Document and Entity Information |
12 Months Ended |
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Dec. 31, 2017 | |
Document And Entity Information [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2017 |
Document Fiscal Period Focus | FY |
Trading Symbol | UNVR |
Entity Registrant Name | Univar Inc. |
Entity Central Index Key | 0001494319 |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 119.8 | $ (68.4) | $ 16.5 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation | 107.1 | 36.3 | (212.6) |
Pension and other postretirement benefits adjustment | (2.4) | (1.8) | (7.3) |
Derivative financial instruments | 6.7 | 0.0 | 3.7 |
Total other comprehensive income (loss), net of tax | 111.4 | 34.5 | (216.2) |
Comprehensive income (loss) | $ 231.2 | $ (33.9) | $ (199.7) |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, share issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 2,000,000,000.0 | 2,000,000,000.0 |
Common stock, par value (usd per share) | $ 0.010000000 | $ 0.010000000 |
Common stock, shares issued (in shares) | 141,100,000 | 141,100,000 |
Common stock, shares outstanding (in shares) | 138,800,000 | 138,800,000 |
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Statement of Stockholders' Equity [Abstract] | |||
Foreign currency translation adjustments tax | $ (2.1) | $ 23.9 | $ 7.4 |
Pension and postretirement benefits adjustment tax | 0.6 | $ 1.5 | 4.6 |
Derivative financial instruments tax | $ (4.3) | $ (2.1) | |
Par value of common stock (usd per share) | $ 0.010000000 | $ 0.010000000 | $ 0.01 |
Impact due to adoption of ASU tax | $ 0.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized for issuance under ESPP (in shares) | 10,600,000 | ||
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issued under the plan (in shares) | 39,418 |
Nature of operations |
12 Months Ended | ||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Nature of operations | Nature of operations Headquartered in Downers Grove, Illinois, Univar Inc. (“Company” or “Univar”) is a leading global chemical and ingredients distributor and provider of specialty services. The Company’s operations are structured into four operating segments that represent the geographic areas under which the Company manages its business:
Rest of World includes certain developing businesses in Latin America (including Brazil and Mexico) and the Asia-Pacific region. |
Significant accounting policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||
Significant accounting policies | Significant accounting policies Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its 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 (“VIE”). The Company did not have any material interests in VIEs during the years presented in these consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. Recently issued and adopted accounting pronouncements In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation” (Topic 718) – “Improvement to Employee Share-Based Payment Accounting.” The core principal of the guidance is to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The standard was effective for fiscal years beginning after December 15, 2016, including interim periods within such fiscal years. The guidance was applied using a modified retrospective method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance was adopted. The Company adopted the ASU as of January 1, 2017 which resulted in an increase of $0.5 million, net of tax of $0.2 million, in accumulated deficit and the offset of $0.7 million was recorded in additional paid-in capital within the Company's consolidated balance sheet and statements of changes in stockholders' equity. In October 2016, the FASB issued ASU 2016-17 “Consolidation” (Topic 810) - “Interests Held through Related Parties That Are under Common Control.” The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance modifies how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. This guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted the ASU as of January 1, 2017 and the ASU was applied retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in ASU 2015-02 “Consolidation” (Topic 810) - “Amendments to the Consolidation Analysis” were applied. The adoption of this ASU had no material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows” (Topic 230) - “Classification of Certain Cash Receipts and Cash Payments.” The ASU clarifies and provides specific guidance on eight cash flow classification issues that were not addressed within the previous guidance. The guidance is to be applied using a retrospective transition method to each period presented. The Company adopted the ASU as of January 1, 2018 and accordingly restated the consolidated statement of cash flows to conform with the current period presentation under this new guidance. As a result of the adoption, the Company reclassified $3.7 million and $0.4 million of cash outflows previously reported as operating activities to financing activities within the consolidated statement of cash flows related to contingent consideration payments for the years ended December 31, 2017 and 2016, respectively. In March 2017, the FASB issued ASU 2017-07 “Compensation - Retirement Benefits” (Topic 715) - “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The ASU requires entities to disaggregate the service cost component from the other components of net periodic benefit costs and present it with other current compensation costs for related employees in the income statement, and present the other component elsewhere in the income statement and outside of income from operations if that subtotal is presented. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. The guidance is to be applied retrospectively for all periods presented. The Company adopted the ASU as of January 1, 2018 and accordingly restated the consolidated statement of operations to conform with the current period presentation under this new guidance. As a result of the adoption, the Company reclassified interest cost, expected return on assets and amortization of prior service costs from warehousing, selling and administrative expenses to other expense, net as well as the mark to market, curtailment, and settlement expenses from other operating expenses, net to other expense, net. Adoption of ASU 2017-07 resulted in a $9.9 million, $15.3 million and $26.8 million reclassification between warehouse, selling and administrative expenses and other expense, net within the Company’s consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively. The adoption also resulted in a $5.9 million, $67.3 million and $17.1 million reclassification between other operating expenses, net and other expense, net within the Company’s consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively. This reclassification did not affect the Company’s net income (loss), income (loss) per common share, financial position or cash flows. Accounting pronouncements issued but not yet adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method) or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). We plan to adopt this update on January 1, 2018 using the modified retrospective approach by recognizing the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings for 2018. The Company expects the net impact to accumulated deficit related to the adoption transition adjustment to not be material. The adjustment primarily relates to bill-and-hold arrangements and transition to an over time revenue recognition methodology for select service lines of business. The Company also expects adjustments to the consolidated balance sheet related to the adoption transition adjustment, which are primarily due to a change in classification of customer prepayments and return reserves. In January 2016, the FASB issued ASU 2016-01 “Financial Instrument – Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The core principle of the guidance is that an entity should classify equity securities with readily determinable fair values as “trading” or “available-for-sale” and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. For equity investments that do not have readily determinable fair values, remeasurement is required at fair value either upon the occurrence of an observable price change or upon identification of impairment. The ASU defines an equity investment as “investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method.” This guidance is applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU. In February 2016, the FASB issued ASU 2016-02 “Leases” (Topic 842), which supersedes the lease recognition requirements in ASC Topic 840, “Leases.” The core principal of the guidance is that an entity should recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a modified retrospective transition method with the option to elect a package of practical expedients. The Company has established a project team to evaluate and implement the standard. The project team is in the process of determining and reviewing the scope of arrangements subject to this standard, as well as, assessing the impact to our systems, processes and internal controls to comply with the standard’s reporting and disclosure requirements. Upon adoption of this standard, the Company expects the consolidated balance sheet to include a right of use asset and liability related to certain operating lease arrangements. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses” (Topic 326) - “Measurement of Credit Losses on Financial Instruments.” The ASU requires entities to use a Current Expected Credit Loss model which is a new impairment model based on expected losses rather than incurred losses. Under the model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon initial recognition of the related assets. This guidance will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. The Company expects to adopt this guidance when effective, and does not expect the guidance to have a significant impact to its consolidated financial statements when it adopts this ASU on January 1, 2020. In October 2016, the FASB issued ASU 2016-16 “Income Taxes” (Topic 740) - “Intra-Entity Transfers of Assets Other Than Inventory.” The ASU eliminates the exception that prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party for assets other than inventory. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not yet been issued. The guidance requires modified retrospective adoption. The Company expects to adopt this guidance when effective, and does not expect the guidance to have a significant impact to its consolidated financial statements when it adopts this ASU on January 1, 2018. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows” (Topic 230) - “Restricted Cash.” The ASU clarifies and provides specific guidance on restricted cash classification issues that are not currently addressed by current guidance; and therefore, reduces the current diversity in practice. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a retrospective transition method to each period presented. The Company does not expect any impact to its consolidated statement of operations or consolidated balance sheet since the ASU only addresses classification items within the statement of cash flows. In January 2017, the FASB issued ASU 2017-01 “Business Combinations” (Topic 805) - “Clarifying the Definition of a Business.” The core principle of the guidance is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted immediately, pending non-recognition of the business transaction in previously issued or made available financial statements. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU. In January 2017, the FASB issued ASU 2017-04 “Intangibles - Goodwill and Other” (Topic 350) - “Simplifying the Test for Goodwill Impairment.” The core principle of the guidance is to simplify the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. The new standard allows an entity to calculate goodwill impairment as the excess of a reporting unit's carrying amount in comparison to the reporting unit's fair value. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period, for goodwill impairment tests performed on dates after January 1, 2017. The Company expects to adopt the pronouncement in 2018 and does not expect a significant impact to its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 “Compensation - Stock Compensation” (Topic 718) - “Scope of Modification Accounting.” The ASU provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period. The guidance is to be applied prospectively. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU. In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” The ASU better aligns hedge accounting with an entity’s risk management activities, simplifies the application of hedge accounting, and improves transparency as to the scope and results of hedging programs. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal years. Early adoption is permitted in any interim period after issuance of the ASU. The guidance is to be applied using a modified retrospective approach to existing hedging relationships as of the adoption date. The amended presentation and disclosure guidance is required only prospectively. The Company is evaluating the impact of the ASU on its consolidated financial statements. 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. Cash at banks earn interest at floating rates based on daily bank deposit rates. Trade accounts receivable, net Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts. In the normal course of business, the Company provides credit to its customers, performs ongoing credit evaluations of these customers and maintains reserves for potential credit losses. In certain situations, the Company will require up-front cash payment, collateral and/or personal guarantees based on the credit worthiness of the customer. The allowance for doubtful accounts was $13.0 million and $13.4 million at December 31, 2017 and 2016, respectively. The allowance for doubtful accounts is estimated based on an individual assessment of collectability based on factors that include current ability to pay, bankruptcy and payment history, as well as a general reserve related to prior experience. 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 by the weighted average cost method. Inventory cost includes purchase price from producers net of any rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product and excludes depreciation expense. The Company recognized $3.3 million, $6.6 million and $0.8 million of lower of cost or net realizable value adjustments to certain of its inventories in the years ended December 31, 2017, 2016 and 2015, respectively. The expense related to these adjustments is included in cost of goods sold in the consolidated statements of operations. Producer incentives The Company has arrangements with certain producers that provide discounts when certain measures are achieved, generally related to purchasing volume. Volume rebates are generally earned and realized when the related products are purchased during the year. The reduction in cost of goods sold is recorded when the related products, on which the rebate was earned, are sold. As our right to receive these incentives will depend on our purchases for the entire year, our accounting estimates depend on our ability to accurately forecast annual purchases. Discretionary rebates are recorded when received. The unpaid portion of rebates from producers is recorded in prepaid expenses and other current assets in the consolidated balance sheets. Property, plant and equipment, net Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Expenditures for improvements that add functionality and/or extend useful life are capitalized. The Company capitalizes interest costs on significant capital projects, as an increase to property, plant and equipment. Repair and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful life of each asset from the time the asset is ready for its intended purpose, with consideration of any expected residual value. Depreciation expense is recorded to depreciation within the consolidated statement of operations. The estimated useful lives of property, plant and equipment are 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 an asset is tested for possible impairment, the Company compares the carrying amount of the related asset group to future undiscounted net cash flows expected to be generated by that asset group. 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 that the carrying amount exceeds its estimated fair value. Leasehold improvements are capitalized and amortized over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the improvement. Assets under capital leases where ownership transfers to the Company at the end of the lease term or the lease agreement contains a bargain purchase option are depreciated over the useful life of the asset. For remaining assets under capital leases, the assets are depreciated over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the asset with consideration of any expected residual value. Refer to “Note 11: Property, plant and equipment, net” for further information. 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 on 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. Goodwill is tested for impairment at a reporting unit level using either a qualitative assessment, commonly referred to as a “step zero” test, or a quantitative assessment, commonly referred to as a “step one” test. For each of the reporting units, the Company has the option to perform either the step zero or the step one test. The Company’s reporting units are identical to the identified four operating segments: USA, Canada, EMEA, and Rest of World. The Company elected the step zero test to evaluate goodwill for impairment for each of the reporting units during 2017 and 2016. The step zero goodwill impairment test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying value. Qualitative factors include: macroeconomic conditions; legal and regulatory environment; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the step zero goodwill impairment test, it is necessary to perform the step one goodwill impairment test. Prior to the year ended December 31, 2016, the Company tested for goodwill impairment at a reporting level using a two-step test. The step one goodwill impairment test compares the estimated fair value of each reporting unit with the reporting unit’s carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Step two of the impairment test, if necessary, would require the identification and estimation of the fair value of the reporting unit’s individual assets, including currently unrecognized intangible assets and liabilities in order to calculate the implied fair value of the reporting unit’s goodwill. Under step two, an impairment loss is recognized to the extent the carrying amount of the reporting unit’s goodwill exceeds the implied fair value. Intangible assets consist of customer and producer relationships and contracts, intellectual property trademarks, trade names, non-compete agreements and exclusive distribution rights. Intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years. Amortization of intangible assets is based on the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up which is based on the undiscounted cash flows, or when not reliably determined, on a straight-line basis. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable. Refer to “Note 13: Impairment charges” for further information. Customer relationship intangible assets represent the fair value allocated in purchase price accounting for the ongoing relationships with an existing customer base acquired in a business combination. The fair value of customer relationships is determined using the excess earnings methodology, an income based approach. The excess earnings methodology provides an estimate of the fair value of customer relationship assets by deducting economic costs, including operating expenses and contributory asset charges from revenue expected to be generated by the asset. These estimated cash flows are then discounted to the present value equivalent. Refer to “Note 12: Goodwill and intangible assets” for further information. Short-term financing Short-term financing includes bank overdrafts and short-term lines of credit. Refer to “Note 15: Debt” for further information. Long-term debt Long-term debt consists of loans with original maturities greater than one year. Fees paid in connection with the execution of line-of-credit arrangements are included in other assets and fees paid in connection with the execution of a recognized debt liability as a direct deduction from the carrying amount of that debt liability. These fees are amortized using the effective interest method over the term of the related debt or expiration of the line-of-credit arrangement. Refer to “Note 15: Debt” for further information. Income taxes The Company is subject to income taxes in the US and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Act. The accounting is expected to be complete within the measurement period of one year from December 22, 2017. In the event that the actual outcome of future tax consequences differs from the Company’s estimates and assumptions due to changes or future events such as tax legislation, geographic mix of the earnings, completion of tax audits or earnings repatriation plans, the resulting change to the provision for income taxes could have a material effect on the consolidated statement of operations and consolidated balance sheet. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis 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. The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that a portion of 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, projected future taxable income, tax planning strategies and the ability to carry back losses to prior years. Realization is dependent upon generating sufficient taxable income prior to expiration of tax attribute carryforwards. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized, or if not, a valuation allowance has been recorded. The Company continues to monitor the value of its deferred tax assets, as the amount of the deferred tax assets considered realizable, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced, or current tax planning strategies are not implemented. US GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires the Company to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the amount of benefit that has a greater than fifty percent likelihood of being realized. The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within either other accrued expenses or other long-term liabilities in the consolidated balance sheets. Refer to “Note 7: Income taxes” for further information. Pension and other postretirement benefit plans The Company sponsors several defined benefit and defined contribution plans. The Company’s contributions to defined contribution plans are charged to income during the period of the employee’s service. The benefit obligation and cost of defined benefit pension plans and other postretirement benefits are calculated based upon actuarial valuations, which involves making assumptions about discount rates, expected rates of return on assets, future salary increases, future health care costs, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. The projected benefit obligation is calculated separately for each plan based on the estimated future benefit employees have earned in return for their service based on the employee’s expected date of retirement. Those benefits are discounted to determine the present value of the benefit obligations using the projected unit-credit method. A liability is recognized on the balance sheet for each plan with a projected benefit obligation in excess of the fair value of plan assets. An asset is recorded for each plan with plan assets at fair value in excess of the projected benefit obligation. The Company recognizes the actuarial gains or losses that arise during the period within other expense, net in the consolidated statement of operations. This “mark to market” adjustment is recognized at each December 31. This adjustment primarily includes gains and losses resulting from changes in discount rates and the difference between the expected rate of return on plan assets and actual plan asset returns. Curtailment and settlement gains and losses are recognized in other expense, net in the statement of operations. Curtailment losses must be recognized in the statement of operations when it is probable that a curtailment will occur and its effects are reasonably estimable. However, a curtailment gain is recognized in the statement of operations when the related employees terminate or the plan suspension or amendment is adopted, whichever is applicable. Settlement gains and losses are recognized in the period in which the settlement occurs, regardless of how probable it is at an earlier date that the settlement will occur and despite the fact that the probable gain or loss may be reasonably estimable before the settlement actually takes place. The Company recognizes prior service costs or credits that arise during the period in other comprehensive loss, and amortizes these items in subsequent periods as components of net periodic benefit cost within other expense, net in the consolidated statement of operations. All other components of net periodic benefit cost are classified as other expense, net with the exception of service cost which are classified as warehousing, selling and administrative expenses in the consolidated statements of operations. The fair value of plan assets is used to calculate the expected return on assets component of the net periodic benefit cost. Refer to “Note 8: Employee benefit plans” for further information. Leases All leases that are determined not to meet any of the capital lease criteria are classified as operating leases. Operating lease costs are recognized as an expense in the statement of operations on a straight-line basis over the lease term. The Company leases certain vehicles and equipment that qualify for capital lease classification. Assets under capital leases are carried at historical cost, net of accumulated depreciation and are included in property, plant and equipment, net in the consolidated balance sheet. Depreciation expense related to the capital lease assets is included in depreciation expense in the consolidated statement of operations. Refer to “Note 11: Property, plant and equipment, net” for further information. The present value of minimum lease payments under a capital lease is included in current portion of long-term debt and long-term debt in the consolidated balance sheet. The capital lease obligation is amortized utilizing the effective interest method and interest expense related to the capital lease obligation is included in interest expense in the consolidated statement of operations. Refer to “Note 19: Commitments and contingencies” for further information. Contingencies A loss contingency is recorded if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the ultimate loss. Changes in these factors and related estimates could materially affect the Company’s financial position and results of operations. Legal expenses are recorded as legal services are provided. Refer to “Note 19: Commitments and contingencies” for further information. Environmental liabilities Environmental contingencies 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 contingencies. 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 on an undiscounted basis, except for sites for which the amount and timing of future cash payments are fixed or reliably determinable. Environmental remediation expenses 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. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity and/or mitigate or prevent contamination from future operations. Refer to “Note 19: Commitments and contingencies” for further information. Revenue recognition The Company recognizes net sales when persuasive evidence of an arrangement exists, delivery of products has occurred or services are provided to customers, the sales price is fixed or determinable and collectability is reasonably assured. Net sales includes product sales, billings for freight and handling charges and fees earned for services provided, net of any discounts, returns, customer rebates and sales or other revenue-based tax. The Company recognizes product sales and billings for freight and handling charges when products are considered delivered to the customer under the terms of the sale. Fee revenues are recognized when services are completed. The Company’s sales to customers in the agriculture end market, principally in Canada, often provide for a form of inventory protection through credit and re-bill as well as understandings pursuant to which certain price changes from chemical producers may be passed through to the customer. These arrangements require the Company to make estimates of potential returns of unused chemicals as well as revenue deferral to the extent the sales price is not considered determinable. The estimates used to determine the amount of revenue associated with product likely to be returned are based on past experience adjusted for any current market conditions. Foreign currency translation The functional currency of the Company’s subsidiaries is the local currency, unless the primary economic environment requires the use of another currency. Transactions denominated in foreign currencies are translated into the functional currency of each subsidiary at the rate of exchange on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency of each subsidiary at period-end exchange rates. These foreign currency transaction gains and losses are recognized in other (expense) income, net in the consolidated statements of operations. Foreign currency gains and losses relating to intercompany borrowings that are considered a part of the Company’s investment in a foreign subsidiary are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. In the year ended December 31, 2017, total foreign currency gains related to such intercompany borrowings were $4.8 million and in the years ended December 31, 2016 and 2015, total foreign currency losses related to such intercompany borrowings were $34.8 million and $11.2 million, respectively. 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 on this translation are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. Stock-based compensation plans The Company measures the total amount of employee stock-based compensation expense for a grant based on the grant date fair value of each award and recognizes the stock-based compensation expense on a straight-line basis over the requisite service period for each separately vesting tranche of an award. Stock-based compensation is based on unvested outstanding awards. The Company has elected to recognize forfeitures when realized. Stock-based compensation expense is classified within other operating expenses, net in the consolidated statements of operations. Refer to “Note 9: Stock-based compensation” for further information. Share repurchases The Company does not hold any treasury shares, as all shares of common stock are retired upon repurchase. Furthermore, when share repurchases occur and the common stock is retired, the excess of repurchase price over par is allocated between additional paid-in capital and accumulated deficit such that the portion allocated to additional paid-in-capital being limited to the additional paid-in-capital created from that particular share issuance (i.e. the book value of those shares) plus any resulting leftover additional paid-in-capital from previous share repurchases in instances where the repurchase price was lower than the original issuance price. Fair value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. US GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:
When available, the Company uses quoted market prices to determine fair value and classifies such items as Level 1. In cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified as Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market information. Items valued using internally generated valuation techniques are classified according to the lowest level input that is significant to the valuation, and may be classified as Level 3 even though there may be significant inputs that are readily observable. Refer to “Note 16: Fair value measurements” for further information. Certain financial instruments, such as derivative financial instruments, are required to be measured at fair value on a recurring basis. Other financial instruments, such as the Company’s own debt, are not required to be measured at fair value on a recurring basis. The Company elected to not make an irrevocable election to measure financial instruments and certain other items at fair value. Derivatives The Company uses derivative financial instruments, such as foreign currency contracts, interest rate swaps and interest rate caps, to manage its risks associated with foreign currency and interest rate fluctuations. Derivative financial instruments are recorded in either prepaid expenses and other current assets, other assets, other accrued expenses or other long-term liabilities in the consolidated balance sheets at fair value. 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 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. For derivative contracts with the same counterparty where the Company has a master netting arrangement with the counterparty, the fair value of the asset/liability is presented on a net basis within the consolidated balance sheets. Refer to “Note 16: Fair value measurements” for additional information relating to the gross and net balances of derivative contracts. Changes in the fair value of derivative financial instruments are recognized in the consolidated statements of operations, unless specific hedge accounting criteria are met. Cash flows associated with derivative financial instruments are recognized in the operating section of the consolidated statements of cash flows. For the purpose of hedge accounting, derivatives are classified as either fair value hedges, where the instrument hedges the exposure to changes in the fair value of a recognized asset or liability, or cash flow hedges, where the instrument hedges the exposure to variability in cash flows that are either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction. Gains and losses on derivatives that meet the conditions for fair value hedge accounting are recognized immediately in the consolidated statements of operations, along with the offsetting gain or loss on the related hedged item. For derivatives that meet the conditions for cash flow hedge accounting, the effective portion of the gain or loss on the derivative is recognized in accumulated other comprehensive loss on the consolidated balance sheet and the ineffective portion is recognized immediately in other (expense) income, net within the consolidated statement of operations. Amounts in accumulated other comprehensive loss are reclassified to the consolidated statement of operations in the same period in which the hedged transactions affect earnings. For derivative instruments designated as hedges, the Company formally documents the hedging relationship to the hedged item and its risk management strategy. The Company assesses the effectiveness of its hedging instruments at inception and on an ongoing basis. Hedge accounting is discontinued when the hedging instrument is sold, expired, terminated or exercised, or no longer qualifies for hedge accounting. Refer to “Note 17: Derivatives” for further information. Earnings per share Basic earnings per share is based on the weighted average number of common shares outstanding during each period, which excludes non-vested restricted stock units, non-vested restricted stock, and stock options. 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. The Company has issued certain restricted stock awards, which are unvested stock-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. These restricted shares are considered participating securities. Accordingly, The Company calculates net income applicable to common stock using the two-class method, whereby net income is allocated between common stock and participating securities. Refer to “Note 3: Earnings per share” for further information. |
Earnings per share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | Earnings per share The following table presents the basic and diluted earnings per share computations:
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Other operating expenses, net |
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Other operating expenses, net | Other operating expenses, net Other operating expenses, net consisted of the following items:
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Restructuring charges |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 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, lease termination costs and other facility rationalization costs. The following table presents cost information related to restructuring plans that have not been completed as of December 31, 2017 and does not contain any estimates for plans that may be developed and implemented in future periods.
The following tables summarize activity related to accrued liabilities associated with redundancy and restructuring:
Restructuring liabilities of $5.8 million and $10.1 million were classified as current in other accrued expenses in the consolidated balance sheets as of December 31, 2017 and 2016, respectively. The long-term portion of restructuring liabilities of $6.9 million and $10.0 million were recorded in other long-term liabilities in the consolidated balance sheets as of December 31, 2017 and 2016, respectively and primarily consists of facility exit costs that are expected to be paid within the next five years. While the Company believes the recorded restructuring liabilities are adequate, revisions to current estimates may be recorded in future periods based on new information as it becomes available. |
Other expense, net |
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Other expense, net | Other expense, net Other expense, net consisted of the following gains (losses):
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Income taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in net deferred tax assets and liabilities. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. Valuation allowances are recorded as appropriate to reduce deferred tax assets to the amount considered likely to be realized. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to reverse. As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Act, the Company revalued its ending net deferred tax liabilities at December 31, 2017 and recognized a provisional $16.7 million tax benefit in the Company’s consolidated statement of income for the year ended December 31, 2017. The Tax Act provided for a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”) through the year ended December 31, 2017. The Company had an estimated $623.8 million of undistributed foreign E&P subject to the deemed mandatory repatriation and recognized a provisional $76.5 million of income tax expense in the Company’s consolidated financial statements. As a result of the one-time deemed mandatory repatriation, the Company estimated the deemed foreign paid income tax credit (“FTC”) previously paid allocable to the repatriated foreign source income of $134.9 million. These income taxes were required to be reduced in the same proportion as the foreign source income generating the deemed income taxes paid as required under the Tax Act, resulting in a net provisional deemed income tax paid of $47.3 million. In addition, $0.3 million of withholding taxes incurred during the period was creditable. As such, the Company is eligible to claim a foreign tax credit relating to the foreign source income that generated the deemed income taxes paid and, accordingly, estimated a provisional $47.6 million as a deferred tax asset generated at 2017 year-end. The provisional FTC of $47.6 million generated in 2017 was not fully utilized due to adjustments required to be made against the foreign source income which limited the amount of the overall FTC utilization to a provisional amount of $13.6 million in 2017. After the utilization of a net operating loss carry forward, general business credits and $13.6 million of foreign tax credits, the Company expects to pay additional U.S. federal cash tax of approximately $6.9 million on the deemed mandatory repatriation, payable over eight years. As the Company does not expect future earnings of the appropriate character of taxable income which would allow it to utilize its FTC balance in future tax years, in addition to other required adjustments which reduce the amount of future foreign source income available to be offset by a FTC, a valuation allowance was established on the remaining provisional $34.0 million FTC. While the Tax Reform Act provides for a modified territorial tax system, beginning in 2018, it includes two new U.S. tax base erosion provisions, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions. The GILTI provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The BEAT provisions in the Tax Act eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. Because of the complexity of the new GILTI tax rules, the Company is continuing to evaluate the provision of the Tax Act and the application of ASC 740. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the “period cost method”) or (2) factoring such amounts into a Company’s measurement of its deferred taxes (the “deferred method”). The Company’s selection of an accounting policy with respect to the new GILTI tax rules will depend, in part, on analyzing our global income to determine whether we expect to have future US inclusions in taxable income related to GILTI depends not only the Company’s current structure and estimated future results of global operations but also the Company’s intent and ability to reasonably estimate the effect of this provision of the Tax Act. Therefore, the Company has not made any adjustments related to potential GILTI tax in its financial statements and has not yet made an accounting policy election regarding whether to record deferred or current taxes related to GILTI. Furthermore, the Company does not expect it will be subject to BEAT until 2018 and therefore has not included any tax impacts of BEAT in its consolidated financial statements for the year ended December 31, 2017. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Act. The accounting is expected to be complete within the measurement period of one year from December 22, 2017. For financial reporting purposes, income (loss) before income taxes includes the following components:
The expense (benefit) for income taxes is summarized as follows:
The reconciliation between the US statutory tax rate and the Company’s effective tax rate is presented as follows:
The consolidated deferred tax assets and liabilities are detailed as follows:
The changes in the valuation allowance were as follows:
As of December 31, 2017, the total remaining tax benefit of available federal, state and foreign net operating loss carryforwards recognized on the balance sheet amounted to $32.9 million (tax benefit of operating losses of $68.6 million reduced by a valuation allowance of $35.7 million). Total net operating losses at December 31, 2017 and 2016 amounted to $261.9 million and $415.1 million, respectively. If not utilized, $75.7 million of the available loss carryforwards will expire between 2018 and 2022; subsequent to 2022, $0.2 million will expire. The remaining losses of $186.0 million have an unlimited life. As the result of the Tax Act, the Company generated $47.6 million of foreign tax credit, $13.6 million of which is currently utilized and a valuation allowance was established on the remaining $34.0 million. Difference attributable to foreign investments As a result of the deemed mandatory repatriation provisions in the Tax Act, the Company included an estimated $623.8 million of undistributed earnings in income subject to U.S. tax at reduced tax rates. The Company does not intend to distribute earnings in a taxable manner, and therefore intends to limit distributions to earnings previously taxed in the U.S., or earnings that would qualify for the 100 percent dividends received deduction provided for in the Tax Act, and earnings that would not result in any significant foreign taxes. The Company will not recognize a deferred tax liability on its investment in foreign subsidiaries and continues to represent that all of its future earnings and the outside basis differences on investments from the foreign subsidiaries are permanently reinvested outside of the US. The changes in unrecognized tax benefits included in other long-term liabilities, excluding interest and penalties, are as follows:
The Company’s unrecognized tax benefit consists largely of foreign interest expense liabilities as of December 31, 2017. The Company believes that it is reasonably possible that approximately $1.7 million of its currently remaining unrecognized tax benefits may be recognized by the end of 2018 as a result of an audit or a lapse of the statute of limitations. The Company has net $3.1 million and $4.3 million of unrecognized tax benefits at December 31, 2017 and 2016, respectively. As of December 31, 2017, the total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate for continuing and discontinued operations was $3.1 million. No remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits, if any, would not have an impact on the effective tax rate. The total liability included in other long-term liabilities associated with the interest and penalties was $0.4 million and $0.3 million at December 31, 2017 and 2016, respectively. The Company recorded $0.4 million, $0.3 million and $(0.6) million in interest expense related to unrecognized tax benefits in the consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015, respectively. The Company files income tax returns in the US and various state and foreign jurisdictions. As of December 31, 2017, the Company is subject to various local or foreign examinations by the tax authorities. In 2007, the outstanding shares of Univar N.V., the ultimate public company parent of the Univar group at that time, were acquired by investment funds advised by CVC. To facilitate the acquisition and leveraged financing of Univar N.V. by CVC, a restructuring of some of the companies in the Univar group, including its Canadian operating company, was completed (the “Restructuring”). The Canada Revenue Agency (“CRA”) issued a Notice of Assessment, asserting the General Anti-Avoidance Rule (“GAAR”) against the Company’s subsidiary Univar Holdco Canada ULC (“Univar Holdco”) for withholding tax of $29.4 million (Canadian), relating to this Restructuring. Univar Holdco appealed the assessment, and the matter was litigated in the Tax Court of Canada in June 2015. On June 22, 2016, the Tax Court of Canada issued its judgment in favor of the CRA. The Company subsequently appealed the judgment and a trial in the Federal Court of Canada occurred on May 10, 2017. On October 13, 2017, the Federal Court Appeals issued its judgment in favor of the Company, ruling that the Canadian restructuring was not subject to the GAAR, reversing the lower court’s decision. In September 2014, also relating to the Restructuring, the CRA issued the 2008 and 2009 Notice of Reassessments for federal corporate income tax liabilities of $11.9 million (Canadian) and $11.0 million (Canadian), respectively, and a departure tax liability of $9.0 million (Canadian). These Reassessments reflect the additional tax liability and interest relating to those tax years should the CRA be successful in its assertion of the GAAR relating to the Restructuring described above. See also “Canadian Assessment” under “Legal Proceedings” in Item 1 of this Current Report on Form 8-K. The CRA did not pursue an appeal to the Supreme Court of Canada, and Notices of Reassessment to zero were issued by the CRA on the 2007 GAAR matter, as well as the 2008 and 2009 matters relating to the Restructuring. The previously issued Letters of Credit on both assessments were canceled by the Company. The matters are now final and closed. |
Employee benefit plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefit plans | 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. On July 1, 2015, the accrual of future service credits ceased in Canada although future salary increases continue for remaining participants. Benefits accrued by participants in the United Kingdom plan were frozen as of December 1, 2010 and benefits accrued by participants in the US plans were frozen as of December 31, 2009. These amendments to freeze benefits were made in conjunction with a benefit plan review which provides for enhanced benefits under defined contribution plans available to all employees in the US, Canada and United Kingdom. The following summarizes the Company’s defined benefit pension plans’ projected benefit obligations, plan assets and funded status:
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 total accumulated benefit obligation for domestic defined benefit pension plans as of December 31, 2017 and 2016 was $721.9 million and $719.7 million, respectively, and for foreign defined benefit pension benefit plans as of December 31, 2017 and 2016 was $211.4 million and $524.4 million, respectively. The following table summarizes the components of net periodic benefit (income) cost recognized in the consolidated statements of operations related to defined benefit pension plans:
The following summarizes pre-tax amounts included in accumulated other comprehensive loss at December 31, 2017 related to pension plan amendments:
The following table summarizes the amounts in accumulated other comprehensive loss at December 31, 2017 that are expected to be amortized as components of net periodic benefit cost during the next fiscal year related to pension amendments:
Other postretirement benefit plan Other postretirement benefits relate to a health care plan for retired employees in the US. In 2009, the Company approved a plan to phase out the benefits provided under this plan by 2020. As a result of this change, the benefit obligation was reduced by $76.8 million and a curtailment gain of $73.1 million was recognized in accumulated other comprehensive loss and was being amortized to the consolidated statements of operations over the average future service period, which was fully amortized as of December 31, 2016. The following summarizes the Company’s other postretirement benefit plan’s accumulated postretirement benefit obligation, plan assets and funded status:
Net amounts related to the Company’s other postretirement benefit plan recognized in the consolidated balance sheets consist of:
The following table summarizes the components of net periodic benefit income recognized in the consolidated statements of operations related to other postretirement benefit plans:
Actuarial assumptions Defined benefit pension 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 are 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 rate 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 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. Other postretirement benefit plan For the other postretirement benefit plan, the discount rate used to determine the benefit obligation at December 31, 2017 and 2016 was 3.98% and 4.37%, respectively. The discount rate used to determine net periodic benefit credit for the year ended December 31, 2017, 2016 and 2015 was 4.37%, 4.54% and 3.80%, respectively. Health care cost increases did not have a significant impact on the Company’s postretirement benefit obligations in the years presented as a result of the 2009 plan to phase out the health care benefits provided under the US plan. Plan assets Plan assets for defined benefit plans are invested in global equity and debt securities 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. The weighted average target asset allocation for defined benefit pension plans in the year ended December 31, 2017 is as follows:
Plan asset valuation methodologies are described below:
Domestic defined benefit plan assets The Company classified its domestic plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of domestic plan assets by asset category and level within the fair value hierarchy.
Foreign defined benefit plan assets The Company classified its foreign plan assets according to the fair value hierarchy described in “Note 2: Significant accounting policies.” The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
The following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
Contributions The Company expects to contribute approximately $12.2 million and $26.9 million to its domestic and foreign defined benefit pension plan funds in 2018, respectively, including direct payments to plan participants in unfunded plans. The Company does not plan on making any discretionary contributions in 2018. In many countries, local pension protection laws have been put in place, which have introduced minimum funding requirements for qualified pension plans. As a result, the Company’s required funding of contributions to its pension plans may vary in the future. Benefit payments The following table shows benefit payments that are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter:
Defined contribution plans The Company provides defined contribution plans to assist eligible employees in providing for retirement or other future needs. Under such plans, company contribution expense amounted to $30.0 million, $33.4 million and $31.4 million in the years ended December 31, 2017, 2016 and 2015, respectively. Multi-employer plans The Company has 18 union bargaining agreements in the US that stipulate contributions to one of three union pension trusts. These bargaining agreements are generally negotiated on three-year cycles and cover employees in driver and material handler positions at 16 represented locations. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:
The Company’s participation in these plans for the annual period ended December 31, 2017 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employee Identification Number (EIN) and the three-digit plan number. Unless otherwise noted, the most recent Pension Protection Act (PPA) zone status available in 2017 and 2016 is for the plan’s year end at December 31, 2016 and December 31, 2015, respectively. The zone status is based on information that the Company received from the plan 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. The last column lists the expiration dates of the collective-bargaining agreement(s) to which the plans are subject. There are no minimum contributions required for future periods by the collective-bargaining agreements, statutory obligations or other contractual obligations.
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Stock-based compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation In May 2017, the Company replaced and succeeded the Univar Inc. 2015 Stock Incentive Plan (the “2015 Plan”) with the Univar Inc. 2017 Omnibus Equity Incentive Plan (the “2017 Plan”). The 2015 Plan had no further awards granted and any available reserves under the 2015 Plan were transferred and available for issuance under the 2017 Plan. There were no changes to the outstanding awards related to the 2015 and the Univar Inc. 2011 Stock Incentive Plan (the “2011 Plan;” and, together with the 2015 Plan and the 2017 Plan (the “Plans”). The 2017 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, 2017, there were 10.6 million shares authorized under the Plans. For the years ended December 31, 2017, 2016 and 2015, respectively, the Company recognized total stock-based compensation expense within other operating expenses, net of $19.7 million, $10.4 million and $7.5 million, and a net tax expense (benefit) relating to stock-based compensation expense of $(3.7) million, $0.1 million and $(2.6) million. Stock options Stock options granted under the Plans expire ten years after the grant date and generally become exercisable over a four-year period or less, based on continued employment, with annual vesting. The exercise price of a stock option is determined at the time of each grant and in no case will the exercise price be less than the fair value of the underlying common stock on the date of grant. Participants have no stockholder rights until the time of exercise. The Company will issue new shares upon exercise of stock options granted under the Plans. The following reflects stock option activity under the Plans:
As of December 31, 2017, the Company has unrecognized stock-based compensation expense related to non-vested stock options of approximately $3.3 million, which will be recognized over a weighted-average period of 1.0 years. Restricted stock Non-vested restricted stock primarily 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 Univar 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. Dividend equivalents are available for non-vested shares of restricted stock if dividends are declared by the Company during the vesting period. The following table reflects restricted stock activity under the Plans:
As of December 31, 2017, the Company has unrecognized stock-based compensation expense related to non-vested restricted stock awards of approximately $0.5 million, which will be recognized over a weighted-average period of 0.3 years. The weighted-average grant-date fair value of restricted stock was $18.15 and $27.00 in 2016 and 2015, respectively. Restricted stock units (RSUs) RSUs awarded to employees generally vest in three or four equal annual installments, subject to continued employment. Each RSU converts into one share of Univar 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 stock on that date. The Company awarded performance based shares to certain employees. These awards vest upon the passage of time and the achievement of performance criteria. For grants with Company based performance criteria, the vesting period is over three years with some shares vesting over each annual period. We review progress toward the attainment of the performance criteria each quarter during the vesting period. When it is probable the minimum performance criteria for the award will be achieved, we begin 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 date of grant multiplied by the number of shares ultimately awarded based on the level of attainment of the performance criteria. For grants with market performance criteria, the fair value is determined on the grant date and is calculated using the same inputs for expected volatility, and risk-free rate as stock options, with a duration of two years. The total expense recognized over the duration of the award will equal the fair value, regardless if the market performance criteria is met. The following table reflects RSUs activity under the Plans:
As of December 31, 2017, the Company has unrecognized stock-based compensation expense related to non-vested RSUs awards of approximately $7.1 million, which will be recognized over a weighted-average period of 0.9 years. Employee stock purchase plan During November 2016, our Board of Directors approved the Univar Employee Stock Purchase Plan, or ESPP, authorizing the issuances of up to 2.0 million shares of the Company's common stock effective January 1, 2017. The ESPP 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. Our stock purchase plan is designed to attract and retain employees while also aligning employees’ interests with the interests of our stockholders. As of December 31, 2017, the total number of shares issued under the plan for the two offering periods in 2017 was 39,418 shares. Stock-based compensation fair value assumptions The fair value of the Company’s common stock was used to establish the exercise price of stock options granted, grant date fair value of restricted stock and RSUs awards and as an input in the valuation of stock option awards and performance-based RSUs at each grant date. Prior to the Company’s June 2015 IPO, as discussed in Note 1, the Company obtained contemporaneous quarterly valuations performed by an unrelated valuation specialist in support of each award. The fair value of the Company’s common stock was determined utilizing both income and market approaches, discounted for the lack of marketability. A discounted cash flow analysis was used to estimate fair value under the income approach. The market approach consisted of an analysis of multiples of comparable companies whose securities are traded publicly as well as other indicated market values of the Company by third parties. After the IPO, 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 performance-based RSUs with internally developed performance conditions is based on the grant date closing price on the New York Stock Exchange. In 2016, the Monte Carlo simulation was used to calculate the fair value of performance-based RSUs with market conditions. The length of each performance period was used as the expected term in the simulation for each respective tranche. The weighted average grant-date fair value of performance-based RSUs with market conditions was $10.49 for the year ended December 31, 2016. The weighted-average assumptions under the Monte Carlo simulation model were as follows:
The Black-Scholes-Merton option valuation model was used to calculate the fair value of stock options. The weighted average grant-date fair value of stock options was $8.40 and $6.78 for the years ended December 31, 2017 and 2015, respectively. The weighted average grant-date fair value is not provided for the year ended December 31, 2016, as there were no stock options granted during the period. The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows:
Additional stock-based compensation information The following table provides additional stock-based compensation information:
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Accumulated other comprehensive loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | Accumulated other comprehensive loss The following table presents the changes in accumulated other comprehensive loss by component, net of tax.
The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income (loss).
Refer to “Note 8: Employee benefit plans” for additional information regarding the amortization of defined benefit pension items, “Note 17: Derivatives” for cash flow hedging activity and “Note 2: Significant accounting policies” for foreign currency gains and losses relating to intercompany borrowings of a long-term nature that are reflected in currency translation items. |
Property, plant and equipment, net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment, net consisted of the following:
Included within property, plant and equipment, net are assets related to capital leases where the Company is the lessee. The below table summarizes the cost and accumulated depreciation related to these assets:
Capitalized interest on capital projects was $0.1 million and $0.2 million in the years ended December 31, 2017 and 2016, respectively. |
Goodwill and intangible assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets Goodwill The following is a summary of the activity in goodwill by segment.
The Company’s reporting units are identical to the identified four operating segments: USA, Canada, EMEA, and Rest of World. Additions to goodwill in 2017 related to the acquisition of Tagma. Additions to goodwill in 2016 related to the acquisition of Bodine Services and Nexus Ag. The purchase price adjustments in 2017 relate to the Nexus Ag acquisition. Refer to “Note 18: Business Combinations” for further information. Accumulated impairment losses on goodwill were $261.4 million at January 1, 2016. Accumulated impairment losses on goodwill were $271.3 million and $246.3 million at December 31, 2017 and 2016, respectively. As of October 1, 2017, the Company performed its annual impairment review and concluded it was more likely than not that the fair value exceeded the carrying value for all reporting units with goodwill balances. There were no events or circumstances from the date of the assessment through December 31, 2017 that would affect this conclusion. Determining the fair value of a reporting unit requires judgment and involves the use of significant estimates and assumptions by management. The Company can provide no assurance that a material impairment charge will not occur in a future period. The Company’s estimates of future cash flows may differ from actual cash flows that are subsequently realized due to many factors, including future worldwide economic conditions and the expected benefits of the Company’s initiatives. Any of these potential factors, or other unexpected factors, may cause the Company to re-evaluate the carrying value of goodwill. 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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Impairment charges |
12 Months Ended |
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Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Impairment charges | Impairment charges During the year ended December 31, 2016, the Company revised its business operating plan for servicing upstream oil and gas customers in its USA operating segment. In light of the 2016 prolonged drop in oil prices, and consequential decrease in demand for certain products including high-value specialized blended products used in hydraulic fracking operations, the Company narrowed its product line and service offering by curtailing certain highly specialized products and services that were being produced and sold to oil and gas customers. As a result, the Company ceased operations at three production facilities. The Company determined that these decisions resulted in a triggering event with respect to long lived assets in an asset group, resulting in the assessment of recoverability of these long lived assets. The Company performed step one of the impairment test and determined the carrying amount of the asset group exceeded the sum of the expected undiscounted future cash flows. Thus, the Company proceeded to step two of the impairment test where it was required to determine the fair value of the asset group and recognize an impairment loss if the carrying value exceeded the fair value. As a result of the impairment test, the Company recorded a non-cash, long-lived asset impairment charge of $113.7 million related to intangible assets and $16.5 million related to property, plant and equipment within its consolidated statements of operations. The Company also recorded a non-cash, long-lived asset impairment charge of $0.3 million related to assets held-for-sale. The fair value of the asset group was determined using an income approach, which was comprised of multiple significant unobservable inputs including: (1) the estimate of future cash flows; (2) the amount of capital expenditures required to maintain the existing cash flows; and (3) a terminal period growth rate equal to the expected rate of inflation. Accordingly, estimated fair value of the asset group is considered to be a Level 3 measurement in the fair value hierarchy. In addition to the charges discussed above, the Company also impaired $3.4 million of inventory deemed to be unsaleable in connection with the facility closures. |
Other accrued expenses |
12 Months Ended |
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Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Other accrued expenses | Other accrued expenses Other accrued expenses that were greater than five percent of total current liabilities consisted of customer prepayments and deposits, which were $97.7 million and $84.6 million as of December 31, 2017 and 2016, respectively. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Short-term financing Short-term financing consisted of the following:
The weighted average interest rate on short-term financing was 4.1% and 2.1% as of December 31, 2017 and 2016, respectively. As of December 31, 2017 and 2016, the Company had $147.0 million and $175.3 million, respectively, in outstanding letters of credit and guarantees. Long-term debt Long-term debt consisted of the following:
The weighted average interest rate on long-term debt was 4.50% and 4.84% as of December 31, 2017 and 2016, respectively. As of December 31, 2017, future contractual maturities of long-term debt including capital lease obligations are as follows:
Long-term debt restructurings On November 28, 2017, the Company entered into a Second Amendment of the Senior Term B loan facility which amended the Company's First Amendment, dated January 19, 2017. The new Senior Term B loan agreement has a $2,283.5 million US dollar loan tranche. The proceeds from the new Senior Term B loan agreement were used to repay in full the existing $2,183.5 million US dollar denominated Term B Loan and €80.9 million ($95.8 million) euro denominated Term B Loan. The amendment also lowered the interest rate credit spread on the loan by 25 basis points from 2.75% to 2.50% and extended the loan by two years. An additional reduction of 25 basis points is available if the Company's total net leverage (Total Net Debt to Adjusted EBITDA) reaches or falls below 4.00. The New Senior Term Facilities is payable in installments of $5.7 million commencing December 31, 2017 with the remaining balances due on the maturity date of July 1, 2024. The Company can repay the loan in whole or part without penalty. On January 19, 2017, the Company, entered into an amended Senior Term B loan agreement which replaced the existing US dollar denominated loans, dated July 1, 2015, with new US dollar denominated loans in aggregate of $2,200.0 million. The Amendment also reduced the interest rate credit spread on the US dollar denominated loans by 50 basis points from 3.25% to 2.75% and removed the 1.00% LIBOR floor. The additional proceeds of $175.6 million received from the US dollar denominated loans were used to prepay a portion of the Euro denominated Term B Loans. As a result of the January and November 2017 debt refinancing activity, the Company recognized debt refinancing costs of $5.3 million in other (expense) income, net in the consolidated statements of operations during the year ended December 31, 2017. Refer to “Note 6: Other (expense) income, net” for further information. In addition, the Company recognized a loss on extinguishment of debt of $3.8 million in the year ended December 31, 2017. On July 28, 2015, the Company entered into a new five year $1.4 billion North American Asset Backed Loan Facility (“new NA ABL Facility”) and terminated its existing $1.4 billion North American ABL Facility including the repayment of the existing North American ABL Term Loan. The new NA ABL Facility has a $1.0 billion revolving loan tranche available to certain US subsidiaries, a $300.0 million revolving loan tranche for certain Canadian subsidiaries and a $100.0 million ABL Term Loan (“new ABL Term Loan”). The Company may elect to allocate the total $1.3 billion in revolving tranches between the US and Canadian borrowers. Under the two revolving tranches, the borrowers may request loan advances and make loan repayments until the maturity date of July 28, 2020. The new ABL Term Loan and each revolving loan advance under the facility have a variable interest rate based on the current benchmark rate elected by the borrower plus a credit spread. The credit spread is determined by the elected benchmark rate and the average availability of the facility. The unused line fee for the revolver tranches under the new NA ABL Facility ranges from 0.25% to 0.375% per annum for the US and Canadian borrowers depending on the average daily outstanding amount. The new NA ABL Term Loan is payable in installments of $16.7 million per quarter commencing December 31, 2016 with a final amortization payment on March 31, 2018, with the loan commitment expiring on July 28, 2018. In addition, on July 1, 2015, the Company issued $400.0 million in Senior Unsecured Notes (“Unsecured Notes”). The new $400.0 million issuance of Senior Unsecured Notes has a fixed interest rate of 6.75% payable semi-annually. Principal is due upon the maturity date of July 15, 2023. The Company can prepay the Senior Unsecured Notes in whole or part at a premium above par on or after July 15, 2018 and without a premium on or after July 15, 2020. On March 24, 2014, certain of the Company’s European subsidiaries (the “Borrowers”) entered into a five year €200 million Euro ABL Credit facility. The Euro ABL is a revolving credit facility pursuant to which the Borrowers may request loan advances and make loan repayments until the maturity date of March 22, 2019. Loan advances may be made in multiple currencies. Each loan advance under this facility has a variable interest rate based on the current benchmark rate (IBOR) for that currency plus a credit spread. The credit spread is determined by a pricing grid that is based on average availability of the facility. The unused line fee ranges from 0.25% to 0.50% per annum depending on the average unused commitment as a percentage of the total commitment. Simultaneously with the execution of the Euro ABL due 2019, certain of the Company’s European subsidiaries terminated a €68 million secured asset-based lending credit facility maturing December 31, 2016. Borrowing availability and assets pledged as collateral As of December 31, 2017, availability of the entire $1.3 billion in North American ABL Facility credit commitments is determined based on the periodic reporting of available qualifying collateral, as defined in the North American ABL Facility credit agreement. At December 31, 2017 and 2016, $548.3 million and $411.4 million were available under the North American ABL Facility, respectively. An unused line fee of 0.375% was in effect at December 31, 2017 and 2016. As of December 31, 2017, availability of the entire €200 million Euro ABL due 2019 is determined based on the periodic reporting of available qualifying collateral, as defined in the Euro ABL credit agreement. The Euro ABL due 2019 is secured by the accounts receivable and inventory of the Borrowers and certain additional collateral. At December 31, 2017 and 2016, $133.1 million and $109.9 million were available under the Euro ABL, respectively. An unused line fee of 0.50% was in effect at December 31, 2017 and 2016. The North American ABL Facility and North American ABL Term Loan are secured by substantially all of the assets of the US and Canadian operating subsidiaries of the Company. The Senior Term Loan Facilities are also secured by substantially all of the assets of the US operating and management subsidiaries. With respect to shared collateral, the North American ABL Facility, North American ABL Term Loan and the Senior Term Loan Facilities are secured by accounts receivable and inventories of the US operating subsidiaries of the Company. The obligations under the North American ABL Facility and North American ABL Term Loan are secured by a first priority lien on such accounts receivable and inventory, and the obligations under the Senior Term Loan Facilities are secured by a second priority lien on such accounts receivable and inventory. Under the North American ABL Facility, Canadian entities secure the obligations of the Canadian borrower. In addition, 65% of the shares of all first-tier foreign subsidiaries owned by the US subsidiaries have been pledged as security to the lenders in respect of all obligations. The Euro ABL is primarily secured by accounts receivable and inventories of the Company’s subsidiaries in Belgium, France, Germany, the Netherlands, Switzerland and United Kingdom. Assets pledged under the North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and the Euro ABL are as follows:
Debt covenants Under certain limited circumstances, the Company’s subsidiaries noted as borrowers and guarantors under the new NA ABL Facility and NA ABL Term Loan are subject to comply with a fixed charge coverage ratio maintenance covenant. Such covenant is calculated based on the consolidated financial results of the Company. As of December 31, 2017 and 2016, such covenant was not in effect but the Company would have been in compliance if it was then in effect. The Company and its subsidiaries are also subject to a significant number of non-financial covenants in each of the credit facilities and the Senior Unsecured Notes that restrict the operations of the Company and its subsidiaries, including, without limitation, requiring that the net proceeds from certain dispositions and capital market debt issuances must be used as mandatory prepayments and restrictions on the incurrence of financial indebtedness outside of these facilities (including restrictions on secured indebtedness), prepaying subordinated debt, making dividend payments, making certain investments, making certain asset dispositions, certain transactions with affiliates and certain mergers and acquisitions. |
Fair value measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | 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 presents the Company’s assets and liabilities measured on a recurring basis on a gross basis:
The net amounts related to foreign currency contracts included in prepaid and other current assets were $0.2 million and $0.5 million as of December 31, 2017 and 2016, respectively. The net amounts related to foreign currency contracts included in other accrued expenses were $0.3 million and $0.3 million as of December 31, 2017 and 2016, respectively. The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which are contingent consideration liabilities (i.e. earn-outs) related to prior acquisitions. Refer to “Note 18: Business Combinations” for further information discussing the business acquisitions resulting in contingent consideration liabilities, the terms of the earn-outs, the unobservable inputs factored into the fair value determination and the estimated impact on the consolidated financial statements related to changes in the unobservable inputs.
The fair value adjustment in 2017 related to various 2015 acquisitions. The 2017 fair value reduction was primarily due to actual financial performance and payouts. The fair value adjustment is recorded within other operating expenses, net in the consolidated statement of operations. Financial instruments not carried at fair value The estimated fair value of financial instruments not carried at fair value in the consolidated balance sheets were as follows:
The fair values of the long-term debt, including the current portions, were based on current market quotes for similar borrowings and credit risk adjusted for liquidity, margins, and amortization, as necessary. Fair value of other financial instruments The carrying value of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term financing included in the consolidated balance sheets approximates fair value due to their short-term nature. |
Derivatives |
12 Months Ended |
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Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Interest rate swaps The objective of the interest rate swap contracts is to offset the variability of cash flows in LIBOR indexed debt interest payments attributable to changes in the aforementioned benchmark interest rate related to the Term B Loan due 2024. At December 31, 2017, the Company had interest rate swap contracts in place with a total notional amount of $2.0 billion and whereby a fixed rate of interest (weighted average of 1.70%) is paid and a variable rate of interest (three-month LIBOR) is received as calculated on the notional amount. The initial interest rate swap contracts that were replaced with the contracts currently outstanding initially included a LIBOR floor of 1.00%. The LIBOR floor was removed on February 1, 2017, as part of the amendment to the interest rate swap contracts. The contracts were amended as a result of the amendment to the Term B Loan agreement with US dollar denominated tranche on January 19, 2017. Refer to “Note 10: Debt” for additional information. As a result of the interest rate swap contracts amendment, the Company had realized a gain of $1.4 million in other expense, net in the consolidated statement of operations. As of July 6, 2017, the Company designated the interest rate swaps as a cash flow hedge in an effort to reduce the mark-to-market volatility recognized within the consolidated statement of operations. As of December 31, 2017, the interest rate swaps held by the Company continue to qualify for hedge accounting. Prior to the hedge accounting designation, changes in fair value of the interest rate swap contracts were recognized directly in other expense, net in the consolidated statement of operations. Refer to “Note 6: Other expense, net” for additional information. In accordance with ASC 815 - Derivative and Hedging, the Company recognizes the effective portion of the gain or loss on the derivative as a component of other comprehensive income, which is reclassified into earnings in the same period or periods the underlying transaction impacts earnings. Derivative gains and losses due to hedge ineffectiveness are recognized in current period earnings. Net unrealized losses on our interest rate swap contracts totaling $3.8 million were reclassified to interest expense in the consolidated statement of operations as of December 31, 2017. As of December 31, 2017, we estimate that $1.2 million of derivative gains included in accumulated other comprehensive loss will be reclassified into the consolidated statement of operations within the next 12 months. The activity related to our cash flow hedges is included in “Note 10: Accumulated other comprehensive loss.” The fair value of interest rate swaps is recorded either in prepaid expenses and other current assets, other assets, other accrued expenses or other long-term liabilities in the consolidated balance sheets. As of December 31, 2017, a current asset of $1.2 million was included in other current assets. As of December 31, 2017 and December 31, 2016, a non-current asset of $10.6 million and $9.8 million was included in other assets, respectively. As December 31, 2016, a current liability of $5.6 million was included in other accrued expenses. The Company had interest rate swap contracts with a total notional amount of $1.0 billion which expired during June 2017. Interest rate caps The Company had interest rate caps with a notional amount of $800 million which expired during June 2017. As of June 30, 2017, the interest rate cap premiums had been fully amortized through interest expense within the consolidated statements of operations. At December 31, 2017, the Company had no interest rate caps outstanding. Foreign currency derivatives The Company uses forward currency contracts to hedge earnings from the effects of foreign exchange relating to certain of the Company’s intercompany and third-party receivables and payables denominated in a foreign currency. These derivative instruments are not formally designated as hedges by the Company and the terms of these instruments range from one to three months. Forward currency contracts are recorded at fair value in either prepaid expenses and other current assets or other accrued expenses in the consolidated balance sheets, reflecting their short-term nature. Refer to “Note 16: Fair value measurements” for additional information. The fair value adjustments and gains and losses are included in other expense, net within the consolidated statements of operations. Refer to “Note 6: Other expense, net” for more information. The total notional amount of undesignated forward currency contracts were $134.0 million and $111.0 million as of December 31, 2017 and 2016, respectively. |
Business combinations |
12 Months Ended |
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Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business combinations | Business combinations Year ended December 31, 2017 In the year ended December 31, 2017, the Company completed two acquisitions. On September 21, 2017, the Company completed an acquisition of 100% of the equity interest in Tagma Brasil Ltda. (“Tagma”), a leading Brazilian provider of customized formulation and packaging services for crop protection chemicals that include herbicides, insecticides, fungicides and surfactants. This acquisition expands Univar's agriculture business in one of the world's fastest-growing agricultural markets. On September 29, 2017, the Company completed a definitive asset purchase agreement with PVS Minibulk, Inc. (“PVS”), a provider of Minibulk services for inorganic chemicals in California, Oregon, and Washington. This acquisition expands and strengthens Univar's MiniBulk business in the West Coast market as the Company has the opportunity to service PVS customers and integrate them into the Univar business. The purchase price of these acquisitions was $23.9 million (net of cash acquired of $0.2 million). The adjusted purchase price allocation includes goodwill of $4.2 million and intangibles of $4.2 million. The operating results subsequent to the acquisition dates did not have a significant impact on the consolidated financial statement of the Company. The initial accounting for these acquisitions has only been preliminarily determined, and is subject to final working capital adjustments and valuations of intangible assets and property, plant and equipment. As of March 31, 2017, the purchase price allocation for the Bodine and Nexus Ag 2016 acquisitions were finalized. Purchase price adjustments on prior acquisitions resulted in additional cash payments of $0.5 million during the three months ended March 31, 2017. Year ended December 31, 2016 In the year ended December 31, 2016, the Company completed two acquisitions. On March 2, 2016, the Company completed an acquisition of 100% of the equity interest in Bodine Services of Decatur, Inc.; Bodine Environmental Services, Inc.; and affiliated entities, operating as Bodine Services of the Midwest (“Bodine”), a regional provider of environmental and facilities maintenance services. This acquisition expands the Company’s footprint with additional service centers in key geographic markets since Bodine has expertise that is critical to helping customers effectively manage compliance with their operations by preventing waste and environmental concerns. On March 22, 2016, the Company completed a definitive asset purchase agreement with Nexus Ag Business Inc. (“Nexus Ag”), a wholesale fertilizer distributor to the Western Canada agriculture market that offers a broad range of products, including micronutrients, specialty fertilizers, potash, phosphates, and liquid and soluble nutrients from leading North American producers. The preliminary purchase price of these acquisitions was $53.3 million. The preliminary purchase price allocation includes goodwill of $22.9 million and intangibles of $19.4 million. The operating results subsequent to the acquisition dates did not have a significant impact on the consolidated financial statement of the Company. The purchase price allocation for the Key Chemical, Inc., Chemical Associates, Inc., Arrow Chemical, Inc., Polymer Technologies Ltd., Weavertown Environmental Group, and Future/Blue Star 2015 acquisitions are now final. Purchase price adjustments on prior acquisitions resulted in additional cash payments of $0.3 million during the year ended December 31, 2016. The fair value of contingent consideration liabilities relating to 2015 acquisitions is included within the consolidated balance sheets. Refer to “Note 16: Fair value measurements” for further information discussing the changes in fair value of contingent consideration liabilities. |
Commitments and contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies Lease commitments Rental and lease commitments primarily relate to land, buildings and fleet. Operating lease expense for the years ended December 31, 2017, 2016 and 2015 were $76.7 million, $83.3 million and $93.7 million, respectively. As of December 31, 2017, minimum rental commitments under non-cancelable operating leases with lease terms in excess of one year are as follows:
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. 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 claims or litigation or the potential for future claims or litigation. 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 USA Inc.’s (“Univar”) 1986 purchase of McKesson Chemical Company from McKesson Corporation (“McKesson”). Univar’s obligation to indemnify McKesson for settlements and judgments arising from asbestos claims is the amount which is in excess of applicable insurance coverage, if any, which may be available under McKesson’s historical insurance coverage. Univar is also a defendant in a small number of asbestos claims. As of December 31, 2017, there were fewer than 255 asbestos-related claims for which the Company has liability for defense and indemnity pursuant to the indemnification obligation. Historically, the vast majority of the claims against both McKesson and Univar have been dismissed without payment. While the Company is unable to predict the outcome of these matters, it does not believe, based upon current 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. However, the Company cannot predict the outcome of any present or future claims or litigation and adverse developments could negatively impact earnings or cash flows in a particular future period. 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”) at approximately 130 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, while the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work at other sites 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 106 current or formerly Company-owned/occupied sites. In addition, the Company may be liable for a share of the clean-up of approximately 24 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 reserves, the Company considers several factors such as information obtained from investigatory studies; changes in the scope of remediation; 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, range from 2 to 30 years, depending on the specific site and type of remediation project. Although the Company believes that its reserves are adequate for environmental contingencies, it is possible, due to the uncertainties noted above; that additional reserves 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. This additional loss or range of losses cannot be recorded at this time, as it is not reasonably estimable. Changes in total environmental liabilities are as follows:
Environmental liabilities of $29.1 million and $30.2 million were classified as current in other accrued expenses in the consolidated balance sheets as of December 31, 2017 and 2016, respectively. The long-term portion of environmental liabilities is recorded in other long-term liabilities in the consolidated balance sheets. The total discount on environmental liabilities was $5.0 million and $5.6 million at December 31, 2017 and 2016, respectively. The discount rate used in the present value calculation was 2.4% and 2.5% as of December 31, 2017 and 2016, respectively, which represent risk-free rates. 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, both external and 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, 2017 are as follows, with projects for which timing is uncertain included in the 2018 estimated amount of $11.0 million:
Customs and International Trade Laws In April 2012, the US Department of Justice (“DOJ”) issued a civil investigative demand to the Company in connection with an investigation into the Company’s compliance with applicable customs and international trade laws and regulations relating to the importation of saccharin from 2002 through 2012. The Company also became aware in 2010 of an investigation being conducted by US Customs and Border Patrol (“CBP”) into the Company’s importation of saccharin. Finally, the Company learned that a civil plaintiff had sued the Company and two other defendants in a Qui Tam proceeding, such filing having been made under seal in 2012, and this plaintiff had requested that the DOJ intervene in its lawsuit. The US government, through the DOJ, declined to intervene in the Qui Tam proceeding in November 2013 and, as a result, the DOJ’s inquiry related to the Qui Tam lawsuit and its initial investigation demand are now finished. On February 26, 2014, the Qui Tam plaintiff also voluntarily dismissed its lawsuit against the Company. CBP, however, continued its investigation on the importation of saccharin by the Company’s subsidiary, Univar USA Inc. On July 21, 2014, CBP sent the Company a “Pre-Penalty Notice” indicating the imposition of a penalty against Univar USA Inc. in the amount of approximately $84.0 million. Univar USA Inc. responded to CBP that the proposed penalty was not justified. On October 1, 2014, the CBP issued a penalty notice to Univar USA Inc. for $84.0 million and has reaffirmed this penalty notice. On August 6, 2015, the DOJ filed a complaint on CBP’s behalf against Univar USA Inc. in the Court of International Trade seeking approximately $84.0 million in allegedly unpaid duties, penalties, interest, costs and attorneys’ fees. The Company continues to defend this matter vigorously. Discovery has largely concluded and motions to exclude certain evidence as well as for summary judgement to resolve the dispute in whole or in part have been filed. Univar USA Inc. has not recorded a liability related to this investigation as the Company believes a loss is not probable. Although the Company believes its position is strong, it cannot guarantee the outcome of this or other litigation. |
Related party transactions |
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Related party transactions | Related party transactions During year ended December 31, 2016, CVC divested its entire investment in the Company in conjunction with secondary public offering. CD&R and CVC charged the Company a total of $2.8 million in the year ended December 31, 2015, for advisory services provided to the Company pertaining strategic consulting. In addition, during the year ended December 31, 2015, there was a contract termination fee of $26.2 million related to terminating consulting agreements between the Company and CVC and CD&R as a result of the June 2015 IPO. These amounts were recorded in other operating expenses, net. Refer to “Note 4: Other operating expenses, net” for additional information. The following table summarizes the Company’s sales and purchases with related parties within the ordinary course of business:
The following table summarizes the Company’s receivables due from and payables due to related parties:
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Segments Management monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. Management evaluates performance on the basis of Adjusted EBITDA. Adjusted EBITDA is defined as consolidated net income (loss), plus the sum of: interest expense, net of interest income; income tax expense (benefit); depreciation; amortization; other operating expenses, net; impairment charges; loss on extinguishment of debt; and other expense, net. Transfer prices between operating 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 operating segments. Allocable operating expenses are identified through a review process by management. These costs are allocated to the operating segments on a basis that reasonably approximates the use of services. This is typically measured on a weighted distribution of margin, asset, headcount or time spent. Other/Eliminations represents the elimination of inter-segment transactions as well as unallocated corporate costs consisting of costs specifically related to parent company operations that do not directly benefit segments, either individually or collectively. Financial information for the Company’s segments is as follows:
Business line information The Company’s net sales from external customers relate to its chemical distribution business. Commodity chemicals and ingredients represent the largest portion of our business by sales and volume. 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 more than 10% of net sales in any of the years presented. The Company is exposed to credit loss and loss of liquidity availability if the financial institutions or counterparties issuing us debt securities fail to perform. We minimize exposure to these credit risks by dealing with a diversified group of investment grade financial institutions. We manage credit risk by monitoring the credit ratings and market indicators of credit risk of our lending counterparties. We do not anticipate any non-performance by any of the counterparties. |
Quarterly financial information (unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly financial information (unaudited) | Quarterly financial information (unaudited) The following tables contain selected unaudited statement of operations information for each quarter of the year ended December 31, 2017 and 2016. The tables include all adjustments, consisting only of normal recurring adjustments, that is necessary for fair presentation of the consolidated financial position and operating results for the quarters presented. Our business is affected by seasonality, which historically has resulted in higher sales volume during our second and third quarter. Unaudited quarterly results for the year ended December 31, 2017 are as follows:
Unaudited quarterly results for the year ended December 31, 2016 are as follows:
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Subsequent events |
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Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events On January 4, 2018, we completed the acquisition of Kemetyl Industrial Chemicals (“Kemetyl”). Kemetyl is among the leading distributors of chemical products in the Nordic region and provides bulk and specialty chemicals, such as isopropanol, glycols, metal salts, minerals and polyacrylamides, to customers in Sweden and Norway. The addition of Kemetyl will allow Univar to expand its leading position in the pharmaceutical industry. On January 31, 2018, Juliet Teo resigned from the Company's Board of Directors as the shareholding of Dahlia Investments Pte. Ltd fell below its nomination rights. On February 1, 2018, the Board of Directors appointed Joan Braca as a member of the Board. Joan Braca will be an independent member of the Board's Compensation and Nominating and Corporate Governance Committees. On February 1, 2018, the Company's Board of Directors announced the appointment of Stephen D. Newlin as Executive Chairman of the Board and David C. Jukes as President and Chief Executive Officer. The Board also announced that it intends to appoint Mr. Jukes a member of the Board. These changes are to become effective May 9, 2018 in conjunction with the Company's annual shareholder meeting. On February 12, 2018, Univar made an optional $300.0 million early repayment of principal against the $2,277.8 million balance of its Term B Loan due 2024. This early repayment used existing cash balances that were remitted to the U.S. from non-U.S. subsidiary earnings, subject to the newly enacted U.S. Tax Cuts and Jobs Act. It fully satisfies the $142.7 million of 2018 through 2024 scheduled principal amortization payments. This early repayment has no impact on the Company's leverage ratio but is expected to reduce net interest expense by approximately $10.0 million per year. |
Significant accounting policies (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||
Basis of presentation | Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Unless otherwise indicated, all financial data presented in these consolidated financial statements are expressed in US dollars. |
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Basis of consolidation | Basis of consolidation The consolidated financial statements include the financial statements of the Company and its 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 (“VIE”). The Company did not have any material interests in VIEs during the years presented in these consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. |
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Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and accompanying notes. Actual results could differ materially from these estimates. |
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Recently issued and adopted accounting pronouncements and Accounting pronouncements issued but not yet adopted | Recently issued and adopted accounting pronouncements In March 2016, the FASB issued ASU 2016-09 “Compensation – Stock Compensation” (Topic 718) – “Improvement to Employee Share-Based Payment Accounting.” The core principal of the guidance is to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The standard was effective for fiscal years beginning after December 15, 2016, including interim periods within such fiscal years. The guidance was applied using a modified retrospective method by means of a cumulative-effect adjustment to equity as of the beginning of the period in which the guidance was adopted. The Company adopted the ASU as of January 1, 2017 which resulted in an increase of $0.5 million, net of tax of $0.2 million, in accumulated deficit and the offset of $0.7 million was recorded in additional paid-in capital within the Company's consolidated balance sheet and statements of changes in stockholders' equity. In October 2016, the FASB issued ASU 2016-17 “Consolidation” (Topic 810) - “Interests Held through Related Parties That Are under Common Control.” The core principle of the guidance is to provide amendments to the current consolidation guidance. The revised consolidation guidance modifies how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. This guidance was effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company adopted the ASU as of January 1, 2017 and the ASU was applied retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in ASU 2015-02 “Consolidation” (Topic 810) - “Amendments to the Consolidation Analysis” were applied. The adoption of this ASU had no material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15 “Statement of Cash Flows” (Topic 230) - “Classification of Certain Cash Receipts and Cash Payments.” The ASU clarifies and provides specific guidance on eight cash flow classification issues that were not addressed within the previous guidance. The guidance is to be applied using a retrospective transition method to each period presented. The Company adopted the ASU as of January 1, 2018 and accordingly restated the consolidated statement of cash flows to conform with the current period presentation under this new guidance. As a result of the adoption, the Company reclassified $3.7 million and $0.4 million of cash outflows previously reported as operating activities to financing activities within the consolidated statement of cash flows related to contingent consideration payments for the years ended December 31, 2017 and 2016, respectively. In March 2017, the FASB issued ASU 2017-07 “Compensation - Retirement Benefits” (Topic 715) - “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The ASU requires entities to disaggregate the service cost component from the other components of net periodic benefit costs and present it with other current compensation costs for related employees in the income statement, and present the other component elsewhere in the income statement and outside of income from operations if that subtotal is presented. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. The guidance is to be applied retrospectively for all periods presented. The Company adopted the ASU as of January 1, 2018 and accordingly restated the consolidated statement of operations to conform with the current period presentation under this new guidance. As a result of the adoption, the Company reclassified interest cost, expected return on assets and amortization of prior service costs from warehousing, selling and administrative expenses to other expense, net as well as the mark to market, curtailment, and settlement expenses from other operating expenses, net to other expense, net. Adoption of ASU 2017-07 resulted in a $9.9 million, $15.3 million and $26.8 million reclassification between warehouse, selling and administrative expenses and other expense, net within the Company’s consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively. The adoption also resulted in a $5.9 million, $67.3 million and $17.1 million reclassification between other operating expenses, net and other expense, net within the Company’s consolidated statement of operations for the years ended December 31, 2017, 2016 and 2015, respectively. This reclassification did not affect the Company’s net income (loss), income (loss) per common share, financial position or cash flows. Accounting pronouncements issued but not yet adopted In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, “Revenue Recognition.” This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method) or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). We plan to adopt this update on January 1, 2018 using the modified retrospective approach by recognizing the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings for 2018. The Company expects the net impact to accumulated deficit related to the adoption transition adjustment to not be material. The adjustment primarily relates to bill-and-hold arrangements and transition to an over time revenue recognition methodology for select service lines of business. The Company also expects adjustments to the consolidated balance sheet related to the adoption transition adjustment, which are primarily due to a change in classification of customer prepayments and return reserves. In January 2016, the FASB issued ASU 2016-01 “Financial Instrument – Recognition and Measurement of Financial Assets and Financial Liabilities” (Subtopic 825-10). The core principle of the guidance is that an entity should classify equity securities with readily determinable fair values as “trading” or “available-for-sale” and requires equity securities to be measured at fair value with changes in the fair value recognized through net income. For equity investments that do not have readily determinable fair values, remeasurement is required at fair value either upon the occurrence of an observable price change or upon identification of impairment. The ASU defines an equity investment as “investments in partnerships, unincorporated joint ventures and limited liability companies that do not result in consolidation and are not accounted for under the equity method.” This guidance is applied as a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption and is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU. In February 2016, the FASB issued ASU 2016-02 “Leases” (Topic 842), which supersedes the lease recognition requirements in ASC Topic 840, “Leases.” The core principal of the guidance is that an entity should recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a modified retrospective transition method with the option to elect a package of practical expedients. The Company has established a project team to evaluate and implement the standard. The project team is in the process of determining and reviewing the scope of arrangements subject to this standard, as well as, assessing the impact to our systems, processes and internal controls to comply with the standard’s reporting and disclosure requirements. Upon adoption of this standard, the Company expects the consolidated balance sheet to include a right of use asset and liability related to certain operating lease arrangements. The Company is currently evaluating the impact of the adoption of this accounting standard update on its internal processes, operating results and financial reporting. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments - Credit Losses” (Topic 326) - “Measurement of Credit Losses on Financial Instruments.” The ASU requires entities to use a Current Expected Credit Loss model which is a new impairment model based on expected losses rather than incurred losses. Under the model, an entity would recognize an impairment allowance equal to its current estimate of all contractual cash flows that the entity does not expect to collect from financial assets measured at amortized cost. The entity's estimate would consider relevant information about past events, current conditions and reasonable and supportable forecasts, which will result in recognition of lifetime expected credit losses upon initial recognition of the related assets. This guidance will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. The Company expects to adopt this guidance when effective, and does not expect the guidance to have a significant impact to its consolidated financial statements when it adopts this ASU on January 1, 2020. In October 2016, the FASB issued ASU 2016-16 “Income Taxes” (Topic 740) - “Intra-Entity Transfers of Assets Other Than Inventory.” The ASU eliminates the exception that prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party for assets other than inventory. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not yet been issued. The guidance requires modified retrospective adoption. The Company expects to adopt this guidance when effective, and does not expect the guidance to have a significant impact to its consolidated financial statements when it adopts this ASU on January 1, 2018. In November 2016, the FASB issued ASU 2016-18 “Statement of Cash Flows” (Topic 230) - “Restricted Cash.” The ASU clarifies and provides specific guidance on restricted cash classification issues that are not currently addressed by current guidance; and therefore, reduces the current diversity in practice. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted. The guidance is to be applied using a retrospective transition method to each period presented. The Company does not expect any impact to its consolidated statement of operations or consolidated balance sheet since the ASU only addresses classification items within the statement of cash flows. In January 2017, the FASB issued ASU 2017-01 “Business Combinations” (Topic 805) - “Clarifying the Definition of a Business.” The core principle of the guidance is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted immediately, pending non-recognition of the business transaction in previously issued or made available financial statements. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU. In January 2017, the FASB issued ASU 2017-04 “Intangibles - Goodwill and Other” (Topic 350) - “Simplifying the Test for Goodwill Impairment.” The core principle of the guidance is to simplify the accounting for goodwill impairments by eliminating step 2 from the goodwill impairment test. The new standard allows an entity to calculate goodwill impairment as the excess of a reporting unit's carrying amount in comparison to the reporting unit's fair value. The standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period, for goodwill impairment tests performed on dates after January 1, 2017. The Company expects to adopt the pronouncement in 2018 and does not expect a significant impact to its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09 “Compensation - Stock Compensation” (Topic 718) - “Scope of Modification Accounting.” The ASU provides clarity and reduces both diversity in practice and cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation, to a change to the terms or conditions of a share-based payment award. The standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within such fiscal years. Early adoption is permitted, including adoption in an interim period. The guidance is to be applied prospectively. The Company does not expect a significant impact to its consolidated financial statements when it adopts this ASU. In August 2017, the FASB issued ASU 2017-12 “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” The ASU better aligns hedge accounting with an entity’s risk management activities, simplifies the application of hedge accounting, and improves transparency as to the scope and results of hedging programs. The standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within such fiscal years. Early adoption is permitted in any interim period after issuance of the ASU. The guidance is to be applied using a modified retrospective approach to existing hedging relationships as of the adoption date. The amended presentation and disclosure guidance is required only prospectively. The Company is evaluating the impact of the ASU on its consolidated financial statements. |
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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. Cash at banks earn interest at floating rates based on daily bank deposit rates. |
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Trade accounts receivable, net | Trade accounts receivable, net Trade accounts receivable are stated at the invoiced amount, net of an allowance for doubtful accounts. In the normal course of business, the Company provides credit to its customers, performs ongoing credit evaluations of these customers and maintains reserves for potential credit losses. In certain situations, the Company will require up-front cash payment, collateral and/or personal guarantees based on the credit worthiness of the customer. The allowance for doubtful accounts was $13.0 million and $13.4 million at December 31, 2017 and 2016, respectively. The allowance for doubtful accounts is estimated based on an individual assessment of collectability based on factors that include current ability to pay, bankruptcy and payment history, as well as a general reserve related to prior experience. |
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Inventories | 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 by the weighted average cost method. Inventory cost includes purchase price from producers net of any rebates received, inbound freight and handling, and direct labor and other costs incurred to blend and repackage product and excludes depreciation expense. The Company recognized $3.3 million, $6.6 million and $0.8 million of lower of cost or net realizable value adjustments to certain of its inventories in the years ended December 31, 2017, 2016 and 2015, respectively. The expense related to these adjustments is included in cost of goods sold in the consolidated statements of operations. |
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Producer incentives | Producer incentives The Company has arrangements with certain producers that provide discounts when certain measures are achieved, generally related to purchasing volume. Volume rebates are generally earned and realized when the related products are purchased during the year. The reduction in cost of goods sold is recorded when the related products, on which the rebate was earned, are sold. As our right to receive these incentives will depend on our purchases for the entire year, our accounting estimates depend on our ability to accurately forecast annual purchases. Discretionary rebates are recorded when received. The unpaid portion of rebates from producers is recorded in prepaid expenses and other current assets in the consolidated balance sheets. |
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Property, plant and equipment, net | Property, plant and equipment, net Property, plant and equipment are carried at historical cost, net of accumulated depreciation. Expenditures for improvements that add functionality and/or extend useful life are capitalized. The Company capitalizes interest costs on significant capital projects, as an increase to property, plant and equipment. Repair and maintenance costs are expensed as incurred. Depreciation is recorded on a straight-line basis over the estimated useful life of each asset from the time the asset is ready for its intended purpose, with consideration of any expected residual value. Depreciation expense is recorded to depreciation within the consolidated statement of operations. The estimated useful lives of property, plant and equipment are 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 an asset is tested for possible impairment, the Company compares the carrying amount of the related asset group to future undiscounted net cash flows expected to be generated by that asset group. 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 that the carrying amount exceeds its estimated fair value. Leasehold improvements are capitalized and amortized over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the improvement. Assets under capital leases where ownership transfers to the Company at the end of the lease term or the lease agreement contains a bargain purchase option are depreciated over the useful life of the asset. For remaining assets under capital leases, the assets are depreciated over the lesser of the term of the applicable lease, including renewable periods if reasonably assured, or the useful life of the asset with consideration of any expected residual value. Refer to “Note 11: Property, plant and equipment, net” for further information. |
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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 on 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. Goodwill is tested for impairment at a reporting unit level using either a qualitative assessment, commonly referred to as a “step zero” test, or a quantitative assessment, commonly referred to as a “step one” test. For each of the reporting units, the Company has the option to perform either the step zero or the step one test. The Company’s reporting units are identical to the identified four operating segments: USA, Canada, EMEA, and Rest of World. The Company elected the step zero test to evaluate goodwill for impairment for each of the reporting units during 2017 and 2016. The step zero goodwill impairment test utilizes qualitative factors to determine whether it is more likely than not that the fair value of the reporting units is less than its carrying value. Qualitative factors include: macroeconomic conditions; legal and regulatory environment; industry and market considerations; overall financial performance and cost factors to determine whether a reporting unit is at risk for goodwill impairment. In the event a reporting unit fails the step zero goodwill impairment test, it is necessary to perform the step one goodwill impairment test. Prior to the year ended December 31, 2016, the Company tested for goodwill impairment at a reporting level using a two-step test. The step one goodwill impairment test compares the estimated fair value of each reporting unit with the reporting unit’s carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the Company must perform step two of the impairment test (measurement). Step two of the impairment test, if necessary, would require the identification and estimation of the fair value of the reporting unit’s individual assets, including currently unrecognized intangible assets and liabilities in order to calculate the implied fair value of the reporting unit’s goodwill. Under step two, an impairment loss is recognized to the extent the carrying amount of the reporting unit’s goodwill exceeds the implied fair value. Intangible assets consist of customer and producer relationships and contracts, intellectual property trademarks, trade names, non-compete agreements and exclusive distribution rights. Intangible assets have finite lives and are amortized over their respective useful lives of 2 to 20 years. Amortization of intangible assets is based on the pattern in which the economic benefits of the intangible assets are consumed or otherwise used up which is based on the undiscounted cash flows, or when not reliably determined, on a straight-line basis. Intangible assets are tested for impairment if an event occurs or circumstances change that indicates the carrying value may not be recoverable. Refer to “Note 13: Impairment charges” for further information. Customer relationship intangible assets represent the fair value allocated in purchase price accounting for the ongoing relationships with an existing customer base acquired in a business combination. The fair value of customer relationships is determined using the excess earnings methodology, an income based approach. The excess earnings methodology provides an estimate of the fair value of customer relationship assets by deducting economic costs, including operating expenses and contributory asset charges from revenue expected to be generated by the asset. These estimated cash flows are then discounted to the present value equivalent. Refer to “Note 12: Goodwill and intangible assets” for further information. |
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Short-term financing and Long-term debt | Short-term financing Short-term financing includes bank overdrafts and short-term lines of credit. Refer to “Note 15: Debt” for further information. Long-term debt Long-term debt consists of loans with original maturities greater than one year. Fees paid in connection with the execution of line-of-credit arrangements are included in other assets and fees paid in connection with the execution of a recognized debt liability as a direct deduction from the carrying amount of that debt liability. These fees are amortized using the effective interest method over the term of the related debt or expiration of the line-of-credit arrangement. Refer to “Note 15: Debt” for further information. |
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Income taxes | Income taxes The Company is subject to income taxes in the US and numerous foreign jurisdictions. Significant judgment in the forecasting of taxable income using historical and projected future operating results is required in determining the Company’s provision for income taxes and the related assets and liabilities. The provision for income taxes includes income taxes paid, currently payable or receivable and those deferred. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The Company has recognized the provisional tax impacts related to deemed repatriated earnings and the revaluation of deferred tax assets and liabilities and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Act. The accounting is expected to be complete within the measurement period of one year from December 22, 2017. In the event that the actual outcome of future tax consequences differs from the Company’s estimates and assumptions due to changes or future events such as tax legislation, geographic mix of the earnings, completion of tax audits or earnings repatriation plans, the resulting change to the provision for income taxes could have a material effect on the consolidated statement of operations and consolidated balance sheet. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis 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. The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that a portion of 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, projected future taxable income, tax planning strategies and the ability to carry back losses to prior years. Realization is dependent upon generating sufficient taxable income prior to expiration of tax attribute carryforwards. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized, or if not, a valuation allowance has been recorded. The Company continues to monitor the value of its deferred tax assets, as the amount of the deferred tax assets considered realizable, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced, or current tax planning strategies are not implemented. US GAAP prescribes a recognition threshold and measurement attribute for the accounting and financial statement disclosure of tax positions taken or expected to be taken in a tax return. The evaluation of a tax position is a two-step process. The first step requires the Company to determine whether it is more likely than not that a tax position will be sustained upon examination based on the technical merits of the position. The second step requires the Company to recognize in the financial statements each tax position that meets the more likely than not criteria, measured at the amount of benefit that has a greater than fifty percent likelihood of being realized. The Company recognizes interest and penalties related to unrecognized tax benefits within interest expense and warehousing, selling and administrative, respectively, in the accompanying consolidated statements of operations. Accrued interest and penalties are included within either other accrued expenses or other long-term liabilities in the consolidated balance sheets. Refer to “Note 7: Income taxes” for further information. |
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Pension and other postretirement benefit plans | Pension and other postretirement benefit plans The Company sponsors several defined benefit and defined contribution plans. The Company’s contributions to defined contribution plans are charged to income during the period of the employee’s service. The benefit obligation and cost of defined benefit pension plans and other postretirement benefits are calculated based upon actuarial valuations, which involves making assumptions about discount rates, expected rates of return on assets, future salary increases, future health care costs, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. The projected benefit obligation is calculated separately for each plan based on the estimated future benefit employees have earned in return for their service based on the employee’s expected date of retirement. Those benefits are discounted to determine the present value of the benefit obligations using the projected unit-credit method. A liability is recognized on the balance sheet for each plan with a projected benefit obligation in excess of the fair value of plan assets. An asset is recorded for each plan with plan assets at fair value in excess of the projected benefit obligation. The Company recognizes the actuarial gains or losses that arise during the period within other expense, net in the consolidated statement of operations. This “mark to market” adjustment is recognized at each December 31. This adjustment primarily includes gains and losses resulting from changes in discount rates and the difference between the expected rate of return on plan assets and actual plan asset returns. Curtailment and settlement gains and losses are recognized in other expense, net in the statement of operations. Curtailment losses must be recognized in the statement of operations when it is probable that a curtailment will occur and its effects are reasonably estimable. However, a curtailment gain is recognized in the statement of operations when the related employees terminate or the plan suspension or amendment is adopted, whichever is applicable. Settlement gains and losses are recognized in the period in which the settlement occurs, regardless of how probable it is at an earlier date that the settlement will occur and despite the fact that the probable gain or loss may be reasonably estimable before the settlement actually takes place. The Company recognizes prior service costs or credits that arise during the period in other comprehensive loss, and amortizes these items in subsequent periods as components of net periodic benefit cost within other expense, net in the consolidated statement of operations. All other components of net periodic benefit cost are classified as other expense, net with the exception of service cost which are classified as warehousing, selling and administrative expenses in the consolidated statements of operations. The fair value of plan assets is used to calculate the expected return on assets component of the net periodic benefit cost. Refer to “Note 8: Employee benefit plans” for further information. |
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Leases | Leases All leases that are determined not to meet any of the capital lease criteria are classified as operating leases. Operating lease costs are recognized as an expense in the statement of operations on a straight-line basis over the lease term. The Company leases certain vehicles and equipment that qualify for capital lease classification. Assets under capital leases are carried at historical cost, net of accumulated depreciation and are included in property, plant and equipment, net in the consolidated balance sheet. Depreciation expense related to the capital lease assets is included in depreciation expense in the consolidated statement of operations. Refer to “Note 11: Property, plant and equipment, net” for further information. The present value of minimum lease payments under a capital lease is included in current portion of long-term debt and long-term debt in the consolidated balance sheet. The capital lease obligation is amortized utilizing the effective interest method and interest expense related to the capital lease obligation is included in interest expense in the consolidated statement of operations. Refer to “Note 19: Commitments and contingencies” for further information. |
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Contingencies | Contingencies A loss contingency is recorded if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. The Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the ultimate loss. Changes in these factors and related estimates could materially affect the Company’s financial position and results of operations. Legal expenses are recorded as legal services are provided. Refer to “Note 19: Commitments and contingencies” for further information. |
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Environmental liabilities | Environmental liabilities Environmental contingencies 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 contingencies. 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 on an undiscounted basis, except for sites for which the amount and timing of future cash payments are fixed or reliably determinable. Environmental remediation expenses 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. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity and/or mitigate or prevent contamination from future operations. Refer to “Note 19: Commitments and contingencies” for further information. |
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Revenue recognition | Revenue recognition The Company recognizes net sales when persuasive evidence of an arrangement exists, delivery of products has occurred or services are provided to customers, the sales price is fixed or determinable and collectability is reasonably assured. Net sales includes product sales, billings for freight and handling charges and fees earned for services provided, net of any discounts, returns, customer rebates and sales or other revenue-based tax. The Company recognizes product sales and billings for freight and handling charges when products are considered delivered to the customer under the terms of the sale. Fee revenues are recognized when services are completed. The Company’s sales to customers in the agriculture end market, principally in Canada, often provide for a form of inventory protection through credit and re-bill as well as understandings pursuant to which certain price changes from chemical producers may be passed through to the customer. These arrangements require the Company to make estimates of potential returns of unused chemicals as well as revenue deferral to the extent the sales price is not considered determinable. The estimates used to determine the amount of revenue associated with product likely to be returned are based on past experience adjusted for any current market conditions. |
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Foreign currency translation | Foreign currency translation The functional currency of the Company’s subsidiaries is the local currency, unless the primary economic environment requires the use of another currency. Transactions denominated in foreign currencies are translated into the functional currency of each subsidiary at the rate of exchange on the date of transaction. Monetary assets and liabilities denominated in foreign currencies are remeasured into the functional currency of each subsidiary at period-end exchange rates. These foreign currency transaction gains and losses are recognized in other (expense) income, net in the consolidated statements of operations. Foreign currency gains and losses relating to intercompany borrowings that are considered a part of the Company’s investment in a foreign subsidiary are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. In the year ended December 31, 2017, total foreign currency gains related to such intercompany borrowings were $4.8 million and in the years ended December 31, 2016 and 2015, total foreign currency losses related to such intercompany borrowings were $34.8 million and $11.2 million, respectively. 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 on this translation are reflected as a component of currency translation within accumulated other comprehensive loss in stockholders’ equity. |
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Stock-based compensation plans | Stock-based compensation plans The Company measures the total amount of employee stock-based compensation expense for a grant based on the grant date fair value of each award and recognizes the stock-based compensation expense on a straight-line basis over the requisite service period for each separately vesting tranche of an award. Stock-based compensation is based on unvested outstanding awards. The Company has elected to recognize forfeitures when realized. Stock-based compensation expense is classified within other operating expenses, net in the consolidated statements of operations. Refer to “Note 9: Stock-based compensation” for further information. |
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Share repurchases | Share repurchases The Company does not hold any treasury shares, as all shares of common stock are retired upon repurchase. Furthermore, when share repurchases occur and the common stock is retired, the excess of repurchase price over par is allocated between additional paid-in capital and accumulated deficit such that the portion allocated to additional paid-in-capital being limited to the additional paid-in-capital created from that particular share issuance (i.e. the book value of those shares) plus any resulting leftover additional paid-in-capital from previous share repurchases in instances where the repurchase price was lower than the original issuance price. |
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Fair value | Fair value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. US GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:
When available, the Company uses quoted market prices to determine fair value and classifies such items as Level 1. In cases where a market price is not available, the Company will make use of observable market-based inputs to calculate fair value, in which case the items are classified as Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed valuation techniques that use, where possible, current market-based or independently sourced market information. Items valued using internally generated valuation techniques are classified according to the lowest level input that is significant to the valuation, and may be classified as Level 3 even though there may be significant inputs that are readily observable. Refer to “Note 16: Fair value measurements” for further information. Certain financial instruments, such as derivative financial instruments, are required to be measured at fair value on a recurring basis. Other financial instruments, such as the Company’s own debt, are not required to be measured at fair value on a recurring basis. The Company elected to not make an irrevocable election to measure financial instruments and certain other items at fair value. |
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Derivatives | Derivatives The Company uses derivative financial instruments, such as foreign currency contracts, interest rate swaps and interest rate caps, to manage its risks associated with foreign currency and interest rate fluctuations. Derivative financial instruments are recorded in either prepaid expenses and other current assets, other assets, other accrued expenses or other long-term liabilities in the consolidated balance sheets at fair value. 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 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. For derivative contracts with the same counterparty where the Company has a master netting arrangement with the counterparty, the fair value of the asset/liability is presented on a net basis within the consolidated balance sheets. Refer to “Note 16: Fair value measurements” for additional information relating to the gross and net balances of derivative contracts. Changes in the fair value of derivative financial instruments are recognized in the consolidated statements of operations, unless specific hedge accounting criteria are met. Cash flows associated with derivative financial instruments are recognized in the operating section of the consolidated statements of cash flows. For the purpose of hedge accounting, derivatives are classified as either fair value hedges, where the instrument hedges the exposure to changes in the fair value of a recognized asset or liability, or cash flow hedges, where the instrument hedges the exposure to variability in cash flows that are either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecasted transaction. Gains and losses on derivatives that meet the conditions for fair value hedge accounting are recognized immediately in the consolidated statements of operations, along with the offsetting gain or loss on the related hedged item. For derivatives that meet the conditions for cash flow hedge accounting, the effective portion of the gain or loss on the derivative is recognized in accumulated other comprehensive loss on the consolidated balance sheet and the ineffective portion is recognized immediately in other (expense) income, net within the consolidated statement of operations. Amounts in accumulated other comprehensive loss are reclassified to the consolidated statement of operations in the same period in which the hedged transactions affect earnings. For derivative instruments designated as hedges, the Company formally documents the hedging relationship to the hedged item and its risk management strategy. The Company assesses the effectiveness of its hedging instruments at inception and on an ongoing basis. Hedge accounting is discontinued when the hedging instrument is sold, expired, terminated or exercised, or no longer qualifies for hedge accounting. Refer to “Note 17: Derivatives” for further information. |
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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, which excludes non-vested restricted stock units, non-vested restricted stock, and stock options. 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. The Company has issued certain restricted stock awards, which are unvested stock-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents. These restricted shares are considered participating securities. Accordingly, The Company calculates net income applicable to common stock using the two-class method, whereby net income is allocated between common stock and participating securities. Refer to “Note 3: Earnings per share” for further information. |
Significant accounting policies (Tables) |
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Dec. 31, 2017 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Schedule of Estimated Useful Lives of Property, Plant and Equipment | The estimated useful lives of property, plant and equipment are as follows:
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Earnings per share (Tables) |
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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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Other operating expenses, net (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Expenses, Net | Other operating expenses, net consisted of the following items:
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Restructuring charges (Tables) |
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring | The following table presents cost information related to restructuring plans that have not been completed as of December 31, 2017 and does not contain any estimates for plans that may be developed and implemented in future periods.
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Schedule of Accrued Liabilities | The following tables summarize activity related to accrued liabilities associated with redundancy and restructuring:
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Other expense, net (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Expense, Net | Other expense, net consisted of the following gains (losses):
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Income taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income (Loss) Before Income Taxes | For financial reporting purposes, income (loss) before income taxes includes the following components:
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Summary of Expense (Benefit) for Income Taxes | The expense (benefit) for income taxes is summarized as follows:
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Reconciliation Between Statutory Tax Rate and Effective Tax Rate | The reconciliation between the US statutory tax rate and the Company’s effective tax rate is presented as follows:
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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 Valuation Allowance | The changes in the valuation allowance were 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, are as follows:
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Employee benefit plans (Tables) |
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Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Summary of Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans | following table summarizes the amounts in accumulated other comprehensive loss at December 31, 2017 that are expected to be amortized as components of net periodic benefit cost during the next fiscal year related to pension amendments:
Oth |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Actuarial Assumptions and Valuation Methodologies Used in Defined Benefit Plans | asset valuation methodologies are described below:
Dom significant weighted average actuarial assumptions used in determining the benefit obligations and net periodic benefit cost (income) for the Company’s defined benefit plans are as follows:
Dis |
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Summary of Allocation of Plan Assets | weighted average target asset allocation for defined benefit pension plans in the year ended December 31, 2017 is as follows:
Pla |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Benefit Payments | following table shows benefit payments that are projected to be paid from plan assets in each of the next five years and in aggregate for five years thereafter:
Def |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Company's Participation in Multi Employer Plans |
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Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status | The following summarizes the Company’s defined benefit pension plans’ projected benefit obligations, plan assets and funded status:
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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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Components of Net Periodic Benefit (Income) Cost Recognized Related to Benefit Pension Plans | The following table summarizes the components of net periodic benefit (income) cost recognized in the consolidated statements of operations related to defined benefit pension plans:
Th |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans | following summarizes pre-tax amounts included in accumulated other comprehensive loss at December 31, 2017 related to pension plan amendments:
The |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Postretirement Benefits Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status | following summarizes the Company’s other postretirement benefit plan’s accumulated postretirement benefit obligation, plan assets and funded status:
Net |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet | amounts related to the Company’s other postretirement benefit plan recognized in the consolidated balance sheets consist of:
The |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit (Income) Cost Recognized Related to Benefit Pension Plans | following table summarizes the components of net periodic benefit income recognized in the consolidated statements of operations related to other postretirement benefit plans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans | following table summarizes the components of net periodic benefit income recognized in the consolidated statements of operations related to other postretirement benefit plans:
A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Allocation of Plan Assets | following summarizes the fair value of domestic plan assets by asset category and level within the fair value hierarchy.
|
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Foreign [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Allocation of Plan Assets | following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
The following summarizes the fair value of foreign plan assets by asset category and level within the fair value hierarchy:
The |
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Summary of Changes in Foreign Plans Assets Valued Using Significant Unobservable Inputs | following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
C following table presents changes in the foreign plan assets valued using significant unobservable inputs (Level 3):
The |
Stock-based compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Stock Options Activity | The following reflects stock option activity under the Plans:
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Summary of Restricted Stock Activity | The following table reflects RSUs activity under the Plans:
The following table reflects restricted stock activity under the Plans:
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Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model | The weighted-average assumptions used under the Black-Scholes-Merton option valuation model were as follows:
The weighted-average assumptions under the Monte Carlo simulation model were as follows:
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Summary of Additional Stock Based Compensation Information | The following table provides additional stock-based compensation information:
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Accumulated other comprehensive loss (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Loss) | The following is a summary of the amounts reclassified from accumulated other comprehensive loss to net income (loss).
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Property, plant and equipment, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net consisted of the following:
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Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets | Included within property, plant and equipment, net are assets related to capital leases where the Company is the lessee. The below table summarizes the cost and accumulated depreciation related to these assets:
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Goodwill and intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity in Goodwill by Segment | The following is a summary of the activity in goodwill by segment.
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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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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Short Term Financing | Short-term financing consisted of the following:
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Schedule of Long Term Debt | Long-term debt consisted of the following:
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Future Contractual Maturities of Long-term Debt Including Capital Lease Obligations | As of December 31, 2017, future contractual maturities of long-term debt including capital lease obligations are as follows:
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Summary of Assets Pledged Under North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and Euro ABL | Assets pledged under the North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and the Euro ABL are as follows:
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Fair value measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s assets and liabilities measured on a recurring basis on a gross basis:
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Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) | The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which are contingent consideration liabilities (i.e. earn-outs) related to prior acquisitions. Refer to “Note 18: Business Combinations” for further information discussing the business acquisitions resulting in contingent consideration liabilities, the terms of the earn-outs, the unobservable inputs factored into the fair value determination and the estimated impact on the consolidated financial statements related to changes in the unobservable inputs.
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Estimated Fair Value of Financial Instruments Not Carried at Fair Value | The estimated fair value of financial instruments not carried at fair value in the consolidated balance sheets were as follows:
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Commitments and contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Minimum Rental Commitments under Non-cancelable Operating Leases and Capital Lease Obligations | As of December 31, 2017, minimum rental commitments under non-cancelable operating leases with lease terms in excess of one year are as follows:
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Changes in Total Environmental Liabilities | Changes in total environmental liabilities are 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, 2017 are as follows, with projects for which timing is uncertain included in the 2018 estimated amount of $11.0 million:
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Related party transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Sales and Purchases with Related Parties | The following table summarizes the Company’s sales and purchases with related parties within the ordinary course of business:
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Summary of Receivables Due from and Payables Due to Related Parties | The following table summarizes the Company’s receivables due from and payables due to related parties:
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Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Segment Information | Financial information for the Company’s segments is as follows:
|
Quarterly financial information (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unaudited Quarterly Results | Unaudited quarterly results for the year ended December 31, 2017 are as follows:
Unaudited quarterly results for the year ended December 31, 2016 are as follows:
|
Nature of operations (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 4 |
Significant accounting policies - Additional Information (Details) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
segment
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other expense, net | $ (17.4) | $ (58.1) | $ (13.5) | |||
Impact due to adoption of ASU | [1] | 0.2 | ||||
Deferred tax assets | 22.8 | 18.2 | ||||
Allowance for doubtful accounts | 13.0 | 13.4 | ||||
Lower of cost or net realizable value adjustments | $ 3.3 | 6.6 | 0.8 | |||
Number of operating segments | segment | 4 | |||||
Foreign currency gains (losses) | $ 4.8 | (34.8) | (11.2) | |||
Net Cash Provided by (Used in) Operating Activities | 282.6 | 450.0 | 356.0 | |||
Warehousing, selling and administrative | 919.7 | 893.1 | 901.2 | |||
Accumulated Deficit [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Impact due to adoption of ASU | [1] | (0.5) | ||||
Additional Paid-in Capital [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Impact due to adoption of ASU | [1] | 0.7 | ||||
Accounting Standards Update 2016-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Deferred tax assets | 0.2 | |||||
Accounting Standards Update 2016-09 [Member] | Accumulated Deficit [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Impact due to adoption of ASU | (0.5) | |||||
Accounting Standards Update 2016-09 [Member] | Additional Paid-in Capital [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Impact due to adoption of ASU | 0.7 | |||||
Accounting Standards Update 2016-15 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net Cash Provided by (Used in) Operating Activities | 3.7 | 0.4 | ||||
Accounting Standards Update 2017-07 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Other expense, net | 5.9 | 67.3 | 17.1 | |||
Warehousing, selling and administrative | $ 9.9 | $ 15.3 | $ 26.8 | |||
Minimum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Intangible assets, useful life | 2 years | |||||
Maximum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Intangible assets, useful life | 20 years | |||||
|
Significant accounting policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 10 years |
Minimum [Member] | Main Components of Tank Farms [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Minimum [Member] | Containers [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 2 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Minimum [Member] | Furniture, Fixtures and Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 5 years |
Minimum [Member] | Information Technology [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 3 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 50 years |
Maximum [Member] | Main Components of Tank Farms [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 40 years |
Maximum [Member] | Containers [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 15 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 20 years |
Maximum [Member] | Furniture, Fixtures and Others [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 20 years |
Maximum [Member] | Information Technology [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of property, plant and equipment | 10 years |
Earnings per share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Basic: | |||||||||||
Net income (loss) | $ 27.0 | $ 38.9 | $ 31.3 | $ 22.6 | $ (59.2) | $ (63.0) | $ 39.8 | $ 14.0 | $ 119.8 | $ (68.4) | $ 16.5 |
Less: earnings allocated to participating securities | 0.2 | 0.0 | 0.0 | ||||||||
Earnings allocated to common shares outstanding | $ 119.6 | $ (68.4) | $ 16.5 | ||||||||
Weighted average common shares outstanding (in shares) | 140.7 | 140.4 | 140.1 | 139.4 | 138.1 | 137.7 | 137.6 | 137.6 | 140.2 | 137.8 | 119.6 |
Basic income (loss) per common share (usd per share) | $ 0.85 | $ (0.50) | $ 0.14 | ||||||||
Diluted: | |||||||||||
Net income | $ 27.0 | $ 38.9 | $ 31.3 | $ 22.6 | $ (59.2) | $ (63.0) | $ 39.8 | $ 14.0 | $ 119.8 | $ (68.4) | $ 16.5 |
Less: earnings allocated to participating securities | 0.0 | 0.0 | 0.0 | ||||||||
Earnings allocated to common shares outstanding | $ 119.8 | $ (68.4) | $ 16.5 | ||||||||
Weighted average common shares outstanding (in shares) | 140.7 | 140.4 | 140.1 | 139.4 | 138.1 | 137.7 | 137.6 | 137.6 | 140.2 | 137.8 | 119.6 |
Stock compensation plans (in shares) | 1.2 | 0.0 | 0.5 | ||||||||
Weighted average common shares outstanding – diluted (in shares) | 141.8 | 141.4 | 141.3 | 140.8 | 138.1 | 137.7 | 138.1 | 137.8 | 141.4 | 137.8 | 120.1 |
Diluted income (loss) per common share (usd per share) | $ 0.85 | $ (0.50) | $ 0.14 | ||||||||
Employee Stock Option [Member] | Common Stock [Member] | |||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Antidilutive securities excluded from diluted income (loss) per share (in shares) | 0.8 | 3.3 | 2.0 |
Other operating expenses, net (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other Income and Expenses [Abstract] | |||
Stock-based compensation expense | $ 19.7 | $ 10.4 | $ 7.5 |
Business transformation costs | 23.4 | 5.4 | 0.0 |
Restructuring charges | 5.5 | 6.5 | 33.8 |
Other employee termination costs | 8.1 | 1.5 | 0.0 |
Gain on sale of property, plant and equipment | (11.3) | (0.7) | (2.8) |
Acquisition and integration related expenses | 3.1 | 5.5 | 7.1 |
Advisory fees to CVC and CD&R | 0.0 | 0.0 | 2.8 |
Contract termination fee to CVC and CD&R | 0.0 | 0.0 | 26.2 |
Other | 6.9 | 8.6 | 14.4 |
Total other operating expenses, net | $ 55.4 | $ 37.2 | $ 89.0 |
Restructuring charges - Schedule of Cost Information Related to Restructuring Plans That Have Not Been Completed (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | $ 93.6 | |
Incurred to date costs | 91.9 | $ 86.4 |
Employee Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 56.7 | |
Incurred to date costs | 56.7 | 53.8 |
Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 27.8 | |
Incurred to date costs | 26.1 | 23.3 |
Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 9.1 | |
Incurred to date costs | 9.1 | 9.3 |
Operating Segments [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 42.1 | |
Incurred to date costs | 40.4 | 38.1 |
Operating Segments [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.7 | |
Incurred to date costs | 5.7 | 5.2 |
Operating Segments [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 32.8 | |
Incurred to date costs | 32.8 | 31.9 |
Operating Segments [Member] | Rest Of World [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.4 | |
Incurred to date costs | 6.4 | 4.6 |
Operating Segments [Member] | Employee Termination Costs [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 16.5 | |
Incurred to date costs | 16.5 | 16.8 |
Operating Segments [Member] | Employee Termination Costs [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.7 | |
Incurred to date costs | 5.7 | 5.2 |
Operating Segments [Member] | Employee Termination Costs [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 22.5 | |
Incurred to date costs | 22.5 | 21.6 |
Operating Segments [Member] | Employee Termination Costs [Member] | Rest Of World [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.2 | |
Incurred to date costs | 6.2 | 4.4 |
Operating Segments [Member] | Facility Exit Costs [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 23.9 | |
Incurred to date costs | 22.2 | 19.6 |
Operating Segments [Member] | Facility Exit Costs [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.0 | |
Incurred to date costs | 0.0 | 0.0 |
Operating Segments [Member] | Facility Exit Costs [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 3.7 | |
Incurred to date costs | 3.7 | 3.5 |
Operating Segments [Member] | Facility Exit Costs [Member] | Rest Of World [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.2 | |
Incurred to date costs | 0.2 | 0.2 |
Operating Segments [Member] | Other Exit Costs [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 1.7 | |
Incurred to date costs | 1.7 | 1.7 |
Operating Segments [Member] | Other Exit Costs [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.0 | |
Incurred to date costs | 0.0 | 0.0 |
Operating Segments [Member] | Other Exit Costs [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.6 | |
Incurred to date costs | 6.6 | 6.8 |
Operating Segments [Member] | Other Exit Costs [Member] | Rest Of World [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.0 | |
Incurred to date costs | 0.0 | 0.0 |
Other [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.6 | |
Incurred to date costs | 6.6 | 6.6 |
Other [Member] | Employee Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.8 | |
Incurred to date costs | 5.8 | 5.8 |
Other [Member] | Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.0 | |
Incurred to date costs | 0.0 | 0.0 |
Other [Member] | Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.8 | |
Incurred to date costs | $ 0.8 | $ 0.8 |
Restructuring charges - Summary of Activity Related to Accrued Liabilities Associated with Redundancy and Restructuring (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 20.1 | $ 46.6 |
Charge to earnings | 5.5 | 6.5 |
Cash paid | (13.0) | (33.0) |
Non-cash and other | 0.1 | 0.0 |
Ending balance | 12.7 | 20.1 |
Employee Termination Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 6.9 | 31.0 |
Charge to earnings | 2.9 | 0.4 |
Cash paid | (7.2) | (24.5) |
Non-cash and other | 0.4 | 0.0 |
Ending balance | 3.0 | 6.9 |
Facility Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 13.2 | 15.5 |
Charge to earnings | 2.8 | 6.0 |
Cash paid | (5.5) | (8.3) |
Non-cash and other | (0.3) | 0.0 |
Ending balance | 10.2 | 13.2 |
Other Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0.0 | 0.1 |
Charge to earnings | (0.2) | 0.1 |
Cash paid | (0.3) | (0.2) |
Non-cash and other | 0.0 | 0.0 |
Ending balance | $ (0.5) | $ 0.0 |
Restructuring charges - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Restructuring and Related Activities [Abstract] | ||
Restructuring liabilities, current | $ 5.8 | $ 10.1 |
Restructuring liabilities, non-current | $ 6.9 | $ 10.0 |
Facility exit costs, payment period | 5 years |
Other expense, net (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other Income and Expenses [Abstract] | |||||
Defined Benefit Plan Mark To Market Pension And Postretirement Adjustments To Gains Losses | $ (3.8) | $ (68.6) | $ (3.8) | $ (68.6) | $ (21.1) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 9.7 | 1.3 | 4.0 | ||
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | 9.9 | 15.3 | 26.8 | ||
Foreign currency transactions | (4.6) | (0.6) | (0.8) | ||
Foreign currency denominated loans revaluation | (17.9) | (13.7) | 8.9 | ||
Undesignated foreign currency derivative instruments | 0.3 | (1.8) | (4.8) | ||
Undesignated interest rate swap contracts | (2.2) | 10.1 | 2.0 | ||
Ineffective portion of cash flow hedges | 0.0 | 0.0 | (0.4) | ||
Loss due to discontinuance of cash flow hedges | 0.0 | 0.0 | (7.5) | ||
Debt refinancing costs | (5.3) | 0.0 | (16.5) | ||
Other | (3.5) | (0.1) | (4.1) | ||
Total other expense, net | $ (17.4) | $ (58.1) | $ (13.5) |
Income taxes - Additional Information (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
Provisional tax (expense) benefit from revaluation of ending net deferred tax liabilities | $ 16.7 | ||
Estimated undistributed foreign E&P subject to the deemed mandatory repatriation | 623.8 | ||
Provisional income tax expense from mandatory repatriation | 76.5 | ||
Tax Cuts And Jobs Act of 2017, Deemed Foreign Paid Income Tax Credit Paid Allocable To The Repatriated Foreign Source Income | 134.9 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Amount, Deemed Income Taxes Paid | 47.3 | ||
Effective Income Tax Rate Reconciliation, Tax, Credit, Foreign, Amount, Withholding Taxes | 0.3 | ||
Foreign tax credit | 47.6 | $ 0.0 | $ 0.0 |
Currently utilized foreign tax credit | 13.6 | ||
Expected payments for additional U.S. federal cash taxes | 6.9 | ||
Remaining foreign tax credit | 34.0 | ||
Total remaining tax benefit of available federal, state and foreign net operating loss carryforwards | 32.9 | ||
Tax benefit of operating losses | 68.6 | 124.1 | |
Valuation allowance | 35.7 | ||
Total net operating losses | 261.9 | $ 415.1 | |
Tax year between 2018 and 2022 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Available loss carryforwards subject to expiration | 75.7 | ||
Tax year subsequent to 2022 [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Available loss carryforwards subject to expiration | 0.2 | ||
Unlimited life [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Remaining losses not subject to expiration | $ 186.0 |
Income taxes - Summary of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
United States | $ 1.5 | $ (131.3) | $ (13.0) |
Foreign | 167.3 | 51.7 | 39.7 |
Income (loss) before income taxes | $ 168.8 | $ (79.6) | $ 26.7 |
Income taxes - Summary of Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Current: | |||
Federal | $ 6.8 | $ (0.1) | $ 0.6 |
State | 2.0 | 0.1 | 2.5 |
Foreign | 28.5 | 20.4 | 14.5 |
Total current | 37.3 | 20.4 | 17.6 |
Deferred: | |||
Federal | 26.5 | (15.1) | (12.3) |
State | 0.0 | (3.0) | 1.7 |
Foreign | (14.8) | (13.5) | 3.2 |
Total deferred | 11.7 | (31.6) | (7.4) |
Total income tax expense (benefit) | $ 49.0 | $ (11.2) | $ 10.2 |
Income taxes - Reconciliation Between Statutory Tax Rate and Effective Tax Rate (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
US federal statutory income tax expense (benefit) applied to income (loss) before income taxes | $ 59.1 | $ (27.8) | $ 9.3 |
State income taxes, net of federal benefit | 1.4 | (2.9) | 3.3 |
Foreign tax rate differential | (18.0) | (5.8) | (6.5) |
Non-taxable interest income | (11.4) | (10.8) | (14.1) |
Valuation allowance, net | (18.1) | (24.7) | (9.0) |
Expiration of tax attributes | 0.1 | 4.4 | 8.1 |
Foreign losses not benefited | 0.7 | 8.0 | 7.5 |
Effect of flow-through entities | 8.9 | (9.0) | 4.2 |
Net share-based compensation | (3.7) | 1.7 | 3.5 |
Non-deductible expense | 3.5 | 3.4 | 3.5 |
Unrecognized tax benefits | (1.7) | (1.4) | (2.5) |
Adjustment to prior year tax due to changes in estimates | (0.5) | 0.3 | 1.6 |
Change in statutory income tax rates | (17.5) | 2.7 | 1.1 |
Deemed dividends from foreign subsidiaries | 17.6 | 1.4 | 0.6 |
Non-deductible interest expense | 0.1 | 2.6 | 0.5 |
Withholding and other taxes based on income | 0.5 | 0.5 | 0.5 |
Contingent consideration | (0.3) | 0.0 | 0.0 |
Foreign exchange rate remeasurement | 0.3 | (1.0) | (0.4) |
Revaluation due to Section 987 tax law change | 0.0 | 45.0 | 0.0 |
One-time repatriation tax | 76.5 | 0.0 | 0.0 |
Foreign Tax Credit | (47.6) | 0.0 | 0.0 |
Other | (0.9) | 2.2 | (1.0) |
Total income tax expense (benefit) | $ 49.0 | $ (11.2) | $ 10.2 |
Income taxes - Consolidated Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Deferred tax assets: | |||
Net operating loss carryforwards | $ 68.6 | $ 124.1 | |
Environmental reserves | 25.3 | 40.2 | |
Interest | 35.7 | 93.8 | |
Tax credit and capital loss carryforwards | 37.2 | 4.5 | |
Pension | 68.2 | 105.4 | |
Flow-through entities | 2.5 | 15.6 | |
Stock options | 5.7 | 11.4 | |
Inventory | 4.2 | 8.7 | |
Other temporary differences | 26.4 | 17.8 | |
Gross deferred tax assets | 273.8 | 421.5 | |
Valuation allowance | (117.2) | (167.9) | $ (193.0) |
Deferred tax assets, net of valuation allowance | 156.6 | 253.6 | |
Deferred tax liabilities: | |||
Property, plant and equipment, net | (98.7) | (165.2) | |
Intangible assets | (64.6) | (85.3) | |
Other temporary differences | (5.9) | (2.1) | |
Deferred tax liabilities | (169.2) | (252.6) | |
Net deferred tax liability | $ (12.6) | ||
Net deferred tax asset | $ 1.0 |
Income taxes - Schedule of Changes in Valuation Allowance (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Deferred Tax Asset Valuation Allowance [Roll Forward] | ||
Beginning balance | $ 167.9 | $ 193.0 |
Change related to current foreign net operating losses | 0.7 | 5.3 |
Change related to utilization of net operating loss carryforwards | (30.1) | (20.6) |
Change related to generation/expiration of tax attributes | 29.9 | (4.5) |
Change related to foreign currency | 7.1 | (4.6) |
Change related to utilization of deferred interest expense | (26.3) | 0.0 |
Change related to tax rate change | (31.6) | 0.0 |
Change related to other items | (0.4) | (0.7) |
Ending balance | $ 117.2 | $ 167.9 |
Income taxes - Difference attributable to foreign investments (Narrative) (Details) $ in Millions |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2014
CAD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2007
CAD ($)
|
|
Income Tax Disclosure [Abstract] | |||||
Estimated undistributed earnings in income subject to U.S. tax at reduced tax rates | $ 623,800,000 | ||||
Currently remaining unrecognized tax benefits that may be recognized by the end of 2018 | 1,700,000 | ||||
Unrecognized tax benefits | 3,100,000 | $ 4,300,000 | $ 5,200,000 | ||
Remaining unrecognized tax benefits related to tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty as to the timing of such deductibility | 0 | ||||
Total liability included in other long-term liabilities associated with the interest and penalties | 400,000 | 300,000 | |||
Interest expense related to unrecognized tax benefits | $ 400,000 | $ 300,000 | $ (600,000) | ||
Canada Revenue Agency [Member] | |||||
Income Tax Examination [Line Items] | |||||
Departure tax liability | $ 9.0 | ||||
Foreign Tax Authority [Member] | Canada Revenue Agency [Member] | |||||
Income Tax Examination [Line Items] | |||||
Federal corporate income tax liabilities | $ 29.4 | ||||
2008 [Member] | Canada Revenue Agency [Member] | |||||
Income Tax Examination [Line Items] | |||||
Federal corporate income tax liabilities | 11.9 | ||||
2009 [Member] | Canada Revenue Agency [Member] | |||||
Income Tax Examination [Line Items] | |||||
Federal corporate income tax liabilities | $ 11.0 |
Income taxes - Schedule of Changes in Unrecognized Tax Benefits Included in Other Long-Term Liabilities, Excluding Interest and Penalties (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 4.3 | $ 5.2 |
Increase for tax positions of prior years | 0.0 | 0.4 |
Reductions due to the statute of limitations expiration | (1.5) | (1.3) |
Foreign exchange | 0.3 | 0.0 |
Ending balance | $ 3.1 | $ 4.3 |
Employee benefit plans - Summary of Changes in Projected Benefit Obligations, Fair Value of Plan Assets and Funded Status (Detail) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2009 |
|
Pension Plan [Member] | ||||
Change in projected benefit obligations: | ||||
Actuarial present value of benefit obligations at beginning of year | $ 1,275.2 | $ 1,223.6 | ||
Service cost | 2.5 | 2.5 | $ 5.4 | |
Interest cost | 47.0 | 50.3 | 50.9 | |
Benefits paid | (62.1) | (56.0) | ||
Plan amendments | 2.7 | (1.6) | ||
Settlement | (44.3) | 0.0 | ||
Curtailment | 0.0 | (1.3) | ||
Actuarial loss (gain) | 63.2 | 114.0 | ||
Foreign exchange and other | 49.7 | (56.3) | ||
Actuarial present value of benefit obligations at end of year | 1,333.9 | 1,275.2 | 1,223.6 | |
Change in the fair value of plan assets: | ||||
Plan assets at beginning of year | 1,003.4 | 979.1 | ||
Actual return on plan assets | 117.4 | 106.4 | ||
Contributions by employer | 38.2 | 31.6 | ||
Benefits paid | (62.1) | (56.0) | ||
Settlement | (36.0) | 0.0 | ||
Foreign exchange and other | 46.3 | (57.7) | ||
Plan assets at end of year | 1,107.2 | 1,003.4 | 979.1 | |
Funded status at end of year | (226.7) | (271.8) | ||
Pension Plan [Member] | Domestic [Member] | ||||
Change in projected benefit obligations: | ||||
Actuarial present value of benefit obligations at beginning of year | 719.7 | 691.9 | ||
Service cost | 0.0 | 0.0 | 0.0 | |
Interest cost | 30.8 | 32.0 | 30.8 | |
Benefits paid | (34.2) | (32.1) | ||
Plan amendments | 0.0 | 0.0 | ||
Settlement | (44.3) | 0.0 | ||
Curtailment | 0.0 | 0.0 | ||
Actuarial loss (gain) | 49.9 | 27.9 | ||
Foreign exchange and other | 0.0 | 0.0 | ||
Actuarial present value of benefit obligations at end of year | 721.9 | 719.7 | 691.9 | |
Change in the fair value of plan assets: | ||||
Plan assets at beginning of year | 509.1 | 497.6 | ||
Actual return on plan assets | 80.0 | 40.1 | ||
Contributions by employer | 12.1 | 3.5 | ||
Benefits paid | (34.2) | (32.1) | ||
Settlement | (34.7) | 0.0 | ||
Foreign exchange and other | 0.0 | 0.0 | ||
Plan assets at end of year | 532.3 | 509.1 | 497.6 | |
Funded status at end of year | (189.6) | (210.6) | ||
Pension Plan [Member] | Foreign [Member] | ||||
Change in projected benefit obligations: | ||||
Actuarial present value of benefit obligations at beginning of year | 555.5 | 531.7 | ||
Service cost | 2.5 | 2.5 | 5.4 | |
Interest cost | 16.2 | 18.3 | 20.1 | |
Benefits paid | (27.9) | (23.9) | ||
Plan amendments | 2.7 | (1.6) | ||
Settlement | 0.0 | 0.0 | ||
Curtailment | 0.0 | (1.3) | ||
Actuarial loss (gain) | 13.3 | 86.1 | ||
Foreign exchange and other | 49.7 | (56.3) | ||
Actuarial present value of benefit obligations at end of year | 612.0 | 555.5 | 531.7 | |
Change in the fair value of plan assets: | ||||
Plan assets at beginning of year | 494.3 | 481.5 | ||
Actual return on plan assets | 37.4 | 66.3 | ||
Contributions by employer | 26.1 | 28.1 | ||
Benefits paid | (27.9) | (23.9) | ||
Settlement | (1.3) | 0.0 | ||
Foreign exchange and other | 46.3 | (57.7) | ||
Plan assets at end of year | 574.9 | 494.3 | 481.5 | |
Funded status at end of year | (37.1) | (61.2) | ||
Other Postretirement Benefits Plan [Member] | ||||
Change in projected benefit obligations: | ||||
Actuarial present value of benefit obligations at beginning of year | 2.8 | 3.4 | ||
Service cost | 0.0 | 0.0 | 0.1 | |
Interest cost | 0.2 | 0.1 | 0.2 | |
Contributions by participants | 0.4 | 0.3 | ||
Benefits paid | (0.7) | (0.8) | ||
Plan amendments | $ (76.8) | |||
Actuarial loss (gain) | (0.2) | (0.2) | ||
Actuarial present value of benefit obligations at end of year | 2.5 | 2.8 | 3.4 | |
Change in the fair value of plan assets: | ||||
Plan assets at beginning of year | 0.0 | 0.0 | ||
Contributions by employer | 0.3 | 0.5 | ||
Contributions by participants | 0.4 | 0.3 | ||
Benefits paid | (0.7) | (0.8) | ||
Plan assets at end of year | 0.0 | 0.0 | $ 0.0 | |
Funded status at end of year | $ (2.5) | $ (2.8) |
Employee benefit plans - Schedule of Defined Benefit Plans Amount Recognized in Balance Sheet (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | $ (257.1) | $ (268.6) |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded net benefit obligation in other assets | 33.9 | 0.0 |
Current portion of net benefit obligation in other accrued expenses | (5.6) | (5.5) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (255.0) | (266.3) |
Net liability recognized at end of year | (226.7) | (271.8) |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current portion of net benefit obligation in other accrued expenses | (0.4) | (0.5) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (2.1) | (2.3) |
Net liability recognized at end of year | (2.5) | (2.8) |
Domestic [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded net benefit obligation in other assets | 0.0 | 0.0 |
Current portion of net benefit obligation in other accrued expenses | (3.5) | (3.6) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (186.1) | (207.0) |
Net liability recognized at end of year | (189.6) | (210.6) |
Foreign [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Overfunded net benefit obligation in other assets | 33.9 | 0.0 |
Current portion of net benefit obligation in other accrued expenses | (2.1) | (1.9) |
Long-term portion of net benefit obligation in pension and other postretirement benefit liabilities | (68.9) | (59.3) |
Net liability recognized at end of year | $ (37.1) | $ (61.2) |
Employee benefit plans - Summary of Defined Benefit Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets (Detail) - Pension Plan [Member] - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 933.3 | $ 1,132.2 |
Fair value of plan assets | 701.6 | 888.6 |
Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 721.9 | 719.7 |
Fair value of plan assets | 532.3 | 509.1 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 211.4 | 412.5 |
Fair value of plan assets | $ 169.3 | $ 379.5 |
Employee benefit plans - Summary of Defined Benefit Pension Plans with Projected Benefit Obligation in Excess of Plan Assets (Detail) - Pension Plan [Member] - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 962.2 | $ 1,275.2 |
Fair value of plan assets | 701.6 | 1,003.4 |
Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 721.9 | 719.7 |
Fair value of plan assets | 532.3 | 509.1 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 240.3 | 555.5 |
Fair value of plan assets | $ 169.3 | $ 494.3 |
Employee benefit plans - Defined benefit pension plans (Narrative) (Details) - Pension Plan [Member] - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 721.9 | $ 719.7 |
Foreign [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 211.4 | $ 524.4 |
Employee benefit plans - Components of Net Periodic Benefit Cost Credit Recognized Related to Benefit Pension Plans (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0.0 | $ 0.0 | $ 0.1 |
Interest cost | 0.2 | 0.1 | 0.2 |
Amortization of unrecognized prior service credits | 0.0 | (4.5) | (11.9) |
Actuarial loss (gain) | (0.2) | (0.2) | (3.5) |
Net periodic benefit (income) cost | 0.0 | (4.6) | (15.1) |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.5 | 2.5 | 5.4 |
Interest cost | 47.0 | 50.3 | 50.9 |
Expected return on plan assets | (56.9) | (61.2) | (66.0) |
Amortization of unrecognized prior service credits | (0.2) | 0.0 | 0.0 |
Settlement | (9.7) | 0.0 | (1.4) |
Curtailment | 0.0 | (1.3) | (2.6) |
Actuarial loss (gain) | 4.0 | 68.8 | 24.6 |
Net periodic benefit (income) cost | (13.3) | 59.1 | 10.9 |
Domestic [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.0 | 0.0 | 0.0 |
Interest cost | 30.8 | 32.0 | 30.8 |
Expected return on plan assets | (30.9) | (32.5) | (35.8) |
Amortization of unrecognized prior service credits | 0.0 | 0.0 | 0.0 |
Settlement | (9.7) | 0.0 | 0.0 |
Curtailment | 0.0 | 0.0 | 0.0 |
Actuarial loss (gain) | 0.8 | 20.3 | 12.1 |
Net periodic benefit (income) cost | (9.0) | 19.8 | 7.1 |
Foreign [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 2.5 | 2.5 | 5.4 |
Interest cost | 16.2 | 18.3 | 20.1 |
Expected return on plan assets | (26.0) | (28.7) | (30.2) |
Amortization of unrecognized prior service credits | (0.2) | 0.0 | 0.0 |
Settlement | 0.0 | 0.0 | (1.4) |
Curtailment | 0.0 | (1.3) | (2.6) |
Actuarial loss (gain) | 3.2 | 48.5 | 12.5 |
Net periodic benefit (income) cost | $ (4.3) | $ 39.3 | $ 3.8 |
Employee benefit plans - Summary of Pre-tax Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans (Detail) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net prior service cost | $ (1.4) |
Employee benefit plans - Summary of Amounts Included in Accumulated Other Comprehensive Loss Related to Other Postretirement Benefit Plans (Detail) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service cost | $ (0.1) |
Employee benefit plans - Other postretirement benefit plan (Narrative) (Details) - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2009 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Reduction of benefit obligation | $ 76.8 | |||
Curtailment gain | $ 73.1 | |||
Discount rate used to determine the benefit obligation | 3.98% | 4.37% | ||
Discount rate used to determine net periodic benefit credit | 4.37% | 4.54% | 3.80% |
Employee benefit plans - Schedule of Weighted Average Actuarial Assumptions and Valuation Methodologies Used in Defined Benefit Plans (Detail) - Pension Plan [Member] |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Domestic [Member] | |||
Actuarial assumptions used to determine benefit obligations at end of period: | |||
Discount rate | 3.87% | 4.39% | |
Actuarial assumptions used to determine net periodic benefit cost (income) for the period: | |||
Discount rate | 4.39% | 4.74% | 4.31% |
Expected rate of return on plan assets | 7.00% | 7.50% | 7.50% |
Foreign [Member] | |||
Actuarial assumptions used to determine benefit obligations at end of period: | |||
Discount rate | 2.61% | 2.84% | |
Expected annual rate of compensation increase | 2.87% | 2.87% | |
Actuarial assumptions used to determine net periodic benefit cost (income) for the period: | |||
Discount rate | 2.84% | 3.65% | 3.51% |
Expected rate of return on plan assets | 5.01% | 6.18% | 6.07% |
Expected annual rate of compensation increase | 2.87% | 2.86% | 2.80% |
Employee benefit plans - Summary of Weighted Average Target Asset Allocation for Defined Benefit Pension Plan (Detail) - Pension Plan [Member] |
Dec. 31, 2017 |
---|---|
Domestic [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 100.00% |
Domestic [Member] | Equity securities [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 50.00% |
Domestic [Member] | Debt securities [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 45.00% |
Domestic [Member] | Other [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 5.00% |
Foreign [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 100.00% |
Foreign [Member] | Equity securities [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 34.80% |
Foreign [Member] | Debt securities [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 59.00% |
Foreign [Member] | Other [Member] | |
Asset category: | |
Weighted average target asset allocation (as a percent) | 6.20% |
Employee benefit plans - Summary of Fair Value of Plans Assets (Detail) - Pension Plan [Member] - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,107.2 | $ 1,003.4 | $ 979.1 |
Foreign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 574.9 | $ 494.3 | 481.5 |
Foreign [Member] | US equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 11.00% | 8.40% | |
Foreign [Member] | Non-US equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 22.00% | 30.20% | |
Foreign [Member] | US corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 2.80% | ||
Foreign [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 5.80% | 8.40% | |
Foreign [Member] | Non-US corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 29.20% | 24.00% | |
Foreign [Member] | US government bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 0.30% | ||
Foreign [Member] | Non-US government bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 32.00% | 25.90% | |
Foreign [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 4.0 | $ 4.6 | |
Foreign [Member] | Total investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 570.9 | 489.7 | |
Foreign [Member] | Investments funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 552.7 | 474.1 | |
Foreign [Member] | Insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.2 | 15.6 | |
Foreign [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.0 | 4.6 | |
Foreign [Member] | Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4.0 | 4.6 | |
Foreign [Member] | Level 1 [Member] | Total investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Foreign [Member] | Level 1 [Member] | Investments funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Foreign [Member] | Level 1 [Member] | Insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Foreign [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 552.7 | 474.1 | |
Foreign [Member] | Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Foreign [Member] | Level 2 [Member] | Total investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 552.7 | 474.1 | |
Foreign [Member] | Level 2 [Member] | Investments funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 552.7 | 474.1 | |
Foreign [Member] | Level 2 [Member] | Insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Foreign [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.2 | 15.6 | 13.8 |
Foreign [Member] | Level 3 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Foreign [Member] | Level 3 [Member] | Total investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.2 | 15.6 | |
Foreign [Member] | Level 3 [Member] | Investments funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Foreign [Member] | Level 3 [Member] | Insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 18.2 | 15.6 | |
Domestic [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 532.3 | $ 509.1 | $ 497.6 |
Domestic [Member] | US equities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 30.80% | 30.00% | |
Domestic [Member] | Non-US equities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 19.70% | 20.00% | |
Domestic [Member] | US corporate bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 44.50% | 44.90% | |
Domestic [Member] | Other investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Investment funds percentage | 5.00% | 5.10% | |
Domestic [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2.6 | $ 2.4 | |
Domestic [Member] | Investments funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 529.7 | 506.7 | |
Domestic [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.6 | 2.4 | |
Domestic [Member] | Level 1 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.6 | 2.4 | |
Domestic [Member] | Level 1 [Member] | Investments funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Domestic [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 529.7 | 506.7 | |
Domestic [Member] | Level 2 [Member] | Cash [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0.0 | 0.0 | |
Domestic [Member] | Level 2 [Member] | Investments funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 529.7 | $ 506.7 |
Employee benefit plans - Summary of Changes in Foreign Plans Assets Valued Using Significant Unobservable Inputs (Detail) - Pension Plan [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Change in the fair value of plan assets: | ||
Plan assets at beginning of year | $ 1,003.4 | $ 979.1 |
Actual return on plan assets: | ||
Foreign exchange | 46.3 | (57.7) |
Plan assets at end of year | 1,107.2 | 1,003.4 |
Foreign [Member] | ||
Change in the fair value of plan assets: | ||
Plan assets at beginning of year | 494.3 | 481.5 |
Actual return on plan assets: | ||
Foreign exchange | 46.3 | (57.7) |
Plan assets at end of year | 574.9 | 494.3 |
Foreign [Member] | Level 3 [Member] | ||
Change in the fair value of plan assets: | ||
Plan assets at beginning of year | 15.6 | 13.8 |
Actual return on plan assets: | ||
Related to assets still held at year end | 0.1 | 2.2 |
Purchases, sales and settlements, net | 0.3 | 0.1 |
Foreign exchange | 2.2 | (0.5) |
Plan assets at end of year | $ 18.2 | $ 15.6 |
Employee benefit plans - Contributions (Narrative) (Details) - Pension Plan [Member] $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Domestic [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contributions | $ 12.2 |
Foreign [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Expected contributions | $ 26.9 |
Employee benefit plans - Schedule of Benefit Payments (Detail) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | $ 54.4 |
2019 | 53.8 |
2020 | 55.5 |
2021 | 57.5 |
2022 | 60.6 |
2023 through 2027 | 325.7 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 0.5 |
2019 | 0.5 |
2020 | 0.1 |
2021 | 0.1 |
2022 | 0.1 |
2023 through 2027 | 0.3 |
Foreign [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 17.1 |
2019 | 17.0 |
2020 | 17.6 |
2021 | 18.7 |
2022 | 20.9 |
2023 through 2027 | 116.1 |
Domestic [Member] | Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2018 | 37.3 |
2019 | 36.8 |
2020 | 37.9 |
2021 | 38.8 |
2022 | 39.7 |
2023 through 2027 | $ 209.6 |
Employee benefit plans - Defined contribution plans (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Retirement Benefits [Abstract] | |||
Contribution expense | $ 30.0 | $ 33.4 | $ 31.4 |
Employee benefit plans - Multi-employer plans (Narrative) (Details) - Multi-employer Plans [Member] - Geographic Distribution, Domestic [Member] |
12 Months Ended |
---|---|
Dec. 31, 2017
location
trust
agreement
| |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Number of union bargaining agreements | agreement | 18 |
Number of union pension trusts | trust | 3 |
Term of cycle to negotiate bargaining agreements | 3 years |
Number of represented locations | location | 16 |
Employee benefit plans - Schedule of Company's Participation in Multi Employer Plans (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Multiemployer Plans [Line Items] | |||
Contributions | $ 2.7 | $ 2.9 | $ 2.6 |
Plan contributions by the Company (less than) (as a percent) | 5.00% | ||
Western Conference of Teamsters Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Contributions | $ 1.5 | 1.7 | 1.4 |
Central States, Southeast and Southwest Areas Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Contributions | 1.1 | 1.1 | 1.1 |
New England Teamsters and Trucking Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Contributions | $ 0.1 | $ 0.1 | $ 0.1 |
Stock-based compensation - Additional Information (Detail) $ / shares in Units, $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Nov. 30, 2016
offering_period
shares
|
Dec. 31, 2017
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
$ / shares
|
Dec. 31, 2015
USD ($)
$ / shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | shares | 10,600,000 | |||
Stock-based compensation expense | $ | $ 19.7 | $ 10.4 | $ 7.5 | |
Tax expense (benefit) relating to stock-based compensation expense | $ | $ (3.7) | $ 0.1 | $ (2.6) | |
Univar Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (in shares) | shares | 2,000,000.0 | |||
Weighted average purchase price of shares purchased (usd per share) | 95.00% | |||
Number of offering periods | offering_period | 2 | |||
Shares issued under the plan (in shares) | shares | 39,418 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | |||
Unrecognized stock-based compensation expense, options | $ | $ 3.3 | |||
Unrecognized stock-based compensation expense, period | 1 year | |||
Expected term | 5 years 10 months 24 days | 0 years | 6 years 2 months 12 days | |
Weighted-average grant-date fair value, options (usd per share) | $ 8.40 | $ 6.78 | ||
Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable period | 4 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense, period | 3 months 18 days | |||
Unrecognized stock-based compensation expense, other than options | $ | $ 0.5 | |||
Weighted-average grant-date fair value (usd per share) | $ 29.92 | $ 18.15 | $ 27.00 | |
Weighted average grant-date fair value, nonvested (usd per share) | $ 28.56 | 18.43 | ||
Restricted Stock [Member] | Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable period | 12 months | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense, period | 10 months 24 days | |||
Unrecognized stock-based compensation expense, other than options | $ | $ 7.1 | |||
Weighted-average grant-date fair value (usd per share) | $ 29.39 | |||
Weighted average grant-date fair value, nonvested (usd per share) | $ 21.77 | 13.10 | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable period | 4 years | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable period | 3 years | |||
Expected term | 2 years | |||
Weighted average grant-date fair value, nonvested (usd per share) | $ 10.49 |
Stock-based compensation - Schedule of Share-based Compensation Stock Options Activity (Detail) $ / shares in Units, $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
$ / shares
shares
| |
Number of stock options | |
Number of stock options outstanding, beginning balance (in shares) | shares | 3,634,733 |
Number of stock options, granted (in shares) | shares | 980,570 |
Number of stock options, exercised (in shares) | shares | (1,810,108) |
Number of stock options, forfeited (in shares) | shares | (196,586) |
Number of stock options outstanding, ending balance (in shares) | shares | 2,608,609 |
Number of stock options, exercisable (in shares) | shares | 1,579,435 |
Number of stock options, expected to vest (in shares) | shares | 1,029,174 |
Weighted- average exercise price | |
Weighted average exercise price outstanding, beginning balance (usd per share) | $ / shares | $ 20.03 |
Weighted average exercise price, granted (usd per share) | $ / shares | 28.82 |
Weighted average exercise price, exercised (usd per share) | $ / shares | 20.18 |
Weighted average exercise price, forfeited (usd per share) | $ / shares | 24.17 |
Weighted average exercise price outstanding, ending balance (usd per share) | $ / shares | 22.92 |
Weighted average exercise price, exercisable (usd per share) | $ / shares | 20.29 |
Weighted average exercise price, expected to vest (usd per share) | $ / shares | $ 26.95 |
Weighted-average remaining contractual term, exercisable (in years) | 5 years 3 months 18 days |
Weighted-average remaining contractual term, expected to vest (in years) | 8 years 4 months 24 days |
Aggregate intrinsic value, exercisable | $ | $ 16.8 |
Aggregate intrinsic value, expected to vest | $ | $ 4.1 |
Stock-based compensation - Summary of Restricted Stock Activity (Detail) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Restricted Stock [Member] | |||
Restricted stock | |||
Restricted stock, nonvested, beginning balance (in shares) | 86,197 | ||
Restricted stock, granted (in shares) | 46,536 | ||
Restricted stock, vested (in shares) | (79,898) | ||
Restricted stock, forfeited (in shares) | 0 | ||
Restricted stock, nonvested, ending balance (in shares) | 52,835 | 86,197 | |
Weighted average grant-date fair value | |||
Weighted average grant-date fair value, nonvested, beginning balance (usd per share) | $ 18.43 | ||
Weighted average grant-date fair value, granted (usd per share) | 29.92 | $ 18.15 | $ 27.00 |
Weighted average grant-date fair value, vested (usd per share) | 18.42 | ||
Weighted average grant-date fair value, forfeited (usd per share) | 0.00 | ||
Weighted average grant-date fair value, nonvested, ending balance (usd per share) | $ 28.56 | $ 18.43 | |
Restricted Stock Units (RSUs) [Member] | |||
Restricted stock | |||
Restricted stock, nonvested, beginning balance (in shares) | 1,009,887 | ||
Restricted stock, granted (in shares) | 572,938 | ||
Restricted stock, vested (in shares) | (658,115) | ||
Restricted stock, forfeited (in shares) | (135,791) | ||
Restricted stock, nonvested, ending balance (in shares) | 788,919 | 1,009,887 | |
Weighted average grant-date fair value | |||
Weighted average grant-date fair value, nonvested, beginning balance (usd per share) | $ 13.10 | ||
Weighted average grant-date fair value, granted (usd per share) | 29.39 | ||
Weighted average grant-date fair value, vested (usd per share) | 16.15 | ||
Weighted average grant-date fair value, forfeited (usd per share) | 16.72 | ||
Weighted average grant-date fair value, nonvested, ending balance (usd per share) | $ 21.77 | $ 13.10 |
Stock-based compensation - Summary of Weighted Average Assumptions Used Under Black Scholes Merton Option Valuation Model (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 1.00% | ||
Expected dividend yield (as a percent) | 0.00% | ||
Expected volatility (as a percent) | 45.00% | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.10% | 0.00% | 1.70% |
Expected dividend yield (as a percent) | 0.00% | 0.00% | 0.00% |
Expected volatility (as a percent) | 25.50% | 0.00% | 28.30% |
Expected term | 5 years 10 months 24 days | 0 years | 6 years 2 months 12 days |
Stock-based compensation - Summary of Additional Stock Based Compensation Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Total intrinsic value of stock options exercised | $ 16.7 | $ 4.0 | $ 0.4 |
Fair value of restricted stock and RSUs vested | $ 22.8 | $ 2.7 | $ 2.9 |
Accumulated other comprehensive loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | $ 809.9 | $ 816.7 |
Other comprehensive income (loss) before reclassifications | 109.3 | 37.5 |
Amounts reclassified from accumulated other comprehensive loss | 2.1 | (3.0) |
Net current period other comprehensive (loss) income | 111.4 | 34.5 |
Ending balance | 1,090.1 | 809.9 |
AOCI Attributable to Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (389.9) | (424.4) |
Ending balance | (278.5) | (389.9) |
Cash Flow Hedges [Member] | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | 0.0 | 0.0 |
Other comprehensive income (loss) before reclassifications | 4.4 | 0.0 |
Amounts reclassified from accumulated other comprehensive loss | 2.3 | 0.0 |
Net current period other comprehensive (loss) income | 6.7 | 0.0 |
Ending balance | 6.7 | 0.0 |
Defined Benefit Pension Items [Member] | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | 1.2 | 3.0 |
Other comprehensive income (loss) before reclassifications | (2.2) | 1.2 |
Amounts reclassified from accumulated other comprehensive loss | (0.2) | (3.0) |
Net current period other comprehensive (loss) income | (2.4) | (1.8) |
Ending balance | (1.2) | 1.2 |
Currency Translation Items [Member] | ||
AOCI Attributable to Parent, Net of Tax | ||
Beginning balance | (391.1) | (427.4) |
Other comprehensive income (loss) before reclassifications | 107.1 | 36.3 |
Amounts reclassified from accumulated other comprehensive loss | 0.0 | 0.0 |
Net current period other comprehensive (loss) income | 107.1 | 36.3 |
Ending balance | $ (284.0) | $ (391.1) |
Accumulated other comprehensive loss - Summary of Amounts Reclassified From Accumulated Other Comprehensive Loss to Net Income (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expense, net | $ (919.7) | $ (893.1) | $ (901.2) | ||||||||
Income tax expense (benefit) | (49.0) | 11.2 | (10.2) | ||||||||
Net income (loss) | $ 27.0 | $ 38.9 | $ 31.3 | $ 22.6 | $ (59.2) | $ (63.0) | $ 39.8 | $ 14.0 | 119.8 | (68.4) | 16.5 |
Interest expense | (152.0) | (163.8) | $ (211.3) | ||||||||
Total reclassifications for the period | 2.1 | (3.0) | |||||||||
Cash Flow Hedges [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | 2.3 | 0.0 | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Amortization of Defined Benefit Pension Items [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Other expense, net | (0.2) | (4.5) | |||||||||
Income tax expense (benefit) | 0.0 | 1.5 | |||||||||
Net income (loss) | (0.2) | (3.0) | |||||||||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Cash Flow Hedges [Member] | Interest Rate Swap Contracts [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Income tax expense (benefit) | (1.5) | 0.0 | |||||||||
Net income (loss) | 2.3 | 0.0 | |||||||||
Interest expense | $ 3.8 | $ 0.0 |
Property, plant and equipment, net - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2015 |
|
Property, Plant and Equipment [Line Items] | |||
Less: Accumulated depreciation | $ (811.5) | $ (927.2) | |
Subtotal | 989.7 | 980.0 | |
Work in progress | 29.8 | 23.0 | |
Property, plant and equipment, net | 1,019.5 | 1,003.0 | $ 1,082.5 |
Impairment losses | 16.5 | ||
Land and Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 781.1 | 809.6 | |
Tank Farms [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 272.5 | 277.4 | |
Machinery, equipment and other [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 747.6 | $ 820.2 |
Property, plant and equipment, net - Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Abstract] | ||
Capital lease assets, at cost | $ 86.0 | $ 76.5 |
Less: accumulated depreciation | (27.0) | (14.5) |
Capital lease assets, net | $ 59.0 | $ 62.0 |
Property, plant and equipment, net - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property, Plant and Equipment [Abstract] | ||
Capitalized interest on capital projects | $ 0.1 | $ 0.2 |
Goodwill and intangible assets - Summary of the Activity in Goodwill by Segment (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Roll Forward] | ||
Beginning Balance | $ 1,784.4 | $ 1,745.1 |
Additions | 4.1 | 22.9 |
Purchase price adjustments | 0.5 | 0.5 |
Foreign exchange | 29.4 | 15.9 |
Ending Balance | 1,818.4 | 1,784.4 |
USA [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 1,325.2 | 1,306.1 |
Additions | 0.0 | 17.7 |
Purchase price adjustments | 0.0 | 1.4 |
Foreign exchange | 0.0 | 0.0 |
Ending Balance | 1,325.2 | 1,325.2 |
Canada [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 438.4 | 420.7 |
Additions | 0.0 | 5.2 |
Purchase price adjustments | 0.5 | 0.0 |
Foreign exchange | 29.8 | 12.5 |
Ending Balance | 468.7 | 438.4 |
EMEA [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 1.1 | 2.1 |
Additions | 0.0 | 0.0 |
Purchase price adjustments | 0.0 | (0.9) |
Foreign exchange | 0.1 | (0.1) |
Ending Balance | 1.2 | 1.1 |
Rest Of World [Member] | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 19.7 | 16.2 |
Additions | 4.1 | 0.0 |
Purchase price adjustments | 0.0 | 0.0 |
Foreign exchange | (0.5) | 3.5 |
Ending Balance | $ 23.3 | $ 19.7 |
Goodwill and intangible assets - Additional Information (Detail) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
segment
|
Dec. 31, 2016
USD ($)
|
Jan. 01, 2016
USD ($)
|
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Number of operating segments | segment | 4 | ||
Accumulated impairment losses on goodwill | $ | $ 271.3 | $ 246.3 | $ 261.4 |
Goodwill and intangible assets - Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,004.4 | $ 1,031.3 |
Accumulated amortization | (665.2) | (743.6) |
Net | 339.2 | 287.7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 826.2 | 853.5 |
Accumulated amortization | (514.3) | (582.1) |
Net | 311.9 | 271.4 |
Impairment losses | 110.2 | |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 178.2 | 177.8 |
Accumulated amortization | (150.9) | (161.5) |
Net | 27.3 | $ 16.3 |
Impairment losses | $ 3.5 |
Goodwill and intangible assets - Summary of Estimated Annual Amortization Expense (Detail) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2018 | $ 53.8 |
2019 | 48.0 |
2020 | 43.3 |
2021 | 39.3 |
2022 | $ 31.6 |
Impairment charges (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2017
USD ($)
facility
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Discontinued Operations and Disposal Groups [Abstract] | ||||
Number of facilities where operations have ceased | facility | 3 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charge | $ 133.9 | $ 0.0 | $ 133.9 | $ 0.0 |
Discontinued Operations, Held-for-sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charge | 0.3 | |||
Discontinued Operations, Held-for-sale [Member] | Finite-Lived Intangible Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charge | 113.7 | |||
Discontinued Operations, Held-for-sale [Member] | Property, Plant and Equipment [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charge | 16.5 | |||
Discontinued Operations, Held-for-sale [Member] | Inventories [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Impairment charge | $ 3.4 |
Other accrued expenses (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Payables and Accruals [Abstract] | ||
Customer prepayments and deposits | $ 97.7 | $ 84.6 |
Debt - Summary of Short Term Financing (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Disclosure [Abstract] | ||
Amounts drawn under credit facilities | $ 9.1 | $ 12.1 |
Bank overdrafts | 4.3 | 13.2 |
Total | $ 13.4 | $ 25.3 |
Debt - Additional Information (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Disclosure [Abstract] | ||
Weighted average interest rate on short-term financing | 4.10% | 2.10% |
Outstanding letters of credit and guarantees | $ 147.0 | $ 175.3 |
Weighted average interest rate on long-term debt | 4.50% | 4.84% |
Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 60.9 | $ 63.4 |
Total | 2,909.9 | 2,982.5 |
Less: unamortized debt issuance costs and discount on debt | (27.9) | (28.5) |
Total long-term debt | 2,882.0 | 2,954.0 |
Less: current maturities | (62.0) | (109.0) |
Total long-term debt, excluding current maturities | 2,820.0 | 2,845.0 |
Term B Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Remaining notes payable | $ 2,277.8 | $ 2,024.4 |
Variable interest rate | 4.07% | 4.25% |
Euro Tranche Term Loan Due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Remaining notes payable | $ 0.0 | $ 259.9 |
Variable interest rate | 4.25% | 4.25% |
North American ABL Facility Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Remaining notes payable | $ 155.0 | $ 152.0 |
Variable interest rate | 5.00% | 4.25% |
North American ABL Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Remaining notes payable | $ 16.7 | $ 83.3 |
Variable interest rate | 4.44% | 3.75% |
Senior Unsecured Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Remaining notes payable | $ 399.5 | $ 399.5 |
Fixed interest rate | 6.75% | 6.75% |
Debt - Future Contractual Maturities of Long-term Debt Excluding Capital Lease Obligations (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Disclosure [Abstract] | ||
2018 | $ 62.0 | |
2019 | 33.4 | |
2020 | 188.0 | |
2021 | 31.5 | |
2022 | 29.5 | |
Thereafter | 2,565.5 | |
Total | $ 2,909.9 | $ 2,982.5 |
Debt - Long-term debt restructurings (Narrative) (Details) |
12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 28, 2017
USD ($)
|
Nov. 28, 2017
EUR (€)
|
Nov. 27, 2017 |
Jan. 19, 2017
USD ($)
|
Jan. 18, 2017 |
Jul. 28, 2015
USD ($)
tranche
|
Mar. 24, 2014
EUR (€)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
Jul. 01, 2015
USD ($)
|
|
Debt Instrument [Line Items] | |||||||||||
Additional proceeds | $ 4,477,800,000 | $ 0 | $ 2,806,600,000 | ||||||||
Debt refinancing costs | 5,300,000 | 0 | 16,500,000 | ||||||||
Loss on extinguishment of debt | 3,800,000 | $ 0 | $ 12,100,000 | ||||||||
Number of revolving tranches | tranche | 2 | ||||||||||
Second Amendment Of The Senior Term B Loan Facility, US Dollar Denominated Tranche [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan agreement | $ 2,283,500,000.0 | ||||||||||
Total net leverage required for additional interest rate reduction (ratio) | 4.00 | 4.00 | |||||||||
Installment payments | $ 5,700,000 | ||||||||||
Second Amendment Of The Senior Term B Loan Facility, US Dollar Denominated Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Decrease in interest rate | 25.00% | 25.00% | |||||||||
Debt instrument, credit spread on variable interest rate | 2.50% | 2.50% | |||||||||
Term of extension | 2 years | 2 years | |||||||||
Senior Term B Loan US Dollar Denominated Tranche [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan agreement | $ 2,200,000,000.0 | ||||||||||
Proceeds used to repay existing loans | $ 2,183,500,000.0 | ||||||||||
Additional proceeds | $ 175,600,000 | ||||||||||
Senior Term B Loan US Dollar Denominated Tranche [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Decrease in interest rate | 50.00% | ||||||||||
Debt instrument, credit spread on variable interest rate | 2.75% | 2.75% | |||||||||
Additional reduction of interest rate available | 25.00% | 25.00% | |||||||||
Senior Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument, credit spread on variable interest rate | 3.25% | ||||||||||
Senior Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed interest rate | 1.00% | ||||||||||
Euro Tranche Term Loan Due Twenty Seventeen Variable Interest Rate Of Five Point Two Five Percent [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Proceeds used to repay existing loans | $ 95,800,000 | € 80,900,000 | |||||||||
Unsecured Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan agreement | $ 400,000,000.0 | ||||||||||
Fixed interest rate | 6.75% | ||||||||||
New North American ABL Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of loan facility | 5 years | ||||||||||
Loan facility | $ 1,300,000,000 | $ 1,300,000,000 | |||||||||
Unused line fee (as a percent) | 0.375% | 0.375% | |||||||||
New North American ABL Facility [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused line fee (as a percent) | 0.25% | ||||||||||
New North American ABL Facility [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused line fee (as a percent) | 0.375% | ||||||||||
New North American ABL Facility [Member] | New North American ABL Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan facility | $ 100,000,000 | ||||||||||
North American ABL Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan facility | 1,400,000,000 | ||||||||||
Facility terminated | 1,400,000,000.0 | ||||||||||
Quarterly installments | 16,700,000 | ||||||||||
European ABL Facility Due Twenty Nineteen Variable Interest Rate Of Two Point Zero One Percent [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Term of loan facility | 5 years | ||||||||||
Loan facility | € | € 200,000,000 | ||||||||||
European ABL Facility Due Twenty Nineteen Variable Interest Rate Of Two Point Zero One Percent [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused line fee (as a percent) | 0.25% | ||||||||||
European ABL Facility Due Twenty Nineteen Variable Interest Rate Of Two Point Zero One Percent [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unused line fee (as a percent) | 0.50% | ||||||||||
ABL Facility Maturing December Thirty One Twenty Sixteen [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Facility terminated | € | € 68,000,000 | ||||||||||
Revolving Loan Tranche [Member ] | United States Subsidiaries [Member] | New North American ABL Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan facility | 1,000,000,000 | ||||||||||
Revolving Loan Tranche [Member ] | Canadian Subsidiaries [Member] | New North American ABL Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan facility | $ 300,000,000 |
Debt - Borrowing availability and assets pledged as collateral (Narrative) (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2017
EUR (€)
|
Jul. 28, 2015
USD ($)
|
|
Debt Instrument [Line Items] | ||||
Shares pledged as collateral (as a percent) | 65.00% | 65.00% | ||
New North American ABL Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit commitments | $ 1,300,000,000 | $ 1,300,000,000 | ||
Available borrowing capacity | $ 548,300,000 | $ 411,400,000 | ||
Unused line fee (as a percent) | 0.375% | 0.375% | ||
Euro ABL Due Two Thousand Nineteen [Member] | ||||
Debt Instrument [Line Items] | ||||
Credit commitments | € | € 200,000,000 | |||
Available borrowing capacity | $ 133,100,000 | $ 109,900,000 | ||
Unused line fee (as a percent) | 0.50% | 0.50% |
Debt - Summary of Assets Pledged Under North American ABL Facility, North American ABL Term Loan, Senior Term Loan Facilities and Euro ABL (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Assets pledged | $ 2,769.9 | $ 2,668.1 |
Cash [Member] | ||
Debt Instrument [Line Items] | ||
Assets pledged | 313.6 | 237.4 |
Trade Accounts Receivable, Net [Member] | ||
Debt Instrument [Line Items] | ||
Assets pledged | 881.0 | 790.6 |
Inventories [Member] | ||
Debt Instrument [Line Items] | ||
Assets pledged | 702.0 | 655.5 |
Prepaid Expenses and Other Current Assets [Member] | ||
Debt Instrument [Line Items] | ||
Assets pledged | 93.3 | 128.2 |
Property, Plant and Equipment, net [Member] | ||
Debt Instrument [Line Items] | ||
Assets pledged | $ 780.0 | $ 856.4 |
Fair value measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Current Assets [Member] | Level 2 [Member] | Forward Currency Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | $ 0.3 | $ 0.5 |
Current Assets [Member] | Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 1.2 | 0.0 |
Current Assets [Member] | Level 3 [Member] | Forward Currency Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0.0 | 0.0 |
Current Assets [Member] | Level 3 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0.0 | 0.0 |
Noncurrent Assets [Member] | Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 10.6 | 9.8 |
Noncurrent Assets [Member] | Level 3 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial assets | 0.0 | 0.0 |
Current Liabilities [Member] | Level 2 [Member] | Forward Currency Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.4 | 0.3 |
Current Liabilities [Member] | Level 2 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 5.6 |
Current Liabilities [Member] | Level 2 [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 0.0 |
Current Liabilities [Member] | Level 3 [Member] | Forward Currency Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 0.0 |
Current Liabilities [Member] | Level 3 [Member] | Interest Rate Swap Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 0.0 |
Current Liabilities [Member] | Level 3 [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 1.6 |
Noncurrent Liabilities [Member] | Level 2 [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | 0.0 | 0.0 |
Noncurrent Liabilities [Member] | Level 3 [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial liabilities | $ 0.4 | $ 5.9 |
Fair value measurements - Additional Information (Detail) - Forward Currency Contracts [Member] - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Prepaid Expenses and Other Current Assets [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Net amount related to foreign currency contracts included in prepaid and other current assets | $ 0.2 | $ 0.5 |
Other Accrued Expenses [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Net amount related to foreign currency contracts included in other accrued expenses | $ 0.3 | $ 0.3 |
Fair value measurements - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) (Detail) - Contingent Consideration [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value beginning balance | $ 7.5 | $ 8.7 |
Additions | 0.4 | 0.0 |
Fair value adjustments | (3.0) | (0.7) |
Foreign currency | 0.1 | (0.1) |
Payments | (3.7) | (0.4) |
Gain on settlement | (0.9) | 0.0 |
Fair value ending balance | $ 0.4 | $ 7.5 |
Fair value measurements - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, Carrying amount | $ 2,882.0 | $ 2,954.0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, Carrying amount | 2,882.0 | 2,954.0 |
Long-term debt including current portion, Fair value | $ 2,939.7 | $ 3,019.1 |
Derivatives (Detail) - USD ($) |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Undesignated Forward Currency Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 134,000,000 | $ 111,000,000 | |
Undesignated Forward Currency Contracts [Member] | Minimum [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Term of instruments | 1 month | ||
Undesignated Forward Currency Contracts [Member] | Maximum [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Term of instruments | 3 months | ||
Interest Rate Swap Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative gains estimated to be reclassified within the next 12 months | $ 1,200,000 | ||
Interest Rate Swap Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 2,000,000,000.0 | ||
Weighted average interest rate | 1.70% | ||
Notional amount that expired during the period | $ 1,000,000,000.0 | ||
Interest Rate Cap [Member] | Cash Flow Hedging [Member] | Undesignated Forward Currency Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional amount | $ 800,000,000 | ||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap Contracts [Member] | Current Liabilities [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Liability | $ 0 | 5,600,000 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap Contracts [Member] | Current Assets [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Assets | 1,200,000 | 0 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap Contracts [Member] | Noncurrent Assets [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Assets | 10,600,000 | $ 9,800,000 | |
Term B Loan Due Twenty Twenty Two [Member] | Interest Rate Swap Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Gain in other expense, net | $ 1,400,000 | ||
Term B Loan Due Twenty Twenty Two [Member] | Interest Rate Swap Contracts [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
LIBOR floor rate | 1.00% | ||
Hedge Accounting Election [Member] | Interest Expense [Member] | Interest Rate Swap Contracts [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Net unrealized losses | $ 3,800,000 |
Business combinations - Additional Information (Detail) $ in Millions |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 29, 2017
USD ($)
|
Mar. 22, 2016
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
Business
|
Dec. 31, 2016
USD ($)
Business
|
Sep. 21, 2017 |
Mar. 02, 2016 |
|
Business Acquisition [Line Items] | |||||||
Number of business acquired | Business | 2 | 2 | |||||
Increase in goodwill | $ 4.1 | $ 22.9 | |||||
Payments for previous acquisitions | $ 0.3 | ||||||
Tagma Brasil [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of equity interest acquired | 100.00% | ||||||
Tagma Brasil Ltda. And PVS Minibulk, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 23.9 | ||||||
Cash acquired | 0.2 | ||||||
Increase in goodwill | 4.2 | ||||||
Purchase price allocation, intangibles | $ 4.2 | ||||||
Nexus Ag Business Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Total purchase price | $ 53.3 | ||||||
Increase in goodwill | 22.9 | ||||||
Purchase price allocation, intangibles | $ 19.4 | ||||||
Payments for previous acquisitions | $ 0.5 | ||||||
Bodine Services [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage of equity interest acquired | 100.00% |
Commitments and contingencies - Additional Information (Detail) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Aug. 06, 2015
USD ($)
|
Oct. 01, 2014
USD ($)
|
Jul. 21, 2014
USD ($)
|
Dec. 31, 2017
USD ($)
location
claim
site
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
Commitments and Contingencies Disclosure [Abstract] | ||||||
Rental and operating lease expense | $ 76.7 | $ 83.3 | $ 93.7 | |||
Other Commitments [Line Items] | ||||||
Number of locations impacted by environmental laws and regulations | location | 130 | |||||
Number of company owned/occupied sites requiring environmental remediation work | site | 106 | |||||
Number of non owned sites liable for a share of clean-up | site | 24 | |||||
Estimated life of project, minimum | 2 years | |||||
Estimated life of project, maximum | 30 years | |||||
Accrued environmental loss contingencies, current | $ 29.1 | 30.2 | ||||
Discount on environmental liabilities | $ 5.0 | $ 5.6 | ||||
Discount rate used in the present value calculation | 2.40% | 2.50% | ||||
Expected payments for environmental remediation in next year | $ 29.1 | |||||
Projects With Uncertain Timing [Member] | ||||||
Other Commitments [Line Items] | ||||||
Expected payments for environmental remediation in next year | $ 11.0 | |||||
CBP [Member] | ||||||
Other Commitments [Line Items] | ||||||
Penalty sought | $ 84.0 | $ 84.0 | ||||
DOJ [Member] | ||||||
Other Commitments [Line Items] | ||||||
Penalty sought | $ 84.0 | |||||
Maximum [Member] | ||||||
Other Commitments [Line Items] | ||||||
Number of asbestos-related claims | claim | 255 |
Commitments and contingencies - Summary of Minimum Rental Commitments under Non-cancelable Operating Leases and Capital Lease Obligations (Detail) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Minimum rental commitments | |
2018 | $ 60.1 |
2019 | 51.8 |
2020 | 42.0 |
2021 | 34.7 |
2022 | 31.9 |
Thereafter | 47.3 |
Total | $ 267.8 |
Commitments and contingencies - Changes in Total Environmental Liabilities (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Environmental liabilities at beginning of period | $ 95.8 | $ 113.2 |
Revised obligation estimates | 12.3 | 5.5 |
Environmental payments | (19.3) | (22.5) |
Foreign exchange | 0.4 | (0.4) |
Environmental liabilities at end of period | $ 89.2 | $ 95.8 |
Commitments and contingencies - Schedule of Expected Payments for Environmental Remediation (Detail) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2018 | $ 29.1 |
2019 | 13.4 |
2020 | 9.7 |
2021 | 8.3 |
2022 | 6.8 |
Thereafter | 26.8 |
Total | $ 94.1 |
Related party transactions - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Related Party Transactions [Abstract] | |||
Charge for advisory services pertaining to strategic consulting | $ 0.0 | $ 0.0 | $ 2.8 |
Contract termination fee | $ 0.0 | $ 0.0 | $ 26.2 |
Related party transactions - Summary of Sales and Purchases with Related Parties (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
CD&R [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to affiliate companies | $ 5.3 | $ 7.7 | $ 29.7 |
Purchases from affiliate companies | 6.0 | 16.5 | 19.9 |
Temasek [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to affiliate companies | 10.1 | 14.4 | 19.8 |
Purchases from affiliate companies | 0.7 | 10.1 | 0.1 |
CVC [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to affiliate companies | 0.0 | 0.5 | 1.9 |
Purchases from affiliate companies | $ 0.0 | $ 0.0 | $ 8.8 |
Related party transactions - Summary of Receivables Due from and Payables Due to Related Parties (Detail) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Related Party Transactions [Abstract] | ||
Due from affiliates | $ 1.0 | $ 2.3 |
Due to affiliates | $ 0.2 | $ 2.1 |
Segments - Company's Segment Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 1,959.2 | $ 2,048.7 | $ 2,247.0 | $ 1,998.8 | $ 1,812.5 | $ 1,999.7 | $ 2,262.5 | $ 1,999.0 | $ 8,253.7 | $ 8,073.7 | $ 8,981.8 |
Cost of goods sold (exclusive of depreciation) | 6,448.2 | 6,346.6 | 7,182.7 | ||||||||
Outbound freight and handling | 292.0 | 286.6 | 324.6 | ||||||||
Warehousing, selling and administrative | 919.7 | 893.1 | 901.2 | ||||||||
Adjusted EBITDA | 593.8 | 547.4 | 573.3 | ||||||||
Other operating expenses, net | 55.4 | 37.2 | 89.0 | ||||||||
Depreciation | 135.0 | 152.3 | 136.5 | ||||||||
Amortization | 65.4 | 85.6 | 88.5 | ||||||||
Impairment charges | 0.0 | 133.9 | 0.0 | ||||||||
Interest expense, net | 148.0 | 159.9 | 207.0 | ||||||||
Loss on extinguishment of debt | 3.8 | 0.0 | 12.1 | ||||||||
Other expense, net | 17.4 | 58.1 | 13.5 | ||||||||
Income tax expense | 49.0 | (11.2) | 10.2 | ||||||||
Net income (loss) | 27.0 | $ 38.9 | $ 31.3 | $ 22.6 | (59.2) | $ (63.0) | $ 39.8 | $ 14.0 | 119.8 | (68.4) | 16.5 |
Total assets | 5,732.7 | 5,389.9 | 5,732.7 | 5,389.9 | 5,612.4 | ||||||
Property, plant and equipment, net | 1,003.0 | 1,019.5 | 1,003.0 | 1,019.5 | 1,082.5 | ||||||
Capital expenditures | 82.7 | 90.1 | 145.0 | ||||||||
Other/Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | (136.0) | (117.2) | (125.4) | ||||||||
Cost of goods sold (exclusive of depreciation) | (136.0) | (117.2) | (125.4) | ||||||||
Outbound freight and handling | 0.0 | 0.0 | 0.0 | ||||||||
Warehousing, selling and administrative | 28.2 | 18.1 | 13.0 | ||||||||
Adjusted EBITDA | (28.2) | (18.1) | (13.0) | ||||||||
Total assets | (1,058.0) | (1,211.8) | (1,058.0) | (1,211.8) | (1,240.1) | ||||||
Property, plant and equipment, net | 27.7 | 37.1 | 27.7 | 37.1 | 46.3 | ||||||
Capital expenditures | 1.1 | 1.2 | 1.5 | ||||||||
Inter-segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | (136.0) | (117.2) | (125.4) | ||||||||
USA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 4,657.1 | 4,706.7 | 5,351.5 | ||||||||
USA [Member] | Inter-segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 121.9 | 104.4 | 112.7 | ||||||||
USA [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 4,779.0 | 4,811.1 | 5,464.2 | ||||||||
Cost of goods sold (exclusive of depreciation) | 3,706.8 | 3,769.7 | 4,365.9 | ||||||||
Outbound freight and handling | 192.8 | 191.5 | 216.9 | ||||||||
Warehousing, selling and administrative | 529.4 | 523.5 | 510.3 | ||||||||
Adjusted EBITDA | 350.0 | 326.4 | 371.1 | ||||||||
Total assets | 3,526.8 | 3,676.8 | 3,526.8 | 3,676.8 | 3,962.0 | ||||||
Property, plant and equipment, net | 636.1 | 671.1 | 636.1 | 671.1 | 714.9 | ||||||
Capital expenditures | 47.5 | 56.5 | 106.8 | ||||||||
Canada [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,371.5 | 1,261.0 | 1,376.6 | ||||||||
Canada [Member] | Inter-segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 9.1 | 8.3 | 8.6 | ||||||||
Canada [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,380.6 | 1,269.3 | 1,385.2 | ||||||||
Cost of goods sold (exclusive of depreciation) | 1,143.0 | 1,047.4 | 1,161.0 | ||||||||
Outbound freight and handling | 37.3 | 34.1 | 39.3 | ||||||||
Warehousing, selling and administrative | 86.2 | 85.4 | 88.5 | ||||||||
Adjusted EBITDA | 114.1 | 102.4 | 96.4 | ||||||||
Total assets | 2,091.3 | 1,856.2 | 2,091.3 | 1,856.2 | 1,709.7 | ||||||
Property, plant and equipment, net | 147.7 | 148.3 | 147.7 | 148.3 | 133.3 | ||||||
Capital expenditures | 17.1 | 17.4 | 16.1 | ||||||||
EMEA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,821.2 | 1,704.2 | 1,780.1 | ||||||||
EMEA [Member] | Inter-segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 4.5 | 4.5 | 4.0 | ||||||||
EMEA [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 1,825.7 | 1,708.7 | 1,784.1 | ||||||||
Cost of goods sold (exclusive of depreciation) | 1,411.7 | 1,324.6 | 1,398.6 | ||||||||
Outbound freight and handling | 55.7 | 54.9 | 59.6 | ||||||||
Warehousing, selling and administrative | 229.1 | 219.3 | 235.3 | ||||||||
Adjusted EBITDA | 129.2 | 109.9 | 90.6 | ||||||||
Total assets | 935.1 | 857.4 | 935.1 | 857.4 | 947.2 | ||||||
Property, plant and equipment, net | 158.0 | 144.8 | 158.0 | 144.8 | 167.7 | ||||||
Capital expenditures | 14.6 | 12.2 | 17.2 | ||||||||
Rest Of World [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 403.9 | 401.8 | 473.6 | ||||||||
Rest Of World [Member] | Inter-segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 0.5 | 0.0 | 0.1 | ||||||||
Rest Of World [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 404.4 | 401.8 | 473.7 | ||||||||
Cost of goods sold (exclusive of depreciation) | 322.7 | 322.1 | 382.6 | ||||||||
Outbound freight and handling | 6.2 | 6.1 | 8.8 | ||||||||
Warehousing, selling and administrative | 46.8 | 46.8 | 54.1 | ||||||||
Adjusted EBITDA | 28.7 | 26.8 | 28.2 | ||||||||
Total assets | 237.5 | 211.3 | 237.5 | 211.3 | 233.6 | ||||||
Property, plant and equipment, net | $ 33.5 | $ 18.2 | 33.5 | 18.2 | 20.3 | ||||||
Capital expenditures | $ 2.4 | $ 2.8 | $ 3.4 |
Quarterly financial information (unaudited) (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 1,959.2 | $ 2,048.7 | $ 2,247.0 | $ 1,998.8 | $ 1,812.5 | $ 1,999.7 | $ 2,262.5 | $ 1,999.0 | $ 8,253.7 | $ 8,073.7 | $ 8,981.8 |
Net income (loss) | $ 27.0 | $ 38.9 | $ 31.3 | $ 22.6 | $ (59.2) | $ (63.0) | $ 39.8 | $ 14.0 | $ 119.8 | $ (68.4) | $ 16.5 |
Income per share: | |||||||||||
Basic and diluted (usd per share) | $ 0.19 | $ 0.28 | $ 0.22 | $ 0.16 | $ (0.43) | $ (0.46) | $ 0.29 | $ 0.10 | |||
Shares used in computation of income (loss) per share: | |||||||||||
Basic (in shares) | 140.7 | 140.4 | 140.1 | 139.4 | 138.1 | 137.7 | 137.6 | 137.6 | 140.2 | 137.8 | 119.6 |
Diluted (in shares) | 141.8 | 141.4 | 141.3 | 140.8 | 138.1 | 137.7 | 138.1 | 137.8 | 141.4 | 137.8 | 120.1 |
Pension mark to market loss | $ 3.8 | $ 68.6 | $ 3.8 | $ 68.6 | $ 21.1 | ||||||
Impairment charge | $ 133.9 | $ 0.0 | $ 133.9 | $ 0.0 |
Subsequent events (Details) - USD ($) $ in Millions |
Feb. 12, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|
Term B Loan Due 2022 [Member] | |||
Subsequent Event [Line Items] | |||
Remaining principal balance | $ 2,277.8 | $ 2,024.4 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Increase (decrease) in interest payable | $ (10.0) | ||
Subsequent Event [Member] | Term B Loan Due 2022 [Member] | |||
Subsequent Event [Line Items] | |||
Repayments of long-term debt | 300.0 | ||
Scheduled payments | $ 142.7 |