Document and Entity Information - shares |
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Mar. 31, 2018 |
Apr. 30, 2018 |
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Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | UNVR | |
Entity Registrant Name | Univar Inc. | |
Entity Central Index Key | 0001494319 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 141,301,164 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
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Mar. 31, 2018 |
Mar. 31, 2017 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 65.4 | $ 22.6 | ||
Other comprehensive income (loss), net of tax: | ||||
Impact due to adoption of ASU 2017-12 | [1] | 0.5 | 0.0 | |
Foreign currency translation | (7.2) | 18.2 | ||
Derivative financial instruments | 9.1 | 0.0 | ||
Total other comprehensive income, net of tax | 2.4 | 18.2 | ||
Comprehensive income | $ 67.8 | $ 40.8 | ||
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2018 |
Dec. 31, 2017 |
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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 (in dollars 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 | 2,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 141,300,000 | 141,100,000 |
Common stock, shares outstanding (in shares) | 141,300,000 | 141,100,000 |
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
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Mar. 31, 2018 |
Dec. 31, 2017 |
Nov. 30, 2016 |
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Deferred tax assets | $ 30.3 | $ 22.8 | |
Impact due to adoption of ASU's | (0.3) | ||
Foreign currency translation adjustments, tax | 0.0 | (2.1) | |
Pension and post-employment benefits, tax | 0.0 | 0.6 | |
Derivative financial instruments tax | $ (3.2) | (4.3) | |
ASU 2016-09 [Member] | |||
Deferred tax assets | $ 0.2 | ||
Employee Stock [Member] | |||
Number of employee stock purchase plan shares authorized (in shares) | 2,000,000.0 | ||
Employee stock purchase plan (in shares) | 39,418 |
Nature of operations |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
Nature of operations | 1. Nature of operations Headquartered in Downers Grove, Illinois, Univar Inc. (“the Company” or “Univar”) is a leading global chemicals and ingredients distributor and provider of specialty chemicals. 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 |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant accounting policies | 2. Significant accounting policies Basis of presentation The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. Unless otherwise indicated, all financial data presented in these condensed consolidated financial statements are expressed in US dollars. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The condensed 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”) or if otherwise required by US GAAP. The Company did not have any material interests in VIEs during the periods presented in these condensed consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. The preparation of condensed 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 May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). On January 1, 2018, the Company adopted the new accounting standard Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) to all contracts using the modified retrospective method. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. 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 the Company’s risk management activities, simplifies the application of hedge accounting, and improves transparency as to the scope and results of hedging programs. The Company early adopted the new pronouncement effective January 1, 2018, as allowed, using the modified retrospective approach by recognizing the cumulative effect of initially applying the new pronouncement as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of the changes made to our January 1, 2018 condensed consolidated balance sheet for the adoption of ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and ASU 2017-12 “Derivatives and Hedging” (Topic 815) - “Targeted Improvements to Accounting for Hedging Activities” is as follows:
The following tables summarize the impact of adopting the new revenue standard upon the Company’s condensed consolidated balance sheet and statement of operations as of and for the quarter ended March 31, 2018:
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.” On January 1, 2018, the Company adopted the amendments to ASC 715 that improves the presentation of net periodic pension and postretirement benefit costs, by separating the presentation of service costs from other components of net periodic costs. The interest cost, expected return on assets, and amortization of prior service costs have been reclassified from warehousing, selling, and administrative expenses to other expense, net. The mark to market, curtailment, and settlement expenses have been reclassified from other operating expenses, net to other expense, net. The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits (“OPEB”) plans on our consolidated income statement was as follows:
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 currently addressed by the previous guidance. The Company adopted the ASU as of January 1, 2018 and accordingly restated the condensed consolidated statement of cash flows for the three months ended March 31, 2017 to conform with the current period presentation under this new guidance. As a result of the adoption, the Company reclassified $3.2 million of cash outflows previously reported as operating activities to financing activities within the condensed consolidated statement of cash flows related to contingent consideration payments for the three months ended March 31, 2017. The Company also adopted the following standards during 2018, none of which had a material impact to the financial statements or financial statement disclosures:
Accounting pronouncements issued and not yet adopted 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 who has completed the initial scoping and has begun implementing a software solution to comply with the new standard's reporting and disclosure requirements. The Company is also in the process of identifying changes to processes and controls. Upon adoption of this standard, the Company expects the condensed consolidated balance sheet to include a right of use asset and liability related to certain operating lease arrangements. 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 the condensed consolidated financial statements when adopted on January 1, 2020. In January 2018, the FASB issued ASU 2018-02 “Income Statement - Reporting Comprehensive Income” (Topic 220) “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“AOCI”), which gives entities the option to reclassify certain tax effects, that the FASB refers to as having been stranded, resulting from the Tax Cuts and Jobs Act from AOCI to retained earnings. The new guidance may be applied retrospectively to each period in which the effect of the Tax Cuts and Jobs Act is recognized, or in the period of adoption. The Company must adopt this guidance for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating early adoption of this guidance, and is currently determining the impact to the Company's reported accumulated deficit and accumulated other comprehensive loss line items within the condensed consolidated balance sheet. |
Revenue |
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Revenue | 3. Revenue On January 1, 2018, the Company adopted the new revenue standard using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue standard, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under ASC Topic 605. The Company recorded a net decrease to the opening accumulated deficit of $0.8 million as of January 1, 2018 due to the cumulative impact of adopting the new revenue standard. The Company disaggregates revenues from contracts with customers by both geographic segments and revenue contract types. Geographic reportable segmentation is pertinent to understanding Univar’s revenues, as it aligns to how the Company reviews the financial performance of its operations. Revenue contract types are differentiated by the type of good or service Univar offers customers, since the contractual terms necessary for revenue recognition are unique to each of the identified revenue contract types. The following table disaggregates external customer net sales by major stream:
Revenue is recognized when performance obligations under the terms of the contract are satisfied, which generally occurs when goods or services are transferred to a customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services. Payment terms and conditions vary by regions where the Company performs business and contract types. The term between invoicing and when payment is due is generally one year or less. As of March 31, 2018, none of the Company's contracts contained a significant financing component. Chemical Distribution The Company generates revenue when control is transferred for products provided to customers. Certain customers may receive discounts off the transaction price, primarily due to price and volume incentives, or return product for non-conformance, which are accounted for as variable consideration. The Company estimates the change in the transaction price that is expected to be provided to customers based on historical experience, which impacts revenues recognized. Crop Sciences The Company generates revenue when control is transferred for products provided to customers. The amount of consideration recorded varies due to price movements and rights granted to customers to return product. Customer payment terms often extend through a growing season, which may be up to six months. Transaction prices may move during an agricultural growing season and changes may affect the amount of consideration the Company will receive. Transaction prices are also affected by special offers or volume discounts. The Company estimates the expected changes in the transaction price based on the combination of historical experience and the impact of weather on the current agriculture season. The adjustments to the transaction price are recognized as variable consideration and impacts revenues recognized. When customers are provided rights to return eligible products, the Company estimates the expected returns based on the combination of historical experience and the impact of weather on the current agriculture season, which impacts the revenues recognized. Services The Company generates revenue from services as they are performed and economic value is transferred to customers. Univar's services provided to customers are primarily related to waste management services and warehousing services. Waste management services are primarily related to plant maintenance, environmental contracting, environmental consulting and the collection and disposal of both hazardous and non-hazardous waste products. Warehousing services is primarily inclusive of blending, warehousing, logistics and distribution services for customers. Waste management and warehousing services are recognized over time as the performance obligations are satisfied. Costs to obtain or fulfill contracts with customers Univar expenses costs to obtain contracts when the contract term and benefit period is expected to be one year or less. Contract costs where the contract term and benefit period is expected to be more than a year are capitalized and amortized over the performance obligation period. Capitalized contract costs of $0.8 million and $2.0 million are included in other current assets and other assets as of March 31, 2018. Deferred revenue Deferred revenues are recognized as a contract liability when customers have provided Univar with consideration prior to the Company satisfying a performance obligation. The following table provides information pertaining to the deferred revenue balance and account activity:
The deferred revenue balances are all expected to have a duration of one year or less and are recorded within the other accrued expenses line item of the condensed consolidated balance sheet. |
Other operating expenses, net |
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Other operating expenses, net | 4. Other operating expenses, net Other operating expenses, net consisted of the following activity:
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges | 5. 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 March 31, 2018 and does not contain any estimates for plans that may be developed and implemented in future periods.
The following table summarizes activity related to accrued liabilities associated with restructuring:
Restructuring liabilities of $5.1 million and $5.8 million were classified as current in other accrued expenses in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017, respectively. The long-term portion of restructuring liabilities of $6.0 million and $6.9 million were recorded in other long-term liabilities in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017, 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 income (expense), net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income (expense), net | 6. Other income (expense), net Other income (expense), net consisted of the following gains (losses):
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Employee benefit plans |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee benefit plans | 7. Employee benefit plans The following table summarizes the components of net periodic benefit recognized in the condensed consolidated statements of operations:
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Income taxes |
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Income Tax Disclosure [Abstract] | |
Income taxes | 8. Income taxes The income tax expense for the three months ended March 31, 2018 was $10.2 million, resulting in an effective tax rate of 13.5%. The Company’s effective tax rate for the three month period ended March 31, 2018 was lower than the US federal statutory rate of 21.0% primarily due to discrete tax benefits of a $9.0 million release of valuation allowance on certain foreign tax attributes and a $2.7 million recognition of previously unrecognized tax benefits due to a statute of limitation expiration. Without consideration of the $12.3 million discrete benefits in the period, the Company's estimated effective annual tax rate was 29.5%, which is higher than the US federal rate of 21.0% due to state income taxes, foreign rate differential, and the overall impact of the new provisions of the Tax Cuts and Jobs Act (discussed below). The income tax expense for the three months ended March 31, 2017 was $1.6 million, resulting in an effective tax rate of 6.6%. The Company’s effective tax rate for three months ended March 31, 2017 was lower than the US federal statutory rate of 35.0% primarily due to the mix of earnings in multiple jurisdictions, non-taxable interest income and the release of a valuation allowance on certain foreign tax attributes. Included in the $1.6 million expense for March 31, 2017 was $2.2 million benefit related to excess tax benefits from equity compensation now reported as a discrete item on the quarter due to the Company's adoption of ASU 2016-09. Impacts of the Tax Cuts and Jobs Act On December 22, 2017, the Tax Cuts and Jobs Act (H.R. 1) (the “Tax Act”) was signed into law. The Tax Act contains significant changes to corporate taxation. Beginning in 2018, the global intangible low-taxed income (“GILTI”) provisions and the base-erosion and anti-abuse tax (“BEAT”) provisions become effective. The GILTI provisions require the Company to include in its US 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. Due to 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 US GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future US 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. This determination depends not only on the Company’s current structure and estimated future results of global operations but also on the Company’s intent and ability to reasonably estimate the effect of this provision of the Tax Act. As the Company is still evaluating the impact of the Tax Act, no accounting policy election has been made yet regarding which method the Company will utilize for GILTI. Based on the existing legislative guidance and interpretation, the Company has provisionally estimated the impact on the tax provision of the GILTI inclusion, offset by the related foreign tax credit, and expects that the annual effective tax rate will increase by approximately 3.8%. The Company does not expect it will be subject to BEAT in 2018. On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of US 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. As a result of the Tax Act, the Company recorded provisional amounts in 2017 including a one-time repatriation tax of $76.5 million, $47.6 million of foreign tax credits, of which $34.0 million was recorded as a deferred tax asset, net of a valuation allowance. 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. |
Earnings per share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share | 9. Earnings per share The following table presents the basic and diluted earnings per share computations:
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Accumulated other comprehensive loss |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | 10. Accumulated other comprehensive loss The following tables present the changes in accumulated other comprehensive loss by component, net of tax:
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 in accumulated other comprehensive loss. There were no foreign currency gains and losses related to such intercompany borrowings for the three month period ended March 31, 2018. Total foreign currency gains related to such intercompany borrowings were $0.5 million for the three month period ended March 31, 2017. |
Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | 11. Debt Short-term financing Short-term financing consisted of the following:
As of March 31, 2018 and December 31, 2017, the Company had $147.2 million and $147.0 million in outstanding letters of credit and guarantees, respectively. Long-term debt Long-term debt consisted of the following:
The weighted average interest rate on long-term debt was 4.17% and 4.50% as of March 31, 2018 and December 31, 2017, respectively. 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 US from non-US subsidiary earnings, subject to the newly enacted US Tax Cuts and Jobs Act. |
Supplemental balance sheet information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental balance sheet information | 12. Supplemental balance sheet information Property, plant and equipment, net
Capital lease assets, net 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:
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, supplier relationships, non-compete agreements and exclusive distribution rights. Other accrued expenses Other accrued expenses that were greater than five percent of total current liabilities consisted of customer prepayments and deposits, which were $91.4 million and $97.7 million as of March 31, 2018 and December 31, 2017, respectively. |
Fair value measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | 13. Fair value measurements Items measured at fair value on a recurring basis The following table presents the Company’s gross assets and liabilities measured on a recurring basis:
The net amounts by legal entity related to forward currency contracts included in prepaid and other current assets were $0.2 million and $0.2 million as of March 31, 2018 and December 31, 2017, respectively. The net amounts related to foreign currency contracts included in other accrued expenses were $0.2 million and $0.3 million as of March 31, 2018 and December 31, 2017, respectively. 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. Based on these valuation methodologies, these derivative contracts are classified as Level 2 in the fair value hierarchy. The fair value of the contingent consideration is based on a real options approach, which takes into account management’s best estimate of the acquired business performance, as well as achievement risk. Based on the valuation methodology, contingent consideration is classified as Level 3 in the fair value hierarchy. The following table is a reconciliation of the fair value measurements that use significant unobservable inputs (Level 3), which consists of contingent consideration related to prior acquisitions.
The change in the fair value and payments related to the contingent consideration are recorded in the other, net line item of the operating activities within the condensed consolidated statement of cash flows. Financial instruments not carried at fair value The estimated fair value of financial instruments not carried at fair value in the condensed 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, net, trade accounts payable and short-term financing included in the condensed consolidated balance sheets approximate fair value due to their short-term nature. |
Derivatives |
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Mar. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 14. 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 March 31, 2018, the Company had interest rate swap contracts with a total notional amount of $2.0 billion 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. 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 condensed consolidated statement of operations. As of March 31, 2018, 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 income (expense), net in the condensed consolidated statement of operations. Refer to “Note 6: Other income (expense), net” for additional information. With the adoption of ASU 2017-12, the Company recognizes the changes in fair value of the interest rate swap contracts, whether it is due to effectiveness or ineffectiveness, in other comprehensive income and subsequently is reclassified to the income statement when the hedged item impacts earnings. During the three months ended March 31, 2018, there were no gains or losses on our interest rate swap contracts that were reclassified to interest expense in the condensed consolidated statement of operations. As of March 31, 2018, we estimate that $10.8 million of derivative gains included in accumulated other comprehensive loss will be reclassified into the condensed 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 prepaids and other current assets, other assets, other accrued expenses or other long-term liabilities in the condensed consolidated balance sheets. As of March 31, 2018 and December 31, 2017, a current asset of $10.8 million and $1.2 million was included in other current assets, respectively. As of March 31, 2018 and December 31, 2017, a non-current asset of $13.2 million and $10.6 million was included in other assets, respectively. 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 monetary assets and liabilities 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 condensed consolidated balance sheet, reflecting their short-term nature. The fair value adjustments and gains and losses are included in other income (expense), net within the condensed consolidated statements of operations. Refer to “Note 6: Other income (expense), net” for more information. The total notional amount of undesignated forward currency contracts were $130.6 million and $134.0 million as of March 31, 2018 and December 31, 2017, respectively. Cash flows associated with derivative financial instruments are recognized in the operating section of the condensed consolidated statement of cash flows. |
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Business Combinations [Abstract] | |
Business combinations | 15. Business combinations 2018 Acquisitions Acquisition of Kemetyl Industrial Chemicals On January 4, 2018, the Company completed an acquisition of 100% of the equity interest in Kemetyl Norge Industri AS (“Kemetyl”) as well as a definitive asset purchase agreement with Kemetyl Aktiebolag. 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. The purchase price of these acquisitions was $8.9 million (net of cash acquired of $0.7 million). The purchase price allocation includes goodwill of $5.3 million and intangibles of $3.7 million. The operating results subsequent to the acquisition date 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. 2017 Acquisitions Acquisition of Tagma Brasil 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. Other acquisitions 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 the 2017 acquisitions was $23.9 million (net of cash acquired of $0.2 million). The purchase price allocation includes goodwill of $0.8 million and intangibles of $5.3 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 settlement of the working capital and other purchase agreement adjustments. Purchase price adjustments on prior year acquisitions resulted in a decrease of $3.4 million to goodwill recorded in 2018. The adjustments were primarily attributable to additional prepaid expenses and other current assets of $2.6 million and $1.1 million increase in the value allocated to intangible assets. |
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Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | 16. Commitments and contingencies Litigation In the ordinary course of business the Company is subject to pending or threatened claims, lawsuits, regulatory matters and administrative proceedings from time to time. Where appropriate the Company has recorded provisions in the condensed 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 is also a defendant in a small number of asbestos claims. As of March 31, 2018, there were fewer than 245 asbestos-related claims for which the Company has liability for defense and indemnity pursuant to the indemnification obligation. The volume of such cases has decreased in recent quarters. Historically, the vast majority of the claims against both McKesson and Univar have been dismissed without payment. The Company does incur costs in defending these claims. While the Company is unable to predict the outcome of these matters, it does not believe, based upon currently available facts, that the ultimate resolution of any of these matters will have a material effect on its overall financial position, results of operations or cash flows. 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. At other sites, the Company, with appropriate state or federal agency oversight and approval, is conducting the environmental remediation work voluntarily. The Company is currently undergoing remediation efforts or is in the process of active review of the need for potential remediation efforts at approximately 107 current or formerly Company-owned/occupied sites. In addition, the Company may be liable for a share of the clean-up of approximately 23 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 1 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 $28.7 million and $29.1 million were classified as current in other accrued expenses in the condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017, respectively. The long-term portion of environmental liabilities is recorded in other long-term liabilities in the condensed consolidated balance sheets. 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 and penalties, plus interest. The Company continues to defend this matter vigorously. Discovery has largely concluded and dispositive motion is pending. 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. |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | 17. 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, plus the sum of: interest expense, net of interest income; income tax expense; depreciation; amortization; loss on extinguishment of debt; other operating expenses, net; and other income (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:
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Significant accounting policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of presentation | Basis of presentation The condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) as applicable to interim financial reporting. Unless otherwise indicated, all financial data presented in these condensed consolidated financial statements are expressed in US dollars. These condensed consolidated financial statements, in the Company’s opinion, include all adjustments, consisting of normal recurring accruals necessary for a fair presentation of the condensed consolidated balance sheets, statements of operations, comprehensive income, cash flows and changes in stockholders’ equity. The results of operations for the periods presented are not necessarily indicative of the operating results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The condensed 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”) or if otherwise required by US GAAP. The Company did not have any material interests in VIEs during the periods presented in these condensed consolidated financial statements. All intercompany balances and transactions are eliminated in consolidation. The preparation of condensed 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 May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). On January 1, 2018, the Company adopted the new accounting standard Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) to all contracts using the modified retrospective method. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. 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 the Company’s risk management activities, simplifies the application of hedge accounting, and improves transparency as to the scope and results of hedging programs. The Company early adopted the new pronouncement effective January 1, 2018, as allowed, using the modified retrospective approach by recognizing the cumulative effect of initially applying the new pronouncement as an adjustment to the opening balance of accumulated deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The cumulative effect of the changes made to our January 1, 2018 condensed consolidated balance sheet for the adoption of ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and ASU 2017-12 “Derivatives and Hedging” (Topic 815) - “Targeted Improvements to Accounting for Hedging Activities” is as follows:
The following tables summarize the impact of adopting the new revenue standard upon the Company’s condensed consolidated balance sheet and statement of operations as of and for the quarter ended March 31, 2018:
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.” On January 1, 2018, the Company adopted the amendments to ASC 715 that improves the presentation of net periodic pension and postretirement benefit costs, by separating the presentation of service costs from other components of net periodic costs. The interest cost, expected return on assets, and amortization of prior service costs have been reclassified from warehousing, selling, and administrative expenses to other expense, net. The mark to market, curtailment, and settlement expenses have been reclassified from other operating expenses, net to other expense, net. The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits (“OPEB”) plans on our consolidated income statement was as follows:
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 currently addressed by the previous guidance. The Company adopted the ASU as of January 1, 2018 and accordingly restated the condensed consolidated statement of cash flows for the three months ended March 31, 2017 to conform with the current period presentation under this new guidance. As a result of the adoption, the Company reclassified $3.2 million of cash outflows previously reported as operating activities to financing activities within the condensed consolidated statement of cash flows related to contingent consideration payments for the three months ended March 31, 2017. The Company also adopted the following standards during 2018, none of which had a material impact to the financial statements or financial statement disclosures:
Accounting pronouncements issued and not yet adopted 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 who has completed the initial scoping and has begun implementing a software solution to comply with the new standard's reporting and disclosure requirements. The Company is also in the process of identifying changes to processes and controls. Upon adoption of this standard, the Company expects the condensed consolidated balance sheet to include a right of use asset and liability related to certain operating lease arrangements. 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 the condensed consolidated financial statements when adopted on January 1, 2020. In January 2018, the FASB issued ASU 2018-02 “Income Statement - Reporting Comprehensive Income” (Topic 220) “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” (“AOCI”), which gives entities the option to reclassify certain tax effects, that the FASB refers to as having been stranded, resulting from the Tax Cuts and Jobs Act from AOCI to retained earnings. The new guidance may be applied retrospectively to each period in which the effect of the Tax Cuts and Jobs Act is recognized, or in the period of adoption. The Company must adopt this guidance for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating early adoption of this guidance, and is currently determining the impact to the Company's reported accumulated deficit and accumulated other comprehensive loss line items within the condensed consolidated balance sheet. |
Significant accounting policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits (“OPEB”) plans on our consolidated income statement was as follows:
The cumulative effect of the changes made to our January 1, 2018 condensed consolidated balance sheet for the adoption of ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) and ASU 2017-12 “Derivatives and Hedging” (Topic 815) - “Targeted Improvements to Accounting for Hedging Activities” is as follows:
The following tables summarize the impact of adopting the new revenue standard upon the Company’s condensed consolidated balance sheet and statement of operations as of and for the quarter ended March 31, 2018:
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table disaggregates external customer net sales by major stream:
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Schedule of Deferred Revenue | The following table provides information pertaining to the deferred revenue balance and account activity:
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Other operating expenses, net (Tables) |
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Other Income and Expenses [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Operating Expenses | Other operating expenses, net consisted of the following activity:
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Restructuring charges (Tables) |
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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 March 31, 2018 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 table summarizes activity related to accrued liabilities associated with restructuring:
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Other income (expense), net (Tables) |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other income (expense), net | Other income (expense), net consisted of the following gains (losses):
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Employee benefit plans (Tables) |
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Postemployment Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Credit) | The following table summarizes the components of net periodic benefit recognized in the condensed consolidated statements of operations:
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Earnings per share (Tables) |
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Computations of Basic and Diluted Earnings Per Share | The following table presents the basic and diluted earnings per share computations:
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Accumulated other comprehensive loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax | The following tables present the changes in accumulated other comprehensive loss by component, net of tax:
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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Supplemental balance sheet information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net
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Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets | The below table summarizes the cost and accumulated depreciation related to these assets:
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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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Fair value measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s gross assets and liabilities measured on a recurring basis:
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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 consists of contingent consideration related to prior acquisitions.
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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 condensed consolidated balance sheets were as follows:
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Commitments and contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Total Environmental Liabilities | Changes in total environmental liabilities are as follows:
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Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Information for the Company's Segments | Financial information for the Company’s segments is as follows:
|
Nature of Operations - Additional Information (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2018
segment
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segments | 4 |
Significant accounting policies - Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Assets | |||
Trade accounts receivable, net | $ 1,288.5 | $ 1,103.7 | $ 1,062.4 |
Inventories | 921.9 | 837.4 | 839.5 |
Prepaid expenses and other current assets | 174.6 | 151.4 | 149.6 |
Liabilities | |||
Trade accounts payable | 1,011.7 | 948.7 | 941.7 |
Other accrued expenses | 330.7 | 334.8 | 301.6 |
Equity | |||
Accumulated deficit | (868.4) | (933.8) | (934.1) |
Accumulated other comprehensive loss | (276.1) | (278.0) | (278.5) |
Accounting Standards Update 2017-12 [Member] | |||
Assets | |||
Trade accounts receivable, net | 0.0 | ||
Inventories | 0.0 | ||
Prepaid expenses and other current assets | 0.0 | ||
Liabilities | |||
Trade accounts payable | 0.0 | ||
Other accrued expenses | 0.0 | ||
Equity | |||
Accumulated deficit | (0.5) | ||
Accumulated other comprehensive loss | 0.5 | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | |||
Assets | |||
Trade accounts receivable, net | 1,062.4 | ||
Inventories | 839.5 | ||
Prepaid expenses and other current assets | 149.6 | ||
Liabilities | |||
Trade accounts payable | 941.7 | ||
Other accrued expenses | 301.6 | ||
Equity | |||
Accumulated deficit | (934.1) | ||
Accumulated other comprehensive loss | $ (278.5) | ||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Assets | |||
Trade accounts receivable, net | 1,240.2 | ||
Inventories | 930.3 | ||
Prepaid expenses and other current assets | 165.8 | ||
Liabilities | |||
Trade accounts payable | 997.8 | ||
Other accrued expenses | 297.0 | ||
Equity | |||
Accumulated deficit | (869.5) | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Assets | |||
Trade accounts receivable, net | 48.3 | 41.3 | |
Inventories | (8.4) | (2.1) | |
Prepaid expenses and other current assets | 8.8 | 1.8 | |
Liabilities | |||
Trade accounts payable | 13.9 | 7.0 | |
Other accrued expenses | 33.7 | 33.2 | |
Equity | |||
Accumulated deficit | $ 1.1 | 0.8 | |
Accumulated other comprehensive loss | $ 0.0 |
Significant accounting policies - Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net sales | $ 2,158.0 | $ 1,998.8 | |
Cost of goods sold | 1,671.4 | 1,559.4 | |
Gross profit | 486.6 | 439.4 | |
Income tax expense | 10.2 | 1.6 | |
Net income | 65.4 | 22.6 | $ 119.8 |
Warehousing, selling and administrative | 241.0 | 228.5 | |
Other income (expense), net | 2.6 | $ (6.7) | |
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net sales | 2,151.7 | ||
Cost of goods sold | 1,665.5 | ||
Gross profit | 486.2 | ||
Income tax expense | 10.1 | ||
Net income | 65.1 | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net sales | 6.3 | ||
Cost of goods sold | 5.9 | ||
Gross profit | 0.4 | ||
Income tax expense | 0.1 | ||
Net income | $ 0.3 |
Significant accounting policies - Effect of Presentation Change Related to Net Periodic Cost (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Warehousing, selling and administrative | $ 241.0 | $ 228.5 |
Other income (expense), net | $ 2.6 | (6.7) |
Scenario, Previously Reported [Member] | Accounting Standards Update 2017-07 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Warehousing, selling and administrative | 226.1 | |
Other income (expense), net | (9.1) | |
Restatement Adjustment [Member] | Accounting Standards Update 2017-07 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Warehousing, selling and administrative | 2.4 | |
Other income (expense), net | $ (2.4) |
Significant accounting policies - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase to cash used by operating activities related to reclassification of a cash outflow for contingent consideration | $ (139.0) | $ (77.1) |
Decrease to net cash provided by financing activities related to a reclassification of a cash outflow for contingent consideration | $ 186.8 | (57.5) |
Accounting Standards Update 2016-15 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase to cash used by operating activities related to reclassification of a cash outflow for contingent consideration | 3.2 | |
Decrease to net cash provided by financing activities related to a reclassification of a cash outflow for contingent consideration | $ 3.2 |
Revenue - Schedule of External Net Sales Disaggregated by Major Stream Type (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 2,158.0 | $ 1,998.8 |
USA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,204.4 | 1,150.9 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 313.4 | 307.3 |
EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 538.6 | 439.7 |
Rest of World [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 101.6 | $ 100.9 |
Chemical Distribution [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2,031.1 | |
Chemical Distribution [Member] | USA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1,160.8 | |
Chemical Distribution [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 232.0 | |
Chemical Distribution [Member] | EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 538.4 | |
Chemical Distribution [Member] | Rest of World [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 99.9 | |
Crop Sciences [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 69.4 | |
Crop Sciences [Member] | USA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.0 | |
Crop Sciences [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 69.4 | |
Crop Sciences [Member] | EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.0 | |
Crop Sciences [Member] | Rest of World [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.0 | |
Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 57.5 | |
Services [Member] | USA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 43.6 | |
Services [Member] | Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 12.0 | |
Services [Member] | EMEA [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 0.2 | |
Services [Member] | Rest of World [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 1.7 |
Revenue - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | $ (868.4) | $ (933.8) | $ (934.1) |
Other Current Assets [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract costs | 0.8 | ||
Other Assets [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Capitalized contract costs | $ 2.0 | ||
Crop Sciences [Member] | Canada [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Payment terms | 6 months | ||
Maximum [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Payment terms | 1 year | ||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accumulated deficit | $ 1.1 | $ 0.8 |
Revenue - Schedule of Deferred Revenue (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Jan. 01, 2018 |
|
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 80.5 | $ 100.9 |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | $ 49.5 |
Other operating expenses, net (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Other Income and Expenses [Abstract] | ||
Stock-based compensation expense | $ 9.4 | $ 6.4 |
Restructuring charges | 0.5 | 1.7 |
Other employee termination costs | 2.4 | 1.7 |
Business transformation costs | 0.0 | 9.1 |
Acquisition and integration related expenses | 0.4 | 0.2 |
Other | 0.9 | 0.7 |
Total other operating expenses, net | $ 13.6 | $ 19.8 |
Restructuring charges - Schedule of Cost Information Related to Restructuring Plans That Have Not Been Completed (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | $ 94.1 | |
Incurred to date costs | 92.4 | $ 91.9 |
Employee Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 56.8 | |
Incurred to date costs | 56.8 | 56.7 |
Facility Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 28.0 | |
Incurred to date costs | 26.3 | 26.1 |
Other Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 9.3 | |
Incurred to date costs | 9.3 | 9.1 |
Operating Segments [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 42.3 | |
Incurred to date costs | 40.6 | 40.4 |
Operating Segments [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.8 | |
Incurred to date costs | 5.8 | 5.7 |
Operating Segments [Member] | EMEA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 32.9 | |
Incurred to date costs | 32.9 | 32.8 |
Operating Segments [Member] | ROW [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.5 | |
Incurred to date costs | 6.5 | 6.4 |
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 | 16.5 |
Operating Segments [Member] | Employee Termination Costs [Member] | Canada [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 5.8 | |
Incurred to date costs | 5.8 | 5.7 |
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 | 22.5 |
Operating Segments [Member] | Employee Termination Costs [Member] | ROW [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 6.2 | |
Incurred to date costs | 6.2 | 6.2 |
Operating Segments [Member] | Facility Exit Costs [Member] | USA [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 24.1 | |
Incurred to date costs | 22.4 | 22.2 |
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 | 3.7 |
Operating Segments [Member] | Facility Exit Costs [Member] | ROW [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 | 6.7 | |
Incurred to date costs | 6.7 | 6.6 |
Operating Segments [Member] | Other Exit Costs [Member] | ROW [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Anticipated total costs | 0.1 | |
Incurred to date costs | 0.1 | 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 |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 12.7 | $ 20.1 |
Charge to earnings | 0.5 | 5.5 |
Cash paid | (2.2) | (13.0) |
Non-cash and other | 0.1 | 0.1 |
Ending balance | 11.1 | 12.7 |
Employee Termination Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 3.0 | 6.9 |
Charge to earnings | 0.1 | 2.9 |
Cash paid | (0.9) | (7.2) |
Non-cash and other | 0.1 | 0.4 |
Ending balance | 2.3 | 3.0 |
Facility Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 10.2 | 13.2 |
Charge to earnings | 0.2 | 2.8 |
Cash paid | (1.1) | (5.5) |
Non-cash and other | 0.0 | (0.3) |
Ending balance | 9.3 | 10.2 |
Other Exit Costs [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | (0.5) | 0.0 |
Charge to earnings | 0.2 | (0.2) |
Cash paid | (0.2) | (0.3) |
Non-cash and other | 0.0 | 0.0 |
Ending balance | $ (0.5) | $ (0.5) |
Restructuring charges - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Restructuring and Related Activities [Abstract] | ||
Restructuring liabilities, current | $ 5.1 | $ 5.8 |
Restructuring liabilities, non-current | $ 6.0 | $ 6.9 |
Facility exit costs payment period | 5 years |
Other income (expense), net (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Other Income and Expenses [Abstract] | ||
Foreign currency transactions | $ (0.1) | $ (2.1) |
Foreign currency denominated loans revaluation | 1.2 | (3.0) |
Undesignated foreign currency derivative instruments | (1.3) | 1.0 |
Debt amendment costs | 0.0 | (4.2) |
Non-operating retirement benefits | 3.5 | 2.4 |
Other | (0.7) | (0.8) |
Total other income (expense), net | $ 2.6 | $ (6.7) |
Employee benefit plans (Detail) - Pension Plan [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
US [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0.0 | $ 0.0 |
Interest cost | 6.8 | 7.7 |
Expected return on plan assets | (7.8) | (7.7) |
Net periodic benefit | (1.0) | 0.0 |
Foreign Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0.7 | 0.6 |
Interest cost | 4.0 | 3.9 |
Expected return on plan assets | (6.5) | (6.3) |
Net periodic benefit | $ (1.8) | $ (1.8) |
Income taxes (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Income Taxes [Line Items] | |||
Income tax expense (benefit) | $ 10.2 | $ 1.6 | |
Effective tax rate | 13.50% | 6.60% | |
US federal statutory rate | 21.00% | 35.00% | |
Benefit related to release of valuation allowance | $ 9.0 | ||
Benefit related to statue of limitation expiration | 2.7 | ||
Discrete benefits in the period | $ 12.3 | ||
Benefit related to excess tax benefits from share-based compensation | $ 2.2 | ||
Tax Act - increase to annual effective tax rate | 3.80% | ||
Tax Act - one-time repatriation tax | $ 76.5 | ||
Tax Act - foreign tax credit | 47.6 | ||
Tax Act - remaining foreign tax credit | $ 34.0 | ||
Pro Forma [Member] | |||
Income Taxes [Line Items] | |||
US federal statutory rate | 29.50% |
Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Basic: | |||
Net income | $ 65.4 | $ 22.6 | $ 119.8 |
Less: earnings allocated to participating securities | 0.1 | 0.0 | |
Earnings allocated to common shares outstanding | $ 65.3 | $ 22.6 | |
Weighted average common shares outstanding (in shares) | 140.9 | 139.4 | |
Basic income per common share (in dollars per share) | $ 0.46 | $ 0.16 | |
Diluted: | |||
Net income | $ 65.4 | $ 22.6 | $ 119.8 |
Less: earnings allocated to participating securities | 0.0 | 0.0 | |
Earnings allocated to common shares outstanding | $ 65.4 | $ 22.6 | |
Weighted average common shares outstanding (in shares) | 140.9 | 139.4 | |
Effect of dilutive securities: stock compensation plans (in shares) | 1.1 | 1.4 | |
Weighted average common shares outstanding - diluted (in shares) | 142.0 | 140.8 | |
Diluted income per common share (in dollars per share) | $ 0.46 | $ 0.16 |
Earnings Per Share - Summary of Computations of Basic and Diluted Earnings Per Share Footnote (Detail) - shares shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Employee Stock Option [Member] | Common Stock [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Share-based compensation awards purchased not included in calculation of diluted earnings per share (in shares) | 0.6 | 0.6 |
Accumulated other comprehensive loss - Schedule of Changes in Accumulated Other Comprehensive Loss by Component Net of Tax (Detail) - USD ($) $ in Millions |
3 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
[1] | Dec. 31, 2016 |
[2] | |||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | $ 1,090.1 | $ 809.9 | ||||||||
Impact due to adoption of ASU 2017-12 | $ 0.8 | $ 0.2 | ||||||||
Other comprehensive income (loss) before reclassifications | 1.9 | 18.2 | ||||||||
Net current period other comprehensive income (loss) | 2.4 | 18.2 | ||||||||
Ending balance | 1,165.7 | |||||||||
Cash Flow Hedges [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | 6.7 | 0.0 | ||||||||
Impact due to adoption of ASU 2017-12 | 0.5 | |||||||||
Other comprehensive income (loss) before reclassifications | 9.1 | 0.0 | ||||||||
Net current period other comprehensive income (loss) | 9.6 | 0.0 | ||||||||
Ending balance | 16.3 | 0.0 | ||||||||
Defined Benefit Pension Items [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | (1.2) | 1.2 | ||||||||
Impact due to adoption of ASU 2017-12 | 0.0 | |||||||||
Other comprehensive income (loss) before reclassifications | 0.0 | 0.0 | ||||||||
Net current period other comprehensive income (loss) | 0.0 | 0.0 | ||||||||
Ending balance | (1.2) | 1.2 | ||||||||
Currency Translation Items [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | (284.0) | (391.1) | ||||||||
Impact due to adoption of ASU 2017-12 | 0.0 | |||||||||
Other comprehensive income (loss) before reclassifications | (7.2) | 18.2 | ||||||||
Net current period other comprehensive income (loss) | (7.2) | 18.2 | ||||||||
Ending balance | (291.2) | (372.9) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||||
Beginning balance | (278.5) | (389.9) | ||||||||
Impact due to adoption of ASU 2017-12 | 0.5 | $ 0.5 | ||||||||
Ending balance | $ (276.1) | $ (371.7) | ||||||||
|
Accumulated other comprehensive loss - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Equity [Abstract] | ||
Foreign currency gains (losses) related to intercompany borrowings | $ 0.0 | $ (0.5) |
Debt - Summary of Short Term Financing (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Disclosure [Abstract] | ||
Amounts drawn under credit facilities | $ 6.9 | $ 9.1 |
Bank overdrafts | 1.6 | 4.3 |
Total short-term financing | $ 8.5 | $ 13.4 |
Debt - Additional Information (Detail) - USD ($) $ in Millions |
Feb. 12, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Outstanding letters of credit and guarantee | $ 147.2 | $ 147.0 | |
Weighted average interest rate on long-term debt | 4.17% | 4.50% | |
Early repayment of principal | $ 300.0 | ||
Term B Loan Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,977.8 | $ 2,277.8 |
Debt - Schedule of Long Term Debt (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 56.8 | $ 60.9 |
Total long-term debt before discount | 2,730.7 | 2,909.9 |
Less: unamortized debt issuance costs and discount on debt | (26.7) | (27.9) |
Total long-term debt | 2,704.0 | 2,882.0 |
Less: current maturities | (20.5) | (62.0) |
Total long-term debt, excluding current maturities | 2,683.5 | 2,820.0 |
Term B Loan Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 1,977.8 | $ 2,277.8 |
Variable interest rate | 4.38% | 4.07% |
North American ABL Facility Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 296.6 | $ 155.0 |
Variable interest rate | 3.38% | 5.00% |
North American ABL Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 0.0 | $ 16.7 |
Variable interest rate | 0.00% | 4.44% |
Senior Unsecured Notes Due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt excluding capital lease obligation | $ 399.5 | $ 399.5 |
Fixed interest rate | 6.75% | 6.75% |
Supplemental balance sheet information - Summary of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Property, plant and equipment, at cost | $ 1,923.9 | $ 1,930.2 |
Less: accumulated depreciation | (940.1) | (927.2) |
Property, plant and equipment, net | $ 983.8 | $ 1,003.0 |
Supplemental balance sheet information - Summary of Cost and Accumulated Depreciation Related to Capital Lease Assets (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Capital lease assets, at cost | $ 83.8 | $ 86.0 |
Less: accumulated depreciation | (28.9) | (27.0) |
Capital lease assets, net | $ 54.9 | $ 59.0 |
Supplemental balance sheet information - Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 1,035.3 | $ 1,031.3 |
Accumulated Amortization | (756.3) | (743.6) |
Net | 279.0 | 287.7 |
Customer prepayments and deposits | 91.4 | 97.7 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 852.5 | 853.5 |
Accumulated Amortization | (593.0) | (582.1) |
Net | 259.5 | 271.4 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 182.8 | 177.8 |
Accumulated Amortization | (163.3) | (161.5) |
Net | $ 19.5 | $ 16.3 |
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 |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Level 2 [Member] | Forward Currency Contracts [Member] | Financial current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 0.3 | $ 0.3 |
Level 2 [Member] | Forward Currency Contracts [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0.3 | 0.4 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | Financial current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 10.8 | 1.2 |
Level 2 [Member] | Interest Rate Swap Contracts [Member] | Financial non-current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 13.2 | 10.6 |
Level 2 [Member] | Contingent Consideration [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0.0 | 0.0 |
Level 2 [Member] | Contingent Consideration [Member] | Financial non-current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0.0 | 0.0 |
Level 3 [Member] | Forward Currency Contracts [Member] | Financial current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0.0 | 0.0 |
Level 3 [Member] | Forward Currency Contracts [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0.0 | 0.0 |
Level 3 [Member] | Interest Rate Swap Contracts [Member] | Financial current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0.0 | 0.0 |
Level 3 [Member] | Interest Rate Swap Contracts [Member] | Financial non-current assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0.0 | 0.0 |
Level 3 [Member] | Contingent Consideration [Member] | Financial current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | 0.3 | 0.0 |
Level 3 [Member] | Contingent Consideration [Member] | Financial non-current liabilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities | $ 0.3 | $ 0.4 |
Fair value measurements - Additional Information (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Prepaid Expenses and Other Current Assets [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Forward currency contract asset fair value | $ 0.2 | $ 0.2 |
Other Accrued Expenses [Member] | ||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||
Forward currency contract liability fair value | $ 0.2 | $ 0.3 |
Fair value measurements - Reconciliation of Fair Value Measurements that Use Significant Unobservable Inputs (Level 3) (Detail) - Contingent Consideration [Member] $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value beginning balance | $ 0.4 |
Fair value adjustments | 0.2 |
Fair value ending balance | $ 0.6 |
Fair value measurements - Estimated Fair Value of Financial Instruments Not Carried at Fair Value (Detail) - USD ($) $ in Millions |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, carrying amount | $ 2,704.0 | $ 2,882.0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt including current portion, carrying amount | 2,704.0 | 2,882.0 |
Long-term debt including current portion, fair value | $ 2,760.6 | $ 2,939.7 |
Derivatives (Detail) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Interest Rate Swap Contracts [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Financial non-current assets [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Assets | $ 13,200,000 | $ 10,600,000 |
Undesignated Forward Currency Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 130,600,000 | 134,000,000 |
Undesignated Forward Currency Contracts [Member] | Minimum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative instruments term | 1 month | |
Undesignated Forward Currency Contracts [Member] | Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative instruments term | 3 months | |
Interest Rate Swap Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Net unrealized gain (loss) reclassified to earnings | $ 0 | |
Estimated losses included in AOCI to be reclassified with the next 12 months | 10,800,000 | |
Interest Rate Swap Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap Contracts [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Other Accrued Expenses [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Assets | 10,800,000 | $ 1,200,000 |
Interest Rate Swap Contracts [Member] | Term B Loan Due 2022 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 2,000,000,000.0 | |
Fixed interest rate (weighted average) | 1.70% |
Business combinations (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
Jan. 04, 2018 |
Sep. 21, 2017 |
|
Kemetyl Industrial Chemicals [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of equity interest acquired | 100.00% | |||
Preliminary purchase price | $ 8.9 | |||
Cash acquired | 0.7 | |||
Purchase price allocation, goodwill | 5.3 | |||
Purchase price allocation, intangibles | 3.7 | |||
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] | ||||
Preliminary purchase price | $ 23.9 | |||
Cash acquired | 0.2 | |||
Purchase price allocation, goodwill | 0.8 | |||
Purchase price allocation, intangibles | $ 5.3 | |||
Decrease in goodwill | 3.4 | |||
Increase to prepaid expenses and other current assets | 2.6 | |||
Increase to intangible assets | $ 1.1 |
Commitments and contingencies - Additional Information (Detail) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 06, 2015
USD ($)
|
Oct. 01, 2014
USD ($)
|
Jul. 21, 2014
USD ($)
|
Mar. 31, 2018
USD ($)
location
claim
site
|
Dec. 31, 2012
defendant
|
Dec. 31, 2017
USD ($)
|
|
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 | 107 | |||||
Number of non owned sites liable for a share of clean-up | site | 23 | |||||
Estimated life of project, minimum | 1 year | |||||
Estimated life of project, maximum | 30 years | |||||
Accrued environmental loss contingencies, current | $ 28.7 | $ 29.1 | ||||
Number of defendants | defendant | 2 | |||||
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 | 245 |
Commitments and contingencies - Changes in Total Environmental Liabilities (Detail) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Environmental liabilities at beginning of period | $ 89.2 | $ 95.8 |
Revised obligation estimates | 2.2 | 3.1 |
Environmental payments | (4.8) | (5.3) |
Foreign exchange | 0.1 | 0.1 |
Environmental liabilities at end of period | $ 86.7 | $ 93.7 |
Segments (Detail) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
|
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,158.0 | $ 1,998.8 | |
Cost of goods sold | 1,671.4 | 1,559.4 | |
Gross profit | 486.6 | 439.4 | |
Outbound freight and handling | 79.3 | 71.0 | |
Warehousing, selling and administrative | 241.0 | 228.5 | |
Adjusted EBITDA | 166.3 | 139.9 | |
Other operating expenses, net | 13.6 | 19.8 | |
Depreciation | 31.4 | 35.9 | |
Amortization | 13.4 | 16.7 | |
Interest expense, net | 34.9 | 35.8 | |
Loss on extinguishment of debt | 0.0 | 0.8 | |
Other (income) expense, net | (2.6) | 6.7 | |
Income tax expense | 10.2 | 1.6 | |
Net income | 65.4 | 22.6 | $ 119.8 |
Total assets | 5,694.3 | 5,596.0 | $ 5,732.7 |
USA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,204.4 | 1,150.9 | |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 313.4 | 307.3 | |
EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 538.6 | 439.7 | |
Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 101.6 | 100.9 | |
Inter-segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (38.6) | (34.4) | |
Inter-segment [Member] | USA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 35.1 | 31.2 | |
Inter-segment [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2.0 | 1.8 | |
Inter-segment [Member] | EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1.4 | 1.3 | |
Inter-segment [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0.1 | 0.1 | |
Operating Segments [Member] | USA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,239.5 | 1,182.1 | |
Cost of goods sold | 960.6 | 919.2 | |
Gross profit | 278.9 | 262.9 | |
Outbound freight and handling | 49.9 | 46.8 | |
Warehousing, selling and administrative | 137.8 | 134.8 | |
Adjusted EBITDA | 91.2 | 81.3 | |
Total assets | 3,356.1 | 3,640.2 | |
Operating Segments [Member] | Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 315.4 | 309.1 | |
Cost of goods sold | 253.0 | 253.3 | |
Gross profit | 62.4 | 55.8 | |
Outbound freight and handling | 10.4 | 9.2 | |
Warehousing, selling and administrative | 22.5 | 22.0 | |
Adjusted EBITDA | 29.5 | 24.6 | |
Total assets | 1,821.5 | 1,975.5 | |
Operating Segments [Member] | EMEA [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 540.0 | 441.0 | |
Cost of goods sold | 416.0 | 339.2 | |
Gross profit | 124.0 | 101.8 | |
Outbound freight and handling | 17.0 | 13.4 | |
Warehousing, selling and administrative | 62.3 | 54.7 | |
Adjusted EBITDA | 44.7 | 33.7 | |
Total assets | 1,034.0 | 908.2 | |
Operating Segments [Member] | Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 101.7 | 101.0 | |
Cost of goods sold | 80.4 | 82.1 | |
Gross profit | 21.3 | 18.9 | |
Outbound freight and handling | 2.0 | 1.6 | |
Warehousing, selling and administrative | 11.5 | 10.6 | |
Adjusted EBITDA | 7.8 | 6.7 | |
Total assets | 247.4 | 227.9 | |
Other/Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (38.6) | (34.4) | |
Cost of goods sold | (38.6) | (34.4) | |
Gross profit | 0.0 | 0.0 | |
Outbound freight and handling | 0.0 | 0.0 | |
Warehousing, selling and administrative | 6.9 | 6.4 | |
Adjusted EBITDA | (6.9) | (6.4) | |
Total assets | $ (764.7) | $ (1,155.8) |