The Company records liabilities for uncertain tax positions taken or expected to be taken in a tax return. The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative expenses, respectively, in the consolidated statements of operations. Accrued interest and penalties are included in other accrued expenses and other long-term liabilities in the consolidated balance sheets. On August 16, 2022, the Inflation Reduction Act ("IRA") was enacted into US law. Effective for tax years beginning after December 31, 2022, the IRA imposes a 15% corporate minimum tax, a 1% excise tax on share repurchases, and creates and extends certain tax-related energy incentives. Management does not expect the tax-related provisions of the IRA to have a material impact on the Company's consolidated financial statements.
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| Defined benefit pension plans | Defined benefit pension plans The Company sponsors several defined benefit pension plans and recognizes actuarial gains or losses, known as "mark to market" adjustments, as of the December 31 measurement date. The mark to market adjustments primarily include gains and losses resulting from changes in discount rates and the difference between the expected and actual rate of return on plan assets. Settlement gains and losses are recognized in the period in which the settlement occurs. The fair value of plan assets is used to calculate the expected return on plan assets component of net periodic benefit cost.
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| Leases | Leases At the commencement date of a lease, the Company recognizes a liability to make lease payments and an asset representing the right to use the underlying asset during the lease term. The Company includes options to extend or terminate a lease within the lease term when it is reasonably certain the option will be exercised. The lease liability is measured at the present value of fixed lease payments over the lease term. The lease liability includes payments allocated to lease components, while payments allocated to non-lease components are expensed as incurred for all asset classes. When a contract excludes an implicit rate, the Company utilizes an incremental borrowing rate based on information available at the lease commencement date, including lease term and geographic region. The initial measurement of the right-of-use asset includes the initial measurement of the lease liability, fixed lease payments made in advance of the lease commencement date and initial direct costs incurred by the Company and excludes lease incentives. Variable lease payments, such as payments based on an index rate or usage, are expensed as incurred and excluded from lease liabilities and right-of-use assets. Leases with an initial term of 12 months or less are classified as short-term leases and are not recorded on the consolidated balance sheets. The lease expense for short-term leases is recognized on a straight-line basis over the lease term.
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| Legal costs | Legal costsLegal costs are expensed as incurred. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Environmental liabilities | Environmental liabilities Environmental liabilities are recognized for probable and reasonably estimable losses associated with environmental remediation. Incremental direct costs of the investigation, remediation effort and post-remediation monitoring are included in the estimated environmental liabilities. The Company discounts environmental liabilities if the liability and the respective payment streams are fixed or reliably determinable. Expected cash outflows related to environmental remediation for the next 12 months and amounts for which the timing is uncertain are reported as current within other accrued expenses in the consolidated balance sheets. The long-term portion of environmental liabilities is reported within other long-term liabilities in the consolidated balance sheets. Environmental liabilities are not reduced for potential insurance recoveries. Insurance recoveries are recorded when it is probable that a recovery will be realized and are included within prepaid expenses and other current assets or other assets in the consolidated balance sheets. Environmental remediation expenses and insurance recoveries are included within warehousing, selling and administrative expenses in the consolidated statements of operations, unless associated with disposed operations, in which case such expenses are included in other operating expenses, net.
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| Revenue recognition | Revenue recognition Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring a good or providing a service. Since the term between invoicing and payment is less than a year, revenue is not adjusted for the effects of a significant financing component. Revenue for bill-and-hold arrangements is recognized if the Company has a substantive customer request, the materials are properly segregated and designated as belonging to the customer, materials are ready to be transferred to the customer and the Company is unable to direct the materials to another customer. Chemical distribution Revenue is recognized when performance obligations under the terms of the contract are satisfied, which generally occurs at a point in time upon completion of the shipping process as indicated by the terms of the contract. Net sales include product sales and billings for freight and handling charges, net of discounts, expected returns, customer price and volume incentives and sales or other revenue-based taxes. The Company estimates customer price and volume incentives and expected customer returns based on historical experience. Services The Company recognizes revenue from services as they are performed and economic value is transferred to customers. Services provided to customers are primarily related to waste management and warehousing. Crop sciences The Company recognized revenue when control of products transferred to customers. The amount of consideration recorded varied due to price movements and rights granted to customers to return product. Customer payment terms often extended through a growing season, which was up to six months. Beginning in 2021, crop sciences is no longer a revenue stream due to actions taken by the Company within the Canada segment in 2020.
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| Foreign currency | Foreign currency Assets and liabilities of foreign subsidiaries are translated into US dollars at period-end exchange rates. Income and expense accounts of foreign subsidiaries are translated into US dollars at the average exchange rates for the period. The net exchange gains and losses arising from translation are reflected as a component of foreign currency translation within accumulated other comprehensive income (loss) ("AOCI"). Transaction gains and losses are recognized in other income (expense), net in the consolidated statements of operations. Transaction gains and losses relating to intercompany borrowings that are an investment in a foreign subsidiary are reflected as a component of foreign currency translation within AOCI.
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| Stock-based compensation | Stock-based compensation The Company measures the total amount of employee stock-based compensation expense based on the grant date fair value of each award. Expense is recognized for each separately vesting tranche on a straight-line basis over the requisite service period, which is the shorter of the service period of the award or the period until the employees' retirement eligibility date. The Company recognizes forfeitures when incurred.
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| Fair value | Fair value Certain assets and liabilities are required to be recorded at fair value. The estimated fair values of those assets and liabilities have been determined using market information and valuation methodologies. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. A financial instrument's categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value and a net asset value ("NAV") practical expedient:
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| Derivatives | Derivatives The Company uses derivative financial instruments to manage risks associated with foreign currency and interest rate fluctuations. The Company does not use derivative instruments for speculative trading purposes. The fair value of forward currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. The fair value of interest rate and cross currency swaps is determined by estimating the net present value of amounts to be paid under the agreement offset by the net present value of the expected cash inflows based on market rates and associated yield curves. Based on these valuation methodologies, these derivative contracts are classified as Level 2 in the fair value hierarchy. Changes in the fair value of derivative financial instruments are recognized in the consolidated statements of operations within interest expense or other income (expense), net. Cash flows associated with derivative financial instruments are recognized in the operating activities section of the consolidated statements of cash flows. For derivatives designated as cash flow hedges, changes in the fair value of the derivative are recorded to AOCI and are reclassified to earnings when the underlying forecasted transaction affects earnings. For contracts designated as cash flow hedges, the Company reassesses the probability of the underlying forecasted transactions occurring on a quarterly basis. For derivatives not designated as hedging instruments, all changes in fair value are recorded to earnings in the current period.
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| Earnings per share | Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during each period. Diluted earnings per share is based on the weighted average number of common shares and dilutive common share equivalents outstanding during each period. The Company reflects common share equivalents relating to stock options, non-vested restricted stock and non-vested restricted stock units in its computation of diluted weighted average shares outstanding, unless the effect of inclusion is anti-dilutive. The effect of dilutive securities is calculated using the treasury stock method.
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| Recently adopted accounting pronouncements and Accounting pronouncements issued and not yet adopted | Recently adopted accounting pronouncements In November 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-10 "Government Assistance" (Topic 832) - "Disclosures by Business Entities about Government Assistance" to increase the transparency of disclosures for government assistance and grants. The ASU requires annual disclosures pertaining to the types of received government assistance, accounting for the transactions and the related impacts on the reported financial results. The Company adopted this guidance on a prospective basis in the fourth quarter of 2022, which did not impact the consolidated financial statements and disclosures as the Company has not received significant government assistance. In December 2022, the FASB issued ASU 2022-06 "Reference Rate Reform" (Topic 848) "Deferral of the Sunset Date of Topic 848", which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. Topic 848 provides optional practical expedients and elections when accounting for contracts, hedging relationships and other transactions affected by the discontinuation of reference rates such as LIBOR, if certain criteria are met. The standard was effective upon issuance and the Company may apply the optional practical expedients and elections in Topic 848 prospectively through December 31, 2024. The Company adopted the standard in the fourth quarter of 2022, which did not impact the consolidated financial statements. Accounting pronouncements issued and not yet adopted In October 2021, the FASB issued ASU 2021-08 "Business Combinations" (Topic 805) – "Accounting for Contract Assets and Contract Liabilities from Contracts with Customers." This ASU requires an entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606 (Revenue from Contracts with Customers). The standard is effective for public business entities for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt this guidance on a prospective basis effective January 1, 2023, which is not expected to have a material impact on the consolidated financial statements. In September 2022, the FASB issued ASU 2022-04 "Liabilities - Supplier Finance Programs" (Subtopic 405-50) - "Disclosure of Supplier Finance Program Obligations" to enhance the transparency of disclosure regarding supplier finance programs. The ASU requires a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period and potential magnitude. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Retrospective application of the guidance is required for all disclosures except rollforward information, which requires prospective application. The Company has not yet determined the impact of the standard on its disclosures.
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Significant accounting policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts were as follows:
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| Summary of Property, Plant and Equipment, Net | Depreciation is recorded on a straight-line basis over the estimated useful life of each asset as follows:
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Business combinations (Tables) |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Business Acquisition, Preliminary Purchase Obligation | The final purchase price allocation and measurement period adjustments are presented in the table below:
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Goodwill and intangible assets, net (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Activity in Goodwill by Segment | The following table is a summary of goodwill activity by segment:
(1)Acquisitions in 2021 and 2022 related to Sweetmix and Vicom, respectively. (2)Purchase price adjustments in 2021 and 2022 related to the Techi Chem and Sweetmix acquisitions, respectively.
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| Summary of Goodwill Accumulated Impairment Loss | Accumulated goodwill impairment losses by segment were as follows:
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| Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets | The gross carrying amounts and accumulated amortization of the Company’s intangible assets were as follows:
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| Summary of Estimated Annual Amortization Expense | The estimated annual amortization expense in each of the next five years is as follows:
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Revenue (Tables) |
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| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Disaggregation of Revenue | The following table disaggregates external customer net sales by major category:
|
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Supplemental financial information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Operating Expenses, Net | Other operating expenses, net consisted of the following:
|
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| Schedule of Other Income (Expense), Net | Other income (expense), net consisted of the following:
|
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| Summary of Property, Plant and Equipment, Net | Depreciation is recorded on a straight-line basis over the estimated useful life of each asset as follows:
|
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Restructuring charges (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Restructuring Liabilities | The following table summarizes activity related to restructuring liabilities:
|
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Earnings per share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Earnings Per Share Computations | The following table presents the basic and diluted earnings per share computations:
|
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The common shares that were not included in the computation of diluted earnings per share because their inclusion would be anti-dilutive were as follows:
|
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long Term Debt | Long-term debt consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Future contractual maturities of long-term debt excluding capital lease obligations | As of December 31, 2022, future contractual maturities of long-term debt, excluding finance lease obligations, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Unused Line Fees on ABL Facilities | Unused line fees were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Fair value of debt | The fair values of debt were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins and amortization, as necessary, and are classified as Level 2 in the fair value hierarchy.
|
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Employee benefit plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Changes in Benefit Obligations, Fair Value of Plan Assets and Funded Status | The following table summarizes the Company’s defined benefit pension plans’ benefit obligations, plan assets and funded status:
(1)The actuarial gains for the years ended December 31, 2022 and 2021 were primarily due to changes in the discount rate assumptions utilized in measuring plan obligations.
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| Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet | Net amounts related to the Company’s defined benefit pension plans recognized in the consolidated balance sheets consist of:
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| Summary of Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | The following table summarizes defined benefit pension plans with accumulated benefit obligations in excess of plan assets:
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| Summary of Defined Benefit Pension Plans with Projected Benefit Obligation in Excess of Plan Assets | The following table summarizes defined benefit pension plans with projected benefit obligations in excess of plan assets:
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| Components of Net Periodic Benefit (Income) Cost Recognized Related to Benefit Pension Plans | The following table summarizes the components of net periodic benefit cost (income) recognized in the consolidated statements of operations related to defined benefit pension plans:
(1)Service cost is included in warehousing, selling and administrative expenses. (2)These amounts are included in other income (expense), net, and represent non-operating retirement benefits. (3)Settlements are included in other income (expense), net. (4)Actuarial (gain) loss, or mark to market, includes measurement gains and losses resulting from changes since the prior measurement date in assumptions and plan experience, as well as the difference between the expected and actual return on plan assets. These amounts are recorded in other income (expense), net.
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| Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans | The following table summarizes pre-tax amounts included in AOCI related to pension plan amendments:
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| Schedule of Weighted Average Actuarial Assumptions and Valuation Methodologies Used in Defined Benefit Plans | The significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost (income) for the Company’s defined benefit plans were as follows:
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| Summary of Allocation of Plan Assets | The weighted average target asset allocation for defined benefit pension plans as of December 31, 2022 was as follows:
The following table presents domestic plan assets categorized within the three-level fair value hierarchy:
(1)This category includes investments of 24.7% and 21.8% in US equities, 17.9% and 17.9% in non-US equities, 25.9% and 41.9% in US corporate bonds, 0.1% and 2.2% in non-US corporate bonds, 19.9% and 0.0% in US government bonds, 2.9% and 0.0% in non-US government bonds and 8.6% and 16.2% in other investments as of December 31, 2022 and 2021, respectively. The following table presents foreign plan assets categorized within the three-level fair value hierarchy:
(1)This category includes investments of 15.0% and 0.6% in US equities, 23.6% and 45.4% in non-US equities, 38.7% and 39.7% in non-US corporate bonds, 13.7% and 5.4% in non-US government bonds and 9.0% and 8.9% in other investments as of December 31, 2022 and 2021, respectively.
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| Summary of Changes in Foreign Plans Assets Valued Using Significant Unobservable Inputs | Changes in the plan assets valued using significant unobservable inputs (Level 3) were as follows:
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| Schedule of Benefit Payments | Estimated future benefit payments are as follows:
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| Schedule of Company's Participation in Multi Employer Plans |
(a)Plan contributions by the Company did not represent more than five percent of total contributions to the plans as indicated in the plans’ most recently available annual report. (b)As of December 31, 2022, the Company had six agreements expiring through July 31, 2025. (c)The Company either terminated the CBA or the Union voted to amend the CBA covered by this fund. As a result, the Company has withdrawn from the fund and recognized expense for its estimated withdrawal liability.
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Income taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Income (Loss) Before Income Taxes | For financial reporting purposes, income before income taxes includes the following components:
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| Summary of Expense (Benefit) for Income Taxes | The expense for income taxes is summarized as follows:
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| Summary of Reconciliation Between Statutory Tax Rate and Effective Tax Rate | Differences between actual provisions for income taxes and provisions for income taxes at the US federal statutory rate of 21.0% were as follows:
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| Summary of Consolidated Deferred Tax Assets and Liabilities | The consolidated deferred tax assets and liabilities are detailed as follows:
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| Schedule of Changes in Unrecognized Tax Benefits Included in Other Long-Term Liabilities, Excluding Interest and Penalties | The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, were as follows:
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Share repurchase program and stock-based compensation (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-based Compensation Stock Options Activity | The following table reflects stock option activity under the Plans:
As of December 31, 2022, the Company had unrecognized stock-based compensation expense related to non-vested stock options of approximately $0.1 million, which will be recognized over a weighted-average period of 0.1 years.
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| Summary of Restricted Stock Activity | The following table reflects restricted stock activity under the Plans:
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| Summary of Fair Value of Restricted Stock, RSUs and PRSUs vested | Fair value
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| Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model | The weighted-average assumptions under the Monte Carlo simulation model were as follows:
(1)The risk-free interest rate was based on the US Treasury yield for a period in years equal to the remaining performance period from date of grant. (2)The expected volatility for each grant was determined based on the historical weekly stock price returns of the Company's common stock over a period equal to the remaining term of the performance period from the date of grant. The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows:
(1)The risk-free interest rate was based on the US Treasury yield for a term consistent with the expected term of the stock options at the time of grant. (2)As the Company did not have sufficient historical volatility data, the expected volatility was based on the average historical data of a peer group of public companies over a period equal to the expected term of the stock options. (3)As the Company did not have sufficient historical exercise data under the Plans, the expected term was based on the average of the vesting period of each tranche and the original contract term of 10 years.
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Fair value measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) | The following table is a reconciliation of recurring fair value measurements that use significant unobservable inputs (Level 3), which consisted of the warrant liability related to the Nexeo acquisition and Techi Chem acquisition contingent consideration liabilities:
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Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the notional amounts of the Company’s outstanding derivative instruments by type:
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| Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table presents the pre-tax gains (losses) recognized in accumulated other comprehensive loss related to designated derivative instruments:
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| Schedule of Derivative Instruments, Gain (Loss) | The following table presents the pre-tax effects of derivative instruments on the consolidated statements of operations:
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| Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s gross assets and liabilities measured on a recurring basis and classified as Level 2 within the fair value hierarchy:
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Accumulated other comprehensive loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax | The following table presents the changes in accumulated other comprehensive loss by component, net of tax:
(1)Defined benefit pension includes a $25.0 million pre-tax adjustment related to a plan amendment for the UK Plan. (2)In conjunction with the sale of the Distrupol business, the Company released the associated cumulative foreign currency translation losses and included the release as part of the net gain on sale of business.
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| Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Loss) | The following table is a summary of the amounts reclassified from accumulated other comprehensive loss to net income:
(1)Amounts in parentheses represent income in the consolidated statements of operations.
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Commitments and contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Total Environmental Liabilities | Changes in total environmental liabilities, which were measured on an undiscounted basis, were as follows:
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| Schedule of Expected Payments for Environmental Remediation | Based on current estimates, the expected payments for environmental remediation for the next five years and thereafter at December 31, 2022 were as follows:
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Leasing (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Assets And Liabilities, Lessee |
(1)Finance lease right-of-use assets are recorded net of accumulated depreciation of $61.6 million and $75.8 million as of December 31, 2022 and 2021, respectively.
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| Summary of Lease, Cost | Lease cost
Lease term and discount rate
Other information
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| Summary of Lessee, Operating Lease, Liability, Maturity | Maturity of lease liabilities
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| Summary of Finance Lease, Liability, Maturity | Maturity of lease liabilities
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Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Segment Information | Financial information for the Company’s reportable segments was as follows:
(1) Other/Eliminations represents the elimination of intersegment transactions.
(1)Other/Eliminations represents unallocated corporate costs consisting of items specifically related to parent company operations that do not directly benefit segments, either individually or collectively.
(1)Long-lived assets consist of property, plant and equipment, net and operating lease assets.
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| Summary of Reconciliation Of Net Income (Loss) to Adjusted EBITDA | The following table is a reconciliation of net income to Adjusted EBITDA for the years ended December 31, 2022, 2021 and 2020:
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Nature of operations (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
segment
| |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Number of reportable segments | 4 |
Significant accounting policies - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Net cash position of notional cash pool | $ 52.9 | $ 43.2 |
| Gross cash balance | 69.8 | 146.0 |
| Bank overdraft balance | $ 16.9 | $ 102.8 |
| Minimum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization period of finite lived intangible assets | 2 years | |
| Maximum | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization period of finite lived intangible assets | 20 years |
Significant accounting policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Balance as of January 1 | $ 15.8 | $ 17.2 | $ 12.9 |
| Provision for credit losses | 5.1 | 6.9 | 9.3 |
| Write-offs | (7.7) | (8.1) | (4.4) |
| Recoveries | 0.0 | 0.0 | 0.1 |
| Dispositions | 0.0 | 0.0 | (0.5) |
| Foreign exchange | (0.1) | (0.2) | (0.2) |
| Balance as of December 31 | $ 13.1 | $ 15.8 | $ 17.2 |
Goodwill and intangible assets, net - Accumulated Impairment (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
Jan. 01, 2021 |
|---|---|---|---|
| Goodwill [Line Items] | |||
| Accumulated impairment losses on goodwill | $ 205.1 | $ 215.8 | $ 263.4 |
| USA | |||
| Goodwill [Line Items] | |||
| Accumulated impairment losses on goodwill | 0.0 | 0.0 | 0.0 |
| EMEA | |||
| Goodwill [Line Items] | |||
| Accumulated impairment losses on goodwill | 158.5 | 170.9 | 216.7 |
| Canada | |||
| Goodwill [Line Items] | |||
| Accumulated impairment losses on goodwill | 1.3 | 1.4 | 1.4 |
| LATAM | |||
| Goodwill [Line Items] | |||
| Accumulated impairment losses on goodwill | $ 45.3 | $ 43.5 | $ 45.3 |
Goodwill and intangible assets, net - Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | $ 1,096.6 | $ 1,109.0 |
| Accumulated amortization | (929.6) | (897.3) |
| Net | 167.0 | 211.7 |
| Customer Relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 929.6 | 940.1 |
| Accumulated amortization | (765.2) | (732.8) |
| Net | 164.4 | 207.3 |
| Other | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross | 167.0 | 168.9 |
| Accumulated amortization | (164.4) | (164.5) |
| Net | $ 2.6 | $ 4.4 |
Goodwill and intangible assets, net - Summary of Estimated Annual Amortization Expense (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2023 | $ 42.4 |
| 2024 | 33.0 |
| 2025 | 29.1 |
| 2026 | 24.0 |
| 2027 | $ 19.1 |
Revenue - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Revenue from Contract with Customer [Abstract] | ||
| Deferred revenue | $ 15.3 | $ 17.6 |
| Amounts included in contract liability | $ 16.8 | $ 5.3 |
Supplemental financial information - Other Operating Expenses, Net (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Other Income and Expenses [Abstract] | |||
| Acquisition and integration related expenses | $ 1.7 | $ 55.8 | $ 62.4 |
| Stock-based compensation expense | 34.3 | 25.4 | 14.5 |
| Restructuring charges | 0.0 | 0.2 | 13.9 |
| Other employee severance costs | 0.0 | 8.7 | 14.8 |
| Other facility closure costs | 0.0 | 1.2 | 2.7 |
| Multi-employer pension plan exit liability | 0.0 | 31.2 | 0.0 |
| Gain on sale of property, plant and equipment | (2.8) | (10.1) | (23.7) |
| Other | (0.4) | (4.9) | 4.8 |
| Total other operating expenses, net | $ 32.8 | $ 107.5 | $ 89.4 |
Supplemental financial information - Other Income and Expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Other Income and Expenses [Abstract] | |||
| Pension mark to market gain (loss) | $ 17.7 | $ 75.9 | $ (52.8) |
| Pension settlement gain | 5.2 | 0.3 | 0.6 |
| Non-operating retirement benefits | 10.9 | 18.5 | 8.5 |
| Foreign currency loss, net | (13.4) | (15.9) | (6.8) |
| Undesignated derivative instruments | 6.9 | 5.8 | (4.8) |
| Debt refinancing costs | 0.0 | (7.0) | (0.1) |
| Fair value adjustment for warrants | 0.0 | 33.8 | (0.8) |
| Other | (0.8) | (1.0) | (4.8) |
| Total other income (expense), net | $ 26.5 | $ 110.4 | $ (61.0) |
Supplemental financial information - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Less accumulated depreciation | $ (1,248.9) | $ (1,207.8) |
| Subtotal | 951.1 | 944.5 |
| Work in progress | 103.9 | 86.5 |
| Property, plant and equipment, net | 1,055.0 | 1,031.0 |
| Land and buildings | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 823.2 | 820.3 |
| Tank farms | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | 320.9 | 316.7 |
| Machinery, equipment and other | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, at cost | $ 1,055.9 | $ 1,015.3 |
Restructuring charges - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restructuring and Related Activities [Abstract] | |||
| Restructuring charges | $ 0.0 | $ 0.2 | $ 13.9 |
| Restructuring liabilities, current | $ 0.1 | ||
| Restructuring liabilities, non-current | $ 0.5 | ||
Earnings per share - Summary of Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Earnings Per Share [Abstract] | |||
| Net income | $ 545.3 | $ 460.6 | $ 52.9 |
| Weighted average common shares outstanding | |||
| Weighted average common shares outstanding - basic (in shares) | 165.8 | 170.2 | 169.0 |
| Effect of dilutive securities: Stock compensation plans (in shares) | 1.6 | 1.2 | 0.8 |
| Weighted average common shares outstanding – diluted (in shares) | 167.4 | 171.4 | 169.8 |
| Income per common share | |||
| Basic (usd per share) | $ 3.29 | $ 2.71 | $ 0.31 |
| Diluted (usd per share) | $ 3.26 | $ 2.69 | $ 0.31 |
Earnings per share - Antidilutive Securities (Details) - shares shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Employee Stock Option | Common stock | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from diluted income (loss) per share (in shares) | 0.6 | 2.0 | 4.3 |
| Employee Stock Option | Restricted stock | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from diluted income (loss) per share (in shares) | 0.0 | 0.0 | 0.1 |
| Warrant | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Antidilutive securities excluded from diluted income (loss) per share (in shares) | 0.0 | 0.0 | 7.6 |
Debt - Future Contractual Maturities of Long-term Debt Excluding Capital Lease Obligations (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2023 | $ 14.0 |
| 2024 | 14.0 |
| 2025 | 14.0 |
| 2026 | 486.0 |
| 2027 | 917.0 |
| Thereafter | 935.0 |
| Total | $ 2,380.0 |
Debt - Unused Line Fees (Details) € in Millions, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021 |
Dec. 31, 2022
EUR (€)
|
|
| $1.6 billion Senior ABL Credit Facility | |||
| Debt Instrument [Line Items] | |||
| Unused line fee (as a percent) | 0.25% | ||
| Loan agreement | $ 1,600.0 | ||
| $1.525 billion North American ABL Facility | |||
| Debt Instrument [Line Items] | |||
| Unused line fee (as a percent) | 0.30% | ||
| Loan agreement | $ 1,525.0 | ||
| €200 million Euro ABL Facility | |||
| Debt Instrument [Line Items] | |||
| Unused line fee (as a percent) | 0.375% | ||
| Loan agreement | € | € 200.0 | ||
Debt - Fair Values of Debt (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Carrying amount | $ 2,465.8 | $ 2,265.0 |
| Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Carrying amount | 2,465.8 | 2,265.0 |
| Fair value | $ 2,459.3 | $ 2,307.8 |
Employee benefit plans - Summary of Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Accumulated benefit obligation | $ 499.9 | $ 911.3 |
| Fair value of plan assets | 364.2 | 706.2 |
| USA | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Accumulated benefit obligation | 469.8 | 731.6 |
| Fair value of plan assets | 354.8 | 562.9 |
| Foreign | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Accumulated benefit obligation | 30.1 | 179.7 |
| Fair value of plan assets | $ 9.4 | $ 143.3 |
Employee benefit plans - Summary of Defined Benefit Pension Plans with Projected Benefit Obligation in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | $ 600.5 | $ 921.8 |
| Fair value of plan assets | 461.3 | 706.2 |
| USA | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | 469.8 | 731.6 |
| Fair value of plan assets | 354.8 | 562.9 |
| Foreign | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Projected benefit obligation | 130.7 | 190.2 |
| Fair value of plan assets | $ 106.5 | $ 143.3 |
Employee benefit plans - Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Pension Plan | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Net prior service credit | $ 18.9 | $ 22.2 |
Employee benefit plans - Summary of Weighted Average Target Asset Allocation for Defined Benefit Pension Plan (Details) - Pension Plan |
Dec. 31, 2022 |
|---|---|
| USA | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 100.00% |
| USA | Equity securities | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 45.00% |
| USA | Debt securities | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 40.00% |
| USA | Other | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 15.00% |
| Foreign | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 100.00% |
| Foreign | Equity securities | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 11.00% |
| Foreign | Debt securities | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 16.00% |
| Foreign | Other | |
| Asset category: | |
| Weighted average target asset allocation (as a percent) | 73.00% |
Employee benefit plans - Schedule of Benefit Payments (Details) - Pension Plan $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Defined Benefit Plan Disclosure [Line Items] | |
| 2023 | $ 55.8 |
| 2024 | 56.8 |
| 2025 | 58.6 |
| 2026 | 59.1 |
| 2027 | 59.7 |
| 2028 through 2032 | 305.0 |
| USA | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2023 | 33.4 |
| 2024 | 34.0 |
| 2025 | 34.8 |
| 2026 | 35.3 |
| 2027 | 35.7 |
| 2028 through 2032 | 178.9 |
| Foreign | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2023 | 22.4 |
| 2024 | 22.8 |
| 2025 | 23.8 |
| 2026 | 23.8 |
| 2027 | 24.0 |
| 2028 through 2032 | $ 126.1 |
Employee benefit plans - Defined Contribution Plans Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Retirement Benefits [Abstract] | |||
| Contribution expense | $ 52.9 | $ 51.4 | $ 43.8 |
Employee benefit plans - Contributions Additional Information (Details) - Pension Plan $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| USA | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
| Expected contributions | $ 13.5 |
| Foreign | |
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
| Expected contributions | $ 2.5 |
Employee benefit plans - Multi-employer Plans Additional Information (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
facility
location
|
Dec. 31, 2021
USD ($)
facility
|
Dec. 31, 2020
USD ($)
|
|
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Number of locations | location | 1 | ||
| Multi-employer pension plan exit liability | $ 0.0 | $ (31.2) | $ 0.0 |
| Central States Multi-employer Pension Plan | |||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Multi-employer pension plan exit liability | $ 31.2 | ||
| Annual pension withdrawal liability payment | $ 1.9 | ||
| Term for payment of withdrawal obligation | 20 years | ||
| Pension Plan | Central States, Southeast and Southwest Areas Pension Plan | |||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
| Number of facilities | facility | 8 | 8 | |
Employee benefit plans - Schedule of Company's Participation in Multi Employer Plans (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2022
USD ($)
agreement
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
| Multiemployer Plans [Line Items] | |||
| Contributions | $ 1.4 | $ 2.1 | $ 2.6 |
| Plan contributions by the Company (less than) (as a percent) | 5.00% | ||
| Number of agreements | agreement | 6 | ||
| Western Conference of Teamsters Pension Plan | |||
| Multiemployer Plans [Line Items] | |||
| Contributions | $ 1.4 | 1.4 | 1.5 |
| Central States, Southeast and Southwest Areas Pension Plan | |||
| Multiemployer Plans [Line Items] | |||
| Contributions | $ 0.0 | $ 0.7 | $ 1.1 |
Income taxes - Summary of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income before income taxes | |||
| US | $ 506.9 | $ 203.1 | $ (47.7) |
| Foreign | 249.3 | 382.1 | 106.7 |
| Income before income taxes | $ 756.2 | $ 585.2 | $ 59.0 |
Income taxes - Summary of Expense (Benefit) for Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Current: | |||
| Federal | $ 87.4 | $ 44.4 | $ (3.4) |
| State | 21.7 | 15.2 | (1.5) |
| Foreign | 72.8 | 58.6 | 43.4 |
| Total current | 181.9 | 118.2 | 38.5 |
| Deferred: | |||
| Federal | 23.3 | 0.3 | (20.2) |
| State | 5.4 | (0.7) | (2.7) |
| Foreign | 0.3 | 6.8 | (9.5) |
| Total deferred | 29.0 | 6.4 | (32.4) |
| Total income tax expense | $ 210.9 | $ 124.6 | $ 6.1 |
Income taxes - Reconciliation Between Statutory Tax Rate and Effective Tax Rate (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Income Tax Disclosure [Abstract] | |||
| US federal statutory income tax expense applied to income before income taxes | $ 158.8 | $ 122.8 | $ 12.5 |
| State income taxes, net of federal benefit | 22.7 | 10.8 | (4.6) |
| Foreign tax rate differential | 11.0 | 10.5 | 5.7 |
| Distributions from foreign subsidiaries | 0.9 | 0.0 | (9.9) |
| Global intangible low-taxed income | 2.8 | 31.5 | 12.9 |
| Disposition of business | 0.1 | (20.6) | (5.0) |
| Change in valuation allowance, net | 5.7 | (11.3) | (69.3) |
| Foreign tax credit | (3.2) | (29.8) | 58.8 |
| Non-deductible expenses | 8.2 | 5.8 | 2.6 |
| Warrants | 0.0 | (7.1) | 0.2 |
| Change in statutory income tax rates | (0.9) | 5.1 | 1.5 |
| Other | 4.8 | 6.9 | 0.7 |
| Total income tax expense | $ 210.9 | $ 124.6 | $ 6.1 |
| Effective income tax rate | 27.90% | 21.30% | 10.30% |
Income taxes - Consolidated Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Deferred tax assets: | ||
| Net operating loss carryforwards (“NOLs”) | $ 17.6 | $ 22.8 |
| Environmental liabilities | 22.7 | 22.1 |
| Interest | 0.0 | 5.9 |
| Tax credit and capital loss carryforwards | 4.9 | 4.9 |
| Pension | 33.6 | 41.5 |
| Compensation | 18.2 | 36.8 |
| Inventory | 13.3 | 12.5 |
| Lease liabilities | 50.3 | 42.0 |
| Other temporary differences | 15.8 | 22.1 |
| Gross deferred tax assets | 176.4 | 210.6 |
| Valuation allowance | (12.7) | (8.6) |
| Deferred tax assets, net of valuation allowance | 163.7 | 202.0 |
| Deferred tax liabilities: | ||
| Property, plant and equipment, net | (96.7) | (102.5) |
| Intangible assets | (77.4) | (83.2) |
| Right-of-use lease assets | (48.7) | (39.8) |
| Interest | (20.7) | 0.0 |
| Other temporary differences | (5.7) | (3.2) |
| Deferred tax liabilities | (249.2) | (228.7) |
| Net deferred tax liability | $ (85.5) | $ (26.7) |
Income taxes - Additional Information (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Tax Credit Carryforward [Line Items] | ||||
| Total net operating losses | $ 17.6 | |||
| Foreign tax credit carryforward | 4.9 | |||
| Tax credit carryforward, valuation allowance | 12.7 | |||
| Estimated undistributed earnings in income subject to U.S. tax at reduced tax rates | 628.8 | |||
| Unrecognized tax benefits | 40.1 | $ 40.1 | $ 35.0 | $ 1.1 |
| Interest expense related to unrecognized tax benefits | 2.4 | 0.1 | $ 0.6 | |
| Total liability included in other long-term liabilities associated with the interest and penalties | 4.3 | $ 2.0 | ||
| Tax Year Between 2023 And 2026 | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Available loss carryforwards subject to expiration | 0.7 | |||
| Tax Year Between 2027 And 2040 | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Available loss carryforwards subject to expiration | 3.8 | |||
| Unlimited life | ||||
| Tax Credit Carryforward [Line Items] | ||||
| Remaining losses not subject to expiration | $ 13.1 | |||
Income taxes - Schedule of Changes in Unrecognized Tax Benefits Included in Other Long-Term Liabilities, Excluding Interest and Penalties (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Balance as of January 1 | $ 40.1 | $ 35.0 | $ 1.1 |
| Increase for tax positions of current year | 0.0 | 19.4 | 16.4 |
| Increase for tax positions of prior years | 0.4 | 0.9 | 17.8 |
| Decrease for tax positions of prior years | 0.0 | (14.4) | 0.0 |
| Reductions due to the statute of limitations expiration | (0.1) | (0.7) | (0.3) |
| Reductions due to settlement with taxing authorities | (0.3) | 0.0 | 0.0 |
| Foreign exchange | 0.0 | (0.1) | 0.0 |
| Balance as of December 31 | $ 40.1 | $ 40.1 | $ 35.0 |
Share repurchase program and stock-based compensation - Summary of Additional Stock Based Compensation Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Fair value of restricted stock, RSUs and PRSUs vested | $ 40.1 | $ 9.6 | $ 9.2 |
Share repurchase program and stock-based compensation - Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Performance Based Restricted Stock Units (PRSUs) | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Risk-free interest rate | 1.60% | 0.30% | |
| Expected dividend yield (as a percent) | 0.00% | 0.00% | |
| Expected volatility (as a percent) | 51.70% | 53.80% | |
| Expected term (in years) | 3 years | ||
| Employee Stock Option | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Risk-free interest rate | 1.40% | ||
| Expected dividend yield (as a percent) | 0.00% | ||
| Expected volatility (as a percent) | 24.40% | ||
| Expected term (in years) | 6 years | ||
| Award expiration period (in years) | 10 years | ||
Fair value measurements - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Warrant | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value beginning balance | $ 33.8 | $ 33.0 |
| Additions | 0.0 | 0.0 |
| Fair value adjustments | (33.8) | 0.8 |
| Foreign exchange | 0.0 | 0.0 |
| Transfers out of Level 3 | 0.0 | 0.0 |
| Fair value ending balance | 0.0 | 33.8 |
| Contingent Consideration | ||
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
| Fair value beginning balance | 2.2 | 0.0 |
| Additions | 0.0 | 2.2 |
| Fair value adjustments | 0.0 | 0.0 |
| Foreign exchange | 0.1 | 0.0 |
| Transfers out of Level 3 | (2.3) | 0.0 |
| Fair value ending balance | $ 0.0 | $ 2.2 |
Fair value measurements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Fair Value Disclosures [Abstract] | ||||
| Conversion of warrants to rights to receive merger consideration (in shares) | 973,717 | 7,600,000 | ||
| Exercise price of warrant or right (in usd per share) | $ 27.80 | |||
| Proceeds from the exercise of warrants | $ 0.0 | $ 27.1 | $ 0.0 | |
Derivatives - Additional Information (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Jun. 30, 2021
USD ($)
derivative
|
|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Percentage of cross currency swaps designated as cash flow hedge | 95.00% | |
| Cross currency swap contracts | Minimum | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Debt instrument, term | 1 month | |
| Cross currency swap contracts | Maximum | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Debt instrument, term | 3 months | |
| Interest rate swap contracts | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Number of contracts held | derivative | 2 | |
| Interest rate swap derivatives, notional amount, June 30, 2023 to June 29, 2024 | $ 250,000,000 | |
| Interest rate swap derivatives, notional amount, June 30 2024 to May 31, 2028 | $ 500,000,000 |
Derivatives - Schedule of Notional Amounts (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Designated Derivative | Interest rate swap contracts | ||
| Derivative [Line Items] | ||
| Notional amount of derivative | $ 650.0 | $ 650.0 |
| Designated Derivative | Cross currency swap contracts | ||
| Derivative [Line Items] | ||
| Notional amount of derivative | 381.0 | 381.0 |
| Undesignated Derivatives | Foreign currency contracts | ||
| Derivative [Line Items] | ||
| Notional amount of derivative | 149.2 | 179.0 |
| Undesignated Derivatives | Interest rate swap contracts | ||
| Derivative [Line Items] | ||
| Notional amount of derivative | 100.0 | 100.0 |
| Undesignated Derivatives | Cross currency swap contracts | ||
| Derivative [Line Items] | ||
| Notional amount of derivative | $ 19.0 | $ 19.0 |
Commitments and contingencies - Schedule of Expected Payments for Environmental Remediation (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| 2023 | $ 36.5 |
| 2024 | 12.4 |
| 2025 | 6.9 |
| 2026 | 5.3 |
| 2027 | 4.5 |
| Thereafter | 25.3 |
| Total | $ 90.9 |
Leasing - Narrative (Details) |
Dec. 31, 2022 |
|---|---|
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Remaining lease term | 1 year |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Remaining lease term | 8 years |
Leasing - Lease Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Lessee, Lease, Description [Line Items] | |||
| Operating Leases | $ 56.8 | $ 57.5 | $ 57.6 |
| Finance Leases | 30.4 | 30.1 | 28.3 |
| Total | 87.2 | 87.6 | 85.9 |
| Depreciation | 26.6 | 26.4 | 24.9 |
| Interest expense | 3.8 | 3.7 | 3.4 |
| Variable lease costs | 1.2 | 1.7 | 0.9 |
| Short-term lease costs | 7.7 | 6.7 | 25.7 |
| Total gross lease costs | 96.1 | 96.0 | 112.5 |
| Less: sublease income | 0.9 | 2.1 | 2.5 |
| Total net lease costs | 95.2 | 93.9 | 110.0 |
| Cost of goods sold (exclusive of depreciation) | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating Leases | 22.6 | 22.6 | 18.8 |
| Finance Leases | 0.0 | 0.0 | 0.0 |
| Total | 22.6 | 22.6 | 18.8 |
| Outbound freight and handling | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating Leases | 6.6 | 6.6 | 6.1 |
| Finance Leases | 0.0 | 0.0 | 0.0 |
| Total | 6.6 | 6.6 | 6.1 |
| Warehousing, selling and administrative | |||
| Lessee, Lease, Description [Line Items] | |||
| Operating Leases | 27.6 | 28.3 | 32.7 |
| Finance Leases | 0.0 | 0.0 | 0.0 |
| Total | $ 27.6 | $ 28.3 | $ 32.7 |
Leasing - Maturity Schedule (Details) - USD ($) $ in Millions |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|
| Leases, Operating [Abstract] | ||
| 2023 | $ 53.2 | |
| 2024 | 39.5 | |
| 2025 | 30.6 | |
| 2026 | 27.0 | |
| 2027 | 22.5 | |
| 2028 and after | 93.1 | |
| Total lease payments | 265.9 | |
| Less: interest | 58.5 | |
| Present value of lease liabilities | 207.4 | |
| Lessee, Finance Lease, Description [Abstract] | ||
| 2023 | 28.7 | |
| 2024 | 25.2 | |
| 2025 | 23.2 | |
| 2026 | 20.0 | |
| 2027 | 11.5 | |
| 2028 and after | 6.3 | |
| Total lease payments | 114.9 | |
| Less: interest | 10.6 | |
| Present value of lease liabilities | 104.3 | $ 101.9 |
| Leases, Operating and Finance Lease Maturities [Abstract] | ||
| 2023 | 81.9 | |
| 2024 | 64.7 | |
| 2025 | 53.8 | |
| 2026 | 47.0 | |
| 2027 | 34.0 | |
| 2028 and after | 99.4 | |
| Total lease payments | 380.8 | |
| Less: interest | 69.1 | |
| Total lease liabilities | $ 311.7 | $ 273.1 |
Leasing - Additional Lease Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Weighted-average remaining lease term (years) | |||
| Operating leases | 8 years 3 months 18 days | 6 years 8 months 12 days | |
| Finance leases | 6 years 3 months 18 days | 6 years 6 months | |
| Weighted-average discount rate | |||
| Operating leases | 4.91% | 3.99% | |
| Finance leases | 4.29% | 3.59% | |
| Cash paid for amounts included in the measurement of lease liabilities | |||
| Operating cash flows from operating leases | $ 57.4 | $ 57.5 | $ 57.1 |
| Operating cash flows from finance leases | 3.8 | 3.6 | 3.4 |
| Financing cash flows from finance leases | $ 29.5 | $ 27.6 | $ 24.3 |
Leasing - Sale-Leaseback Transaction (Details) - Real Estate $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2020
USD ($)
| |
| Sale Leaseback Transaction [Line Items] | |
| Net gain associated with sales-leaseback agreement | $ 14.4 |
| Term of lease contract | 15 years |
Segments - Reconciliation of Net Income (Loss) to Adjusted EBITDA (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Segment Reporting [Abstract] | |||
| Net income | $ 545.3 | $ 460.6 | $ 52.9 |
| Depreciation | 131.7 | 150.9 | 162.9 |
| Amortization | 48.2 | 52.5 | 60.0 |
| Interest expense, net | 102.9 | 97.2 | 112.4 |
| Income tax expense | 210.9 | 124.6 | 6.1 |
| EBITDA | 1,039.0 | 885.8 | 394.3 |
| Other operating expenses, net | 32.8 | 107.5 | 89.4 |
| Other income (expense), net | 26.5 | 110.4 | (61.0) |
| Impairment charges | 0.6 | 3.0 | 40.2 |
| (Gain) loss on sale of business | 0.0 | (88.2) | 50.6 |
| Brazil VAT charge | 0.0 | 0.0 | 0.3 |
| Adjusted EBITDA | $ 1,045.9 | $ 797.7 | $ 635.8 |
Subsequent events (Details) - Subsequent Event € in Millions, $ in Millions |
1 Months Ended | |
|---|---|---|
|
Feb. 21, 2023
USD ($)
|
Jan. 31, 2023
EUR (€)
|
|
| Kale Kimya | ||
| Subsequent Event [Line Items] | ||
| Cash consideration | € | € 125 | |
| Contingent consideration component | € | € 7 | |
| ChemSol Group Acquisition | ||
| Subsequent Event [Line Items] | ||
| Cash consideration | $ | $ 19 | |
| Contingent consideration component | $ | $ 5 | |
Schedule II - Valuation and qualifying accounts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Balance at beginning of period | $ 8.6 | $ 19.9 | $ 87.5 |
| Charged to costs and expenses | 5.8 | 0.7 | 3.0 |
| Charged to other accounts | (1.4) | (0.3) | 1.0 |
| Deductions | (0.3) | (11.7) | (71.6) |
| Balance at end of period | $ 12.7 | $ 8.6 | $ 19.9 |
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